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1) Which of the following does not result in a decision rendered by the hearing officer?A. ArbitrationB. MediationC. Med-arbD. Using expert evaluators2) Jurisprudence is defined asA. adjudication of law suitsB. the enactment of laws by a government bodyC. the science and philosophy of lawD. the duties and obligations owed by a citizen3) The state of Kansas has enacted a new law requiring all commercial trucks driving on Kansas roads to have special mud flaps installed. These mud flaps have been proven to make driving in the rain significantly safer due to reduced mist created by trucks driving in the rain, although data regarding accidents and injuries has not yet been determined. Any truck entering Kansas must have these flaps installed or will be subject to a significant fine and delay. The cost for purchase and installation of these flaps is $1,000 per truck. In short, trucks must have these flaps or go around the state. This Kansas lawA. is valid because it only applies to Kansas roads and such a law is entirely intrastateB. is valid because Kansas’s right to protect its citizens under its police powers will override any outside challenges to this lawC. is invalid because this law is intended to regulate interstate commerce, an enumerated federal powerD. is invalid because although on its face it’s an intrastate law, this statute will have a significant economic effect on interstate commerce causing an undue burden4) The power of preemption is derived fromA. the power of judicial reviewB. the Commerce ClauseC. the Necessary and Proper ClauseD. the Supremacy Clause5) What is the main problem with international courts?A. Finding judges who understand the complexities of international lawB. Creating a body of law that reflects multiple legal systemsC. Enforcing a ruling on sovereign nations is difficultD. Lack of recognition from the U.N. and WTO6) Under the U.S. legal system, subject to some exceptions, costs of litigation regarding both the plaintiff and defendantA. are all paid by the loserB. are all paid by the winnerC. are paid for by each side with the plaintiff and defendant paying for their own legal costsD. are totaled by the court and then for fairness, split in half with each side paying an equal amount7) Generally, torts law is governed byA. state statutory lawB. state common lawC. federal statutory lawD. constitutional law8) Assumption of risk is a defense toA. conversionB. negligenceC. defamationD. battery9) The three stripes on Adidas clothing represents aA. trademarkB. trade dressC. trade secretD. patent10) The color or shape of an item, if distinctive, is aA. trademarkB. trade dressC. copyrightD. patent11) Cybersquatting describes the practice ofA. registering multiple domain names and then selling them back to companies at inflated pricesB. hacking into a company’s website to install a virus or Trojan horse designed to steal information but allow the site to continue operationC. using mechanical devises to access a company’s website multiple times to the point that traffic to the site is slowed or blockedD. hacking into a company’s website to install a virus designed to cause the company’s website to totally cease operation12) The Digital Millennium Copyright Act (1998) provided each of the following protections EXCEPTA. manufacturers of CD-Writers were required to pay 2% of their sales into a fund to be distributed to copyright holders because the CD-Writers could easily copy music and other copyrighted worksB. civil and criminal penalties were established for those who sell or manufacture products or services that circumvent antipiracy softwareC. restrictions were placed on analog recorders and camcorders that lack antipiracy featuresD. ISPs were relieved of liability for copyright infringement by their users as long as the ISP had no knowledge of the infringement13) When Maria comes home from work, she finds that her yard has been mowed and trimmed. An hour later, a man comes to her door to collect payment for the yard work. Maria refuses to pay him because she has never seen him before nor had she hired him to do the work. Which of the following is accurate?A. This is an implied, unilateral contract, so she must pay.B. Maria has received unjust enrichment so a quasi contract is formed, so she must pay.C. The court would make Maria pay the reasonable cost of the work to be fair to both parties.D. Maria would not have to pay anything.14) Where a promise can only be accepted by the performance of the person to whom it is offered is an example of a/anA. bilateral contractB. unilateral contractC. implied contractD. quasi contract15) Each of the following is a discharge by mutual consent EXCEPTA. accord and satisfactionB. novationC. rescissionD. frustration of purpose16) Harry sees an AK-47 automatic assault rifle in a gun shop window. He inquires about the price and is told that it is $2,500. Harry signs a contract promising to pay the $2,500 on Friday, taking possession of the rifle when payment is made. On Thursday, a law is enacted making the ownership, sale, or possession of an automatic rifle illegal. This contractA. automatically terminates due to impossibilityB. automatically terminates due to impracticabilityC. automatically terminates due to frustration of purposeD. is enforceable and not affected by the new law because it was entered into before the law took effect17) Which of the following is rarely awarded in contracts cases?A. Consequential damagesB. Compensatory damagesC. Punitive damagesD. Liquidated damages18) Which of the following is classified as an equitable remedy?A. Consequential damagesB. ReformationC. RestitutionD. Liquidated damages19) Which of the following would not be considered tangible?A. A carB. OxygenC. The right of ownershipD. The pen or pencil you are using20) With regard to consideration in a sales contract, the UCC differs from the common law in thatA. consideration in a sales contract may be modified without additional considerationB. consideration exchanged must be equal or very closely equal in sales contractsC. consideration is not required in sales contractsD. consideration in a sales contract may be modified as long as additional consideration is provided21) The UCC will permit an incomplete or slightly ambiguous contract to be enforced using each of the following criteria EXCEPTA. past commercial conductB. industry standards or normsC. judicial input of any terms necessary to maintain fairnessD. correspondence or verbal exchanges between the parties22) Two merchant companies have entered into a contract for the sale of goods but have had no prior dealings, which would establish a course of conduct between them. The UCC will allow gap fillers to apply to their contract regarding missing terms in each of the following situations EXCEPTA. they have failed to specify when payment for the goods is to be madeB. they have failed to specify where delivery of the goods is to be madeC. they have failed to specify the quality or grade of the goods to be deliveredD. they have failed to specify the price of the goods to be delivered23) When a buyer rejects nonconforming goods and purchases the appropriate goods from a different seller, this is an example of which of the following:A. CoverB. Specific PerformanceC. Lawsuit for Money DamagesD. Revoking Acceptance24) Which of these is not a requirement for disclaiming a warranty?A. Statutory authorizationB. A conspicuous writingC. Explaining why the warranty is being disclaimedD. Including the word merchantability if merchantability is to be disclaimed25) “What if everyone took these same actions” is a question sometimes called theA. universalization approachB. utilitarian approachC. functionality approachD. morality approach26) The utilitarian approach to moral philosophy was founded byA. Jeremy BenthamB. Immanuel KantC. CiceroD. Kenneth Lay27) Stan is an investment manager. He has received money from various investors with a promise of very high returns on their investments. The invested money is not supplying enough capital in order to pay the returns promised, so he has started using new investor’s money to pay older investors. By advertising and by word of mouth, people are anxious to invest with Stan because of the money being paid, and with the influx of new investors, he is able to continue operating. Stan isA. operating an insider trading operationB. racketeeringC. guilty of conspiracy to defraudD. operating a Ponzi scheme28) Ben is the manager of a branch of a large bank. He has regularly taken money from customer’s accounts for his own use and changed the bank records to cover his actions. Ben is guilty ofA. a conspiracyB. a Ponzi schemeC. racketeeringD. embezzlement29) The Sarbanes-Oxley Act (2002) imposed stricter regulations on how corporations do business through regulations in each of the following areas EXCEPTA. tax complianceB. financial reportingC. corporate governanceD. auditing30) Joan is the CFO of Para Corp. and is a year from retirement. In order to guarantee herself a very substantial bonus and to boost her retirement package, she knowingly certifies false financial reports making the company appear to be much more profitable than it really is. She further takes steps to assure that the financial report was not reviewed through internal controls maintained by Para Corp. Under the provisions of the Sarbanes-Oxley Act (2002), if her fraud is NOT part of a larger scheme, what criminal penalties are possible for Joan?A. $1 million in fines and up to 10 years in prisonB. $2 million in fines and up to 12 years in prisonC. $5 million in fines and up to 15 years in prisonD. $10 million in fines and up to 20 years in prison
