Reference no: EM132278374
1. How can "intellectual property" be legally protected in the United States?
By patent law
By copyright law
By trade secret law
All of the above.
2. Which of the following is a false statement?
Pursuant to a destination contract, the risk of loss typically passes to the buyer when the goods are duly delivered to the carrier.
Pursuant to a shipment contract, the risk of loss typically passes to the buyer when the seller places conforming goods in the possession of the carrier.
An agency relationship is a fiduciary one pursuant to U.S. law.
An officer of a corporation typically possesses the power to bind the corporation contractually even though the officer is not a director.
3. Which of the following is not true regarding international law?
Enforcement is a problem because there is no "executive branch" to enforce it.
The United Nations plays the same role in international law that the federal government plays in United States law.
International Law comes from multiple sources.
There is no single court system for dealing with all international disputes.
4. A contract where agreement between the parties is inferred, or assumed, based on their conduct is what type of contract?
Bilateral.
Unilateral.
Quasi.
Implied in fact.
5. Which of the following statements is not true regarding the dissolution of a partnership under the U.P.A.?
Dissolution may occur before the business of the partnership is wound up and the assets distributed.
The business of a partnership must always be wound up and liquidated upon dissolution, even if the partnership agreement provides that the remaining partners may carry on the business.
A partnership may always be dissolved at any time by the express will of any partner, even if the partnership agreement provides that it is irrevocably for a fixed term.
A partnership is dissolved automatically by operation of law upon the death or bankruptcy of any partner.
6. The United States Constitution established the following branches of the national (federal) government?
Legislative, Executive, Judicial, and Administrative Bureaus and Agencies
Legislative, Executive, Judicial, Administrative Agencies, and the Media
Legislative, Executive, Judicial
Legislative, Executive, Judicial, and the Church.
7. Jill invests $1,000 to buy 10 shares of Good Corporation. The corporation goes bankrupt having no assets and $l million in liabilities. The most Jill can lose is the $1,000 she invested. This is an example of the corporate characteristic of:
Limited liability.
Free transferability of shares.
Perpetual existence.
Centralized management.
8. If a seller breaches a contract for the sale of goods and the buyer then acquires similar goods from another supplier, this is known as the right of:
Alternate acquisition.
Specific performance.
Cover.
Contract cancellation.
9. Under the U.S. constitutional system, fundamental constitutional doctrines that seek to prevent an abuse of power by the federal government are:
The Separation of Powers doctrine
The division of the federal government into three branches or divisions
The system of "checks and balances"
All of the above.
10. Which is NOT a violation of U.S. anti-trust law?
Horizontal price-fixing by competitors
Vertical price-fixing that is not supported by the Rule of Reason
A group boycott of manufacturers against retailers motivated by economic reasons
A unilateral refusal to deal by a manufacturer against a retailer who disregards the manufacturer's MSRP (manufacturer's suggested retail price).
11. Which of the following is not true about limited liability companies?
Limited liability companies can in some states have only one owner.
Limited liability company status will ensure tax treatment as a corporation.
A limited liability company must use the words "limited liability company" in its name or "LLC" or "LC."
12. Which of the following are required elements to the common law tort of negligence?
Duty and breach of duty
Factual and proximate (also called legal) causation
Damages
All of the abov
In order to form a limited liability company, articles of organization must be filed with state.