FIU BA 3301 exam 1

Question 1

1. Only decisions by the United States Supreme Court can have the status ofres judicata

   Answer

   True

   False

2 points

Question 2

1. Common law is also known as _____________law.

   Answer

   		Judge-made
   		Statutory
   		Public
   		Codified

2 points

Question 3

1. A state Statute of Limitations which requires that suits for breach of contract be filed within 2 years of the date of breach are examples of ___________laws.

   
   

   Answer

   		Substantive
   		Procedural
   		Inculpatory
   		Judge-made

2 points

Question 4

1. Which of the following statements about the Uniform Commercial Code (UCC) is correct?

   
   

   Answer

   		The UCC us a federal statute governing businesses engaged in interstate commerce.
   		The UCC is used only in Texas, California and Louisiana because it is based on French and Spanish civil law. The UCC is a provision of Article I, Section 8 of the U.S. Constitution. The UCC consists of identical statutes enacted by the states to provide businesses with consistent and predictable laws.
   		The UCC is a provision of Article I, Section 8 of the U.S. Constitution.
   		The UCC consists of identical statutes enacted by the states to provide businesses with consistent and predictable laws.

2 points

Question 5

1. The federal government and state governments have separate and distinct powers. This arrangement constitutes a(n)_______________separation of powers.

   Answer

   		Vertical
   		Horizontal
   		Transitional
   		Equitable

2 points

Question 6

1. Many areas of law important to businesses are governed by the Uniform Commercial Code.

   
   

   Answer

   True

   False

2 points

Question 7

1. Only the United States Supreme Court can issue an interlocutory decree.

   Answer

   True

   False

2 points

Question 8

1. In deciding which cases the United States Supreme Court will hear, which of the following is true?

   Answer

   		The Court must hear cases referred to it by the Justice Department.
   		The Court must hear cases referred to it by a state master in chancellery.
   		The Court must hear cases that challenge the constitutionality of federal laws.
   		The Court has virtually total discretion to decide which cases it will hear.

2 points

Question 9

1. In a diversity case, the federal court will use the substantive law of the state in which it is located.

   Answer

   True

   False

2 points

Question 10

1. It is the function of a grand jury to determine the guilt or innocence of a defendant in a capital case.

   Answer

   True

   False

2 points

Question 11

1. Scooter was indicted for committing a federal crime. He can be tried only in federal district court.

   Answer

   True

   False

2 points

Question 12

1. The number of Supreme Court justices that must agree to accept a case is five.

   Answer

   True

   False

2 points

Question 13

1. Delia, a citizen of Delaware, wants to sue the State of for negligently maintaining a boat ramp on which she sustained personal injuries. In which of the following courts could Delia file suit against ?

   Answer

   		The Third Circuit Court of Appeals
   		The Fourth Circuit Court of Appeals
   		Federal District Court in
   		State Court in Delaware.

2 points

Question 14

1. The requirement that someone have a personal stake or interest in the outcome of a case in order to be a plaintiff is called _________________ to sue.

   Answer

   		Standing
   		Validation
   		Grounds
   		Jurisdiction

2 points

Question 15

1. Judge Roe rendered a verdict for the defendant before trial. It was a suit for breach of contract, and the judge used the complaint and answer, the contract, and sworn affidavits to determine that there were no facts in dispute to put before a jury. For which of the following did Judge Roe grant a motion?

   Answer

   		Judgment on the pleadings
   		Summary judgment
   		Directed verdict
   		Judgment notwithstanding the verdict

2 points

Question 16

1. Delores is suing the CEO of a corporation in a civil suit for securities fraud, which she claims he committed in the initial public offering of his company’s stock. What is the burden of proof Delores must meet to prove securities fraud?

   Answer

   		Beyond a reasonable doubt
   		Beyond a shadow of a doubt
   		By clear and convincing evidence
   		By a preponderance of the evidence

2 points

Question 17

1. Dan Defendant has a $100,000 judgment against him and he wants to appeal the decision. Which of the following statements about the appeals process isfalse?

   Answer

   		Dan is the appellant.
   		Dan must file a notice of appeal within a prescribed time.
   		Dan must post a bond to cover the judgment and court costs.
   		There are no wrong answers: a, b, and c are all true.

2 points

Question 18

1. Mark is suing Al for alienation of affection, claiming that Al stole his fiancée, Amy. His state no longer recognizes alienation of affection as an issue that can be litigated. Which motion should Al file in response to this suit?

   Answer

   		A default judgment
   		An answer
   		A motion to dismiss
   		A motion for a directed verdict

2 points

Question 19

1. The party who files a civil suit at law is called the_____________.

   Answer

   		Appellant
   		Appellee
   		Petitioner
   		Plaintiff

2 points

Question 20

1. Ben is suing Chad in a tort action for property damages and personal injuries he sustained when Chad negligently ran a red light and crashed into him in a busy intersection. Chad wants to file suit against Ben for the injuries he suffered in the crash, claiming that it was Ben, and not he, who was at fault. What is the name of the pleading Chad will file with the court to pursue this claim?

   Answer

   		Answer
   		Demurrer
   		Motion for a directed verdict
   		Counterclaim

2 points

Question 21

1. In their efforts to craft fair and equitable settlements, arbitrators may use evidence gathered from outside sources over the objections of the parties.

   Answer

   True

   False

2 points

Question 22

1. The decisions of mediators are legally binding on the parties to a dispute.

   Answer

   True

   False

2 points

Question 23

1. The National Mediation and Conciliation Service mediates conflicts involving

   Answer

   		Insurance fraud
   		Medical malpractice
   		Housing construction standards
   		Labor disputes

2 points

Question 24

1. Which of the following statements about arbitration isfalse?

   Answer

   		Business contracts often contain a clause requiring that all disputes arising under the contract be arbitrated.
   		Parties of disputes under arbitration must suspend all business dealings with each other until the arbitration decisions are rendered.
   		Some states have statutes requiring that disputes under a certain amount be arbitrated.
   		Courts are likely to enforce arbitration clauses in contracts.

2 points

Question 25

1. The decision of an arbitrator is called a decree.

   Answer

   True

   False

2 points

Question 26

1. Which of the following determines the issues an arbitrator will decide in a given dispute?

   Answer

   		The parties themselves identify in their submission the issues they want decided.
   		The arbitrators have the power to decide which issues are in need of resolution.
   		Courts of equity send a true-bill to the arbitrators identifying the issues that are to be arbitrated.
   		The federal Circuit Court of Appeals for that area must certify issues as candidates for arbitration.

2 points

Question 27

1. In arbitration, parties to a dispute go to a court of equity for a resolution.

   Answer

   True

   False

2 points

Question 28

1. The U.S. Senate is composed of _______________representatives from each state.

   Answer

   		One
   		Two
   		Four
   		At least one, but the actual number depends on the population of the state.

2 points

Question 29

1. The powers of the states are enumerated in Article I, Section 8 of the Constitution.

   Answer

   True

   False

2 points

Question 30

1. A private employer’s refusal to give an employee overtime pay would meet the requirements for state action in a suit brought by the employee.

   Answer

   True

   False

2 points

Question 31

1. When both the states and the federal government can regulate an activity they are said to exercise __________________.

   Answer

   		Concurrent powers
   		Exclusive jurisdiction
   		Checks and balances
   		Eminent domain

2 points

Question 32

1. Judicial oversight is the power of the courts to review and invalidate legislation that violates the Constitution.

   Answer

   True

   False

2 points

Question 33

1. The First Amendment is interpreted to include political free speech for corporations.

   Answer

   True

   False

2 points

Question 34

1. The government’s right to seize private property for public use extends only to real property and not to personal property.

   Answer

   True

   False

2 points

Question 35

1. Unlike American judges, judges in countries that follow a civil-law system actively question witnesses during trials.

   Answer

   True

   False

2 points

Question 36

1. The Securities and Exchange Commission is responsible for enforcing the provision of the Foreign Corrupt Practices Act that requires that American companies do which of the following?

   Answer

   		Keep accurate records so that illegal payments to foreign officials come to light.
   		Notify the SEC of antitrust violations by foreign nationals.
   		ter end-user sales with the State Department.
   		Sell stock to foreign investors only through the agents of registered brokerages.

2 points

Question 37

1. Which of the following could occur if Southwest Airline had an information/liaison office in Iceland?

   Answer

   		The company could sell airline tickets on Southwest flights.
   		The company must have acquired landing rights in Iceland to qualify to keep a liaison office there.
   		The office would establish Southwest’s presence in Iceland so that it could be sued there.
   		Southwest would have to observe all Iceland’s employment laws.

2 points

Question 38

1. Under the Calvo doctrine, foreign companies are entitled to more favorable treatment when industries are nationalized than indigenous companies.

   Answer

   True

   False

2 points

Question 39

1. International law does not permit host countries to give tax brakes to foreign companies.

   Answer

   True

   False

2 points

Question 40

1. What is the term for the license to export goods that is restricted in order to prevent the transfer of sensitive materials to unfriendly countries?

   Answer

   		Validated license
   		General license
   		End user license
   		Patriotic license

2 points

Question 41

1. The federal government can control what goods are imported into the United States but not what goods are exported to foreign countries.

   Answer

   True

   False

2 points

Question 42

1. The loan from a bank to a start-up enterprise is an example of equity financing.

   Answer

   True

   False

2 points

Question 43

1. There is an agreement not to compete in Mary’s employment contract that prohibits her from operating her own business, or working for a competing business, within 1,000 miles of the employer. The prohibition is to last for ten years. What is the most likely result if Mary challenges this agreement in court?

   Answer

   		The agreement will be enforced because of freedom of contract.
   		The agreement will be enforced because Mary is bound by the duty of loyalty.
   		The agreement will not be enforced because it violates the Fourteenth Amendment.
   		The agreement will not be enforced because it violates public policy.

2 points

Question 44

1. An employee may be required to put the interest of the employer above his or her own because of the common law duty of ______________.

   Answer

   		Loyalty
   		Consideration
   		Subrogation
   		Best employment practice

2 points

Question 45

1. Al, a former key employee at Big Firm, used proprietary and confidential information he had learned while at Big Firm to further his own business. Al may be liable under state law for _______________of trade secrets.

   Answer

   		Misfeasance
   		Misappropriation
   		Misprision
   		Manumission

2 points

Question 46

1. The provision in an employment contract that prohibits current employees from operating side businesses or working for other employers is a (n) _________________.

   Answer

   		No-moonlighting clause
   		Agreement not to compete
   		Confidentiality agreement
   		Anti-assignment clause

2 points

Question 47

1. ABC, a start-up enterprise organized as a LLC, took out a $250,000 loan with First Bank. First Bank’s loan is classified as ___________financing for the business.

   Answer

   		Equity
   		Debt
   		Contingent
   		Ancillary

2 points

Question 48

1. The President does not have the power to fill up any vacancies that may happen during the Recess of the Senate, by granting Commissions which shall expire at the end of their next Session

   Answer

   True

   False

2 points

Question 49

1. What relation does TD bank, N.A. have to TD Bank Canada.

   
   

   Answer

   		Branch
   		Subsidiary
   		Joint Venture
   		Franchise

2 points

Question 50

1. Nutella was the Defendant in a class action lawsuit claiming that:

   
   

   Answer

   		It had mouse droppings in the ingredients.
   		It flasely claimed that it was low calorie
   		It was using “deceptive and misleading” marketing practices claiming it was “healthy” and “nutritional"
   		None of these answers are correct.