LAW 531 Final Exam A.

In this paperwork of LAW 531 Final Exam A. you will find the answers on the next questions: 1. A policy provision that requires an insured to carry a certain minimum level of insurance covering property in order to be able to recover the full policy amount is: 2. Which of the following statutes amended the National Labor Relations Act? 3. Which of the following is not a basis for an unfair competition claim under Section 5 of the Fair Trade Commission Act? 4. Edward’s Warehouse stores a variety of generic goods for several distributors in Anytown. Which of the following describes Edward’s liability for the bailed goods should something happen to them? 5. Where a landowner seeks permission to build a structure that does not comply with the current zoning regulations applicable to the land in question, the landowner would seek an: 6. What is a master limited partnership? 7. Judy just bought a new business with many employees. She has heard about the requirements of OSHA. What is the employer’s general duty under OSHA? 8. Bob and Mary are husband and wife, respectively. They co-own their home as tenants by the entirety. In early 1997, Bob, without Marys knowledge, sells his share of the home to Alice, a ski instructor at Aspen Ski Area. Bobs will leaves all his property to Edith, a ski instructor at Sun Valley Ski Area. Bob unexpectedly dies on December 16, 1997. Who will own the home following his death? 9. In an agency for a fixed term, such as 1 year, prior to the end of the stated period,the agent has: 10. Someone who believes that moral decisions should be made such that the greatest amount of good in total results from the actions believes in which moral theory? 11. The statute that covers the operations of federal agencies is the: 12. A bailment where money is paid from one party to the other is usually described as: 13. A gift of real property made in a will is known as a: 14. A principal gives an agent express authority to get his car running right. The authority that the agent has to enter into contracts for the purchase of auto parts is: 15. If an auditor determines that the financial statements do not fairly present the financial results and position of the client, the auditor would issue an: 16. Under what doctrine are both the employer and employee free to terminate an employment relationship at any time? 17. A private corporation is one which: 18. Eric is a member of a manager-managed LLC but is not a manager. This LLC invests in real estate and manages it as rental property in a college town. Eric has made several recommendations to the managers regarding property that he considers to be a good buy. Eric, however, seldom performed even the slightest investigation of the property before recommending it to the managing members. Eric also purchased a couple of rental properties on his own account, taking very careful and sneaky steps to ensure that the other members of the LLC did not learn of these purchases. Which duties has Eric violated? 19. Aaron, after a long and distinguished career at a nuclear weapons plant in the plutonium storage department, is hired by a local company to work in its warehouse. Aarons skin has turned bright green from his years around the plutonium, but he is otherwise healthy and is not, himself, radioactive in any way. All scientific and health experts have determined that this condition is permanent,but harmless. After working in the warehouse, Aaron is not promoted, and Aaron believes it is because of his green skin. Which of the following, if it is true and is the reason that Aaron was not promoted, would give Aaron the best chance of prevailing if Aaron sues his employer because he was not promoted. 20. Nicole is president of the Blue Valley Credit Card Company. Nicole is concerned with the liability of the company for any use of the Blue Valley cards it has issued. Which of the following statements regarding credit cards is false? 21. Betty starts up a business selling party supplies from a retail store. This business is very successful. She opens several other stores in the same city. She eventually has six similar stores in her city. She has a manager for each store who is paid a fixed annual salary. All her other employees are paid on an hourly basis. She has never chosen any particular form of business organization for this business. This business is most likely: 22. Franchises account for approximately what percent of total retail sales in the United States? 23. Lynda is a member of a manager-managed LLC but is not a manager. However, Lynda has considerable expertise in the business of the LLC. Lynda assisted the managers for the first couple of years of the LLCs existence without any difficulties. During the third year, Lynda began to challenge some of the decisions made by the managers who had begun to shut Lynda out of most decisions. Lynda demands that as a member of the LLC she be allowed to participate in its management and that she be compensated for the services she is providing. In this case: 24. One of the requirements for a factory assembly job at Spruce Industries is that the worker be less than 6-feet tall. Aaron applies for the job, but is not hired. Which is true? 25. Recording statutes for real property: A) guarantee that buildings meet certain 26. The board of directors of Sunny Corporations votes 9-2 to require all future actions by the shareholders to be approved by a two-thirds majority. This action is: 27. The Hart-Scott-Rodino Antitrust Improvement Act led to rules requiring: 28. Robert was the president of JKL, Inc. JKL intended to purchase Target Co. JKLs intent was not public information, and when it became public, Targets stock would increase significantly in value. Robert individually bought 1,000 shares of Target Co. Ten months later, when the merger was publicly announced, Robert sold Targets stock and made a large profit. Assuming that Robert is guilty of a violation under the 1934 Securities and Exchange Act, what are the possible consequences? 29. The person empowered by the corporation to receive notice of lawsuits against it, is called the: 30. The Resource Conservation and Recovery Act addresses: 31. Under which types of tenancy can the tenancy be terminated by the landlord without prior notice to the tenant? 32. What does the veil of ignorance require under Rawlss distributive justice theory? 33. When the management of the target corporation of a tender offer opposes the tender offer, it can: 34. When is an agent liable for a tort committed by the principal? 35. Which of the following businesses can be operated as a sole proprietorship? 36. Which of the following is true in a typical franchise situation? 37. Which of the following items is not required to be included in a registration statement? 38. Which of the following is correct regarding administrative law judges? 39. Which of the following statements would not be deceptive under Section 5 of the Federal Trade Commission Act? 40. Which of the following is not required of a states compliance plan for a nonattainment area? 41. Which of the following is not one of the parties to a standard life insurance contract 42. Which of the following are grounds for an annulment? 43. Which of the following is true about general principles of law as a source of international law? 44. Which of the following is true about the contract exception to the employment atwill doctrine? 45. Which of the following statutes places an affirmative duty on employers to bargain in good faith with unions? 46. Which of the following must occur upon the conclusion of the winding-up process of a limited partnership? 47. Which of the following statements is false? 48. Which of the following forms of business combinations is seldom used today because of the advantages of other forms? 49. Which of the following situations generally does not create a bailment? 50. Why is the agent able to be held liable on a contract when the existence of the agency arrangement was not disclosed?

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