Business Law

Business Law

  1. The best example of a chief executive’s quasi lawmaking ability is:
    A. Appointment Power
    B. Rule Making
    C. Executive Orders
    D. None of the Above
  2. T/F The Statute of Frauds was erected outside the British Parliament in 1677.
  3. T/F A defendant in a civil action for FRAUD can be sentenced to jail time if convicted by a jury
  4. Under the rules of precedent, a definitive and unquestionable ruling by the 9th Circuit Court of appeals MUST be followed by the following courts:
    A. US Supreme Court
    B. Arizona Superior Court
    C. District Court of California
    D. Both E & C but not A
    E. University of Phoenix Staff
  5. T/F Patent protection is available for products as well as business methods.
  6. Intentional torts include the following:
    A. Extreme Napping
    B. Negligence
    C. Defamation
    D. Both B and C, but only sometimes A
  7. T/F US Trademarks were adopted by the World Intellectual Property
    Organization in 1984 as the standard for international protection.
  8. Licensing agreements automatically expire:
    A. After one year
    B. After one year with 30 days prior written notice
    C. According to the terms of the agreement
    D. The are perpetual and do not expire
  9. T/F A quasi contract is a contract implied by law.
  10. When does common law control the sale of goods otherwise governed by Article
    2 of the UCC?
    A. What is the UCC
    B. When components of the sale are primarily goods
    C. When components of the sale are primarily services
    D. Never
    E. Always
  11. When delivery terms specify FOB Destination, who is subject to risk of loss in transit?
    A. FedEx
    B. UPS
    C. Seller
    D. Buyer
    E. Gremlins
  12. Describe the difference between mens rea and actus reus.
    A. Mens Rea means guilty mind
    B. Mens Rea requires intent
    C. Actus Reus means guilty act
    D. Actus Reus is not required
    E. All of the above
    F. None of the above
    G. A, B and C
    H. A, C and D
  13. T/F Due to the prevalence of white collar crime, accountants are REQUIRED to maintain professional liability insurance.

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