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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

2. 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

3. 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

4. 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

5. 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...
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