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1. LAW/531 Final Exam
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1) Which of the following is a distinguishing feature of a common law legal system?
2) Which best describes the types of agency authority held by officers of a corporation?
3) If an LLC fails to follow formalities such as keeping minutes of meetings, which of the
following is true?
4) Martha started a flower shop as a sole proprietor. After 1 year, she was forced to close the
shop because business was so bad. At that time, the business assets totaled $50,000, but the
business liabilities totaled $125,000. Which of the following statements is true?
5) Partners of a general partnership
6) Which of the following forms of alternative dispute resolution allows both parties to see the
strengths and weaknesses of both sides of the case through the presentation of evidence?
7) A ___________ is a court-appointed party who conducts a private trial and renders a
judgment
8) What is a form of alternative dispute resolution that is often used when the parties involved do
not want to face one another?
9) Which of the following is true regarding mediation?
10) There are no accountants on the board of the Oriole Corporation, a privately held
corporation. The board routinely relies on a Certified Public Accountant (CPA) to explain the
financial situation of the corporation. The board does not do an independent analysis of the
CPA’s report. In these circumstances, the board is
11) Self-dealing by a director of a corporation can best be described as
12) Which of the following is likely to be a breach of a corporate officer or director’s duty of
care?
13) In what ways may officers and directors be protected by the corporation from liability for
actions taken as an officer or director?
14) If a plaintiff voluntarily participates in a risky activity that results in injury, what is the most
likely defense to a claim that the plaintiff assumed the risk?
15) Mark is the treasurer of Sky-Hi Tech Corporation and, as such, he is responsible for
protecting the assets of the corporation. One of Mark’s subordinates, Jill, is in charge of
reconciling the monthly corporate bank statements. Over a period of several months, Jill
embezzled a large amount of money from Sky-Hi Tech, covering up the theft using her bank

2. reconciliations. If Mark had adequately supervised Jill, she could not have embezzled this
money. Mark’s actions (or inactions) constitute a breach of his duty of
16) Barry buys a new sports car. The car sits low to the ground and because of the styling;
visibility to the rear is limited. About a month after Barry buys the car, he backs over his pet
poodle as he is leaving for work. In his strict liability suit against the car manufacturer, Barry
will
17) If a judge rules that a party lost its case because of the Statute of Frauds, the judge has
essentially stated which of the following?
18) What does the parole evidence rule do?
19) ABC LLC and XYZ Corp. entered into a contract whereby ABC is to supply XYZ with
widgets. After receiving the first shipment of widgets, XYZ finds that the widgets, while meeting
the physical standards specified in the contract, do not perform as XYZ anticipated. The contract
is silent as to performance specifications, but XYZ suspects that ABC knew that it was
manufacturing and supplying widgets that would not perform according to industry standard.
XYZ initiates a lawsuit against ABC, alleging that ABC knowingly supplied defective widgets.
What process will XYZ use to help it develop its case against ABC?
20) Under the Employee Retirement Income Security Act (ERISA), an employee’s benefits must
vest
21) Which of the following statutes provides that it is legal for employees to organize a union?
22) William was a factory worker at the Spruce Industries plant. When management found out
that William is gay, he was fired. The plant’s action is
23) Janet is manager of a bank. She has all the qualifications to be promoted to bank manager. In
fact, she is better qualified than any of the men being considered for the position. However, the
owner of the bank believes that bank customers will LAW/531 not accept a woman as bank
manager, so the owner promotes one of the males. The owner’s actions would best be described
as what?
24) Which one of the following statutes allows a prevailing party to recover attorney’s fees in an
action against the government for an action of an agency?
25) Which of the following would prevent someone from acquiring land by adverse possession?
26) Which of the following would be classified as tangible personal property, as opposed to other
property categories, such as fixtures or intangible property?
27) As the CEO of a high tech company, you become aware that your chief competitor is
working on a new computer program that will revolutionize your industry. You know that if you
can find out several key functions about the new product, LAW/531 final exams your own

3. programmers will be able to duplicate the function of the program without actually copying its
code. Which of the following actions can you ethically take?
28) From a practical perspective, what are some of the elements of Sarbanes-Oxley?
29) Under Title IX of the Sarbanes-Oxley Act, the penalty for someone who certifies “any
statements as set forth in subsections (a) and (b) of this section knowing that the periodic report
accompanying the statement does not comport . . .” is
30) Which is prohibited under the Sarbanes-Oxley Act?