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1. Uop LAW 531 Final Exam Guide (New 2017) NEW
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1. The obligation owed by individuals to one another not to
cause any unreasonable harm or any risk of harm is called:
duty of care
duty of restoration.
duty of loyalty.
duty of restitution.

2. 2. Which of the following best describes the term warranty?
It refers to the terms in a sales contract stipulating the party
that will bear the risk of loss of goods during shipment.
It is a purchaser’s title to goods obtained by the impersonation
of another person.
It is the seller’s assurance to a buyer that the goods sold meet
certain standards of quality.
It refers to the transfer of possession of stolen property to a
person who had bought the property without the knowledge
that it has been stolen.

3. 3 The manifestation of the substance of a contract by two or
more individuals is called __________.
acceptance
an agreement
an offer
consideration
4 Workers’compensation is defined as the:

4. set of programs mandated by the government to ensure safety
in places of work.
remuneration awarded to employees and their families when
the employees are injured on the job.
insurance obtained by employees from private insurance
companies and government-sponsored programs.
system that provides retirement and death benefits to covered
employees and their dependents.
5. Which of the following applies to trade restraints that are
inherently anticompetitive?

5. The per se rule
The pro rata rule
The rule of four
The rule of reason
6. A group boycott occurs when:
competitors at one level of distribution collectively refuse to
deal with others at a different level of distribution.

6. parties enter into a trade agreement that has greater
anticompetitive effects than procompetitive effects.
competitors agree that they will distribute their goods to only a
particular portion of the market.
parties at different levels of distribution enter into an
agreement to adhere to a schedule that will stabilize prices.
7. Which of the following scenarios is an example of law and
ethics contradicting each other?
the trademarked garment designs of a well-known fashion
designer.

7. A restaurateur, whose restaurant is violating labor laws, bribes
a federal official to prevent him from reporting the violations.
A florist in the United States employs an illegal immigrant to
help the immigrant and her family overcome their financial
difficulties.
An iron-ore manufacturing company provides its employees
with high-quality safety equipment.
8. Corporate officers are elected by a corporation’s __________.
board of directors
preferred stockholders

8. owners
common stockholders
9. Which of the following is a category of torts?
Personal liability
Nonintent crime
Professional malpractice

9. Strict liability
10. Corporate officers are best described as:
owners of a corporation with limited liability for its debts and
obligations.
directors elected by a corporation’s shareholders.
employees appointed to manage the daily operations of a
corporation.
partners pursuing a joint venture transaction
11. 11

10. Which of the following is a remedy that requires the breaching
party to perform the acts promised in a contract?
Binding arbitration
Special damages
Specific performance
Punitive damages
12. Helen buys a toy railway set for her 3-year-old son, Ben. The
product’s cover mentions that the toy is suitable for children
only aged between 3 and 12. While playing with the toy one
evening, without Helen’s supervision, Ben chokes on an inch-
long engine driver figure that forms part of the train. Although

11. he survives, he is traumatized by the incident. For which type of
defect can Helen sue the toy manufacturer?
Failure to tamperproof
Defect in product packaging
Failure to warn
Defect in manufacture
13. An agency that appears to be created by a principal but does
not exist in reality is called a(n) __________.
fully disclosed agency

12. implied agency
apparent agency
agency by ratification
14. 14
Robert orders coffee while having breakfast in a diner. He
suffers third-degree burn injuries when the coffee accidently
spills on him. He presses charges against the diner for failing to
notify him that the coffee was exceptionally hot. In this
scenario, the diner is guilty of a(n) __________.
intentional tort

13. unintentional tort
nonintent crime
intent crime
15. When an employer does not discriminate against women in
general but treats women above the age of 40 differently, the
employer is practicing __________.
color discrimination
religious discrimination

14. sex-plus discrimination
racial discrimination
16. Insider trading is considered illegal because:
it results in excessive losses for the company.
it makes use of nonmaterial public information.
it fails to account for the short-swing profits brought into a
company.

15. it limits investment opportunities for the investing public.
17. When can an arbitrator’s decision and award be appealed to
the courts?
When an arbitration is binding
While entering a negotiation
While drafting a submission agreement
When an arbitration is nonbinding
18. When one party acquires a license to use another party’s
business model and intellectual property in the distribution of
goods and services, the arrangement is a __________.

16. limited liability partnership
franchise
joint venture
kickback
19. Which of the following is a difference between
embezzlement and larceny?
Embezzlement is an unintentional tort, whereas larceny is a
nonintent crime.

17. Embezzlement is usually punishable by the payment of
monetary damages, whereas larceny is usually punishable by
the death penalty.
Embezzlement is the stealing of property by a person to whom
the property was entrusted, whereas larceny is the stealing of
property by a person not entrusted with it.
Embezzlement is the snatching of personal property from a
person’s home, whereas larceny is the snatching of personal
property from a person on the street.
20. Which of the following is a criticism of the ethical
fundamentalism theory?
It does not allow people to decide for themselves what is right
and what is wrong.

18. It is impossible in the real world to expect that everyone in
society will obey moral rules.
It does not reach an agreement on what the universal rules
should be.
It is impossible to measure the “good” that may result from
different actions.
21. Which of the following is a characteristic of torts?
They are usually not tried by the jury.
They are brought to court by a plaintiff.

19. They are punishable by the death penalty.
They are tried by criminal procedure.
22. 2
A goal of the Sarbanes-Oxley Act of 2002 is to:
control and closely monitor the financial accounts of all
corporations in the United States.
allow directors and executive officers of public companies to be
given personal loans from the companies.

20. end conflicts of interest, establishing better corporate
governance.
enable smooth settlement of alleged fraud among major
corporations.
23. Laws that prohibit discrimination based on race, gender, or
religion in the workplace primarily serve the function of:
minimizing the freedom of employees.
providing a basis for compromise.
advocating social justice.

21. creating a new status quo.
24. Which of the following is a requirement for obtaining a
patent for an invention?
The invention must be in the form of a service.
The invention must be original.
The invention needs to be made of highly valuable components.
The invention needs to be recognizable to the general public.
25.

22. The power and authority to exclude competition or control
prices is known as __________.
enumerated power
implied power
monopoly power
reserved power
26. Which of the following is an advantage of franchising?

23. It allows businesses to reach profitable new markets.
It enables two businesses to pool their resources to pursue a
common goal.
It allows a business to consist of only general partnRoberers.
It grants free access to the intellectual property of a business to
anyone in the same market.
27. Laws that protect governments from being overthrown
primarily serve the function of:
minimizing individual freedom.

24. advocating social justice
providing bases for compromise.
maintaining the status quo.
28.
Which of the following is prohibited by the Food, Drug, and
Cosmetic Act (FDCA) with regard to food?
The sale of non-organic food products

25. Labeling of raw seafood products
Labeling of genetically engineered food products
The sale of adulterated food
29.
Which of the following is a difference between arbitration and
mediation?
The decision of an arbitrator is nonbinding, whereas the
decision of a mediator is binding.

26. The role of an arbitrator is merely to assist parties in reaching
a settlement, whereas the role of a mediator is similar to the
role of a trial judge.
An arbitrator is authorized to issue an award, whereas a
mediator can only assist in reaching a settlement.
Arbitration is an informal method of dispute resolution,
whereas mediation is a formal method of dispute resolution.
30.
Ken owns a small convenience store in a street corner in
California. One afternoon, a teenage boy enters his store, looks
around, and prepares to walk out without buying anything. Ken
is wary of the boy because of the boy’s shabby clothing. He
stops and asks the boy to empty his pockets and then questions
him for about five minutes. After finding that the boy does not
have anything from the store on him, Ken reluctantly lets him
go. Which of the following is a merchant protection statute that
Ken has violated?

27. Reasonable grounds for suspicion
Adequate assurance of performance
Reasonable duration of detention
Adverse possession