Business Law C12V Final Exam Semester3 Solutions

business law C12V final exam solutionsQ1. The——————— requires that government statues , regulations, and not overly broad in scope .

  • Procedural due process
  • Substantive due process
  • Intermediate scrutiny test
  • Rational scrutiny test

Q2. A closely guarded formula for a recipe protected by a soft drink manufacturer would be considered an example of a :

  • Copyright
  • Patent
  • Trademark
  • Trade secret

Q3. Harrison hires an agent to look for a three-bedroom house in Atlanta. Elaine, the agent , finds a three – bedroom house within Harrison’s budget , but buys it herself without informing Harrison. This is an instance of the agent’s :

  • self dealing
  • conflict of interest with the principal
  • competing with the principal
  • Usurping an opportunity

Q4. Michael opens an online store where people from all over the  world can purchase and download i Phone apps . Which of the following should Michael consult to know the rules of trading through his online store ?

  • common law of contracts
  • Objective law of contracts
  • UCC

Q5. Which of the following is the true of a union shop agreement while hiring an employee ?

  • The employee must join the union within a certain time after employment
  • The employee does not join the union but pays an agency fee.
  • The employee must be a skilled worker represented by more than one union .
  • The employee must be represented by more than one union .

Q6. Which of the following is true of an LLC ?

  • An LLC is governed by federal law .
  • An LLC is regarded as a separate legal entity .
  • An LLC cannot hold title to property .
  • An LLC owners are called specific partners .

Q7. ————– are federal agencies that have broad regulatory powers over key areas of the national economy .

  • Independent federal administrative agencies
  • State administrative agencies
  • Law enforcement agencies
  • cabinet level federal departments

Q8. Which of the following federal administrative agencies enacts the Clean Water Act?

  • The Environmental Investigation Agency
  • The Environmental Protection Agency
  • The Ministry of Environmental Protection
  • The Association of Environmental Professionals

Q9. A transaction in which an owner transfers his or her personal property to another to be held , stored , or delivered is known as a(n) :

  • arraignment
  • easement
  • bailment
  • accession

Q10. Which of the following replaced the General Agreement on Tariffs and Trade (GATT) ?

  • World Bank
  • World Trade Organization
  • c) International Monetary Fund
  • d) North American Free Trade Commission

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