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Real Estate
Q:
In Meyer v. Holley, the Holley's, an interracial couple, claimed to have been discriminated against and sued under the Fair Housing Act, naming the real estate agent, the real estate agency and Meyer, the president and sole owner of the agency as defendants. This case examined whether Meyer could be held vicariously liable and the court said:
A.Meyer was not liable because the Fair Housing Act specifically and totally excluded vicarious liability from its coverage.
B.Meyer was liable because his right to control the company extended to include right to control agents which is enough to establish liability under respondeat superior.
C.Meyer was not liable because his right to control agents was not sufficient to establish liability under respondeat superior.
D.Meyer was liable because the Fair Housing Act included provisions for special circumstances extending traditional vicarious liability rules past the corporation to include the officers.
Q:
Which of the following business organizations is generally considered to have perpetual existence?
I. Sole proprietorships
II. Partnerships
III. Corporations
A.I.
B.II.
C.III.
D.II and II.
Q:
Which of the following is a taxable entity?
A.A partnership.
B.An S corporation.
C.A limited liability company.
D.Corporations.
Q:
When one person, or a very few persons, own all the shares of stock in a corporation, it is considered:
A.Publicly held.
B.Narrowly held.
C.Closely held.
D.Tightly held.
Q:
The alter-ego theory imposes personal liability when the corporate entity is disregarded. This theory can be applied to:
A.Shareholders.
B.Officers.
C.Directors.
D.All of the above.
Q:
Jonathan wants to start a business. Which form of business organization gives him the most complete and exclusive control over business decisions?
A.The sole proprietorship.
B.The partnership.
C.The corporation.
D.The S corporation.
Q:
The most significant creation related issues when choosing a form of business organization are:
I. Length of time to create a particular organization
II. The start up costs
III. The amount of paperwork involved
A.I and II.
B.I and III.
C.II and III.
D.I, II and II.
Q:
Which of the following is a true statement?
A.License fees and franchise taxes are assessed against both corporations and partnerships.
B.Control of a corporation may be held by those with a minority of the investment.
C.The cost of forming and maintaining a corporation is minimal.
D.Once a corporation is properly formed, it is automatically eligible to do business in all 50 states.
Q:
For limited partners to retain their status of limited liability, the partnership must evidence ________ compliance with all technical requirements of the limited partnership law.
A.Complete.
B.Nominal.
C.Substantial.
D.Reasonable.
Q:
When a court finds that the shareholders of a corporation are using the corporate structure to shield themselves from liability when acting for purely for personal purposes, the court may disregard the corporate structure and impose personal liability on the shareholders treating them like partners. This is called:
A.Cracking the corporate shell.
B.Piercing the corporate veil.
C.Breaking the corporate shield.
D.Breaching the corporate defense.
Q:
When a derivative law suit is filed:
A.Majority shareholders are complaining that minority shareholders are not cooperating with the board.
B.Majority shareholders are required to prove that they are not acting illegally or oppressing the rights of minority shareholders.
C.Minority shareholders are required to provide evidence that the majority shareholders are acting illegally or oppressing the rights of the minority shareholders.
D.Directors are suing the officers and asking for their termination as officers due to illegal or oppressive acts directed at all shareholders.
Q:
The owners of LLCs are called:
A.Shareholders.
B.Partners.
C.Proprietors.
D.Members.
Q:
Which of the following is a false statement?
A.Partnerships are not tax paying entities.
B.Each partner has an equal voice in management unless otherwise agreed.
C.Each partner's liability is limited to the amount of their investment.
D.The partnership is dissolved whenever a partner quits or dies.
Q:
An S corporation:
A.Has the same legal characteristics as any other corporation except for the issue of taxation.
B.Is the official designation for a corporation with 500 or less employees.
C.Is the same as any other corporation except for management participation by stockholders.
D.Is exactly the same as any other corporation.
Q:
Which of the following is an activity a limited partner may not engage in:
A.Acting as an agent of the partnership.
B.Approving an amendment to the partnerships' certificate.
C.Participating in management.
D.Inspecting any of the partnership's financial records.
Q:
Disadvantages of corporations include:
A.Single taxation.
B.Cost of formation and maintenance.
C.Unlimited liability.
D.Continuity.
Q:
What are some of the advantages of the arbitration of international disputes?
Q:
What is the purpose and application of the Alien Torts Claims Act and how is it applied?
Q:
What are the current penalties for violation of the Foreign Corrupt Practices Act?
Q:
What effect has the International Court of Justice had on settling international disputes?
Q:
How have U.S. businesses enhanced their business position with foreign countries without paying bribes and violating the Foreign Corrupt Practices Act?
Q:
What is the modern traditional theory of expropriation, and what are some problems with it?
Q:
Why is the Convention on the International Sale of Goods a good alternative to domestic jurisdiction for interested contracting parties?
Q:
What are some of the criticisms of the World Trade Organization?
Q:
International law is generally classified as either public or private international law. Compare and contrast these two types.
Q:
The U.S. Export Control and Related Border Security Assistance Program, in order to control the export of technology flowing into dangerous hands, has issued three "red flags" that exporters should be aware of. Identify and discuss these "red flags".
Q:
Which of the following is not true concerning the arbitration of international disputes:
A.Arbitration is more streamlined than litigation.
B.Arbitration creates more publicity than litigation.
C.Arbitration is easier for the parties to understand than litigation.
D.Parties can agree on the choice of the arbitrator.
Q:
In order to sue a foreign firm in the U.S., the plaintiff must do all of the following except:
A.Establish minimum contacts between the foreign firm and the forum court.
B.Demonstrate jurisdiction over the defendant does not offend notions of fair play and substantial justice.
C.Comply with the terms of the Hague Service Convention.
D.Must commence the suit in the Supreme Court.
Q:
The Foreign Sovereign Immunities Act does all but which of these?
A.Codifies the restrictive theory of immunity.
B.Provides immunity for private acts.
C.Rejects immunity for commercial acts carried on in the U.S.
D.Rejects immunity for commercial acts having direct effects in the U.S.
Q:
The Hague Service Convention was formulated to do each of the following except:
A.Provide a simpler way to serve process abroad.
B.To assure that defendants sued in foreign jurisdictions receive actual and timely notice of suit.
C.To facilitate proof of service abroad.
D.To insure that forum selection and choice of law clauses are honored.
Q:
Which of the following is not a permissible payment for routine government action under the Foreign Corrupt Practices Act?
A.Obtaining permits.
B.Processing visas.
C.Travel expenses to a foreign official in gratitude for doing business.
D.Scheduling inspections associated with the transit of goods across country.
Q:
Which of the following is not legal under the Foreign Corrupt Practices Act?
A.Grease payments.
B.Routine payments such as visas and police protection.
C.Travel expenses for foreign officials to see a product.
D.All of the above are legal.
Q:
What is the term for the seizure of foreign-owned property by a government without fair compensation?
A.Expropriation.
B.Confiscation.
C.Nationalization.
D.Eminent domain.
Q:
Export controls:
A.Are the same as import controls.
B.Are used on strategic products and technology.
C.Are never used.
D.Are similar to nationalization.
Q:
Why do many countries favor joint ventures?
A.They allow local businesses to participate.
B.Economic growth.
C.Decrease in the risk of foreign domination of local industry.
D.All of the above.
Q:
Why would a foreign country enter a licensing agreement?
A.Lack of sufficient research and development capability.
B.Lack of management skills.
C.Lack of marketing strategies to promote the product.
D.All of the above.
Q:
In Morelli v. Cedel, the court examined whether domestic employees of certain foreign corporations are protected under the Age Discrimination in Employment Act of 1967 and whether the corporation's foreign employees are counted for the purpose of determining whether the corporation has enough employees to be subject to the ADEA. They determined that:
A.Only employees working within the United States count toward ADEA requirements.
B.A U.S. corporation with less than 20 domestic employees but many more foreign based employees would not be subject to the ADEA.
C.The Friendship, Commerce and Navigation treaty exempts foreign employers from U.S. discrimination laws.
D.Whether domestic or foreign based, the total number of employees working for the company count towards whether the company is subject to the ADEA.
Q:
The U.S. counterpart of expropriation is called:
A.Nationalism.
B.Zoning.
C.Police powers.
D.Eminent domain.
Q:
Which is not an institution of the European Union?
A.The Council of Ministers.
B.The Euro-Senate.
C.The Parliament.
D.The Commission.
Q:
Which of the following is not a stated major concern of WTO protestors?
A.Issues effecting human rights.
B.Issues related to the spread of capitalism.
C.Environmental issues.
D.Labor issues.
Q:
The European Union was originally known as:
A.The European Association.
B.The European Community.
C.The European Federation.
D.The European Coalition.
Q:
Under the Convention on the International Sale of Goods, which of the following is not a material term in a contract:
A.Price.
B.Payment.
C.Purpose.
D.Quality.
Q:
The Convention on the International Sale of Goods applies to each of the following except:
A.The sale of consumer goods.
B.Businesses in different countries.
C.Countries the businesses are in must have ratified the CISG.
D.All of the above.
Q:
In Dole Food Company v. Dead Sea Bromine Co. and Bromine Compounds, Ltd., the court interpreted the Foreign Sovereign Immunities Act to determine the statutory requirements regarding when a foreign owned subsidiary is entitled to instrumentality status and is therefore afforded immunity. They stated that:
A.Only direct ownership of a majority of shares by the foreign state satisfies the statutory requirements.
B.The statutory requirement is met if there is only one layer between the foreign state and the subject company and the foreign state owns a majority of the top layer company's shares.
C.Instrumentality status is afforded the subject company if its charter is with the foreign state regardless of stock ownership.
D.Instrumentality status is afforded the subject company if its charter is with the foreign state and a citizen of that foreign state is the majority share holder.
Q:
In 1994 the Uruguay Round incorporated all of the following principles from the General Agreement on Tariffs and Trades except:
A.Non-discrimination.
B.National treatment.
C.Equalization of import quotas.
D.Elimination of trade barriers.
Q:
In Voest-Alpine Trading USA v. Bank of China, the court had to determine whether the Bank of China had given proper notice of its notice of refusal. Refusal must be made no later than the close of the ________ banking day following the day of receipt of the documents.
A.Third.
B.Seventh.
C.Fourteenth.
D.Twenty-first.
Q:
The Foreign Sovereign Immunities Act codified the following:
A.Foreign governments cannot be sued under any cause of action within the United States, whether commercial or not.
B.Foreign governments can be sued for most causes of action except when participating in commercial acts.
C.Foreign governments cannot be sued for most causes of action but can be sued when participating in commercial acts.
D.Sovereign immunity was abolished making foreign governments liable for all acts committed within the United States, whether commercial or not.
Q:
The Wassanaar Arrangement was entered into by 33 countries in order to control:
A.Monetary value fluctuations encountered by nations when conducting international trade.
B.The spread of military and dual use technology to unstable nations.
C.The quality control of food and perishables between nations with different individual quality control regulations.
D.Price gouging by dominant countries when dealing with smaller or weaker countries.
Q:
Which country is not a permanent member of the United Nations Security Council?
A.Russia.
B.Germany.
C.France.
D.China.
Q:
The Charter of the United Nations sets forth as its primary goal:
A.To save succeeding generations from the scourge of war.
B.Providing individual measures for the prevention and removal of threats to peace.
C.The encouragement of acts and aggression or other breaches of the peace.
D.All of the above.
Q:
The World Trade Organization was created by the:
A.Britton Woods Conference.
B.Uruguay Round.
C.Maastricht Treaty.
D.Nice Accord.
Q:
Which of the following is not a stated source the International Court of Justice will use to decide a case:
A.International Conventions.
B.International Custom.
C.United Federation of Laws.
D.Teachings of the most highly qualified publicists of various nations.
Q:
Infractions of international law are most frequently settled by:
I. Diplomacy
II. Arbitration
III. Economic sanctions
IV. ICJ decision
A.I and II.
B.II and III.
C.IV.
D.I and III.
Q:
The Foreign Corrupt Practices Act:
A.Prohibits direct payments but permits payments through intermediaries.
B.Features civil but not criminal penalties.
C.Applies to foreign firms and persons who take action in furtherance of a corrupt payment while in the United States.
D.Allows a firm to pay fines levied against individual employees.
Q:
The World Intellectual Property Organizations: Arbitration and Mediation Center hears cases involving:
A.International patent and copyright cases.
B.Issues involving sovereign immunity cases.
C.International trademark and trade secret cases.
D.Domain name and cybersquatting cases.
Q:
With regard to voting privileges in the UN General Assembly:
A.Voting is apportioned by land area size of the country.
B.Voting is apportioned by the size of the country's population.
C.Voting is apportioned by the size of the country's gross national product.
D.Every country gets one vote regardless of size and value variables.
Q:
The International Court of Justice is the judicial branch of the:
A.United States.
B.United Nations.
C.NAFTA.
D.FSIA.
Q:
Which of the following statements is false:
A.Public international law examines relationships between nations.
B.Public international law uses rules that are binding on all countries in the international community.
C.Private international law examines relationships created by commercial transactions.
D.Private international law utilizes U.S. law to resolve international business disputes.
Q:
The International Court of Justice is also called the:
A.World Court.
B.Supreme World Court.
C.World Chancery Court.
D.Court of International Acclaim.
Q:
Generally, international law is classified as:
I. Public international law
II. Private international law
III. Common international law
IV. Civil international law
A.I or II.
B.II or III.
C.I or III.
D.II or IV.
Q:
Currently there are free trade agreements pending with each of the following except:
A.Venezuela.
B.Panama.
C.South Korea.
D.Columbia.
Q:
Which of the following represents the assumption of ownership of property when that property is taken over by a government?
A.Nationalization.
B.Expropriation.
C.Foreign subsidization.
D.Extraterritorialism.
Q:
In 2007, the U.S. trade deficit was approximately (rounded):
A.$712 billion.
B.$888 billion.
C.$712 trillion.
D.$888 trillion.
Q:
On average, the International Court of Justice renders one contested decision per:
A.Day.
B.Week.
C.Month.
D.Year.
Q:
The North American Free Trade Agreement has resulted in:
A.Expanded U.S. exports to Mexico but no change in imports from Mexico.
B.Expanded Canadian exports to the U.S. but reduced U.S. exports to Canada.
C.Expanded U.S. exports to both Mexico and Canada but reduced U.S. imports from both Mexico and Canada.
D.Expanded U.S. exports to both Mexico and Canada and expanded U.S. imports from both Mexico and Canada.
Q:
Which commission was created in 1964 to deal with international trade reform and the redistribution of income through trading with developing countries?
A.UNCITRAL.
B.UNCTAD.
C.IMF.
D.GATT.
Q:
Sovereign immunity means that a foreign country is immune from lawsuits simply because it is a foreign country.
Q:
The Alien Tort Claims Act was enacted within the past 20 years to address tort actions arising from the recent initiatives in global trade.
Q:
The Foreign Corrupt Practices Act places United States businesses in a competitively disadvantageous position.
Q:
Irrevocable letters of credit do not recognize the concept of substantial performance.
Q:
The Foreign Corrupt Practices Act tightened accounting rules for businesses to try to stop the deduction of bribes.
Q:
A licensing agreement allows an international business to enter a foreign market without any direct foreign investment.
Q:
Irrevocable letters of credit have little effect on calming uncertainties in international transactions.
Q:
The Convention on the International Sale of Goods applies to the international sale of commercial and consumer goods.
Q:
Foreign Corrupt Practices Act violations can give rise to private causes of action under the Racketeering and Corrupt Organizations Act.
Q:
The Convention on the International Sale of Goods does not require contracts for the sale of goods to be in writing.
Q:
The Hague Service Convention is a treaty designed to provide a simpler way to serve process abroad when suing foreign businesses.
Q:
The European Union, as it is known today, was begun when six nations signed the Treaty of Rome.
Q:
If the United States enters into a trade deal with Costa Rica, with Costa Rica as the seller and an irrevocable letter of credit is involved, the issuing bank will be located in Costa Rica.
Q:
Choice of law and choice of forum clauses are synonymous terms.