Bshs 355 Week 4 Team Assignment (Social Security Act)

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Deadline: ( ), General Questions - General General Questions Question 1 1. Which of the following best describes how a corporation, which has not made any special tax elections, and its shareholders, are taxed? The corporation is not taxed, but the shareholders are taxed on their dividends. The corporation is taxed, but the shareholders are not taxed on their dividends. The corporation is taxed, and the shareholders are taxed on their dividends. Neither the corporation nor its shareholders are taxed. 0.5 points Question 2 1. Which of the following is a reason to form a limited liability company rather than an S corporation? There is no limit on the number of owners of a limited liability company whereas the number of shareholders of an S corporation is limited. All owners of a limited liability company have limited liability, but not all owners of an S corporation have limited liability. A limited liability company can be formed without formalities such as filing papers with the state whereas an S corporation requires papers to be filed with the state. A limited liability company acts as a flow-through entity for income tax purposes, but an S corporation does not. 0.5 points Question 3 1. Under Article 2 of the UCC dealing with the sale of goods, a contract is usually enforceable even if which of the following terms is omitted: Price. Quantity. Price or quantity. Neither price nor quantity may be omitted. 0.5 points Question 4 1. A promoter's preincorporation contract: binds only the promoter unless adopted by the corporation. binds both the promoter and the corporation. binds only the corporation. binds neither the promoter nor the corporation if rejected by the corporation. 0.5 points Question 5 1. Which of the following is NOT an Equitable remedy under the common law: a. Injunction b. Money Damages c. Rescission d. Specific Performance 0.5 points Question 6 1. The procedure which uses a neutral third party to assist disputing parties reach a resolution is: Conciliation. Mediation. Fact finding. Arbitration. 0.5 points Question 7 1. Which of the following is a true statement? A. Fraud by active concealment occurs when a party to a contract fails to disclose all of the known facts about the subject matter of the contract. B. To be actionable for fraud, a misrepresentation must pertain to a future opinion. C. The threat to bring a lawsuit to obtain an agreement can be grounds for duress if the suit is a legitimate one. D. A mutual mistake renders a contract null and void. 0.5 points Question 8 1. Which of the following is a false statement? Essentially, corporate income is taxed twice when it is distributed to shareholders as dividends under U.S. tax and business laws. A limited liability company (LLC) limits the liability of its members in the United States for business debts. A general partnership for liability purposes is not usually considered a legal entity apart from its owners under U.S. laws. Agreements to form a partnership always must be written under U.S. laws since there could be disagreements between partners otherwise. 0.5 points Question 9 1. The person who can accept an offer is known as The acceptor The offeror The assignee The offeree 0.5 points Question 10 1. Who can be deemed liable for trading on material inside information based on U.S. securities laws? a. Misappropriators of inside information b. Insiders and tipees in conspiracy with insiders c. Inadvertent tipees who are in a fiduciary relationship with the disclosing party d. All of the above. 0.5 points Question 11 1. Which is FALSE regarding a traditional business partnership pursuant to the Uniform Partnership Act? a. Absent an agreement partnership profits are shared equally by the partners regardless of any individual's partner contribution, knowledge, skills, and/or efforts. b. Absent an agreement partners are not entitled to any salary or remuneration for acting in the partnership business. c. Partners are regarded as agents of the partnership when acting in the partnership business. d. The dissolution of a partnership will always lead to a winding-up, liquidation, and termination of the partnership. 0.5 points Question 12 1. Which of the following is a true statement? Building contractors and subcontractors are usually not independent contractors. An agency relationship can be formed only in a witnessed and signed writing since it is a high-level business relationship. There generally does not need to be a written agreement between the principal and agent in order to create an agency relationship. An agent does not owe to his or her principal a duty to act in good faith. 0.5 points Question 13 1. Which of the following is a FALSE statement? a. Congress has the power in Article I of the Constitution to regulate interstate commerce. b. The power of Congress to regulate business pursuant to the interstate commerce clause in the Constitution is very broad. c. States cannot pass any law that regulates any aspect of interstate commerce since the federal Congress has sole and exclusive jurisdiction in this area. d. States may be able to pass laws that regulate certain aspects of interstate commerce for health and safety reasons if there is no direct conflict with federal law, no discrimination against commerce from other states, and no undue burdens placed on interstate commerce. 0.5 points Question 14 1. Which of the following is FALSE about U.S. securities laws? a. The definition of a "security" is broadly construed by the courts. b. Insider trading by an insider and by a tipee in conspiracy with an insider is illegal. c. Trading on inside information by the "lucky" or the "smart" is always illegal since it is not fair to the other party who does not have the inside information. d. Silence, that is, the failure to disclose material facts regarding the purchase or sale of a security is illegal. 0.5 points Question 15 1. The statute enacted to combat organized crime and which imposes liability on wrongdoers is: The Racketeer Influenced and Corrupt Organizations Act. The Organized Crime and Innocent Victims Act. The Crime Victims Compensation Act. The Habitual Criminal Damages Recovery Act. 0.5 points Question 16 1. Which of the following is/are true about the principal agency relationship? a. In a non-disclosed principal situation, the agent is typically initially liable to the third party. b. Under the ratification doctrine, a principal can ratify and thus authorize an agent's contract with a third party that was not originally authorized by the principal. c. Under the imputed knowledge and notice doctrine, a principal can be charged with the knowledge of facts that had been disclosed to the principal's agent. d. All of the above. 0.5 points Question 17 1. What is/are very important statutes governing "e-contacts," that is, entering into contracts online? a. The Uniform Electronic Transactions Act (UETA) b. The Uniform Computer Information Transactions Act (UCITA) c. The Electronic Signature in Global and National Commerce Act d. All of the above. 0.5 points Question 18 1. The Statute of Frauds: Makes certain contracts illegal if they are not in writing. Makes contracts covered by it voidable. Is designed to protect minors from being taken advantage of. Makes certain contracts unenforceable if they are not in writing. 0.5 points Question 19 1. In a negligence lawsuit, the causation element would be satisfied by a showing of: a. An intentional action by the defendant that intended to and caused harm to the plaintiff. b. Actual legal cause and proximate cause of the injury. c. A purposeful malicious act by the defendant that caused harm to the plaintiff. d. None of the above. 0.5 points Question 20 1. An assignment of personal services is Illegal Generally permitted Permitted with all the parties’ consent Is never permitted 0.5 points Question 21 1. Which of the following is/are TRUE about performance of a contract? a. Under the UCC, the performance of a sales contract must meet the "perfect tender" rule. b. Under the common law, the performance of a construction contract must meet the "substantial performance" doctrine. c. Under the common law, a contract with a time for performance must be performed as a general rule on the contract date or a reasonable time thereafter. d. All of the above are true. 0.5 points Question 22 1. The term for jurisdiction based on the location of a piece of property is: Long arm jurisdiction. In personam jurisdiction. In rem jurisdiction. Subject matter jurisdiction. 0.5 points Question 23 1. Which of the following is FALSE about agency relationships? a. The agent owes a duty of obedience to the principal. b. The agent owes a duty of due care to the principal. c. The agent owes a duty of an accounting to the principal. d. The agent does not own a fiduciary duty to the principal since the agent is really only a "glorified" employee. 0.5 points Question 24 1. Which of the following is the most accurate statement? The offeree’s rejection of an offer terminates it as a general rule under the common law. An offeror can revoke an option contract if the offeror decides that the consideration given for it was inadequate. Revocation of an offer made to the general public must be communicated in a large metropolitan newspaper, such as the Miami Herald, New York Times, or Washington Post. Offers are irrevocable under the common law for a three month period. 0.5 points Question 25 1. Which of the following kinds of jurisdiction would be necessary and sufficient for a court to hear a case? Subject matter and in personam and in rem. Subject matter or in personam or in rem. Subject matter and either in personam or in rem. In rem and either subject matter or in personam. 0.5 points Question 26 1. A partnership typically is created: If the managing partner files appropriate papers with the secretary of state. If one or more persons or entities engage in an ongoing business activity for profit. Upon the issuance of stock to the partners. Once there is a valid written partnership agreement. 0.5 points Question 27 1. Bio Box Company advertises and markets so effectively that Product Packaging, Inc., stops doing business with Styro Cartons, Incorporated, and switches its account to Bio. Bio is liable for appropriation. conversion. wrongful interference with a business relationship. none of the above. 0.5 points Question 28 1. Who can be deemed liable for trading on material inside information based on U.S. securities laws? a. Misappropriators of inside information b. Insiders and tipees in conspiracy with insiders c. Inadvertent tipees who are in a fiduciary relationship with the disclosing party d. All of the above. 0.5 points Question 29 1. A provision under the UCC which affects merchants differently from nonmerchants is: The effect of additional terms in an acceptance. The firm offer rule. The written confirmation rule. All of the above. 0.5 points Question 30 1. The concept that case decisions become a basis for decisions in later similar cases is known as: Chancery law. Murphy’s law. Common law. Statutory law. 0.5 points Question 31 1. Which of the following statements is false ? Notice-and-comment rulemaking is the most common rulemaking procedure used by administrative agencies in the United States to make law. Tort law provides legal remedies for both personal injury and property damage. To commit an intentional tort, a person must intend the consequences of his or her act or know with substantial certainty that certain consequences will occur. To commit an intentional tort, a person always must act with an evil motive to commit physical harm. 0.5 points Question 32 1. Which of the following is a false statement? If a contract for the sale of goods does not include a price term, it nonetheless may still be enforceable pursuant to the Uniform Commercial Code. If a contract for the sales of goods does not include the exact terms for payment, it normally will be unenforceable since it is impermissibly vague. When an offer for the sale of goods does not specify a means of acceptance, the offer usually can be accepted by any manner reasonable under the circumstances. A warranty is an assurance by the buyer to the seller that he or she will pay valid and good consideration for a product. 0.5 points Question 33 1. The board of directors of Omega, Inc., announces a cash dividend. A cash dividend may not be paid from accumulated surplus. gross profits. net profits. retained earnings. 0.5 points Question 34 1. Which of the following is a true statement? The offeree is the person who makes an offer. A void contract is enforceable if it is in writing pursuant to the Statute of Frauds. A contract can be created only when it is accepted by the offeree’s actual performance of an act. A unilateral contract is accepted and formed under the common law when the one receiving the offer fully completes the requested act or performance. 0.5 points Question 35 1. Which of the following is a false statement? U.S. child labor laws provide that children aged 12-14 may engage in sales work outside school hours if their parents consent and if no heavy lifting is involved. Both men and women can sue for sexual harassment in the United States. Whistleblowing by employees in the private sector can now be a legally protected activity pursuant to some states’ laws in the United States. A deceptive advertisement is one that is either false or misleading pursuant to the U.S. Federal Trade Commission’s legal standards. 0.5 points Question 36 1. The bylaws of a corporation: Take precedence over the article of incorporation. Must be filed in the appropriate state office. Are not binding on the officers and directors of the corporation. Govern the internal management of the corporation and typically would include the time and place of the annual shareholder’s meeting. 0.5 points Question 37 1. What is FALSE about a board of directors of the traditional business corporation? a. The board must act as a collective body to legally bind the corporation. b. The board is protected for poor business decisions by the "business judgment rule." c. The board is responsible for establishing of major corporate polices and exercises ultimate control of the corporation. d. Board members are automatically entitled to compensation for serving on a board based on federal corporate law but the compensation must not be "excessive" and the shareholders must approve of the compensation "package." 0.5 points Question 38 1. A contract in which one party makes an agreement with a second party to benefit a third party is A third party beneficiary contract Foolish Illegal An assignment 0.5 points Question 39 1. The Statute of Frauds does not cover Contracts in consideration of marriage Contracts for the sale of realty Guarantees or guaranty contracts Contracts that can be performed within one year 0.5 points Question 40 1. Which of the following is a true statement? A. The Uniform Commercial Code governs contracts involving real property and personal property leases. B. The adoption of the Uniform Commercial Code has completely eliminated the need for the common law in the area of contracts. C. The Uniform Commercial Code only applies to a contract if the parties explicitly state so in their contract. D. The Uniform Commercial Code takes precedence over the common law of contracts regarding contracts for the sale of goods. Question 1 1. Pursuant to U.S. statutory immigration law, immigrant visas can be granted to immigrants who possess "extraordinary" knowledge, abilities, and talents since they will benefit the United States. Idi Obuku is a drum-maker from Uganda who specializes in making native drums and other local cultural artifacts. He is denied an immigrant visa by the Immigration Division of Homeland Security after an administrative hearing because he was not deemed to be sufficiently "extraordinary." He appeals the agency's decision to the federal court. The result of this lawsuit likely will be: Idi Obuku will win since all immigration determinations have to be made after a trial in federal district court. He will lose because he is from Africa. He will lose because there is no right to appeal immigration decisions now that Immigration is part of Homeland Security. He will win if he can convince the federal court to substitute its interpretation and application of the law for that of the agency. 0.5 points Question 2 1. Central Brokerage Associates sells securities. The definition of a security does not include, as an element, an investment a common enterprise a reasonable expectation of profits profits derived entirely from the efforts of the investors 0.5 points Question 3 1. Samir, a legal resident of the U.S., applies for a job position with an employer as a word processor. The position requires that a person type into Word documents various old books, many of which have "fine" print, so that they can be converted into electronic editions. Which of the following is NOT a violation of U.S. civil rights laws? a. Samir does not get the job because he is dark-skinned. b. Samir does not get the job because he is from Pakistan. c. Samir does not get the job because his eyesight is very, very poor and not sufficiently correctable. d. Samir does not get the job because he is a Muslim. 0.5 points Question 4 1. Before opening her new sports merchandise store, Kay places an ad in the news¬paper showing cross-training shoes at certain prices. Within hours of opening for busi¬ness, the store is sold out of some of the shoes. In this situation Kay has made an offer to the people reading the ad. Kay has made a contract with the people reading the ad. Kay has made an invitation seeking offers. Any customer who demands goods advertised and tenders the money is entitled to them. 0.5 points Question 5 1. Ed buys a sport utility vehicle (SUV) from Friendly Truck Sales, which agrees to keep the SUV until Ed picks it up. Before Ed can get it, it is stolen. The loss is suffered by Ed only. Friendly only. Ed and Friendly. none of the above. 0.5 points Question 6 1. Kitchen Products, Inc. (KPI), makes knifes and other utensils. Jay is injured while using a KPI knife, and sues the maker for product liability based on negligence. KPI could best successfully defend against the suit by showing that Jay's injury resulted from a commonly known risk in using a knife. Jay misused the knife in a foreseeable way. KPI did not sell the knife to Jay. the knife was not altered after KPI sold it. 0.5 points Question 7 1. Internet Services, Inc. (ISI), is an Internet service provider. ISI does not create, but disseminates, a defamatory statement by Jill, its customer, about Ron. Liability for the remark may be imposed on ISI and Jill. ISI or Jill, but not both. ISI only. Jill only. 0.5 points Question 8 1. Donnie makes an offer to Marie to sell his used racing bicycle for $200. Marie responds by saying "I accept at $150." Donnie refuses and says the price is firm. Marie then says "OK, I accept at the original price." However, Donnie sells the bike to a third party; whereupon Marie sues Donnie for breach of contract. Who is likely to prevail? a. Marie since she accepted Donnie's offer at $200. b. Marie since her initial response was merely an "invitation to offer." c. Donnie since his original offer was terminated by Marie's counteroffer. d. Donnie since the court would void the entire contract since $200 for even a used racing bike does not seem like a fair price. 0.5 points Question 9 1. Driving a car negligently, Adam crashes into a phone pole. The pole falls, smashing through the roof of a house, killing Beth. But for Adam's negligence, Beth would not have died. Regarding the death, the crash is the cause in fact. intervening cause. unforeseeable cause. superseding cause. 0.5 points Question 10 1. Procedures used in South Dakota and other states in making government decisions to take life, liberty, or property are the focus of constitutional provisions covering equal protection. procedural due process. substantive due process. the right to privacy. 0.5 points Question 11 1. Lou and Paula enter into a contract. Lou later tells Paula that if she does not perform her part of the deal, he will sue her. Paula can avoid the contract on the basis of duress. avoid the contract on the basis of fraudulent misrepresentation. avoid the contract on the basis undue influence. not avoid the contract. 0.5 points Question 12 1. Dave and Earl decide to open a restaurant and operate the business as a corporation. At the directors' initial meeting, the directors may adopt articles of incorporation only. adopt bylaws only. choose a corporate name only. adopt articles of incorporation and bylaws and choose a corporate name. 0.5 points Question 13 1. Eagle Corporation contracts to sell to Frosty Malts, Inc., six steel mixers for $5,000. When Eagle fails to deliver, Frosty buys mix¬ers from Great Company, for $6,500. Frosty's measure of damages is $6,500. $5,000. $1,500 plus incidental damages. nothing. 0.5 points Question 14 1. Data Corporation created and sells "Economix," financial computer software. Data's copyright in Economix is best protected under the Berne Convention. the Paris Convention. the TRIPS Agreement. none of the above. 0.5 points Question 15 1. Mr. K. Lastima owns a home in an older, working-class neighborhood in New London, Connecticut. The neighborhood is an old industrial one, which perhaps could use a little fresh paint here-and-there, but it is not blighted, and, moreover, many homes are on a nice river. The city of New London by means of its government power of Eminent Domain attempts to seize his home as well as others to turn the property over to a private developer who plans to build a riverfront hotel, shops, and restaurants, as well as a pedestrian walk on the river. The city is doing this to expand its tax base and to make materially more money from the new riverfront development. The city offers Mr. K. Lastima "fair market value" for his home, as required by Eminent Domain. Nonetheless, he refuses, since this was his family home, and he wants to live there; and now the city seeks to evict him from his home. Mr. K. Lastima asserts that the city is acting unconstitutionally. Pursuant to the U.S. Supreme Court's Kelo decision: a. Mr. K. Lastima will prevail since under the old English common law, "A man's home is his castle," and thus can never be seized by government. b. Mr. K. Lastima will prevail since the city is attempting to seize his home to give it to a private developer to develop a river walk as opposed to using it for a new road or an airport runway. c. Mr. K. Lastima will prevail since increasing economic development is not a sufficient reason for the use of government's Eminent Domain power. d. What a pity, but Mr. K. Lastima will lose the case and his home (but get "fair market value" for it). 0.5 points Question 16 1. Ron accuses Sam of fraud. Normally, the reliance that gives rise to fraud is based on a statement of delusion. fact. opinion. puffery. 0.5 points Question 17 1. National Coal Association (NCA) is a group of independent coal mining companies. Demand for coal falls. The price drops. Coal Refiners Association, a group of independent coal refining companies, agrees to buy NCA's coal and they all agree to sell it according to a schedule that will increase the price. This agreement is a per se violation of the Sherman Act. exempt from the antitrust laws. subject to continuing review by the appropriate federal agency. subject to the rule of reason. 0.5 points Question 18 1. Adam invests in a franchise with Best Gas Stations, Inc. Best requires Adam to exclusively buy Best products for every phase of the operation. Adam's best argument to challenge this requirement is that it violates an implied covenant of good faith and fair dealing. antitrust laws. the Federal Trade Commission's Franchise Disclosure Rule. the U.S. Franchise Agency's Purchase and Sale Regulations. 0.5 points Question 19 1. Frank, an officer of Gamma, Inc. learns that Gamma has developed a new source of energy. Frank tells Gail, an outsider. They each buy Gamma stock. When the development is announced, the stock price increases and they each immediately sell their stock. Subject to liability for insider trading is or are: Frank and Gail. Frank only. Gail only. neither Frank nor Gail. 0.5 points Question 20 1. Big Oil Company requires that all employees when working on an oil rig in its Gulf of Mexico holdings must speak English to enhance communication, for safety reasons, and so rig foreman-woman can do their supervisory jobs. Big Oil Company has notified the employees of the policy, given them time to adapt, and will provide English language training to those employees whose English language skills are poor. Also, while the employee are on the rig but not working, that is, in the cafeteria, dormitory, and "break" rooms, they can speak any language they want, though the company has advised them to be inclusive of their fellow employees. Big Oil Company is likely acting how? a. Illegally since language discrimination in the form of English-only policies is always a Title VII violation since people have the civil right to speak their primary language at all times and places. b. Illegally since language discrimination is illegal discrimination in all cases under Title VII of the Civil Rights Act. c. Legally since there was a legitimate reason for the policy and it was gradually adopted. d. Legally but only if the primary non-English language spoken by the majority of the non-English-speaking employees which was prohibited was Spanish, whereas other "foreign" languages not as frequently heard were permitted. Question 1 1. Which of the following is false about Plato’s Organizational Ethics and his conception of the Just State? The producers are the most numerous class and provide for the material and economic needs of the state. A just state is a harmonious state since everyone has their proper place and role. The outstanding characteristic of the rulers in their intellectual ability. Egalitarianism and democracy are key features in Plato’s conception of the Just State. 0.5 points Question 2 1. Pursuant to traditional philosophical analysis which of the following statements is/are true? a. Morals and morality are different from ethics. b. Intrinsic values are different from instrumental values. c. Cultural relativism is different from ethical relativism. d. All of the above. 0.5 points Question 3 1. Kantian ethics can best be characterized by: The consultation of an outside source, such as a person or a book, for guidance. The belief that a person must decide

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Sit at the front of the class. Research has shown that students who position themselves at the front of the classroom have higher grades overall. Being right up front makes it harder to become distracted, and you will be forced to pay attention. You will be glad you did when exams come around!