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Richard - Bizlaw, Attorney
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Experience:  30 years of corporate, litigation and international law
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Question 1 Thalia is an employee of Universal Insurance

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Question 1
Thalia is an employee of Universal Insurance Company. Universal’s employee manual states that workers will be dismissed only for good cause. With respect to the employment-at-will doctrine, this is

a. An exception based on public policy.
b. An example of the doctrine.
c. An exception based on tort theory.
d. An exception based on contract theory.
Question 2
Refer back to question #13. When Donald completes and signs the application, he gives the insurance agent for Equity a check as a deposit on the first year’s premium, upon which Equity’s agent gives Donald a “conditional receipt” for the premium deposit, binding the application. Donald gets hit by a bus upon leaving the agent’s office that same day, and unfortunately, dies, before Equity completes its medical underwriting of Donald’s application. Donald’s beneficiary files a claim for the policy proceeds. The most likely outcome is

a. Donald’s beneficiary can recover the entire policy proceeds, as the policy was bound and in force, pending the completion of underwriting by Equity Insurance.
b. Donald’s beneficiary cannot recover the policy proceeds because the policy application had not yet been approved by Equity Insurance.
c. Donald’s beneficiary can recover the policy proceeds, less the premium deposit.
d. Donald’s beneficiary can recover only the deposit paid on the policy application, as the policy was not in force at the time of death.
Question 4
Which of the following statements about international law is/are true, according to what we have studies in this course?

I. The WTO (World Trade Organization) creates a free trade zone around the world.

II. The WTO is to international commerce what the Unites Nations is to international politics.

a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
Question 5
Donald applies for a life insurance policy on his own life with Equity Insurance Company. The application for insurance is considered to be

a. An acceptance of a policy from Equity Insurance to Donald.
b. A completed policy contract between Donald and Equity Insurance.
c. An offer from Donald to Equity Insurance.
d. A request for an offer from Equity Insurance to Donald.
Question 6
Riley, an engineer for Shur-2-Gro Seed Corporation, learns that the company has developed a corn hybrid to triple the output of any farm. Riley buys 20,000 shares of Shu-2-Gro stock. He tells Tess, who buys 15,000 shares. After the new hybrid is announced publicly, the price of Shur-2-Gro stock increases. Riley and Tess sell their shares for a profit. Under the law regarding insider trading (Securities Exchange Act of 1934), liability may be imposed on

a. Riley only.
b. Riley, Tess, and Shur-2-Gro.
c. None of these parties.
d. Riley and Tess only.
Question 7
Sam works for Acme Consultants, Inc. He has no written contract of employment with Acme, but the employee manual given to him when he begins his employment states an encouragement to employees that as part of their ethical responsibilities, employees are to report illegal or unethical activity of anyone in the firm. Sam witnesses illegal activity going on at work by other employees of the firm. He reports the illegal activity to the proper law enforcement authorities. Sam is then dismissed from his employment, apparently as a response to Sam’s reporting the illegal activity. All of the following statements about this situation are true, EXCEPT:

a. Sam has a claim of wrongful termination against Acme under an implied contract exception to employment-at-will.
b. Sam may have a tort claim against Acme for bad faith due to the retaliatory firing.
c. Sam’s dismissal from Acme is justified under the employment at will doctrine because Sam went directly to outside authorities before reporting the illegal activity to the Human Resources Department of Acme.
d. Sam is considered a “whistleblower,” who has some degree of protection from termination by a public policy exception to employment at will.
Question 8
Superior Home Products, Inc. is a corporation. Superior’s implied powers enable it to

a. Amend the articles of incorporation.
b. Bring a derivative suit.
c. Perform all acts reasonable appropriate and necessary to accomplish its corporate purposes.
d. Declare dividends.
Question 9
Vijay is a member of Watchit, LLC, a limited liability company. Vijay is liable for Watchit’s debts
a. to the full extent.
b. to the extent of his investment in the firm.
c. in proportion to the total number of members.
d. to the extent that the other members do not pay the debts.

1 - d

2 - d There is no question 13 to policy was not accepted until medical underwriting was completed.

no 3 -

4 - d


5 - d

6 - d

7 - c

8 - c

9 - b


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Richard - Bizlaw, Attorney
Category: Business Law
Satisfied Customers: 9637
Experience: 30 years of corporate, litigation and international law
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