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1. Which of the following is a true statement? A) The Bill of Rights in the U.S. Constitution confers absolute rights on citizens of the U.S, not subject to interpretation by the U.S. Supreme Court, and not capable of being infringed on by government. B) Political speech that would otherwise be protected by the U.S. Constitution’s First Amendment loses that protection if its source is a corporation. C) The Federal Trade Commission is an example of an independent federal level regulatory agency in the United States. D) Administrative rules and regulations are not binding like the laws of the U.S. Congress since the heads of administrative agencies are not elected.2. Which of the following is FALSE about the tort of trespass? A) A person cannot be liable for trespass by intentionally throwing objects on another's land or causing third parties to come on the land since that person did not physically come on the land. B) A trespass can occur against personal property, called "chattels" under the common law. C) The intent required for a trespass is only the intent to do the act that constitutes the trespass. D) Regarding a trespass to land, actual injury to the land is not required; nominal damages can be given for the mere act of the trespass itself.3. Which of the following is a correct statement? A) Statements of fact regarding a product that are made during the bargaining process can never be express warranties since facts can be “checked out.” B) A seller must use the specific words “warrant” or “warranty” or “guaranty” in order to create an express warranty under the UCC. C) An implied warranty of merchantability arises in every sale of goods by a merchant who deals in the kind of goods sold unless otherwise disclaimed. D) A seller must provide a written warranty for every sale of consumer goods based on federal consumer law.4. A contract terminating because of the destruction of the subject matter is an example of A) A Rule of Construction B) A voidable interest C) The impossibly by operation of law doctrine D) A supervening illegality5.Which of the following is a false statement? A) 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. B) 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. C) 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. D) A warranty is an assurance by the buyer to the seller that he or she will pay valid and good consideration for a product.6. Omega Corporation's registration statement with the SEC must include A) a detailed description of the accounting firm that audits Omega. B) a description of the security being offered for sale. C) a financial forecast for Omega’s next five years. D) a marketing and management plan to ensure Omega’s success.7. Fred is a director of Great Corporation. As a director, Fred owes Great a duty of A) care only. B) loyalty only. C) care and loyalty. D) neither care nor loyalty.8. An essential element of an offer under the common law is A) Manifestation of present intent to enter into a contract B) Communication to the offeree C) Certainty of the terms D) All of the above9. Which of the following corporate acts is most likely to be held ultra vires today? A) Contribution to a private university to help fund an entrepreneurship center B) Generous gratuity paid to the young widow of the corporation's founder C) Entering a joint venture with another business D) Installation of antipollution equipment not yet required by law10. Which statement is FALSE about the Clean Air Act and the Clean Water Act? A) Both strictly forbid any air or water pollution in the United States. B) Both allow the Environmental Protection Agency to set air and water standards and to enforce them along with the states. C) Both are major Congressional statutory enactments designed to protect the environment. D) Both require companies to use the best available technology to reduce and to curtail pollution.11. Stan buys a CD player from Tom, his neighbor, who agrees to keep the player until Stan picks it up. Before Stan can get it, the player is stolen. The loss is suffered by A) Stan only. B) Tom only. C) Stan and Tom. D) none of the above.