LEG 100 FINAL EXAM - SPRING 2016
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LEG 100 FINAL EXAM - SPRING 2016 1. An Environmental Impact Statement must be prepared for every major federal action that significantly affects the quality of the environment. 2. Cincy, Inc. is building a $20 million dollar addition onto its distribution facility. To build the facility, Cincy must fill in two acres of wetlands. Under the Clean Water Act, Cincy must obtain a permit before filling in the wetlands. 3. The Bankruptcy Code uses the term “debtor� to refer to a person who cannot pay his debts 4. Debts that cannot be discharged in bankruptcy include all EXCEPT 5. Generally, filing bankruptcy stops the collection activity of creditors 6. While shopping at the mall, Everett's wallet fell out of his pocket. Jon found the wallet. The wallet is abandoned property and Jon may keep it. 7. A bailment was created for the parties' mutual benefit. This means that the bailee must use ordinary care with the property. 8. In many states today, a landlord must use reasonable care to maintain safe premises and is liable for foreseeable harm 9. A landlord's substantial interference with a tenant's use of the property is considered 10. A director violates the corporate opportunity doctrine if he or she competes with the corporation, unless the disinterested directors approve of the director's actions. 11. A proxy is a vote that is mailed in, like an absentee ballot. 12. A corporation must have a registered agent within the state of incorporation only if the corporation maintains an office in that state. 13. If partners wish to maintain having protection against personal liability, it is essential to comply with all the technicalities of a limited liability partnership statute. 14. Limited liability is a major advantage of a partnership as compared to a corporation 15. All the business forms listed below have limited liability EXCEPT the 16. The requirements for a patent include all of the following EXCEPT 17. The Trademark Law Treaty made it more difficult to apply for trademarks around the world 18. The Truth-in-Lending Act regulates interest rates and the terms of loans. 19. Consumers may keep as a gift any unordered merchandise that they receive in the mail. 20. The two federal agencies charged with enforcing consumer laws are the Federal Trade Commission and the Federal Communications Commission.