Question-1

A merger between two or more companies that compete in the same business and geographical market
is known as a(n) _____
A. horizontal merger
B. vertical merger
C. market extension merger
D. conglomerate merger
Question-2
Which of the following is considered real property?
A) a plantation
B) a car
C) a piece of furniture
D) a copyrighted song
Question-3
A transaction in which an owner transfers his or her personal property to another to be held, stored, or
delivered or for some other purpose is known as a(n) ________.
A) arraignment
B) easement
C) bailment
D) accession
Question-4
The legal rights that an owner has to possess, use, and enjoy the property are known as ________.
A) future interests
B) estate in land
C) easement rights
D) estoppel by deed
Question-5
Which of the following replaced the General Agreement on Tariffs and Trade?
A) World Bank
B) World Trade Organization
C) International Monetary Fund
D) North American Free Trade Commission
Question-6
5) What function of the law is being served when passing laws that protect the U.S. government from
the risk of being forcefully overthrown?
A) maintaining the status quo
B) shaping moral standards
C) facilitating orderly change
D) promoting social justice
Question-7
What was the key reason for the creation of law courts during the early development of the English
common law?
A) to administer law in a uniform manner
B) to help merchants form a standardized set of commercial laws
C) to increase the power of the king in law-making
D) to facilitate legal disputes for the wealthy and influential
Question-8
Which of the following statements is true of the United States' Foreign Commerce Clause?
A) Regulation of foreign commerce by state governments is unconstitutional.
B) A state can enact a law that forbids a foreign country from doing business in that state, if that
country engages in activities that are not condoned by that state.
C) Direct regulation of foreign commerce by the federal government violates the Commerce Clause.
D) A state government is only permitted to regulate foreign trade indirectly.
Question-9

The tort of defamation of character requires a plaintiff to prove that the defendant __________.
A. publicized a private fact about the plaintiff
B. insulted people closely related to the plaintiff, such as family or friends
C. published an untrue statement of fact about the plaintiff to a third party
D. made one or more financial deals with the plaintiff under a false identity
Question-10
Which of the following is suitable for copyrighting?
A) buildings
B) musical compositions
C) business methods
D) product logos
Question-11
A(n) ________ is considered a less serious crime; not inherently evil but prohibited by society; and is
punishable by fines or imprisonment for one year or less.
A) indictable offence
B) violation
C) felony
D) misdemeanour
Question-12
A contract is ________ if the offeror's promise is answered with the offeree's promise of acceptance.
A) unilateral contract
B) bilateral contract
C) executed contract
D) executory contract
Question-13
a contract that has been fully performed by both sides is called an ___ contract
A. executory
B. executed
C. option
D. executive
Question-14
A __________ is a distinct form of draft drawn by a financial institution and payable on demand.
A. promissory note
B. check
C. deed
D. letter of credit
Question-15
Marcus employs a real estate broker, Dean, to sell his house. Deans express powers are to advertise
and market the house for sale, show the house to prospective buyers, and accept offers from them. He
is not allowed to seal a deal without Marcus consent. Marcus goes away on a month-long trip where he
cannot be contacted. During this time, a short circuit in the house causes a power outage. Dean uses his
authority to hire an electrician to repair the circuits and restore electricity in the house. Marcus then
comes back and pays Dean for the repairs. What is the nature of the agency that Dean used to fix the
problem in the house?
A) implied agency
B) agency by ratification
C) power of attorney
D) express agency
Question-16
The _______ is a federal act legislated in 1970 that promotes safety in the workplace.
a. OSHA
b. FLSA
c. FMLA
d. ERISA

Question-17
The ________ oversees union elections, prevents employers and unions from engaging in illegal and
unfair labor practices, and enforces and interprets certain federal labor laws.
A. NLRA
B. NLRB
C. AFL
D. CIO
Question-18
A limited partnership has two types of partners, ___
A. general partners and sole propreietors
B. general partners and limited partners
C. ordinary partners and liable partners
D. special partners and sole proprieters
Question-19
Which of the following is true for a corporations incorporation into a state?
A. Domestic corporations can incorporate into only one state
B. Domestic corporations can incorporate into all states that they conducts business in
C. Alien corporations can only incorporate into one state
D. Foreign corporations can incorporate into more than one state
Question-20
The Food, Drug, and Cosmetic Act is a federal statute that ________.
A) covers all food products including poultry and processed meat
B) grants approval for food additives, drugs, cosmetics, and medicinal devices
C) implements the Federal Meat Inspection Act enacted in 1906
D) protects the public by providing greater medical coverage from food-related illnesses
Question-21
The Consumer Product Safety Commission is ________.
A) a communion of two state-funded regulatory bodies working together to ensure consumer safety
B) a federal body created to ensure the safety of few consumer products like motor vehicles, boats,
aircraft, and firearms
C) an independent federal administrative agency that regulates potentially dangerous consumer
products
D) a federal agency working to ensure product safety standards for food, poultry, medicines, and
medical devices
Question-22
Which of the following is true of the ownership rights of an abandoned property?
a. The finder and owner must share ownership of the property.
b. The finder acquires title to the property, even against its original owner.
c. The owner can reclaim his or her property completely from the finder.
d. The owner of the premises where property is mislaid is entitled to possession but cannot acquire title.
Question-23
Which of the following is true of a life tenant?
A) A life tenant has the right to sell the life estate at will.
B) A life tenant is a person who gives a life estate to another
C) A life tenant can possess the life estate to the point of rendering it worthless by permanent damage.
D) A life tenant is treated as the owner of the property for the duration of the life estate.
Question-24
The _____ is a staff of people that administers the day-to-day operations of the UN.
a. Council of Ministers
b. Security Council
c. General Assembly
d. Secretariat
Question-25

Which of the following statements is true of the European Union?

a. All issues have to be passed unanimously by EU members to be enforced.
b. Every country in the European Union has adopted the euro as its monetary unit.
c. Custom duties have been removed among member nations of the European Union.
d. Custom tariffs have been removed for trade between the EU and the rest of the world.

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