LAW 531 Final Exam. Ted is the president of Soprano Corporation (SC). Ted decided to have SC manufacture large, gas-guzzling SUV automobiles just before gasoline prices rose dramatically. As a result, SC lost billions of dollars.
The shareholders of SC want to sue Ted for this bad decision that cost them billions. However, Ted had made a reasonable investigation before making this decision, he had a rational basis for it, and he had no conflicts of interest regarding this decision. What would be the probable outcome if the shareholders file a suit? A limited partnership: The board of directors of Filex Corporation, at a regular meeting of the board, entered into a contract with Ginger Grant, one of the directors. This contract called for Filex to purchase 120 acres of land from Ginger. Of the ten members on the board, eight were present at the meeting. One of the directors present was Ginger. All the other directors were disinterested in the transaction and not related to Ginger. After a lengthy discussion, six directors voted in favor of the contract and two voted against it. Ginger voted for the contract. Which of the following is true? Which of the following is also called “judgemade” law? According to the law, crimes are statutory offenses; this essentially means that: Gath Meat Packing Company is a meat processing business. To reduce costs and increase profits, the president and CEO of Gath orders Gath’s employees to violate federal criminal meat processing laws. The United States Department of Justice prosecutes Gath for criminal violations of the meat processing law. Has Gath committed criminal violations? For which of the following would a shareholder derivative action be appropriate? In which of the following cases does apparent authority arise? Jacobs put an old typewriter in the trash. The trash collector, Land, took the typewriter, fixed it up, and sold it to Jones for $750. law 531 final exam Jacobs contends that he is entitled to some or all of the $750 that Land received from Jones. Based on these facts: A plaintiff will succeed against her employer in a disparate treatment case under Title VII if she can prove that _____. Which of the following is true of a person’s capacity to be a principal or an agent? The typical dissolution of a corporation requires approval of the _____. Which of the following statements is true of copyright? The damages recoverable in a patent infringement case cannot be less than: A “long arm” statute allows: Which of the following is true about cases regarding the intentional infliction of emotional distress? An essential element of a tort is that the alleged defamatory statement must be “of and concerning” the plaintiff. Why? Which of the following is true about a sole proprietorship? Ann is troubled with the noise from an old generator set up by her neighbor Jose at his residence. law 531 final exam The noise the generator makes is unbearable. Ann sues Jose for nuisance. Will she succeed? Calvin tells Sara that he will sell her his car for $5,000. Sara agrees. The exchange is to take place in 10 days. The contract between Calvin and Sara is now _____. To prove his or her due diligence defense under the Securities Act Section 11 with regard to audited financial statements, an officer of the issuer must prove which of the following? Reggie went to the Napa Valley Harvest Festival, when he stopped at Tracy’s booth where she was selling paintings of vineyards. law 531 final exam Reggie admired a painting of vineyards that did not appear to be for sale. law 531 final exam Reggie said to Tracy, “I will give you $200 for that painting right now.” Tracy said nothing in response but she gave Reggie the painting, and Reggie gave her $200 in cash. This is an example of a contract that is now _____. Which of the following is true regarding the principle of separation of powers? _________ is the plaintiff’s voluntary consent to a known danger. Under the doctrine of federal jurisdiction, a corporation is: A contract in which one or more parties have the legal right to cancel their obligations under the contract is called a(n): A method of alternative dispute resolution in which a neutral third party helps the parties reach a resolution of the dispute by facilitating communication, clarifying areas of agreement, helping see each other’s viewpoints, suggesting settlement options, but who cannot make decisions that bind the parties, is called _______. Which of the following is likely to be forbidden by Title VII? _____________ means the accused failed to perceive a substantial risk of harm that a reasonable person would have perceived. Which of the following is an accurate statement about powers delegated to and possessed by administrative agencies?