1. In which of the following situations would a court NOT enforce an oral contract as an exception to the Statute of Frauds?

2. Which of the following acts would probably NOT be unlawful under federal consumer protection laws?

3. Eight relatively small pharmacies in a three-county area agree to set prices for about 100 prescription drugs. Their reasoning is to stabilize the prices for the eight of them so they all could remain in business for their customers. Which of the following best describes the legal effect of this arrangement?

4. Abigail purchases a paid-up life insurance policy on her life with Insurer. Abigail makes a gift of the insurance policy to her daughter - Becky. Abigail dies and Insurer refuses to pay Becky the policy proceeds. Specifically what type of third-party beneficiary is Becky?

5. Agent is hired by Principal to locate and contract for real estate that is undervalued due to Seller’s ignorance of value or financial distress. Agent receives a commission for each property found and acquired. Agent finds a parcel of real estate and purchases the real estate for himself rather than Principal.(A)gent sells the property to another buyer for a substantial profit. In this case - which of the following fiduciary duties did Agent violate?

6. Which of the following federal laws requires a federal administrative agency to provide information about its activities upon proper request of a citizen and subject to limitations - such as personnel records - national security - and proprietary trade secrets of contractors?

7. Which of the following is the number of justices on the U.S. Supreme Court?

8. Which of the following is true regarding interpretation of contracts?

9. Which of the following acts of the issuer of securities would be prohibited under the Securities Act of 1934 during the period following the filing of the issuer’s registration statement and before the SEC gives its approval - i.e. - the preapproval stage? I. Place tombstone advertisements in the financial newspapers II. Negotiate a contract with an underwriter to sell the securities III. Enter into firm offers to sell the securities to the public

10. Law in the United States can be created in all of the following ways EXCEPT through

11. The United States - Canada - Great Britain - and Australia use which of the following types of legal systems? I. Civil law system II. Islamic (or Sharia) law system III. Common law system

12. Under what legal authority does the Congress get its power to regulate business?

13. Sam hits Kevin in the face with his fist breaking Kevin’s nose. Sam’s act was intentional and out of unprovoked anger. What class of tort would this be?

14. Corporation desires to establish a manufacturing facility in a foreign country that requires any new foreign investment to be controlled by a citizen of that foreign country. In this case which of the following investment vehicles would be most appropriate for Corporation?

15. Which of the following may be a source of business ethics? I. Religious tenets II. Cultural traditions III. The law

16. Which of the following torts occurs when a defendant makes an untruthful statement about the plaintiff and damages the reputation of the plaintiff?

17. Surety entered into an agreement to guaranty Debtor’s loan for equipment. The equipment was destroyed by a faulty electrical circuit installed by Electrical Contractor. Debtor could not pay off the loan and Lender required payment from Surety. Which of the following MOST accurately describes Surety’s legal rights in this case?

18. The term "goods" means which of the following for sales under the UCC?

19. Which of the following would discharge a party’s contractual obligation by operation of law? I. Bankruptcy of a party II. Novation III. Impossibility

20. Which of the following federal statutes requires employers to complete an I-9 form to prove the citizenship or legal immigration status of all new employees?

21. Defendant wishes to gather information directly from Plaintiff to determine what Plaintiff knows about the case - the extent of her injury - and the damages she alleges. What form of discovery would Defendant most likely use to achieve this?

22. Which of the following business torts results when the defendant through an improper motive or illegal means damages another’s business?

23. Which of the following federal statutes makes it unlawful for a company in interstate commerce to commit unfair trade practices - such as false advertising - bait-and-switch tactics - and disparaging a competitor’s product?

24. Which of the following is a correct statement regarding the legality of contracts?

25. Which of the following contract defenses for lack of genuineness of assent can result in a remedy of either rescission or money damages?