QUESTION 23 If a dispute is subject to binding arbitration, how will the outcome most likely be decided? The arbitrator will decide the outcome and issue an award The parties will come to a mutual agreement with the assistance of the arbitrator. The arbitrator will present the facts to a judge, and the judge will issue a judgment The appellate court will issue an opinion QUESTION 24 sister Leona to be able to handle his business and personal matters when he is hospitalized, and if he wants her to continue to do so if he becomes incapacitated, Gabriel should draft Gabriel is planning to undergo a serious operation. If he wants a specific power of authority a statement of general authority O a durable power of attomey O an assignment of rights QUESTION 25 Adause that incorporates all prior written and oral agreements into the current agreement and states that the current agreement is the only agreement that legaly binds the parties is called Da margar clausn. O a liquidated damages clause O an indemnification cause an arbitration Clause QUESTION 26 Mindy is employed as the chief accounting officer for Falcon Industries. She is an exempt employee under federal employment law. Her regular rate of pay is $6000 per month. She worked 57 hours in the most recent workweek. For how many hours should Mindy be paid overtime under federal law? 17 Onone It depends on how what state Falcon Industries does business in 04 QUESTION 27 Sometimes a defendant may be ordered to pay more in damages than would be necessary to compensate the plaintiff. These damages are intended to punish especially bad acts and to discourage the defendant and others from doing these acts in the future. What are these damages called? O compansatory damages punitive damages or exemplary damages legal or real damages O equitable or violable damages QUESTION 28 Which part of the U.S. Constitution established the United States Congress? 0 Article the 14th Amendment Article 0 Article QUESTION 29 Danny Martinez and Vira Patel co-own a landscape design and installation business. They divide profits and management responsibilities and both have unlimited personal liability for the debts of the business. Which of the following business organizations do they have? O a limited partnership O a limited liability company O a general partnership O a sole proprietorship QUESTION 30 An tort that occurs because someone who has a duty to use reasonable care fails to fulfill that duty and causes someone else harm is referred to as a O negligence O a breach of contract O an intentional tort O a criminal offense QUESTION 31 Both parties to a contract have a legal obligation to do what they promised. If either party breaches their promise, the other party can use the legal system to try to obtain a O remedy O reformed contract O warranty O statute of limitations QUESTION 32 The United States federal government headquarters is in the capital of the U.S. O Austin, Texas O New York, NY O Washington, D.C. the state of Washington QUESTION 33 In some cases, a court may not enforce a contract term if the term is found to be extremely unfair. This unenforceable contract term is called O an incompetent clause O a violation of contract law O an unconscionable term O an ineffective covenant QUESTION 34 Diamonds & Gold LLC hires Elle to buy gems and precious metals from various sources on its behalf. In this relationship, Diamonds is O a. an agent. b. an independent contractor O c a principal O d. an employee QUESTION 35 In a contract for the sale of services, the offeror may revoke the offer O within 7 days of making the offer O any time before the offer has been accepted O at any time when least 30 days have passed since the offer was made QUESTION 36 Jill and Kane meet with their attorneys to try to resolve a dispute. A neutral third party works with both sides and proposes a solution but does not make a decision resolving the matter. This is an example of: O a arbitration Ob.mediation O c. negotiation O d. none of the choices QUESTION 37 List prices in catalogues and list prices for real estate are generally considered O firm offers O effective offers invitations to make an offer unreasonable as a matter of law QUESTION 38 Federal overtime provisions apply only after a covered employee works more than O a. forty hours in a week. O b.twenty days in a month. O c. one year for the same employer O d.cight hours in a day. QUESTION 39 A person or entity that has an obligation to repay another person or entity is a debtor O creditor Olender O mediator QUESTION 40 Creditors may not begin or continue most legal actions against the debtor to recover claims If the debtor is insolvent unless they are secured creditors O once a bankruptcy petition is filed O once the debtor has defaulted on a loan QUESTION 41 Farmers Pantry Products Inc. and Market Grocers LLC dispute a term in their contract. Because the parties have a long-standing business relationship that they would like to continue, they would prefer to settle their dispute through mediation because: O a. the dispute will eventually go to trial. O a b. the case will be heard by a jury. O c. the resolution of the dispute will be decided by an expert O d. the process is not as adversarial as litigation. QUESTION 42 If a debtor fails to pay an unsecured debt as agreed, the creditor may generally take possession of the any property the debtor owns if they can do so without breaching the peace O report the default to a credit reporting agency and file a lawsuit to try to collect the debt O use any means necessary to repossess the property the deblor bought with the borrowed money O request that the sheriff repossess the debtor's property