Which of the following statement is true?
A beach of contract is a tort.
A breach of contract is a type of negligence.
Neither of the other answers is correct.
Bankruptcy law is exclusively state law.
True
False
The Securities Exchange Act of 1934 is primarily concerned with the trading of securities.
Before they have been offered to the public.
After they have been issued and are being publicly traded.
The Securities Act of 1933 is primarily concerned with disclosure of essential information about a security offering
Before it is offered to the public.
After it is offered to the public.
A lawsuit alleging insider trading of securities will be filed under.
The securities exchange Act of 1934.
Federal bankruptcy law.
The securities Act of 1933.
Securities regulatory statutes are primarily concerned with.
Breaches of contract.
Neither of the other answers.
Tort actions.
A court case involving bankruptcy will be governed exclusively by
Federal law
State law
The securities and Exchange Commission
Is a consulting agency for investment advice.
Is a federal regulatory agency charged by Congress with administration of both the Securities Act of 1933 and the securities Exchange Act of 1934.
is a branch of the U.S Department of justice.
Strict liability of an issuer of securities will result from
An antitrust violation.
None of the other answers.
A false statement or omission of a material fact in a registration statement.
All anti-fraud violations under the Securities Exchange Act of 1934.
The Constitutional power of Congress to regulate interstate commerce is found in
The Due Process Clause of the Fourteenth Amendment.
The Bill of Rights
Article one, Section Eight.
The registration statement
Both of the other answers.
Is the main thrust of the anti-fraud provision of the securities Exchange Act of 1934.
Is the main thrust of the Securities Act of 1933.
A plan for reorganization is involved in
An antitrust case under the Sherman Antitrust Act
A chapter 11 procedure under bankruptcy law.
A chapter 7 procedure under federal bankruptcy law.
A chapter 13 procedure under federal bankruptcy law.
General unsecured creditors have priority claims in a bankruptcy case.
False
True.
Governmental regulatory agencies may be found at municipal, county, state, and federal levels of government.
True
False
The power of Congress to regulate interstate commerce is found in
The fourth Amendment
Article 3 of the Constitution
Article 1, Section 8 of the Constitution.
Article 2 of the Constitution
Any legislation concerning federal taxes must originate.
More than one of the other answers.
In the U.S. House of Representatives.
In the U.S. Senate.
With an executive order from the president.
The constitutional basis for antitrust legislation is found in
The Fifth Amendment.
The fourteenth Amendment.
The interstate Commerce clause.
Which of the following is an act of fraud under federal securities regulatory law?
Putting out false information in order to manipulate the market.
Insider trading.
Both of the other answers.
The securities Act of 1934.
Is designed to provide a true disclosure of information prior to offering a security for sale to the public
Provides for a Registration Statement to be filed with the SEC
Deals with regulation after securities have been offered and sold to the investing public.
Punitive damages are recoverable for
The tort of negligence
The tort of fraud.
Both of the other answers.
Trading of material non-public information by an insider is
Legal as long as it is not a criminal violation
A common law tort
An act of fraud under the anti-fraud provision of the Securities Exchange Act of 1934.
Insider trading is
A crime under the equal protection clause of the Fourteenth Amendment.
A violation of the Securities Exchange Act of 1934
Under the Securities Act of 1933 there may be
Civil actions brought by the SEC
Criminal prosecutions.
Both of the other answers
A hearing in a federal administrative agency before an administrative law judge
Is subject to judicial review in federal court.
Administrative agencies generally are given their own rule-making authorities
True
False
A promise without consideration results in a
An illegal bargain
Contract that is unenforceable
A voidable contract
Void contract
A contact obligation discharged in a bankruptcy proceeding makes the contract.
Void
Voidable
Unenforceable
Which of the following statements is true?
A chapter 13 petition may be voluntary or involuntary
Only corporations, limited liability companies, partnerships and limited partnerships can file a chapter 11petition.
None of the other statements are true.
A chapter 11 case cannot be Arolled over@ into chapter 7.
Wasley Wetears, age 16, purchases a boat and trailor. He takes possession of both. Subsequently, Wesley decides he wants out of the contact.
Wesley can disaffirm the contact but must return both the boat and the trailor.
Wesley can disaffirm the contact upon returning the boat, but may keep the trailor
Wesley can Disaffirm the contract upon returning the trailor but may keep the boat.
If, a debtor in bankruptcy concealed assets during the bankruptcy proceeding.
Such conduct is irrelevant to the discharge, which is permanent and cannot be revoked.
The debtor can be disqualified from receiving a discharge.
If a seller breaches a contract for the sale of land, the non-beaching buyer
May sue for and recover the equitable remedy of specific performance, since the remedy at law would be inadequate.
Only has a cause of action for money damages he or she may prove.
An S Corporation will be subject to double taxation in case there are corporate profits and dividends are paid to shareholders.
False
True
Ignoring the entity nature of the corporation and exposing shareholders to individual liability is
Known as “piercing the corporate veil”.
Is not possible under any circumstances.
To invade the privacy of the shareholders and is thus illegal.
An agent is always an independent contractor.
False
True
Requiring a defendant in a lawsuit to be served with a citation is an example of
Both of the other answers.
Compliance with the ‘Privileges and Immunities’ of the U.S Constitution
Procedural for process
The Securities Exchange Commission makes final and binding rulings on any accusations of securities violations.
False
True
The action of the U.S Supreme Court in declaring an act of Congress unconstitutional is an expression of the doctrine of
Judicial review
Original jurisdiction
Securities regulation is found only at the federal level.
True
False
The Due Process Clause in the U.S. Constitutions is found in
The Fourteenth Amendment
Both of the other answers
The fifth Amendment
A land title which is considered marketable is
Both of the other answers.
A non-defective title
What a purchaser of the land is entitled to receive at closing.
A land title which is considered “marketable” is
Both of the other answers.
A non-defective title
What a purchaser of the land is entitled to receive at closing
Securities regulatory statutes provide for
Both civil causes of action and criminal prosecutions
Only criminal prosecutions
Only civil causes of action
All federal taxing legislation has to originate in
The Senate
An executive order
The House of Representatives.
The tort theory of strict liability
Requires proof that a defendant was negligent
Is liability without proof of fault on the part of a defendant
Requires proof that a defendant was reckless.
Admissibility of evidence in the trial of a lawsuit is
A question of law
A question of fact
Whether a defendant in a criminal trial is guilty is
A question of law
A question of fact
Generally speaking, the Bankruptcy Abuse Consumer Protection Act of 2005 makes the federal bankruptcy law less Adebtor friendly@ than it used to be
False
True
A count case involving a false statement or omission of a material fact in the registration statement will be brought under
The Securities Exchange Act of 1934
The Securities Act of 1933
The decisions of administrative agencies may be appealed into court under a principle known as
Legislative
Judicial review
Procedural due process
Administrative agencies, at both the federal and state
Common law court decisions
Executive orders
Enabling statutes
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