500 MPRE Questions with CORRECT Answers
(Grade A+)
Question:
Conglomerate Corporation owns a little more than half the stock of
Answer:
Giant Company. Conglomerate's stock, in turn, is public, available on the public stock
exchange, as is the remainder of the stock in Giant
Question:
Company. The president of
Answer:
Conglomerate Corporation has asked Attorney Stevenson to
Question:
represent Giant Company in a deal by which Giant would make a
Answer:
proposed transfer of certain real property to Conglomerate
Question:
Corporation. The property in question is unusual because it
Answer:
contains an underground particle
Question:
collider used for scientific research, but also valuable farmland on the surface, as well as some
valuable
Answer:
,mineral rights in another part of the parcel. These factors make the
Question:
property value difficult to assess by reference to the general real-estate market, which means
it is difficult for anyone to determine the fairness of the transfer price in the proposed deal.
Would it be proper for Attorney Stevenson to facilitate
Answer:
d) No, not unless the attorney first obtains effective informed consent of the management of
Giant
Question:
Company, as well as that of Conglomerate, because the ownership of Conglomerate and Giant
is not identical, and their interests materially differ in the proposed transaction.
Answer:
RESTATEMENT § 131
Question:
Mr. Burns, the chief executive officer of Conglomerate
Answer:
Corporation, now faces criminal
Question:
charges of discussing prices with the president of a competing firm. If
Answer:
found guilty, both Mr. Burns and Conglomerate Corporation will be
Question:
subject to civil and criminal penalties under state and federal antitrust laws. An attorney has
been
,Answer:
representing Conglomerate
Question:
Corporation. She has conducted a
Answer:
thorough investigation of the matter, and she has personally concluded
Question:
that no such pricing discussions occurred. Both Conglomerate
Answer:
Corporation and Mr. Burns plan to defend on that ground. Mr. Burns has asked the attorney to
represent him, as well as Conglomerate
Question:
Corporation, in the proceedings. The legal and factual defenses of
Answer:
Conglomerate Corporation and Mr. Burns seem completely consistent at the outset of the
matter. Would the attorney need to obtain informed
Question:
consent to a conflict of interest from both Mr. Burns and a separate corp
Answer:
Yes, the likelihood of conflicting positions
Question:
in such matters as plea bargaining requires the attorney to obtain the informed consent of
both
, Answer:
clients before proceeding with the representation. RESTATEMENT § 131
Question:
An attorney decides to purchase "litigation cost protection" insurance for matters she handles
on a contingency fee basis. Plaintiffs' lawyers can buy this type of
Answer:
insurance on a case-by-case basis, for a one-time premium payment.
Question:
The insurance is available for
Answer:
purchase up to three months after the filing of the initial complaint.
Question:
Note that this policy is separate and distinct from malpractice liability
Answer:
insurance. The purpose of this type of insurance is to reimburse the
Question:
attorney for litigation costs
Answer:
advanced by the attorney - only in the event of a trial loss. Do the
Question:
Model Rules of Professional Conduct prohibit the attorney from
Answer:
(Grade A+)
Question:
Conglomerate Corporation owns a little more than half the stock of
Answer:
Giant Company. Conglomerate's stock, in turn, is public, available on the public stock
exchange, as is the remainder of the stock in Giant
Question:
Company. The president of
Answer:
Conglomerate Corporation has asked Attorney Stevenson to
Question:
represent Giant Company in a deal by which Giant would make a
Answer:
proposed transfer of certain real property to Conglomerate
Question:
Corporation. The property in question is unusual because it
Answer:
contains an underground particle
Question:
collider used for scientific research, but also valuable farmland on the surface, as well as some
valuable
Answer:
,mineral rights in another part of the parcel. These factors make the
Question:
property value difficult to assess by reference to the general real-estate market, which means
it is difficult for anyone to determine the fairness of the transfer price in the proposed deal.
Would it be proper for Attorney Stevenson to facilitate
Answer:
d) No, not unless the attorney first obtains effective informed consent of the management of
Giant
Question:
Company, as well as that of Conglomerate, because the ownership of Conglomerate and Giant
is not identical, and their interests materially differ in the proposed transaction.
Answer:
RESTATEMENT § 131
Question:
Mr. Burns, the chief executive officer of Conglomerate
Answer:
Corporation, now faces criminal
Question:
charges of discussing prices with the president of a competing firm. If
Answer:
found guilty, both Mr. Burns and Conglomerate Corporation will be
Question:
subject to civil and criminal penalties under state and federal antitrust laws. An attorney has
been
,Answer:
representing Conglomerate
Question:
Corporation. She has conducted a
Answer:
thorough investigation of the matter, and she has personally concluded
Question:
that no such pricing discussions occurred. Both Conglomerate
Answer:
Corporation and Mr. Burns plan to defend on that ground. Mr. Burns has asked the attorney to
represent him, as well as Conglomerate
Question:
Corporation, in the proceedings. The legal and factual defenses of
Answer:
Conglomerate Corporation and Mr. Burns seem completely consistent at the outset of the
matter. Would the attorney need to obtain informed
Question:
consent to a conflict of interest from both Mr. Burns and a separate corp
Answer:
Yes, the likelihood of conflicting positions
Question:
in such matters as plea bargaining requires the attorney to obtain the informed consent of
both
, Answer:
clients before proceeding with the representation. RESTATEMENT § 131
Question:
An attorney decides to purchase "litigation cost protection" insurance for matters she handles
on a contingency fee basis. Plaintiffs' lawyers can buy this type of
Answer:
insurance on a case-by-case basis, for a one-time premium payment.
Question:
The insurance is available for
Answer:
purchase up to three months after the filing of the initial complaint.
Question:
Note that this policy is separate and distinct from malpractice liability
Answer:
insurance. The purpose of this type of insurance is to reimburse the
Question:
attorney for litigation costs
Answer:
advanced by the attorney - only in the event of a trial loss. Do the
Question:
Model Rules of Professional Conduct prohibit the attorney from
Answer:
