LSTD 2106 CHAPTER 1 HW UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
Most businesses rely on _______ for their corporate legal
services.
-the government
-district attorneys
-law firms
-litigators
-in-house counsel
Answer:
-law firms
Question:
In the course of her day, O'Connor counsels several
business clients on issues related to start-up ventures in
the technology sector. She gives advice related to
incorporation, shareholders agreements, leases,
employment contracts, and charges each client based on
her hourly rate. O'Connor is likely to be:
-an assistant district attorney.
-a business attorney working in a law firm.
-vice president and general counsel at a technology
company.
-a litigator working in a law firm.
-in-house intellectual property counsel.
Answer:
-a business attorney working in a law firm.
Question:
Which of the following should be considered when faced
with a legal challenge?
I. Imminence and threat level of the challenge
II. Costs of resolving the dispute
III. Business relationships involved
IV. Worst-case scenario
-I, II, and III
-I and II
-I, II, III, and IV
-IV only
-I only
Answer:
-I, II, III, and IV
Question:
, Which of the following is not part of the analytical model
used for legal decisions in business?
-evaluate alternatives
-use aggressive litigation to limit risk
-assess threat
-analyze using worst-case scenario
-identify the legal issues
Answer:
-use aggressive litigation to limit risk
Question:
Maurice is the manager in an office warehouse and
receives a complaint from a female employee that a male
co-worker regularly subjected her to sexual jokes and
inappropriate contact during lunch hours last week and
that this has been a pattern by this employee over the
last several months. Assess the imminence and level of
the challenge.
I. Threat is imminent and has high potential liability for the
company.
II. Threat is imminent but has very limited potential liability
for the company.
III. Threat is not imminent and has very limited potential
for the company.
IV. Maurice should contact counsel immediately.
-II only
-I only
-III only
-I and IV
Answer:
-I and IV
Question:
Gustavo is the general manager of an audio equipment
manufacturing company. One of his customers, Retailer,
complains that the last batch of speakers was defective
and refuses to pay the $100,000 invoice. Gustavo tries to
settle the matter by offering to fix the speakers to
Retailer's satisfaction. Retailer refuses and demands that
Gustavo replace each speaker and cut the price by
$50,000. Gustavo's counsel has advised him that Retailer
breached the agreement and is liable for the full
$100,000. What is Gustavo's best strategy alternative?
-Offer to ignore the entire debt in favor of future
customer relations.
-Attempt to get Retailer to agree to binding arbitration to
resolve the dispute, and pursue a lawsuit if Retailer
refuses arbitration.
QUESTIONS AND CORRECT ANSWERS
Question:
Most businesses rely on _______ for their corporate legal
services.
-the government
-district attorneys
-law firms
-litigators
-in-house counsel
Answer:
-law firms
Question:
In the course of her day, O'Connor counsels several
business clients on issues related to start-up ventures in
the technology sector. She gives advice related to
incorporation, shareholders agreements, leases,
employment contracts, and charges each client based on
her hourly rate. O'Connor is likely to be:
-an assistant district attorney.
-a business attorney working in a law firm.
-vice president and general counsel at a technology
company.
-a litigator working in a law firm.
-in-house intellectual property counsel.
Answer:
-a business attorney working in a law firm.
Question:
Which of the following should be considered when faced
with a legal challenge?
I. Imminence and threat level of the challenge
II. Costs of resolving the dispute
III. Business relationships involved
IV. Worst-case scenario
-I, II, and III
-I and II
-I, II, III, and IV
-IV only
-I only
Answer:
-I, II, III, and IV
Question:
, Which of the following is not part of the analytical model
used for legal decisions in business?
-evaluate alternatives
-use aggressive litigation to limit risk
-assess threat
-analyze using worst-case scenario
-identify the legal issues
Answer:
-use aggressive litigation to limit risk
Question:
Maurice is the manager in an office warehouse and
receives a complaint from a female employee that a male
co-worker regularly subjected her to sexual jokes and
inappropriate contact during lunch hours last week and
that this has been a pattern by this employee over the
last several months. Assess the imminence and level of
the challenge.
I. Threat is imminent and has high potential liability for the
company.
II. Threat is imminent but has very limited potential liability
for the company.
III. Threat is not imminent and has very limited potential
for the company.
IV. Maurice should contact counsel immediately.
-II only
-I only
-III only
-I and IV
Answer:
-I and IV
Question:
Gustavo is the general manager of an audio equipment
manufacturing company. One of his customers, Retailer,
complains that the last batch of speakers was defective
and refuses to pay the $100,000 invoice. Gustavo tries to
settle the matter by offering to fix the speakers to
Retailer's satisfaction. Retailer refuses and demands that
Gustavo replace each speaker and cut the price by
$50,000. Gustavo's counsel has advised him that Retailer
breached the agreement and is liable for the full
$100,000. What is Gustavo's best strategy alternative?
-Offer to ignore the entire debt in favor of future
customer relations.
-Attempt to get Retailer to agree to binding arbitration to
resolve the dispute, and pursue a lawsuit if Retailer
refuses arbitration.
