LOMA 311 Module 1 Practice Exam Questions

The Cerulean Corporation purchased a controlling interest in the Teal Corporation, resulting in a linkage between these two formerly independent corporations. After the transaction, both corporations survive as separate legal entities. The situation is correctly described as the type of organizational structure change known as - Answer-an acquisition One group involved in managing a corporation is the board of directors. The following statements are about corporate directors. Select the answer choice containing the correct statement. - Answer-Directors are subject to the reasonable person standard. The following statements are about general principles of tort law. Three statements are true, and one statement is false. Select the answer choice containing the FALSE statement/ - Answer-The common law imposes liability for torts against another person, but it does not impose liability for torts against another person's property. The court presided over by Judge Araceli Hidalgo is a court of original jurisdiction because it is a type of court that first hears disputes. The information indicates that Judge Hidalgo's court is (a trial / an appellate) court. The types of laws that Judge Hidalgo's court applies to specific cases are known as (substantive / regtech) laws, which, by definition, are laws that create, define, and regulate legal rights and duties. - Answer-a trial / substantive An insurer must comply with the Fair Credit (FCRA) requirements when it takes an adverse action based on information in a consumer credit report. Consider the following two actions the Cogent Life Insurance Company took on two applications for life insurance coverage based on information contained in the applicant's consumer credit reports: A. Action A Cogent refused to grant life insurance coverage in substantially the amount that Lola Acarr requested. B. Action B Cogent changed the terms of Miles Baxter's existing life insurance coverage. Actions that most likely would be considered adverse actions taken by Cogent under the terms of the FCRA include - Answer-Both Action A and Action B Country X adopted a document, known as a (statute / constitution), that sets out the fundamental principles to determine the powers and duties of the government and the rights of the people. This document, which typically is considered the supreme law of the land, also establishes the organizational structure of Country X's government by dividing governmental powers among three branches of government. The (legislative / executive) branch of departments or ministries that are responsible for administering, enforcing, or carrying out laws in the applicable jurisdiction. - Answer-constitution / executive