LOMA 311 Module 1 Practice Exam
Questions With Correct Answers
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 |- |CORRECT |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. |- |CORRECT |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/ |- |
CORRECT |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. |- |CORRECT |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.
Questions With Correct Answers
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 |- |CORRECT |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. |- |CORRECT |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/ |- |
CORRECT |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. |- |CORRECT |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.
