Study Guide
OMGT 4313 Proficiency Exam
MSOM, University of Arkansas
Exam Questions: The test has the following types of questions (for a total of 110 points):
(a) 70 questions which are multiple choice or true/false (each is worth 1 point), and
(b) 6 short essay questions (each is worth 5 points)
All questions on the OMGT 4313 Proficiency Exam come from Business Law, by Henry
Cheeseman, 8th edition (the “Textbook”).
Exam Duration: The test will close automatically after two hours. Accordingly, keep close
track of your time.
Resources during Exam: You may consult the Textbook (including eBook version) and notes
during the exam, but no website or other online assistance is allowed. You may also take a
bathroom break or have a drink.
Short Answer/Essay Guidance: When answering short essay questions, do not copy from the
textbook. You may use legal phrases (e.g. “minimum contacts”), but do not copy general text
(e.g. “If a minor does not disaffirm a contract during the period of minority, the contract is
ratified.” Is substantially copied from the page 208 of the textbook and would result in points
taken away.) This is a significant problem. Look away from the text and answer in your own
words. Your grade will be better than if you copied the “perfect” words from the text.
When answering short essay questions, give a good summary of the topic in 3-4 sentences. If the
exam states, “Explain the rights of minors in a contract,” the perfect answer will have about 4
sentences summarizing pages 207, 208, and 209 of the book. Do not include examples in your
short answer unless the question specifically asks for an example.
Subjects covered by Exam:
Chapter 1
Sources of Law
Chapter 2
Courts
Jurisdiction (personal and subject matter)
Standing
Chapter 3
Litigation (pre-trial, trial, appellate)
Alternative Dispute Resolution
Chapter 4
Constitutional Law
Chapter 5
Intentional torts
Negligence
Strict Liability
Chapter 6
Product Liability
Strict Liability
Chapter 7
Copyright
Trademark
Trade Secrets
Patents
Chapter 8
Categories of Crimes
Criminal Procedure
Constitutional rights of the accused
Chapters 9-16
Common law of contracts
Chapter 18 & 20
UCC Sales & Lease Contracts
Chapter 21
Warranties
Chapter 26 & 27
Law of lending
Chapter 28
Bankruptcy and Reorganization
Chapter 29
Agency (formation, termination, duties and rights of agents)
Chapter 30
Liabilities of Principals
Independent Contractors
Chapter 31, 32, 33
Law of employment, unions, and anti-discrimination
Chapter 42
Ethics
Social Responsibility of Business
Chapter 43, 44, 45
Administrative Agencies and their Regulations
Chapter 46
Antitrust
Unfair Trade Practices
Chapter 47
Personal Property
Bailment
Chapter 48
Real Property
Chapter 49
Landlord-Tenant Law
Appendix A
Constitution of the U.S. and Amendments