Regulatory Framework & Compliance Flashcards
7 cards from real CCM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Regulatory Framework & Compliance flashcards as text
Which U.S. law prohibits employers from discriminating in commercial hiring based on national origin when verifying employment eligibility?
Answer: Immigration Reform and Control Act (IRCA)
IRCA's anti-discrimination provisions prohibit document abuse and national origin discrimination when verifying I-9 employment eligibility.
A commercial contract clause stating 'time is of the essence' legally means:
Answer: Meeting specified deadlines is a material contract term
When 'time is of the essence,' failing to perform by the specified deadline constitutes a material breach allowing the other party to terminate and seek damages.
The Robinson-Patman Act primarily addresses which commercial practice?
Answer: Price discrimination by sellers that harms competition
The Robinson-Patman Act prohibits sellers from charging different prices to different buyers for the same goods when it substantially lessens competition.
Under GDPR, which legal basis would typically apply when a company processes employee personal data for payroll purposes?
Answer: Legal obligation
Processing payroll data is typically required by law (tax withholding, social security), making 'legal obligation' the most appropriate GDPR legal basis.
In U.S. securities regulation, what is 'Regulation Fair Disclosure' (Reg FD) designed to prevent?
Answer: Selective disclosure of material information to favored investors
Reg FD requires companies to make material disclosures publicly available simultaneously rather than disclosing to select investors first.
Which contract clause protects a buyer when a supplier's products are subject to third-party intellectual property infringement claims?
Answer: IP Indemnification clause
An IP indemnification clause requires the supplier to defend and compensate the buyer if the supplied goods are found to infringe third-party IP rights.
The 'False Claims Act' primarily creates liability for parties who:
Answer: Submit fraudulent claims for payment to the federal government
The False Claims Act imposes significant civil penalties on contractors who knowingly submit fraudulent invoices or claims to obtain government funds.