Principles of Business Law Exam Practice Tests
Course Introduction
Principles of Business Law explores the foundational legal concepts and frameworks that underpin the operation of businesses in society. The course covers essential topics such as contracts, torts, agency, business structures (including partnerships and corporations), property, and the regulatory environment. Students will analyze case law and statutes to understand how legal principles are applied in real-world business scenarios, develop critical thinking skills for legal problem-solving, and gain an awareness of the ethical issues and responsibilities faced by business professionals. By the end of the course, students should be able to identify and understand legal risks, rights, and obligations in commercial contexts and make informed decisions in accordance with the law.
Recommended Textbook
Essentials of the Legal Environment 4th Edition by Roger LeRoy Miller
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Page 2
Chapter 1: Business and Its Legal Environment3
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Sample Questions
Q1) Most state trial court decisions are not published.
A)True
B)False
Answer: True
Q2) The U.S.Congress enacts a new federal statute that imposes liability on businesses emitting significant amounts of a certain pollutant into the environment.This statute applies
A)only to matters not covered by state law.
B)only to those states that adopt the statute.
C)to all of the states.
D)to none of the states.
Answer: C
Q3) Judges use precedent when deciding a case in a common law legal system.
A)True
B)False
Answer: True
Q4) In most states, the courts no longer grant "equitable" remedies.
A)True
B)False
Answer: False
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Chapter 2: Shifting Legal Priorites for Business:
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Sample Questions
Q1) Clark appeals a decision in his suit against Dona, grounded on rights provided in the U.S.Constitution, to the United States Supreme Court.The task of the Court to interpret and give meaning to those rights is made more difficult because
A)foreign laws affect the legal environment unpredictably.
B)government's role alters with each new election.
C)parties' expectations vary with each step in the judicial process.
D)society's perceptions and needs change over time.
Answer: D
Q2) Paoli asserts against River City a claim based on allegedly conflicting rights and protections stemming from the U.S.Constitution.In this case, the role of the United States Supreme Court is to
A)decline to review the claim due to the conflict.
B)defuse the conflict by eliminating rights or protections.
C)designate a lower court to make a decision.
D)determine the appropriate balance.
Answer: D
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Chapter 3: Courts and Alternative Dispute Resolution
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Sample Questions
Q1) A summary judgment is granted only if there is a genuine question of fact.
A)True
B)False Answer: False
Q2) Mandatory arbitration clauses in employment contracts are not enforceable.
A)True
B)False Answer: False
Q3) Minimum contacts with a jurisdiction are never enough to support jurisdiction over a nonresident defendant.
A)True
B)False
Answer: False
Q4) No case can proceed to trial unless the plaintiff can prove that he or she has properly served the defendant.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Ethics and Business Decision Making
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Sample Questions
Q1) Some companies set up confidential systems to enable employees to "raise red flags" about suspected unethical practices.
A)True
B)False
Q2) Straitway Company encourages its managers to behave ethically, reasoning that lower-level employees will take their cues from management.One of the most important ways to create and maintain an ethical behavior workplace is for management to A)demonstrate a commitment to ethical decision making.
B)discreetly engage in unethical or illegal acts.
C)look the other way when an employee engages in an unethical act.
D)direct employees to "do as we say, not as we do."
Q3) An ethics seminar can clarify how a firm's ethical policies apply to specific problems.
A)True
B)False
Q4) The legality of an action is always clear.
A)True
B)False
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6
Chapter 5: Constitutional Authority to Regulate Business
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Sample Questions
Q1) The President determines the jurisdiction of the federal courts.
A)True
B)False
Q2) Which of the following does not necessarily make material obscene
A)The average person finds that it violates contemporary community standards.
B)The work taken as a whole appeals to a prurient interest in sex.
C)The work shows patently offensive sexual conduct.
D)The work shows animals mating.
Q3) Savers Mart, Inc., distributes its merchandise to retail outlets on an interstate basis.Under the commerce clause, Congress has the power to regulate
A)any commercial activity in the United States.
B)only activities that are in intrastate commerce.
C)only activities that are in local commerce.
D)only activities that are not in commerce.
Q4) Under their police powers, states can regulate only public activities, such as political demonstrations.
A)True
B)False
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7
Chapter 6: Administrative Law
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Sample Questions
Q1) Like statutory law, administrative law is created by legislatures.
A)True
B)False
Q2) If the meaning of a statute's language is unclear and an agency interprets it, a court must follow the interpretation as long as it is reasonable.
A)True
B)False
Q3) Labor Recruiters, Inc., has been ordered to appear at a hearing before an administrative law judge of the National Labor Relations Board.A significant difference between a trial and an administrative hearing is that
A)attorneys are not allowed to attend administrative hearings.
B)clients are not allowed to communicate with their attorneys dur?ing adminis?trative hearings.
C)hearsay can be introduced as evidence in an administrative hearing.
D)the burden of proof is on the charged party to prove innocence.
Q4) The Administrative Procedure Act does not apply to a particular agency procedure.
A)True
B)False
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8
Chapter 7: Torts and Product Liability
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Sample Questions
Q1) Good intention is a complete defense to conversion.
A)True
B)False
Q2) Sam, an engineer, supervises the construction of a new bridge.When the bridge collapses due to faulty construction, Sam is sued by those injured in the collapse.As a professional, Sam is held to the same standard of care as
A)ordinary persons.
B)other engineers.
C)other professionals, including doctors, dentists, and lawyers.
D)those injured in the collapse of the bridge.
Q3) Furious Toyz Corporation makes skateboards, which it sells to consumers, including Gitana.Gitana is injured due to a defect in the board that causes an accident in which Haley, a bystander, is also injured.In a product liability suit based on strict product liability, Furious Toyz may be liable to A)Gitana and Haley.
B)Gitana only.
C)Haley only.
D)no one.
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Chapter 8: Online Developments:
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Sample Questions
Q1) Einz, A.G., a German firm, and Fuego, S.A., a Honduran firm, litigate a dispute under their contract, which results in a court judgment.The enforcement of a judgment in a foreign court normally depends on
A)bilateral agreements and the principle of comity.
B)choice-of-law and forum selection clauses in the parties' contract.
C)the act of state doctrine and the doctrine of sovereign immunity.
D)arbitration and litigation clauses in the parties' contract.
Q2) PowerPac Company bans "excessive personal Internet usage" at work.Ogden, a PowerPac employee, repeatedly visits Facebook and sends a large number of personal e-mails from work.In a suit by PowerPac against Ogden under the Computer Fraud and Abuse Act, he may be subject to A)criminal penalties.
B)civil penalties.
C)no sanctions.
D)censure by Congress.
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Chapter 9: Criminal Law and Cyber Crime
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Sample Questions
Q1) Smitty, driving while intoxicated, causes a car accident that results in the death of Tiffany.Smitty is arrested and charged with a felony.A felony is a crime punishable by death or imprisonment for A)any period of time.
B)more than one year.
C)more than six months.
D)more than ten days.
Q2) Susan is the president of United Food Corporation, a wholesale grocery company.An inspection by Tim, a government agent, uncovers unsanitary conditions caused by Val, a United employee, in the United warehouse.Will, a United vice president, assures Tim that the situation will be corrected, but nothing is done, which a later inspection reveals.Susan knows nothing about any of this.Can United be convicted of a crime in these circumstances Can Susan be held personally liable
Q3) Ciera defrauds thousands of consumers through ads on television.This is A)wire fraud.
B)no crime.
C)phishing.
D)burglary.
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Chapter 10: Intellectual Property and Internet Law
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Sample Questions
Q1) Li'l Canine Company (LCC)uses a trademark that neither LCC nor anyone else has registered with the government.Under federal trademark law, LCC
A)can register the mark for protection.
B)cannot register a mark that has been used in commerce.
C)has committed trademark infringement.
D)must put off registration until the mark is out of use for six months.
Q2) A marketing technique can be a trade secret.
A)True
B)False
Q3) A suggestive use of ordinary words may not be trademarked.
A)True
B)False
Q4) Phil invents "PhutureNow," new Web site design software, and applies for a patent.If Phil is granted a patent, his invention will be protected
A)for ten years.
B)for twenty years.
C)for the life of the inventor plus seventy years.
D)forever.
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12
Chapter 11: International Law in a Global Economy
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Sample Questions
Q1) WiFi Corporation, a U.S.firm, signs a contract with Bueno Computadores, Ltd., an Argentinean firm, for a shipment and payment for WiFi's goods.This is
A)a distribution agreement.
B)a joint venture.
C)direct exporting.
D)licensing.
Q2) KO Marketing Company, a U.S.firm, signs a contract with Librador Corporacion, a Chilean firm, to give Librador the right to use Innovative's animation techniques and characters in product promotions.This is
A)a distribution agreement.
B)a joint venture.
C)direct exporting.
D)licensing.
Q3) A treaty is a contract between two or more nations that must be ratified by the United Nations to take effect.
A)True
B)False
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Chapter 12: Business Organizations
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Sample Questions
Q1) A sharing of profits and losses is the only requirement of a partnership.
A)True
B)False
Q2) In a limited liability partnership, a partner can be exempt from personal liability for the malpractice of other partners.
A)True
B)False
Q3) Some states require franchisors to disclose certain material facts to prospective franchisees.
A)True
B)False
Q4) Open & Shutt Gates Corporation has a board of ten directors.Open & Shutt's bylaws do not state any quorum requirements.Normally, a quorum for Open & Shutt would consist of
A)two directors.
B)six directors.
C)nine directors.
D)ten directors.
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Page 14
Chapter 13: Beyond Our Borders:
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Sample Questions
Q1) Tour Vista, an online travel company, buys blocks of rooms from Skyview Towers, a hotel in River City, at a wholesale rate.Tour Vista resells the rooms to consumers at a retail rate.In recent efforts to collect taxes from e-commerce, some cities claim that hotel occupancy taxes should be assessed and remitted directly to the cities based on A)the dire financial straits of the cities during the latest recession.
B)the retail rates of the rooms.
C)the states of residency of the consumers who reserve the rooms.
D)the wholesale rates of the rooms.
Q2) Apex University (AU)offers classes online.AU asks each student enrolling online to agree to submit any dispute to arbitration and to indicate assent by clicking a box.AU claims that it is the cheapest undergraduate program in the United States.Beth enrolls in the program but later charges AU with fraud based on its "cheapest" claim.Beth could pursue her claim
A)in a court.
B)in an arbitration proceeding.
C)nowhere.
D)anywhere.
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Page 15
Chapter 14: Formation of Traditional and E-Contracts
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Sample Questions
Q1) Vernon claims that his contract with Ulani is voidable.If their contract is avoided
A)both parties are released from it.
B)both parties must fully perform their obligations under it.
C)a wholly different contract is agreed to.
D)a wholly different contract is imposed "as if" the parties had agreed.
Q2) One of the requirements of a valid contract is its acceptance.
A)True
B)False
Q3) Under a contract with Bucolic Farms, Agro Excavation, Inc., begins digging an agricultural pond.In mid-project, Agro asks for $15,000 over the contract price, claiming an increase in the "cost of doing business." Bucolic agrees but later refuses to pay.Their agreement is
A)unenforceable because Agro's performance was a preexisting duty.
B)unenforceable because Bucolic's promise was illusory.
C)enforceable.
D)unenforceable because its performance is unforeseeably difficult.
Q4) An effective offer requires reasonably certain terms.
A)True
B)False
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Chapter 15: Contract Performance, Breach, and Remedies
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Sample Questions
Q1) In most contracts, promises of performance are expressly conditioned.
A)True
B)False
Q2) Handy Hardware Store agrees to hire Ilsa for one year at a salary of $500 per week.When Handy cancels the contract, Ilsa spends $100 to obtain a similar job that pays $450 per week for a year.Ilsa is entitled to recover
A)the amount of the wages that Handy promised only.
B)the difference between the wages at the two jobs only.
C)the difference between the wages at the two jobs plus $100.
D)$100 only.
Q3) Genie.com initiates an online dating service.To attract subscribers and encourage participation, Genie.com creates and posts profiles of fictitious persons and exaggerated profiles of actual users.Fooled by the false profiles, Ham buys a subscription.He is most likely a victim of A)undue influence.
B)fraud.
C)mistake.
D)nothing.
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17
Chapter 16: Sales and Leases
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Sample Questions
Q1) On January 10, Winchester Pet Supplies orders fifty small dog collars from Quality Collars, Inc.to be delivered by January 15.On January 13, Quality Collars tenders fifty large dog collars.Winchester Pet Supplies rejects the shipment.Quality Collars has A)no right to cure.
B)until January 15 to cure.
C)until the end of the business day on January 13 to cure.
D)unlimited time to cure.
Q2) Tender of delivery requires that the seller or lessor hold the goods at the buyer's or lessee's disposal, but not that the goods be conforming.
A)True
B)False
Q3) FlavorBean Coffee Company agrees to buy an unspecified quantity of coffee beans from Global AgriCorp.Global breaches the contract.In FlavorBean's suit to obtain relief, the court will most likely
A)award a reasonable quantity of beans to FlavorBean.
B)award FlavorBean all the beans that it requires.
C)award Global's output of coffee beans to FlavorBean.
D)have no basis for determining a remedy.
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Chapter 17: Creditors Rights and Bankruptcy
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Sample Questions
Q1) A surety can assert the debtor's bankruptcy as a defense.
A)True
B)False
Q2) Lionel files a voluntary petition for bankruptcy under Chapter 7.The court will likely deny a discharge of Lionel's debts if he
A)conceals records of his financial condition with the intent to defraud a creditor.
B)does not have sufficient assets to pay all his secured creditors.
C)filed for bankruptcy twelve years ago.
D)has a criminal record.
Q3) A surety can never assert fraud as a defense.
A)True
B)False
Q4) William is a surety for Jeannie's loan from Richard.Richard knows of William's existence.When the loan comes due, Jeannie tries to pay Richard, but Richard rejects the payment.William is
A)released from any obligation on the debt.
B)required to pay the amount of the debt to Richard.
C)required to pay up to half of the amount of the debt to Richard.
D)required to pay the amount of the debt to Jeannie.
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Chapter 18: Mortgages Foreclosures After the Recession
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Sample Questions
Q1) There are additional disclosure requirements for a higher-priced mortgage loan.
A)True
B)False
Q2) Denise borrows $90,000 from Clear Lake Credit Union to buy a home.Denise loses her job and fails to make payments on the mortgage, but assures Clear Lake Credit that she will soon secure a new job.The lender agrees to postpone the payments.This is
A)a sale and leaseback.
B)forbearance.
C)a reamortization.
D)a restructure.
Q3) Forbearance is a process that allows a lender to legally repossess and auction off the property securing a loan.
A)True
B)False
Q4) A borrower has the right to purchase the property after default by paying the full amount of the debt, plus any interest and costs that have accrued.
A)True
B)False
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Chapter 19: Employment, Immigration, and Labor Law
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Sample Questions
Q1) The basis for an employee's contribution to Social Security is the employee's age.
A)True
B)False
Q2) Generally, employers can monitor employees' electronic communications made in the ordinary course of business, as well as employees' personal communications.
A)True
B)False
Q3) Julia is an agent who purchases wool for Kara's Knitting Company.In the course of her performance for Kara's Knitting Company, Julia pays for the gas for the company car and for some storage boxes for the wool.Kara's Knitting Company must reimburse Julia because of the principal's
A)duty of performance.
B)duty of loyalty.
C)duty of compensation.
D)duty of reimbursement.
Q4) There is federal regulation of employers' pension plans for employees.
A)True
B)False
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Chapter 20: Beyond Our Borders:
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Sample Questions
Q1) Roboto Robotics Inc.creates an internal social media network using enterprise social networking software and systems.The advantages of an internal social media network include
A)obtaining real-time information about important issues.
B)mass e-mailings.
C)employees' posts of personal notes.
D)"white noise."
Q2) Belle is an employee of Capital Corporation, a U.S.firm.Dana is an employee of Esta, Ltd., a European firm.The problem of sexual harassment in the workplace is
A)confined to Europe alone.
B)confined to Europe and the United States.
C)confined to the United States alone.
D)worldwide.
Q3) Women's groups contend that sexual harassment is viewed with "quiet tolerance" in corporations based in A)Asia.
B)Europe.
C)North America.
D)South America.
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Page 22
Chapter 21: Employment Discrimination
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Sample Questions
Q1) Employers can treat their employees more or less favorably based on their religious beliefs or practices.
A)True
B)False
Q2) A plaintiff who proves unlawful discrimination may be awarded reinstatement, back pay, but not retroactive promotions.
A)True
B)False
Q3) Jason and Katrina work on the loading dock for Longhaul Transport Company.Jason has a disability.Katrina has seniority.Jason asks for a transfer, which would represent an accommodation for his disability.Longhaul gives the transfer to Katrina on the basis of her seniority.Jason files a suit against Longhaul for discrimination on the basis of his disability.The court is most likely to rule that
A)Katrina's seniority is a good defense.
B)Jason's disability is a sufficient basis for relief.
C)Longhaul's action was a business necessity.
D)Longhaul's action was a reasonable accommodation.
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23
Chapter 22: Environmental Law
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Sample Questions
Q1) Only offshore oil facilities that discharge oil into navigable waters are liable for the clean up costs.
A)True
B)False
Q2) The courts have considerably scaled back the Clean Water Act's protection of wetlands.
A)True
B)False
Q3) An environmental impact statement is required for every major federal action that significantly affects the quality of the environment.
A)True
B)False
Q4) Industrial Solvents, Inc., averages $15,000 profit per day before deciding to ignore air pollution standards, after which the average is $30,000.Industrial Solvents is subject to a fine of
A)$0.
B)$15,000 per day.
C)$30,000 per day.
D)$30,000 total.
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Chapter 23: Antitrust Law and Promoting Competition
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Sample Questions
Q1) Listen Up! Corporation books and promotes concerts and other entertainment events, for which Listen Up! also sells tickets.In weighing a challenge to Listen Up!'s "monopolistic" ticket prices, a court looks at the relevant geographic market.This encompasses
A)only areas in which Listen Up! does not have monopoly power.
B)only areas in which Listen Up! has monopoly power.
C)the area in which Listen Up! and its competitors sell, and their customers buy, the tickets.
D)the entire United States in all cases.
Q2) Conditioning the sale of one product on the purchase of another is an exclusive-dealing contract.
A)True
B)False
Q3) Refer to Fact Pattern 19-1.A court would most likely rule that the agreement between Cardio and Emitate is
A)a deal that neither restrains trade or harms competition.
B)a legal restraint of trade.
C)a per se violation of the Sherman Act.
D)subject to analysis under the rule of reason.
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Page 25
Chapter 24: Online Developments:
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Q1) Vid Games, Inc., is a U.S.company currently involved in significant innovation and cost and quality competition with its rivals.With respect to the direction and control of Vid and its competitors in the United States and other countries, different models of corporate governance exist, depending on
A)the degree of capitalism in a particular nation.
B)the effect of innovation on the operations of a particular company.
C)the extent of cost efficiency in a particular corporation.
D)the quality of the products and services of a particular firm.
Q2) DeLuxe, S.A., is a French company with offices and operations located throughout Europe.With respect to the direction and control of DeLuxe and other firms in continental Europe, the prevailing coordinated model of corporate governance gives priority to the interests of a corporation's
A)directors.
B)executive and financial officers.
C)shareholders.
D)stakeholders-employees, managers, suppliers, customers, and the community.
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Chapter 25: Investor Protection, Insider Trading, Corp Gov
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Q1) A registration statement must include a financial statement certified by an independent public accounting firm.
A)True
B)False
Q2) Foamy Soap Corporation is a public company whose shares are traded in the public securities markets.The Securities Act of 1933 provides that, unless exempt, all of Foamy's securities transactions must be
A)conducted through national stock exchanges.
B)registered with the Securities and Exchange Commission.
C)subjected to surveillance to deter undesirable practices.
D)accredited by sophisticated investors.
Q3) Willful violations of the Sarbanes-Oxley Act of 2002 may be subject to harsh penalties.
A)True
B)False
Q4) The Securities Exchange Act of 1934 provides for continuous, periodic disclosures by publicly held corporations.
A)True
B)False
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