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Law exam questions & answers 2024
check - ✔is a DRAFT drawn on a bank, ordering the bank to pay a fixed amount of money on demand. cashiers check - ✔a check drawn by a bank on itself; negotiable on issue teller's check - ✔a draft drawn by a bank on another bank. or if drawn on a nonbank, payable at or through a bank certified check - ✔is a check accepted by the bank on which it is drawn is a certified check. *when a bank certifies a check, it immediately charges the drawer's account and transfers those funds to its account. The effect of certification is to discharge the drawer and prior indorsers. travelers check - ✔is a check on which a financial institution is both drawer and drawee. bank - ✔person engaged in the business of banking, including a savings bank, savings and loan association, credit union or trust company. Rights and duties of bank and customer are contractual. customer - ✔a creditor of the bank (and the bank is a debtor of the customer) when the customer deposits funds in his or her account. no liability - ✔If a bank dishonors a check for insufficient funds, it has ___. payee or holder - ✔In a civil suit, the customer is liable to the __ of the check. dishonor - ✔If there are insufficient funds in a customer's account, the bank can pay an item drawn on the account or ___ it. notify any indorsers - ✔If a check "bounces", a holder can resubmit it but must first ___ of the first dishonor (or they are discharged). wrongful dishonor - ✔Once a bank agrees to accept overdrafts, refusal to honor checks on an overdrawn account is ___. liable - ✔If the bank has notice from a customer about a postdated check, the bank is __. *they have the right to refuse to accept if the date is wrong. 6 months amount -
✔A bank is not obligated to pay an uncertified check presented for payment more than __ after its date. If a bank pays in good faith, it can charge the customers account for the __. not liable - ✔Until a bank knows of a death situation or incompetence of a customer, it is __ for paying items. only a customer authorized to draw on the account in a timely manner - ✔Who can order a stop payment and when it must be received? orally: 14 days writing: effective for 6 months - ✔How a stop payment can be given and how long is it effective for? **must notify the bank ahead of time to renew it at the end of the period recredit - ✔If a bank pays over an order it must ___ the customer's account for any loss, including damages for the dishonor of subsequent items. forged signature - ✔A __ on a check has no legal effect as the signature of the drawer. If the bank pays, it must recredit the account. not obligated to recredit the amount - ✔If the customer's negligence substantially contributed to the forgery, the bank is __ the amount. reduced - ✔A customer's liability may be __ by a bank's negligence (if it substantially contributed to the loss). 30 days - ✔When there is a series of forgeries by the same wrongdoer, in order to recover all items, the customer must report the first forgery to the bank within ___ calendar days of receiving the statement and cancelled checks. recredit, for a portion of the loss - ✔If the bank fails to exercise ordinary care ("reasonable commercial standards"), it may have to ___ the customer's account for __. one year - ✔A customer must report a forged signature within __ year of the date of the statement and cancelled checks were available. the forger and the customer or collecting bank who cashed the check - ✔The bank can recover from ___ or __ when dealing with a forged signature. cannot - ✔The bank __ recover from a "person who took the instrument in good faith and for value in reliance on the payment or acceptance." reaccredit the account (or be held liable for breach of contract) - ✔If the bank pays a check with a forged indorsement, it must __. 3 years - ✔The customer must examine the bank statement and canceled checks and report forged indorsements promptly. Failure to do so within __ relieves the bank of liability. first party -
Paid - ✔An item payable by a depositary bank that is also the payor bank is an __. If the bank does not dishonor it by the second day it is considered t o be __. midnight - ✔Each bank in the collection chain must pass a check on before __ of the next banking day. same day as the check is deposited. - ✔Electronic check presentment can be done ___. substitute check - ✔Under the Check Clearing in the 21st Century Act, a ___ (a paper copy of a check) can be created from a digital image and the originals can be destroyed. float - ✔the __ is the time between when a check is written and when the account is deducted from an account. the federal reserve board - ✔As check-processing speeds up, the __ will revise availability schedule for funds from deposited checks to correspond to reductions in processing time. Automated Teller Machines (ATMs) - ✔EFT; Connected to online bank computers, accept deposits, dispense funds from accounts, make credit-card advances and receive payments. Point of Scale Systmes - ✔(EFT); connected to online bank computers, allow consumers to transfer funds to pay merchants. Direct Deposit and Withdraws - ✔(EFT); through a terminal, a deposit may be made directly a customer's account. Can also make payments electronically to a third party pay-by-internet systems - ✔(EFT); these systems provide access to a financial institutions computer system over the internet to direct a transfer of funds. subject of the Electronic Fund Transfer Act (EFTA) - ✔financial institutions that offer electronic fund transfers (EFTs) involving customer asset accounts $ $ unlimited amounts - ✔Under the EFTA: if a debit card is lost or stolen, a customer is liable for
- If notifies the bank within 2 business days:
- If he/she does not tell bank until after the second day:
- If notice doesn't occur within 60 days after the transfer appears on the customer 60 days, 10 days - ✔Customers have __ days to report an error and the bank has __ to respond or return any disputed amounts. every month - ✔
orally or in writing - ✔A customer may stop a transfer by notifying the institution __ or __ up to 3 business days before the scheduled date to transfer reversal - ✔Except for preauthorized transfers, the EFTA does not provide for the __ of an electronic transfer of funds. unauthorized transfer - ✔a transfer is initiated by a person who has no actual authority to initiate the transfer. The consumer receives no benefit from it, and the consumer did not furnish the person with the card, code, or other means of access to his or her account. $10,000 and imprisonment up to 10 years - ✔Criminal Sanctions: unauthorized use of an EFT system across device is a federal felony, subject to fines up to __ and . $100 or more than $ $500,000 - ✔A customer may recover actual damages, as well as punitive damages of not less then __ or more than_. In a class action suit, the punitive damages limit is the lesser of __. $5000 and 1 year - ✔Sanctions included subjecting an institution or its officials to fines of up to __ and imprisonment up to __ year. E-money - ✔can replace physical cash in the form of electronic impulses or digital cash. stored-value cards - ✔plastic cards embossed with magnetic stripes containing encoded data. Used to buy specific goods and services smart cards - ✔contain microchips that hold more information than a magnetic stripe. less prone to error and carry and process security programming (digital signature). **debits and credits are automatic and immediate. Electroinc Communication Privacy Act of 1986 - ✔the act prohibits any person from knowing divulging the contents of an electronic communication while that communication is in transmission. Right to Financial Privacy Act - ✔an issuer of e-money may be subject to this act if the issuer is deemed to be a bank by virtue of its holding cutover funds or an entity that issues a physical card similar to a credit or debit card. Gramm Leach Bliley Act - ✔this act proscribes the disclosure of financial institutions' customers data without notice and an opt-out opportunity every month; electronic transfer - ✔Periodic statements requires a monthly statement for every __ in which there is an __. drawer, creditor, principal -
Digital Cash - ✔Prepaid funds stored on microchips in laptops, smartphones, tablets, and other devices E-Money - ✔Prepaid funds stored on microchips in laptops, smartphones, tablets, and other devices Stored-Value Card - ✔A card bearing a magnetic strip that holds magnetically encoded data providing access to stored funds Which of the below statements about international business transactions is true? a. Some U.S. laws could apply to firms shipping products to the United States. b. No nation's laws may affect a firm located in the United States. c. U.S. antitrust laws apply only to businesses physically located with the United States. d. No U.S. law may apply extraterritorially. - ✔a. Some U.S. laws could apply to firms shipping products to the United States. The primary purpose of the North American Free Trade Agreement (NAFTA) is to: a. decrease the level of environmental and labor protection in Mexico and Canada. b. incorporate Mexico into the U.S. federal government system. c. eliminate tariffs among the United States, Canada, and Mexico over a fifteen- to twenty-year period. d. eliminate expropriations in Canada. - ✔c. eliminate tariffs among the United States, Canada, and Mexico over a fifteen- to twenty-year period. Clothing, Inc., a U.S. company, plans to construct a manufacturing plant in Guatemala. Which of the following U.S. laws might apply to its operations there? a. The Alien Tort Statute b. Title VII of the Civil Rights Act c. The Sherman Act d. The Alien Tort Statute, U.S. antitrust Laws and Title VII of the Civil Rights Act all may apply - ✔d. The Alien Tort Statute, U.S. antitrust Laws and Title VII of the Civil Rights Act all may apply A doctrine which provides that the judicial branch of one country will not examine the validity of public acts committed by a recognized foreign government within its own territory is called: a. brevity. b. comity. c. the act of state doctrine. d. sovereign immunity. - ✔c. the act of state doctrine. HyperRain, Inc., a U.S. firm, has given a Chinese company the right to manufacture its cola using its highly guarded, valuable recipe. The recipe is likely a licensed: a. venture. b. export. c. trade secret. d. indirect agency. -
✔c. trade secret. Joseph Smith, a U.S. citizen, wishes to sue XY Mining Corp., a Mexican company, which has operated a mine in Colombia for many years. Mr. Smith alleges he was the victim of human rights abuses at the mine. Which of the below is a viable strategy for Mr. Smith? a. Sue under ATS in U.S. court b. Sue under ATCS in a Colombian court c. Sue under ATS in a Mexican court d. None of these strategies are viable - ✔a. Sue under ATS in U.S. court A set limit on the amount of goods that can be imported is called a(n): a. quota. b. tariff. c. import limit. d. none of these choices. - ✔a. quota. China is a member of the Outer Space Treaty. China registers its space station on its space registry before launching it into space. A German billionaire develops a spacecraft that can travel into space and she docks her spacecraft on the now- abandoned Chinese space station. China says that the German billionaire cannot do this, but Germany says she can. Who is correct? a. Germany is correct because the space station was abandoned. b. China is correct because China still owns their space station. c. Germany is correct because China cannot "own" a space station in outer space. d. China is correct because Germany cannot claim ownership when the spacecraft was developed with private and not governmental funds. - ✔b. China is correct because China still owns their space station. Jess Co., a Taiwanese company with a manufacturing plant in Taiwan, ships products to the United States occasionally. It is potentially subject to which of the below laws? a. All U.S. laws b. Sherman Act c. U.S. antidiscrimination laws d. Both the Sherman Act and U.S. discrimination laws, but no other laws - ✔b. Sherman Act The United States, after years of experimentation and billions of dollars, develops technology that enables people to live on Mars for short periods of time. Because only the United States has this technology, the United States declares Mars a United States territory and places weapons on Mars to defend this claim. Which of the following statements would be true in such a situation? a. Because the United States invested time and money into this technology, the United States is permitted to claim Mars as United States territory. b. Because planets are not subject to the appropriation of any single nation, the United States is not permitted to claim Mars as United States territory. c. Because people can only live on Mars for short periods of time, the United States is not permitted to claim Mars as United States territory.
b. France is correct. c. Neither is correct because the United Nations supervises space travel. d. Both are correct because they must work together in ensuring that space travel occurs. - ✔b. France is correct. Robert, an American astronaut, cannot repair his space station and issues a distress signal. A number of nations—Russia, China and Great Britain—are aware of Robert's distress signal. China has a space station close to Robert's and is in the best position to help Robert. Which statement is correct in this situation? a. China does not need to help Robert because other countries are also aware of Robert's distress signal. b. China must help Robert and bring him to China. c. China does not need to help Robert because he is an American astronaut. d. China must help Robert and return him to the United States. - ✔d. China must help Robert and return him to the United States. A sales contract between parties in different countries may contain: a. a choice-of-law clause, but not a forum-selection clause. b. a forum-selection clause, but not a choice-of-law clause. c. both a forum-selection clause and a choice-of-law clause. d. neither a forum-selection clause nor a choice of law clause. - ✔c. both a forum-selection clause and a choice-of-law clause. Activities conducted in outer space and the benefits derived from those activities should improve what? a. The environment of our world by reducing climate change impact. b. The welfare of the nation engaging in the outer space exploration. c. The ability to detect extraterrestrial life. d. The welfare of all nations and all humanity. - ✔d. The welfare of all nations and all humanity. Exporting may take one of two forms: a. conditional and unconditional. b. subsidized and unsubsidized. c. internal and external. d. direct and indirect. - ✔d. direct and indirect. Under the New York Convention, which of the following is not required for a court to compel the parties to arbitrate their dispute? a. There is a written (or recorded) agreement to arbitrate the matter. b. The agreement provides for arbitration in a convention signatory nation. c. One party to the agreement is not a U.S. citizen. d. Both parties to the agreement are U.S. citizens. - ✔d. Both parties to the agreement are U.S. citizens. The act of state doctrine is frequently employed in: a. importing cases. b. cases involving franchise agreements. c. exporting cases. d. expropriation cases. -
✔d. expropriation cases. A foreign firm enters into contracts in a foreign location on behalf of a U.S. company. This is called a(n): a. agency relationship. b. importer. c. distributorship. d. fair exchange. - ✔a. agency relationship. A United States company transfers space technology to Germany. How would the United States characterize this transfer? a. As a legal transfer because the United States and Germany are both members of the United Nations. b. As an illegal transfer because space technology cannot be transferred due to privacy concerns. c. As a legal transfer because different countries should share space technology. d. As an illegal transfer because all spacecraft and space technology are classified as defense articles. - ✔d. As an illegal transfer because all spacecraft and space technology are classified as defense articles. Great Britain has a space station located in outer space. The station bumps into space debris and suffers $100,000 in damages and also ricochets off a Russian space station causing $200,000 in damages to the Russian space station. Which of the following statements is true in this situation? a. Great Britain is liable for the damages to its own space station and the damages to the Russian space station. b. Great Britain is liable for the damages to its own space station, but Russia is liable for the damage to its space station. c. Russia is liable for the damage to the British space station as well as the damage to its own space station. d. Neither country is liable for the damage to either space station because the United Nations is liable for all damage incurred in outer space. - ✔a. Great Britain is liable for the damages to its own space station and the damages to the Russian space station. Sabbatino, an American, contracted with a Mauritius corporation to buy Mauritius sugar. When the Mauritius government expropriated the corporation's property and rights in retaliation against a U.S. reduction of the Mauritius sugar quota, Sabbatino entered into a new contract to make payment for the sugar to Banque National, a government- owned Mauritius bank. Sabbatino refused to make the promised payment, and Banque filed an action in a U.S. district court seeking to recover payment for the sugar. Banque claimed that the Mauritius government's actions were presumed valid under the act of state doctrine and that regardless of whether Sabbatino obtained the sugar, Banque was entitled to payment. The court most likely: a. did not require Sabbatino to pay, because under the principle of comity, Mauritius is to give full force and effect to the laws of the United States. b. did not require Sabbatino to pay, because the a -
b. friendly neighbor trader status. c. best treatment status. d. normal trade relations status. - ✔d. normal trade relations status. A status granted in an international treaty by a provision stating that the citizens of the contracting nations may enjoy the privileges accorded by either party to citizens of its NTR nations is called: a. national trade relations status. b. favored trade relations status. c. privileged trade relations status. d. normal trade relations status. - ✔d. normal trade relations status. Licensing is possible as to a company's: a. copyrights. b. patents. c. trademarks. d. all of these choices. - ✔d. all of these choices. Joss Co., a U.S. firm, exports computer software and hardware designed to control missiles. Which of the below is false about how U.S. law potentially applies to his business? a. The Export Administration Act may restrict whether the hardware can be exported. b. The Trading With the Enemy Act prohibits importing component parts from nations designated as enemies of the United States. c. The Export Administration Act may restrict whether the software can be exported. d. Because the software is intended for export, the business need not comply with domestic law. - ✔d. Because the software is intended for export, the business need not comply with domestic law. The law that governs relations among nations is: a. national law. b. interstate law. c. international law. d. none of these choices. - ✔c. international law. A foreign firm that engages in dumping in the U.S. probably hopes to: a. undersell American businesses in order to obtain a larger share of the U.S. market. b. obtain business contracts and other favors from U.S. officials. c. keep its factories open to prevent laying off employees. d. limit the amount of goods that competing U.S. businesses will import. - ✔a. undersell American businesses in order to obtain a larger share of the U.S. market. Janstar, Inc., a U.S. firm, wants to sell goods and services to buyers located in other countries. This is called: a. exporting. b. bartering.
c. warehousing. d. importing. - ✔a. exporting. The International Trade Administration (ITA) of the U.S. Department of Commerce imposed an antidumping tariff on ICC Industries, Inc., an importer of the chemical potassium permanganate from China. ICC sold the chemical to manufacturers in the United States for 22 percent less than the price charged in the United States by other foreign companies and nearly 40 percent less than the price ICC charged in China. ICC filed a lawsuit protesting the tariff. ICC claimed that it was impossible to determine whether it was selling the chemical at less than its fair value because China was a nonmarket economy and therefore the home market price of potassium was meaningless and could not be used as a basis for imposing the tax. ITA contended that fair value could be based on several different factors, including the home-market price of the product for other foreign producers. The court most likely: a. overturned the antidumping - ✔c. upheld the antidumping tariff, because the law does not require fair market value to be based only on the price of the goods in the home market and ICC should have known it was selling below fair value. A government's taking of a privately owned business or personal property without a proper public purpose or an award of just compensation is: a. expropriation. b. confiscation. c. eminent domain. d. none of these choices. - ✔b. confiscation. Genevieve owns a U.S. business and is interested in investing in property in a foreign nation. Because she is worried that the other nation may take her property once she has invested, she could do all of the following except: a. invest in a country that has promised payment for takings in a formal treaty with the United States. b. purchase insurance from an American company to protect against unpaid takings in a foreign nation. c. invest in a country that is part of the World Trade Organization. d. invest in a country that has passed laws to guarantee payment for takings from citizens and non-citizens. - ✔c. invest in a country that is part of the World Trade Organization. Suppose that the U.S. government charges $1.50 to import each and every DVD player made in Taiwan. This tax is: a. a probate tax. b. a tariff. c. an export incentive. d. a quota. - ✔b. a tariff. Germany finds a new planet and appropriates it for Germany. How would this appropriation be characterized? a. As illegal because countries are not allowed to appropriate territory in outer space.
✔c. The United States must register this space shuttle because it was launched into outer space. The international organization charged with the responsibility for eliminating trade barriers, including tariffs, is: a. UNICEF. b. the WWF. c. the WTO. d. UNESCO. - ✔c. the WTO. The seizure by a government of a privately owned business or personal property for a proper public purpose and with just compensation is known as: a. expropriation. b. confiscation. c. eminent domain. d. none of these choices. - ✔a. expropriation. Ali Corp. is a U.S. company with a manufacturing plant in Mexico. Jose is a Mexican citizen, engineer and employee of Ali Corp. Jose was passed over for a promotion for which he is qualified because Ali Corp. said the position was open only to an American citizen. Is Ali Corp. liable to Jose under Title VII of the Civil Rights Act? a. No, because Ali Corp.'s Mexican plant is not covered by Title VII. b. Yes, because any U.S. company's discrimination has effects in the United States. c. Yes, because Mexico certainly has anti-discrimination laws, too. d. No, because Jose is not covered by Title VII. - ✔d. No, because Jose is not covered by Title VII. Janstar, Inc. wants to hire someone to sell its products overseas, and will enter into a contract with this person, setting out the terms and conditions under which this person can distribute the products. Such an agreement is known as a(n): a. franchise agreement. b. joint venture. c. distribution agreement. d. agency relationship. - ✔c. distribution agreement. When a country's government seizes privately owned property of foreign investors without paying just compensation, it is known as: a. a sovereign act. b. a taking. c. expropriation. d. confiscation. - ✔d. confiscation. The United States has a manned space station in outer space. France also has a manned space station in outer space. When the United States and France have a disagreement on Earth, the French astronauts decide to sabotage the operations of the United States manned space station by denying them requested aid. Does this violate any laws or treaties? a. Yes, it violates French law.
b. Yes, it violates the Outer Space Treaty. c. Yes, it violates United States law. d. No, there are no laws in place that cover this situation because it is occurring in outer space. - ✔b. Yes, it violates the Outer Space Treaty. Unity, Inc., receives a percentage of profits from sunglasses a foreign entity produces in South Korea bearing the Unity trademark. Unity is receiving a(n): a. venture. b. indirect export. c. agency distribution. d. royalty. - ✔d. royalty. Thomas wants to start an export business in his home country of Jamaica. He has prepared a detailed business plan, including all costs and taxes he can anticipate, but he is worried about export taxes which might be imposed by Congress. His research came up blank in that area, and he is worried. What can you tell him about this? a. Congress can impose export taxes. b. Congress cannot impose any import taxes. c. Congress cannot impose any export taxes. d. Congress can impose import taxes. - ✔c. Congress cannot impose any export taxes. Which of the below parties could potentially be prosecuted for violating the Sherman Act? a. The Republic of Austria b. A Vietnamese firm c. A U.S. firm doing business in Mexico d. All of these choices - ✔d. All of these choices A tax on imported goods is called a(n): a. quota. b. tariff. c. import limit. d. none of these choices. - ✔b. tariff. A U.S. domestic firm can engage in international business transactions by: a. exporting its goods and services to markets abroad. b. establishing foreign production facilities. c. licensing its technology to an existing foreign company. d. all of these choices. - ✔d. all of these choices. Qi Quan, a Chinese citizen, wishes to sue BG Mining Corp., a Russian firm, which has operated a mine in Cambodia for many years. Mr. Quan alleges he was the victim of human rights abuses at the mine. Which court could exercise jurisdiction under the Alien Tort Statute? a. Only a Russian court b. Only a Cambodian court
the Hong Kong Special Administrative Region, Court of First Instance. The dispute arose while Hong Kong was a sovereign under the British crown, but the lawsuit was filed after it had reverted to communist rule by the People's Republic of China. Starr hired counsel and fully participated in its own defense at the trial, including giving testimony and submitting evidence. Hangkee produced invoices and other proof of the delinquent account, and the Hong Kong tribunal entered a judgment in Hangkee's favor. Starr did not appeal or pay the judgment, and Hangkee filed an action in a South Dakota state court to enforce the Hong Kong judgment on the basis of the principle of c
- ✔d. enforced the judgment, because an order requiring payment of a delinquent account does not contravene U.S. public policy when the order was obtained fairly after notice and a hearing. International law can be defined as a body of law formed as a result of international customs, treaties, and organizations, that governs relations among or between nations.
- ✔true The major difference between national law and international law is: - ✔that national law can be enforced by the nation's government, while international law cannot be enforced by any government Treaty - ✔agreement formed between two or more nations that is formally approved and authorized by the governments of those nations National law - ✔government rules and regulations that are enforceable by that government within certain boundaries International organization - ✔agreement between several nations who agree to certain principles and rules of behavior Select the three basic sources of international law from the list. - ✔(1) international customs (2) treaties and agreements (3) international organizations The U.S. Constitution gives the _____ the power "by and with the Advice and Consent of the _____, to make _____, provided two-thirds of the _____ present concur." - ✔president, senate, treaties, senators A _____ agreement is an agreement formed by _____ nations to govern their _____. - ✔bilateral, two, relationships The United States is a member of more than how many multilateral and bilateral organizations? - ✔ 100 International organizations can adopt _____ in the form of resolutions or declarations that require member nations to behave in certain ways. They also may create _____ to be adopted by the member nations. - ✔standards, uniform rules One of the basic differences between a common law and a civil law legal system is that:
✔judges in civil systems often actively question witnesses Comity means: - ✔that one nation will show deference for the laws and decrees of another nation Confiscation - ✔the taking of privately held property without a proper public purpose and/or without just compensation Expropriation - ✔the taking of privately held property for a public purpose and with just compensation Act of state doctrine - ✔the judicial branch of one nation will not evaluate the validity of another nation's government Sovereign immunity - ✔the u.s. courts will not hear a case against the government of another nation with limited exceptions The act of state doctrine is frequently employed in importing cases. - ✔false When a country's government seizes privately owned property of foreign investors without paying just compensation, it is known as _____. - ✔a confiscation One of the major exceptions to the doctrine of sovereign immunity is when: - ✔a nation engages in commercial activity within the united states A foreign nation will not be immune from a lawsuit in a U.S. court if that government has _____ immunity explicitly or by implication, when it has engaged in _____ activity within the United States or activity that is outside the United States but has _____ effect in the United States, or when the foreign government has committed a or violated certain _____ laws. - ✔waived, commercial, a direct, tort, international International law can be defined as a body of law, formed as a result of international customs, treaties, and organizations, that governs relations among or between nations.
- ✔True In International law, a term that generally refers to an organization composed mainly of nations and usually established by treaty - ✔International Organizations An agreement formed between two or more independent nations. - ✔Treaty Law that pertains to a particular nation (as opposed to international law) - ✔National Law A system of law derived from that of the Roman Empire and based on a code rather than case law. - ✔Civil Law System A major difference between international law and national law is - ✔that government authorities enforce national law The U.S. Constitution gives the ( ) the power "by and with the advice and consent of the ( ) , to make Treaties, provided two-thirds of the Senators present ( ). -
