JD 22567

“Eminent domain” refers to a governmental taking of private property for public use.
​a. True
b. False

When is an agency relationship irrevocable?
a. It is never irrevocable.
b. When the agency is coupled with an interest of the agent in the subject matter
​c. When the principal violates his duties to the agent
d. When the agency is gratuitous

The time for conveyance of a deed is called the:
a. zoning meeting.
b. closing.
c. title search.
​d. recordation.

The European Community (EC) preceded the European Union (EU) and worked to remove trade barriers between member nations.
a. True
b. False

A major difference between trespass to personal property and conversion is that the latter does not require intent to harm whereas trespass does.
a. True
b. False

Which of the following would be the most convincing evidence of a partnership?
a. An agreement to share in the management of a business
​b. Agreements to share gross returns
c. An agreement to share losses
d. An agreement to pay a firm manager a percentage of the profits for his salary

The requirement that a classification have a substantial relationship to an important governmental objective is known as the:
a. rational relationship test.
b. strict scrutiny test.
c. intermediate test.
​d. Contract Clause.

Which of the following would lack the capacity to become a partner?
a. A business trust
b. A retired person over 74
​c. A corporation
d. None of these lack capacity; any of them could become a partner.

Sandy’s private secretary promises to keep the contents of a letter she typed secret if Sandy will give her the next day off with pay. If the secretary takes the day off, Sandy has to pay her for the day.
a. True
b. False

E-Sign:
a. preempts the Uniform Electronic Transactions Act.
b. requires persons to agree to use or accept electronic records or electronic signatures, provided they are informed of the types of hardware and software required and they have the required equipment.
c. defines the included transactions narrowly.
d. ensures that the electronic form of Internet and e-mail agreements will not make them unenforceable because of the statute of frauds.

Three of the airline companies agree that they will not go any lower than $100 each way for coast-to-coast tickets.
This is:
a. vertical price maintenance.
b. horizontal group boycott.
c. vertical market allocation.
​d. horizontal price fixing.

The parol evidence rule would allow evidence to be introduced to explain what the parties meant by the term
‘serrated.”
a. True
b. False

The Sarbanes-Oxley Act created a powerful Accounting Oversight Board with authority to review and discipline auditors.
a. True
b. False

A union’s ‘secondary activity” is a:
a. boycott or strike of an employer with whom a union has no labor dispute to persuade the employer to cease doing business with the company that is the target of the labor dispute.
b. union’s picketing, in addition to a strike, of a company that is the target of the labor dispute.
c. recognized union’s request for an injuction against an employer who refuses to bargain in good faith.
d. refusal to represent one of its members in a grievance against the employer because the member did not engage in a strike called by the union the previous year.

The Foreign Corrupt Practices Act makes it illegal for an American company to pay money to a foreign official to influence a decision of that person in his official capacity.
a. True
b. False

The person who signs and files the articles of incorporation is the:
a. promoter.
b. incorporator.
​c. subscriber.
d. majority stockholder.

Les, a teenager, has the permission of Harold to walk across his yard on the way to school. If Les brings twenty of his friends across the yard, and they stop to play ball:
a. Les is not guilty of trespass to real property, because he had Harold’s permission to cross the yard.
​b. Les’s friends are not guilty of trespass to real property, because they were with Les.
c. Les is guilty of trespass to real property, because he walked across the yard.
d. Les and his friends are guilty of trespass to real property, because they played ball in Harold’s yard.

Identify and describe the following types of wills.
​a. Holographic
b. Nuncupative
c. Soldiers’ and sailors’ wills

If Corporation J and Corporation K combine all of their assets and create a consolidated corporation; Corporation J
and Corporation K will cease to exist.
​a. True
b. False

Andrew owns a store in Polk County. His trade extends throughout River City, but not beyond the county limits. He sells his store to Betty and, as part of the transaction, agrees not to engage in the same business anywhere within the state for a period of three years. The agreement:
a. is reasonable.
b. is unreasonable, but enforceable since Andrew agreed to it.
​c. unduly interferes with the interests of the public.
d. is reasonable, but only if Betty paid Andrew enough for the store to compensate him for lost business for three years.

Greg has been in the business of selling encyclopedias for twenty years. Margaret agreed to buy a set if Greg would also bring her a bookcase for them. Greg bought one and sold it to Margaret along with the books. While shelving the books, she ran her hand over the back edge of the shelves and cut herself severely. The wood was not finished on that side and nails were protruding through the shelf. Can Margaret sue Greg under strict liability?
a. Yes, because the bookcase was in an unreasonably dangerous condition.
b. Yes, because the bookcase was defective.
c. No, because she was not a true consumer under Section 402A.
​d. No, because Greg is not a seller under Section 402A.

Selling liquor to a minor can result in criminal liability only if the seller intended to sell to an underage person.
​a. True
b. False

Violation of a statute designed to protect underage, unlicensed drivers, as well as innocent third parties, from the consequences of juvenile car theft and “joy riding” by prohibiting car owners from leaving the keys in their cars if the cars are unattended, is likely to be characterized as:
a. negligence perse.
b. resipsaloquitur.
c. contributory negligence.
​d. assumption of risk.

A person, other than a collecting bank or other intermediary, who negotiates a document of title for value:
a. warrants to her immediate purchaser that the document is genuine.
​b. warrants to all who later take the document that it is genuine.
c. warrants that nothing impairs the document’s validity or worth.
d. makes no warranties.

Marge wishes to raise some money to begin mass producing her prize-winning jellies and jams. She offers her neighbors a piece of her profits if they will each invest $2,000. Is the investment a ‘security”?
a. Yes, since Marge will do all the work.
b. Yes, because her neighbors will have a security interest in the jelly.
​c. No, since the neighbors are putting no effort into it.
d. No, because Marge is not issuing stock certificates.

Interpretative rules are exempt from the APA’s procedural requirements of notice and comment.
a. True
b. False

If a checking account customer’s funds are insufficient to pay all of the items that the bank receives on that account on a given day, the bank may charge the items against the account in any order the bank deems convenient without incurring liability to the customer/drawer for choosing one item over another.
a. True
b. False

Terry’s loan of his lawnmower to his neighbor cannot be a bailment if Terry receives no compensation for the use.
a. True
b. False

Notice of dishonor of an instrument:
a. may be given orally.
b. must be given by returning the unpaid instrument with an attached stamp, ticket, or memorandum stating that the item was not paid.
c. must meet formal requirements to be effective.
​d. All of these.

The parol evidence rule is an exclusionary rule of evidence.
a. True
b. False

Which of the following is NOT found in the Eighth Amendment to the U.S. Constitution?
a. Protection from excessive bail
b. A prohibition against double jeopardy
c. A prohibition against cruel and unusual punishment
​d. All of these are found in the Eighth Amendment.

As a general rule, a person may do through an agent whatever business activity he may accomplish personally.
​a. True
b. False

The 1934 Securities Exchange Act requires registration of:
a. equity securities of companies traded over the counter whose corporate assets exceed $10 million and whose equity securities include a class with 500 or more shareholders.
b. stock listed on local stock exchanges.
c. all stock sold within the U.S.
d. all domestic stock sold within the U.S.