M 15245

Goods are to be sent F.O.B. Buffalo, NY to Raleigh, NC by UPS. Where does tender occur?
a. Where the goods are identified
b. Where the goods are shipped
c. Where the goods are delivered and picked up by the buyer
​d. Where the goods are taken by the buyer

The privilege against self-incrimination extends to which of the following?
a. Providing a handwriting sample.
b. Appearing in a line-up for identification purposes.
​c. Taking a blood test after an accident.
d. None of these are protected by the privilege against self-incrimination.

Liquidated damages are an equitable remedy.
​​​​​​​a. True
b. False

An amendment to a will is called a(n):
a. stipulated addition.
b. statutory adjustment.
​c. codicil.
d. attestation.

Which of the following would be considered to be a misrepresentation of a material fact for purposes of establishing fraud in the inducement?
a. A statement of judgment of value, such as “This is the best car in town for the money.”
​b. “This style of jacket is going to be the most popular style next year.”
c. “This car has a new radiator.”
d. “In my opinion, this is the best buy for the money.”

Incidental damages do not include expenses in connection with effecting cover.
​a. True
b. False

If Carrie, age 14, contracted to buy a fur coat by mail, the coat manufacturer would not have to send it since the contract was void.
a. True
b. False

Most student loans cannot be discharged under Chapter
​a. True
b. False

To create a joint tenancy, all tenants must acquire title by the same instrument.
​a. True
b. False

The National Cooperative Research Act:
a. prohibits using the rule of reason test in judging joint ventures in research and development of new technology.
b. is designed to clear up uncertainty about the legality of joint ventures.
c. now requires treble damages if joint ventures are formed in violation of Section 1 of the Sherman Act.
​d. All of these.

A buyer’s remedies for breach of a contract for the sale of land include all but which of the following:
a. rescission and restitution.
b. damages for loss of the bargain.
c. specific performance with a price reduction.
​d. All of these remedies are available.

Injunctive relief is a common remedy under the Lanham Act.
​a. True
b. False

XYZ, Inc. has been convicted of bribing public officials. It is now time for sentencing. Possible sentences include:
a. putting the corporation’s president, who was not involved in the bribery, in jail.
​b. putting the corporate shareholders in jail.
c. fining the corporation.
d. None of these. A corporation cannot commit a crime.

The way parties usually show mutual assent is by:
a. an offer by words or conduct and an acceptance by words or conduct.
b. a proposal in words and an acceptance in words.
c. an act exchanged for an act.
​d. an offer and a counteroffer.

Time paper that states it is due on July 1, a Sunday, is overdue on:
a. July
b. July
c. July
d. It depends on when the instrument is presented for payment.

From a commercial standpoint, which of the following is considered the most important international treaty?
a. The ICJ
b. The EC
c. The WTO
d. The IMF

Ricardo posts a sign in his neighborhood offering $50 for the return of his Saint Bernard. Alicia, who knows nothing of the reward, finds the dog and returns it to Ricardo. Alicia is entitled to the reward.
a. True
b. False

The antifraud provisions of the 1933 Act pertain to both unregistered and registered securities.
​a. True
b. False

You find a decision of the U.S. Court of Appeals in the Federal Reporter.
​a. True
b. False

A part performance exception to the statute of frauds in many states requires both that the transferee has paid at least a portion of the purchase price and has either taken possession of the real estate or has started to make valuable improvements on it.
a. True
b. False

Sales contracts containing unconscionable clauses are void and unenforceable.
​a. True
b. False

Which of the following is not a right conferred on the owner of an equity security?
a. The right to title to a proportionate share of the corporation’s property
​b. The right to participate in control of the corporation
c. The right to participate in the earnings of the corporation
d. The right to participate in the residual assets of the corporation upon dissolution

The federal Constitution provides that federal statutes and treaties are paramount to state constitutions.
​a. True
b. False

Jerry received a bill for $300 from Johnson for a tune-up Johnson had performed on Jerry’s car. Jerry called Johnson and told him, “The car runs no better now than before the tune-up. I am sending you $100 and no more.” Johnson received the $100 check which was marked “paid in full” and cashed it. Jerry is still liable to Johnson for $200.
a. True
b. False

The Fair Labor Standards Act would concern which of the following?
a. Working hours for a fifteen-year-old
​b. Overtime pay for managers
c. Attorney fees
d. Overhead charged on contracts

The Securities Enforcement Remedies and Penny Stock Reform Act of 1990 gives the SEC power to issue cease and desist orders and to impose criminal fines up to $1 million.
a. True
b. False

If all milk producers in the area agree to set a minimum price for raw milk, this would be an example of:
a. horizontal allocation.
b. vertical market restraint.
​c. horizontal price fixing.
d. a tying arrangement.

A new NAAQS does not require each state to submit an SIP.
​a. True
b. False

Edie telephoned the office supply store and agreed to buy a dozen boxes of CDs at $23 each. She then realized what a good buy this was and called the store with a request to modify the contract to read two dozen boxes. What is the consequence?
a. The modified contract is unenforceable.
​b. The modified contract is void.
c. The modified contract is valid and enforceable.
d. There is no consideration, so the contract is void.

Mom and Carolyn own a farm as joint tenants. When Mom dies, her share will pass to:
a. Carolyn.
b. her heirs.
c. her beneficiaries.
​d. Carolyn’s heirs.

A few states, either by statute or court ruling, recognize a duty on the part of a minor to make restitution to the seller upon disaffirmance of a contract.
a. True
b. False

Which of the following statements about corporate dissolution is incorrect?
a. A creditor cannot force a corporation into dissolution.
b. A corporation will be dissolved if all shareholders vote to do so.
c. A Secretary of State may start an administrative proceeding to dissolve a corporation for failure to pay taxes.
​d. A shareholder may petition a court to dissolve a “deadlocked” corporation.

Under the Competitive Equality Banking Act, a nonlocal check must clear in no more than four intervening business days.
a. True
b. False

a. What is a fee simple?
b. What is a life estate?
c. If Maurice grants a life estate to his wife, what interest does he retain? Explain.

Replevin is an action at law to recover specific goods in the possession of the defendant which are being unlawfully withheld from the plaintiff.
a. True
b. False

What is the Council on Environmental Quality?

Identify the federal commercial and fiscal powers and give the source in the Constitution where the power is granted to the federal government. Explain what is meant by each.

a. Interest in land created by a written document that provides security for payment of the debt.
b. An interest that is legally protected.
c. Identical goods belonging to different people are so commingled (mixed) that the owners cannot identify their own property.
d. Document issued by a carrier to a shipper as a receipt, evidence of the carriage contract, and a document of title.
e. The temporary transfer of possession of personal property by one party to another.
f. A security interest by possession.
g. Absolute ownership of real property.
h. An addition to or revision of a will executed with all the formalities of a will.
i. Co-ownership with the right of survivorship.
j. The right to remove natural resources from the land of another.
​k. Permission to use land of another.
l. Ownership of real property for an indefinite time or for the life of a person.
m. The principal method of public control over private land use.
n. A formal document transferring an interest in land.
o. The acquisition of title to land by open, continuous, and adverse occupancy for a statutorily prescribed period.
p. The power of a government to take (buy) private land for public use.
q. Private restriction on property contained in a conveyance.
r. The transfer of legal title to property to one party for the use, enjoyment, and benefit of another.
s. A written instrument executed with the formalities required by statute whereby a person makes a disposition of his property to take effect after his death.
t. The court’s supervision of the management and distribution of a decedent’s estate.
u. The person named in the will and appointed by the court to administer the will.
v. A contractual arrangement that distributes risk of loss among a large number of members.
w. Transporter that offers its services and facilities to the public for remuneration.
x. The failure of an applicant for an insurance to disclose material facts that the insurer does not know.
y. Intentional relinquishment of a known right.

1>confusion
2> bill of lading
3> zoning
4> freehold estate
5>trust
6> bailment
7> joint tenancy
8> waiver
9> concealment
10> codicil
11> pledge
12>common carrier
13> license
14> deed
15>profitàprendre
16> fee simple
17> probate
18>eminent domain
19>mortgage
20> insurance
21> adverse possession
22> restrictive covenant
23> executor
24> will (testament)
25> property

What interests of an injured party are protected by contract remedies?

Explain what the parol evidence rule is and when it is used.

Cheryl is a 17-year-old high school student who was elected homecoming queen and does part-time modeling to earn money for college. She has an important interview with a modeling agency and wants to make a good impression, so she withdraws $5,000 from her savings and buys a designer outfit and a fur coat for the interview. A week later, she returns the coat to the department store and says she would like her money back. The store is reluctant to take the items. What are Cheryl’s rights? Explain your answer, citing relevant law.

What is the basis for an accountant’s potential criminal liability in rendering professional services?

Hubert bought heavy-duty, sharp hedge clippers to trim the hedges in his yard. In the process of using the clippers, he severely cut his hand. He is now suing the manufacturer on the basis that the clippers are unreasonably dangerous. Can he recover? Explain.

An increasing number of Americans enjoy French truffles and are willing to pay a premium price for the product. If the three leading French truffle firms meet in Paris and decide to raise prices in the American market by 15%, does this act violate the Sherman Act?

Describe how a criminal case is commenced and how it proceeds through the court system. What are the various stages in the proceeding? Be sure to use the correct terminology.

Compare and contrast a criminal case with a civil case. Be sure to use the correct terminology.

Thomas borrowed $100,000 from First Bank, which asked that he both put up collateral and provide a surety.
Consequently, Thomas provided the bank with a security interest in his antique car collection and asked Victor to act as a surety. Victor agreed to do so and signed a surety agreement with the bank. Thomas made several payments on the loan and then asked First Bank for permission to sell three of his cars. First Bank agreed, but it never notified Victor of the sale of the collateral. Thomas then defaults on the loan. First Bank now wants Victor to pay the remainder of the loan. Must Victor pay? Explain.

What are wholesale funds transfers? What governs these transfers?

Richard agrees to supply Henry with all his needs of specially made shampoo for Henry’s beauty salon. Henry believes that Richard is a representative of a famous hair products company, but he finds a letter to a competitor written by Richard two days before the agreement is signed proving that Richard is a fraud. Richard says that this letter may not be admitted to court since the contract is wholly integrated. Is he correct?