The Wal-Mart Stores, Inc. v. Samara Brothers, Inc. case involved which of the
following?
a. Infringement of unregistered trade dress.
b. Infringement of a registered symbol.
c. Use of a certification mark.
d. Use of a collective mark.
Generally, whether or not the parties deal at arm’s length does not affect whether silence
alone amounts to fraud.
a. True
b. False
Aileen, Jamie, and Delmer are partners in a florist shop. If Delmer engages in conduct
that makes it not reasonably practicable to carry on the business, the partnership is
dissolved by operation of law.
a. True
b. False
A charitable organization cannot be formed as a partnership.
a. True
b. False
Robert, a salesperson for Brightway Home Products, made a sales call at the Todds
house. The Todds have no duty of care toward Robert regarding the condition of their
property since Robert was not an invitee or a licensee.
a. True
b. False
Notice of a shareholder’s meeting may be waived in writing.
a. True
b. False
The principle of stare decisis gives stability to our system of jurisprudence.
a. True
b. False
An assignees assent is required for any assignment to be valid.
a. True
b. False
To determine “market share” requires knowledge of which of the following?
a. What other products are substitutable for the product.
b. Where the product is sold.
c. How much of the product is sold.
d. All of these.
The Revised Act explicitly requires a corporationss charter to authorize:
a. one or more classes of shares that have limited voting rights.
b. one or more classes of shares that together are entitled to receive the net assets of the
corporation upon dissolution.
c. Both are correct.
d. nothing. The Revised Act only recommends, not requires, the charter contents.
A ‘short-form merger” requires shareholder approval of both corporations.
a. True
b. False
All of the states have enacted statutes enabling the formation of limited liability
partnerships (LLPs).
a. True
b. False
The Code does not excuse performance based upon commercial impracticability.
a. True
b. False
Attachment must occur in order to make a security interest enforceable against the
debtor and against third parties.
a. True
b. False
A totten trust may also be referred to as a savings account trust.
a. True
b. False
The EEOC has issued a statement that affirmative action is lawful only when it is
designed to respond to a serious imbalance in the workforce; if it does, the affirmative
action must consider the rights of non-minorities or men and need not have a time limit.
a. True
b. False
The Clayton Act deals with which of the following situations?
a. Supply discrimination.
b. Tying contracts and mergers.
c. Interlocking ties.
d. Monopoly conspiracies.
Incidental damages are those that arise directly out of the breach.
a. True
b. False
Consideration is necessary in order to enforce a trust.
a. True
b. False
Dana gives care to Marnie’s dog when Dana finds Marnie’s dog ill on the side of the
road. After Marnie locates her dog, Marnie promises to reimburse Dana for the cost of
treating the dog. Marnie’s promise is binding, because there is a
bargained-for-exchange.
a. True
b. False
The concerted action requirement of the Sherman Act Section 1:
a. may be established by an express agreement.
b. is not met when a parent corporation and its wholly owned subsidiaries agree to a
restraint in trade.
c. requires factors, additional to conscious parallelism, such as identical sealed bids
from each competitor.
d. All of these
Every consensual secured transaction involves:
a. a debtor anda secured party.
b. collateral.
c. a security agreement and a security interest.
d. All of these.
Warranties in insurance contracts:
a. are of great importance.
b. may be expressly included in the contract, be clearly incorporated by reference, or be
implied.
c. may be used to avoid liability in all states, whether or not the breach of warranty is
material.
d. are becoming increasingly easy to use as a basis for an insurer to avoid liability on a
policy when an insured breaches.
Divorce or marriage will result in a revocation of a will.
a. True
b. False
James promises to pay Brooke $2,500 if she does not sue him for negligently injuring
her in a bicycle accident. If Brooke does not sue, Jamess promise to pay is binding
because it is supported by consideration.
a. True
b. False
The RUPA cannot be modified by agreement of the partners to a partnership. Its
provisions must be strictly followed in any partnership agreement.
a. True
b. False
In the Womco, Inc. v. Navistar International Corporation case, the court stated the
disclaimer of the warranty of:
a. merchantability must be written and mention the word “merchantability.
b. merchantability may be oral.
c. fitness for a particular purpose may be oral or written.
d. merchantability or fitness for a particular purpose must be conspicuous, which
requires that the disclaimer be in a larger type and a different color.
Which of the following is not a requirement of a Subchapter S corporation?
a. It must be a domestic corporation.
b. It must have no more than 50 shareholders.
c. A corporation or partnership cannot be a shareholder.
d. It may have only one class of stock.
Breach of one installment of an installment contract never gives rise to breach under the
whole contract.
a. True
b. False
Dakotas question to Austin, “Will you buy my computer for $800? is an offer to Austin.
a. True
b. False
The Federal Trade Commission was created in 1968 in response to the consumer
movement of the 1960s.
a. True
b. False
A warrant is required for a search by the police except where:
a. the police are in hot pursuit of a fugitive.
b. voluntary consent is given to the search.
c. evidence of a crime is in plain view of the police officer.
d. All of these.
All tying arrangements are per se illegal.
a. True
b. False
Under the UPA, upon termination of a firm, each partner is entitled to the return of his
capital after partnership creditors have been paid.
a. True
b. False