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Insurance agents and insurance brokers are deemed to possess superior knowledge of
insurance and to have the ability to use their expertise to protect buyers against various
kinds of:
A.losses.
B.negligence.
C.malpractice.
D.churning.
Chapter 11 Bankruptcy is mostly used by_____________:
A.partnerships.
B.sole proprietorships.
C.individuals.
D.corporations.
All of the following requirements must be met for a tender of money or performance to
be valid EXCEPT:
A.the tender must be made as specified in the contract.
B.payment must be made by check if money is mentioned in the contract.
C.when tender of payment is made, it must be for the exact amount.
D.if the contract calls for the delivery of specific goods, only the tender of these
particular goods will satisfy the contract.
A bailee in a bailment for work and services is entitled to hold and, if necessary, sell the
property if the bailor does not pay for the services or work done. This provision of law
is known as a(n):
A.bailee's lien.
B.equitable lien.
C.consignors lien
D.bailors lien.
The Securities Exchange Act of 1934 covers the trading of securities in the
_____________, defined as the place where one member of the public sells securities to
another member of the public.
A.primary market
B.secondary market
C.consumer market
D.labor market
When the UCC was written, it was intended that an unconscionable clause would apply
only to:
A.written contracts.
B. leasing an apartment.
C.the sale of goods.
D.opening a checking account.
All of the following are essential to negotiable commercial paper EXCEPT the fact that
it must be:
A.in writing and signed by the maker or drawer.
B.payable to order, to bearer, or to cash.
C.on forms provided by a bank.
D.payable on demand or at a definite time.
Contracts that involve parties of unequal bargaining power are often considered:
A.unconscionable.
B.unforgivable.
C.inadequate.
D.contracts of adhesion.
Hazardous household cleaners and substances have restrictions imposed on them by
the:
A.Food and Drug Administration Commission.
B.Consumer Product Safety Commission.
C.Federal Administrative Commission.
D.Federal Trade Commission.
Courts will generally enforce liquidated damages clauses:
A.if the specified damages amount to a penalty.
B.provided the damages specified are closely related to the actual damages.
C.if the damages specified amount to a forfeiture.
D.provided exemplary damages are deemed an inadequate remedy.
Advertising is generally regarded as a(n):
A.invitation to trade.
B.firm offer.
C.commitment to sell.
D.executory contract.
Once a minor marries, or voluntarily separates from parents or guardians, he or she
assumes adult responsibilities and is considered to have:
A.matured.
B.been emancipated.
C.abated.
D.been appended.
Environmentalists have recently turned their attention to the increased amount of 'space
junk" that is:
A.polluting the earth.
B.depleting the ozone layer.
C.falling on the earth.
D.orbiting the planet.
The threat of legal prosecution and penalties:
A.does not eliminate all unethical practices.
B.helps to eliminate all unethical practices.
C.has caused an increase in unethical practices.
D.does not make any impact on unethical practices.
The tort of trade libel is similar to:
A.scandal.
B.libel.
C.vicarious liability.
D.traditional defamation.
The Occupational Safety and Health Administration (OSHA), requires that companies
maintain records of employee work-related accidents and sicknesses and post data
regarding these __________.
A.Every month.
B.Twice a year.
C.Every February.
D.Every three months.
Personal property, such as trees or shrubbery purchased at a nursery, become:
A.real property when they are planted.
B.tangible property when they are sold.
C.real property when they are bought.
D.tangible property when they are possessed.
A state wishing to collect a sales tax must levy the tax on a:
A.buyer who resides within the state.
B.seller who resides within the state.
C.middleman who resides within the state.
D.buyer who resides outside the state.
Much of early English law and tradition concerning wills and estates were intended to
maintain a feudal system in which all land belonged to the:
A.king.
B.feudal lords.
C.businessmen.
D.priests.
The authority that has actually been given by the principal, either orally or in writing, is
known as:
A.forbidden authority.
B.foreseen authority.
C.implied authority.
D.express authority.
Many employers have employee assistance programs in place that provide opportunities
for counseling and:
A.stress reduction.
B.opportunities.
C.promotions.
D.appraisal.
The hearings conducted by an administrative agency do not provide for ___________.
A.due process.
B.the opportunity to appeal a decision.
C the ability to represented by a lawyer.
D.a jury.
In the United States, how many types of powers do the federal Constitution and state
constitutions confer on the government?
A.Eight
B.Six
C.Four
D.Two
All of the following are examples of self-regulatory standards of conduct created by
trade associations, EXCEPT:
A.telephone marketing.
B.billboard marketing.
C.marketing to children.
D.promotion/marketing.
If minors are capable of properly carrying out the duties of an agency relationship:
A.then they may be considered to represent other persons as agents.
B.they may still not be eligible to enter into a contract with an agent.
C.they may still not be considered to represent other persons as agents.
D.then they are exempted from representing other persons as agents.
A(n) __________________ has legal authority to arrange for the distribution of the
assets of a deceased person.
A.court-appointed executor
B.executor
C.administrator
D.executor or administrator
If a landlord has violated the express or implied duty to provide the tenant with quiet
enjoyment, the tenant may abandon the premises under the doctrine of:
A.actual eviction.
B.tenant eviction.
C.constructive eviction.
D.landlord neglect.
The Bankruptcy Abuse Prevention and Consumer Protection Act allows the bankruptcy
court to disallow a petition for a Chapter 7 bankruptcy if the individual filing for
bankruptcy earns an income that is __________________to meet the standards of the
means test.
A.too high.
B.too low.
C.too indefinite.
D.too flexible
______ is a promise that is generally not valid consideration and is considered a
gratuitous promise, except in cases of moral consideration.
A.Present consideration
B.Past consideration
C.A barren promise
D.An onerous contract
Crimes are classified into three groups according to the seriousness of the offense. They
are ______.
A.treason, felony and larceny
B.treason, misdemeanor and larceny
C.treason, felony and misdemeanor
D.misdemeanor, felony and larceny
A possession interest in which the lease continues for successive periods for the same
length of timeweekly, monthly, or annuallyand is automatically renewed at the end of
the period is a:
A.periodic tenancy.
B.tenancy for years.
C.tenancy at will.
D.tenancy at sufferance.
The beliefs of an individual as to what is right and wrong are called:
A.ethics.
B.religion.
C.values.
D.morals.
If the person accused of __________ had a special privilege, such as an attorney in a
court proceeding who accuses a witness of lying, then the complainant cannot recover
damages:
A.defamation.
B.false imprisonment.
C.vis major.
D.negligence.
