BLAW 47620

subject Type Homework Help
subject Pages 13
subject Words 2676
subject Authors David P. Twomey, Marianne M. Jennings

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page-pf1
Unless language or circumstances indicate the contrary, a general assignment is:
a. a transfer of property only.
b. both a transfer of rights and a delegation of duties.
c. a delegation of duties only.
d. a transfer of rights only.
Letter of credit transactions involve ______ contract(s).
a. one (1)
b. two (2)
c. three (3)
d. four (4)
Pasquale and Paul were sureties on the debt of Rose. Each had a $100,000
responsibility. Upon Rose's default, Pasquale paid $50,000 to the creditor. How much
may Pasquale recover from Paul under the concept of contribution?
a. Zero
b. $50,000
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c. $10,000
d. $25,000
An oral understanding is not binding if:
a. the services performed were not to the satisfaction of the other party.
b. the amount agreed to be paid for services rendered was not a fair and reasonable
amount.
c. the parties intended to formalize their understanding with a written agreement.
d. the understanding may be terminated at will by either party.
The U.S. Constitution is a document that:
a. is clear in allocating the rights and responsibilities of people and our government.
b. can be interpreted only according to the bedrock principles of 1776.
c. can be interpreted only in accordance with current values.
d. must be interpreted to accommodate both stability and flexibility.
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When the primary party refuses to pay an instrument according to its terms, said party
is required to give:
a. notice of nonpayment.
b. notice of dishonor.
c. notice of denial.
d. secondary party notice.
The status of a trustee in a bankruptcy proceeding is best described as the:
a. prosecutor of the debtor.
b. successor to the debtor.
c. defender of the debtor.
d. protector of the debtor.
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Counterfeiting is:
a. a federal crime only.
b. a state crime only.
c. both a federal and state crime.
d. none of the above.
Proposed administrative regulations must be:
a. printed in the Federal Register.
b. published in the trade journals of those trades that will be affected by the proposed
rules.
c. both a. and b.
d. none of the above.
When an offer has been accepted:
a. a subsequent revocation of the offer may serve to nullify the resulting contract.
b. a contract is formed, assuming that all of the other elements of a contract are present.
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c. either party may withdraw from the resulting contract without consent.
d. the acceptance is executory.
Three defenses are commonly raised to the extraterritorial application of U.S. antitrust
laws. They are:
a. act"of-state, sovereign compliance, and sovereign immunity doctrines.
b. jurisdictional rule of reason, effects doctrine, and comity.
c. foreign legislation, sovereign compliance, and comity.
d. foreign antitrust laws, sovereign immunity doctrine, and International Monetary Fund
applications.
Which of the following is not a suretyship defense?
a. statute of limitations
b. performance of the obligation by the principal debtor
c. creditor substitution of the original debtor with a new one
d. insolvency of bankruptcy of the principal debtor
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In a lease agreement, the person who owns the real property and permits the occupation
of the premises is known as the __________, and the person who occupies the property
is known as the __________.
a. lessor; lessee
b. lessee; lessor
c. grantor; grantee
d. grantee; grantor
A party to a sales contract who is afraid that the other party will not perform may seek
to gain additional confidence by demanding some form of:
a. bailment.
b. security.
c. assurance.
d. assignment.
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The statute of limitations in a tort action for malpractice runs from:
a. the date when the harm occurs.
b. the date when the harm is discovered.
c. the date when the plaintiff determines the total amount of damages caused by the
harm.
d. either the date when the harm occurs or when it is discovered, depending on the type
of damages sustained.
Frank has two interests in property. On property "X," Frank has a life estate measured
by the life of his Uncle Sal. On property "Y," Frank has a fee simple estate. Frank
wishes to transfer, upon his death, his interest in the two properties to his wife,
Samantha. Prior to Frank's executing his will, Uncle Sal dies. Frank still wishes to will
the properties to his wife, but he now is uncertain whether he has the right to do so. Can
Frank will the two property interests to Samantha?
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When a tenant remains in possession after the termination of the lease without
permission of the landlord, the landlord may treat the tenant as either a trespasser or a
tenant. Until the landlord elects to do one or the other, a tenancy __________ exists.
a. at sufferance
b. at will
c. for years
d. from year to year
The Semiconductor Chip Protection Act provides that an infringer will:
a. be liable for actual damages
b. forfeit its profits to the owners
c. both a. and b.
d. neither a. nor b.
When the statute of frauds applies and there is no written proof of the contract, the
contract is:
a. void.
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b. enforceable if there are two credible witnesses.
c. voidable by a party who has not signed.
d. illegal.
Which of the following is true?
a. An agent has the power to contract on behalf of a principal.
b. An employee generally does not have the power to contract on behalf of the
employer.
c. An independent contractor controls the work he or she performs.
d. All of the above are true.
Concerning administrative investigations:
a. agencies are severely limited by the constitutional protection against unreasonable
searches and seizures.
b. a search warrant is always required to search premises.
c. papers and records generally may be subpoenaed by an agency.
d. a person does not have constitutional protection against unreasonable searches and
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seizures.
Whatever is received upon the sale, exchange, collection or other disposition of
collateral is known as:
a. goods.
b. paper.
c. proceeds.
d. security interest.
A holder in due course must meet all of the following conditions except:
a. giving value for the instrument.
b. taking the instrument when it is overdue.
c. acting in good faith.
d. being ignorant of defenses and adverse claims.
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As a general rule, courts will __________ in recovering money or property transferred
under an illegal agreement.
a. assist a commercial buyer
b. assist a non-commercial buyer
c. assist an institutional buyer
d. not aid either party
Which of the following federal laws grants the SEC the power to suspend all trading
when markets are excessively volatile?
a. The Trust Indenture Act of 1939
b. The Market Reform Act of 1990
c. The Investment Advisors Act of 1940
d. The Remedies Act of 1990
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Normally in a franchise operation:
a. both the franchiser and the franchisee will be liable to third persons for contracts that
are breached by the franchisee.
b. only the franchisor will be liable to third persons for contracts that are breached by
the franchisee.
c. only the franchisee will be liable to third persons for contracts that are breached by
the franchisee.
d. neither the franchisor nor the franchisee will be liable to third persons for contracts
that are breached by the franchisee.
What is the purpose of a financing statement?
a. to meet UCC accounting requirements under Article 9
b. to create a security interest
c. to amend a security agreement
d. to alert third persons that a creditor has a security interest in the collateral described
Our rights flow from:
a. the Constitution.
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b. federal statutes.
c. city ordinances.
d. all of the above.
The General Agreement on Tariffs and Trade (GATT):
a. is a multilateral treaty
b. is subscribed to by the United States
c. has as its goal the liberalization of world trade
d. all of the above
Contractual capacity is the ability to:
a. read and write.
b. sign a written contract.
c. understand that a contract is being made and to understand its general nature.
d. understand the legal meaning of the contract being made.
page-pfe
A trust is invalid if a beneficiary lacks capacity.
Janet Durham orally agreed to purchase certain computer hardware priced at $10,000
from Ted Stallings. The sale of the hardware also included a one-time setup service visit
priced at $100. The total contract price amounted to $10,100. The computer hardware
was delivered and set up, and Durham paid $10,100. Afterwards, Durham discovered
that she could obtain the same goods and services from another seller for a total
contract price of $9,100. She now seeks rescission of the contract, based on the fact that
more than $500 in goods were involved in the sales transaction, that the contract
between her and Stallings was subject to the statute of frauds as a result, and that the
oral agreement between them was therefore unenforceable. Durham wants to return the
computer hardware to Stallings, and receive reimbursement of $10,000 (She is willing
to waive her claim to reimbursement for the $100 setup service visit.) Evaluate
Durham's legal position in this matter.
page-pff
In order for a work to be copyrightable, it must possess a significant amount of
creativity.
King Electronics, a retailer of video equipment, sold two DVRs to Larson, a
psychologist, for use in her professional practice, which was located in her home. The
sale to Larson was made on credit. King retained a security interest in the DVRs sold
but did not file a financing statement. Mills, another creditor of Larson, has asserted
that his lien on the two DVRs is superior to King's security interest. Is he right? As you
decide, remember to classify the DVRs as collateral in the hands of King and Larson.
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Ordinarily, a party to a contract has no duty to volunteer information to the other party.
The Securities Act of 1933 prohibits the offering or sale of securities to the public in
interstate commerce before a registration statement has been filed with the Securities
and Exchange Commission (SEC).
Manufacturers who prepare goods to the buyer's specifications are under exceptionally
stringent warranty obligations for fitness for a particular use.
The United States utilizes a tripartite division of government.
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A partnership is not dissolved by the death of a partner.
Officers and directors may be criminally liable for failure to prevent the commission of
a crime if they are found to be the "responsible corporate officers."
In an FOB shipment contract title to the goods pass to the buyer when goods are
delivered to the carrier.
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If a contract appears to be legal on its face, it will be enforceable even if it was entered
into for an illegal purpose.
You plan to enter the export market with a new product that you have just developed.
You feel that the product has great promise, but you are confused over whether you are
required to obtain an export license. Further, your brother-in-law says that he knows
someone in the Japanese government who could greatly assist you in your endeavors
for a very modest fee. Discuss this situation.
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Under the statute of frauds, an oral contract must be completed within one year after
performance begins.
The beneficiary of a life insurance policy is not subject to any policy restrictions that
had been agreed to between the insured and the insurance company.
The power of the states to adopt laws to protect the general welfare of the people is
called police power.

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