Mother & Daughter Jewelers breaches its lease with Longview Mall and vacates the
premises six months before the end of the term. In some states, Longview would have
to
a. avoid reletting the premises to recover damages.
b. use reasonable means to find a new tenant to mitigate dam-ages.
c. relet the premises to recover any damages.
d. sell the premises to recover any damages.
Certain types of property are exempt from writs of execution or attachment.
a. True
b. False
The United States taxes each barrel of imported oil at a flat rate. This is
a. an antidumping duty.
b. a dumping duty.
c. a quota.
d. a tariff.
Loomis Weaving Company contracts to sell sweaters to Style Mart stores. Before the
sweat-ers are delivered, Style Mart indicates that it will not be able to pay. Loomis can
resell the goods
a. either after finishing the job (and identifying the goods), or after stopping the job.
b. only after finishing the job and identifying the goods.
c. only if Loomis immediately stops the job.
d. under no circumstances.
A quasi contract arises from a mutual agreement between two parties.
a. True
b. False
The day-to-day business of a corporation is managed by officers employed by the board
of directors.
a. True
b. False
If a voidable contract is avoided, the parties to it are released from it.
a. True
b. False
Fresh Harvest Company, which is based on Georgia, packages and sells vegetables.
Jack, who is a resident of North Carolina, buys a Fresh Harvest product, eats it, and
suffers severe food poisoning. Jack wants to file a suit against Fresh Harvest. The
diversity of citizenship between these parties means that
a. federal and state courts have concurrent jurisdiction.
b. federal courts have exclusive jurisdiction.
c. no court has jurisdiction.
d. state courts have exclusive jurisdiction.
Gayla asks Jessie to contract with Jessies high school classmates to babysit for Gaylas
new baby. Jessie orally agrees to do so. This is
a. an agency by agreement.
b. an agency by estoppel.
c. anagency by ratification.
d. not the creation of an agency relationship.
Bribing foreign officials to obtain favorable business contracts is not a crime.
a. True
b. False
The state of Illinois enacts a usury statute. The purpose is to
a. establish a maximum rate of interest that may be charged for loans.
b. establish a minimum rate of interest that may be charged for loans.
c. prevent the misuse of money advanced as loans.
d. prevent the misuse of money paid back on loans.
Killing a wild animal amounts to assuming ownership of it.
a. True
b. False
Inadvertently, Brent leaves his backpack at Chat nCoffee when he stops for coffee and
an hour of Facebook. The backpack is
a. abandoned property
b. bailed property
c. lost property.
d. mislaid property.
Brenda induces Carmen to enter into a contract for the sale of a gas station and
convenience store. Brenda tells Carmen that she is the sole owner, but their signed,
written contract lists Brendas parents as co-owners. The parol evidence rule governs
a. contracts that are induced by fraud.
b. contracts that must be in writing to be enforceable.
c. the admissibility in court of oral evidence.
d. the merging of oral and written statements into one contract.
Gilbert finds an iPad on the counter at Starbucks. He takes the iPad to the police
stations lost and found desk. The officer at the desk tells Gilbert that if the iPad is not
claimed in a certain amount of time, Gilbert can obtain title to it. This is an example of
acquiring possession by
a. an estray statute.
b. a bailment.
c. confusion.
d. production.
Jo works for Tall Tales Publishing, Inc. The basis for Jos contribution under the Federal
Insurance Contribution Act (FICA) is based on her
a. seniority at Tall Tales.
b. annual wage base.
c. special job skills.
d. county of residence
Equity is a branch of law, founded in justice and fair dealing, that seeks to supply a
remedy when no adequate remedy at law is available.
a. True
b. False
Thor Power Products Corporation permits its directors to be elected by cumulative
voting. This
a. allows minority shareholders to be represented on the board
b. assures directors that they will be selected by their peers
c. guarantees Thors executive officers of the final choice.
d. ensures against persons who may “cloud the corporate direction.
Grady enters into a contract to buy 440 acres from Hollis to expand Gradys ranch.
Hollis breaches the contract. Gradys normal remedy is
a. damages.
b. reformation.
c. rescission.
d. specific performance.
Garden Field Farms and Haute Gourmet Restaurant, Inc., enter into a con-tract for a
sale of lettuce before Haute Gourmet declares bankruptcy. Garden Field can stop
delivery of the goods in transit
a. only if the quantity is at least a carload.
b. only if the quantity is at least a planeload.
c. only if the quantity is at least a truckload.
d. regardless of the quantity.
Duffy and Elbert agree to hijack a truck carrying a load of pecans. If Duffy later refuses
to go through with the crime, Elbert can
a. enforce the agreement.
b. obtain damages from Duffy in the amount of Duffys probable share of the illegal
profits.
c. recover in quasi contract for the loss of his share of the illegal profits.
d. do nothing.
Rex, an accountant, enters into a contract to provide services to Sofi. Rex does not
finish the work within the contracts deadline. Sofi pays a penalty as a result of the
missed deadline and hires Trey to complete the job. Rex is most likely liable for
a. nothing.
b. Sofis penalty and the cost to hire Trey.
c. Sofis penalty only.
d. the cost to hire Trey only.
Elvin publishes a book titled First Place, which includes a chapter from Franks
copyrighted book Olympic Winners & Losers. Elvins use of the chapter is actionable
provided
a. consumers are confused.
b. Elvins use is intentional.
c. Elvins use reproduces Franks chapter exactly.
d. Elvin does not have Franks permission.
A registration statement must include a financial statement certified by an independent
public accounting firm.
a. True
b. False
Which of the following cannot be registered as a trade name?
a. Peach Blossom, Certified Public Accountant
b. Apples & Oranges, Investment Partnership
c. Banana Republic Clothing, Inc
d. Strawberries
In mediation, the mediator proposes a solution that includes what com-pro-mises are
necessary to reach an agreement.
a. True
b. False
A corporations officers and other executive employees are hired by corporate
shareholders.
a. True
b. False
Ordinarily, the remedy for a sellers breach of a contract for a sale of real estate is
damages.
a. True
b. False
Under the Age Discrimination in Employment Act of 1967, the plaintiff must show that
unlawful discrimination was the reason for an adverse employment action.
a. True
b. False
The person who makes a promise is the promisee.
a. True
b. False
Shasta offers to sell a used hay baler to Roberto, but receives a letter of accep-tance
from Quito, who has no relation to Roberto. A valid contract exists between
a. Shasta and Roberto.
b. Shasta and Quito.
c. Roberto and Quito.
d. none of the choices.