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The Uniform Commercial Code dispenses with the requirement for consideration in
contracts that involve:
A.a merchant's firm written offer of an irrevocable contract.
B.an oral discharge of a claim for an alleged breach of contract.
C.modifications on future contracts.
D.modifications to executed contracts.
A(n) ______________ filing occurs when creditors pressure the debtor to file:
A.involuntary.
B.voluntary.
C.advisory.
D.concurrent.
In a product liability lawsuit, ________ is/are often difficult to prove because the
plaintiff usually needs the opinions of expert witnesses who can evaluate whether the
defendant negligently manufactured or sold the product.
A.damages
B.duty
C.breach
D.proximate cause
A transaction in which an owner of tangible personal property transfers the property to
another party while still retaining ownership of such property is known as a:
A.bailment.
B.pledge.
C.hypothecation.
D.lease.
________ is the right of an owner of property such as plants or animals to increase in
the property. The owner of a cow, for example, owns the calves born to the cow.
A.Inheritance
B.Accession
C.Freeholding
D.Possession
The offer, once rejected by the offeree, cannot be revived or made into a counteroffer
once the communication of the rejection has been received by the:
A.offeror.
B.offeree.
C.courier authority.
D.offerees agent.
Chapter 12 bankruptcy was specifically created to adjust the debts of family farmers or
fishers who earn a(n) ____________ income.
A.large.
B.minimal.
C.bi-annual.
D.annual.
Countries that enact laws prohibiting trade with specific countries are said to be using
trade sanctions, sometimes referred to as:
A.embargoes.
B.churnings.
C.boycott.
D.tariffs.
Contracts that are shockingly unfair and unjust are known as:
A.unconscionable contracts.
B.unrequited contracts.
C.inadequate contracts.
D.contracts of adhesion.
Speech that harms a person's reputation is referred to as:
A. reflective speech.
B.obscene statements.
C.defamation.
D.deception.
A distinction between law and ethics is that legal mandates are usually more:
A.flexible.
B.precise.
C.obscure.
D.flawed.
A type of computer crime concerns _____ access to computer data.
A.intended
B.authorized
C.unauthorized
D.accidental
In 1998, an act was passed by the Congress that established a moratorium on taxing
ISPs on the services they provide to computer users. This act was called the:
A.Digital Millennium Copyright Act.
B.Securities Exchange Act.
C.Statute of Fraud.
D.Internet Tax Freedom Act.
A file that is imbedded on the hard drive of a computer, often without a person's
knowledge, that collects and stores information about the user and his or her behavior,
including the Web sites that have been visited, is known as a:
A.spoof.
B.cookie.
C.crunch.
D.froth.
An agreement that may be rejected by one of the parties for a legally acceptable reason
is a(n):
A.implied contract.
B.void contract.
C.voidable contract.
D.valid contract.
When a sales contract provides that specific conditions must be met after title has
passed, it is said to contain a condition:
A.that is not legal.
B.subsequent.
C.simultaneous.
D.of no consequence.
Some developers of commercial software have attempted to protect against pirated
copying by claiming that the program is a:
A.copyrighted program.
B.patent.
C.trade secret.
D.trademark.
At times, employees may engage in a______________, that is, a strike without the
union's consent, or a slowdown, wherein employees report to work but intentionally
decrease their productivity.
A.secondary boycott
B.featherbedding
C.lockout
D.wildcat strike
To attain economic results, such as protecting domestic industries or facilitating the
production of certain crops, at times a country will impose a(n):
A.embargo.
B.tariff.
C.boycott.
D.trade sanction
A legally enforceable contract will not be enforced if it:
A.is impossible to fulfill.
B.is inconvenient to fulfill.
C.is difficult to fulfill.
D.poses unforeseen expenses.
Whenever one person turns over property to another with the understanding that certain
work is to be performed on the property, a ___________ for work and services is
created.
A.promise
B.pledge
C.bailment
D.mortgage
The tort of slander is the spreading of damaging words or ideas about a person,
directly or indirectly, in all other forms not considered _______.
A.defamation.
B.libel.
C.an intentional tort.
D.negligence
A demand instrument such as a note or check must be presented for payment:
A.within the date mentioned in the instrument.
B.within a reasonable time after the date of issue.
C.at any time after the instrument is issued.
D.immediately after the date of issue.
The person against whom a lawsuit is brought or who is charged with a violation of the
law is called a ______.
A.defendant
B.plaintiff
C.judgment debtor
D.decree holder
Legally, property other than land, including both tangible property and intangible
property, is considered:
A.real property.
B.personal property.
C.static property.
D.transient property.
A _________ provides a safe means of transferring money and serves as a receipt when
paid and canceled by the bank.
A.check
B.non-negotiable note
C.bond
D.promissory note
The determinations reached at a hearing conducted by an administrative agency:
A.cannot be appealed through the regular court system.
B.can be appealed through the alternative dispute resolution system.
C.can be appealed through the regular court system.
D.can be appealed only through in-house dispute resolution system.
An exchange of promises made by persons planning to marry is known as a(n):
A.arranged agreement.
B.self-arranged agreement.
C.mutual agreement.
D.prenuptial agreement.
A person who renounces an obligation to pay on a(n)__________________ cannot be
sued until after the due date of the first payment on the note.
A.destination contract
B.promissory note
C.equitable note
D.escrow agreement
The person who is expected to pay a draft or check must be named or otherwise
indicated in the instrument with reasonable certainty for the instrument to be
considered:
A.void.
B.negotiable.
C.voidable.
D.unenforceable.
At the federal level, the executive branch is headed by the___________.
A.mayor.
B.president.
C.senator.
D.governor.
In some states the minor may avoid the contract even if he or she falsely represented
himself or herself as:
A.being of age.
B.a minor.
C.being under force or duress.
D.being bankrupt.
A public nuisance is created when the nuisance impacts ___________.
A.private property
B.personal property
C.intellectual property
D.public property
An advance directive only takes effect when the individual becomes incapable of
making treatment decisions that, in some states, must be confirmed by at least two
__________.
A. licensed physicians.
B. licensed attorneys.
C. family members
D. next of kin.
