Ralph signs an instrument promising to pay a total of $10,000 to Martha in $1,000
monthly installments with the final payment being made on August 1. Ralph
unexpectedly inherits $10,000 from his aunt on May 15. Ralph may
a. not complete his $10,000 payment before August 1.
b. complete his $10,000 payment before August 1.
c. increase his monthly payments by five percent, but not more.
d. increase his monthly payments by ten percent, but not more.
Even-Flo Hydraulics enters into a contract to repair valves and fittings in Fiesta
Company’s plant. If Even-Flo breaches the contract, Fiesta can
a. do nothing but make a deal with a different service provider.
b. do nothing but temporarily suspend operations and wait.
c. file a criminal complaint against Even-Flo.
d. sue Even-Flo for damages.
Maple Products Corporation is a public company, which New Hampshire regulates and
in which Orin invests. The Sarbanes-Oxley Act of 2002 introduced direct federal
corporate governance requirements to
a. public companies.
b. private investors.
c. state regulators.
d. none of these choices.
Employees who deal with third parties are agents of their employers.
All states have intermediate appellate courts.
Liability insurance protects against liability imposed on the insured as a result of
injuries to the person or property of another.
In ethical terms, a cost-benefit analysis is an assessment of the negative and positive
effects of alternative actions on individuals.
An agency relationship must be based on an express or implied agreement that the
agent will act for principal and that the principal agrees to have the agent so act.
Territorial and consumer restrictions are per se violations.
The primary responsibility for preventing and controlling air pollution rests with the
federal government.
Under the UCC, there are no exceptions to the perfect tender rule.
A contract may include a clause stating that no damages can be recovered for a certain
type of breach.
Willful violations of the Securities Act of 1933 may be subject to civil liability, but not
criminal prosecution.
Suppliers are generally required to expect reasonably foreseeable misuses of their
products.
Once the time for performance under the contract has expired, the seller or lessor can
never exercise the right to cure.
Merchants must issue a refund within a specified period of time when a consumer
cancels an order.
ADR proceedings are always strictly regulated by federal statutes.
Future goods are goods that are not both existing and identified to the contract.
Self-defense is a defense to an allegation of both assault and battery.
The management of Sport Shoes Corporation, a U.S. firm, wants to expand into foreign
investment and employment markets. They are considering either opening their own
production facility in a foreign country or entering into a licensing agreement with a
foreign firm. What are the advantages and disadvantages of each of these courses of
action?
The federal government and the states have the same constitution.
An innocent party does not need to suffer an injury to collect damages as a result of a
misrepresentation.
According to utilitarianism, an action that affects the majority adversely is morally
wrong.