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Commercial paper includes checks that banks are ordered to pay, but not drafts in which
a third party is ordered to pay.
Members of the armed services are permitted to assign their pay.
The promisor may make a promise to pay a sum of money to the promisee for the
performance of a certain act.
There are three types of constitutional powers.
Many contracts, in which part of the consideration is forbearance, involve agreements
not to compete.
A tort, in contrast to a crime, is a violation of the rights of an identifiable individual or
business that has been wronged either intentionally or by negligence.
If a person acts as agent for more than one party with their knowledge, the agent is only
entitled to receive compensation from the first principal the agent contracted with.
Rights to land include the airspace above the land to an indefinite height, subject to the
rights of aircraft in flight that do not pose a hazard to persons or property on the land.
Whether a tenant has the right to remove fixtures at the end of the lease depends largely
on whether removing them would damage the landlords interest.
An executory contract is one in which the terms of the agreement have not yet been
fully performed.
A leasehold estate is an ownership, with the right to possess real property, subject to the
provisions of a lease.
A nuisance entails the complete taking over of another's property.
In 1994, 12 countries in Europe formed what is expected to eventually become
"Greenland," an economic and political integration of the members into the United
Nations.
An instrument payable in a foreign currency is negotiable.
Typically, architects and engineers are not licensed by states and do not need to pass
various examinations.
International law includes the study of organizations that regulate personal and
commercial activity and facilitate international trade.
Situations of wrongful possession occur when property, such as stolen goods, is
transferred without the permission of the owner.
Under the Fourteenth Amendment, if a State law discriminates on the basis of race or
national origin, or if the law infringes on a fundamental constitutional right, the state
must show that the law passes the strict scrutiny test.
Firms that conduct business on the Web are subject to the same legal restrictions as are
the traditional brick-and-mortar firms.
An endorser of an instrument cannot be released from liability.
An executed contract is one in which all terms of the agreement have been fully
performed by at least one party.
Personal service contracts are automatically assigned at the time of death.
A license gives a person the right of possession.
Under a doctrine known as strict liability, people may be liable for injuries to others
whether or not they have done something wrong.
A negative reference by an employer about current or former employees can give rise to
lawsuits including those for invasion of privacy, defamation, and negligent
misrepresentation.
The Robinson-Patman Act makes it unlawful to discriminate, directly or indirectly, in
matters involving product pricing, advertising, and promotion.
It is not possible for a code to make clear what a company expects of its personnel in
terms of the ethical dimensions of corporate policies and actions.
Pollution caused by automobiles, trains, airplanes, and so forth is called stationary
pollution.
The law regards actions on the part of minors that result in emancipation as
abandonment.
An offer may be terminated by a lapse of time.
The IRS does not improve taxpayers' understanding of tax laws.
The malpractice of a physician does not cause injury or loss to third parties, except in
cases where the physician's negligence results in the patient's death or permanent
disability.
A personal-service contract that does not call for a special skill possessed by the
deceased does not excuse performance.
The Securities and Exchange Commission acts to make certain that investors do not
violate the Securities Exchange Commission's anti-touting rules.
Personal property, such as trees or shrubbery purchased at a nursery, become real
property when they are planted.
Under the mailbox rule, an acceptance sent via the postal system or by courier is
effective when sent.
A public nuisance affects the community or the general public.
A profession in which practitioners attempt to advise their clients, who can be either
individuals or businesses, of the best ways to manage their financial affairs is known as:
A.strategic planning.
B.corporate structuring.
C.market planning.
D.financial planning.
The ____________ states that an acceptance sent via the postal system or by courier is
effective when sent.
A.mirror image rule
B.mailbox rule
C.acceptance rule
D.good faith rule
Under the ECPA, the individual must act ___ in order to commit a crime.
A.intentionally
B.negligently
C.purposefully
D.criminally
If a contract requires a person to do something he or she is already required to do, such
as obey all traffic laws, the contract is:
A.enforceable
B.not enforceable.
C.illegal.
D.impossible.
The concept of title was crucial in making determinations of the rights and
responsibilities of the parties to a contract, prior to the adoption of the:
A.Federal Trade Law.
B.Uniform Commercial Code.
C.United Trade Commission.
D.Trivial Trade Laws.
In 1992, the SEC created a computerized system, known as the Electronic Data
Gathering, Analysis, and Retrieval (EDGAR) system that allows companies to:
A.upload required information directly.
B.sell its shares to the public online.
C.make advertisements on the web.
D.register with the Federal Trade Commission.
If an employee is required to perform duties for the employer that necessitate the
exercise of judgment and discretion and that result in the establishment of a contractual
relationship between the employer and a third party, then the employee has the status of
an agent even without a:
A.formal contract of agency.
B.deed of trust.
C.stock purchase agreement.
D.joinder agreement.
The common defenses to charges of defamation are:
A.insanity and privilege.
B.truth and falsehood.
C.truth and privilege.
D.privilege and falsehood.
In divisible contracts, the law of sales provides that, "where the circumstances give
either party to a contract for sale the right to make or demand delivery in lots, the price,
if it can be apportioned, may be demanded for each lot." This is stated under which of
the following provisions of the Uniform Commercial Code?
A.UCC 2-305.
B.UCC 2-306.
C.UCC 2-307.
D.UCC 2-308.
The ECPA grants an Internet service provider (ISP) the right to __________ e-mail
messages without the subscriber's consent.
A.monitor
B.screen
C.block
D.redirect
An instruction a depositor gives to his or her bank not to pay a particular check is
known as a(n):
A.stop-payment order.
B.garnishee order.
C.endorsed order.
D.temporary protective order.
An express warranty that is made by the seller to the buyer and becomes part of the
basis of the agreement creates a(n) _________that the goods will be as promised.
A.explicit warranty
B.implicit warranty
C.contingent contract
D.specialty contract
An item of commercial paper containing the key words of negotiability, such as "pay to
the order of," or their equivalent, is a(n):
A.price quotation.
B.grade instrument.
C.order instrument.
D.bill of lading.
Trade among nations remains a vital ingredient to the economic health of the world's
population. While countries are sovereign and create and interpret their own sets of
laws, the goal is that trade be governed by:
A.nongovernmental organizations.
B.international organizations.
C.trade unions.
D.transnational institutions.
A memorandum must include all of the following to satisfy the Statute of Frauds,
except the:
A.family details of the parties.
B.names of the parties.
C.purpose of the agreement.
D.signatures of the parties.
For title to pass by estoppel, the purchaser needs to prove all of the following EXCEPT
that:
A.the purchase was made in good faith.
B.the purchase was made from one with rightful possession.
C.no consideration or value was given by the buyer.
D.the value was given by the buyer for which he now claims ownership.
Design patents are granted for a period:
A.less than 20 years.
B.from 20 to 30 years.
C.from 30 to 40 years.
D.from 40 to 50 years.
All the following conditions release an endorser from liability EXCEPT:
A.any act that completes the negotiation of the instrument, such as payment.
B.the release of a prior partys obligation or the release of the debtor
C. the intentional cancellation of the endorsers signature by the holder
D.an invalid tender of payment by a prior party.
A person cannot be compelled to speak or to write in order to avoid a(n):
A.void agreement.
B.voidable agreement.
C.binding agreement.
D.illegal agreement.
Offers are terminated for all of the following reasons EXCEPT:
A.lapse of time.
B.revocation.
C.rejection.
D.silence.
The tort of trade libel deals with:
A.an individual's title to property.
B.the quality of a firm's research activities.
C.spoken defamation of a company.
D.written defamation relating to a firm's employees.
In the event that the intent of the parties with regard to the passage of title is unclear,
title passes at the moment when the parties:
A.rescind the contract
B.petition the court for approval of title passage.
C.unconditionally agree to sell.
D.conditionally agree to enter into a contract
If a program, such as a complex accounting and budgeting program, is highly
specialized and not intended for wide distribution, it would likely be considered a
___________.
A.copyrighted program.
B.patent.
C.trade secret.
D.trademark.
In a bankruptcy, the assets and contracts of a bankrupt person or business will be
assigned to:
A.the party to the contract.
B.the court.
C.the trustee.
D.the creditors.
The process in which a legitimate Web site is reproduced in order to fool users into
thinking that they are connected to a trusted site is known as:
A.spoofing.
B.phishing.
C.crunching.
D.frothing.
The federal and state governments enact numerous statutes and rules to reduce
unreasonable risks of injury and death associated with:
A.safety products.
B.manufacturer products.
C.retailer products.
D.consumer products.
A person who has wrongfully taken, detained, or illegally assumed ownership has
committed the tort of:
A.libel.
B.defamation.
C.slander.
D.conversion.
A written note or letter in which one person promises to pay a certain amount of money
to another at a definite time is known as a:
A.cashiers check.
B.promissory note.
C.certified check.
D.demand draft.
All the following speeches may be limited or silenced under the First Amendment
EXCEPT:
A.speech that incites imminent danger.
B.political or religious speech.
C.child pornography.
D.speech that is defamatory.
Property is considered to be mislaid, rather than lost, when the property is intentionally:
A.left in a certain place and then forgotten.
B.given to a third party.
C.offered to an agent.
D.discarded and then forgotten.
________ is the act of fraudulently making or altering a note, check, draft, or some
other document, causing the financial loss of another.
A.Larceny
B.Forgery
C.Conversion
D.Robbery
In general, all of the following are requirements for a bailment, EXCEPT that the:
A.bailor must be in possession of goods.
B.bailee must intend to possess goods.
C.bailee must return identical goods.
D.actual ownership of goods is necessary.
Define "contract" and state the elements of a valid contract.
Describe the purpose and terms of a conditional sales contract.
Name the three kinds of contracts that cannot be assigned.
What is the importance of the Federal Sentencing Guidelines?
What are the various methods by which title passes?
Explain the concept and purpose of the Internal Revenue Service Test.
Discuss any two elements of malpractice.
What is the legal position of a franchisee in a private franchise agreement?
In the event of a dispute involving an oral agreement for the sum of $500, that was
entered into for a period of one year , how would the parties establish exactly what was
agreed to between them?
Describe the two executive organizational patterns of administrative agencies.
What are the major provisions of the privacy rule in the Health Insurance Portability
and Accountability Act of 1996?
Is a contract made by a person declared mentally incompetent binding? Explain.
Why is there a need for delegated legislation?
What is the difference between a third-party beneficiary and an incidental beneficiary?
Describe the rules and procedures for stopping payment on a check.
Explain mutual-benefit bailments.
Describe "usurious agreements."
