BUS LAW 73791

Type

Quiz

Book Title

Business Law with UCC Applications 14th Edition

ISBN 13

978-0077733735

March 1, 2019

The Model Rules of Professional Conduct for attorneys was established by:

A. the American Bar Association.

B. the National Conference of Commissioners on Uniform State Laws.

C. the American Lawyer's Cooperative System.

D. Congress.

If Phil finds an iPhone in the men's room at a restaurant, it is most likely ____________

and Phil should ____________.

A. lost; leave it with the restaurant manager

B. abandoned; leave it with the restaurant manager

C. stolen; personally return it to the owner

D. misplaced; leave it with the restaurant manager

Joe, driving while intoxicated, caused a traffic accident that killed a passenger in his

car. Joe may be charged with:

A. involuntary manslaughter.

B. first-degree murder.

C. second-degree murder.

D. aggravated murder.

The Daubert case involved jurisscience, the intersection of law and science, to help the

court determine a question of real or:

A. vicarious liability.

B. causation in fact.

C. duty.

D. proximate cause.

Angela asserts that HIPAA allows her to have copies of the records that result from her

psychotherapy sessions with Dr. Xenon. Angela:

A. can look through the records along with Dr. Xenon.

B. must have Dr. Xenon's permission.

C. must have Dr. Xenon's permission and can only look through the records along with

Dr. Xenon.

D. can have personal copies of these records.

To be enforceable and upheld by a court, an ADR contract clause should include all the

following standard provisions except:

A. the types of disagreements that will be submitted to ADR.

B. the ADR technique or techniques that can be used.

C. the substantive law and the procedural rules that will be followed.

D. whether both parties have sufficient insurance resources to sustain the award.

While in combat, a soldier, in front of four witnesses, made an oral will in which he

distributed personal property. Such a will was:

A. a nuncupative will, which is not valid in most states.

B. a nuncupative will, which is valid in all states.

C. a valid holographic will.

D. intestate.

The ____________ is an unstable element within the human decision making process

that emerges because the act of making a decision in a system often alters that system.

A. reflexivity principle

B. uncertainty principle

C. volition variable

D. targeted economic zone

Vega appoints Ancel, a real estate broker, to negotiate the sale of her home. The

________________ rule requires that this agreement be in writing and signed to be

enforceable.

A. Parol evidence

B. Best evidence

C. Standard construction

D. Equal dignities

A local city council enacts an ordinance that prohibits aircraft from taking off before

7:00 A.M., disturbing the city's residents. An airline whose schedule is subject to federal

regulation challenges this ordinance. Discuss the legal basis of this challenge and the

likely outcome.

Thomas invests $10,000 in the Thomas and Trudy partnership named Tremendous

Enterprise. Thomas needs $2,000 for medical expenses and insists that he is entitled to

withdraw that amount immediately from what he has invested. Trudy asserts that the

$10,000 investment is partnership property. Under the RUPA, who owns the $10,000?

A. Tremendous Enterprise

B. Thomas only

C. Thomas individually and Trudy individually

D. The $10,000 is owned by no one, but is merely a future interest of Thomas

Under the ____________, sellers must ship orders within the time promised in their

advertisements. If no time period is promised, sellers must either ship the order within

30 days or send the consumer an option notice.

A. telemarketing sales rule

B. negative option rule

C. Cooling-Off Rule

D. Mail and Telephone Order Rule

To be enforceable under the Statute of Frauds, a:

A. written contract has to be a formal, preprinted agreement.

B. written contract cannot be keystroked or scrawled.

C. sales slip or a receipt does not qualify as forms of written contracts.

D. written contract can be a notation or a memorandum.

A written contract does not have to be a long, formal, preprinted agreement. Al-though

such lengthy, preprinted forms are common in some businesses, other—less formal

written—documents are frequently used to show that a contract exists, e.g., a letter,

sales slip and receipt, notation, or memorandum.

Which of the following is a rule recognized by the Restatement of Contracts?

A. The incompetent party must return all consideration even if the other party knew

about the person's impairment.

B. If a contract is executed, the impaired party can void the contract without returning

the other party to the place he/she was in before.

C. A person's contractual obligations are partially voidable depending upon the severity

of his/her mental and physical health.

D. A person's contractual obligations may be voidable if that person suffers from a

mental impairment that prevents him or her from acting in a reasonable manner.

To submit a shareholder proposal, a shareholder must have owned (for the past year)

__________ percent or __________ in market value of the voting stock of the

corporation.

A. 5; $5,000

B. 3; $1,000

C. 1; $2,000

D. 1; $5,000

A(n) ____________ is a corporation where the outstanding shares of stock and

managerial control are held by fewer than ____________ shareholders.

A. S corporation; 25

B. close corporation; 50

C. alien corporation; 50

D. shell corporation; 100

Which of the following is true of survival statutes?

A. It allows suits to be brought for libel after the death of a defamed person.

B. It preserves the right to bring a lawsuit only if the death is caused by negligence of

the defendant.

C. It can only be brought by family members who have lost the support of the deceased.

D. It preserves the right to bring a lawsuit for personal injuries, no matter what caused

the death(s).

Petra Voinovich, 64, lost her job when the subsidiary she worked for was disbanded by

Hypersonic Enterprises, the parent corporation. All of the employees who were laid off

were promised preferential treatment for other jobs at Hypersonic. Voinovich applied

for over 35 jobs. She was never rehired. The reason given was that she was

overqualified. Voinovich believed that she could bring an age discrimination suit under

the ADEA. Was she correct? Explain.

Under the RUPA, a partnership:

A. has continuity of existence.

B. is considered an entity in all situations.

C. is no longer viewed as an aggregate in relation to liability.

D. has no liability for the obligations made by its partners.

____________, a form of ADR, combines the best aspects of ____________ and

____________.

A. Med-ENE; reg-neg; ENE

B. Neg-arb; negotiation; arbitration

C. Med-arb; mediation; arbitration

D. Med-arb; ENE; a private civil trial

Henry owns a movie production house which is represented by a BigLaw Firm. He also

owns a shipping agency which is represented by Chase Bank. The agency relationships

will be terminated by the bankruptcy of which of the parties?

A. The bankruptcy of Henry will terminate the agency relationship.

B. The bankruptcy of the law firm will terminate the agency relationship.

C. Both Henry and Chase must be bankrupt to terminate the agency.

D. The bankruptcy of the movie production house will terminate the agency

relationship.

Vivian, owner of Titan Corp., uses Titan Corp. as a way to order merchandise for her

personal benefit and fails to pay for the merchandise. Creditors who have shipped

merchandise to Titan want to sue Vivian personally. Which of the following legal

doctrines would allow a personal suit against Vivian?

A. Corporation by estoppel

B. Piercing the corporate veil

C. De facto corporation

D. De jure corporation

Which of the following is an advantage of a sole proprietorship?

A. The owner of a sole proprietorship has no liability.

B. The owner of a sole proprietorship has complete control over the business.

C. The sole proprietorship's existence does not depend entirely upon the sole proprietor.

D. Owners of sole proprietorships can raise a lot of cash quickly for expansion

purposes.

Tammy's ATM card is stolen. If she notifies the issuer of the card of the theft within two

business days of theft, Tammy will be liable for ____________ of unauthorized use.

A. $50

B. $100

C. $500

D. $1,000

Jackson Motors tells Sue, a consumer, that Bliss Automobiles are made with metal

bodies when they are in fact made of fiberglass. This would be considered a(n):

A. fraudulent misrepresentation.

B. sales puffery.

C. bait-and-switch scheme.

D. act of dunning.

Donita, 34, and Terry, 25, enter into a contract which stipulates that Donita will allow

Terry to occupy her apartment for six months, beginning next month. Terry has agreed

to pay a rent of $100 per month. Discuss the elements that make this contract legally

binding for Terry and Donita.

____________ coverage permits a driver to buy optional coverage, such as personal

injury insurance, that would allow him or her to receive payment without bothering to

determine fault.

A. Comprehensive

B. Add-on

C. Threshold

D. Collision

Mathew made his will, leaving his estate to his only son, Andrew. Two years later, he

felt inclined to leave $100,000 toward a new old age home under construction in his

locality. Mathew may make this bequest:

A. by executing a codicil.

B. by adding the bequest to the original will and initialing it.

C. by writing the bequest on a separate sheet and affixing it to the original.

D. by executing a durable power of attorney.

If Samantha believes that the primary way to judge whether an action is right or wrong

is to use quantification as the primary tool for determining value, she would believe in:

A. market value ethics.

B. social contract theory.

C. utilitarianism.

D. natural law.

Betty, the manager of The Great Retail Store, purchases a variety of merchandise on

credit. When Betty quits, what notice must The Great Retail Store provide to its

creditors?

A. The Great Retail Store can send a notice to all businesses in Betty's area.

B. The Great Retail Store should place a classified advertisement notice in a newspaper

of general circulation.

C. The Great Retail Store should send an actual notice to parties Betty has done credit

business with and place an advertised notice in a newspaper of general circulation to the

rest of the public.

D. The Great Retail Store is not required to provide a notice to anyone.

After betting $4 million on the outcome of a professional baseball game, Jake wants to

make sure that he does not lose his money. He enters an agreement with a team's

starting pitcher. The pitcher agrees to throw "fat" home run balls to the other team's

batters in exchange for $75,000 from Jake. The pitcher gives up 10 home runs in the

first three innings and his team loses the game. Jake refuses to pay him the $75,000

they agreed upon in the contract. If the pitcher sues Jake for breach of contract, which

of the following is most likely to be the court's ruling?

A. The contract is divisible and the court will award the pitcher damages for the legal

sections of the agreement.

B. The parties are in pari delicto and the court will refuse to award the pitcher any

damages.

C. The pitcher can be declared less guilty of premeditation and will be awarded the

damages.

D. The pitcher maintained his promise as per the contract and hence, Jake will have to

award the consideration.

In the case of ____________, the United States Supreme Court decided that it was

possible to define and patent a life-form.

A. Diamond v. United States

B. Diamond v. Chakrabarty

C. Roe v. Wade

D. Carey v. Population Services International

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