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The statement, "You will have a job with Snelling & Snelling as long as you complete
your degree in business administration this May does not create a condition because it
does not include the phrase "provided that.
a. True
b. False
There are two types of commercial paper: express and implied.
a. True
b. False
_______ is the belief that some acts are always right or always wrong, whereas ______
is the belief that a decision may be right even if it is not in keeping with our own ethical
standards.
a. Moral universalism; moral relativism
b. Moral relativism; moral universalism
c. Utilitarianism; deontological ethics
d. Deontological ethics; utilitarianism
Some contracting parties are intentionally vague in contract terms.
a. True
b. False
Which of the following is NOTguaranteed under an implied warranty?
a. The goods are free of hidden security interests.
b. The goods are free of a rightful claim of copyright, patent, or trademark
infringement.
c. The goods are merchantable.
d. The goods may be returned for a refund or replaced in the event of any defect.
Liquidated damages are not permitted under the UCC.
a. True
b. False
Noncompetition agreements are
a. more common today than they were in the past, although policy issues they raised in
the 1700s have never gone away.
b. now illegal, as they violate antitrust laws.
c. infrequently litigated.
d. relatively recent developments, first used following the Great Depression in the
United States.
A _______ is a ruling by the court that no trial is necessary because there are no
essential facts in dispute.
a. default judgment
b. long-arm statute
c. federal question
d. summary judgment
The UCC looks solely upon "title" to determine ownership in goods.
a. True
b. False
Federal jurisdiction based upon a "federal question" includes cases based on all of the
following EXCEPT
a. the United States Constitution.
b. a federal statute.
c. a federal treaty.
d. diversity.
Shortly after Brian started to work at Trevit, Inc., a co-worker, Ann, began asking him
out. Brian said no. Nevertheless, Ann persisted. One day Ann playfully but intentionally
touched Brian "below the belt. Which statement is correct?
a. Ann defamed Brian.
b. Ann committed the tort of trespass.
c. Ann committed the tort of interference with a prospective advantage.
d. Ann committed the tort of battery.
Angelina owned a lot near a lake. Although she never had permission from the owner of
the adjoining land, each weekend when she camped on her lot she crossed his land to
take her boat to the boat ramp at the lake. If Angelina continued this use of her
neighbors land for the number of years required by local statute, she would have
a. created a "profit.
b. an easement by prescription.
c. a grant easement.
d. a license to use her neighbors land.
Which of the following is TRUE regarding an open price term?
a. It makes the contract unenforceable.
b. The price may be fixed by the seller.
c. The price is the "reasonable" price at the time of delivery.
d. The price is set by the buyer.
Taking a personal property without paying for it is a common type of larceny.
a. True
b. False
Under what circumstances might the court reject a debtor's Chapter 13 plan?
a. The plan requires future earnings to pay off debts.
b. The plan promises to pay all secured and priority claims.
c. The plan anticipates paying the unsecured creditors less than what they would get
under Chapter 7.
d. The plan treats all unsecured classes equally.
Al contracted to sell his house to Bev. Subsequently, they both changed their minds and
agreed to cancel the contract. The contract between Al and Bev is discharged by
a. full performance.
b. rescission.
c. accord and satisfaction.
d. novation.
Tracy is an employee of Zebra Toy Company and both parties are free to terminate her
employment at will. One afternoon she has lunch with a friend who works in marketing
for her company's biggest competitor, Tiger Toys. Over a period of about three months,
Tiger Toy representatives convince Tracy to work with them. Tiger offers a larger base
salary with bigger commissions than she had with Zebra. When Tracy leaves Zebra, it
sues Tiger Toys claiming it intentionally interfered with a contractual relationship. Will
Zebra Toy Company be successful?
The difference between an inter vivos gift and a gift causa mortis is that the inter vivos
gift is made during the donor's lifetime and a gift causa mortis is a gift is made after the
donor's lifetime by the donor's estate.
a. True
b. False
A baseball team ordered 500 wooden baseball bats from Bats, Inc., for delivery on June
1. On May 15, the ball team received 500 aluminum bats instead of the wooden ones.
As of May 16, Bats, Inc.
a. may cure before June 1.
b. has breached the contract and is liable for damages.
c. has breached the contract only if the baseball team rejects the goods.
d. may cure if the baseball team gives Bats, Inc. permission to do so.
The 1933 Act exempts all but which of the following from its registration requirements?
a. Short-term notes
b. Treasury stock
c. Government securities
d. Annuity contracts
According to your text, the biggest change in litigation in the last decade has been
a. an explosive rise of electronic discovery.
b. a decrease in the use of discovery.
c. the replacement of interrogatories with depositions.
d. the use of juries in appellate courts.
Which of the following is NOT considered a major life activity for the purpose of
determining if a person has a disability?
a. eating
b. reading
c. sexual activity
d. sleeping
Elizabeth worked as a salesperson in a carpet store. She was in the midst of divorce
proceedings and needed some money. Elizabeth sold her wedding ring. Elizabeth is
considered a merchant with regard to the sale of the ring.
a. True
b. False
How does unethical behavior in an organization affect its workforce?
a. It instills fear in employees making them more productive.
b. It helps workers focus on the goal of profitability.
c. It creates a workforce that is more informed and therefore, motivated.
d. It creates a workforce that is cynical and resentful.
Individual debtors are allowed to keep some assets in a Chapter 7 bankruptcy.
a. True
b. False
John Stuart Mill believed that a correct decision was one that maximizes overall
happiness and minimizes overall pain, thereby producing the greatest net benefit. This
is the principle behind
a. utilitarian ethics.
b. deontological ethics.
c. Rawlsian justice.
d. moral relativism.
Both the Justice Department and the Federal Trade Commission have the authority to
enforce antitrust laws.
a. True
b. False
Which of the following is an accurate statement regarding Alternative Dispute
Resolution (ADR)?
a. It is a much slower process than litigation.
b. It keeps the parties involved talking rather than fighting.
c. It tends to be more expensive than litigation.
d. It only takes place in federal courts.
The Sixth Amendment declares that a person cannot be tried twice for the same
criminal offense.
a. True
b. False
Which of the following is NOT a component of money laundering?
a. taking the proceeds from a criminal act
b. attempting to conceal the source of the money
c. using the money to commit crimes
d. investing profits back into the company
Theresa and Bobbi bought a racecar together. They agreed to share all expenses and
split net profits equally. There was no agreement as to the duration of the partnership.
After about a year, Bobbi decided she was tired of the racing business and left the
partnership. Bobbi did not violate the partnership agreement. Theresa claims Bobbi's
leaving was wrongful. Is Theresa correct?
a. Yes, Bobbi was legally required to secure Theresa's permission before leaving the
partnership.
b. Yes, Bobbi had a legal duty to stay in the partnership until Theresa was willing to
agree to end the relationship.
c. Yes, Bobbi had a legal duty to stay in the partnership until a new partner could be
found.
d. No, in a partnership at will, a partner has the right to leave the partnership at any
time.
Which of the following statements is correct?
a. Violent street crime results in a greater monetary loss to society than white-collar
crime.
b. White-collar crime results in a greater monetary loss to society than violent street
crime.
c. Studies are not able to calculate the estimated value of white-collar crime since most
white-collar crime is never publicly disclosed.
d. Studies are not able to accurately calculate the estimated value of either violent street
crime or white-collar crime.
The Uniform Commercial Code provides that, under certain circumstances, a merchant
may be liable on a written contract, even though that merchant has NOT signed it.
a. True
b. False
Dana hires Paris to paint a portrait of her poodle, "Mack." The painting is to be done to
Dana's personal satisfaction. Upon completion of the painting, which of the following
will be true?
a. Dana may refuse to accept the painting if she really does not like it.
b. Dana may refuse to accept the painting only if a reasonable person would not like it.
c. Dana may refuse to accept the painting if she cannot afford to pay for it.
d. Dana may not refuse to accept the painting.
Orson was fired from his job behind the ticket counter at the airport. He was loudly told
to put his personal belongings into a plastic bag and was led out by security guards in
front of his co-workers and customers. His supervisor told him not to return. Orsons
employer faces potential liability for:
a. intentional infliction of emotional distress.
b. whistleblowing.
c. defamation.
d. violation of the FLSA.
