As a general rule, if an offer is to be definite and certain, it should cover the same points
as a good newspaper story: who, what, when, where, and how much.
Conversion may not involve removal, damage, destruction, or unauthorized use of
another person’s property.
Patents are issued by the Secretary of State.
If the owner of goods entrusts proof of ownership to someone in possession of the
goods, the goods cannot be recovered by the true owner from an innocent purchaser.
If a defamatory statement can be proved to be true, the person who claims that he or she
was defamed cannot recover damages.
There is only one kind of valueindividual value.
In some countries outside of the United States, it is perfectly acceptable that there will
be payments made to individuals in order to secure their business.
A tape-recorded will is just as valid as a written will.
Minors are protected against their own wrongdoing but not their own inexperience.
Anyone who is legally competent to act for himself or herself cannot delegate that legal
right to perform to another.
If a third party enters the contract as a result of a novation, the party whose rights or
duties are assumed is completely relieved of obligations.
A sales contract must be signed by the affected parties.
It is not possible for title to goods to be passed by a nonowner who does not have title.
Personal-service contracts may not be assigned because the party who hires the specific
person has a substantial interest in having only the hired person perform.
White-collar crime is the term used to describe various crimes committed by and
against businesses that typically do not involve force or violence.
A contract may prohibit either just one party or both parties from assigning or
delegating.
Under the Fourth Amendment police officers and other government officials must have
probable cause to be able to conduct a personal or property search.
During the negotiation process, a union does not have the right to ensure that the
employer bargains in good faith.
The legislative function of the Consumer Protection Agency includes the daily
operations of the agency and the establishment of general policies and objectives.
A principal is liable for the torts and crimes of the agent if they are committed at the
direction of the principal or while the agent is performing authorized duties during the
ordinary course of the agency.
Libel is the spreading of damaging statements in written formincluding pictures,
cartoons, effigies, and defamation on radio, television, and websites.
Ethical issues are not multifaceted.
The World Bank works closely with the International Monetary Fund to ensure that
developing countries have access to funds in order to stimulate their economies.
Ethics concern behavior of individuals within a society.
Offer and acceptance are essential elements of a contract.
The World Trade Organization (WTO) is responsible for overseeing the implementation
of all multinational trade agreements negotiated now or in the future.
The parol evidence rule states that any spoken or written words that are in conflict with
what the written contract states cannot be introduced as evidence in a court of law.
Transferring funds from one bank account to another, changing students’ grades in
college computer files, and crediting accounts for purchases made are not instances of
unauthorized use of computers.
When individuals learn that someone has posted an untruth about them, especially when
such untruth harms them professionally, they often attempt to hold their ISP liable.
The Securities and Exchange Commission ensures that prospective investors have
access to full and correct information about the company’s securities they are interested
in purchasing.
Under the provisions of Chapter 13 of the federal bankruptcy law, the debtor retains his
or her property, but agrees to pay back all or a portion of his or her debts with interest
over a period spanning from three to five years.
A deliberate change of an important element in a written contract that affects the
obligations of the parties is known as a material alteration.
Two types of actions by the debtor are prohibited under bankruptcy law: preferential
payment and fraudulent transfer.
A person may not postdate a check for self-protection when some act is to be completed
by the payee before the date of the check.
All of the following create the basis for product liability claims against manufacturers
and sellers, EXCEPT:
A.product flaw.
B.failure to warn.
C.guarantee.
D.design defect.
Which of the following is not subject to the doctrine of fair use?
A.Criticism
B.Education
C.Profit
D.Research
Policymakers struggle to balance the interests of business and the :
A.environment.
B.members.
C.government.
D.citizens.
The intangible right of ownership is called:
A.custody.
B.tenure.
C.title.
D.possession.
In many respects, administrative agencies are like governments within a government
because they combine:
A.legislative, executive, and judicial functions.
B.legislative, appellate, and judicial functions.
C.executive, electoral, and judicial functions.
D.legislative, executive, and appellate functions.
Federal and state laws make most forms of gambling:
A.legal
B.illegal.
C.unethical.
D.beneficial.
What provides the holder with certain rights during the period covered by the lease?
A.Leasehold estate.
B.Accession estate.
C.Conversion estate.
D. Administrator’s estates.
A fault in a product that creates a hazardous condition that causes injury is a:
A.malfunction.
B.design defect.
C.product flaw.
D.proximate cause.
A deliberate alteration made to a written contract that affects the rights of the parties
results in:
A.ratification.
B.a modification.
C.a novation.
D.termination.
The financial planner’s unreasonably excessive buying or selling of securities to
generate commission is known as:
A.churning.
B.negligence.
C.misrepresentation.
D.fraud.
In the case of newspapers, the ___________ may not recover damages unless he or she
can show that the newspaper acted with actual malice.
A.journalist
B.agent
C.individual inflicted with distress
D.defamed individual
Under Chapter 9 bankruptcy, a municipality is defined as all of the following types of
entity EXCEPT:
A.a political subdivision
B.a public agency
C.an instrumentality of a state
D.a private agency
The federal agency responsible for ensuring that advertising in the United States is
truthful is the:
A.Securities and Exchange Commission.
B.Federal Trade Commission.
C.Environmental Protection Agency .
D.Consumer Product Safety Commission.
A larger culture has a certain genre of values that are different from the values held by
employees of a corporation or by a department within a company, may be known as a:
A.macro-culture.
B.para-culture.
C.subculture.
D.cross-culture.
Emergency medical personnel, including first responders, paramedics, and other
ambulance crew, are ________to honor advance directives.
A.permitted
B. not permitted
C. required
D. trained
If a law places restrictions on economic or property interests, or if the law discriminates
on a basis other than race, sex, national origin, and related categories, the state must
show that the law passes the ____________test.
A.peer pressure test
B.rational basis test
C.intermediate scrutiny test
D.strict scrutiny test
A tort action for conversion is one way to:
A.award punitive damages.
B.attach private property.
C.replace the money or property.
D.punish the wrongdoer.
All of the following communications are offers that are obviously not made with the
intent of entering into a valid enforceable agreement EXCEPT those made:
A.under severe emotional strain.
B.in anger.
C.through electronic means.
D.in jest.
Intellectual property includes: .
A.patents and copyrights but not trademarks
B.patents and trademarks but not copyrights
C.trademarks and copyrights but not patents.
D.trademarks, copyrights and patents.
Broad classifications of illegal agreements include agreements:
A.contrary to the biblical law and other religions.
B.that have been declared illegal by a public ballot.
C.made against the security and welfare of the public.
D.that are made orally between two people.
The judicial branch of government determines if:
A.there is a need for amendment in the legislation.
B.there have been violations of the law.
C.the law is being enforced.
D.the legislatures’ intention is wrong.
All of the following are the influencing factors on both group values and individual
values EXCEPT:
A.religion.
B.wealth.
C.traditions.
D.customs.
The Uniform Commercial Code assumes there are warranties in every endorsement to
ensure the:
A. endorsement of commercial paper.
B.negotiability of commercial paper.
C.transparency of commercial paper.
D.clarity of commercial paper.
Under the Patient Protection and Affordable Care Act all individuals, unless covered by
an employer or government sponsored insurance coverage, must _______________.
A. maintain minimal essential health insurance coverage
B. maintain a living will.
C. maintain a durable power of attorney.
D.maintain life insurance.
Chapter 13 bankruptcy is sometimes referred to as a ______________________:
A.reorganization bankruptcy.
B.realignment bankruptcy.
C.recharging bankruptcy.
D.revision bankruptcy.
The authority that a third party may reasonably assume an agent possesses, despite the
fact that the agent does not actually possess such authority, is known as:
A.unlawful authority.
B.ultra vires authority.
C.apparent authority.
D.delegated responsibility.
The act of giving false information on a government form can be an example of:
A.forgery.
B.treason.
C.false pretenses.
D.perjury.
An agreement to encourage a lawsuit in which one or more parties have no legitimate
interest is:
A.a subversion.
B.champerty.
C.unlicensed.
D.a transaction.
When all parties to a contract agree to a significant change in the contract, the change is
called a(n):
A.assignment.
B.delegation.
C.execution.
D.novation.
The maker of a note or the drawer of a check or draft may deduct from the amount
demanded by an immediate party any amounts owed to him or her by the payee. This
type of personal defense is called a:
A.counterclaim.
B.simple claim.
C.commercial claim.
D.declarative claim.
_______ lack(s) the time and expertise to make the necessary rules to govern the
operations of complex areas of social and economic life, such as energy, taxation,
transportation, environmental pollution, employee safety, and communication.
A.Legislatures
B.The judicial branch
C.Administrative agencies
D.The executive branch