A ________ patent may be obtained for the ornamental nonfunctional design of an
item.
A) design
B) process
C) method
D) utility
If a limited liability partnership fails, ________.
A) the general partner alone is liable for all the debts and obligations of the partnership
B) the general partner alone is liable for debt equal to his or her capital contribution
C) all the partners are liable for all the debts and obligations of the partnership
D) all partners are liable for debts that amount to their capital contribution
________ is a rule that states that a minor is obligated only to return the goods or
property he or she has received from the adult in the condition it is in at the time of
disaffirmance.
A) Duty of restoration
B) Duty of restitution
C) Infancy doctrine
D) Emancipation doctrine
The termination of an agency contract in violation of the terms of the agency contract is
referred to as ________.
A) termination by an unusual change in circumstances
B) termination by impossibility of performance
C) termination by operation of law
D) wrongful termination
Which of the following does the E-SIGN Act provide?
A) Electronically signed contracts cannot be denied effect because they are in electronic
form.
B) Electronic records can be sent to consumers who make a purchase, without their
specific consent to receiving the record.
C) It defines which technologies should be used to create a legally binding signature in
cyberspace.
D) Only smart card verification creates a legally binding signature in cyberspace.
Which of the following describes future interest?
A) an interest in real property that involves actual and current possession
B) an interest in an estate that represents the highest form of ownership
C) an interest in real property that has been sold or permanently transferred to a third
party
D) an interest in real property that a grantor retains for himself or herself or a third party
The ________ doctrine is considered to be a primary defense to Section 7 of the
Clayton Act.
A) Noerr
B) Colgate
C) failing company
D) conscious parallelism
Which of the following is a similarity between the doctrines contributory negligence
and comparative negligence?
A) Both doctrines pertain to plaintiffs who contributed to his or her own injuries.
B) Both assess liability to be proportionate to the degree of fault of each party.
C) Both disallow the plaintiff from recovering damages from the defendant.
D) Both prevent the defendant from recovering damages from the plaintiff.
Jill wins a lawsuit against Terry in the Wyoming state court. The court passes a
judgment for Terry to pay $20,000 to Jill. Immediately after the case is settled, Terry
moves to Colorado, where she owns a house, and refuses to pay Jill the money. Which
of the following is the best course of action for Jill?
A) file a lawsuit against Terry in a Colorado state court to enforce the Wyoming court
judgment
B) file another case against Terry in the Wyoming state court to collect the money
against Terry’s property
C) file a case against Terry in Wyoming to force Terry to sell her house in Colorado to
pay the money
D) file a case in the Colorado federal court as this qualifies as a federal question case
________ is a Dialogue Partner country of ASEAN and meets regularly with ASEAN to
discuss regional and economic issues.
A) The United States
B) The United Kingdom
C) Japan
D) South Korea
________ is a term that denotes the return of goods or property received from the other
party to undo a contract.
A) Rescission
B) Recession
C) Restitution
D) Retribution
________ is the right of a seller to demand the return of goods from the buyer under
specified situations.
A) Right to dispose of goods
B) Right to recover damages
C) Right to recover purchase price
D) Right to reclaim goods
Which of the following is true of how legal precedent is used between courts of
different states?
A) Courts of a state cannot cite the judicial decisions of courts of another state in its
decisions.
B) Courts of a state must always follow precedent set from courts of another state for
similar cases.
C) Courts of a state can use precedent from courts of another state as a form of
guidance.
D) Courts of a state cannot challenge the precedence of courts of another state.
Under the UCC, value is given if the holder ________.
A) detects an unauthorized signature
B) performs the agreed-upon promise
C) takes an instrument in good faith
D) notices that the instrument is defective
Which of the following is true of the certification mark?
A) Its use is restricted to members within the organization owning the mark.
B) It is usually owned by a nonprofit association or organization.
C) It requires its holders to meet certain standards set by parties outside the
organization.
D) It identifies membership in an organization but does not identify goods or services.
A ________ must be filed within a prescribed time, usually within 60 or 90 days, after
judgment is entered.
A) declaratory verdict
B) summary judgment
C) notice of appeal
D) stay of execution
The secretary of state can obtain administrative dissolution of a corporation if it
________.
A) failed to file an annual report
B) procured its articles of incorporation through fraud
C) has already received a decree of dissolution from a court
D) is incorporated in only one state
A restraint of trade in which two or more competitors at one level of distribution agree
not to deal with others at another level of distribution is known as ________.
A) group boycott
B) resale price maintenance
C) price fixing
D) market sharing
In a lease transaction, title to the leased goods remains with the ________.
A) lessor
B) lessee
C) seller
D) buyer
The ________ is a federal statute that permits a complainant to file an employment
discrimination claim against an employer within 180 days of the most recent paycheck
violation.
A) Civil Rights Act of 1968
B) Title II of GINA
C) Civil Rights Act of 1964
D) Lilly Ledbetter Fair Pay Act
If a person employs an architect to design the layout of his or her own home, it would
constitute a(n) ________ relationship.
A) employer-employee
B) principal-independent contractor
C) principal-agent
D) agent-independent contractor
If Alice”Bob’s daughter”reads emails stored in Bob’s personal email folder, she has
violated the ________ and is liable for prosecution.
A) UCITA
B) ACPA
C) ECPA
D) ICANN
What is the distinguishing characteristic that makes a contract a formal contract?
A) it requires a signature by both parties
B) it requires the contract to be orally agreed upon
C) it requires a special form or method of creation
D) it addresses all possible scenarios in the contract
The state of Transas has set a maximum interest rate of 12 percent on loans. Matt
borrows $10,000 from Tony to pay off a gambling debt. Both are residents of Transas.
They sign a contract which states that Matt would have to pay $15,000 as interest in one
year to pay off the loan. Later Matt finds out the state usury limit and sues Tony. What
is the nature of the contract between Matt and Tony?
A) It is illegal as it violates gambling statutes.
B) It is legal as both parties were competent when the contract was signed.
C) The contract is void as it violates usury laws.
D) The contract is void as it is a contract to commit a crime.
The ________ is a model act passed in 1949 that includes comprehensive laws that
cover most aspects of commercial transactions.
A) Gramm-Leach Bliley Act
B) Sarbanes-Oxley Act
C) Uniform Sales Act
D) Uniform Commercial Code
Na Li is a South Asian immigrant in New Jersey who was divorced by her husband
after 34 years of marriage. Na Li can proficiently converse only in her native language.
She lacks any employable skills and has been restricted to her home throughout her
marriage and childbearing years. She has two children who are employed in different
cities. Na Li also suffers from a mild but prolonged depressive disorder called
dysphoria. Na Li qualifies for ________ considering her situation.
A) child support
B) temporary alimony
C) rehabilitation alimony
D) permanent alimony
Employees who choose not to strike or return to work after joining the strikers for a
period of time are known as ________ workers.
A) locked-out
B) wildcat
C) borderline
D) crossover
The equitable doctrine of ________ obligates a minor to only pay reasonable value for
goods or services received.
A) emancipation
B) restraint of contract
C) contract of adhesion
D) quasi-contract
Which of the following would contain the term “no-arrival, no-sale” in their contract?
A) shipment contract
B) destination contract
C) lease contract
D) consignment contract
A ________ is an order of the court that enables a government officer to seize property
of a breaching party and sell it at an auction to satisfy a judgment.
A) writ of attachment
B) writ of garnishment
C) specific performance
D) liquidation of damages
The common law of contracts governs personal property sales and leases when
________.
A) either Article 2 or Article 2A of the UCC is silent on an issue
B) the UCC places the risk of loss on a contracting party
C) disputed contracts can be enforced by the UCC
D) the contracts are not subject to the regulation of the UCC
A ________ is a situation in which one corporation is absorbed into another corporation
and ceases to exist.
A) supramajority
B) merger
C) share exchange
D) proxy
According to the UCC, an indefinite contract can be enforced if ________.
A) there is no basis for providing appropriate remedies
B) the parties intended to make the contract
C) open terms are prohibited from being read into the contract
D) additional terms are accepted in the contract