Violations of generally accepted accounting principles (GAAPs) or generally accepted
auditing standards (GAASs), or International Financial Reporting Standards (IFRSs), if
applicable, are prima facie evidence of negligence in any court action.
An orally agreed upon power of attorney is acceptable in court.
A substituted contract substitutes a new party for one of the original contracting parties.
Gregory, who looks up to the principles of Dr. Martin Luther King Jr. for ethical rules,
is an ethical fundamentalist.
For an artisan’s lien to be effective, the artisan must be in possession of the property.
If a person buys a computer, the sales contract for it would be subject to Article 2 of the
UCC.
Warehousers are subject to the rights, duties, and liability of an ordinary bailee.
Federal statutes are organized by topic into code books.
Undisclosed agencies are not lawful in the United States.
Only an established company is permitted to sell new securities to the public.
The Statute of Frauds requires real estate sales contracts to be in writing.
A sales contract requires the seller to send the goods to the buyer at a specifically
named destination.
Under the doctrine of strict liability, a plaintiff cannot recover punitive damages for
reckless conduct of the defendant.
A forged signature is wholly inoperative as the signature of a drawer.
The violation of a statute that proximately causes an injury is termed as ________.
A) disparagement
B) res ipsa loquitur
C) negligence per se
D) misappropriation
Which of the following wills is an exception to the writing rule of the Statute of Wills?
A) a reciprocal will
B) a holographic will
C) a nuncupative will
D) a codicil will
In which of these situations can an employee sue an employer to recover
employment-related injuries?
A) The employer is self-insured.
B) The employer unintentionally injures a worker covered under workers’
compensation.
C) The employee suffers an injury at work premises that is not related to work.
D) The employer intentionally injures a worker covered under workers’ compensation.
A(n) ________ election can be held without National Labor Relations Board
supervision.
A) employer-contested
B) consent
C) decertification
D) management-contested
Who is an underwriter?
A) a lawyer who represents an insurance company
B) an agent who works for only one insurance company
C) a broker who works on behalf of many insurance companies
D) an insurance company that provides coverage to the insured
The CAN-SPAM Act ________.
A) regulates spam sent internationally to Americans from other countries
B) provides a civil right of action to individuals who have received unsolicited spam
C) prohibits the messages themselves from containing graphic, sexually explicit
material
D) prohibits businesses from using spam to further their commercial interests
At what stage of the criminal procedure is the accused asked to enter a plea?
A) when the accused is being booked
B) when the accused is taken to an arraignment
C) when the accused is being arrested
D) when an indictment or information statement is being issued
In a civil case John Deer vs. Jane Doe, the judge finds that the jury was swayed by the
fact that Jane Doe was a woman when passing the verdict in her favor. Owing to this,
the judge reduces the damages awarded to Jane by $20,000. This act is called
________.
A) remittitur
B) judgment notwithstanding the verdict
C) motion for summary judgment
D) motion for judgment on the pleadings
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) Social Security Amendment
C) Uniform Sales Act
D) Uniform Commercial Code
Kenneth purchased a car from his local dealership, Quartent Cars. However, since the
car was not available in the color that Kenneth favored, the sales contract stipulated that
Kenneth could immediately pick up the car of his preferred color from a nearby
warehouse. The warehouse was owned by Mr. Henderson. Kenneth received the
document of title for the car upon payment and presented it to Mr. Henderson a week
later. But Mr. Henderson informed Kenneth that the car was damaged during a fire at
the warehouse. What role does Mr. Henderson fulfill in the contract?
A) the seller
B) the consignee
C) the bailee
D) the supplier
Nett Labs orders 30 desktop computers from iDeal, a local computer dealer. Nett Labs
requires that each computer has a 2.6 GHz processor, 500 GB hard disk, and Windows
operating system. iDeal supplies 30 desktop computers, each with a 2 GHz processor,
500 GB hard disk, and Windows operating system. Which of the following terms hold
true for iDeal’s performance?
A) complete performance
B) material breach
C) substantial performance
D) anticipatory breach
A ________ is a tenancy created when a tenant retains possession of property after the
expiration of another tenancy or a life estate without the owner’s consent.
A) periodic tenancy
B) tenancy at will
C) tenancy at sufferance
D) tenancy for years
The classical Hindu law was based on ________.
A) civil codes
B) court decisions
C) the works of private scholars
D) the canons called Torahs
The ________ is the basic governing document of a corporation which must be filed
with the secretary of state of the state of incorporation.
A) debt security
B) redeemable stock
C) certificate of authority
D) articles of incorporation
The term ________ refers to the computer and electronic technology that makes it
possible for banks to offer electronic payment and collection systems to bank
customers.
A) electronic protocols application software (EPAS)
B) electronic funds transfer system (EFTS)
C) originating depository financial institution (ODFI)
D) open real-time currency application (ORCA)
What is a secured transaction?
What are the steps a prospective franchisee must take in order to acquire a franchise?
What properties are generally licensed by franchisors?
How does an electronic agent react to a counteroffer? Explain with an illustration.
Who are the beneficiaries of a trust?
Explain, with an example, the sharing of profits and losses in a limited partnership.
Describe the infancy doctrine with reference to legal contracts.