The most recent addition to the American governmental structure is the:
a. executive branch.
b. administrative agency.
c. judicial branch.
d. legislative branch.
Public policy:
a. can be precisely defined
b. is frequently used by the courts as a reason to invalidate contracts
c. is protections from that which violates any established interest of society
d. all of the above
Which of the following does not constitute an acceptance?
a. An express statement of approval by the buyer.
b. The buyer’s examination of the goods.
c. The buyer’s retention of goods for an unreasonable period of time.
d. The buyer’s modification of the goods.
In most bilateral contracts, the performances of the parties are __________.
a. conditions precedent
b. conditions subsequent
c. recurrent conditions
d. concurrent conditions
A will may be contested on grounds of:
a. lack of mental capacity of the testator.
b. undue influence, duress, or mistake.
c. forgery.
d. all of the above.
A finance company may reject an applicant for a loan on the grounds that the applicant
is:
a. married.
b. sixty-five or older.
c. divorced.
d. none of the above.
The warranty of merchantability guarantees that the:
a. party in question is a merchant.
b. product is fit for the ordinary purposes for which it is sold.
c. product will remain fit for its normal use for the applicable statute of limitations
period.
d. product can be resold by the buyer if the buyer does not want to keep it.
If the plaintiff has either engaged in or refrained from actions that are at least partially
to blame for the injuries received, what negligence has occurred?
a. criminal
b. contributory
c. personal
d. prejudicial
When goods are sold for consumer use and personal injuries are sustained, a total
exclusion of liability in the sales contract is:
a. enforceable.
b. unenforceable.
c. unconscionable.
d. both b. and c.
The parol evidence rule may not apply if:
a. the contract is materially incomplete.
b. the parties disagree on the meaning of the contract.
c. there is no ambiguity regarding the terms of the contract.
d. one party is unable to perform the contractual obligations.
In a merger situation, what is the right of a dissenting shareholder?
a. to block the merger until satisfied regarding its terms.
b. to have their shares appraised and purchased by the corporation.
c. to enforce a consolidation instead of a merger.
d. dissenting shareholders have no rights with respect to a merger.
Design patents have a duration of ____ years.
a. 10
b. 14
c. 17
d. 20
The provisions of the United Nations Convention on Contracts for the International
Sale of Goods (CISG) have been strongly influenced by:
a. the GATT’s most-favored nation clause.
b. the European Economic Community’s Treaty of Rome.
c. the Uniform Commercial Code.
d. the success of the Organization of Petroleum Exporting Companies.
An option contract is a binding promise to keep an offer open for a stated period of time
or until a specified date.
A common carrier is liable for all delays in the delivery of goods.
A consumer who notifies the issuer of an EFT card within two (2) days after learning of
a loss or theft of the card can be held to a maximum liability of $500 for unauthorized
use of the card; failure to notify within this time will increase the consumer€s liability
for losses to a maximum of $5,000.
Limited partners may contribute cash or property as their capital contributions.
Until proven valid, a rule adopted by an administrative agency is considered invalid by
the courts.
Executives can be convicted on the basis that something went wrong at their company.
There is no exact standard or test by which to determine whether contractual
performance is substantial.
Consideration is the bargained-for exchange between the parties to a contract.
When duties under a contract are delegated, the party making the delegation remains
responsible for the performance of the contract just as though no delegation had been
made.