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When a mutual mistake of value occurs, the contract remains enforceable by either
party.
All general partners have an equal right to participate in the managementof the general
partnership business unless otherwise specified in the general partnership agreement.
The registered office in the articles of incorporation must be the same as the
corporation's place of business.
The functional interchangeability test is used in defining the relevant product or service
market.
Copyrights owned by businesses are protected for 95 years from the year of first
publication.
The term indemnification refers to the right of a partner to be reimbursed for
expenditures incurred on behalf of the partnership.
Contracts falling under past consideration are unenforceable.
Which of the following would be considered an offer to form a unilateral contract?
A) an advertisement
B) an auction without reserve
C) a reward offer
D) an auction with reserve
Which of the following is used in case of a breach of contract that cannot be adequately
compensated through a legal remedy?
A) mitigation of damages
B) liquidation of damages
C) equitable remedies
D) tort remedies
What kind of agreement existed between Randy and Carl over the car?
A) bailment for the sole benefit of the bailor
B) bailment for the sole benefit of the bailee
C) mutual benefit bailment
D) bailment at will
The ________ makes it a federal crime for anyone to access and acquire information
intentionally from a protected computer without authorization.
A) Identity Theft and Assumption Deterrence Act
B) Information Infrastructure Protection Act
C) Counterfeit Access Device and Computer Fraud and Abuse Act
D) Racketeer Influenced and Corrupt Organizations Act
Why do accountants come under the purview of Section 18(a) of the Securities
Exchange Act of 1934?
A) because they often file reports and other documents with the Securities and
Exchange Commission (SEC) on behalf of clients
B) because certified public accountants (CPAs) are directly employed by the Securities
and Exchange Commission (SEC)
C) because all companies require an accountant's approval before buying securities
from the Securities and Exchange Commission (SEC)
D) because securities can only be bought through a certified public accountant (CPA)
Briefly explain the events that cause the dissolution of a limited partnership under
RULPA.
If a drawer and a payee or holder have accounts at different banks, the payer bank and
depository bank are not the same bank. In this case, the check is called a(n) ________.
A) non-negotiable instrument
B) presentment warranty
C) stale check
D) "on them" item
A(n) ________ is an agreement in which the accused admits to a lesser crime than
charged, and in return, the government agrees to impose a lesser sentence than might
have been obtained had the case gone to trial.
A) plea bargain
B) indictment
C) arraignment
D) nolo contendere
A custody arrangement whereby the child of divorcing parents spends a certain amount
of time being raised by each parent is known as ________.
A) marital custody
B) joint physical custody
C) arraignment
D) accommodation
A(n) ________ is an amount paid by the franchisee to the franchisor for the continued
use of the franchisor's trade name, property, and assistance that is often computed as a
percentage of the franchisee's gross sales.
A) royalty fee
B) assessment fee
C) lease fee
D) contingency fee
Which of the following is a similarity between the fictitious payee rule and the imposter
rule?
A) Both hold the drawee liable on the instrument.
B) Both hold the drawer liable on the instrument.
C) Both put the risk of loss on the forger.
D) Both put the risk of loss on the indorsee.
Jerome wears a t-shirt that bears a picture of the current U.S. president. Under this
picture, there are words that imply that the president is doing a bad job of running the
country. In accordance to the Freedom of Speech Clause, which of the following is
valid?
A) Criticizing the current president is fully protected speech, and Jerome cannot be
prosecuted.
B) Jerome could be arrested as his t-shirt violates the Freedom of Speech doctrine.
C) Jerome wearing the t-shirt is an instance of limited protected speech.
D) Wearing the t-shirt makes Jerome liable for prosecution on the basis of defamatory
language.
Which of the following is an instance of disparate-treatment discrimination?
A) An employer does not promote Kelly because she is about to take maternity leave.
B) Ghalib, who is fluent in English, is not hired as a writer due to his Iraqi heritage.
C) An employer refuses to install a wooden ramp to accommodate Lin who is restricted
to a wheelchair.
D) A factory hires 22-year old Jerry over 46-year old Barry, citing age as the reason.
E) All of the above
Which of the following partners of a limited partnership invest capital but do not
participate in management?
A) specific partners
B) limited partners
C) general partners
D) sole proprietors
A person found speeding is considered to have committed a(n) ________.
A) indictable offence
B) violation
C) felony
D) misdemeanor
