The president cannot also be the secretary of the corporation.
Answer:
The EEOC has strongly supported mandatory binding arbitration as a condition of
employment.
Answer:
The rights and liabilities of both sureties and guarantors are substantially equivalent.
Answer:
Failure to appoint a registered agent in the state of incorporation is grounds for an
involuntary dissolution.
Answer:
An agency can never be oral.
Answer:
The timing of prior dealings is relevant when determining a reasonable time for
acceptance, if the parties have dealt with each other on a regular basis.
Answer:
To be negotiable, the only requirement is that the instrument be in writing.
Answer:
The student formerly known as Jim prefers to sign his name with the symbol “$.”
When signing his lease, he indicated his intent to be bound by placing a “$” on the
lease’s signature line. This satisfies the statute of frauds’ writing requirement.
Answer:
When a seller uses descriptive terms and the buyer takes them into consideration when
making the purchase, the seller has nonetheless made no warranty that the goods she
delivers will meet the description.
Answer:
A mutual mistake is always a ground for rescission of the contract at the request of
either party.
Answer:
Ex post facto laws are statutes that would punish someone for an act that was
considered criminal when the act was committed.
Answer:
A corporate officer may sometimes be found liable even when the officer had no actual
knowledge of, or control over, the activities in question.
Answer:
The SEC requires that any person soliciting proxies from holders of securities
registered under the 1934 Act furnish each shareholder with a proxy statement
containing certain information.
Answer:
Under the Clean Water Act, the federal government has the primary responsibility for
preventing, reducing, and eliminating water pollution.
Answer:
The implied warranty of merchantability focuses on whether the goods are fit for a
particular purpose.
Answer:
A defendant is free of liabilities if the intervening force was foreseeable.
Answer:
If state law requires a certificate of title for motor vehicles, then a creditor who takes a
security interest in a vehicle can rely on attachment of its security interest in the car to
perfect it.
Answer:
Under the RCRA, most of the wastes defined as hazardous are subject to:
A. a “cradle to the grave” tracking system.
B. pretreatment standards, in the case of industrial discharge permits.
C. proper disposal by treatment at the point the waste enters the water distribution
system.
D. on-site treatment before it enters the sewer system.
Answer:
Which of the following is an example of groupthink?
A. The five officers of Gateway are planning a business enterprise they know to be
highly profitable. Two know the plan to be illegal. Nevertheless, they do not voice their
concerns, but go along with the team’s plan.
B. The five officers of Gateway devise a highly profitable plan. Dan, the CFO, points
out to the group that the plan will likely get the company a good deal of negative
publicity. Dan states that he will not sanction the team’s plan.
C. Mike, Sean, and Ned draft plans for a new software company. They have all thought
through their plans and no one has any criticisms or concerns.
D. Two Africans approach an automotive company for a dealership. The company
informs them that the vast majority of black dealers are not successful in making a
profit. They convince the Africans against making the deal.
Answer:
Courts are unwilling to provide trademark protection to a term if it is:
A. arbitrary.
B. generic.
C. descriptive.
D. suggestive.
Answer:
In a return contract, goods are delivered to buyers:
A. primarily for personal use.
B. primarily for resale.
C. primarily for trial.
D. primarily to assign the risk of loss to the buyer.
Answer:
The URLTA:
A. prohibits discrimination against tenants on the basis of color, religion, race, and
national origin.
B. prohibits the inclusion of exculpatory clauses in standard lease agreements that the
landlords expect tenants to sign.
C. prohibits the creation of tenancy at sufferance.
D. prohibits the inclusion of clauses by which the tenant supposedly agrees to pay the
landlord’s attorney’s fees in an action to enforce the lease.
Answer:
Securities sold in exempt transactions:
A. are to be registered in accordance with how they are sold.
B. are the most important 1933 Act exemptions.
C. are exempt from the registration requirements for those particular transactions only.
D. are exempt from antifraud provisions of the 1933 Act.
Answer:
Most agency rules spring from:
A. customary law.
B. common law.
C. statutory law.
D. regulatory law.
Answer:
An assignor who assigns the contract will be relieved of the duty to perform to the
other party on the original contract when:
A. the assignee gives notice to the other party.
B. there has been a novation of the original contract.
C. the assignee contracts to successfully perform the duties.
D. the contract of assignment explicitly states that the assignor is no longer liable to the
other party.
Answer:
Which of the following is a feature of the Fourteenth Amendment to the U.S.
Constitution?
A. It does not contain the substantial due process clause.
B. It prohibits any state from arbitrarily discriminating against persons.
C. It applies only to the federal government.
D. It does not contain the procedural due process clause.
Answer:
Farmer Tom entered into a contract with Jerry’s Pickle Company wherein Tom agreed
to sell Jerry 500 pounds of cucumbers suitable for processing into pickles. The terms of
the sale were cash on delivery. When Jerry received the cucumbers, it was obvious to
him without inspection that the cucumbers were too large for processing into pickles.
Under these circumstances:
A. Jerry may reject the cucumbers, but Jerry must notify Tom of the rejection and
follow any reasonable instructions from Tom concerning disposal of the cucumbers.
B. Tom may not reject the cucumbers because the terms of the sale were cash on
delivery.
C. Tom must accept the cucumbers and pay for them, but he may be entitled to
reduction in the purchase price as damages for breach of contract.
D. even if Tom had some reason to believe Jerry would accept the cucumbers, he
cannot cure the breach by reshipping conforming cucumbers to Jerry within a
reasonable time.
Answer:
Which of the following statements is TRUE of the Trade Related Aspects of
Intellectual Property Agreement?
A. It permits nations to issue compulsory licenses when a patent holder does not make
patented goods available to the public.
B. It prevents least developed nations from using compulsory licenses to guarantee the
production of low-cost drugs.
C. It prevents developing nations from installing safeguards as protection against
low-cost drugs being resold in the developed world.
D. It permits the developed nations to issue inventor’s certificates which would entitle
its holder to exclusive use of the creation.
Answer:
Farmer Logan had agreed to supply maize to Roxy Inc. There was a terrible winter in
his state which destroyed his crop and later he fell sick and ultimately died. Farmer
Logan can be excused for nonperformance on grounds of:
A. commercial impracticability.
B. illness or death of the promisor.
C. nonoccurrence of condition subsequent.
D. destruction of subject matter.
Answer:
Sally rented a motorized chain saw from E-Z Rental Company. While Sally was using
the saw as specified by the directions, the saw “grabbed” and caused a piece of wood to
fly into her eye, seriously injuring her. A subsequent investigation showed that the saw
grabbed because of a defect in the chain mechanism. Under these circumstances:
A. E-Z is liable for Sally’s injuries only if there is a violation of an express warranty
regarding the quality of the saw.
B. E-Z is liable for Sally’s injuries if it knew of the defect in the saw when it rented it to
Sally, but failed to warn her of the defect.
C. E-Z is not liable for Sally’s injuries if the UCC’s implied warranty of merchantability
principles were applied by the court.
D. E-Z is not liable for Sally’s injuries since the bailment was for the sole benefit of the
bailee.
Answer:
If a partner assigns his/her partnership interest to a creditor, the creditor is entitled to:
A. receive that partner’s share of the profits.
B. any information about partnership interests.
C. look at the partnership’s books.
D. obtain a charging order against the other partners.
Answer:
Under the revised MBCA, if there are business debts following a defective
incorporation, liability for the debts will be imposed upon:
A. all purported shareholders who acted as if a corporation had been formed.
B. promoters, managers, or purported shareholders who only participated in
management and policy decisions in the business.
C. all shareholders and directors who participated actively or inactively.
D. promoters, managers, and shareholders who participated in management and policy
decisions, and also knew of the defective incorporation.
Answer:
If a tenant breaches the lease, then the landlord can _____ the tenant.
A. assign
B. surrender
C. evict
D. abandon
Answer:
Under the revised MBCA, who will be liable for the business debts if the business has
been defectively incorporated?
Answer:
Answer:
Explain the UCC’s “battle of the forms” rule.
Answer:
The retail price of wine in Kansas was consistently higher than the price of wine in
bordering states. As a result, Kansas residents living in border areas frequently crossed
state lines to purchase wine at lower prices. Accordingly, Kansas enacted a statute that
required out-of-state shippers of wine to affirm that their posted prices for products sold
to Kansas wholesalers, as of the moment of posting, was no higher than the prices at
which those products were sold in the bordering states. Does the statute violate the
Commerce Clause?
Answer:
How do the new rules of the Credit Card Accountability and Disclosure Act (CARD)
help consumers deal with credit card debt?
Answer:
Answer: