Distinctive marks are ordinary words or symbols that have acquired special meaning
with a product or service.
Implied warranties of quality cannot be disclaimed.
Garnishment is a court order that permits the seizure of a debtor’s property that is in the
debtor’s possession.
Federal antitrust laws provide only for government lawsuits.
The words limited partnership can be abbreviated to Ltd. in the title of a limited
partnership.
If Steve Templeton decides to close the plant in Kantron, what important business social
responsibility will Steve Templeton accomplish?
A) moral minimum
B) corporate citizenship
C) maximizing profits
D) stakeholder interest
Karen borrows $10,000 from Celeste. Karen is to pay Celeste the principal amount,
with 8 percent interest, over the next five years in 60 equal monthly payments. After
one year of receiving proper payments from Karen, Celeste assigns this right to receive
future payments to Larry. Who has the duty to notify Karen about the assignment?
A) Celeste
B) Larry
C) Karen’s attorney
D) the authority who drafted the contract
Which of the following federal administrative agencies enacts the Clean Water Act?
A) the Environmental Investigation Agency
B) the Environmental Protection Agency
C) the Ministry of Environmental Protection
D) the Association of Environmental Professionals
Which of the following duties has a landlord breached if he leases a rodent-infested
warehouse to a farmer?
A) implied warranty of habitability
B) duty not to commit waste
C) implied warranty of possession
D) duty not to interfere with a tenant’s right to quiet enjoyment
How are the shipping terms C.I.F. and F.O.B. point of shipment similar to each other?
A) Both require the seller to bear the expense and risk of loss until the goods are
tendered to the buyer at the place of destination.
B) Both require the seller to bear the expenses and risk of loss when handing the
shipment to a carrier.
C) Both require the seller to deliver and tender the goods alongside the named vessel
provided by the buyer.
D) Both require the seller to bear the expense and risk of loss until the goods are
unloaded from the ship at its port of destination.
Which of the following moral theories matches the dictum “I will keep the rules if
everyone else does?”
A) perspectivism
B) social contract
C) moral relativism
D) utilitarianism
Which of the following statements is true of the writing requirement of contracts,
according to the Statute of Frauds?
A) Contracts for the sale of goods for $500 need not be in writing.
B) Contracts for the lease of goods with payments of $101 must be in writing.
C) Finder’s fee contracts need not be in writing.
D) Promises made in consideration of marriage must be in writing.
Which of the following constitutes insider trading?
A) an employee makes a profit by personally purchasing shares of the corporation prior
to public release of favorable information
B) a manager purchases all shares of a corporation available to the public
C) a director purchases enough shares of a public company to gain a majority stake in
its management
D) an employee sells his shares of the company to another employee without notice to
the company
Gerard wants to get some land cleared in Texas. With the help of a consulting agency,
he hires Carlos, an independent contractor. Carlos procures dynamite from a legitimate
dealer, to be used in clearing the land. However, the explosion of dynamite causes
cracks to appear in the outer walls of a nearby house. Who is liable to the owner of the
damaged house?
A) Gerard
B) Carlos
C) both Gerard and Carlos
D) the consulting agency
Which of the following can be filed by the defendant of a lawsuit?
A) complaint
B) answer
C) reply
D) injunction
The injured party loses the right to sue if the lawsuit is not brought within the
________.
A) privity of contract
B) notice of assignment
C) future right
D) statute of limitations
Give an account of the Economic Espionage Act and its importance in combating cyber
piracy.
How does Section 16(b) of the Securities Exchange Act of 1934 protect the interests of
a corporation? Explain with an example.
Give an account of the no-fault automobile liability insurance.
Explain how payments are made for contracts under the UCC?
List and briefly explain the functions of a negotiable instrument.
What is material alteration as a universal defense to a negotiable instrument?