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Executive agencies are referred to as which of the following?
A. Judicial-level agencies
B. Adjudicative agencies
C. Cabinet-level agencies
D. Approval agencies
E. Presidential agencies
Which of the following was the result on appeal in Murphy v. New Milford Zoning
Commission, the case in the text involving a challenge to a zoning commission's ruling
that prayer meetings were not a customary accessory use in a single-family residential
area?
A. That the decision of the zoning commission was correct and would be upheld.
B. That the court lacked jurisdiction because the plaintiffs had not exhausted their
appeal rights through the zoning authorities.
C. That no appeal rights existed from a decision regarding zoning issues, a completely
localized issue.
D. That the zoning commission was incorrect but that more information was needed in
order to fashion a remedy.
E. That the zoning commission was incorrect and that the plaintiffs would be allowed to
continue the prayer meetings.
Which of the following is true regarding buyers or lessees who want to accept
nonconforming goods and then seek monetary damages?
A. Buyers and lessees are allowed to do so in order to receive the benefit of the bargain,
but they must give the seller/lessor reasonable notice of the defect.
B. Buyers and lessees are allowed to do so in order to receive the benefit of the bargain,
and there is no requirement that they give the seller/lessor prior notice of the defect.
C. Buyers may do so in order to receive the benefit of the bargain so long as reasonable
notice of the defect is given, but lessees may not.
D. Lessors may do so in order to receive the benefit of the bargain so long as reasonable
notice of the defect is given, but sellers may not.
E. Buyers and lessees may do so only if the seller/lessor agrees to the retention of the
nonconforming goods and does not request their return.
"Lakeside Property." Ronnie agreed to act as the agent of Sue in finding a piece of
lakeside property for her at a good price and also in obtaining a loan for her with which
to purchase the property. She agreed to pay him $500 for doing so. To assist Ronnie in
his duties, Sue disclosed to him confidential information about her finances and debts.
Ronnie decided that he needed help and paid Rick $300 to look for property for Sue.
Rick told Ronnie about a great deal on a piece of lakeside property that Bruce had for
sale. In fact, the deal was so good that Ronnie purchased the property for himself. When
Sue found out about the property Ronnie bought for himself, she complained to Ronnie.
He defended himself on the basis that he was not actually working for Sue when he
found out about the deal. At the time, he was playing golf with Bruce. He also told Sue
that he had hired Rick for $300 to assist him and that he could not be held liable
because he had turned the job over to Rick. He asked Sue for reimbursement of the
amount he paid Rick. Sue fired Ronnie threatening to sue him. Ronnie told Sue that he
would counterclaim for the $300 owed to Rick. Only after he was fired, Ronnie
disclosed to a number of parties information regarding Sue's spending habits which he
thought were excessive.
Which of the following is the most likely result if Ronnie sues Sue for the $300 paid to
Rick?
A. Ronnie will lose.
B. Ronnie will win because an agent has an implied right to obtain help.
C. Ronnie will win only if he can establish by a preponderance of the evidence that he
acted reasonably.
D. Ronnie will win unless Sue can establish beyond a reasonable doubt that he acted
unreasonably.
E. Ronnie will lose only if Sue can establish that Rick is incompetent to deal in real
estate.
Sally is the president of ABC Corporation. In November, her assistant Bruce tells her
that Big Corporation is planning a tender offer and that it has presented an offer to
shareholders. Sally tells him that they should keep information regarding ABC
Corporation as quiet as possible until the end of the year because she does not want
shareholders to find out any negative information regarding ABC Corporation's poor
performance in the last few months. Which of the following is true regarding Sally's
plan?
A. It is a good plan only if a close corporation is involved; otherwise, Sally has a duty
to reveal all pertinent facts to shareholders.
B. It is a good plan only if an S Corporation is involved; otherwise, Sally has a duty to
reveal all pertinent facts to shareholders.
C. It is a good plan only if the corporation is new, meaning that it has been incorporated
under one year; otherwise, Sally has a duty to reveal all pertinent facts to shareholders.
D. It is a bad plan because Sally must at least inform the shareholders that she is
withholding information until the end of the year.
E. It is a bad plan because once an aggressor has presented its offer to the target
corporation's shareholders, the target corporation's board of directors must inform
shareholders of all facts pertinent to voting.
Which of the following was the result in Michael J. Kane, Jr. v. Grace Kroll, the case in
the text in which the defendant issued a check to the plaintiff to cover the plaintiff's sale
of cows to the defendant's son, but later stopped payment on the check because her son
said he could not repay her?
A. The plaintiff was not allowed to recover because the stop payment order prevented
the plaintiff from being a holder in due course.
B. The plaintiff was not allowed to recover because, although he was a holder in due
course, the stop payment order negated his entitlement to payment.
C. The plaintiff was not allowed to recover because the defendant established a lack of
consideration to her.
D. The plaintiff was allowed to recover on a contract theory although he was not a
holder in due course.
E. The plaintiff was allowed to recover because he was a holder in due course.
"Mortuary Blues." Barry and Elaine had a partnership running a mortuary. Elaine died,
and after her death Barry decided to shut down the mortuary. It was too depressing
without Elaine who was a very vivacious person. Elaine also did great makeup on the
deceased clients while Barry struggled with enhancing the appearance of the deceased.
Barry incurred expenses in closing the business affairs of the mortuary. He sought
compensation for that, but the executor of Elaine's estate objected. The executor also
claimed that Barry had no rights in Elaine's share of the partnership property and that
he, the executor, had the right to confiscate her share of the property and sell it at
auction. Barry, however, took the position that all interests of Elaine passed to him and
that he owed her estate nothing. The articles of partnership did not address death.
Which of the following is true regarding Barry's claim that he is entitled to
compensation for closing down the mortuary?
A. He is not entitled to any compensation unless the articles of partnership specifically
gave him that right.
B. He is not entitled to any compensation unless credible proof exists that Elaine
acknowledged prior to her death that expenses in eventually closing down the business
should be compensated.
C. He is entitled to compensation for the work only if he can establish that all
outstanding debts of the mortuary have been paid.
D. He is entitled to compensation for the work only if the executor agreed that it needed
to be done.
E. He is entitled to compensation for the work.
Which of the following must be shown in order to establish a violation of Section 20(a)
of the Securities Exchange Act?
Which of the following is required by federal law in regard to holidays?
A. That employees be allowed to either be off or be paid double for 1 holiday per year.
B. That employees be allowed to either be off or be paid double for 2 holidays per year.
C. That employees be allowed to either be off or be paid double for 3 holidays per year.
D. That employees be allowed to either be off or be paid double for 4 holidays per year.
E. Employees are not guaranteed any holidays off or any extra pay for working holidays
under federal law.
Which of the following is the same as attachment jurisdiction?
A. In rem jurisdiction
B. Personal jurisdiction
C. Subject-matter jurisdiction
D. Equitable jurisdiction
E. Quasi in rem jurisdiction
Which of the following governs the inspection process?
A. The seller has an absolute right to dictate the date, time, and method of inspection.
B. The buyer has an absolute right to dictate the date, time, and method of inspection.
C. The seller has an absolute right to dictate the date and time of inspection, but the
buyer has the right to dictate the method of inspection.
D. The buyer has an absolute right to dictate the date and time of inspection, but the
seller has the right to dictate the method of inspection.
E. The inspection must take place at a reasonable time and place, in a reasonable way.
Discuss when title and risk of loss pass to the buyer in a goods-in-bailment contract
when (a) the seller has a negotiable document of title (b) the seller has a nonnegotiable
document of title and (c) the seller has a contract or other instrument showing
ownership that is not a negotiable or nonnegotiable document of title.
With which of the following does a business website address end?
A. .gov
B. .edu
C. .net
D. .org
E. .com
Unless otherwise specified, which of the following is true regarding warranties in Hong
Kong?
A. Warranties are not recognized in Hong Kong.
B. Time of payment and delivery are considered warranties.
C. Time of payment is considered a warranty, but delivery is not considered a warranty.
D. Delivery is considered a warranty, but time of payment is not considered a warranty.
E. Conditions are considered the same as warranties.
Which of the following is true regarding negotiation of an instrument?
A. Negotiation of both an order instrument and bearer instrument is by delivery alone.
B. Negotiation of both an order instrument and bearer instrument require endorsement
plus delivery.
C. Negotiation of an order instrument is by endorsement plus delivery, while
negotiation of a bearer instrument is by delivery alone.
D. Negotiation of a bearer instrument is by endorsement plus delivery, while
negotiation of an order instrument is by delivery alone.
E. Negotiation of both an order instrument and a bearer instrument requires both
delivery and an additional three days to allow for bank clearance.
Which of the following is an item an Environmental Impact Statement should contain?
A. The number and type of jobs the project would create.
B. Expected short-term profit of the project.
C. Expected profit of the project over a five-year span.
D. Alternatives to the proposed action.
E. The number of federal contractors involved along with a projection on the effect of
the local economy.
What is a written agreement that creates a partnership called?
A. Contract of partnership
B. Contract of agreement
C. Partnership articles
D. Articles of partnership
E. Clauses of partnership agreement
Which test for determining design defect is also referred to as the risk-utility test?
A. The consumer expectations test.
B. The retailer expectations test.
C. The feasible alternatives test.
D. The design defects test.
E. None of these.
Which of the following is true regarding situations in which a court may order an
involuntary dissolution of a corporation?
A. A court may order an involuntary dissolution of a corporation under the following
four circumstances: when the corporation has failed to show a profit for over two years,
when the corporation obtained its article of incorporation fraudulently, when the
directors have abused their power, and when the corporation is insolvent.
B. A court may order an involuntary dissolution of a corporation under the following
three circumstances: when the corporation obtained its article of incorporation
fraudulently, when the directors have abused their power, and when the corporation is
insolvent.
C. A court may order an involuntary dissolution of a corporation under the following
three circumstances: when the corporation has failed to show a profit for over two
years, when the corporation obtained its article of incorporation fraudulently, and when
the directors have abused their power.
D. A court may order an involuntary dissolution of a corporation under the following
three circumstances: when the corporation has failed to show a profit for over two
years, when the corporation obtained its article of incorporation fraudulently, and when
the corporation is insolvent.
E. A court may only order an involuntary dissolution of a corporation when the
corporation is insolvent.
Which of the following is not a defense available to employers charged with age
discrimination under the Age Discrimination in Employment Act?
A. The operation of a bona fide seniority system
B. That decisions are based on reasonable factors other than age
C. The bona fide occupational qualification defense
D. The qualified but aged defense
E. The executive exemption
What two characteristics must a written document have in order to satisfy the
requirement that a negotiable instrument be in writing?
A. (1) relative permanence and (2) a signature by both parties.
B. (1) a signature at the end by the party to be charged and (2) movability.
C. (1) relative permanence and (2) acknowledgement.
D. (1) movability and (2) acknowledgement.
E. (1) relative permanence and (2) movability.
Which of the following is asserted by the principle of rights?
A. That whether a business decision is ethical depends on how the decision affects the
rights of all involved.
B. That whether a business decision is ethical depends on how the decision affects the
rights of stockholders without consideration of other stakeholders.
C. That whether a business decision is ethical depends on how the decision affects the
rights of employees without consideration of other stakeholders.
D. That whether a business decision is ethical depends on how the decision affects the
overall economy.
E. That whether a business decision is ethical depends on how the decision affects the
rights of organized labor without consideration of other stakeholders.
"Useless Friend." Charles, who is very gullible, is friends with Bobby. Bobby, who
cannot be trusted, decides to try to bind Charles to a contract in Bobby's favor. Bobby
has Charles sign a contract promising to wash Bobby's car once a week for a month for
$80 per month in payment. The contract incorporated by reference terms on the back.
The terms on the back were in very small print and required Charles for one year to
cook dinner for Bobby, do his laundry, and clean his apartment. Bobby is also very
angry with his former girlfriend, Tessa, and decides to start rumors, that would
constitute the tort of defamation, such as that she has a vile disease, cheated on tests,
and stole from friends. Bobby wants to enlist the help of Charles in smearing Tessa but
knows that Charles would be hesitant to assist in his endeavors. One evening, however,
Charles drank too much beer and was clearly intoxicated - a fact apparent to Bobby.
Bobby had him sign a contract agreeing to defame Tessa for $50. When he sobers up,
Charles tells Bobby that he was drunk and that he has no intention of defaming Tessa,
who also happens to be Charles' new girlfriend. He also finally takes a look at the
contract involving work for Bobby and tells Bobby that the contract is outrageous.
Which of the following would be a possible defense to Bobby's contract involving the
harsh and lopsided terms in the contract involving chores?
A. Substantive unconscionability
B. Unclear drafting
C. Procedural unconscionability
D. Outrageous wording
E. Adhesion conscionability
Assuming a buyer that is solvent has breached a contract by not paying for goods that
are in transit, which of the following may occur?
A. The carrier may stop delivery on the entire shipment.
B. The carrier may stop delivery only if the quantity shipped is a large shipment such as
a carload or truckload.
C. The carrier may stop delivery only if a signed writing exists by which the buyer
agreed to the remedy of stopping shipment.
D. The carrier may stop delivery only if ordered to do so by the bankruptcy judge.
E. The carrier may not stop delivery under any circumstances.
Corporate ______ are rules and regulations that govern the corporation's internal
management.
A. Bylaws
B. Requirements
C. Statutes
D. Authorizations
E. Prohibitions
Which of the following is false regarding the statute of frauds provision relating to an
interest in land?
A. The statute is intended to prevent oral claims to the existence of a contract for the
sale of land.
B. The statute requires a writing as evidence of a contract to sell land.
C. A claim to an oral contract for the sale of land is not enough to prove a contract of
sale existed.
D. Mortgages on land are within the statute of frauds.
E. No leases are within the statute of frauds.
Which of the following is true regarding the Fifth Amendment's protection against
self-incrimination?
A. A person only has to be a witness against himself or herself if a felony is involved.
B. A person does not have to be a witness against himself or herself if a first criminal
offense is involved.
C. A person does not have to be a witness against himself or herself if prison time is
involved as opposed to a mere fine.
D. A person does not have to be a witness against himself or herself in a criminal case.
Which of the following is not a typical type of compensatory damage?
A. Pain and suffering.
B. Cost to repair damaged property.
C. Medical expenses.
D. Lost wages.
E. Damages to punish the defendant for wrongdoing.
When the articles of partnership do not address the matter, which of the following is
true regarding decisions requiring unanimous agreement among the partners?
A. A decision to change some element of the partnership agreement, a decision to admit
a new partner, and a decision to alter the nature of the firm's business all require
unanimous agreement among the partners.
B. A decision to change some element of the partnership agreement requires unanimous
agreement, but a decision to admit a new partner and a decision to alter the nature of the
firm's business may be made by majority vote.
C. A decision to change some element of the partnership agreement and a decision to
admit a new partner require unanimous agreement among the partners, but a decision to
alter the nature of the firm's business may be made by majority vote.
D. A decision to admit a new partner and a decision to alter the nature of the firm's
business require unanimous agreement among the partners, but a decision to change
some element of the partnership agreement may be made by majority vote.
E. All decisions are made by majority vote and none require unanimous agreement.
The term ______ involves the use of past decisions to guide future decisions.
A. Commonality
B. Precedent
C. Restatement
D. Uniformity
E. Modeling
