Minor breach occurs when a party renders substantial performance of his or her
contractual duties.
A lawyer who fails to file a document with the court on time, causing the client’s case to
be dismissed is liable for legal malpractice.
The Sarbanes-Oxley Act of 2002 prohibits the employment of an accountant by a
previous audit client for five years after the first appointment.
The UCC alters the perfect tender rule with regard to installment contracts.
A constructive trust helps the agent retain profits made during the completion of the
agency.
The Securities Exchange Commission (SEC) has oversight and enforcement authority
over the Public Company Accounting Oversight Board (PCAOB).
Casual sales and transactions are not covered under the strict liability doctrine.
Acting as a surety for the limited partnership makes a limited partner lose his or her
limited liability.
A finder who refuses to return a lost property to the loser is liable for the tort of
conversion.
The Revised Uniform Partnership Act is a federal statute that holds in all states.
A pretrial motion is made to try and dispose of all or part of a lawsuit prior to trial.
Intellectual property falls into a category of property known as intangible rights.
A ________ is a written document signed by a debtor that creates a security interest in
personal property.
A) license
B) lease agreement
C) security agreement
D) chattel paper
The ________ is a federal statute primarily designed to prevent fraud in the trading of
securities after they are issued.
A) Securities Act of 1933
B) Securities Exchange Act of 1934
C) Sarbanes-Oxley Act of 2002
D) Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
Which type of discrimination is based on a person’s heritage or cultural characteristics?
A) race discrimination
B) color discrimination
C) national origin discrimination
D) genetic information discrimination
________ are the most serious of crimes and are considered inherently evil.
A) Infractions
B) Misdemeanors
C) Felonies
D) Summary offences
Which of the following is a fiduciary duty owed by an agent not to act adversely to the
interests of the principal?
A) duty of loyalty
B) duty of undertaking
C) duty of discharge
D) duty of resolution
Which of the following is true of a direct notice of termination?
A) It is only applicable in employer-employee relationships.
B) It is given to all persons with whom an agent dealt.
C) It can only be given orally.
D) It is only executed after the death of either the agent or the principal.
An order of the court which declares that a marriage did not exist is known as a(n)
________.
A) divorce
B) arraignment
C) abatement
D) annulment
The mirror image rule states that ________.
A) the offeree’s counteroffer should match the value of the offeror’s offer
B) the offeree is allowed to modify the terms of the offer
C) the offeror can modify the terms of the offer even after the offeree has accepted them
D) the offeree must accept the terms as stated in the offer
Which of the following is true of additional terms being added under the Uniform
Commercial Code?
A) They are considered to be counteroffers.
B) They can be added when the sale is between two merchants.
C) They can be added into the contract without the consent of the offeror.
D) They can be added in a sale that involves one or both parties being nonmerchants.
The ________ of the Fifth Amendment to the U.S. Constitution allows the government
to take property for public use.
A) Takings Clause
B) Just Compensation Clause
C) Double Jeopardy Clause
D) Ratification Clause
________ prohibits unions from engaging in unfair labor practices that interfere with a
union election.
A) Section 2 of the Wagner Act
B) Section 7 of the National Labor Relations Act
C) Section 8(a) of the National Labor Relations Act
D) Section 8(b) of the National Labor Relations Act
Harvey was at his college reunion where he met Raymond, his former roommate.
Harvey and Raymond did not get along well at the reunion. Offended by something
Raymond mentioned, Harvey punched him in the face, which broke his jaw. Harvey is
liable for ________.
A) breach of duty of care
B) disparagement
C) battery
D) assault
Which of the following must be in writing even if it is below the time stipulation of the
Statute of Frauds?
A) businesses that have more than one commercial venture
B) partnerships authorized to deal real estate
C) businesses that are authorized to lend money
D) enterprises which deal with health and medicine
Discharge of an instrument by payment or cancellation is a type of ________.
A) warranty liability
B) transfer warranty
C) personal defense
D) universal defense
________ is a defect that occurs when a manufacturer does not provide detailed
directions for safe assembly and use of a product.
A) Failure to warn
B) Failure to provide adequate instructions
C) Defect in manufacture
D) Defect in design
The crime of ________ involves the obtaining of property from another, with his or her
consent, induced by wrongful use of actual or threatened force, violence, or fear.
A) bribery
B) extortion
C) money laundering
D) embezzlement
What was the key factor in the development of the English common law?
A) the development of forensic science in helping decide cases
B) the supremacy of the king and his intervening powers when deciding cases
C) the use of precedence of past cases for judges to decide present similar cases
D) the subjective decision making of judges when it came to similar cases
What is a proxy? State the federal rules that govern a proxy statement.
Why is it unconstitutional for a state government to ban products imported from a
foreign country, despite that country engaging in activities not condonable by that state?
What is theory of moral minimum in social responsibility for businesses?
Harry’s grandmother leaves him a house and a Rolls Royce in her will. What rights does
Harry have, in the context of his new inheritance?
Explain the scope and provisions of Title VII of the Civil Rights Act.
How does the Landrum-Griffin Act regulate the internal affairs of unions? Can unions
discipline their members? Elaborate.