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The ultimate purpose of a contract is the creation of an agreement that courts will order
parties to perform or to pay consequences for the failure of performance. When courts
uphold the validity of such promises, the resulting agreement is a(n) "_____ contract."
A. absolute
B. differentiated
C. void
D. relative
E. enforceable
The Robinson-Patman amendment gives the _____ jurisdiction and authority to
regulate quantity discounts.
A. Consumers' Association
B. U.S. Consumer Product Safety Commission
C. Department of Commerce
D. Department of Justice
E. Federal Trade Commission
Transactions using _____ involve, in addition to a seller and buyer, an issuing bank in
the buyer's country.
A. a bill of lading
B. a bill of exchange
C. an irrevocable promissory note
D. a negotiable instrument
E. an irrevocable letter of credit
_____ ads are brief announcements identifying the security and stating its price, by
whom orders will be executed, and from whom a prospectus may be obtained.
A. Tombstone
B. Institutional
C. Coupon
D. Adjunct
E. Overlay
Seth takes his laundry to Denise's Dry Cleaners (DDC). When Seth gets his clothes
back he notices that two of his shirts, perfect when brought in, are now ripped. Which
of the following is correct?
A. This was a mutual benefit bailment and DDC owed a duty of reasonable care.
B. This was a bailment for the sole benefit of the bailee and DDC owed a duty of slight
care.
C. This was a bailment for the sole benefit of the bailor and DDC owed a duty of great
care.
D. This was not a bailment.
E. This was an unintentional bailment, so DDC does not owe a duty of care.
The business necessity defense is a defense to suits:
A. alleging disparate treatment.
B. alleging disparate impact.
C. regarding the ADA.
D. arising from HIPAA.
E. arising from GINA.
For a seller's pricing to be considered predatory conduct, there must be proof that:
A. the seller was selling the product at a price below the cost price.
B. the prices were intended to drive competitors out of business followed by the
wrongdoer recouping these initial losses.
C. the prices were significantly lower than those of all competitors within the same
product group.
D. the buyers were unwilling to buy the product at the seller's prices, and only bought
the product from a lack of choice.
E. the buyer had other options in the same product line available in different price
ranges.
The Fair Debt Collection Practices Act:
A. forbids class-action suits but permits individual ones against the debt collectors.
B. permits debt collectors to contact third parties; the collectors must disclose that they
are pursuing a debt against the consumer but may not disclose the nature or amount of
the debt.
C. permits debt collectors to contact third parties; the collectors must disclose that they
are pursuing a debt against the consumer and may also disclose the nature or amount of
the debt.
D. forbids debt collectors from contacting third parties regardless of the disclosure or
nondisclosure of the existence of the consumer's debt.
E. permits debt collectors to contact third parties but the debt collector may not state
that the consumer owes a debt.
Which of the following statements holds true for the internship programs under the
FLSA?
A. The intern is entitled to a job at the conclusion of the internship.
B. The intern is entitled to wages for the time spent in the internship.
C. The intern, in certain cases, displaces regular employees.
D. The internship includes actual operation of the facilities of the employer.
E. The intern works independently of the existing staff.
The total cost of money to a consumer is called the:
A. annual percentage rate.
B. funding charge rate.
C. commercial charge.
D. service charge.
E. finance charge.
_____ property is an ownership fence which applies to resources like land that more
than one individual owns jointly.
A. Private
B. Civil
C. Public
D. Common
E. Tort
Under Rule 10b-5, plaintiffs are entitled to:
A. contemptuous damages.
B. consequential damages.
C. aggravated damages.
D. restitutionary damages.
E. punitive damages.
Following much debate the Congress has decided to pass a bill that will increase the
taxes on tobacco. This legislation is called a:
A. statute.
B. regulation.
C. ordinance.
D. tort.
E. citation.
After the judgment is obtained, requiring the defendant's employer to pay some of the
defendant's wages to the court on behalf of the plaintiff is called _____.
A. execution.
B. garnishment.
C. depositions.
D. summary.
E. subpoena
Any transaction or event knowingly committed by a conspirator in an attempt to
accomplish some object of the conspiracy is called an:
A. object act.
B. oblique act.
C. overt act.
D. obligatory act.
E. objective act.
_____ are court-awarded damages to put the plaintiff in the same position as if the
contract had been performed.
A. Nominal damages
B. Consequential damages
C. Liquidated damages
D. Compensatory damages
E. Specific damages
Government regulation of private action under the Clean Air Act is a _____ effort.
A. federal
B. state
C. local government
D. joint federal and state
E. joint federal, state, and local government
Writs of certiorari are granted primarily in cases:
A. where the value in controversy is more than $50 million.
B. of significant presidential importance where sever political controversy could change
an election.
C. where there is an obvious conflict between two or more Courts of Appeal.
D. where the judge in the original trial court has been removed from the bench for
reasons of unethical conduct.
E. where the attorneys on both sides of the case are well known to the justices.
In addition to the state in which it is incorporated, a corporation's "citizenship" is
recognized by the courts as:
A. any state where it conducts even a minor amount of business.
B. the state in which it maintains its principal place of business.
C. the state where its CEO lives.
D. the state where most of its employees live.
E. any state that the corporation declares as being its hometown.
Which of the following is true in cases where only one party drafts the contracts, which
contain terms that appear vague and ambiguous to the other party?
A. The court will give the terms the meaning as per trade usage.
B. The court will reject the non-drafting party's attempt to reinterpret the terms after the
contract has been signed.
C. The court will declare the drafting party's behavior as a tort due to intentional
ambiguity of terms.
D. The court will interpret the terms as they mean in the common language.
E. The court will interpret the ambiguous and vague terms against the party that drafts
them.
The wrongful exercise of dominion (power) and control over the personal (nonland)
resources that belong to another is known as _____.
A. trespassing
B. disparagement
C. conversion
D. invasion
E. defamation
Which of the following is NOT a requirement for a successful application of adverse
possession?
A. The possessor must occupy the land openly and notoriously.
B. The possessor must occupy the land continuously.
C. The possessor must physically occupy the land.
D. The possessor must occupy the land wrongfully.
E. The possessor must occupy the land with the owner's permission.
According to the Securities Act of 1933, which of the following is illegal during the
waiting period?
A. Soliciting buyers for a company's securities.
B. Receiving offers to buy a company's securities.
C. Selling security subject to the act.
D. Soliciting through the use of a summary prospectus.
E. Soliciting offers for later acceptance.
Thelma and Louise are out on a Friday night bar hopping. Thelma is driving to the next
bar when Louise asks her to stop at a convenience store so she can "make a
withdrawal". Thelma thinks that Louise is using an ATM when in fact Louise has pulled
a gun from her purse and held up the store. Louise fires no shots and walks out of the
store as calm as can be. The police arrest both at the next bar stop. Louise is guilty of:
A. aiding and abetting.
B. robbery.
C. conspiracy.
D. fraud.
E. burglary.
In a _____, the seller must put the goods in the possession of a carrier and contract with
that carrier for their transportation.
A. destination contract
B. tender of performance
C. seller's contract
D. shipment contract
E. tender of deliver
The burden of proof in most criminal cases is _____.
A. beyond a reasonable doubt
B. preponderance of the evidence
C. clear and convincing proof
D. circumstantial evidence
E. judgment notwithstanding the verdict
The Anti-Cybersquatting Consumer Protection Act of 1999 provides damages and a
transfer of a ________ trademark domain name to its owner if it was registered in "bad
faith".
A. fair use.
B. famous.
C. copyright.
D. title.
E. profitable
The concept of preemption applies to _____ and rules and regulations of federal
administrative agencies.
A. the exclusion clause
B. the state clause
C. local government
D. state laws
E. federal statutes
Which of the following is a feature of appellate review?
A. Calling witnesses.
B. Oral argument.
C. Introduction of new evidence.
D. Statute of limitations.
E. Discovery.
Contract law applies to:
A. only formally written documents.
B. documents that use the word contract'.
C. private agreements, making them legally enforceable.
D. all business dealing, covering those that are against public policy.
E. only oral agreements and contracts.
