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1) the importance of the terms fob and fas in contracts for the sale of goods is that they
obligate the buyer to pay immediately upon delivery of the goods.
2) under the restatements fault requirement for injurious falsehood cases, the plaintiff
must prove that the defendant possessed ill will or spite motives toward the plaintiff.
3) the maximum penalty for any person who willfully violates the securities act of 1933
or its rules and regulations is a $20,000 fine and 10 years imprisonment.
4) the epa bears the primary responsibility for the siting and regulation of solid waste
disposal.
5) lisa took her computer to abc computer sales and repair, inc. abc mistakenly sold her
computer to rafi. lisa may successfully sue rafi for return of the computer.
6) even if a buyer breaches a contract, the seller is accountable to the buyer for any
profit that the seller makes on a resale.
7) if a buyer accepts a part of a commercial unit of goods, he is considered to have
accepted only that part of the unit.
8) guy takes out a property insurance policy on his home, buying the policy from ace
insurance. guys home was damaged when a contractor, building an addition to his
neighbors home, negligently swung a crane through guys dining room wall. ace
insurance may force guy to seek compensation from the contractor.
9) in the eu, the commission has considerable authority to quash a merger through its
own action.
10) the fourth branch of government is not bound by basic constitutional guarantees
such as due process, equal protection, and freedom of speech, just as the three
traditional branches are.
11) punitive damages are awarded to compensate for the losses a person has suffered.
12) regardless of whether the parties written lease clearly so specifies, the landlord
makes an implied warranty of possession.
13) article v of the constitution makes the constitution, laws, and treaties of the united
states supreme over state law.
14) you wish to download free software from the internet. the download procedure
includes a page titled download now that asks you to please review the licensing
agreement that is available to you on another web page. the download now page has a
button that initiates the download process. you click that button without going to the
licensing agreement page and find that it contains an arbitration provision. are you
bound by this provision?
a.yes, because the please review statement in the download now page informed you of
the licensing agreement.
b.yes, because when you clicked the button to initiate the download process you agreed
to the provisions in the licensing agreement.
c.no, because you did not perform an action that indicated your assent to the licensing
agreement.
d.no, because laws relating to internet privacy consider silence to be an acceptance of
the offer.
15) which of the following statements regarding commercial speech is true?
a.it enjoys the same first amendment protection as political expression.
b.it is not protected if it misleads or seeks to promote illegal activity.
c.it receives rational basis protection, if it is not misleading.
d.movies, television programs, and magazine articles are normally classified as
commercial speech and are thus fully protected.
16) which of the following is nonnegotiable?
a.a check written pay james watson.
b.a note written i promise to pay james watson.
c.a note written i promise to pay james watson or bearer.
d.a draft payable to the order of bearer.
17) which technique of statutory interpretation was most emphasized (and used) in the
weber case in the text?
a.the plain meaning rule.
b.interpreting a statute consistent with its purpose.
c.following prior interpretations of a statute.
d.maxims of statutory construction.
18) where no separate consideration is exchanged for the legal and illegal parts of an
agreement, the agreement is said to be _____.
a.unconscionable
b.rescind
c.indivisible
d.adhesive
19) adam published his personal opinion about the current condition of politics stating,
though the government is unable to fulfill the demands of the public, they demand
votes; they really are beggars on streets. can politicians sue him for defamation under
tort?
a.no, because as a general rule the material in a newspaper is totally exempted.
b.yes, because defamation in a newspaper is always a tort.
c.yes, because adams wrote even though he doesnt have the authority.
d.no, because statements of pure opinion do not amount to defamation.
20) under section 11 of the securities act of 1933, a defendant (other than the issuer)
may establish a defense to liability if the defendant can prove that he/she acted:
a.with due diligence.
b.with scienter.
c.without scienter.
d.without due diligence.
21) courts tend to approve broad delegations of power by congress to an administrative
agency when congress has:
a.effectively isolated the judicial powers of the agency.
b.changed the enabling legislation appropriately.
c.expressed an intelligible principle to guide the agencys actions.
d.received approval of the president for such delegation of power.
22) according to the model nonprofit corporation act (mnca), which of the following
nonprofit corporations can abolish or limit the right of a member to inspect corporate
records?
a.a tennis club
b.a church
c.a golf country club
d.a cooperative grocery store
23) ordinarily a principal is not made liable for any of the torts committed by:
a.a reckless employee.
b.an employee.
c.an agent.
d.an independent contractor.
24) which of the following powers of administrative agencies is largely ministerial in
nature?
a.performing routine duties that are imposed by law.
b.conducting proceedings to determine regulatory violations.
c.creating rules that specify how the agency will conduct itself.
d.gathering information about business practices and activities.
25) according to revised article 3 if a bank pays a check that contains a forged
indorsement:
a.the bank has converted the check by wrongfully paying it.
b.the person whose indorsement was forged has converted the check.
c.the person whose indorsement was forged is liable to the bank.
d.the forger is liable to the person whose indorsement was forged.
26) a state law regulating the activities of a foreign corporation does not unduly burden
interstate commerce if:
a.the law serves both the states and the foreign corporations legitimate interest.
b.the state has chosen the least burdensome means of promoting that interest.
c.the legitimate state interest outweighs the statutes burden on interstate commerce.
d.a foreign corporation enters interstate commerce to do intrastate business in a state.
27) in which of the following situations is the obligor not likely to be fully discharged
from his or her liability on a negotiable instrument?
a.jerry wrote a check to elaine. elaine cashes the check later.
b.edward lends monica $1,000 toward her college expenses. she gives edward a
promissory note for $1,000, which edward accidentally tears up.
c.on june 1, 2002, kim receives a draft from kurt payable on july 1, 2002. kurt then pays
her in cash and cancels the draft.
d.john fraudulently increases the amount due on the check from bruce.
28) for proving liability of a professional under _____, the plaintiff need not prove
reliance on the wrongful conduct.
a.section 17(a) of the securities act of 1933
b.section 10(b) of the securities exchange act of 1934
c.section 18 of the securities exchange act of 1934
d.section 12(a)(2) of the securities act of 1933
29) according to the principle of _____, treaties are the supreme law of the land.
a.judicial activism
b.separation of powers
c.federalism
d.federal supremacy
30) suzy gets joe to fix her computer while she is on vacation. because she does not
know how much the job will cost, she gives joe a signed blank check with joe as the
payee. joe, of course, is supposed to fill in the correct amount and cash the check at
suzys bank. the job cost $200, but joe fills out the check for $10,000 and then negotiates
it to harry. harry takes the check in good faith, for value, and without notice of the false
addition. assuming that suzys bank does not pay to harry and harry pursues her on her
secondary liability, does suzy have an alteration defense against harry?
31) explain the concept of buyers right to cover.
32) gnossis company has 15,000 outstanding common shares and a total equity of
$250,000. gnossis has an additional 30,000 common shares that are authorized, but not
issued or outstanding. gnossis has $225,000 in excess liquidity that it does not need to
pay its currently maturing obligations. gnossis has paid all currently due dividends to
preferred shareholders. what is the maximum share dividend that gnossis may make to
its common shareholders?
33) sociological jurisprudence has a tendency to say that, when interpreting and
applying the law, courts should pay attention to changing social values and let the law
reflect those new values. how is this different from the natural law approach, which also
talks about values?
34) bari deeds blackacre to adam, charlie, and david as joint tenants with right of
survivorship. adam then sells his interest in blackacre to sally. soon after, charlie dies.
who now owns blackacre? in what form(s)? discuss.
