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Federal workers are not covered under the Equal Pay Act.
There are no specific governmental laws endorsing a moral minimum of social
responsibility on corporations.
A short-form merger does not require the approval of the board of directors of the
subsidiary corporation.
Managers and professional employees cannot belong to unions formed by employees
whom they manage.
The election of directors of the corporation can be held by electronic method.
Built-in cabinets in a house would be considered as permanent parts of the real
property.
In a contract involving a competent person and a person adjudged insane, either party
can enforce the contract.
A forum-selection clause forbids parties to a contract to designate and agree to the
jurisdiction of a court that otherwise might not have personal jurisdiction.
Once a default judgment is established, the plaintiff only has to prove damages.
A service mark is used to distinguish the productof the holder from those of its
competitors.
An injured party may bring a negligence lawsuit against the distributors and retailers of
the defective product.
A debtor filing for bankruptcy who is represented by an attorney need not be
investigated or verified.
The Uniform Franchise Offering Circular (UFOC) refers to a uniform disclosure
document that requires a franchisor to make specific presale disclosures to prospective
franchisees.
Indoor air pollution is primarily caused by toxic fumes from industrial plants located in
cities.
The primary contract in a guarantee situation is between the debtor and the creditor.
Which of the following is true of the Restatement of the Law of Contracts?
A) It serves as a reference for guidance in contract disputes.
B) It does not identify negotiable instruments as formal contracts.
C) Its goal is to create a uniform system of commercial law among the 50 states.
D) It is the absolute federal law for contracts drafted in the U.S.A.
Which of the following is an interest in real property given to a lender as security for
the repayment of a loan?
A) lease
B) mortgage
C) life estate
D) easement
A(n) ________ occurs when one person agrees to answer for the debts or duties of
another person.
A) main purpose exception
B) mortgage
C) guaranty contract
D) implied integration
What is the role of the WTO dispute settlement body?
A) to hear appeals on decisions made on a dispute
B) to create panel reports on the findings of the dispute
C) to hear the dispute from the plaintiff
D) to review panel reports and adopt them if necessary
Which of the following horizontal restraints of trade has the element of monopoly in it?
A) conscious parallelism
B) market sharing
C) group boycott
D) exchange of nonprice information
If a minor entered into a contract, and then ratified the contract after reaching the age of
majority, which of the following is he or she exempt from?
A) duty of restoration
B) duty of restitution
C) necessaries of life
D) infancy doctrine
Which of the following is true for terms to be expressed in a contract under the
common law of contract?
A) Additional terms can be added during acceptance.
B) Additional terms can be added without consideration.
C) Gap-filling rules are permitted for time, delivery, and prices of goods.
D) Contract must contain all the material terms of the parties' agreement.
Which of the following statements is true of the Generally Accepted Accounting
Principle (GAAP)?
A) It is used by auditors as a guide for their nonaudit services only.
B) It is the accepted form of accounting principles around the world.
C) It cannot be modified once established by the American Institute of Certified Public
Accountants.
D) It sets rules for how corporations must set their accounts on their financial
statements.
Which of the following is an example of intangible property?
A) copyrights
B) fixtures
C) minerals
D) automobiles
Which of the following beneficiaries is considered a lineal descendant of the testator?
A) a parent
B) a child
C) a spouse
D) a sibling
A cosmetics company violates regulations by not adequately labelling its products.
Which of the following agencies has the power to enact the statutes that govern such a
violation?
A) the Medicines and Healthcare Products Regulatory Agency
B) the U.S. Department of Agriculture
C) the Federal Trade Commission
D) the Food and Drug Administration
A shareholder's authorization of another person to vote the shareholder's shares at the
shareholders' meetings in the event of the shareholder's absence is called ________.
A) straight voting
B) an accommodation
C) voting by proxy
D) an insider director
The Environmental Protection Agency (EPA) can prohibit the construction of a new
pollution-causing industrial plant in a state that is a nonattainment area.
Which of the following torts arises when a third party induces a contracting party to
breach the contract with another party?
A) intentional interference with contractual relations
B) breach of the covenant of good faith and fair dealing
C) tort of bad faith
D) malicious breach of contractual relations
