Merely observing data on a protected computer without authorization does not amount
to a federal crime.
If the defendant does not answer the complaint, a default judgment is entered against
him or her.
Personal and universal defenses can be raised against a normal holder of a negotiable
instrument.
Most employers pay for disability insurance for their employees in totality.
The president of a corporation is an example of a corporate officer.
The UCC statutes of limitations cannot be reduced by the contracting parties.
In which of the following forms of business partnerships are both general and limited
partners not personally liable for debts?
A) sole proprietorship
B) general partnership
C) master limited partnership
D) limited liability limited partnership
Stelwire LLC, a vintage car dealer, advertises the sale of a 1964 Ford Thunderbolt.
Ralph responds to the advertisement with an offer of $80,000 for the car. Stelwire signs
a written assurance to keep that offer open to Ralph for a fortnight. Five days before the
fortnight is up, Stelwire sells the car to another buyer. At the end of the fortnight period,
Ralph tenders $80,000 for the car, but the car has already been sold. Ralph then buys
the same model car from another dealer for $90,000 and sues Stelwire for breach of
contract. The court rules that Stelwire is liable to Ralph for breach of contract and
orders Stelwire to pay Ralph the difference of $10,000 he paid extra to the second
dealer for the car. Which of the following rules governs the execution of this contract?
A) firm offer rule
B) mirror image rule
C) battle of the forms rule
D) gap-filling rule
Which of the following is true of a sole proprietorship?
A) A business operated under sole proprietorship cannot be transferred.
B) Large businesses cannot be operated under sole proprietorship.
C) A business operated under sole proprietorship should be owned by one or more
people of the same family.
D) Creditors can recover claims against the business from the sole proprietor’s personal
assets.
________ is an agreement whereby the parties agree to accept something different in
satisfaction of the original contract.
A) Counteroffer
B) Accord
C) Promissory estoppel
D) Mirror image acceptance
Which of the following moral theories will help an anthropologist study ancient
societies with an impartial and unprejudiced mindset, especially when it relates to
comparing ethics and customs followed by ancient societies to those being followed by
present societies?
A) Rawls’s social justice theory
B) utilitarianism
C) Kantian ethics
D) ethical relativism
What does the American Rule for successive assignments provide?
A) The last assignment in time prevails, regardless of notice.
B) The first notified assignment prevails.
C) The first assignment in time prevails, regardless of notice.
D) Only notified assignments prevail.
Which of the following U.S. federal agencies was created in response to the terrorist
attacks on September 11, 2001?
A) the Federal Bureau of Investigation
B) the Central Intelligence Agency
C) the National Security Agency
D) the U.S. Department of Homeland Security
The philosophers of the Command School of jurisprudence will assert that the law is
________.
A) developed, communicated, and enforced by the ruling party
B) a means to achieve and advance sociological goals
C) a collection of a society’s traditions and customs that has developed over the
centuries
D) based on human reasoning, and humans’ choosing power between what is good and
evil
A(n) ________ is a clause in an insurance policy that provides that insurance proceeds
are payable only after the insured has paid a specified amount toward the damage or
loss.
A) incontestability clause
B) coinsurance clause
C) exclusions from coverage clause
D) deductible clause
Which of the following is true of Section 11 of the Securities Act of 1933?
A) It permits injured private parties to bring criminal action against fraudulent
registration statements filed by issuers.
B) It imposes liability on those who are negligent in not discovering the fraud.
C) It allows an issuer to assert a due diligence defense against the imposition of Section
11 liability.
D) It cannot be imposed on cases involving negligent omission of a material fact in a
registration statement.