Since its inception in 1946, the U.N. Secretariat has registered and published
approximately how many treaties that expressly or indirectly concern international
business?
a. 100
b. 550
c. 30,000
d. 75,000
The Worker Adjustment and Retraining Notification Act requires an employer to
provide how much advance notice of a plant closing or mass layoff?
a. Two weeks
b. Thirty days
c. Sixty days
d. Ninety days
Which Code section contains the warranty of merchantability?
a. 2-205
b. 2-207
c. 2-312
d. 2-314
Jeremy Bentham was not a proponent of utilitarianism.
a. True
b. False
Which of the following is correct with regard to the powers of government in the
United States?
a. The federal government is a government of enumerated powers.
b. The federal government is all-powerful except in cases of state criminal law.
c. Legislation enacted by Congress does not need to be based on a specific power
granted to the federal government by the Constitution or be reasonably necessary to
carry out a specified power..
d. Congress may not enact legislation that affects the states.
A possessor of land is under a duty to exercise reasonable care to protect invitees
against dangerous conditions they are unlikely to discover.
a. True
b. False
The Food and Drug Administration:
a. uses three basic methods of enforcement.
b. is a relatively recent agency, having been formed in
c. is the oldest federal consumer protection agency.
d. has no authority to require premarket approval of medical devices.
Which of the following is correct with respect to consequential damages under the
Code?
a. Consequential damages include damages for destruction of a warehouse caused by
the explosion of nonconforming goods.
b. Consequential damages include damages for lost profits from a contract to resell
goods which the seller never delivers.
c. Particular needs of the buyer need to be made known to the seller before the seller
can be held responsible for consequential damages relating to those needs.
d. All of these are correct.
In which of the following situations would a minor be unable to disaffirm a contract
which he had made?
a. Upon restoring the consideration received in a situation involving a fully executed
contract
b. Where the minor wishes to affirm part of a contract and disaffirm another part of the
same contract
c. During the time of his minority or for a reasonable time thereafter
d. None of these.
Stores may simply make warranties available to consumers upon request rather than
including them on or in the packaged goods.
a. True
b. False
A qualified indorsement destroys negotiability.
a. True
b. False
The Electronic Signatures in Global and National Commerce Act:
a. makes electronic records and signatures valid and enforceable across the United
States for many types of transactions affecting interstate commerce.
b. excludes all transactions covered under the UCC.
c. was enacted by all the states after being promulgated as a uniform act.
d. defines an “electronic agent” as a true agent.
a. What defenses can be used against a holder in due course?
b. What defenses cannot be used against a holder in due course?
International contracts should specify the contract’s official language and define all of
the significant legal terms used.
a. True
b. False
Both the Code and the Restatement provide that, unless the offer or circumstances
indicate otherwise, an authorized means of accepting an offer is any reasonable means
of communication.
a. True
b. False
The RMBCA (without the 1999 amendments) grants dissenters’ rights to all but which
of the following?
a. Dissenting shareholders to any plan of compulsory share exchange in which their
corporation is the one to be acquired
b. Dissenting shareholders to any amendment to the articles of incorporation that
materially and adversely
affects the dissenters’ rights regarding their shares
c. Dissenting shareholders of each corporate party to a merger, other than a short-form
merger, where only the
dissenting shareholders of the subsidiary have dissenters’ rights
d. Dissenters’ rights exist under the RMBCA in all of these situations.
A copyright would protect a photograph.
a. True
b. False
Utility patents require which of the following elements?
a. Ornamentality
b. Novelty
c. Obviousness
d. Distinctiveness
Analyze whether telling a lie is unethical in terms of each of the following ethical
theories.
a. The approach of Immanuel Kant and his “categorical imperative.”
b. Utilitarianism.
c. Intuitionism and the “Television Test.”
d. Ethical relativism.
e. Ethical fundamentalism.
The Revised Act permits the board of directors to make minor corporate name changes
without shareholder action.
a. True
b. False
The refusal to pay or accept an instrument when it becomes due is:
a. the shelter rule.
b. dishonor.
c. demand.
d. discharge.
Where there is no course of performance, usage of trade, or course of dealing, and
where a contract is silent as to the place of delivery, the place for delivery is:
a. the seller’s place of business.
b. wherever the goods were manufactured.
c. wherever the goods are located.
d. the buyer’s place of business.
A check drawn on a bank is an order to pay a sum of money and an authorization to
charge the amount to the drawer’s account. The drawer may countermand this order by
which of the following?
a. A canceled check
b. A stop payment order
c. A banker’s acceptance
d. A time draft
If a person’s 150-pound sheep dog has a tendency to jump enthusiastically on visitors,
the animal’s keeper would not be liable for any damages done by the dog’s playfulness.
a. True
b. False
Assault is principally a mental rather than a physical intrusion.
a. True
b. False
The duty of a possessor of land to persons who come on the land usually depends on
whether those persons are:
a. invitees, trespassers, or licensees.
b. reasonable persons.
c. fiduciaries.
d. involved in abnormally dangerous activities.
Under RICO, a___is any of several criminal offenses such as murder, kidnapping,
arson, extortion, and drug dealing.
a. predicate act
b. liable act
c. white-collar crime
d. mala in se act
In a contract that provides that the sale is F.O.B. Chicago, the seller must at his own
expense and risk transport the goods to Chicago and there tender delivery to the buyer.
a. True
b. False
Which warranties does a collecting bank give?
a. Warranty of no alteration only
b. Good title, authentic signatures, no alteration, no defense good against it, and no
knowledge of insolvency
c. Good title and genuine signatures only
d. A collecting bank does not give any warranties
Andrew agrees to paint Betty’s house for $500. Two days after he starts the job, he
decides that $500 isn’t enough money. He refuses to finish the job unless Betty agrees to
pay him $100 more. What law applies to this fact situation?
a. The acceptance of additional money to settle a disputed claim is supported by
consideration.
b. A past obligation is sufficient consideration for a new promise.
c. Andrew gives no additional consideration in return for modification of a preexisting
contract.
d. Betty has made a promise in exchange for a forbearance.
How does a distributor differ from an agent?
a. The agent pays royalties to the multinational enterprise.
b. The distributorship shares profits with the multinational enterprise.
c. The distributor takes title to the merchandise it receives and thereby bears many of
the risks connected with commercial sales.
d. The distributor has the power to enter into contracts on the principal’s behalf, but the
agent does not.
Under constitutional privilege, a public official does not have to prove that the
defendant published the defamatory
and false comment with knowledge or with reckless disregard of the comment’s falsity
and its defamatory character.
a. True
b. False