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1) on may 1, ida makes a written offer to miranda for the sale of idas car. on may 2, ida
mails miranda a letter revoking the offer. on may 3, ida telephones miranda to tell her
that she is revoking the offer. on may 4, miranda learns that ida has sold the car to chris.
on may 5, idas letter finally gets to miranda. idas offer terminated on:
a.may 2.
b.may 3.
c.may 4.
d.may 5.
2) _____ protects the rights of those who are less privileged in society.
a.rights theory
b.justice theory
c.rule utilitarianism theory
d.profit maximization theory
3) stella buys a car from marble sales for $10,000 on credit. joels daughter likes the car
and so joel buys the car from stella. joel also agrees to pay the balance due to marble
sales, on behalf of stella. joel defaults. marble sales can bring a suit for breach of
contract against:
a.stella only.
b.joel only.
c.stella and joel.
d.joel and his daughter.
4) how does the presence of facts that constitute promissory estoppel make a difference
in the law of offers and revocations?
a.it makes an option enforceable, even without consideration.
b.it does away with the requirement that rejections and revocations be communicated.
c.it makes an offer automatically revocable at any time.
d.it does away with the requirement that offers be definite.
5) which of the following is true about partnership agreements?
a.the removal or delegation of a partners management power eliminates that partners
apparent authority.
b.a partnership agreement may create classes of partners, some of whom may have
greater voting rights.
c.in large partnerships, decisions such as hiring employees and making contracts require
the unanimous agreement of all partners.
d.unequal voting rights are often found in small partnerships.
6) a limited partnership certificate must contain the:
a.partners shares of profits.
b.signature of each general partner.
c.names of the limited partners.
d.capital contributions of the general partners.
7) the _____ provided that people had to obtain a discharge permit from the army corps
of engineers to deposit or discharge refuse into a navigable waterway.
a.the marine protection, research, and sanctuaries act
b.the safe drinking water act
c.toxic substances control act
d.the river and harbor act
8) a limited partnership:
a.dissolves when a limited partner dies.
b.may not have a corporation as a general partner.
c.may be taxed either as a partnership or as a corporation.
d.may be created by default.
9) a bilateral contract is accepted by when the offeree:
a.performs the requested act.
b.makes the promise requested by the offer.
c.accepts the offer in silence without prior indication.
d.makes additional inquiries regarding the terms.
10) the ucc differs from the common law of contracts in that the ucc:
a.is less concerned with technical rules.
b.deals with the sale of intangibles.
c.deals with service contracts.
d.is less concerned with the good faith doctrine.
11) even though no one else had developed an invention like that of the patent
applicant, the application will be denied if, at the time of the invention, the invention
would have been obvious to a person having ordinary skill in the area.
12)
when an agency is asked to release documents that are exempted from disclosure under
the freedom of information act, the agency:
a.has a statutory obligation to refuse disclosure of the exempted documents.
b.may refuse disclosure but does not have an affirmative duty to do so.
c.can be compelled by individuals named in exempted documents to deny a request of
disclosure of those documents.
d.is liable for punitive damages if it discloses the exempted documents.
13) bob contracts to sell ben 20 bales of hay. a bale is the accepted commercial unit in
hay transactions. ben accepts only 9 1/5 of the 20 bales. under the ucc, ben is
considered to have accepted:
a.all 20 bales.
b.10 bales.
c.9 bales.
d.nothing.
14) courts tend to treat _____ similarly because they are similar in motivation and
effect.
a.exclusive dealing and reciprocal dealing agreements
b.joint venture agreements and exclusive dealing agreements
c.joint venture agreements and tying agreements
d.reciprocal dealing agreements and tying agreements
15) payne entered into a written agreement to sell a parcel of land to stevens. at the time
the agreement was executed, payne had consumed alcoholic beverages. paynes ability
to understand the nature and terms of the contract was not impaired. stevens did not
believe that payne was intoxicated. the contract is:
a.void as a matter of law.
b.legally binding on both parties.
c.voidable at paynes option.
d.voidable at stevens option.
16) if goods have been delivered to a buyer pursuant to a sale or return contract, the:
a.buyer may use the goods but not resell them.
b.seller is liable for the expenses incurred by the buyer in returning the goods to the
seller.
c.title to the goods remains with the seller.
d.risk of loss for the goods passed to the buyer.
17) the filing of a bankruptcy petition operates as a(n):
a.exemption of certain items of property.
b.discharge, relieving the bankrupt person of further responsibility for dischargeable
debts, giving him a fresh start.
c.automatic stay, holding in abeyance various forms of creditor action against a debtor
or her property.
d.redemption of exempt personal property from secured creditors by paying them the
full value of the collateral at the time the property is redeemed.
