The first 12 circuits of the federal court system are geographical.
Pre-established damages agreed to in a contract are known as liquidated damages.
The delegation doctrine only allows executive and legislative powers to an
administrative agency, and not judicial powers.
A qualified indorsement protects subsequent indorsers from liability.
Automobile liability insurance covers damages that an insured causes to third parties.
The law considers children born of a marriage that is annulled to be legitimate.
The Dodd-Frank Wall Street Reform and Consumer Protection Act regulates mortgage
lending.
The right of possession of remainder is an example of future interest.
An offer cannot stipulate that acceptance must be by a specified means of
communication.
A minor can disaffirm a contract anytime after reaching the age of majority.
A principal is not bound to contracts made by an apparent agency.
Executive orders are an example of codified law.
Which of the following statements is true of contracts?
A) Parties to an informal contract can use any words they choose to express their
contract.
B) A contract under seal is disclosed only to the offeror of the contract.
C) A letter of credit is an informal contract.
D) A void contract is the same as a voidable contract.
A tenant’s interest in real property is called a(n) ________.
A) easement estate
B) free simple absolute estate
C) gifted estate
D) leasehold estate
A(n) ________ test is applied to classifications of people based on a suspect class.
A) strict scrutiny
B) intermediate scrutiny
C) intellectual basis
D) cogent basis
The Fair Labor Standards Act applies to ________.
A) employees in government organizations
B) employees earning less than minimum wages
C) employees engaged in the production of goods for interstate commerce
D) self-employed US citizens
E) A, B, and C
What is a similarity between a branch office and a subsidiary of a multinational
corporation?
A) Both are considered separate legal entities.
B) Both have limited liability shields with the parent company.
C) Both can be setup in a foreign land to run the parent company’s business.
D) Both are wholly liable for their torts.
A contract is ________ if the offeror’s offer can be accepted only by the performance of
an act by the offeree.
A) unilateral
B) bilateral
C) implied-in-law
D) executory
The Bona Fide Occupational Qualification Agency (BFOQA) is the federal
administrative agency that is responsible for enforcing most federal antidiscrimination
laws.
Which of the following has a fixed maturity date?
A) bonds
B) stocks
C) cumulative preferred stock
D) participating preferred stock
Tara lost a large sum of money to Judy when she invested in what she alleged was a
fraudulent investment scheme run by Judy. As a result, Tara sued Judy for fraud.
However, as it would take more than a year before the case was heard, Tara was afraid
that Judy would transfer any money or property she had to avoid having to pay a
judgment if she lost at trial. Which of the following would help Tara stop Judy from
doing so?
A) writ of attachment
B) writ of execution
C) writ of garnishment
D) writ of exigent
Which of the following types of liability do limited partners of a limited partnership
have for the debts and obligations of the limited partnerships?
A) unlimited personal liability
B) liability restricted to debts up to their capital contributions
C) liability of termination as partner
D) unlimited organizational capital liability
Which of the following groups is legally deprived from directly entering into contracts?
A) minors
B) persons adjudged insane
C) persons with alternating states of sanity and insanity
D) intoxicated persons
Which of the following is a “corporate citizenship” as a social responsibility theory in
business?
A) Businesses are responsible to even helping solve social problems that they did not
cause.
B) Businesses owe a duty to take actions that increase profits for shareholders.
C) Businesses have a responsibility solely to their stakeholders and should strive to
maximize their well-being.
D) Businesses are obliged to consider the effects their actions have on persons other
than their shareholders.
Kimlon Informatics has to recover $5000 from a client for its services. The recovery
period is 100 days but Kimlon needs the money immediately. It sells the right of
collecting money from its client to Quikcollect, a collection agency. Here, Kimlon
Informatics is the ________.
A) obligor
B) assignor
C) subassignee
D) assignee