If bailed property is destroyed because of the bailee’s negligence, the result is that the
a. bailment ends.
b. bailment continues.
c. bailee is liable to the bailor for damages.
d. bailment ends and that the bailee is liable to the bailor for damages.
The only court actually provided for by name in the U.S. Constitution is
a. the U.S. Supreme Court.
b. the Court of International Trade.
c. small claims court.
d. commercial claims court.
Franklin wrote a check on the Second National Bank payable to Garth. When Garth
presented the check for payment, Second National refused to cash it, although the check
was in proper form and Franklin had sufficient funds on deposit at the bank. The
Second National Bank is liable to
a. Franklin and Garth.
b. Franklin only.
c. Garth only.
d. no one.
Impaneling a jury means
a. dismissing a jury at the conclusion of the trial.
b. exempting jurors from jury duty.
c. selecting people to serve as jurors for a case set for trial.
d. notifying jurors at their homes that they have been called to serve as jurors.
An offer is revoked when the
a. withdrawal is sent to the post office.
b. withdrawal is communicated and received by the offeree.
c. offeree dies after acceptance of the offer.
d. offeror dies after acceptance of the offer.
A corporation organized to operate a college is an example of a
a. Subchapter S corporation.
b. professional corporation.
c. business corporation.
d. nonprofit corporation.
Marla went to Office Works to purchase a thumb drive to use in gathering research
material for an article that her college advisor asked her to write for the school
newspaper. She asked for suggestions as to a good brand of thumb drive to purchase.
The store manager who waited on her said that the USRDV brand was the “best buy out
of all the brands the store carried.” This statement was
a. sales puffing.
b. an express warranty.
c. a warranty of purpose.
d. a warranty of description.
A contract between an adult and a minor is
a. voidable only by the minor.
b. voidable only by the adult.
c. unenforceable.
d. void.
Dunn, a resident of Florida, was in an automobile accident caused by Greeley, a
resident of Alabama. Dunn’s van was damaged to the extent of $3,500. May Dunn sue
Greeley in the federal district court for Alabama? Why or why not?
A contract is not assignable if
a. the assignment is not in writing.
b. the assignment was made as security for a debt.
c. the obligor fails to notify the assignee.
d. none of these.
A summary of all transactions affecting a specific piece of property is called a(n)
a. title property.
b. title record.
c. abstract of title.
d. clerk’s record.
The signature on a negotiable instrument must
a. be handwritten.
b. be typed.
c. be that of the maker or drawer.
d. appear in the lower right-hand corner of the instrument.
If two corporations join to form an entirely new corporation, the action is known as
a. a merger.
b. an ultra vires act.
c. dissolution.
d. a consolidation.
Mitigation of damages is intended to ensure that the damages awarded are not
a. illegal.
b. inadequate.
c. nominal.
d. excessive.
A negotiable instrument is
a. required to be in writing.
b. a means of extending credit.
c. a substitute for money.
d. all of these.
An executory contract is one that
a. is missing some requirement of the law.
b. has not been completely performed by all parties.
c. will not be enforced by a court of law.
d. has been prepared in written form.
To obtain a license to sell real estate, an applicant must
a. meet minimum educational standards.
b. be an adult.
c. have a certain amount of experience.
d. meet minimum educational standards and have a certain amount of experience.
A lease would be considered unenforceable if it did not contain
a. the names of the landlord and tenant.
b. a description of the leased premises.
c. the amount of rent payable.
d. all of these.
The right of courts to review the decisions of lower courts is called
a. separation of powers.
b. judicial review.
c. litigation.
d. none of these.
A corporation owned by very few stockholders is called a(n) ____________________
corporation.
An agreement of rental between a landlord and tenant is a(n) ____________________.
The law that prohibits discrimination in employment is the ____________________.
Specific performance may be granted when money damages do not fairly compensate
for a loss.
A payee of a negotiable instrument can transfer that instrument to another person by
negotiation.
To say that an illegal contract is void means that by law, the contract never existed.
A depositor has the right to stop payment on a check he or she has written.