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When one party takes specific action to cover a material fact from another party, fraud
by enticement occurs.
Provisions of federal law are valid as long as they do not conflict with any state law.
A requirements contract is unenforceable due to lack of consideration.
A finance lease involves a lessor leasing money to a lessee.
An easement is an example of nonpossessory interest in another's real property.
The Department of Labor permits employers to pay less than the minimum wage to
students and apprentices.
A holder in due course takes an instrument free from personal defenses but not
universal defenses.
To obtain title under adverse possession, the adverse possessor must physically occupy
the property.
An instrument that is refused payment when presented for payment is called a
________.
A) blank instrument
B) restrictive instrument
C) demand instrument
D) dishonored instrument
Which of the following is a sanction imposed on states that don't implement approved
plans for the reduction in air pollution?
A) increase in tax for personal property
B) reduction in public school funding
C) loss of federal highway funds
D) implementation of monthly fines based on pollution levels
A(n) ________ refers to a rule issued by an administrative agency that defines existing
statutory language.
A) interpretive rule
B) operational code
C) substantive rule
D) statement of policy
A person who transfers the right of possession and use of goods under a lease is known
as the ________.
A) lessor
B) lessee
C) seller
D) consignee
________ occurs when an employee has a non-forfeitable right to receive pension
benefits.
A) Vesting
B) Easement
C) Anti-lapse
D) Reconciliation
A(n) ________ is a situation in which a person who wrongfully possesses someone
else's real property obtains title to that property if certain statutory requirements are
met.
A) adverse possession
B) reversion
C) nonpossessory interest
D) future interest
________ is a rehabilitation form of bankruptcy that permits bankruptcy courts to
supervise the debtor's plan for the payment of unpaid debts in installments over the plan
period.
A) Chapter 7
B) Chapter 13
C) Chapter 11
D) Chapter 12
________ is a term that denotes the return of goods or property received from the other
party to undo a contract.
A) Rescission
B) Recession
C) Restitution
D) Retribution
Corey in a desperate need to get to the airport decides to take his neighbor Tanner's
help. Tanner agrees to help and drives Corey to the airport. Upon arrival at the airport,
Corey promises to pay Tanner $25 for the gas fill. Corey's promise falls under which of
the following contracts?
A) illegal consideration
B) illusory promise
C) preexisting duty
D) past consideration
Which of the following requirements has to be met for a holder to qualify as a holder in
due course (HDC) under the shelter principle?
A) The holder must not be in possession of a prior negotiable instrument.
B) The holder must have notice of a defense or claim against the payment of the
instrument.
C) The holder must have been a party to a fraud or an illegality affecting the instrument.
D) The holder must have acquired the instrument from an HDC.
Which of the following statements is true of an agent taking an opportunity?
A) An agent can legally take an opportunity that is entitled to the principal.
B) A third-party offer to an agent need not be conveyed to the principal.
C) An agent cannot appropriate an offer for himself or herself once the principal rejects
it.
D) A principal is permitted to recover a usurped opportunity from an agent.
