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1) the expansion of corporate criminal liability in imputing the criminal intent of
employees to the corporation falls under the scope of:
a.mens rea.
b.presumption of innocence.
c.double jeopardy.
d.respondeat superior.
2) to satisfy the ucc statute of frauds, a written agreement for the sale of goods must:
a.contain payment terms.
b.be signed by both buyer and seller.
c.indicate that a contract for sale has been made.
d.refer to the time and place of delivery.
3) which of the following should a buyer who is a merchant do if the rejected goods are
perishable?
a.the buyer must make a reasonable effort to sell the goods.
b.the buyer should store the goods for the seller.
c.the buyer should reship them to the seller.
d.the buyer should immediately make the payment.
4) the _____ case is an example of litigation initiated by commercial telemarketers
questioning the legal validity of the do-not-call registry.
a.central hudson
b.kraft
c.evory
d.mainstream marketing
5) to which of the following is chapter 11 not available?
a.manufacturing corporations
b.a sole proprietorship that sells used cars
c.a bank
d.a natural person
6) which of the following is true about a sole proprietorship?
a.a sole proprietorship is a legal entity.
b.a sole proprietorship cannot sue or be sued.
c.a sole proprietorship as form of business can be transferred to someone else.
d.a sole proprietorship has a life of its own apart from its owner.
7) the rule against perpetuities does not apply to a:
a.testamentary trust.
b.spendthrift trust.
c.charitable trust.
d.totten trust.
8) sue sandon and joe rhine have concluded their agreement in all substantial matters of
their contract for goods offer like price, quantity, and mode of delivery but the formal
written agreement has not been signed yet. is there a binding contract at present?
a.yes, because an oral contract should suffice.
b.yes, because a contract is formed at the time the agreement is concluded.
c.no, because the minor terms also need to be taken care of.
d.no, because the agreement is not yet signed and thus, legally unenforceable.
9) whose signatures are needed in order to satisfy the statute of frauds?
a.only the signatures of witnesses to the agreement are required.
b.only the signature the party, attempting to enforce the contract, is required.
c.only the signature of the party against whom enforcement is being sought.
d.only the signature of the third party to the contract, the beneficiary, is required.
10) an agent is not liable for making an unauthorized contract if:
a.the third party does not know that the agent lacks authority.
b.the principal fails to subsequently ratify the contract.
c.the agent does not notify the third party that he does not warrant his authority to
contract.
d.the third party actually knows that the agent lacks authority.
11) what is the legal status of an improperly dispatched acceptance that was sent by a
means of communication that was nonauthorized by the offeror?
a.it is valid but unenforceable.
b.it is invalid but enforceable.
c.it is effective when received.
d.it leads to an immediate revocation.
12) the qualitative substantiality test was employed by the supreme court in the
landmark case of:
a.tampa electric co. v. nashville coal co.
b.standard oil co. v. united states.
c.olin corporation v. federal trade commission.
d.federal trade commission v. staples, inc.
13) grandfather summers had two children, mary and bill. mary, her fathers favorite, has
one child, margaret. bill has two children, jill and john. mary and bill die before
summers (in legal terms, predecease him), but all three grandchildren are living at the
time of his death. summers estate has to be divided per capita. who will get what?
a.the spouses of mary and bill will inherit the estate.
b.marys children will inherit the major share of the estate.
c.all three grandchildren will get an equal share.
d.the estate will go to a trust because mary and bill are dead.
14) gold, cpa, rendered an unqualified opinion on the 1987 financial statement of
eastern power co. egan purchased eastern bonds in a public offering subject to the
securities act of 1933. the registration statement filed with the sec included the financial
statements. gold is being sued by egan under section 11 of the securities act of 1933 for
the misstatements contained in the financial statements. to prevail, egan must prove:
a.scienter: no; reliance: no
b.scienter: no; reliance: yes
c.scienter: yes; reliance: no
d.scienter: yes; reliance: yes
15) sarah, age 17, buys a car on credit from lora. sarah signs a promissory note,
agreeing to pay $1000 a month on the note until the note is paid in full. lora has sarahs
father cosign the note. under these circumstances, sarahs father is:
a.a surety.
b.secondarily liable on this contract.
c.a guarantor of payment on this contract.
d.not liable on this contract because sarah is a minor.
16) which of the following is true of the national environmental policy act (nepa)?
a.it does not apply to businesses in states that have their own state laws in place.
b.citizens can force federal agencies to comply with the nepa.
c.it requires that state governments ensure that all entities within state borders submit
environmental impact statements.
d.the nepa requires that all businesses file an environmental impact statement before a
project is undertaken.
17) a buyer who is not a merchant rejects nonconforming goods. he:
a.must return the goods to the seller.
b.must sell the goods for the seller.
c.must hold the goods for the seller for a reasonable time.
d.may destroy the goods.
18) which of the following attacks the speaker for his argument, not his reasoning?
a.argumentum ad hominem
b.argumentum from authority
c.argumentum as populism
d.argumentum ad vacuum
19) a person who is appointed under a will to look after the property of deceased person
is known as a(n):
a.oblige.
b.estate agent.
c.legal heir.
d.executor.
20) which of the following is sufficient to establish that a professional has acted with
scienter for purposes of common law fraud?
a.the professionals careless consideration for the accuracy of his/her work.
b.the professionals reckless ignorance of facts.
c.the professionals failure to exercise due diligence.
d.the professionals negligent misstatement of fact.
