1) what is the usual ucc time limitation for claiming express and implied warranty after
the sale of a product?
a.12 months
b.2 years
c.4 years
d.5 years
2) carlita retires from mortex associates, a partnership. the business is continued by the
remaining partners. what is carlitas liability on debts incurred while she was a partner?
a.carlita has liability to the extent of her capital contribution.
b.carlita is fully liable.
c.carlita has no liability.
d.carlita has liability to the extent of partnership assets at the time of dissociation.
3) what is a statute?
a.laws made and applied by judges
b.laws made by congress or a state legislature
c.laws made by administrative agencies
d.laws made by the federal judiciary
4) shawn purchases a computer from adelaide electronics, and writes them a check of
$1,000. however, after shawn brought the computer home, it abruptly stopped working
due to a virus attack. shawn calls his bank ordering a stop-payment on the check.
adelaide electronics gave the check to jack enterprises, their creditor. shawns bank
honored the check when jack presented it. which of the following is true in this case?
a.the bank is liable to recredit shawns account, since the bank did not follow shawns
instructions.
b.shawn will be able to show that he sustained losses since the bank honored the check
to jack.
c.the bank is not liable to recredit shawns account, since shawn did not send the
stop-payment order well in advance.
d.shawn cannot have his account recredited because he will not be able to show that he
sustained any loss.
5) average state university students ann, bo, and sherry are co-tenants under a
ten-month lease of a river heights apartment from complex owner stella slumlord. the
monthly rent set forth in the lease is $480. all three co-tenants signed the lease, which
has five more months to go. ann, bo, and sherry have each been chipping in $160 per
month to cover the rent. slumlord was aware of the co-tenants rent-sharing agreement.
bo recently flunked out of school and has returned to his parents home in reno, nevada.
bo has informed ann, sherry, and slumlord that he will no longer be sharing in the rent.
slumlord has made demands upon ann and sherry for payment of the full monthly rental
of $480? is slumlord legally justified in making this demand? explain.
6) which of the following is true about the effect of partnership agreement?
a.the dissociations listed in the rupa are merely default rules.
b.the partners cannot change the definition of wrongful dissociations.
c.partners cannot require dissociation if a partner transfers his transferable partnership
interest.
d.the effects of nonwrongful dissociation cannot be changed.
7) which of the following is true regarding bids?
a.they are considered to be unilateral contracts.
b.promissory estoppels can be used to prevent withdrawal of bids.
c.bids for governmental contracts are covered under contract principles.
d.those submitting a bid are called offerees.
8) big corp. (bc) operated in all 50 states. in all the states except oregon, bc was the
dominant firm in its industry. small corp. (sc) operated only in oregon, but was the
dominant firm in that state. bc decided it wanted to destroy sc so that it would become
dominant in oregon. bc cut its prices and sold below cost in oregon, while maintaining
regular prices everywhere else. this is an example of:
a.first-line price discrimination
b.secondary level price discrimination
c.tertiary level price discrimination
d.super-tertiary level price discrimination
9) henry brought a lawsuit against newage inc., claiming that the ceo of newage had
misappropriated funds last year, as a result of which newage ended the year in the red.
however, henry was not a shareholder of newage last year and his only motive of
buying newage shares was to bring this lawsuit in order to gain out-of-court settlements
for himself. this kind of lawsuit is known as a:
a.double derivative suit.
b.derivative action.
c.strike suit.
d.class action.
10) under the ucc, a collateral which has been sold in a private sale by a secured party
to a good faith purchaser for value, after the debtors default:
a.may be redeemed by the debtor within 10 days after the disposition.
b.may be redeemed by creditors with subordinate claims.
c.remains subject to the security interests of subordinate lien creditors in all cases where
the collateral is disposed of at a private sale.
d.discharges the security interest pursuant to which such sale was made and any
security interest or lien subordinate thereto.