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A subsidiary corporation ceases to exist after a share exchange.
Bilateral contracts are accepted only upon the offeree's performance of the required act.
Real property cannot be owned by more than one person.
The euro can only be used in countries that are part of the eurozone.
A seller can recover incidental charges incurred on the disposition of goods if a buyer
breaches a sales or lease contract.
The fees of any attorney or filing service used for filing bankruptcy must be paid by the
debtor.
Disparagement refers to the liability of a professional who breaches his or her duty of
ordinary care.
A transaction in which an owner transfers his or her personal property to another to be
held, stored, or delivered or for some other purpose is known as a(n) ________.
A) arraignment
B) easement
C) bailment
D) accession
In which of the following processes is the title of goods not transferred?
A) an adverse possession
B) a bailment
C) a sale
D) an acquisition
________ are the most common form of business organization in the United States.
A) General partnerships
B) Sole proprietorships
C) Limited liability companies
D) Limited partnerships
Michael wanted to build a small princess castle for his daughter in the backyard. He
decided to turn it into a do-it-yourself project, so he bought the disassembled parts of
the castle from Big Ben Forts Inc. However, after the purchase, he found that the
manual provided by the company gave vague directions that were hard to understand.
He built the castle by following the manual, but after a few days the castle collapsed
and injured his daughter who was playing inside. Which of the following actions can
Michael take in this situation?
A) He can file a negligence lawsuit against the store from which he bought the castle.
B) He can file a strict liability lawsuit against Big Ben Forts for failure to warn about
the possible dangers of the product.
C) He can file a strict liability lawsuit against Big Ben Forts for failure to provide
adequate instructions on assembling the product.
D) He can sue Big Ben Forts for defects in the packaging of their products.
An ALJ's (Administrative law judges) decision is issued in the form of a(n) ________.
A) jury instruction
B) petition
C) administrative procedure
D) administrative order
Which of the following is true for an auction without reserve?
A) The bidder is considered the offeror.
B) The seller need not accept the highest bid.
C) The goods on sale cannot be withdrawn.
D) The auctioneer is not allowed to set a minimum bid.
The term ________ refers to a type of sale in which there is no actual sale unless and
until the buyer accepts the goods.
A) consignment
B) sale or return contract
C) sale on approval
D) option contract
Which of the following amendments to the U.S. Constitution contains the Due Process,
Equal Protection, and Privileges and Immunities Clauses?
A) the Twelfth Amendment
B) the Thirteenth Amendment
C) the Fourteenth Amendment
D) the Fifteenth Amendment
A shareholder has a right to have the shareholder resolution included in the
corporation's proxy materials if it ________.
A) does not relate to the corporation's business
B) does not concern the payment of dividends
C) concerns the day-to-day operations of the corporation
D) does not concern a policy issue
Which of the following provisions is made by the Due Process Clause?
A) No person shall be deprived of life, liberty, or property without due process of the
law.
B) No state can regulate foreign trade directly or indirectly without due process of the
law.
C) Motions for amendments to the Constitution cannot be made without a majority in
the House of Representatives.
D) Violation of freedom of speech makes the violator liable for immediate prosecution
with due process of the law.
