1) if no agreement is made regarding the place of delivery, then the goods are to be
delivered at the sellers place of business.
2) article 2 of the ucc has no parol evidence rule.
3) prior to the filing of a 1933 act registration statement, the issuer may use a rule 134
tombstone advertisement to make investors aware of the upcoming offering of
securities.
4) two corporations in a state may have the same names.
5) the ucc often creates contractual liability in situations where no contract would have
resulted at common law.
6) an administrator makes an oral promise to pay the debts of the deceased from the
funds of the decedents estate. the debts amount to $60,000. this oral promise is
enforceable.
7) the three requirements for a valid offer are: present intent to contract, definiteness,
and communication to the offeree.
8) agency is a two-party relationship in which the agent is authorized to act on behalf of
the principal.
9) the assignor impliedly warrants to the assignee that the obligor has capacity to
contract.
10) a partnership is an income tax-paying entity for federal income tax purposes.
11) which of the following statements about ocean dumping is accurate?
a.the states have the responsibility for designating ocean disposal sites under the marine
protection, research, and sanctuaries act.
b.the clean water act has provisions for regulation of the disposal of dredge spoils from
dredging to keep harbors open.
c.the marine protection, research, and sanctuaries act set up a permit system regulating
the dumping of all types of materials into ocean waters.
d.the clean water act required that all ocean dumping of municipal sewage sludge and
industrial wastes be terminated by end of the 20th century.
12) anya leaves her expensive handbag in the washroom of a restaurant. melissa follows
her inside, quietly hides the handbag inside her coat, and leaves the washroom. she
refuses to tell anya the truth even when the former frantically starts searching for her
handbag as soon as she discovers its loss. melissa is guilty of:
a.conversion.
b.bailment.
c.confusion.
d.fixture.
13) which of the following situations is most likely to be deemed in violation of section
1 of the sherman act?
a.intent to monopolize
b.attempted monopolization
c.misdirected monopolization
d.conspiracy to monopolize
14) to determine _____ unconscionability, courts will scrutinize the contract terms
themselves to determine whether they are oppressive, unreasonably one-sided, or
unjustifiably harsh.
a.procedural
b.voidable
c.substantive
d.associative
15) in technical legal terms, a party not equally in the wrong is said to be not in _____.
a.res ipsa loquitur
b.ab initio
c.pari delicto
d.ad idem
16) in which of the following situations can a buyer revoke acceptance of
nonconforming goods?
a.the buyer accepted them with the knowledge of the nonconformity, because they were
the only option available in the market.
b.the buyer accepted the goods because of the sellers assurances that it would cure the
defect.
c.the price of the goods fell in the general market.
d.the buyer accepted the nonconforming goods because the seller couldnt cure the
defect.
17) strong corp. and marginal, inc. are competitors. strong plans to acquire ownership
of marginal. which of the following, if true, would help bolster a conclusion that the
acquisition is lawful under clayton act section 7?
a.that the industry in which strong and marginal are competitors has become
increasingly concentrated in recent years.
b.that strong has had a history of acquiring ownership over competitors in order to
increase its market share.
c.that strong has a 35 percent market share now and would only be increasing its market
share by another 10 percent by acquiring marginal.
d.that marginal is teetering on the brink of bankruptcy and only strong is interested in
purchasing marginal.
18) when the winding up partners disagree during the process:
a.majority partner approval is required for actions in the ordinary course of winding up.
b.unanimous partner approval is required for every decision.
c.unanimous partner approval is required for actions in the ordinary course of winding
up.
d.majority partner approval is required for every decision.
19) to give notice of a dissociation that is effective against everyone, the ulpa permits
the filing of a notice of dissociation which is effective:
a.120 days after filing.
b.90 days after dissociation.
c.90 days after filing.
d.120 days after dissociation.
20) sal brings a stale check to his bank on june 1, 2003. the check is dated september 1,
2002. the bank:
a.owes a duty to honor the check.
b.must honor the check if it is otherwise properly payable.
c.can honor the check while acting in good faith.
d.cannot honor the check, since it is more than six months old.