A right can exist:
a. by itself.
b. only if created by a court.
c. only if there is a corresponding duty.
d. only under local law.
Consideration is not required in:
a. contracts for the sale of goods.
b. employment contracts.
c. agreements to modify employment contracts.
d. agreements to modify contracts for the sale of goods.
A significant difference between an administrative agency hearing and a court hearing
is that:
a. a binding decision can only be made by an agency.
b. there is no right of trial by jury before an agency.
c. a court hearing allows no public intervention.
d. a court can enforce its decision.
The remedy of specific performance will most likely be granted in the case of a(n):
a. employment contract.
b. contract to buy shares of publicly-traded stock.
c. contract for the sale of a business.
d. contract for the sale of Florida oranges.
Whatever is received upon the sale, exchange, collection or other disposition of
collateral is known as:
a. goods.
b. paper.
c. proceeds.
d. security interest.
In order for a trust to be created, who must be able to hold legal title?
a. the beneficiary only
b. the trustee only
c. either the beneficiary or the trustee
d. both the beneficiary and the trustee
Probate is the act by which:
a. the court declares an instrument is a valid will.
b. a qualified person may contest the will.
c. the witnesses sign an attestation clause.
d. publication of the will takes place.
The main purpose of the International Monetary Fund (IMF) is to:
a. provide easy access to money for multinational corporations.
b. facilitate the expansion and balanced growth of international trade.
c. create a model simplified lending system.
d. facilitate currency exchanges.
Several layers of law are enacted at different levels of government to provide the
framework for business and personal rights and duties. At the base of this framework of
laws is:
a. statutory law.
b. case law.
c. constitutional law.
d. all of the above.
When the filing of a financing statement is defective:
a. the security interest is lost.
b. the filing fails to perfect the security interest.
c. the security interest is perfected through the court€s application of equitable
principles.
d. the public notice of the creditor€s interest is still effective.
Under what type of warranty is the seller obligated to fix or replace a defective product
within a reasonable time at no cost to the buyer?
a. full
b. express
c. limited
d. implied
The people in a corporation responsible for the management of the business are the:
a. partners.
b. shareholders.
c. board of directors.
d. licensees.
Marble Industries hired virtually all of its employees from Union High School, which
was overwhelmingly white in its racial makeup. Accordingly, there were virtually no
nonwhite employees employed by Marble Industries. The work these employees
performed was work that any reasonably capable high school graduate could do. When
organizations representing nonwhites questioned the policy, the personnel director
indicated that Union High School graduates were hired because they had worked
successfully for the company and because the president of the company had graduated
from that school. There was no evidence that there was any plan or intention to
discriminate against nonwhites. Discuss the possibility that this policy may violate Title
VII of the Civil Rights Act.
John was driving his car in a careless way, failing to drive as a reasonably prudent
person would under the driving conditions. Ramona was crossing the street in a careless
way, failing to cross as a reasonably prudent person would. John struck and injured
Ramona with the car John was driving. At trial, it was determined that John was 80
percent at fault and that Ramona was 20 percent at fault. The injuries sustained
amounted to $100,000. Explain how much, if any, recovery Ramona would receive in a
state that applies the contributory negligence rule. Do the same thing for a state that
applies the comparative negligence rule.
The Jarvis family owned its land for more than 150 years. The Jarvis family
traditionally farmed the land and for that purpose maintained farm animals. As years
passed, most of the surrounding farms were sold by the owners and the area turned out
to be a close-in suburb of a major city. A zoning ordinance was passed that prohibited
maintaining a barn or farmyard animals on the land. The Jarvis family was advised that
they were unaffected by this ordinance because theirs would be considered a
nonconforming use. The members of the Jarvis family lost interest in farming and sold
off all their animals. Seven (7) years later, a family member desired to raise a few pigs
on the property. Angry neighbors asserted that the family has lost the right to do so.
What is your opinion?
Sara Student wished to pay off her $5,000 student loan. If she sends in a check for
$3,000 and the creditor cashes the check, the debt will be fully satisfied provided the
check is marked “paid in full.”
A condition precedent must occur before a party to a contract has an obligation to
perform.
Limited liability companies may be formed without filing formal articles of
organization with the secretary of state.