Confusion occurs if two or more persons commingle fungible goods.
Checks and drafts are considered informal contracts as their method of creation varies
from one bank to another.
In an F.O.B. point of shipment, the buyer bears the risk of loss while the goods are in
transit.
Master limited partnerships are traded publicly.
Goods that are part of a larger mass of goods are identified when the specific
merchandise is designated.
A deed can only be used to transfer a fee simple absolute interest in real property.
Making false statements about a competitor’s products, services, property, or business
reputation could make a company liable for ________.
A) intentional misrepresentation
B) tort of appropriation
C) disparagement
D) misappropriation of the right to publicity
Which of the following is not actionable as fraud?
A) misrepresentation of law
B) silence as misrepresentation
C) marriage to obtain rights of immigration
D) identity theft
In which of the following can the Statute of Frauds be raised under the common law of
contract?
A) when a seller of specially manufactured goods has made commitments for the
procurement for an oral agreement
B) when the party against whom enforcement of an oral sales or lease contract is sought
admits to such a contract in court
C) when the writing must be signed by the party against whom enforcement is sought
D) when there has been no written confirmation of a contract between two merchants
Mrs. Dawson wrote a check to Kevin for $50 on New Year’s Day for clearing the snow
from her driveway on Christmas Eve. However, when Kevin tries to cash the check at
Mrs. Dawson’s bank, he is told that the check is stale. Which of the following is the
most likely reason for Mrs. Dawson’s check being dishonored by the bank?
A) Mrs. Dawson did not have enough funds in her checking account.
B) Mrs. Dawson had dated the check for the previous year instead of the current year.
C) Mrs. Dawson had not identified Kevin as the payee while writing out the check.
D) Mrs. Dawson had given Kevin a check which was dated over six months ahead of
the date of issue.
Each state is required to prepare a(n) ________ that sets out how the state plans to meet
the federal standards set by the national ambient air quality standards (NAAQS).
A) strategic environmental assessment
B) environmental impact statement plan
C) state assessment plan
D) state implementation plan
Miranda Airways, a commercial air carrier, has a contract with Wurtherton Inc., an
airplane manufacturer, to purchase a new plane. Due to a sudden shortage of cash,
Miranda Airways goes to MetrosBank. MetrosBank issues a document to Wurtherton
that if Miranda does not pay for the transaction, MetrosBank would. Wurtherton
considers the offer and then sends an acceptance with additional terms. The additional
terms stipulate that Miranda Airways could have the new airplane for a period of 10
years and then return it to Wurtherton. Miranda Airways agrees to the acceptance, and
Wurtherton hands over the new airplane to them. Which of the following documents did
MetrosBank issue to Wurtherton to help Miranda Airways secure the airplane?
A) a bill of exchange
B) a proforma invoice
C) a letter of credit
D) a remittance advice
Section 14(a) of the Securities Exchange Act prohibits the solicitation of proxies.
Windsor, the owner of Windsor’s Sandwiches, contacts a new supplier, Gary. He tells
Gary that he will pay him $375 if Gary delivers 20 pounds of cheese the following
morning. Gary promises to make the delivery as requested by Windsor. This creates
a(n) ________ contract between them.
A) unilateral
B) bilateral
C) implied-in-law
D) executory
A person who takes a negotiable instrument for value, in good faith, and without notice
that it is defective or overdue is referred to as a(n) ________.
A) holder
B) holder in due course
C) unqualified indorser
D) assignee
Which of the following is true of a finance lease?
A) It involves leasing out money to a lessee.
B) The lessor is the supplier of goods.
C) It consists of a lessor, a lessee, and a supplier.
D) The lessee acquires the title of the goods.
________ is described as the science or philosophy of the law.
A) Morality
B) Ethics
C) Justice
D) Jurisprudence
In order for a minor to be bound by a contract with an adult after he or she becomes an
adult, he or she must ________.
A) disaffirm the contract before reaching the age of majority
B) complete his or her contractual duties of restitution and restoration
C) ratify the contract after reaching the age of majority
D) place the adult in status quo until reaching the age of maturity
A check that has been outstanding for more than ________ is considered stale.
A) six months
B) one year
C) three months
D) nine months
The process by which heated water or material is discharged into waterways upsetting
the ecological balance and decreasing the oxygen content is defined as ________.
A) land pollution
B) radioactive pollution
C) air pollution
D) thermal pollution
Distinguish between conditions and covenants.
Explain fraud in the inducement with an example.
When are searches by administrative agencies considered reasonable?
Explain the factors that lead to a proxy contest. What is its outcome?
What is contract consideration?
What are gambling statutes?
An employee feels discriminated against by his employer, based on his religion. Who
must he approach before filing a lawsuit against the employer? Describe the process.
How are tenants guaranteed a safe and secure leased premise?
Distinguish between a merger and a share exchange.