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1) a mining partners interest is not freely transferable.
2) a states courts may exercise jurisdiction over a foreign corporation that has contacts
in the state.
3) in recent years, courts have often struck down as unconstitutional, broad
congressional delegations of power to administrative agencies.
4) in order to have any chance of being enforced, an illegal agreement must be
indivisible.
5) title to a personal property may be obtained by accession, which is the intermixing of
goods that belong to different owners.
6) under the doctrine of cy pres, the trust will not fail if the settlor indicated a general
intention to devote the property to charitable purposes.
7) unlike the ucc, the cisg requires new consideration to modify a contract.
8) corporate constituency statutes permit the board of directors to consider the interests
of persons other than the corporations shareholders when the directors make corporate
decisions.
9) a disclaimer of the implied warranty of merchantability can be oral.
10) minors are considered to lack capacity to contract.
11) alvin and billy own 70 percent of beta corporation. claude owns 30 percent of beta
corporation. alvin and billy consistently vote and act in ways that benefit them but harm
claude. claude may claim oppression as a minority shareholder.
12) union bank lent $200,000 to wagner. union required wagner to obtain a life
insurance policy naming union as beneficiary. while the loan was outstanding, wagner
stopped paying the premiums on the policy. union paid the premiums, adding the
amounts paid to wagners loan. wagner died and the insurance company refused to pay
the policy proceeds to union. union may:
a.recover the policy proceeds because it is a creditor beneficiary.
b.recover the policy proceeds because it is an incidental beneficiary.
c.not recover the policy proceeds because it is not in privity of contract with the
insurance company.
d.not recover the policy proceeds because one cannot claim insurance for oneself.
13) which of the following characterizes the transfer of trademark rights?
a.it is much easier than transferring patent interests.
b.they may only be assigned to another person.
c.they cannot be sold unless it involves a sale of goods.
d.an uncontrolled license is generally not advised.
14) according to the code, when there is an acceptance that contains terms that are
different from the original terms of the contract, the contract will consist of _____ and
the appropriate gap-filling presumptions of the code.
a.an inquiry regarding terms
b.notifications to prevent breach of conduct
c.counteroffers from either party
d.terms on which the parties writings agree
15) while preparing his tax returns for 2010 year, harry discovers that his 2008 tax
returns has errors. those errors led him to pay more income tax that year than he would
have otherwise paid. harry wants to inspect his 2008 tax files that irs has and request
them to be corrected. under which act can he place this request?
a.the freedom of information act
b.the disclosure act
c.the government in the sunshine act of 1976
d.the privacy act of 1974
16) submaterialmen are entitled to a lien only when:
a.they enter into a deed of trust with the contractor.
b.they act as the surety in the transaction.
c.they execute their right of exoneration.
d.the state statute specifically includes them.
17) the last tactic to adopt in resisting a request to act unethically is to:
a.buy time to think about a solution.
b.find a mentor and peer group.
c.prepare to leave the job.
d.find win-win solutions.
18) performance under a contract must be within a reasonable time when:
a.the value of the contract is high.
b.one of the parties is a government agency.
c.a specific time is implied in the contract.
d.no time for performance is expressly stated in the contract.
19) if a plaintiff proves that it has suffered a direct injury by another company in
violation of the sherman act, it is entitled to recover:
a.twice the amount of loss it suffered as a result of the violation, plus court costs and
attorneys fees.
b.twice the amount of loss it suffered as a result of the violation.
c.only the amount of loss it suffered as a result of the violation, plus court costs and
attorneys fees.
d.three times the amount of loss it suffered as a result of the violation, plus court costs
and attorneys fees.
20) violations of the fcra are violations of:
a.ftc act section 5.
b.ftc act section 10.
c.section 43(a) of the lanham act.
d.section 41 of the lanham act.
21) what type of damages can a plaintiff recover under title vii when the defendant
discriminated with malice or with reckless indifference to the plaintiffs rights?
a.compensatory damages
b.nominal damages
c.punitive damages
d.contemptuous damages
22) on may 1, dix and wilk entered into an oral agreement by which dix agreed to
purchase a small parcel of land from wilk for $450. dix paid wilk $100 as a deposit. the
following day, wilk received another offer to purchase the land for $650, the fair market
value. wilk immediately notified dix that wilk would not sell the land for $450. if dix
sues wilk for specific performance, dix will:
a.prevail, because the amount of the contract was less than $500.
b.prevail, because there was part performance.
c.lose, because the fair market value of the land is over $500.
d.lose, because the agreement was not in writing and signed by wilk.
23) for which of the following would a shareholder derivative action be appropriate?
a.the shareholder alleges that the board of directors has imprudently managed the
corporation.
b.the shareholder has been refused a request that his/her accountant be permitted to look
at the corporate accounting records.
c.the shareholder alleges that the corporation has violated the shareholders preemptive
right.
d.the shareholder alleges that the corporation has been paying dividends to a previous
shareholder from whom the shareholder purchased his/her shares.
24) rachel was jogging when she slipped and fell on the jogging track and her diamond
bracelet fell off her hand. she got up and resumed her jog, unaware of what had
happened. a little later, judy came jogging on the same track and discovered the
bracelet. which of the following is true of the case?
a.the bracelet is lost property that judy can hold until the owner claims it.
b.the bracelet is abandoned property.
c.the bracelet has two rightful owners.
d.the bracelet now belongs to the local authorities.
