A contract based on a mutual mistake in judgment is:
a. voidable by the adversely affected party.
b. not voidable by the adversely affected party.
c. void ab initio.
d. none of the above.
When an offer has been accepted:
a. a subsequent revocation of the offer may serve to nullify the resulting contract.
b. a contract is formed, assuming that all of the other elements of a contract are present.
c. either party may withdraw from the resulting contract without consent.
d. the acceptance is executory.
A corporation may be prosecuted and convicted of:
a. a criminal offense if its agent committed the offense while acting within the scope of
the agent€s authority.
b. an error in business judgment, assuming that no other reasonable corporation would
have committed such an error.
c. operating without a corporate charter if the corporation has never sought a charter
from the secretary of state€s office, or if its directors and/or officers either knew of
should have known that the secretary of state€s office had revoked the charter.
d. none of the above; a corporation itself is not subject to criminal prosecution and
conviction.
The concept of imposing liability for the fault of another is known as __________
liability.
a. imperious
b. gregarious
c. vicarious
d. virtual
Which is not considered an alternate means of dispute resolution?
a. civil lawsuit
b. arbitration
c. association tribunals
d. minitrial
A limited liability company may be classified as a partnership for tax purposes if:
a. such an election is made by €checking the box€ for partnership tax treatment on
the appropriate Internal Revenue Service form.
b. such an election is made in the operating agreement.
c. such an election is made in the articles of incorporation.
d. a majority of its members petition the Internal Revenue Service for partnership tax
treatment.
The net assets of a corporation may be referred to as:
a. debentures.
b. stock.
c. capital.
d. bonds.
Sales tax on Internet sales:
a. is never collected.
b. is always collected.
c. is collected if the seller has a physical presence in the state of sale.
d. follow the same rules for sales tax collected in brick and mortar stores.
It is lawful to refuse to extend credit to a consumer based on the consumer’s:
a. race.
b. marital status.
c. credit history.
d. age.
The agent of a disclosed principal is liable for harm caused to third persons by:
a. the fraudulent acts of the agent.
b. the malicious acts of the agent.
c. both a. and b.
d. none of the above.
The Fourth Amendment warrant requirement does not apply to businesses.
Tuttle died at age 96, leaving a will that she made at age 40 that provided that her three
children would share her estate equally. At the time of her death, only one child, Anna,
was living. Tuttle’s two deceased children, Bill and Caroline, each had two children
who were living at the time of Tuttle’s death. Anna is claiming that she is entitled to the
entire estate because the bequests to Bill and Caroline lapsed upon their deaths prior to
Tuttle’s death. How will the estate be settled?
Title VII of the Civil Rights Act of 1964, as amended, is the principal law regulating
equal employment opportunities.
A computer crime generally can only be committed by a person having some
knowledge of the operation of a computer.
The rule of law imposing vicarious liability on an innocent employer for the wrong of
an employee is known as the doctrine of respondeat superior.
Under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, a
discharge is available only once every ten (10) years.
An auto manufacturer is excused from liability if it can be shown the defect was in a
component part purchased from a manufacturer.