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Fraud in the inception is a type of personal defense.
A foreign corporation can conduct commerce in a state if it obtains a certificate of
authority from the state.
Dual agency is permitted if all parties to a transaction agree to it.
The primary benefit of a negotiable instrument is that it can be used as a substitute for
money.
The U.S. Constitution limits the government's ability to restrict individual rights.
Vicarious liability is liability with fault.
As per the Statute of Frauds provisions, all contracts for the sale of goods costing $500
or more must be in writing.
Mirror image rule is more liberal than UCC 2-207(1).
Checks are the most common form of negotiable instruments used in the United States.
The goal of the Health Reform Act is to increase the number of persons who have
health care insurance in the United States.
An owner of real property or a mortgagee pays only one premium for title insurance,
usually at closing.
Shareholders of a closely held corporation play a minor role in its management.
An employer-employee relationship exists when an employer gives an employee
authority to act and enter into contracts on his or her behalf.
In a sale or return contract, the risk of loss and title is with the seller even when the
buyer takes possession of the goods.
Contracts for the provision of services are not covered by Article 2 of the UCC.
A ________ is a two-party negotiable instrument that is an unconditional written pledge
by one party to pay money to another party.
A) bill of exchange
B) check
C) certificate of deposit
D) promissory note
A(n) ________ provides that certain job preferences will be given to members of
minority racial and ethnic groups, females, and other protected-class applicants when
making employment decisions.
A) retaliation
B) affirmative defense
C) affirmative action plan
D) reasonable accommodation plan
The ________ hears cases brought against the United States.
A) U.S. Supreme Court
B) U.S. Tax Court
C) U.S. Court of Federal Claims
D) U.S. District Court
Which of the following would be a legitimate method to convert an order paper to a
bearer paper?
A) indorsement
B) adding the term "pay to the order of"
C) delivering the order paper
D) specifying a payee
Which of the following is true of ownership rights of an abandoned property?
A) The finder and owner must share ownership of the property.
B) The finder acquires title to the property, even against its original owner.
C) The owner can reclaim his or her property completely from the finder.
D) The owner of the premises where property is mislaid is entitled to possession but
does not acquire title.
The income or loss from a sole proprietorship is reported on ________ which must be
attached to the owner's Form 1040.
A) Schedule B
B) Schedule C
C) Form 14
D) Form 8
A means test is used to determine whether ________.
A) the debtor's median family income is less than the state's median family income
B) the debtor's median family income is more than the state's median family income
C) the debtor has the capability to pay prepetition debts out of postpetition income
D) the debtor would qualify to file for bankruptcy under Chapter 13
According to the regulatory licensing statute, ________.
A) unlicensed persons can recover payment for services
B) only licensed persons can recover payment for services
C) persons breaching a revenue-raising statute cannot recover payment for services
D) all government-licensed persons have to pay an annual fee to renew their licenses
Which of the following is true of rent control?
A) Rent-control ordinances are enacted and enforced by the federal government.
B) Rent-control ordinances stipulate amounts for rent and annual increases.
C) Rent control is deemed unconstitutional by the U.S. Supreme Court.
D) Rent control is derived from zoning ordinances and building codes.
The courts apply the ________ in determining whether an arrangement is an investment
contract.
A) Howey test
B) misappropriation theory
C) strict scrutiny test
D) intermediate test
The state of Idaho has a two-year statute of limitations for personal injury actions.
Graham was injured by Alice in a car accident on January 1, 2011. If Graham wants to
bring a lawsuit against Alice on January 15, 2013, which of the following is most likely
to be the outcome?
A) Graham is allowed to sue Alice after appealing for an extension of the statute of
limitations.
B) Graham is not allowed to sue Alice, having lost his right to sue her.
C) Graham can sue Alice but will not receive damages.
D) Graham can sue Alice but is not entitled to a jury trial.
A(n) ________ is a signature and other directions written by or on behalf of the holder
somewhere on an instrument.
A) recommendation
B) assignment
C) indorsement
D) reference
Which of the following provides the broadest standard for holding accountants liable to
third parties for negligence?
A) due diligence defense
B) the foreseeability standard
C) the Ultramares doctrine
D) nolo contendere
What is a tenancy at will?
A) a tenancy created when a lease specifies intervals at which payments are due but
does not specify how long the lease is for
B) a tenancy created by a lease that may be terminated at any time by either party
C) a tenancy created when a tenant retains possession of property after the expiration of
another tenancy
D) a tenancy created when a landlord and a tenant agree on a specific duration for a
lease
