After a proper demand has been made, for assurance of performance to be adequate, it
must:
a. include consideration.
b. allow for the additional examination of the goods.
c. be sufficient to assure a reasonable person that the contract will be performed.
d. be written.
Money __________ involves the knowing and willful participation in a financial
transaction involving unlawful proceeds when the transaction is designed to conceal or
disguise the source of the funds.
a. ironing
b. vacuuming
c. laundering
d. cooking
Each partner has to a right to:
a. take an equal part in transacting the business of the firm.
b. receive compensation for any work done for the partnership.
c. both a. and b.
d. neither a. nor b.
If an owner has acted in a way that misleads others, the owner may be __________from
asserting ownership.
a. estopped
b. voided
c. breached
d. identified
The defendant in a defective product suit may be:
a. the seller.
b. the manufacturer.
c. the manufacturer of a component part.
d. all of the above.
A criminal nuisance may be terminated by:
a. abatement.
b. closure by government authority.
c. abatement or closure by government authority.
d. none of the above, since the law only recognizes civil (not criminal) remedies for
nuisance.
A life insurance contract is a third-party:
a. beneficiary contract.
b. assignment contract.
c. payment contract.
d. performance contract.
The principal forms of business organization are:
a. sole proprietorships, joint ventures, and corporations.
b. unincorporated associations, partnerships, and corporations.
c. unincorporated associations, limited partnerships, and corporations.
d. sole proprietorships, partnerships, and corporations.
Goods that are not yet in existence or are not yet owned by the seller are__________
goods.
a. fungible
b. nonexistent
c. future
d. contingent
A shareholder has:
a. an absolute right to dividends.
b. a right to dividends when declared.
c. a right to insist that dividends be declared.
d. to share equally all dividends with fellow shareholders.
Insurance designed to protect an insured driver or owner from the claims of others is
called:
a. collision insurance.
b. financial responsibility insurance.
c. liability insurance.
d. comprehensive insurance.
A covenant that passes with the land so that whoever owns the land is bound by or
entitled to the benefit of the covenant
a. is a covenant of seisin.
b. is a covenant of further assurances.
c. is a covenant of quiet enjoyment.
d. is said to run with the land.
Technology:
a. has not created situations that require the application of new rules of law.
b. has indeed created situations that require the application of new rules of law.
c. has done away with the right of privacy.
d. has made it easier to identify when one’s privacy has been invaded.
In which of the following cases is a contract between A and B binding?
a. A makes a mistake of material fact, and the mistake is unknown by B.
b. A and B make the same mistake of material fact.
c. A recklessly but honestly misrepresents a material fact.
d. A innocently misrepresents a material fact.
To analyze a copyright infringement claim in the context of computer programs, courts
will primarily examine:
a. the total number of program steps that are substantially similar.
b. the number of significant program steps that are substantially similar.
c. whether the programs appear substantially similar in ordinary language.
d. whether the programs appear substantially similar in machine language.
The issuer of a letter of credit must verify that the underlying transaction has been
performed.
The drawee of a check is always a bank.
Sondra realized on Tuesday that she had dropped her bank EFT card after using it at an
automatic teller machine. She telephoned the bank on the following Monday to notify it
of the loss. By that time, someone had used the card to withdraw $800 from Sondra’s
account. The bank said it would cover $300 of that amount. Sondra sued for the full
amount, claiming that she had exercised reasonable care in reporting the loss, especially
because the card was lost on bank premises. Will she be able to recover the full $800?
Until a transfer is recorded on its books, a corporation is entitled to treat the person
whose name is on its books as the owner of its stock.
In order for fraud liability to arise, the listener must actually rely on the false statement
of fact.
If the obligor is notified in any manner that there has been an assignment and that any
money due must be paid to the assignee, the obligor€s obligation can be discharged
only by making payment to the assignee.
Bart owned 100 shares of a stock that was actively traded on a national stock exchange.
Bart wanted to sell the shares but felt that his profit would be seriously diminished by
selling through a broker and paying the customary brokerage commission. Bart offered
the 100 shares to any of a group of six people in a conversation at a party. The offered
price was $750 per share, the price at which the shares had closed that day. No one
really responded to the offer at that time. Ten days later when the shares were trading at
$76.25, Marie, one of the offerees at the party, appeared at Bart’s office saying that she
accepted the offer. Bart claimed the offer no longer was available. Evaluate the legal
outcome of this dispute.