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1) an agreement that violates legislative and court-made rules and creates threat to
public policy shall be denied enforcement on the ground of illegality.
2) when a person owes an unconditional duty to another, then he/she must perform it
unless the performance is excused.
3) once a buyer has accepted goods, he cannot later reject them unless at the time they
were accepted, the buyer had reason to believe that the nonconformity would be cured.
4) the occupational safety and health act applies to all employers engaged in a business
affecting interstate commerce.
5) basis-of-the-bargain damages are almost always successfully awarded in tort cases.
6) a foreign corporation is one that conducts its business in a state where it is not
incorporated.
7) which of the following is true of assignments?
a.early common law recognized assignments.
b.contract rights have always been considered transferable.
c.article 2 of the ucc deals with assignments of rights.
d.the laws regarding assignment have gradually become stricter.
8) a(n) _____ is a legal relationship in which a person who has legal title to property
has the duty to hold it for the use or benefit of another person.
a.accession
b.lien
c.trust
d.codicil
9) which of the following is a history of what the public records show regarding the
passage of title to, and other interests in, a parcel of real property?
a.recorded deed
b.title insurance
c.abstract of title
d.quitclaim deed
10) which of the following occurs at a corporations organization meeting?
a.adoption of preincorporation contracts.
b.authentication of the articles of incorporation.
c.adoption of bylaws to supplement the articles of incorporation.
d.creation of preincorporation contracts.
11) which of the following is true of delegation?
a.it requires special, formal language.
b.it covers all duties stated in a contract.
c.it is often confused with assignment.
d.it automatically places all legal responsibilities on the delegatee.
12) an instrument payable on demand is:
a.not payable before the date of the instrument.
b.payable before the date of the instrument.
c.not payable after the date of the instrument.
d.nonnegotiable without a date.
13) which of the following is a characteristic of legal realists?
a.they define law as that which is codified in the books.
b.they believe in the use of discretionary powers.
c.they believe that the rules in the booksreally affect peoples lives.
d.they believe that law is law, just or not.
14) the rupa makes a dissociated partner liable as a partner to a party that entered into a
transaction with the continuing partnership, unless:
a.the other party believed the dissociated partner was still a partner.
b.the transaction was entered into more than two years after the partner has dissociated.
c.the transaction was entered into 90 days before the filing of a statement of
dissociation with the secretary of state.
d.the other party was not made aware of the partners dissociation.
15) calvin tells sara that he will sell her his car for $5,000. sara agrees. the exchange is
to take place in 10 days. the contract between calvin and sara is now:
a.unilateral, executory, and valid.
b.bilateral, executed, and voidable.
c.bilateral, executory, and express.
d.bilateral, executory, and implied.
16) aaron promises to sell his boat to matt, and matt promises to buy it from aaron. what
type of contract is this?
a.a unilateral contract
b.a quasi-contract
c.a bilateral contract
d.a promissory estoppel contract
17) after all the assets of an llc have been sold, the proceeds will be distributed first to
llc:
a.creditors.
b.founders.
c.transferees.
d.dissociated members.
18) a partner uses her own truck to pick up some partnership supplies, which she pays
for with her personal check. this partner has the right to be _____ for payments made
from her personal funds.
a.indemnified
b.investigated
c.adjudicated
d.indentured
19) for proving liability of a professional under _____, privity of contract between the
plaintiff and the defendant is required.
a.section 12(a)(2) of the securities act of 1933
b.section 18 of the securities exchange act of 1934
c.section 17(a) of the securities act of 1933
d.section 11 of the securities exchange act of 1934
