What type of damages is recoverable when the defendant€s tortious conduct is
accompanied by fraud, malice, or willful or wanton conduct?
a. compensatory
b. consequential
c. nominal
d. punitive
A valid meeting of the voting shareholders of a corporation requires the presence of a:
a. quorum.
b. forum.
c. majority.
d. voting majority.
A __________ is a condition that must occur before a party to a contract has an
obligation to perform under a contract.
a. condition precedent
b. condition subsequent
c. concurrent condition
d. none of the above
Under the Revised Model Business Corporation Act (RMBCA), corporate existence
begins when the articles of incorporation are filed with the secretary of state.
What is not included in a common carrier’s lien on goods that it transports?
a. consequential damages
b. demurrage
c. costs of preserving the goods
d. costs of a sale to enforce the lien
Under the Revised Uniform Limited Partnership Act, a limited partner may contribute:
a. cash only.
b. property only.
c. services only.
d. cash, property, and services.
A blank indorsement turns a(n) __________instrument into a(n) __________
instrument.
a. negotiable; non-negotiable
b. non-negotiable; negotiable
c. bearer; order
d. order; bearer
SEC Rule 10b-5:
a. is the principal antifraud rule relating to the secondary distribution of securities.
b. provides that a civil action for damages may be brought by any private investor who
purchased or sold a security and was injured because of false, misleading, or
undisclosed information.
c. applies to all securities, whether registered or not, as long as use is made of the mail,
interstate commerce, or a national stock exchange.
d. all of the above.
Racketeering is defined as:
a. using money to influence public officials.
b. using money to influence employees of competitors.
c. using money derived from illegal activities to invest in legitimate businesses.
d. using money to influence foreign officials.
A sales agreement that does not satisfy the statute of frauds is:
a. a quasi contract.
b. criminal.
c. unenforceable.
d. unlawful.
The perfection obtained by filing a financing statement lasts for __________.
a. five (5) years, and is renewable.
b. five (5) years, and is non-renewable.
c. ten (10) years, and is renewable.
d. ten (10) years, and is non-renewable.
An oral contract to sell custom-made goods to a buyer is binding if the goods are not
suitable for sale to anyone else in the ordinary course of the seller’s business, and the
seller has made a substantial beginning in manufacturing or procuring the goods.
Individuals and corporations, but not partnerships, may be reorganized under the
Bankruptcy Code.
The typical U.S. copyright now runs for 28 years, with a right of renewal for an
additional 28 years.
The concept of strict liability is applied without regard to whether the defendant was at
fault.
All current rights against governmental intrusion are expressly stated in the
Constitution.
Because the power to regulate interstate commerce has been interpreted broadly,
Congress has great power to adopt regulatory laws affecting the economy.