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Which of the following statements holds true for the term, technology?
A. It refers to the process of developing ways to enhance human control of physical
laws with the goal of extending human abilities.
B. It refers to the rules made by the government to promote order, stability, and justice.
C. It refers to the academic discipline that studies the natural universe with the goal of
understanding the physical laws that guide the operation of the universe.
D. It refers to the nature of reality, including the relationship between mind and body,
substance and accident, events and causation.
The Commerce Clause of the U.S. Constitution was first expanded by the U.S. Supreme
Court in the context of:
A. industrial expansion.
B. mass marketing.
C. land grants.
D. frontier protection.
Gordon Gibbs grated his plow along his neighbor's driveway, ruining the driveway. The
neighbor wants Gordon to pay the $1,500 cost of paving the driveway. If this case
enters litigation, it will most likely be heard by:
A. a state intermediate appellate court.
B. the state supreme court.
C. a family court.
D. a small-claims court.
Sally's grandmother, Laura, promised in her will to make Sally an heir to her home if
she would move into Laura's home and care for her. Sally agreed to this and moved into
Laura's home. But when Laura died, her will named Bob, a family friend, as heir to her
home. Is Sally legally entitled to the home?
A. Yes, helping her grandmother provided consideration.
B. No, Sally just had a duty to help her grandmother.
C. Yes, Sally was legally closer to her grandmother than Bob.
D. No, Laura may write her will however she wishes.
The _____ sees the nations of the world grouped together based on politics.
A. economic new world order
B. ideological new world order
C. civilizational new world order
D. globalized new world order
Product liability suits are based on which of the following legal theories?
A. Negligence
B. Public interest
C. Public policy
D. Social duty
The term _____ has been used to describe a crime in which the offender causes actual
physical harm to the victim.
A. assault
B. aggravated menacing
C. violence
D. battery
A security interest is said to be perfected:
A. when the secured party has done everything that the law requires to give the secured
party greater rights to the goods than others have.
B. when the secured party has a legally enforceable right to take that property and sell
it to satisfy the debt.
C. when the buyer takes the property subject to a mortgage and the seller agrees to
continue paying the debt.
D. when the goods are sold but regained as soon as the debtor takes possession of the
new property.
Standard Co. has an employee pension plan under which Jessica has worked for 12
years when she is laid off at age 60. Five years later at age 65, she attempts to draw her
pension benefits and is informed that she is not eligible since she had not been working
under the Standard Co. plan at the time of her retirement. Is this correct?
A. Yes, if that is what the Standard Co. plan specifies.
B. No, since Jessica worked longer than 10 years for Standard Co.
C. No, since Jessica's benefits are vested.
D. Yes, since Standard Co. only has a responsibility to current employees.
If a drawee refuses to pay the instrument, it is said to be ____.
A. delayed
B. dishonored
C. detained
D. defaulted
In most states an innocent misrepresentation by the insured would make the policy:
A. voidable by the insurer.
B. voidable by the beneficiary.
C. enforceable since there was no intentional misconduct.
D. enforceable to a reasonable amount as determined by the court.
_____ are those that have not been fully performed by both parties, may be repudiated
by a minor at any time.
A. Contracts for necessaries
B. Shield and sword doctrine
C. Executed contracts
D. Executory contracts
A child is killed by the violent behavior of his mother's boyfriend. The mother was
aware of the possible danger her boyfriend posed to her son, yet failed to take steps to
prevent or reduce the risk of harm to her son. She can be convicted of a crime due to
which of the following requisite states of mind?
A. She acted with negligence
B. She acted with knowledge.
C. She acted with recklessness.
D. She acted with purpose.
Tom enters a computer chat room attempting to contact children online with the
intention of taking illegal advantage of them. This e-crime is:
A. cyberextortion.
B. cyberspoofing.
C. cyberstalking.
D. cyberfraud.
Chuck deposits his paycheck drawn on Big Bank at Small Bank and his account is
credited with this deposit. Three days later Chuck is notified by Small Bank that his
paycheck has been dishonored by Big Bank due to insufficient funds and the amount of
the check has been deducted from Chuck's Small Bank account. Which of the following
is true of this situation?
A. Any settlement by Small Bank is provisional and may be rescinded if the paycheck
is dishonored.
B. Small Bank acted too slowly and did not comply with the prescribed schedule of
Regulation CC.
C. Big Bank is the payor bank and hence, must reimburse Small Bank, the depositor
bank.
D. Small Bank cannot credit Chuck's account until it is certain that Big Bank will
honor the check.
If an insured purchases a guaranteed insurability provision on a life insurance policy:
A. the insured is allowed to pay an extra initial premium in exchange for an assured
option to buy more insurance at certain specified times later with no questions asked.
B. the insurer is allowed to excuse the insured from paying premiums if the insured
becomes disabled.
C. the insured has to pay an extra $25 in exchange for a guarantee of coverage by the
insurance should the insured become disabled.
D. theinsurer has to pay double the amount of the policy to the beneficiary if the
insured dies from accidental causes.
Promoters can escape potential liability by having the corporation and the third party
agree to release them. The agreement releasing a promoter is known as a(n):
A. novation.
B. estoppel.
C. operating agreement.
D. articles of organization.
Jemmima agrees to babysit Avery's daughter as often as Avery wishes if Avery cleans
Jemmima's house every week. This agreement is:
A. enforceable because it is an option.
B. enforceable because the amount in the contract is not disputed.
C. unenforceable under the doctrine of estoppel.
D. unenforceable because it contains an illusory promise.
The International Criminal Court:
A. uses the prisons of member nations.
B. has jurisdiction over individual defendants.
C. does not have imprisonment as punishment.
D. uses exile and imprisonment in the nation of the victim as punishment.
Which of the following is true of a bad-check statute?
A. The payee does not have the obligation of informing the drawer of the nonpayment
of the check.
B. Bad-check statutes are effectively used as a means of collection.
C. The payee can prosecute the drawer immediately after being notified of a bad check
by the drawee bank.
D. The drawee bank can prosecute the payee in case of dishonor of a check.
Joe, a citizen of Ohio, and Maria, a citizen of New Mexico, have an auto accident in
New Mexico. For a federal court to hear this case there must be:
A. a federal statute involved.
B. a federal auto title involved.
C. anamount over $75,000 involved.
D. an amount over $20 involved.
If a bunch of mortgages are bundled together and sold as bonds like pension funds, the
process is known as ___.
A. redemption
B. foreclosure
C. acceleration
D. securitization
Milton is offered a contract by Marcos and Co to design homes for a fourteen storey
structure. After the home is completed, Marcos and Co finds that instead of two
cupboards all the houses have only one cupboard. The error is traced back to Milton's
faulty design. Barring the error the houses is in absolutely usable condition. What is
Milton's liability?
A. Milton has to reimburse the client for any extra money spent to fit in an extra
cupboard.
B. Milton has to pay Marcos and Co difference between the market value of the
building as it stands and the market value of the intended structure.
C. Milton has to pay the tenants the cost for fitting in an extra cupboard.
D. Milton has to pay the state a fine for the inconvenience caused to the tenants.
Linicome Industries is a manufacturer of home video game machines and home video
games. Johnson Department Store wants to market the home video games, but
Linicome refuses to sell the games unless Johnson also agrees to purchase the home
video machines. A court will most likely find such as restriction to be:
A. an interlocking directorate.
B. a lawful tying agreement.
C. an unlawful tying agreement.
D. a per se violation.
_____ outlines the laws and the procedures followed by merchants in commercial
transactions.
A. Contract law
B. Commercial law
C. Trade law
D. Mercantile law
Avalon Co., by agreement, hires only union members in good standing. Avalon Co.:
A. has created a union shop.
B. has created a closed shop.
C. has formed a company-run union.
D. has created an agency shop.
_____ is a legal doctrine that restricts a party from denying that a promise was made
under certain conditions, even though consideration has not been exchanged to bind an
agreement.
A. Statutes of limitations
B. Promissory estoppel
C. Locus sigilli
D. Accord and satisfaction
_____ outlaws the unauthorized transfer, possession, or use of a means of identifying
another person to violate federal law.
A. Aggravated Identity Theft Act
B. Identity Theft and Assumption Deterrance Act
C. Identity Theft Penalty Enhancement Act
D. Uniform Electronic Transactions Act
Some jurisdictions consider managers responsible if they exceed their authority only if
the violation results in negligent or intentional conduct. This duty is referred to as the:
A. duty of diligence.
B. duty of loyalty.
C. duty of care.
D. duty of obedience.
Which of the following is true of the UCC provisions which resolve priorities and
claims of secured and unsecured parties?
A. An attached security interest in inventory has priority over a conflicting security
interest in the same inventory.
B. Buyers of consumer goods are affected by perfected security interests of which they
have no knowledge.
C. Security interests in the seller's inventory prevail over buyers of goods in the
ordinary course of business (except farm products).
D. Conflicting security interests rank according to priority in time of filing or
perfection.
