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Identify the ways a partnership is dissolved by operation of law under the UPA. List the
circumstances under which a court will order a dissolution of a partnership.
Failure to give notice of dishonor will discharge the drawer from having to pay on the
instrument.
a. True
b. False
An advertisement is usually an offer to sell.
a. True
b. False
The Fair Housing Act exemptions do not apply to discrimination based on race or color.
a. True
b. False
Anna by mistake delivers to Bob a plain, unaddressed envelope containing $50 intended
for Cora. Bob:
a. can keep the money.
b. is under a contractual obligation to return the money.
c. has a quasi-contractual obligation to return the money.
d. has an implied in fact obligation to return the money.
Identify the constitutional protections given to a criminal defendant by each of the
following Amendments to the U.S.
Constitution. How does each apply to the procedure involved in arresting and trying a
criminal defendant?
a. Fourth Amendment
b. Fifth Amendment
c. Sixth Amendment
Carl and Rob are both engaged in road construction work. They know that several jobs
are going to be up for public bids, and agree between themselves that Carl will bid on
one job and Rob will bid on the other, so that they both have work for the summer.
When the bids are opened, Carl realizes that Rob has bid on both jobs. Rob is awarded
both contracts. If Carl now wants to sue Rob for breach of contract:
a. Carl would probably win on the basis of promissory estoppel since he has
detrimentally relied upon Rob's representation that he would not bid.
b. the court will likely award Carl damages since Carl is less at fault than Rob.
c. the agreement is in violation of public policy and will not be enforced by the courts.
d. the agreement obstructs the administration of justice and will not be enforced by the
courts.
Under Regulation A, as amended in 1992, issuers may use a simple
question-and-answer disclosure document.
a. True
b. False
The parol evidence rule does not prevent the use of evidence that a party would like to
use to establish the defense of fraud, duress, or undue influence.
a. True
b. False
Copyright protection lasts for the period of an author's life plus an additional 75 years.
a. True
b. False
Internet service providers have immunity from liability for defamation when publishing
information originating from a third party.
a. True
b. False
All federal crimes are statutory.
a. True
b. False
Arnold wrote a defamatory letter regarding Bill which he mailed to Bill, but which he
did not show to anyone else.
Arnold has committed:
a. the tort of slander.
b. the tort of libel.
c. neither libel nor slander, because there has been no publication of the letter.
d. the tort of false light.
A federal agency is required to consider only all reasonable alternatives in an EIS.
a. True
b. False
Morales, president of Tradewind Industries, Inc., would have actual implied authority
to:
a. issue corporate stock.
b. remove a vice-president of the company from office.
c. bind the company in a sale in the ordinary course of the company business.
d. set the amount for production bonuses of the other officers.
No private employer may terminate the employment of or discriminate with respect to
employment against an individual solely because he is or has been a debtor under the
Bankruptcy Code.
a. True
b. False
In the absence of agreement, payment is due at the time and place the buyer is to
receive the goods, even though the place of shipment is the place of delivery.
a. True
b. False
Which of the following is true with regard to securities regulation?
a. Foreign issuers who issue securities in the United States are exempt from the
registration requirements of the
1933 Act.
b. Some foreign issuers may avoid registration under the 1934 Act by providing the
SEC with copies of all information material to investors that they have made public in
their home country.
c. Antifraud provisions of U.S. securities laws do not apply to securities sold in foreign
commerce if the courts have found either conduct or effects in the U.S. relating to a
violation of securities law.
d. U.S. securities laws have no application to foreign issuers.
Mark hires Joe's real estate agency to sell his estate, telling Joe he has lost too much
money playing the stock market to afford to keep it up. Then Mark wins the three
million-dollar lottery! Joe reads this in the newspaper and that afternoon makes a
contract with Sharon to sell the estate. Is the contract valid?
a. No, the agency terminated because of the change in conditions.
b. No, the agent has no right to sell without consent.
c. Yes, Mark would have to notify Joe if he wanted to stop the sale.
d. Yes, Joe had apparent authority to sell.
A gratuitous assignment is rendered irrevocable if, prior to the attempted revocation, the
assignee:
a. receives payment of the claim from the obligor.
b. obtains a judgment against the obligor.
c. Neither of these. A gratuitous assignment is always revocable.
d. Both of these.
a. What are the obligations of the seller under a shipment contract?
b. What are the obligations of the seller under a destination contract?
An estate from week to week or month to month is called a(n):
a. fee simple absolute.
b. estate for years.
c. periodic tenancy.
d. tenancy at sufferance.
Bankruptcy cases are heard by:
a. the U.S. Bankruptcy Courts within the federal court system.
b. only special courts within the state court system.
c. either federal or state courts.
d. the U.S. Court of Appeals for the Federal Circuit, if an appeal is made.
A zoning ordinance may be challenged in the court by proving:
a. it bears no reasonable relation to public health, safety, morals, or welfare.
b. it involves the exercise of powers not granted to the municipality by the enabling act.
c. the restriction deprives a person of all use of the property.
d. Any of these.
What is required by the substantial evidence test?
a. The conclusions reached must be supported by such relevant evidence as a reasonable
mind might accept as adequate to support a conclusion.
b. It permits the court to try the facts denovo.
c. It requires that the agency set aside action if it is prejudicial.
d. It requires proof beyond a reasonable doubt.
In general, a tenant is under a duty to make minor repairs to the leased premises.
a. True
b. False
A novation is an agreement between two parties to have one substitute for the other in a
contract.
a. True
b. False
An indorsement that is not in the chain of title is assumed to be a(n):
a. anomalous indorsement.
b. blank indorsement.
c. special indorsement.
d. indorsement in trust.
A joint venture is necessarily of short duration.
a. True
b. False
Which of the following is NOT true concerning the requirements for an effective
assignment?
a. The assignment must be voluntary.
b. Consideration is required.
c. There must be an intention to make the assignee the owner of the right.
d. The assignment may be either written or oral.
The agency responsible for enforcing the federal securities laws is the:
a. FTC.
b. SEC.
c. Commerce Department.
d. EEOC.
Under the CISG, if prior to the date for performance of the sales contract it is clear that
one of the parties will commit a fundamental breach, the other party may declare the
contract avoided.
a. True
b. False
At common law, the risk of loss or damage to goods identified under a contract of sale
falls upon:
a. the buyer.
b. the seller.
c. the party who had title or ownership of the goods at the time of the loss or damage.
d. the designated party as determined by the court.
Under what circumstances may the buyer seek the remedy of replevin?
a. Where the buyer has been able to effect cover
b. Where the goods have been shipped under reservation of a security interest and the
buyer has satisfied that interest
c. Where the goods are specially manufactured but can be purchased from another
source
d. All of these are correct.
Larry leaves his hat under the seat at the movie theater. Is this a bailment?
a. No, because the theater manager does not have physical control of the area in which
Larry left the hat
b. No, because Larry did not pay the theater to keep his hat
c. Yes, if the theater manager finds the hat
d. Yes, since the theater controls the building
