The unfair advantage theory is intended to prevent wealthy companies from
overwhelming the competition in a given market.
Rabbinic jurisprudence is administered by rabbi-judges sitting as the Beis Din.
A limited partnership cannot have general partners.
The implied warranty of fitness for a particular purpose applies only to merchants.
Shareholder resolutions cannot be made when a corporation is soliciting proxies from
its shareholders.
In a deed of trust, the note is the instrument that evidences the borrower’s debt to the
lender.
Rehabilitation alimony is terminated if the receiving individual remarries.
The landlord can sue a sublessee to recover rent payments or enforce duties under the
original lease.
If a shareholder does not exercise his or her preemptive rights within the stated time,
shares can then be sold to anyone.
A tamperproof seal on a product is considered as a defect in packaging.
Malicious prosecution is a tort that permits a person to recover for emotional distress
caused by the defendant’s negligent conduct.
Self-dealing—although fully disclosed—is not permitted in a general partnership.
An instrument containing a qualified indorsement can be further negotiated.
According to the Sarbanes-Oxley Act, members of the audit committee must be
members of the board of directors.
Where a long-arm statute is present, a defendant need not have minimum contact with a
state for that state’s courts to have jurisdiction over the defendant.
A transfer of the right to the possession and use of real property for a set term in return
for certain consideration is known as a(n) ________.
A) title transfer
B) lease
C) novation
D) easement
Howard is injured by Penny in a car accident, caused due to Penny’s negligence. Which
of the following statements holds true for Howard’s right to assign?
A) Howard cannot assign the recovery of punitive damages from Penny.
B) Howard can only assign the recovery of his medical expenses from Penny.
C) Howard’s right to sue Penny cannot be assigned.
D) Howard can only assign his right to take the case to the appellate court.
________ shareholders are shareholders who propose a slate of directors to replace the
incumbent directors.
A) Exultant
B) Internal
C) Insurgent
D) External
What is a transfer of an instrument?
A) issuance of the instrument
B) presentment of the instrument for payment
C) passage of the instrument other than issuance and presentment
D) cancellation of the instrument
Which of the following is a function of the state supreme courts?
A) conducting trials related to misdemeanor criminal law
B) hearing appeals from intermediate appellate state courts and certain trial courts
C) conducting trials related to felonies and civil disputes
D) reviewing the judgments and records of the lower courts and ratifying them
________ are required to negotiate order paper, but they are not required to negotiate
bearer paper.
A) Securities
B) Collaterals
C) Indorsements
D) Warranties
An estate where the tenant has a right to possess the real property but does not own title
to the property is called ________.
A) free simple absolute estate
B) gifted estate
C) nonfreehold estate
D) easement estate
Which of the following statements is true of patenting a scientific principle?
A) A Patent for a scientific principle has to be applied directly at the U.S. Court of
Appeals for the Federal Circuit.
B) A scientific principle can only be patented if it is a part of the tangible environment.
C) Patent for a scientific principle has to be applied at the U.S. Patent and Trademark
Office.
D) A scientific principle can only be patented once a universal consensus has been
reached on its validity.
A party who owes a duty of performance under a contract is called the ________.
A) obligor
B) assignor
C) assignee
D) obligee
An employee finds out that one of his colleagues dated his girlfriend. The employee
acts on this information by assaulting his colleague at work, during work hours. Based
on the ________ test, the principal is liable.
A) motivational
B) premise-based
C) work-related
D) promotional
While downloading a license to a software program, Harriet reads the Terms of
Agreement document which states that the company is not liable for any unforeseen
damages that arise from the software. Harriet clicks on “Accept” and continues to install
the program. The document is an example of a(n) ________.
A) digital signature
B) digital identification
C) licensing agreement
D) implicit contract
Most inspections by administrative agencies are subject to the ________ Amendment to
the U.S. Constitution.
A) Eleventh
B) Second
C) Fifth
D) Fourth
Which of the following is considered tangible personal property?
A) car
B) mutual fund investment
C) trademark
D) patent
A(n) ________ is a flexible standard for defining a security.
A) red herring prospectus
B) investment contract
C) certificate of interest
D) debenture
Which of the following is true of a contract in which the goods were destroyed, of no
fault of the buyer or seller, before the title to goods passed to the buyer?
A) The buyer has to still pay for the destroyed goods.
B) The seller and buyer are excused from contractual obligations.
C) The buyer can successfully claim for replacements from the seller.
D) The seller is obligated to make a new shipment as the previous contract.
The geographical area served by each U.S. court of appeals is referred to as a
________.
A) district
B) county
C) range
D) circuit
Interests in oil, gas, and mineral rights are classified as ________.
A) statutorily defined securities
B) implicit securities
C) investment contracts
D) common securities