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Under the UCC, an agreement sufficient to constitute a contract for the sale or lease of
goods may be found even though the moment of its making is undetermined.
A gift of $100,000 to a named beneficiary is an example of a general gift.
If there are major failures of several large banks or many small banks, and the Federal
Deposit Insurance Corporation (FDIC) insurance fund is insufficient to cover all of the
depositors' losses, then the U.S. government will pay the depositors the money owed by
the FDIC.
The reasonable person test is used to judge contracts involving mechanical fitness.
Security posted by a promissory note maker to the lender for repayment of money is
known as collateral.
Sellers of raw fruits and vegetables can adopt a voluntary approach when it comes to
labeling requirements.
If ambiguity is detected while determining the type of a contract, it is presumed to be a
bilateral contract.
Which of the following is true of a C Corporation?
A) It cannot have more than 50 shareholders.
B) Shareholders of such a corporation don't pay tax on their dividends.
C) It must have more than 100 shareholders.
D) Nonresident aliens cannot be shareholders.
Which of the following defines a proxy contest?
A) an instance of proxies awarded to the shareholder with the highest bid
B) an event in which insurgent shareholders and incumbent directors solicit proxies
from other shareholders
C) an event in which proxies are chosen by voting between different factions of
shareholders
D) an event in which a corporation seeks affirmative majority from its shareholders in
the event of a hostile tender
Which of the following is true of the Insecticide, Fungicide, and Rodenticide Act?
A) It only allows government-manufactured pesticides to be sold.
B) It requires all pesticides to be registered with the EPA.
C) It cannot suspend the registration of an already registered pesticide.
D) It allows non-registered pesticides to be sold only under supervision by the
Environmental Protection Agency (EPA).
Which of the following domain extensions signifies a resource website and is an
unrestricted global name that may be used by businesses, individuals, and
organizations?
A) .name
B) .coop
C) .mobi
D) .info
A(n) ________ refers to a document that an issuer of securities files with the SEC that
contains required information about the issuer, the securities to be issued, and other
relevant information.
A) article of organization
B) operating statement
C) registration statement
D) certificate of interest
Which of the following would be considered a copyright infringement?
A) a brief quotation in a news report
B) use of copyrighted material in a spoof or satire
C) using several clips of a documentary movie
D) reproduction by a teacher or student of a small part of the work to illustrate a lesson
A person who authorizes an agent to sign a negotiable instrument on his or her behalf is
known as a(n) ________.
A) agent
B) accommodation party
C) principal
D) assignor
If a promissory note is secured by a piece of real estate, then the note is called a(n)
________.
A) collateral note
B) mortgage note
C) demand note
D) installment note
A(n) ________ is a type of contract that requires or authorizes goods to be delivered
and accepted in separate lots.
A) option contract
B) installment contract
C) consignment
D) lease contract
A ________ is a written document signed by divorcing parties that evidences their
agreement in the division of property, rights and duties, and other issues of their
divorce.
A) settlement agreement
B) prenuptial agreement
C) decree of divorce
D) pro se divorce
How are additional terms in an acceptance to a contract viewed under the common law?
A) They are viewed as proposed additions to the contract.
B) They are seen as a counteroffer.
C) They are allowed into the contract by the battle of the forms rule.
D) They must be accepted under the mirror image rule.
