Appeals of the decisions of federal administrative agencies are made to the ______.
A.U.S. Supreme Court
B.U.S. Circuit Courts of Appeals
C.U.S. District Courts
D.International Court of Justice
While courts have long been reluctant to uphold unconscionable contracts, more
recently, however, the UCC has:
A.made such contracts less likely to be enforced.
B.required such contracts to be reduced to writing.
C.encouraged the agreement of such contracts.
D.made such contracts more likely to be enforced.
The death or disability of one of the partners in a business causes:
A.affirmation.
B.discharge.
C.investiture.
D.dissolution.
The authority or power of a court to hear cases, as granted by a constitution or
legislative act, is known as the court’s ______.
A.jurisdiction
B.ratio decidendi
C.obiter dicta
D.quotient
Early exceptions to the doctrine of employment at-will include all of the following
EXCEPT:
A.insubordination.
B.active duty in the military.
C.whistleblowing.
D.jury duty service.
A defense against payment of commercial paper that may be used against any party
EXCEPT a holder in due course is called a:
A.specific defense.
B.personal defense.
C.special defense.
D.commercial defense.
With regard to minors’ contracts, silence or inaction is the basis for a voidable contract
becoming a valid and enforceable contract through:
A.justification.
B.clarification.
C.ratification.
D.ramification.
The federal agency responsible for the safety of automobiles sold in the United States is
the:
A.Food and Drug Administration Commission.
B.Consumer Product Safety Commission.
C.Federal Administrative Commission.
D.National Highway Traffic Safety Administration.
The Federal Trade Commission can issue a(n) ____________, in effect compelling the
publisher to eliminate the Internet reference.
A.restraining order
B.garnishment order
C.interim order
D.cease-and-desist order
It is illegal throughout the employment process, including outreach, hiring, job
classification, salary, promotions, benefits, discipline, layoffs, and termination, to
discriminate against employees who are members of a:
A.protected class.
B.unprotected class.
C.trade union.
D.discriminated class.
The type of possession interest a tenant has in real property can vary considerably
depending on the agreements between the parties and the provisions of the:
A.law.
B.lease.
C.warranty.
D.property.
Under the provisions of Chapter 13 of the federal bankruptcy law, the debtor retains his
or her property but agrees to pay back all or a portion of his or her debts on an interest
free basis over a period spanning from ____________ years.
A.one to three.
B.two to four.
C.three to five.
D.five to ten.
A formal printed will must be signed by the testator and:
A.executed.
B.scripted.
C.witnessed.
D.supplemented.
If the purpose of a statute is regulatory and enforcement of licensing requirements is
clearly in the public interest, then an unlicensed transaction becomes:
A.valid.
B.illegal.
C.voidable.
D.ratified.
A person, who is not a party to a contract but is intended by the contracting parties to
benefit as a consequence of a contract, is termed a(n):
A.third party beneficiary.
B.incidental beneficiary.
C.official receiver.
D.arbitrator.
As is true for all small firms, the owners of a limited liability company frequently have
difficulty in raising:
A.additional funds.
B.profits.
C.insurance.
D.losses.
Governments reduce unreasonable risk of injury and death associated with consumer
products by all of the following, except:
A.providing safety information to the public.
B.developing voluntary and mandatory standards.
C.restricting advertising on television and radio.
D.pursuing recalls of dangerous products.
An agreement reached between a bailor and a bailee is a:
A.mortgage.
B.bailout.
C.bailment.
D.codicil.
In a Master Settlement Agreement, the major cigarette manufacturers in the United
States agreed not to engage in:
A.advertising strategies.
B.consumer product safety strategies.
C.federal administrative strategies
D.producing strategies.
A person who is delegated the authority to act only in a particular kind of transaction,
under definite instructions, and with specific limits on the scope of his or her authority,
is called a:
A.general agent.
B.hired agent.
C.special agent.
D.super-agent.
A principal may not revoke an agency contract if the agent has an interest in the subject
matter of the agency in addition to the remuneration that he or she receives for services.
Such a contract is called an irrevocable agency, which is also known as:
A.agency coupled with an interest.
B.agency by revocation.
C.agency by ratification.
D.apparent authority.
The Fifth Amendment requires that all persons be granted procedural and
_____________ due process:
A.reflective
B.substantive
C.criminal
D.questionable
What states, “No delegation of performance relieves the party delegating of any duty to
perform or any liability for breach”?
A.The Uniform Commercial Code (UCC)
B.The law of each state
C.A federal statute
D.Common law
In addition to the means test, the Bankruptcy Abuse Prevention and Consumer
Protection Act requires that a debtor who wishes to file under any chapter of the
bankruptcy law must, unless exempt, receive individual or group credit counseling from
an approved, not-for-profit, individual or group budget or credit counseling agency. The
debtor must obtain a certificate from this agency outlining the assistance in budgeting
that the debtor received. The counseling must be performed by telephone or online
within _________ prior to the bankruptcy filing.
A.30 days.
B.90 days.
C.180 days.
D.360 days.
As per the _________, a person attains the age of majority on the anniversary date of
his or her birth.
A.coming of age rule
B.astrology predictions
C.modern birthday rule
D.choice of that person
The kind of bailment created when a friend inadvertently leaves behind an article of
jewelry in your home during a visit is a(n):
A.adversarial bailment.
B.declarative bailment.
C.mutual-benefit bailment.
D.constructive bailment.
A distinctive, nonfunctional feature, which distinguishes a merchant’s or manufacturer’s
goods or services from those of another, is known as a:
A.trademark.
B.trade dress.
C.design patent.
D.copyright.
The act of wrongfully taking money or other property that has been entrusted to a
person as a part of his or her employment is:
A.fraud.
B.bribery.
C.forgery.
D.embezzlement.
Under the Uniform Commercial Code, if the goods under contract are partially
destroyed:
A. the contract is automatically rescinded and the parties are restored to their to their
status quo ante without the possibility of seeking enforcement under the contracts
original terms.
B. the contract is enforceable and may not be cancelled by either party.
C.the seller may demand the right to inspect the damaged goods in order to decide
whether to deliver replacement conforming goods or alternatively require the buyer to
accept them in their damaged state and provide allowance for the damages.
D.the buyer may demand the right to inspect the damaged goods in order to decide
whether to reject them or to accept them in their damaged state and claim an allowance
for the damages.
The Magnuson-Moss Warranty Act relating to warranties addresses many different
kinds of abuses to:
A.sellers.
B.agents.
C.manufacturers.
D.consumers.
The Statute of Frauds applies only to:
A.administrative contracts.
B.executory contracts.
C.business contracts.
D.notarized contracts.
An advertisement that contains an important misrepresentation, omission, or practice
likely to mislead a consumer who acts reasonably under the circumstances is known as
a(n):
A.adversarial opinion.
B.descriptive advertisement.
C.deceptive advertisement.
D.prejudiced opinion.
If a tender of payment is refused by the creditor:
A.the debt is irrecoverable.
B.penalties can be charged beyond the date on which the offer of payment was made.
C.the debt is not canceled.
D.interest can be charged beyond the date the offer of payment was made.
All of the following are ways of terminating a contract EXCEPT:
A.performance.
B.agreement.
C.impossibility of performance.
D.ratification
There has been a growing recognition that economic interests are causing the gradual
destruction of the rain forests found in:
A.wastelands.
B.cold climates.
C.tropical climates.
D.hot climates.