The Chief Justice of the Supreme Court is elected by the Associate Justices of the U.S.
Supreme Court.
The UCITA (Uniform Computer Information Transactions Act) establishes uniform
legal rules for the formation and enforcement of electronic contracts and licenses.
A nonbreaching party cannot rescind the contract in the event of a material breach.
Article 9 of the Uniform Commercial Code governs secured transactions in personal
property.
The implied warranty of merchantability warrants that goods must be fit for the
ordinary purposes for which they are used.
Counteroffers are not effective against electronic agents.
The agent is liable for any intentional or innocent misrepresentation made by the
principal in a transaction.
A consignment is treated as a sale or return contract under the UCC.
The doctrine of strict liability holds the manufacturers of a defective product solely
liable for injuries caused by that product.
Agency law is a mixture of tort and contract laws.
The substantive due process requires that the government give a person proper notice
and hearing of legal action before that person is deprived of his or her life, liberty, or
property.
An extension clause allows the date of maturity of an instrument to be extended into the
future.
In most states, the formation, operation, and termination of limited partnerships are
regulated by the Revised Uniform Limited Partnership Act.
A building attached to a piece of land would be considered a ________ property.
A) personal
B) movable
C) chattel
D) real
What is the role of a financing statement in a consignment if the consignor files it?
A) It protects the consignor from bearing a risk of loss for the goods.
B) It protects the consignor from possible payment revocation by the consignee.
C) It gives the buyer’s creditors claim over the goods.
D) It gives the seller’s creditors claim over the goods.
When is a delivery considered to be complete in a shipment contract?
A) when the buyer receives the shipment
B) when the seller hands over the shipment to the carrier
C) when the shipment reaches the destination that the buyer specified
D) when the seller notifies the buyer of the shipment in transit
The Do-Not-Call Registry was provided by the ________ to protect consumers from
unsolicited commercial telephone calls.
A) Federal Trade Commission
B) Food and Drug Administration
C) Consumer Product Safety Commission
D) Federal Communications Commission
What are fixtures?
A) goods closely associated with a piece of real property
B) intangible properties created inside the premises of a real property
C) parts of a real property that are easily transferrable without substantial damage to the
property
D) goods that cannot be classified as personal property or real property
The Fair Employment Practices Agency (FEPA) is a federal statute that imposes
obligations on employers and providers of public transportation, telecommunications,
and public accommodations to accommodate individuals with disabilities.
Which of the following is required for a short-form merger?
A) approval of shareholders of the parent corporation alone
B) approval of shareholders of the subsidiary corporation alone
C) approval of the board of directors of the parent corporation alone
D) approval of the board of directors of the subsidiary corporation alone
Involuntary dissolution of a corporation that is ordered by the secretary of state if a
corporation has failed to comply with certain procedures required by law is known as
________.
A) judicial dissolution
B) administrative dissolution
C) cumulative dissolution
D) liquidation
Which of the following sales would be covered by Article 2 of the Uniform
Commercial Code?
A) the sale of intangible goods
B) the sale of tangible goods
C) the sale of real estate
D) the sale of stocks
The Foreign Sovereign Immunities Act (FSIA) strictly states that a foreign country is
not immune to lawsuits in U.S. courts under any circumstances.
If a transferred negotiable instrument fails to qualify under Article 3 of the Uniform
Commercial Code (UCC), it is known as a(n) ________.
A) assignment
B) nonnegotiable contract
C) indorsement
D) restrictive indorsement
Which of the following is true of the federal minimum wage?
A) An employer may not reduce minimum wage although he or she provides other
benefits like food to the employees.
B) Exempt employees are not subject to minimum wage requirements.
C) Apprentices cannot be paid less than minimum wages.
D) Employees who earn tips, such as waiters and valets, are not entitled to minimum
wage.
Cliff Thomas, a cardiologist, emigrates from Great Britain to the U.S. Under which of
the following visa categories can his wife live in the U.S. as Mr. Thomas’ dependent?
A) H1
B) H4
C) H-1C
D) H-1B
Martin wins a car in a lottery. As he already owns a car, he decides to sell the new one
to his friend Ted. While driving the car, Ted gets into a head-on collision with another
car. Due to a defective Supplemental Restraint System (SRS) in the vehicle, the airbag
does not deploy and Ted is seriously injured. Which of the following statements is true
of this situation?
A) Martin can be held strictly liable because he sold the car to Ted.
B) The car manufacturer cannot be held strictly liable as Ted had not bought the car
from it.
C) Martin cannot be held strictly liable as the sale of the car counts as a casual
transaction.
D) The driver of the other car can be held strictly liable due to his or her involvement in
the accident.
Whistle Cabs, a taxi service company, has been ordered by the traffic department to
update its taximeters to digital ones. Whistle Cabs decides to contract with Running
Electricals, who provides digital taximeters. But to acquire it on such short notice,
Whistle Cabs approaches Goldmint Bank. Goldmint Bank purchases the taximeters and
delivers them to Whistle Cabs. The contract with Goldmint Bank allows the taxi service
company to use the taximeters for a period of time by providing monthly rentals until
that period is completed. What is the nature of the contract made between Goldmint,
Whistle Cab, and Running Electricals?
A) counteroffer
B) lease
C) sale of goods
D) option contract