E-mail contracts do not meet the requirements of the Statute of Frauds.
The merchant courts were established because of the unfair results and limited remedies
available in the chancery courts.
The extension of secured credit requires a debtor’s pledge of some personal property as
collateral for a loan.
Causation in fact refers to a point along a chain of events caused by a negligent party
after which the party is no longer legally responsible for the consequences of his or her
actions.
The Supreme Court has held that the content of offensive speech may not be forbidden
but that it may be restricted by the government.
Courts will pierce the corporate veil if the corporation has been formed with sufficient
capital.
In an inter vivos trust, the settlor transfers legal title of property to a named trustee to
hold, administer, and manage for the benefit of named beneficiaries while he or she is
alive.
An at-will Limited liability company (LLC) refers to an LLC that has no specified term
of duration.
Kantian ethics distinguishes between the morality one uses to judge others and the
morality one uses on oneself.
Where the name of the payee is misspelled, the indorsement becomes invalid.
A health care directive names an individual or individuals who can make health care
decisions if the maker of the directive is unable to do so.
The housing codes impose specific standards on tenants to repair leased premises.
Agreement to a contract requires an offerby the offeror and an acceptance of the offer
by the offeree.
Laws in the U.S. are not set to evolve with changes in social norms.
Intentional misrepresentation is commonly referred to as ________.
A) erroneous misrepresentation
B) fraud
C) duress
D) undue influence
A ________ is a date specified in corporate bylaws that determines whether a
shareholder may vote at a shareholders’ meeting.
A) ballot date
B) reinvestment date
C) record date
D) dividend date
Approval clauses require that the ________ approve any assignment of a contract.
A) obligee
B) obligor
C) assignor
D) assignee
Which of the following is a defense to a charge of monopoly?
A) the Noerr doctrine
B) natural monopoly
C) conscious parallelism
D) predatory pricing
An offer is terminated on the grounds of ‘supervening illegality” when ________.
A) the set period in the offer has expired
B) the subject matter in the offer has been destroyed
C) a statute or court decision deems an object of the offer unlawful
D) the offeror or offeree passes away prior to the offer being accepted
Sam expressed an interest in buying a painting from Jasper, who claimed that the
painting was a family heirloom. Jasper’s asking price was $15,000, but Sam was only
willing to offer $13,000. Jasper told him that it was a very old painting worth a fortune
and that others would gladly pay $20,000 for it. He also told him that he was only
selling it under its market value because he needed the money immediately. He then
implied that Sam could sell it for a higher rate if he wanted. Sam decided to buy the
painting for $15,000 on the condition that if he found that the painting was worth less
than $15,000, Jasper would have to take the painting back and refund Sam. Which of
the following warranties did this sales contract have?
A) an implied warranty of merchantability
B) an express warranty
C) a statement of opinion
D) an implied warranty of fitness
________ is a doctrine that says a person is liable for harm that is the foreseeable
consequence of his or her actions.
A) Tort of outrage
B) Tort of misappropriation
C) Disparagement
D) Unintentional tort
The written document submitted by a person who has been authorized by a shareholder
to vote the shareholder’s shares at the shareholders’ meetings in the event of the
shareholder’s absence is known as the ________.
A) record date
B) notice of the shareholder’s meeting
C) certificate of authority
D) proxy
The North American Free Trade Agreement (NAFTA) includes special protection for
favored industries that have a lot of lobby muscle.
The ________ is a federal statute that prohibits discriminating against employees who
are 40 years old and older.
A) Fair Employment Practices Agency (FEPA)
B) Older Workers Benefit Protection Act (OWBPA)
C) Age Discrimination in Employment Act (ADEA)
D) Equal Employment Opportunity Commission (EEOC)
Which of the following are considered owners of a corporation?
A) shareholders
B) board of directors
C) chief executive officer
D) corporate officers