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If a seller does not disclose legal disputes involving the property being sold, he or she is
liable for silence as misrepresentation.
In a bailment for the sole benefit of the bailor, the bailee owes a duty of great care to
protect the bailed property.
Imposition of the best-efforts duty provides sufficient consideration to make a contract
enforceable.
Section 5 of the Securities Act of 1933 requires an issuer to register its securities with
the SEC prior to selling them to the public.
If an offeree dispatches a rejection before an acceptance, then the rejection will not be
applicable.
The drawer's failure to report a forged or altered check to the bank within six months of
receiving the bank statement and canceled checks containing it relieves the bank of any
liability for paying the instrument.
In the U.S. courts of appeals, the parties file legal briefs with the court and are given a
short oral hearing.
Group boycotts can be either a per se violation or rule of reason violation.
Which of the following is a feature of a Chapter 11 plan of reorganization?
A) an equilateral division of the Chapter 11 estate among all creditors
B) division of the bankruptcy estate according to the debt to be paid to each creditor
C) discharge of a debtor's unsecured debts and payment of secured debts
D) a proposed new capital structure for a debtor to assume when it emerges from
Chapter 11 bankruptcy
The Double Jeopardy Clauseof the Fifth Amendment protects persons from ________.
A) evidence procured through unreasonable search and seizures
B) confessions obtained through physical force during an interrogation
C) being tried twice for the same crime
D) being subjected to a heavier penalty or longer imprisonment than originally
sentenced
What is an automobile liability insurance?
A) an insurance that covers an insured's automobile from theft
B) an insurance that covers an insured's automobile from collision with another car
C) an insurance that covers damages that an insured causes to third parties
D) an insurance that covers an insured's automobile from natural disasters
A mark that indicates that a person has met the standards set by an organization and is a
member of that organization is known as a(n) ________ mark.
A) collective membership
B) certification
C) service
D) ownership
Rapid Rise is a health drink for teenagers, and the advertisement claims that the
continuous consumption of the drink over a two-month period would lead to a four-inch
increase in height. This claim was not proved by laboratory research or seen in most of
its users. This act of making scientifically unsubstantiated health claims about this
product is likely to be a violation of the ________.
A) Health Care Reform Act
B) Nutrition Labeling and Education Act
C) Consumer Product Safety Act
D) Patient Protection and Affordable Care Act
In most states, the formation, operation, and termination of limited partnerships are
regulated by the ________.
A) RULPA
B) ADA
C) ADEA
D) EEOC
Peter plans to sell his two houses, numbered Lot 1 and Lot 2, at $800,000 each. David,
who was interested in buying Lot 2, could not make up his mind on the final offer and
asks Peter to give him a week to decide. Peter accepts, but David takes two weeks to
decide the counteroffer. Before he could give David a reply to his counteroffer, Peter is
killed in a fire that burned down Lot 1. Which of the following would be true in this
case?
A) The offer is terminated due to lapse of time.
B) The offer is terminated due to destruction of the subject matter.
C) The offer is terminated due to death of the offeror.
D) David can still buy the house for Peter's original offer.
Contracts involving fraud in inducement are ________.
A) valid
B) void
C) voidable
D) non-rescindable
Which of the following accurately describes the fair use doctrine with reference to
copyrighted material?
A) It stipulates the time period for which a copyright holder can retain his copyright.
B) It permits certain limited use of a copyright by someone other than the copyright
holder without the permission of the copyright holder.
C) It permits use of copyright material by someone other than the copyright holder at a
fixed fee.
D) It guides the U.S. Copyright Office in determining what works require copyrights
based on the works' validity.
Jason Smith is a Hispanic scriptwriter from Brazil, located in Brazil, who works for a
television show on an American cable network. He was fired after the producer came to
know that Smith was a scientologist by faith. The producer's official reason for this
termination was that as Smith was based in Brazil, communication was a problem. This
is an example of ________ discrimination that violates Title VII of the Civil Rights Act.
A) racial
B) religious
C) national origin
D) disparate-impact
