LWB 442 Quiz 1

subject Type Homework Help
subject Pages 9
subject Words 873
subject Authors Arnold J. Goldman, William D. Sigismond

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An unsecured debt
a. must be oral.
b. must be in writing.
c. may be either oral or written.
d. must be filed in the county clerk's office.
The term that best describes an agreement whereby the offeree gives something of
value to the offeror to keep an offer open is
a. release.
b. compromise.
c. option.
d. tender.
Babitt entered into a contract with Gurtz to build an indoor swimming pool. The price
was $15,000. Gurtz failed to do the work, so Babitt contracted with Dao to do the work
for the same price ($15,000). Babitt then sued Gurtz for breach of contract. Babitt will
receive
a. liquidated damages.
b. compensatory damages.
c. nominal damages.
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d. both compensatory and nominal damages.
Shoplifting is considered to be a form of
a. larceny.
b. robbery.
c. embezzlement.
d. criminal mischief.
One method used by corporations to resist a takeover attempt is called
a. a golden ladder.
b. a black knight
c. a poison pill.
d. a blockbuster effect.
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When title insurance is obtained, the most common type of deed used is the
a. warranty deed.
b. quitclaim deed.
c. executor's deed.
d. bargain and sale deed.
A property insurance policy may be canceled
a. at any time by the insurer or the insured.
b. by the insured only.
c. by the insurer only.
d. by the insurance agent only.
The term "adjudicated" means to
a. accuse.
b. decide a case judicially.
c. announce a jury's decision.
d. seize by power of the court.
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An auto repair shop not paid for its work on a car would have the following type of lien
against the vehicle
a. artisan's lien.
b. mechanic's lien.
c. attachment lien.
d. judgment lien.
Naples, a well-known house painter, was contracted to paint Black's house white, its
original color. The contract had no provision prohibiting Naples from delegating his
duty under the contract. If Naples delegates his duty to paint Black's house to Knoble,
an equally good painter,
a. Black may refuse to accept performance by Knoble.
b. Naples is in breach of contract.
c. Knoble is in breach of contract.
d. Black is required to accept performance by Knoble.
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When a new partner is admitted into an existing partnership, the new partner is
a. liable for all prior debts of the partnership.
b. liable for prior debts up to the amount invested.
c. not liable for any prior debts.
d. none of these.
A will written in one's handwriting is called a
a. non compos mentis will.
b. nuncupative will.
c. soldier's will.
d. holographic will.
Gambito wants to deposit his entire paycheck in his checking account by mailing it to
the bank. To provide the best safeguard, he should use a
a. blank indorsement.
b. special indorsement.
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c. restrictive indorsement.
d. qualified indorsement.
An employee cannot be forced to join a labor union if the employer has
a. an open shop.
b. a union shop.
c. a closed shop.
d. either an open shop or a closed shop.
A city council passed a local law restricting the use of water for car washing and lawn
watering during a very dry season. This law is an example of
a. common law.
b. case law.
c. administrative law.
d. an ordinance.
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A seller may agree to finance a portion of the purchase price for the buyer.
A collective bargaining agreement must be agreed to by both the employer and the
union.
Barnett went to the library and took out four books to read within two weeks. Has
Barnett entered into a bailment?
The reason for filing a financing statement is to give notice to the
____________________.
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A promise to make a gift is enforceable in a court of law.
The statute of frauds requires that the acquisition of real property be in written form.
Negligence is a deliberate tort.
____________________ are government bodies created by Congress or a state
legislature to act in the public interest.
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A person who receives unordered goods must pay for them if they are not returned.
Garber set fire to Anthony's house because he was angry with Anthony. Garber has
committed the crime of arson.

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