Insurance coverage is typically suspended during grace periods for payments.
If the accord is performed, it is called a satisfaction.
A three-party secured transaction occurs when a seller sells goods to a buyer who has
obtained financing from a third-party lender who takes a security interest in the goods
sold.
Ordinary negligence by an accountant is not a violation of Section 10(b) and Rule
10b-5.
Agents can compete with the principal during the course of the agency if the principal
agrees.
Lienholders cannot purchase title insurance on a property on which they have a lien.
In the U.S. circuit courts of appeals, an en banc review refers to an appeal heard by a
three-judge panel.
A deposit of cash to an account becomes available for withdrawal at the opening of the
next banking day following the deposit.
An agent is liable for the tortious conduct of the principal if he or she has knowledge of
the principal’s conduct.
Title III of the ADA requires construction of ramps to accommodate wheelchairs.
Under the UCC, what course of action can the sellers pursue in case of shipment of
noncorforming or defective goods?
A) tender of delivery
B) right to cure
C) perfect tender rule
D) replevin
________ is a method of acquiring ownership, when a manufacturer purchases raw
materials and then manufactures a finished good.
A) Gifting
B) Producing
C) Capturing
D) Purchasing
Which of the following is imposed upon a franchisor that violates the Federal Trade
Commission (FTC) franchise disclosure rule?
A) FTC criminal action on behalf of the franchisee
B) loss of intellectual property to the franchisee
C) suspension of all business operations in the area
D) an injunction against further franchise sales
A computer program or an electronic or other automated means used independently to
initiate an action or respond to electronic records or performances in whole or in part,
without review or action by an individual, is known as ________.
A) electronic agent
B) electronic record
C) digital mapper
D) automation
The ________ 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.
A) procedural due process
B) substantive due process
C) Supremacy Clause
D) Equal Protection Clause
A ________ is a document that is issued by a bank on behalf of a buyer who purchases
goods on credit from a seller that guarantees that if the buyer does not pay for the
goods, then the bank will pay the seller.
A) remittance advice
B) certified check
C) cashier’s check
D) letter of credit
When is the annual shareholder’s meeting held?
A) on the dates fixed in the bylaws
B) at the whim of the board of directors
C) only if and when there is a crisis
D) only at the time of electing a new board of members
A ________ defense is a type of defense that can be raised against both holders and
HDCs.
A) universal
B) personal
C) fraud in the inducement
D) breach of contract
Fiona works for Open Heart Hospital and lives 10 miles away from her place of work.
The hospital has provided her with a car to commute and also pays for its upkeep. If she
accidentally injures a person while driving to work in the morning, which of the
following would be true?
A) Open Heart Hospital is completely liable for the injury caused.
B) The injured person can sue Open Heart Hospital but can only recover reimbursement
for his or her medical expenses due to the injury.
C) Both Fiona and Open Heart Hospital are liable to the injured person.
D) Only Fiona is liable for her negligence.
Jessica is babysitting Kyle one afternoon when Kyle starts bleeding from his nose.
Jessica manages to stop the bleeding and rushes out to the nearest pharmacy€three
miles away€to get medication for him. While doing so, she locks the house from
outside and asks Kyle not to leave the house until she returns. The only way he can get
out of the house is by breaking a window. Due to a roadblock on her way back, Jessica
is delayed by an hour. Which of the following statements is true in this case?
A) Jessica is liable for kidnapping.
B) Jessica is liable for negligence as well as breach of duty of care.
C) Jessica can be sued for false imprisonment.
D) Jessica is not liable for prosecution for an intentional tort.
A closely guarded formula for a recipe protected by a soft drink manufacturer would be
considered as an example of a ________.
A) copyright
B) patent
C) trademark
D) trade secret
In the context of proxy solicitation information, which of the following is prohibited by
Section 14(a) of the Securities Exchange Act?
A) solicitation of proxies by a corporation
B) transfer of proxies from one shareholder to another
C) omission of material facts in the proxy material
D) proxy contests between shareholders and directors
Which of the following elements has to be proved for a contract to be deemed
unconscionable?
A) that the weaker party did not enter the contract under duress
B) that the parties had equal bargaining power
C) that the dominant party justly used its bargaining power
D) that the adhering party had no reasonable alternative
Which of the following legal documents establishes the U.S. federal government and
specifies its powers?
A) federal statutes
B) the U.S. Constitution
C) the combined list of state statutes
D) the set of codified laws called ordinances
Which of the following statements is true about the Foreign Commerce Clause of the
United States?
A) Regulation of foreign commerce by state governments is unconstitutional.
B) A state can enact a law that forbids a foreign country from doing business in that
state, if that country engages in activities that are not condoned by that state.
C) Direct regulation of foreign commerce by the federal government violates the
Commerce Clause.
D) A state government is only permitted to regulate foreign trade indirectly.
What is the importance of the Biosafety Protocol prescribed by the United Nations?
A) It dictates the terms and conditions for production of genetically modified food.
B) It prevents people from differentiating between normal and organic food.
C) It notifies people of the presence of genetically modified food in the market.
D) It assures people of the quality of the food by providing details of its testing process.
List out the strategies that a company can use in defending against hostile tender offers.
Explain the priority of claims for secured and unsecured transactions.
When does a government grant immunity from prosecution?
Briefly explain the liability for an independent contractor’s torts.
What is intestate succession?
How does the UCC treat goods that were fraudulently obtained?
Explain the doctrine of stare decisis and how it has influenced the legal system.
How does the Uniform Commercial Code (UCC) define a merchant?
Explain what a generic name is with reference to trademarks.
How is assault different from battery?