In antidumping cases:
a. The International Trade Administration determines whether foreign goods are being
sold in the United States at less than fair value (LTFV).
b. The International Trade Commission determines if there is an injury to a U.S.
industry as a result of such sales.
c. Remedial action will be taken only if findings of both LTFV sales and injury are
present.
d. All of the above
Which of the following types of contracts might be unenforceable as contrary to public
policy?
a. a contract that is contrary to the protection of the public welfare, health, or safety
b. a contract that is contrary to the protection of the person
c. a contract that is contrary to the protection of recognized social institutions
d. all of the above
A counteroffer is a(n):
a. acceptance of the original offer.
b. rejection of the original offer.
c. acceptance of the original offer and an invitation to further negotiate.
d. a revocation of the original offer.
An unconditional written promise made by one person to another, signed by the maker,
that promises to pay on demand a specific sum of money to the bearer is a:
a. nonnegotiable draft.
b. bill of exchange.
c. promissory note.
d. certificate of deposit.
A merchant cannot revoke a firm offer to buy or sell goods if the merchant has:
a. promised to keep the offer open.
b. declared in the presence of two or more reputable witnesses that the offer will be kept
open.
c. received consideration to keep the offer open.
d. stated in a signed letter that the offer would not be revoked for a specified period of
time.
The key time for determining whether a party lacked contractual capacity is:
a. the time the contract was made.
b. the time the value of the bargain becomes clear.
c. the time set for performance of the contract.
d. the time the plaintiff expresses dissatisfaction with the contract terms.
A contract involving both services and goods is classified as a contract for the sale of
goods if:
a. the services are to be performed upon the goods.
b. the services cannot be performed unless the goods are supplied.
c. no charge is made for the services.
d. the sale of goods is the dominant aspect of the transaction.
Which is not a correct statement about deeds?
a. The grantor must sign the deed.
b. A deed must be recorded to effectively pass title.
c. The fact that a deed is recorded provides notice to the world about who holds title.
d. A deed must be delivered to be effective.
What federal act regulates the federal government in terms of its operations and impact
on the environment?
a. the Environmental Protection Act
b. the National Environmental Policy Act
c. the Clean Water Act
d. the Resource Recovery Act
Companies with concerns over the possibility of expropriation could lessen the harm or
the likelihood of this occurring by:
a. fully investigating a host government’s stability.
b. establishing treaty commitments.
c. obtaining insurance.
d. all of the above.
A holder in due course must meet all of the following conditions except:
a. giving value for the instrument.
b. taking the instrument when it is overdue.
c. acting in good faith.
d. being ignorant of defenses and adverse claims.
An involuntary petition in bankruptcy may not be commenced against:
a. a nonprofit corporation.
b. an individual.
c. a for-profit corporation.
d. any of the above.
Which is not a correct statement concerning rescission of a contract?
a. The breach must be material.
b. The injured party who rescinds may recover money paid under the contract.
c. The contract remains in effect after the rescission.
d. Rescission is the undoing of the contract.
The defense that a signature was forged or signed without authority cannot be raised
against any holder if the person whose name was signed has ratified it.
Theo, a member of TGI partnership, withdrew from the partnership and duly notified
the other members. The firm was an at-will partnership and the parties parted amicably,
posting a notice in the local newspaper of the dissolution of their firm. Cosmo, a
customer who had conducted business with Theo several times, did not see the
newspaper notice and was not informed of the dissolution. Later, Theo approached
Cosmo concerning a transaction similar to those Cosmo had engaged in before with
Theo acting on behalf of TGI. Cosmo placed an order, gave a substantial down payment
to Theo, and received a receipt on TGI stationery from him. Theo thereafter absconded
with the down payment, and TGI failed to honor the contract. Cosmo sued the other
members of TGI partnership. Discuss their potential liability.
Because a corporation is not a human being, it cannot be convicted of a crime.
Gregory, a comedy writer, entered into a contract with Wessel, a comedian. The contract
provided that Gregory would provide Wessel with a 15-minute monologue for his
upcoming appearance on Comedy Hour and that Wessel would pay Gregory $250. All
performers on Comedy Hour make $500 per appearance. As Gregory knows, the last
time Wessel appeared on Comedy Hour he was asked to make special guest
appearances at three local comedy clubs using the same monologue. He earned a total
of $750 for the three performances. Shortly before Wessel was scheduled to appear on
Comedy Hour, Gregory informed him that he was unable to provide the monologue. As
a result, Wessel was forced to cancel his appearance. Wessel sued Gregory for breach of
contract and requested damages of $1,250. What will result?
Trust is a fundamental basis of the capitalist system that is central to the expectations of
investors, customers, and other firm stakeholders.
A negotiable warehouse receipt states that the goods received will be delivered to the
bearer or to the order of any named person.
It is unlawful for employers to undertake special recruiting efforts to hire and train
minorities and women in an effort to have a diverse workforce.