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1) a revocation is effective at the time it is dispatched by the offeror.
2) professionals tort liability to their clients may be based only on the common law
concepts of negligence and fraud.
3) if there is a conflict between the express terms of the contract and the past course of
dealing between the parties, the express terms of the contract prevail.
4) the tort of negligent hiring is distinct from tort liability predicated upon the doctrine
of respondeat superior.
5) article 2 of the ucc never applies to mixed goods-services contracts; instead, it treats
them as pure service contracts.
6) under which of the following situations is an employee most likely to recover under a
workers compensation system?
a.injuries suffered while traveling to work
b.injuries resulting from employee horseplay
c.self-inflicted injuries
d.injuries related to occupational diseases
7) which of the following is admissible with respect to a partially integrated contract?
a.evidence that seeks to make the contract completely divisible.
b.evidence that resolves ambiguities in the contract.
c.evidence that the contract is unconditional on the happening of some event.
d.evidence that contradicts the contracts provisions.
8) carol, an acme co. employee, regularly takes pens, paper, and other office supplies
from the acme office supply cabinet and brings them home for her husband to use in his
home office. carol defends this action by saying that: i dont get paid enough, and
besides, no one will miss the supplies. this statement is an example of:
a.circular reasoning.
b.false analogy.
c.bandwagon fallacy.
d.a non sequitur.
9) which of the following best represents an agents duty of segregation?
a.the agent not dealing with the principals property so that it appears to be the agents.
b.the agent should not profit or receive any other benefit from acting on behalf of the
principal.
c.the agent has a duty to act within her actual authority and to obey the principals
reasonable instructions.
d.the agent may not use or communicate confidential information of the principal for
the agents own purpose.
10) in a bailment, the bailee is liable for loss or damage to the bailed property while it is
in the hands of the bailee:
a.under all circumstances; the bailee is the insurer of the goods.
b.only if the bailee intentionally causes harm or loss to the goods.
c.unless the bailee has given some consideration.
d.only if he has a personal interest in the safety of the property.
if the bailee does not exercise proper care and the property is lost or damaged, the
bailee is liable for negligence.
11) which of the following is most likely to involve liability for violating the so-called
right of publicity? in each case, assume that the plaintiffs name, likeness, work, etc. was
appropriated without the plaintiffs permission.
a.using the work of an unknown artist to illustrate the t-shirts one makes and sells.
b.using the picture of the owner to sell beer at a pub.
c.using a picture of a race car to sell chewing tobacco.
d.using madonnas name to sell womens apparel.
12) which of the following is true of insurance contracts?
a.some statutes require them to be in writing.
b.contracts for property insurance are usually within the statute of frauds.
c.once formed, insurance contracts cannot be amended or reformed.
d.insurance contracts are governed by federal laws.
13) jim created a shoe-manufacturing corporation by contributing $1,000. he stayed as
the sole shareholder and director of the corporation. to inject further capital into the
corporation, he loaned the corporation $100,000 and secured the loan in exchange for
all the corporations assets. five years into operations, the corporation has still failed to
make profits and consequently files for bankruptcy. who has been defrauded?
a.ordinary shareholders
b.preferred shareholders
c.nonshareholder creditors
d.board of directors
14) bart agreed to deliver fruits worth $1,000 to a retail store. bart and the store owner
agree that if delivery is not made on time, bart will pay the store some amount as
liquidated damages, for the lost sales. which of the following amounts would most
likely be considered unconscionable if they settle for it?
a.$200
b.$5,000
c.$5
d.$400
15) under rule 10b-5 of the securities act of 1934, a plaintiff has the burden of proof to
establish that the defendant acted:
a.with negligence.
b.with scienter.
c.with malice.
d.in concert with others.
16) _____ is a tender offer defense where the target corporation turns the tables on the
tender offeror or raider by making a tender offer for the raiders shares.
a.greenmail
b.lock-up option
c.white knight
d.pac-man
17) which of the following is incorrect concerning a joint venture?
a.joint ventures are limited to single projects.
b.joint venturers are personally liable for its debts.
c.joint ventures are created much like partnerships.
d.joint venturers have more implied and apparent authority than do partners in a
partnership.
