Agencies may deny access to which of the following types of records?
a. Those related to national defense and specifically authorized to be kept secret
b. Those relating to internal personnel rules
c. Trade secrets
d. All of these.
Damages for interference with contractual relations include:
a. payment for emotional distress.
b. nominal damages.
c. conversion fees.
d. criminal fines.
The Third Restatement of Torts limits the defense of assumption of risk to express
assumption of the risk.
a. True
b. False
A system for electronic funds transfers (EFT) in which machines are located in a
merchant’s store and are activated by the consumer’s identification card and code is
known as:
a. POS.
b. RAM.
c. EFTA.
d. CHIPS.
A “closed shop” is:
a. the same as a “runaway” shop.
b. one in which a union once existed but has since been voted out.
c. one in which a union is barred.
d. outlawed by the Taft-Hartley Act.
An employer may not be held liable if her employee sells liquor to an underage person
if this criminal act was unauthorized by the employer.
a. True
b. False
A contract between the seller and buyer may not provide for remedies in addition to or
instead of those provided in the Code.
a. True
b. False
Americana Printing wishes to sell its products in a foreign country. However, it also
wishes to retain some input over its operation in that country for quality control reasons.
Which of the following forms of business would be the best for Americana?
a. A foreign distributorship
b. Direct sales
c. A licensing agreement
d. Creating a subsidiary in the foreign country
If Terry makes tender offer to the owners of Pizza Village registered stock, he must file
a statement with the SEC if he:
a. owns 1% of Pizza Village stock.
b. will, after the acquisition, own 5% of all Pizza Village stock.
c. will, after the acquisition, own more than 5% of one class of Pizza Village voting
stock.
d. will own more than half the stock in all classes.
Authentication of a security agreement may occur by the debtor’s encrypting a record in
part, with the present intent of the authenticating party’s accepting the record.
a. True
b. False
Parties seeking to challenge agency action must have standing and must have exhausted
their administrative remedies.
a. True
b. False
The remedy of appraisal is allowed to a dissenting shareholder if:
a. the stock price goes down.
b. the shareholder does not vote by proxy.
c. the stock is split.
d. None of these.
The Federal Trade Commission enforces antitrust legislation.
a. True
b. False
The person who signs a note and promises to pay it is the maker.
a. True
b. False
Melissa signs a suretyship agreement that contains both her name and that of her friend
Gayle as intended cosureties. Gayle did not sign the agreement. Melissa is liable since
she signed the agreement.
a. True
b. False
The CISG was developed by the:
a. UNCITRAL.
b. National Conference of Commissioners on Uniform State Law.
c. EU.
d. World Trade Organization.
Anita owes Brad $75,000. Brad signs a written statement granting Glen a gratuitous
assignment of his rights from
Anita. Brad delivers the signed statement to Glen before Brad dies. The assignment is:
a. irrevocable because of the delivery of the statement.
b. terminated upon Brad’s death.
c. irrevocable because of the signing of the statement.
d. invalid because it is revocable.
Tying arrangements have been labeled by the Supreme Court as serving “hardly any
purpose beyond the suppression of competition.”
a. True
b. False
Future goods can be the subject of a present sale.
a. True
b. False
The Constitution gives the federal and state governments concurrent powers over
patents and copyrights.
a. True
b. False
Alice says to Brian, “If I decide to buy a word processor next year, I will buy it from
you.” This is an example of:
a. an illusory promise.
b. past consideration.
c. the pre-existing duty rule.
d. good consideration.
Most state statutes permit a landlord to evict a tenant for nonpayment of rent.
a. True
b. False
Common law systems of jurisprudence follow the inquisitorial method of adjudication.
a. True
b. False
The contract liability of the principal may depend upon whether the principal is
disclosed, partially disclosed, or undisclosed.
a. True
b. False
Two principal sources for corporate financing are debt and equity investment securities.
a. True
b. False
For how long is a written stop payment order valid?
a. One month
b. Six weeks
c. Six months
d. One year
An offer need not take any particular form to have legal validity. To be effective,
however, it must:
a. be spoken directly to the offeree.
b. always contain the price of the product or service offered.
c. always contain the place of delivery.
d. be communicated to the offeree.
A drawee bank is primarily liable after it accepts the check.
a. True
b. False
Gary owns and operates a farm and a farm machinery dealership. Under the Code, a
new tractor that Gary has for sale at his dealership is classified as:
a. farm products.
b. equipment.
c. consumer goods.
d. inventory.
Under the common law, the must be the mirror image of the .
a. contract, consideration
b. contract, offer
c. offer, acceptance
d. acceptance, offer