Unlock document.
This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
An instrument is not considered canceled if it is destroyed or mutilated by accident or
by an unauthorized third party.
To be actionable as fraud, the misrepresentation must have been the sole factor in
inducing the innocent party to enter into the contract.
Picketing that prevents customers from entering an employer's place of business is
illegal.
There are separate state and federal bankruptcy laws.
Upon dissolution, a limited partnership's affairs must be wound up by partners who
have acted wrongfully in actions that resulted in the dissolution.
An agent does not violate his or her duty of loyalty by serving two parties with the same
interest.
If the law requires that a contract be in writing, failure of such a contract to be in
writing does not impact its enforcement.
An e-license is a contract whereby the owner of software grants limited rights to the
owner of a computer or digital device to use the software.
An agency contract is similar to other contracts in that it can be terminated by an act of
the parties.
In the bailment agreement, which of the following types of duties did Randy neglect?
A) duty of great care
B) duty of slight care
C) duty of reasonable care
D) duty of ordinary care
The legality of nonprice vertical restraints of trade under Section 1 of the Sherman Act
is examined by applying the ________.
A) Colgate doctrine
B) Noerr doctrine
C) per se rule
D) rule of reason
Martin, who wants to sell a house he owns, authorizes his concierge, Wilhelm, to find a
potential buyer, and finalize a deal above a stipulated price. Wilhelm contracts Chris, a
real estate broker, and instructs him to only find a potential buyer and send them over to
Wilhelm for the sale. Martin then contracts ReNowait Goodhouses, a home
improvement company to renovate the house. ReNowait completes its work and Martin
pays them. Chris then searches for a suitable buyer and finds one in George. George
buys the house and Chris is paid for his services. What role does Chris perform?
A) independent contractor
B) agent
C) principal
D) trustee
Which of the following constitutes material breach?
A) inferior performance
B) substantial performance
C) anticipatory repudiation
D) rescission without notification
The electronic data and record system of the Securities and Exchange Commission is
known as ________.
A) EDGAR
B) NASDAQ
C) MICEX
D) SPSE
Which of the following statements is true of the tort of assault?
A) Physical contact is the only requirement for a tort of assault.
B) An attack is considered an assault only if the defendant was provoked to attack a
plaintiff.
C) An attack is not considered an assault if the defendant was provoked to attack a
plaintiff.
D) Actual physical contact between plaintiff and defendant is not necessary.
________ are corporations that have many shareholders and whose securities are often
traded on national stock exchanges.
A) Closely held corporations
B) Non-profit corporations
C) Publicly held corporations
D) Shore-up corporations
________ refers to monetary damages that are awarded to punish a defendant who
either intentionally or recklessly injured the plaintiff.
A) Reliance damages
B) Consequential damages
C) Punitive damages
D) Nominal damages
A ________ is a contract that provides that a seller of a business or an employee will
not engage in a similar business or occupation within a specified geographical area for a
specified time following the sale of the business or termination of employment.
A) quasi-contract
B) contract in restraint of trade
C) covenant not to compete
D) contract of adhesion
Matthew employs a real estate agent to sell his house for $10 million. The agent later
learns that the house is rumored to be haunted and that brings down the value of the
house to about $5 million. The agency terminates because of ________.
A) an unusual change in circumstances
B) impossibility of performance
C) operation of law
D) act of the parties
The lawfulness of government classifications based on a protected class is examined
using a(n) ________ test.
A) strict scrutiny
B) intermediate scrutiny
C) intellectual basis
D) cogent basis
A contract between a retailer and a supplier provides that payment is due upon delivery
of goods by the supplier. The retailer's duty to pay and the supplier's duty to deliver
constitutes ________.
A) an implied condition
B) a condition precedent
C) a condition subsequent
D) concurrent conditions
Which of the following contradicts the mirror image rule?
A) silence as acceptance
B) option contract
C) counteroffer
D) acceptance-upon-dispatch
