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A power of attorney gives an agent the power to sign legal documents on behalf of the
principal.
A person with voidable title to goods can transfer the goods title to a good faith
purchaser for value.
Shareholders do not have to attend a shareholders' meeting to vote.
Electronic Data Gathering, Analysis, and Retrieval system (EDGAR) is the world's
largest electronic securities exchange.
The immigration laws of the United States are administered by the U.S. Citizenship and
Immigration Services.
Shipment of the original offer to a buyer is called accommodation.
Section 1 of the Sherman Act allows for intangible properties to be sold in tying
arrangements.
A probate can only be conducted by a lineal descendant of the testator.
Workers' compensation insurance does not cover stress and mental illness that are
employment related.
A depositionis oral testimony given by a party or witness during the trial.
Criminal fraud is the crime of obtaining title to property through deception or trickery.
A tie decision by the U.S. Supreme Court sets a precedent for later cases.
________ are written questions submitted by one party to a lawsuit to another party.
A) Depositions
B) Rejoinders
C) Interrogatories
D) Summons
An arrangement in which the shareholders transfer their stock certificates to a trustee
who is empowered to vote the shares is known as ________.
A) supramajority voting
B) voting trust
C) cumulative voting
D) noncumulative voting
The ________ is the federal agency responsible for enforcing most federal
antidiscrimination laws.
A) Equal Employment Opportunity Commission (EEOC)
B) Fair Employment Practices Agency (FEPA)
C) Age Discrimination in Employment Agency (ADEA)
D) Bona fide occupational qualification Agency (BFOQA)
What is a profit--prendre?
A) a document that grants a person the right to remove something from another's real
property
B) a form of insurance obtained for losses caused by undiscovered defects in real
property title
C) a judicial proceeding where a certificate of title is awarded to the real owner to
property
D) a type of easement that grants a person the right to use another's land but disallows
the usage of any personal property
A(n) ________ is an equitable doctrine whereby a court may award monetary damages
to a plaintiff for providing work or services to a defendant even though no actual
contract existed.
A) bilateral contract
B) unilateral contract
C) implied-in-fact contract
D) quasi contract
Which of the following is true of an agent's undisclosed self-dealing?
A) It does not violate the duty of loyalty.
B) The principal cannot rescind purchases made.
C) The principal can ratify the purchase.
D) The principal must accept liability.
Which of the following statements is true of a counteroffer?
A) An offeree that makes the counteroffer is still considered the offeree.
B) A counteroffer terminates the existing offer.
C) A counteroffer can only be made by the offeror.
D) A counteroffer need not be communicated to the offeror.
________ is a requirement that a greater than majority of shares constitutes a quorum of
the vote of the shareholders.
A) Supramajority voting
B) Shareholder majority voting
C) Quorum share voting
D) Cumulative voting
Jill Scott is an accountant with Cameron and Associates, a law firm in downtown
Seattle. The firm maintains a checking account with Southern Rock Bank for its
operating expenses. On the 10th of every month, Jill gets an inventory report from the
office manager listing the office supplies that are needed. Jill places the appropriate
orders with Office Depot and writes them a check against the office's checking account.
Who is the drawee in this banking transaction?
A) Jill Scott
B) Office Depot
C) Cameron and Associates
D) Southern Rock Bank
What is a backward vertical merger?
A) a vertical merger between two or more companies that compete in the same business
and geographical market
B) a vertical merger between two companies in similar fields whose sales do not
overlap
C) a vertical merger in which a supplier acquires a customer
D) a vertical merger in which a customer acquires a supplier
Santos told his friend Ernesto that he would sell Ernesto his car for $5,000. However,
on the day of the sale, Santos refused to sell the car for the agreed-upon price and
demanded more money. Which of the following statements is true in this scenario?
A) Ernesto can sue Santos as their oral sales contract was binding.
B) Santos has violated Section 2-201<1> of the Uniform Commercial Code (UCC).
C) The oral contract to trade a car for $5,000 is not binding, according to the Uniform
Commercial Code (UCC).
D) Santos has violated Section 2A-201<1> of the Uniform Commercial Code (UCC).
If a person employs an architect to design the layout of his or her own home, it would
constitute a(n) ________ relationship.
A) employer-employee
B) principal-independent contractor
C) principal-agent
D) agent-independent contractor
Kicker's Inc. has produced a new kind of candy bar, but it fails to mention on the
packaging that the bar contains gluten and nuts. Consequently, many consumers who
eat the bars suffer from severe allergic reactions. Which of the following can the injured
customers cite as a defect in a strict liability lawsuit against Kicker's?
A) defect in design
B) defect in packaging
C) failure to warn
D) failure to provide adequate instructions
Rudy was working as an applications developer in a software firm in San Jose. His
employment contract was for three years at $100,000 a year. Two years into the
contract, Rudy's employer fired him as a part of downsizing. Which of the following
jobs could Rudy take in order to mitigate damages?
A) Any job that offers $100,000 or more a year.
B) Another software applications developer job, irrespective of the salary.
C) A job in any software firm in any part of the country.
D) An applications developer job in San Jose for $100,000 a year or more.
Susanna hires Shane, a lawyer, as an independent contractor to represent her in a civil
lawsuit against a defendant to recover monetary damages. If Susanna authorizes Shane
to settle the case within a certain dollar amount and Shane does so, which of the
following would be true?
A) The agreement is invalid after Shane's contract with Susanna terminates.
B) The agreement is void because independent contractors cannot enter into contracts.
C) The agreement is binding only when there is no financial settlement involved.
D) The settlement agreement is binding for Susanna.
The Rosberg family asked their neighbors, the Lowells, to feed their cat while they are
away on a vacation. The Lowells fed the cat as they had been asked to but the cat ran
away and never returned. What kind of bailment agreement existed between the
Rosbergs and the Lowells?
A) bailment for the sole benefit of the bailee
B) bailment for the sole benefit of the bailor
C) mutual benefit bailment
D) bailment at will
A given or required right to make limited use of someone else's land without owning or
leasing it is called a(n) ________.
A) zoning ordinance
B) title insurance
C) easement
D) abstract of title
Able Adams has a number of rare paintings at home that he inherited from his paternal
family, many of whom were patrons and collectors of art. Able knows that the value of
these paintings makes them likely targets of theft and he needs to insure these items
specifically by using a ________.
A) homeowner's policy
B) standard fire insurance
C) personal articles floater
D) personal liability coverage
A minor's act of legally separating from his or her parents and providing for himself or
herself is known as ________.
A) ademption
B) revocation
C) redemption
D) emancipation
What does the act of state doctrine assert?
What are the elements necessary to create a bailment?
Give an account of the Noerr doctrine.
What is a lease?
Give an account of trademark dilution.
