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1) an agency coupled with an interest cannot be terminated by the principals revocation
of the agency.
2) social security basically is a social compromise.
3) state and federal declaratory judgment statutes do not allow parties to determine their
rights and duties when their controversy has not advanced to the point where harm has
occurred and legal relief may be necessary.
4) a gratuitous agent has the same fiduciary duty as a paid agent.
5) the clean water act establishes a program governing the injection of wastes into
wells.
6) when insurance policy provisions must be interpreted, a court will generally interpret
them as they would be understood by an average person.
7) jason has knowledge of the fact that the check given to him bears julies forged
signature. despite the said fact, he presents the check to abc bank. abc bank pays jason,
under a mistaken belief that the signature on the check is authentic. bank cannot recover
that payment from jason.
8) rawlss justice theory focuses on outcomes.
9) the first corporation is liable for its debt, even after a merger.
10) a secured creditor repossesses the collateral from the debtor and sells it to satisfy
the debt. which of the following has the first claim on the proceeds of the sale?
a.debtor
b.consequential damages suffered by the creditor due to the debtors default
c.court costs
d.expenses of repossessing, storing, and selling the collateral
11) after a reverse share split, corporation law permits a corporation to repurchase any
_____ shares, even if the shareholders do not consent.
a.preferred
b.fractional
c.outstanding
d.issued
12) if the buyer has misrepresented his solvency to the seller in writing within three
months before the delivery of the goods:
a.the 10-day limitation on the sellers right to reclaim the goods does not apply.
b.the seller should actually repossess the goods within the 10-day period.
c.the sellers right to reclaim the goods is not subject to the rights of prior purchasers in
the ordinary course of the buyers business.
d.the sellers right to reclaim the goods is not subject to the rights of creditors with a
perfected lien on the buyers inventory.
13) which of the following is true about successors liability for predecessors
obligations?
a.once continuation begins after dissociation, the creditors remain the creditors of the
predecessor.
b.partners may escape prior liabilities by forming new partnerships.
c.there has to be an agreement with creditors to eliminate liability for prior obligations.
d.the original partners are not liable for obligations incurred prior to dissociation.
14) which of the following must obtain a national pollution discharge elimination
system (npdes) permit?
a.a manufacturing firm buries its hazardous waste materials in a special dump.
b.a factory discharges industrial wastewater from a point source into a river.
c.an apartment building discharges domestic sewage to a publicly owned treatment
works.
d.a chemical plant discharges wastewater to a publicly owned treatment works.
15) what is the basic remedial device in cases of fourth amendment violations?
a.exclusionary rule
b.due process clause
c.habeas corpus
d.counterclaim
16) in general, a court has _____ if it is a territorially fair and convenient forum in
which to hear the case.
a.venue
b.original jurisdiction
c.limited jurisdiction
d.standing
17) johnathan llc has a term of eight years. it had only two partners, jonathan and john,
in its first five years of existence. it was not dissolved when john withdrew from
membership in the sixth year. the llc has continued its business and johnathan has
agreed to pay john, as per the provisions of the rullca. consequently, johnathan is
obligated to pay john the value of his interest within:
a.120 days after johns dissociation.
b.90 days after johns dissociation.
c.120 days after the end of the llcs term.
d.90 days after the end of the llcs term.
18) the requirement that, to be negotiable, an instrument must promise or order payment
of a fixed amount of money applies:
a.only to principal.
b.only to interest.
c.to both principal and interest together.
d.neither to principal nor interest.
19) selena johnson has a checking account at the union bank of new york. she goes to
home depot and agrees to buy a room heater priced at $200. she writes a check to pay
for it. home depot is the:
a.payer.
b.drawer.
c.payee.
d.drawee.
20) the mere presence of a nevada corporations vacant property in california is
sufficient to subject the corporation to taxes in california.
21) store owners conditional privilege defense against intentional tort claims brought by
detained shoplifting suspects, recognized by most states, usually:
a.requires that the store owner act with police consent.
b.requires that the store owner act with written consent of suspects.
c.requires that the store owner act on evidence against suspect.
d.requires that the store owner act with reasonable cause.
22) the ftc commissioners serve for:
a.five-year terms.
b.staggered five-year terms.
c.fixed seven-year terms.
d.staggered seven-year terms.
23) why must real estate sales contracts be evidenced in writing and signed by the party
to be charged in order to be enforceable?
a.contracts of such property are covered under the statute of frauds.
b.such property would otherwise not be entitled to mortgage.
c.such property would otherwise not be entitled to insurance.
d.such property would otherwise be liable to eminent domain.
24) in determining the quantity of goods to be produced or taken pursuant to an output
or needs contract, the rule of _____ applies.
a.good faith
b.demand
c.supply
d.performance
25) enumerated powers are those powers that the _____ can exercise.
a.states
b.congress
c.u.s. supreme court
d.trial courts
26) offers that fail to provide a specific time for acceptance :
a.are considered to be illegal.
b.are valid for a reasonable period for time.
c.are valid but unenforceable.
d.can be used to penalize the offeror.
27) under the ulpa of 2001, a limited partner who participates in management and
control of the limited partnership:
a.has unlimited liability to creditors of the limited partnership.
b.has limited liability only to those creditors with whom he has transacted businesses.
c.has unlimited liability only to those creditors with whom he has transacted business
and who reasonably believe that he is a general partner.
d.has liability up to the limit of his capital contribution.
28) a trust that is established and effective during the settlors lifetime is known as a(n)
_____ trust.
a.causa mortis
b.per capita
c.per stirpes
d.inter vivos
29) in many public meetings, john has proclaimed himself to be an equal partner of
chans partnership business. chans business ran into financial difficulties. john and chan
approached a creditor to obtain loan. the creditor gave the loan based on a false
presumption that john was a partner in the business too. can john be made liable for the
loan?
a.yes, because john is a close acquaintance of chan; thus it is his ethical duty to help
chan during her financial trouble.
b.yes, because john is a purported partner; public representations of his partner status
make him personally liable for the debt.
c.no, because he is not legally a partner; the creditor should have checked the
partnership agreement before advancing the loan.
d.no, because john did not participate in the business; he was thus not a member of the
partnership business.
