How do the warranty provisions under the CISG compare to the provisions of the
UCC?
a. In most instances, the standards are the same.
b. In all instances, the standards are the same.
c. The CISG standards are stricter when compared to the UCC standards.
d. The standards are completely different.
Who serve as agents of the corporation and run the €day-to-day€ operations of the
business?
a. officers
b. directors
c. shareholders
d. employees
The term apparent authority is used when there is:
a. no interaction between the principal and third persons.
b. actual authority.
c. only the appearance of authority and that appearance of authority was created by the
principal.
d. only the appearance of authority and that appearance of authority was created by the
agent.
Equipment attached to a rented building by a tenant and used in business is:
a. called a trade fixture.
b. called a business fixture.
c. called a commercial fixture.
d. not a fixture.
An instrument is order paper if:
a. it is payable to bearer or the order of bearer.
b. it is payable to cash.
c. the last or only indorsement is a blank indorsement.
d. none of the above.
Perfection of a security interest takes place:
a. upon the creditor’s possession of the collateral.
b. upon attachment in the case of a purchase money security interest in consumer
goods.
c. upon the filing of a financing statement.
d. all of the above.
The term “exhaustion of administrative remedies” means that:
a. parties to an agency action must be diligent in pursuing their case.
b. parties to an administrative action must take their appeal to a court of law.
c. parties to an administrative action can appeal only after the agency has made a final
decision.
d. administrative agencies tend to work very hard.
A public corporation is:
a. also know as a public utility.
b. organized for charitable and benevolent purposes or for purposes of finance, industry,
and commerce.
c. established for governmental purposes and for the administration of public affairs.
d. all of the above.
The power to tax income:
a. is possessed only by the federal government.
b. is possessed only by state governments.
c. may be exercised concurrently by both state and federal governments.
d. is controlled exactly like the power to wage war.
A seniority system is unlawful if:
a. workers with longer years of service are laid off last.
b. a union did not agree to the policy.
c. it results from an intention to discriminate.
d. workers with longer years of service are predominantly from one race.
A __________ insider is someone retained by the corporation for professional services,
such as an attorney, accountant, or investment banker.
a. professional
b. corporate
c. temporary
d. virtual
The majority of fraud complaints received by the FBI relate to:
a. sales from large online only retailers.
b. sales from traditional retailers who also operate on the Internet.
c. private Internet sales (one individual to another).
d. Internet auctions.
A guaranty of payment creates a(n):
a. contract of surety.
b. contract of credit.
c. letter of credit.
d. absolute guaranty.
____ is a body of principles that establishes the structure of a government and the
relationship of that government to the people.
a. A constitution
b. Statutory law
c. Stare decisis
d. The common law
A defined contribution plan is an employer commitment to make specific future
payments to participants upon retirement.
An art collector commissioned an artist to create a sculpture for the collector. The artist
wanted a substantial amount of money for the sculpture. This caused the collector some
worry regarding possible dissatisfaction with the artwork once it was completed. To
ensure that payment would be made only if the collector was satisfied with the
sculpture, a condition was written into the commission contract. It required that the
collector would have to be satisfied with the artwork, relying on the collector’s taste and
judgment, before an obligation of payment would be created.The artist never imagined
that a collector could possibly refuse a creation of his and allowed the condition to be
placed within the contract. At the completion of the sculpture, the collector claimed that
she did not care for the artwork and therefore refused to pay. Can the artist force
payment in this situation? Would it help if the artist could establish that the collector
actually approves of the sculpture but has temporarily run short on funds, and that this
is the true motivating factor in refusing to accept the sculpture?
Under the doctrine of promissory estoppel, a promisor may be prevented from asserting
that his or her promise is unenforceable because the promisee gave no consideration for
the promise.
An easement may be destroyed by an act of the grantor.
Trade dress refers to the packaging look and overall image of a product.
True consideration occurs only when the value of one promise is equal to the value of
the promise given by the other party.
A buyer has a right to insist that all the goods be delivered at one time.
A franchisor is the person to whom the franchise is granted.
A reorganization plan may, in certain instances, provide for the rejection of executory
contracts or collective bargaining agreements.
The greatest change to the Constitution has been made by the United States Supreme
Court through interpretation.