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1) according to the u.s. constitution treaties made by the president with foreign
governments and approved by two-thirds of the u.s. senate validate inconsistent state
and federal laws.
2) chapter 12 is available only for family farmers and fishermen with regular income.
3) wire transfer is used for transfer of funds across the country or around the world. this
service is generally used by large business and financial institutions.
4) mutual mistake is more likely to make a contract voidable than is unilateral mistake.
5) a person can have multiple domiciles at a time.
6) terrance and barbara created a limited partnership, but inadvertently misstated its
name in the certificate of limited partnership. how will their liability be affected by
this?
a.the partners will have unlimited liability.
b.only general partners will have limited liability.
c.only general partners will have unlimited liability.
d.the partner contributing more will be held for liability.
7) the formula for determining the minimum number of shares required to elect a
desired number of directors under cumulative voting is _____ where x = number of
shares needed to elect the desired number of directors, s = total number of shares voting
at the shareholders meeting, r = number of director representatives desired, and d = total
number of directors to be elected at the meeting.
a.x - 1 = (s x r)/(d + 1)
b.x = (s x r)/(d - 1)
c.x - 1 = (s x r)/(d - 1)
d.x = (s x r)/(d + 1)
8) which of the following is an element of a promissory estoppel?
a.the promisee should reasonably expect to induce reliance
b.reliance on the promise by the promisor
c.a promise to pay liquidated debts
d.injustice to the promisee as a result of reliance
9) palmer goes to a truck dealership and asks for a truck capable of handling a
5000-pound load. he makes it clear that it is up to the salesman to select an appropriate
truck. without saying anything about the trucks load-carrying capacity, the salesman
selects a certain truck for palmer. relying on the salesmans choice, palmer buys the
truck in question. however, the truck can only handle a 2500-pound load. palmer wants
to sue the dealership because he didnt get the truck he desired. which of the following
product liability theories gives palmer his best chance of recovery?
a.express warranty
b.implied warranty of fitness
c.implied warranty of merchantability
d.section 402a
10) helen and casey are partners. helen contributes capital of $20,000 to the partnership
and casey contributes $10,000. they agree that helen will receive 60 percent of all
profits and that casey will receive 40 percent. they have not decided how to share
losses. the partnership makes a loss of $7,000. what is caseys share of the loss?
a.$2,800
b.$4,200
c.$3,500
d.$5,500
11) which of the following factors is most important in deciding who bears the risk of
loss between merchants when goods are destroyed during shipment?
a.the agreement between the parties.
b.whether the goods are perishable.
c.who has title at the time of the loss.
d.the terms of applicable insurance policies.
12) most of the courts attention in trademark infringement cases is concerned with the:
a.dispute over profits made by the defendants.
b.likelihood of confusion over the trademark.
c.time period of the trademark rights.
d.generic nature of the disputed trademark.
13) for a third person to have the right to enforce a contract, he/she must necessarily
prove that:
a.he/she was a party to the contract.
b.he/she had been given a promise.
c.the contract was made to benefit him/her.
d.the contract provides him/her incidental benefit.
14) someone who attempts to recover for breach of contract:
a.can recover only for those losses that he can prove with reasonable certainty.
b.can recover for all consequences of the breach, whether foreseeable or not.
c.can only do so for consequential damages.
d.has no duty to mitigate (or minimize) damages.
15) marlene, a self-employed 16-year-old whose parents are dead, buys a dress on
credit for $50. after receiving the dress and discovering that its reasonable value is only
$25, marlene tries to disaffirm the deal before paying the $50. in this case:
a.marlene can disaffirm, and she is bound to pay the full $50.
b.marlene can disaffirm, but she is only bound to pay $25.
c.marlene can disaffirm, and she can return the dress without paying for it.
d.marlene can disaffirm, and she can keep the dress without paying for it.
16) if it is not indicated in the memorandum, where should the parties sign to make it
enforceable?
a.right corner
b.left corner
c.bottom
d.any place on memorandum
17) anthony, a partner of a partnership firm, was convicted for rash driving. following
this, all other partners dissociated him from the partnership, as per the terms of the
agreement. this is an example of _____ dissociation.
a.wrongful
b.nonwrongful
c.discriminatory
d.valid
18) arthur contracts to sell ben his house for $100,000. later the parties modify the
contract by changing the price to $110,000. all other terms remain the same. why is
there no consideration for the second agreement? state two ways in which the parties
can circumvent this problem.
19) the daily tattler, a supermarket-checkout-counter tabloid, says that a u.s. senator has
fathered fourteen illegitimate children. the statement is false and defamatory. if the
senator sues the tattler for libel, which fault or culpability standard applies? why?
20) acme, inc. owned a warehouse that was insured under a property insurance policy
issued by feelsafe insurance co. the warehouse was heavily damaged when a fire that
was negligently started by a hotdog stand worker (an employee of funfoods corp.) went
out of control and engulfed portions of the building. since fire was a covered peril,
feelsafe paid the claim submitted by acme. what rights, if any, does feelsafe acquire?
explain.
21) jerry is a janitor for marry hotel. jerry negligently left a mop and a bucket of water
in the hallway. gina, a guest of the marry hotel, exited her guest room and tripped over
the bucket. she broke her leg. who is liable? discuss.
22) joe has recently learnt about the privacy act of 1974 from his friend shawn. that has
reassured him that his personal tax documents available with the internal revenue
service are unlikely to be disclosed by irs to third parties without his written consent. is
joe right?
23) ed is an officer and director in baldwin properties inc. ed is primarily responsible
for finding and purchasing property for development. while on a business trip financed
by baldwin, ed found property for sale at 65 percent of the fair market value. ed wanted
to purchase the property for himself. may he do so? discuss.
24) pete payee specially indorses a note payable to his order and also uses the words
without recourse. what is the effect of the words without recourse here?
25) under what two conditions is a governmental taking of property unconstitutional?
should both of these conditions be satisfied in order for a taking to offend the
constitution, or is only one condition necessary?
