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1) which of the following is an example of restrictive endorsements recognized under
article 3?
a.pay to bruce zucker in trust for jay zucker.
b.pay to bruce zucker only.
c.pay to jay zucker on the condition that he completes construction of my house by
november 1, 2012.
d.pay to the order of my account.
2) harry has a history of poor credit scores (650 or below). he also filed for bankruptcy
five years ago. he needs a consumer reporting agency to provide a credit report on him
for a government license he has applied for. under the tila, the agency should avoid
including in the report obsolete information predating the report by more than:
a.ten years.
b.fifteen years.
c.seven years.
d.five years.
3) a long-arm statute allows:
a.criminal courts jurisdiction over civil cases.
b.state courts more power than federal ones.
c.courts jurisdiction over out-of-state defendants.
d.appellate courts to hear new cases.
most states have enacted long-arm statutes that give their courts in personam
jurisdiction over certain out-of-state defendants. under these statutes, nonresident
individuals and businesses become subject to the jurisdiction of the states courts by
doing business within the state, contracting to supply goods or services within the state,
or committing a tort within the state.
4) principals may try to escape liability for an agents misrepresentations by including
_____.
a.defensive conditions
b.exculpatory clauses
c.torts
d.ratification clauses
5) the model business corporation act (mbca) does not recognize:
a.mergers.
b.acquisitions.
c.consolidations.
d.joint ventures.
6) why does traditional contract law view any kind of an attempt by offerees to change
terms as constituting a counteroffer?
a.a material change to an original offer is disfavored by traditional contract law.
b.it changes the degree of the offerors interest to contract.
c.such an action implies a rejection of the offer by the offeree.
d.it puts the offeree in a dominant position which is contrary to traditional contract
laws.
7) when is a corporation entitled to full first amendment protection?
a.when it engages in artistic speech.
b.when it works for the public good.
c.when it aids in promoting federal power.
d.when it engages in political speech.
8) violators can only be subjected to civil penalties for failure to fulfill the hazardous
waste regulations promulgated under rcra.
9) which of the following characterizes the traditional rule regarding a minor who
misrepresents his/her age?
a.he/she can be prosecuted for such an offense.
b.an adult can file a tort of deceit against such a minor.
c.an adult can seek compensation for any losses caused by such a minor.
d.a minors right to disaffirm is valid in such a case.
10) non-compete clauses in contracts:
a.are never enforced because they violate anti-trust laws.
b.are never enforced because they are unethical.
c.are always enforced under the doctrine of freedom of contract.
d.are enforced if found to be reasonable.
11) section 7 of the clayton act prohibits mergers where evidence indicates that the
merger:
a.is between companies who are solely engaged in intrastate commerce.
b.may have the effect of substantially lessening competition in any line of commerce.
c.involves companies that manufacture functionally uninterchangeable products.
d.involves companies that might fail if they were not allowed to merge.
12) ann had gone hiking into the woods. on the way, one of the tires of her new car
failed. her vehicle was rendered inoperable. the road was deserted. rick, a co-hiker was
passing on the way. he abducted her and sexually assaulted her. ann wants to sue the car
company for negligence. will she succeed?
a.no, because she had voluntarily assumed the risk while passing through the deserted
road.
b.no, because ricks sexual assault is an unforeseeable intervening cause.
c.yes, because the company has breached its duty.
d.yes, because the tires failure only resulted in her injury.
13) why are insurers liable for both compensatory and punitive damages for a breach
which is in bad faith?
a.the insured needs to be compensated for the amount spent on the case.
b.bad faith is considered an independent tort by itself.
c.courts have traditionally favored punitive damages.
d.such breaches in bad faith are a very rare phenomenon.
14) assume that the federal trade commission (ftc) is conducting a hearing. in order to
obtain certain documents relevant to its investigation, the ftc need not:
a.ensure that the investigation is being conducted for a legitimate purpose.
b.confirm that the information it seeks is relevant to its purpose.
c.possess probable cause in support of regular search warrants.
d.ensure that the subpoena it issues adequately describes the information it seeks.
15)
16) attendees of free public lectures and church services would be called:
a.trespassers
b.licensees
c.invitees
d.business visitors
17) which of the following is a characteristic of profit maximization?
a.it is concerned with the equal distribution of wealth in society.
b.it protects everyones fundamental rights.
c.it is closely related to utilitarianism because it focuses on results.
d.it ensures complete responsible and ethical behavior by corporations.
