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Only the defendant can appeal in a criminal case.
Defendants cannot assert a due diligence defense against liabilities arising from the
violation of Section 11 of the Securities Act of 1933.
In the context of limited partnership, general partners are not personally liable for
partnership debts beyond their capital contributions.
The U.S. Supreme Court has deemed the Do-Not-Call Registry service as an
unconstitutional violation of commercial speech.
A bill of exchange is a type of sight draft.
In a certificate of deposit, the depositor is the payee.
Under the foreign substance test, the court asks what a consumer would expect to find
or not find in food or drink that he or she consumes.
The accountant-client privilege is a law that entails that ________.
A) only an accountant can serve as a witness for the client in a court action
B) only an accountant's paperwork be taken as prima facie evidence against a client in a
court action
C) an accountant cannot be called as a witness against a client in a court action
D) an accountant does not enjoy work product immunity when a client is accused of
gross negligence
Which of the following is a function that the Consumer Product Safety Commission is
empowered to execute?
A) collecting data regarding injuries caused by consumer products
B) regulating the distribution of genetically modified food products
C) recalling drugs that have been found to be harmful from the market
D) accepting petitions from consumers on wrongly labeled food products
________ refers to the document a plaintiff files with the court that serves on the
defendant to initiate a lawsuit.
A) Complaint
B) Order
C) Appeal
D) Rejoinder
Lisa buys a used car from Kelly. She pays 10 percent of the cost down and signs a
negotiable promissory note promising to pay Kelly the remainder of the purchase price,
with interest, in 12 equal monthly installments. At the time of sale, Kelly lied about the
mileage of the automobile. Later, Kelly negotiated the note to Frances, who has no
notice of the lie. Frances, a holder in due course (HDC), negotiated the note to Zoe,
who is not an HDC. Which of the following is Zoe in regards to the promissory note?
A) a holder in due course
B) a holder
C) an assignee
D) an assignor
The obligation of a seller to transfer and deliver goods to the buyer or lessee in
accordance with a sales or lease contract is known as ________.
A) the rule of capture
B) deliverance
C) replevin
D) tender of delivery
Barney wants to rent an apartment and posts an advertisement in a classifieds website.
Two days later, Michael, who wants to rent out his apartment, e-mails Barney and they
finalize the deal over the Internet. Barney pays Michael through an online transfer. This
is an example of ________.
A) e-licensing
B) e-commerce
C) cybersquatting
D) spamming
Which of the following is true of the Public Company Accounting Oversight Board?
A) All members of the Public Company Accounting Oversight Board have to be
certified public accountants (CPAs).
B) The Public Company Accounting Oversight Board was created by the Tax Reform
Act of 1976.
C) The Securities and Exchange Commission (SEC) has oversight and enforcement
authority over the board and its functioning.
D) The Public Company Accounting Oversight Board lacks the power to initiate any
disciplinary actions against defaulting accountants.
Which of the following is a course of action for a principal if an agent is found
competing with him or her?
A) The principal can recover damages from the agent if the competition continues after
the agency has ended.
B) The principal can recover profits made by the agent.
C) The principal is given an option of buying the agent's competing venture.
D) The principal is not allowed to recover for lost sales due to the agent's competing
venture.
Which of the following is a difference between a sale or return contract and a sale on
approval contract?
A) For sale or return, the risk of loss is borne by the buyer; while in a sale on approval,
it is borne by the seller.
B) For sale or return, the goods are sold to the buyer; while in a sale on approval, the
buyer is allowed a time period to test the goods.
C) For sale or return, failure to notify rejection is not acceptance; while in a sale on
approval, failure to notify rejection is acceptance.
D) For sale or return, goods sold can be returned; while in a sale on approval, goods
sold can never be returned.
Which of the following is true about a durable power of attorney?
A) It is only effective as long as the principal is able.
B) It remains effective even though the principal is incapacitated.
C) It is effective even when the agency is an oral agreement.
D) It is only effective if the agent is a certified lawyer.
In a litigation process, the party who files a complaint is called the ________.
A) bailiff
B) plaintiff
C) prosecutor
D) defendant
Mark and Jack work as clerks at the New Bank of North America, which they plan to
rob. In order to plan and execute the robbery, Mark and Jack obtained the floor plans of
the bank and studied the security arrangements and movements of security personnel.
They even got weapons, in case force is required, as they plan to rob the bank during
working hours. But the police got information about the plan and arrested Mark and
Jack, and thus prevented the robbery from taking place. Which of the following crimes
has been committed by Mark and Jack?
A) criminal conspiracy
B) extortion
C) money laundering
D) larceny
The ________ is a federal statute that primarily regulates the issuance of securities by
companies and other businesses.
A) Securities Act of 1933
B) Securities Exchange Act of 1934
C) Sarbanes-Oxley Act of 2002
D) Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
The obligation people owe each other not to cause any unreasonable harm or risk of
harm is termed as ________.
A) libel
B) res ipsa loquitur
C) the Good Samaritan law
D) duty of care
Monty, a career criminal, steals a diamond from Prime Cut Jewelers. He then sells it to
Adamas Jewelers, who is unaware of the stolen nature of the diamond. If Prime Cut
discovers that the diamond is with Adamas, and reclaims the diamond, what warranty
breach can Adamas declare to recover the cost from Monty?
A) warranty against infringements
B) warranty of no security interests
C) warranty of no interference
D) warranty of good title
