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1) much of the information contained in a typical monthly credit card statement sent to
a consumer is compulsorily required by the truth in lending act.
2) the secured party whose interest in fixtures is perfected will have priority where the
security interest is perfected prior to the time the goods become fixtures.
3) the local government antitrust act of 1984 eliminates damage actions against
municipalities and their officers, agents, and employees for antitrust violations and
makes injunctive relief the sole remedy in such cases.
4) limited partners have the right to vote on partnership matters as a class.
5) the tila specifies that if a home equity plan involves a variable interest rate, the index
rate to which changes in the apr are pegged must be based on some publicly available
rate and must not be under the creditors control.
6) the essence of a contract is that it is a legally enforceable promise or set of promises.
7) libel is distinct from slander, in that, libel:
a.involves views on public figures.
b.involves only content in print.
c.involves only content on the internet.
d.is more permanent in nature.
8) which of the following ethical theories has been criticized for promoting moral
fanaticism and reducing innovation, entrepreneurship, and production?
a.rights theory
b.teleological theory
c.utilitarian theory
d.profit maximization theory
9) when the insurer asks the court to determine whether the insurer owes obligations to
the insured under the policy in connection with the particular liability claim made
against the insured by the injured third party, it is filing a(n):
a.equity of redemption.
b.advance directive.
c.reservation of rights notice.
d.declaratory judgment.
10) travelers checks commonly require, as a condition to payment, a countersignature
of a person whose specimen signature appears on the draft. travelers checks are:
a.voidable.
b.negotiable.
c.nonnegotiable.
d.unenforceable.
11) in the absence of a specific provision in a general partnership agreement,
partnership losses will be allocated:
a.equally among the partners irrespective of the allocation of partnership profits.
b.in the same proportion that profits are shared.
c.in proportion to the partners capital contributions.
d.in proportion to the partners capital contributions and outstanding loan balances.
12) which of the following is applied in determining the liability of a partnership and of
the other partners for the torts of a partner and other partnership employees?
a.respondeat superior
b.de facto
c.habeas corpus
d.juris privati
13) baronet company is a publicly owned company whose shares are traded on the nyse.
baronet acquired a small manufacturing plant in nevada as part of its strategic growth
plan. under the 1934 act, which of the following reports must baronet file with the sec
within four business days of this event?
a.the 10-k
b.the 8-q
c.the 10-q
d.the 8-k
14) hans purchased an auto insurance policy from abc insurance (abc) which had a
liability provision. hans was involved in a collision with beth, caused by negligence of
both beth and hans. both were injured. who would be entitled to collect money under
the liability provision of hans policy?
a.beth only
b.hans only
c.both beth and hans
d.neither beth nor hans
15) bob, an attorney, purchased licensed software from bill able inc. to prepare his
clients invoices online. the shrinkwrap packaging for the program disks and the
software manuals contained a limitations of remedies clause which limited the buyers
remedies to the $50.00 purchase price of the software. bob later discovered that his
invoices for the past year were too low due to a malfunction in the software, costing
him over $10,000 in lost revenue. bob sues bill able inc. for breach of warranty. what is
the likely result?
a.bob wins because he has equal bargaining power with bill able, inc.
b.bob wins because such shrinkwrap limitations of remedies clauses are generally
unenforceable.
c.bob loses because the court will likely view the limitations of remedies clause as
conscionable and enforceable.
d.bob loses because the disclaimer is effective.
16) when a holder makes a blank indorsement of a negotiable instrument that is bearer
paper, what legal effect does this have?
a.there is no effectbearer paper does not need to be indorsed.
b.the bearer negotiates it by transfer alone and no further indorsement is necessary for
negotiation.
c.the instrument is no longer negotiable, as it has been altered.
d.the instrument is converted into order paper.
17) which of the following actions or statements by a debt collector would be least
likely to violate the fair debt collection practices act?
a.contacting the debtors adult son to determine whether the debtor has the financial
resources to pay the debt.
b.telling the debtor that a failure to pay the debt on time will lead to her imprisonment.
c.repeatedly telephoning the debtor at home after she arrives home from work.
d.telling the debtor the exact legal course of action the creditor intends to take if the
debt is not paid on time.
