A partner may withdraw from the partnership without liability:
a. unless the withdrawal violates the partnership agreement.
b. when the partnership is not for a definite purpose.
c. when the partnership is not for a definite time.
d. all of the above.
Funds transfers made by businesses are governed by __________ regulations.
a. UCC
b. Federal Reserve
c. UCC and Federal Reserve
d. neither UCC nor Federal Reserve
Slander of title and trade libel are collectively known as product __________.
a. Divestiture
b. Disparagement
c. Dilution
d. Diversion
Which term is not required in a writing in order to satisfy the statute of frauds?
a. language indicating that a sale or contract to sell has been made
b. the price of the goods
c. the quantity of goods involved in the transaction
d. the signature of the defendant
V3 was a successful singing group that contracted to perform at the €Metalsubstance€
rock concert. V3 was aware that the promoter would sustain a substantial loss if the
group failed to perform. The members of the group were stricken with a virus that
confined them to their beds. The promoter sued for breach of contract. What is the
probable result?
a. V3 is liable for damages for breach of contract.
b. The contract was discharged by impossibility of performance.
c. In order to avoid liability for breach of contract, V3 must arrange for another group
of comparable quality and reputation to perform on the scheduled date.
d. V3 will be deemed to have substantially performed the contract.
Under the known user rule:
a. the accountant is not liable to any third parties who experience a loss as a result of the
accountant€s negligence.
b. the accountant is liable to all third parties who experience a loss as a result of the
accountant€s negligence.
c. the accountant is liable to third parties who experience a loss as a result of the
accountant€s negligence but only if the accountant knew the third party would be
using the work product.
d. the accountant is liable to third parties who experience a loss as a result of the
accountant€s negligence but only if the accountant€s client gave the work to the
third party.
The U.S. Constitution is a document that:
a. is clear in allocating the rights and responsibilities of people and our government.
b. can be interpreted only according to the bedrock principles of 1776.
c. can be interpreted only in accordance with current values.
d. must be interpreted to accommodate both stability and flexibility.
Section __________ of the Sherman Act applies to agreements, conduct, or
conspiracies to restrain trade, which can consist of price-fixing, typing, and
monopolization.
a. A
b. B
c. 1
d. 2
The equal protection clause:
a. requires all persons to be treated equally even if reasonable grounds for different
classifications exist.
b. allows laws that discriminate on the basis of moral standards.
c. requires that a statute be sustained unless it is clearly arbitrary or capricious.
d. allows laws that discriminate on the basis of cultural patterns.
Regarding the sale of food or drink, there is an implied warranty that:
a. the food item is of average quality.
b. the food item is fit for human consumption.
c. that no foreign substances such as a nail or screw will be found.
d. all of the above.
__________ property means land and things embedded in the land.
a. Real
b. Personal
c. Intangible
d. Tangible
Because administrative agencies have broad powers, they are subject to strict
procedural rules as well as disclosure requirements.
The head of the Department of Transportation reviewed a film that demonstrated the
effectiveness of air bags in automobiles. He then passed a rule that Ford Motor
Company must retrofit, without charge to the automobile owner, all of its 1985 models
as an experiment on the safety of the air bag. Ford refused to do so. The DOT held a
hearing and decided to fine Ford $1 million for violating its regulation. A notification of
this decision was mailed to Ford. What constitutional issues does this case raise?
The CARD Act substantially restricts the solicitation of credit card accounts for those
under the age of 18.
A board of directors- oversight responsibilities for its company’s business affairs do not
include evaluating management€s performance.
A “rent-a-judge” serves as a referee.
A merchant is about to transfer his entire inventory as part of an annual clearance
action. This transfer is called a bulk transfer.
The making of an assignment relieves the assignor of any and all obligations existing
under the original contract.
The assignments of the right to money always gives the assignee the right to collect and
keep the funds.