A decree of specific performance is a court order that demands the seller or lessor to
perform the contract.
An offer that is made to two or more persons jointly must be accepted jointly.
If an employer categorically refuses to promote all persons of the Asian race, the
company has engaged in disparate-impact discrimination.
Repossession refers to a right granted to a secured creditor to take possession of
collateral in the event of a default by the debtor.
After-acquired property is property obtained by the creditor after a security agreement
has been executed.
The .pro domain name extension is available to professionals, such as doctors, lawyers,
and consultants.
A federal administrative agency that proposes to adopt a substantive rule can legally
resort to informal rule-making.
A confession of a person who has not been read the Miranda rights is not admissible in
court.
Which of the following constitutes the property of a Chapter 13 estate?
A) nonexempt property of the debtor before the case is closed
B) exempt property of the debtor before the case is closed
C) debtor’s income before and after the case is closed
D) property that is exempt from Chapter 7 estate
Which of the following is the most common type of corporate structure that is used by
accounting firms that operate in the U.S.?
A) a limited liability partnership
B) a corporation
C) a cooperative
D) a sole trader
Which of the following kinds of lease agreements exists between Dave and Pam?
A) an easement
B) a sublease
C) a cooperative
D) a net lease
Under which of the following conditions is a contract said to have legal value?
A) the promisor receives a legal benefit
B) the promisor suffers a legal detriment
C) both promisor and promisee receives a legal benefit
D) both promisor and promisee suffers a legal detriment
________ damages are the only damages that may be recovered for violations of the
FTC Act.
A) Treble
B) Double
C) Potential
D) Actual
Which of the following is an insurer’s duty?
A) to pay back the insured’s money on demand
B) to pay back the premiums paid by the insured upon an endorsement of insurance
C) to pay legitimate claims up to the insurance policy limits
D) to pay interest for the premiums paid by insured on a monthly or yearly basis
Which of the following best defines the duty of care to which a member of a
member-managed LLC (limited liability company) must adhere?
A) the duty of not engaging in a known violation of law
B) the duty of not usurping an opportunity of the LLC
C) the duty of not competing with the LLC’s business
D) the duty of not engaging in undisclosed self-dealing
In the U.S. Supreme Court, if a majority of the justices agree as to the outcome of a
case but not as to the reasoning for reaching the outcome, it is a ________ decision.
A) unanimous
B) majority
C) plurality
D) tie
Calvin, a college student, wants to purchase an automobile on credit from IronTilt
Motors. He does not have sufficient income or the credit history to justify the extension
of credit to him alone. Calvin asks his father to co-sign a note to IronTilt Motors, which
he does. What role does Calvin’s father fulfill here so that Calvin can buy the car?
A) an accommodation party
B) an agent
C) a principal
D) a qualified indorser
A bankruptcy trustee is a ________.
A) legal representative of a debtor’s estate
B) claimant to the debtor’s estate on behalf of a creditor
C) federal government official responsible for supervising a bankruptcy case
D) bankruptcy judge, appointed by a U.S. Bankruptcy Court
LetsConnect is a three-month-old Internet service provider in the U.S.A. In the last two
months, it was discovered that several LetsConnect users exchanged online material
that is illegal in the United States. The ISP took no measures to investigate the matter or
prevent it. Which of the following holds true in this case?
A) The users of LetsConnect are not liable for the material they exchanged.
B) The ISP is not liable for the content transmitted over its network.
C) The ISP will be prosecuted for abusing the freedom of speech.
D) The ISP will be prosecuted for violating the Communications Decency Act.
An LLC (limited liability company) is a(n) ________.
A) unincorporated business entity
B) incorporated business entity
C) cooperative entity
D) proprietorship
A(n) ________ is a fictitious legal entity that is created according to statutory
requirements.
A) corporation
B) cartel
C) outfit
D) conference
Which of the following is true of a special indorsement?
A) It is only considered valid if it includes words of negotiation.
B) It requires the signature of the indorser to be valid.
C) It can be negotiated just on delivery.
D) It is considered a bearer instrument.
A promise or order is only considered negotiable if ________.
A) the promise or order to pay is unconditional
B) it states that the promise or order is subject to or governed by another writing
C) the rights to the promise or order are stated in another writing
D) an express condition to payment is mentioned
A ________ refers to a party who is granted limited rights in or access to intellectual
property or informational rights owned by another party.
A) lessor
B) lessee
C) licensee
D) licensor
Steve brings his watch to Knell Watches to be repaired. Knell Watches sells and repairs
watches. Steve entrusts his watch at Knell’s until it is repaired. The watch store repairs
the watch, but then sells it to Kevin, who buys the watch with a fraudulent check that
bounced. Kevin then resells the watch to his friend Jonathan, who is unaware of the
stolen nature of the watch. According to the entrustment rule, what legal recourse does
Steve have to reclaim the watch or collect damages?
A) Steve can sue Kevin for damages.
B) Steve can sue Knell Watches for damages.
C) Steve can reclaim the watch from Jonathan.
D) Steve cannot reclaim the watch but can sue Jonathan for damages.
From the above question, Carl’s response to Ron’s offer is considered as a(n) ________.
A) mirror image rule acceptance
B) rejection
C) unequivocal acceptance
D) counteroffer
What is the difference between a holder and holder in due course?
How can a principal extinguish an agent’s apparent authority?
Give an account of the Law Merchant in early English common law.
Explain the types of partners in a limited partnership. What are their liabilities? Who is
permitted to join as a partner to such a partnership?
What is ethical relativism?
Explain the process of copyright registration.
Monica told a prospective patient that a certain cosmetic surgeon had been banned from
practicing by the American Medical Council. But this is untrue. Is Monica liable for
prosecution? Why?
“Workers’ compensation is an exclusive remedy.” Elaborate on this statement with the
help of an example.
How is the federal government divided? Why are checks and balances necessary?
Explain with instances.
What are the duties of an insured and insurer?