A(n) __________ contract is a contract to buy all requirements of the buyer from the
seller.
a. output
b. essentials
c. necessaries
d. requirements
Which of the following is an example of a legal restriction that may be imposed on a
tenant€s deposit?
a. A statutory limitation on the amount of the deposit.
b. A requirement that the landlord hold the deposit in a trust fund.
c. A requirement that the landlord pay interest for the period the deposit is held.
d. All of the above.
In order to obtain a court order enjoining a competitor from using your trademark, it is
necessary to show that:
a. you invested a certain level of resources to develop the mark.
b. the competitor is making unfair profits from use of the mark.
c. the competitor’s use of the mark risks confusing the public.
d. all of the above.
Which of the following is NOT a nontariff barrier?
a. government subsidies
b. import quotas
c. complex custom procedures
d. an import or export duty or tax placed on goods as they move in or out of a country
In order to establish the tort of false imprisonment, a person must show imprisonment
for:
a. any amount of time.
b. at least one minute.
c. at least ten minutes
d. at least one hour.
A corporation may sue a director owning more than ten (10) percent of any class of
corporate stock who makes a profit by selling any such stock:
a. if the sale is made more than six (6) months after the original purchase of the stock
by the director.
b. only if the stock was originally acquired with fraudulent intent.
c. only if the stock was sold with fraudulent intent.
d. if the sale was made less than six (6) months after the original purchase of the stock
by the director.
NAFTA seeks to eliminate tariffs among which countries?
a. all members of the United Nations
b. United States, Canada, and Mexico
c. United States and Japan
d. members of the common market
The one-year performance requirement for an oral contract begins:
a. on the day of the agreement.
b. on the first day of performance.
c. on the day following the agreement.
d. the day on which the agreement was placed in writing.
Which of the following is not a condition necessary for ratification?
a. The agent must have purported to act on behalf of or as an agent for the identified
principal.
b. The third party benefiting from the ratification must give consideration for the
ratification.
c. The principal must have been capable of authorizing the act both at the time of the act
and at the time it was ratified.
d. The principal must have full knowledge of all material facts.
An offer is terminated upon rejection by the offeree unless:
a. the period of time for which the offeror agreed to keep the offer open has not yet
expired.
b. the offeror renews the offer.
c. the offeree revokes the rejection.
d. the offeree makes a counteroffer.
A cancellation provision:
a. makes a promise illusory.
b. gives a person a free way out.
c. is limited to the terms set forth by the provision.
d. none of the above.
If an offeree dies before the offer has been accepted, the offer:
a. may be rejected by the surviving spouse of the offeree.
b. may be accepted by the surviving spouse of the offeree.
c. is automatically revoked by the death of the offeree.
d. may be accepted by the guardian appointed for any minor children of the offeree.
The right to ___________ is a second chance for a seller to make a proper tender of
conforming goods.
a. rehabilitate
b. repair
c. heal
d. cure
Administrative regulations:
a. are essentially industry advisories.
b. are case-law precedents.
c. generally have the force of statute.
d. are Constitutional principles.
A promise to pay a debt must be in writing if:
a. the debt is for more than $500.
b. the debt is now due and payable.
c. the promise is to pay the debt of another.
d. the debt owed is the promisor’s.
When employers allow employees to reimburse the employer for private use of text
services, employer monitoring and disclosure of those texts is:
a. always legal.
b. only legal if the employee gives his or her consent.
c. only legal for texts that are sent and received during work hours.
d. a violation of the law.
The legal relation that arises when one person delivers possession of personal property
to another under an express or implied agreement to return the property at a later date is
called a:
a. tenancy agreement.
b. bailment.
c. rental agreement.
d. trust arrangement.
An agent is under a duty to obey:
a. all instruction given by the third party.
b. all lawful instructions given by the principal.
c. all instructions given by the principal.
d. none of the above, since €obedience€ is not an obligation of the agent.
The Federal Trade Commission (FTC) has begun to take positions on Internet issues
that are:
a. tailored to Cyberspace.
b. specific to the type of website that has the issue.
c. identical to its stances of other types of commerce issues.
d. none of the above.
The scope of an agent’s authority is always known by the third party.
Bankruptcy law does not regulate the manner in which the assets of the debtor are
distributed; instead, distribution of the debtor€s assets is solely within the discretion
of the trustee.
Osvaldo was attempting to promote a corporation to be named Xavier, Inc. In that
capacity, Osvaldo signed a lease in the name of Xavier and ordered furniture in the
company€s name. The corporation was in fact formed and the board of directors,
knowing of the actions of Osvaldo, moved into the space Osvaldo had leased. Upon
delivery and inspection of the furniture Osvaldo ordered, numerous defects were
discovered, and the furniture was accordingly rejected and returned to the seller. The
corporation was not successful, and as a result, the rent was not paid. Osvaldo was sued
for the unpaid rent and for breach of contract concerning the furniture. The corporation
was sued on the same grounds. Decide the cases against Osvaldo and Xavier, Inc.
An output or requirement contract is not enforceable unless the parties include an
estimate of prospective amounts.
In every 10b-5 situation, the plaintiff must show “reliance” on the misrepresentation and
a resulting injury.
George was the maker of a written promissory note that stated that $500 would be paid
on the sale of George’s automobile. George initialed the note instead of writing his full
name. The promissory note stated that it would be payable six months from the date.
The promissory note was not dated. You now have come into possession of this note. Is
this note negotiable? Discuss the elements of negotiability and whether each one has
been met.
A partner is considered an employee of the partnership when doing work that would
ordinarily be done by an employee.
If a contract contains a delivery term of FOB place of shipment, the seller€s
obligation under the contract is to deliver the goods to a carrier for shipment.
Commercial exploitation is a form of invasion of privacy.