The ULPA contains provisions for the formation, operation, and dissolution of limited
partnerships.
Terms such as ‘sell,” “convey,” and “give” indicate the intent to transfer a contract right.
Proof of actual deception is required for an advertising to be considered false under
Section 5 of the Federal Trade Commission (FTC).
A deficiency judgment protects a mortgagor from being personally sued in case there is
a foreclosure sale deficiency.
A recording statute gives potential purchasers of real property the ability to determine
whether there are existing liens on a property.
Destination contracts are an example of noncarrier delivery.
If a minor ratifies a contract while still being a minor, the contract cannot be
disaffirmed.
Incumbent directors are the former directors of a corporation.
The American ruleprovides that the first assignment in time prevails, regardless of
notice.
The property on which a security interest is taken is called collateral.
The infancy doctrine gives adults the right to disaffirm contracts entered with minors.
Predatory pricing has been held to violate Section 2 of the Sherman Act.
Third parties cannot sue accountants for breach of contract.
A restrictive indorsement can also be a bearer instrument.
A limited partnership is a ________ in the state in which it is organized.
A) sole proprietorship
B) limited liability corporation
C) domestic limited partnership
D) general partnership
Which of the following is true of the UCC (Uniform Commercial Code)?
A) The UCC aims to create a uniform system of accounting among the 50 states.
B) The common law of contracts normally takes precedence over the provisions of the
UCC.
C) Article 2 of the UCC prescribes a set of uniform rules for the creation and
enforcement of rules of taxation.
D) Article 2A of the UCC prescribes a set of uniform rules for the creation and
enforcement of contracts for the lease of goods.
The statute of limitations establishes the period within which ________.
A) a plaintiff must bring a lawsuit against a defendant
B) a defendant must file a written answer against a plaintiff’s complaint
C) a defendant can file a cross-complaint against the plaintiff
D) a motion for judgment on the pleadingscan be made by either party
Which of the following is headed by the secretary-general of the United Nations (UN)?
A) the International Court of Justice
B) the Secretariat
C) the Security Council
D) the General Assembly
Which of the following is considered an invalid antitrust injury?
A) lost profits
B) an increase in the cost of doing business
C) injury resulting from higher prices being “passed on”
D) a decrease in the value of tangible or intangible property caused by the antitrust
violation
Thomas signed a sales contract with Bricklay’s, a firm that supplies bricks for private
individuals. The contract specified the type and amount of bricks needed, and that
Thomas would pick up the bricks from the Bricklay’s warehouse 15 days later. Thomas
received a document of title, but failed to pick up the goods on the stipulated date. In
this scenario, at what point of time is the title to goods passed over to Thomas?
A) when the sales contract is signed by both Thomas and Bricklay’s
B) when Thomas receives the document of title
C) when Thomas picks up the bricks from the Bricklay’s warehouse
D) when the stipulated date of pick-up of the bricks expires
Which of the following is a characteristic of a check?
A) It always draws its money from a financial institute.
B) It is created when credit is extended to a buyer by a seller.
C) It is a two-party instrument.
D) It is an unconditional written promise to pay.
A check that has been modified without authorization and thus modifies the legal
obligation of a party is known as a(n) ________.
A) stale check
B) incomplete check
C) altered check
D) forged check
A clause in an instrument that allows the date of maturity of the instrument to be
prolonged to sometime in the future is referred to as the ________.
A) forestallment clause
B) acceleration clause
C) prepayment clause
D) extension clause
Under the ________, the court must examine the pro- and anticompetitive effects of a
challenged restraint.
A) Noerr doctrine
B) rule of reason
C) per se rule
D) consent decree
________ is a type of trademark dilution where a famous mark is linked to products of
inferior quality or is portrayed in an unflattering, immoral, or reprehensible context
likely to evoke negative beliefs about the mark’s owner.
A) Blurring
B) Tarnishment
C) Trolling
D) Astroturfing
The act of other interested parties joining as parties to an existing lawsuit is termed as
________.
A) intervention
B) consolidation
C) class action
D) arbitration