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During the sale of a house, if the seller does not inform the buyer about construction
flaws of the house despite the buyer's enquiry, the seller is liable for fraud by
concealment.
The FDA labels ordinary household soap as a cosmetic product.
Ratification of a contract is a situation in which a principal accepts an agent's
unauthorized contract.
The general duty standard of the Occupational Safety and Health Act requires an
employer to provide a work environment that does not result in its employees' mental
stress.
An unqualified opinion would entail that the company's financial statements have some
deviation from Generally Accepted Accounting Principles (GAAPs).
Noerr doctrine is guaranteed by the Bill of Rights.
In most states, contracts for the lease of goods with payments of $2000 require to be in
writing.
Treble damages are allowed in an FTC Act violation.
A joint venture is generally an implied contract that lasts until a party disassociates at
will.
A shipment contract requires the seller to ship the goods to the buyer via a common
carrier.
A gift promise is enforceable if the promisor withdraws from his promise.
Anticipatory repudiation occurs when one contracting party informs the other that he or
she will not perform his or her contractual duties when due.
Only price-fixing conducted by sellers is considered a violation of Section 1 of the
Sherman Act.
Which of the following acts establishes procedures that federal administrative agencies
must follow in conducting their affairs?
A) APA
B) SEA
C) UCITA
D) HSA
________ are powers beyond express powers that allow a corporation to accomplish its
corporate purpose.
A) Cumulative powers
B) Corporation codes
C) Ultra vires acts
D) Implied powers
The certificate of interest acts the same as a(n) ________ issued by a corporation.
A) promissory note
B) stock certificate
C) deposit note
D) initial public offer
Which of the following statements is true of the plaintiff's case?
A) The plaintiff's attorney examines the witnesses during cross-examination.
B) The defendant's attorney examines the witnesses during re-direct examination.
C) The defendant's attorney can ask questions only about the subjects that were brought
up during the direct examination.
D) Documents and other evidence have to be introduced before the first witness is
subject to direct examination.
Which of the following is implied when a bank certifies a check?
A) The bank agrees to accept the check when it is presented for payment.
B) The bank cashes the check only if the holder himself presents it for payment.
C) The bank withholds payment on the check until the drawer authorizes payment.
D) The bank holds the check as guarantee for repayment of a loan taken by a customer.
The National Environmental Policy Act is a federal statute which mandates that the
federal government must ________.
A) consider focusing on air and water pollution to the exclusion of other sources of
pollution as these two modes of pollution have the greatest impact on human lives
B) execute a complete ban on the commercial usage of the two hundred toxic
substances identified as being harmful and polluting
C) implement a zero-tolerance policy for all business activities that discharge waste
products into water bodies
D) consider the adverse impact a federal government action would have on the
environment before the action is implemented
In which of the following cases do federal and state courts have concurrent jurisdiction?
A) bankruptcy cases
B) diversity of citizenship cases
C) antitrust cases
D) patents cases
A(n) ________ is an indorsement that has no instructions or conditions attached to the
payment of the funds.
A) indorsement in trust
B) indorsement for deposit
C) nonrestrictive indorsement
D) restrictive indorsement
The ________ protects both sexes from pay discrimination based on sex.
A) Lilly Ledbetter Fair Pay Act
B) Fair Employment Practices Act
C) Title VII of Civil Rights Act
D) Equal Pay Act
________ is a requirement that a person who purchases insurance has a personal stake
in the insured item or person.
A) Delivery of possession
B) Endorsement
C) Adverse possessory interest
D) Insurable interest
Who is a beneficiary of a will?
A) a person assigned in a will to create a trust
B) a person allowed to transfer the testator's legal title to property to another person
C) a person designated in the will to receive the testator's property
D) a person nominated in a living will to make all health care decisions in accordance
with the testator's wishes
The ________ is a federal administrative agency that is primarily responsible for
regulating the safety of meat, poultry, and other food products.
A) U.S. Department of Agriculture
B) Consumer Product Safety Commission
C) Food and Drug Administration
D) Federal Trade Commission
When does a joint tenancy become a tenancy in common?
A) when a joint tenant sells his or her property
B) when a joint tenant dies
C) when two joint tenants swap their share in the tenancy
D) when two joint tenants are bound by a marital relationship
