Nonrestrictive indorsements contain instructions from the indorser.
Article 2 of the Uniform Commercial Code establishes precise rules for determining the
passage of title in sales contracts.
FDA approval is not mandatory for medical devices to be legally sold in the United
States.
Price fixing is a rule of reason violation of Section 1 of the Sherman Act.
If an employer intentionally injures a worker, the worker cannot collect workers’
compensation benefits.
A ________ is a document that is filed with the state that designates a trade name of a
business.
A) proprietorship statement
B) partnership agreement
C) fictitious business name statement
D) nomenclature affidavit
A(n) ________ is a legal arrangement established when one person transfers title to
property to another person to be held and used for the benefit of a third person.
A) will
B) trust
C) escheatment
D) abatement
Which of the following constitutes an acceptance by the buyer?
A) asking for inspection of goods upon its arrival
B) not passing the title of the goods to another buyer
C) failing to reject the goods within a reasonable time after delivery
D) accepting nonconforming goods
Which of the following is a right to remedy that a seller can claim while the goods are
in possession of the buyer?
A) right to dispose of goods
B) right to withhold delivery of goods
C) right to stop delivery of goods in transit
D) right to reclaim goods
From which of the following parties can a creditor recover in a spendthrift trust?
A) the reminder beneficiary
B) the income beneficiary
C) the trustee
D) the successor trustee
Which school of jurisprudential thought is reflected in documents such as the U.S.
Constitution, the Magna Carta, and the United Nations Charter?
A) the Natural Law School
B) the Historical School
C) the Sociological School
D) the Analytical School
For how long is the copyright protection provided to individuals under the Copyright
Term Extension Act of 1998?
A) Individuals are granted 120 years copyright protection from the year of first
publication of the work.
B) Individuals are granted 95 years copyright protection from the year of creation of the
work.
C) Individuals are granted copyright protection for their lifetime plus 70 years.
D) Individuals are granted 20 years of copyright protection, after which it has to be
renewed for a fee.
If the Equal Employment Opportunity Commission (EEOC) chooses not to bring suit, it
issues a(n) ________ to the complainant.
A) affirmative defense
B) right to sue letter
C) filing date
D) document of claim
Which of the following does a Chapter 11 automatic stay provide?
A) automatic discharge of secured debts
B) suspension of certain legal actions against the debtor
C) creditors’ foreclosure on assets given as collateral for loans
D) automatic discharge of unsecured debts
Which of the following is true about dividends?
A) Dividends are paid at the discretion of the shareholders.
B) Dividends cannot be used for corporate purposes.
C) Dividends are paid to shareholders who have sold their shares prior to the record
date.
D) Dividends once declared, cannot be revoked.
Bilkis Brans has 20,000 outstanding shares with four shareholders. Ester owns 9,000
shares, Mendez owns 4,000 shares, Judy owns 4,000 shares, and Aaron owns 3,000
shares. Assume that two directors of the corporation are to be elected from a potential
pool of five candidates. Ester is in favor of Candidates 1 and 5, Mendez is in favor of
Candidates 2 and 4, Judy is in favor of Candidates 4 and 3, and Aaron is in favor of
Candidates 2 and 3. If the voting is done by straight voting, which two candidates are
likely to win?
A) Candidate 1 and Candidate 5
B) Candidate 1 and Candidate 4
C) Candidate 2 and Candidate 3
D) Candidate 2 and Candidate 4