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1) joe went to a music store; misrepresenting himself as james to the store attendant. he
buys a plasma television on credit, charging it to james's account. he then sells that set
to mike. mike buys the set in good faith. which of the following is true in such cases?
a.the store person can restore the tv from mike.
b.james can recover the tv from mike.
c.mike will be held liable by the court for possessing stolen item.
d.mike will hold a good title; hence no harm can be caused to him.
2) which of the following is a characteristic of the usa patriot act?
a.warrants are more sweeping in terms of geographical application.
b.it subverts the fourth amendment act and other constitutional rights.
c.most of its clauses have not been renewed due to widespread criticism.
d.it puts law enforcement agencies at a disadvantage.
3) anna hired juan to act as her sales agent in her auto dealership. however, anna has
instructed juan not to enter into any sales contracts before she has had a chance to
review the transaction. however, one day juan entered into a sales contract with william,
without informing anna first. has juan created a contract with william that is binding on
anna in this situation?
a.yes, juan did have actual authority to act.
b.yes, juan did have express authority to act.
c.yes, juan did have implied authority to act.
d.yes, juan did have apparent authority to act.
4) all agency rules are compiled and published in the:
a.code of state regulations.
b.code of corporation regulations.
c.code of specific regulations.
d.code of federal regulations.
5) the term _____ is used to describe the nature of a persons ownership interest in real
property.
a.tenancy
b.fixture
c.estate
d.easement
6) reliable corp. owns the nationwide chain of reliable auto repair shops. although
reliable has the single largest share in the nationwide auto repair market, the intensely
competitive nature of this market means that reliables share is only 8 percent. in a
lawsuit filed against reliable, the plaintiff alleges that reliable regularly agrees to
provide automobile repairs only if the customer whose car needs repairs also agrees to
purchase a certain paste wax manufactured by reliable. the plaintiff asserts that this
practice by reliable violated clayton act section 3. which of the following is the
strongest argument for reliable to make in an effort to avoid liability?
a.that reliable does not possess sufficient auto repair market power to appreciably
restrain competition in the paste wax market.
b.that most of its customers need to buy paste wax anyway.
c.that auto repairs are not a commodity.
d.that reliables competitors in the sale of paste wax are doing quite well, regardless of
how much paste wax reliable may sell in this manner.
7) which of the following is an example of personal property?
a.land
b.office
c.house
d.books
8) why is a conditional gift considered to be an incomplete gift?
a.it may be revoked by the donor.
b.it involves money transactions.
c.the donee may refuse the gift.
d.the donor is liable to the donee in the future.
9) a check on which one bank is both the drawer and the drawee is called a:
a.certified check.
b.cashiers check.
c.tellers check.
d.uncertified check.
10) what is an injunction?
a.the awarding of compensatory damages
b.a courts order requiring a person to do something
c.the cancelation of a contract regarding real estate
d.a lawsuit for damages brought by the nonbreaching party
11) which of the following independent checks blocks only state laws and not federal
laws?
a.equal protection
b.the first amendment
c.federal preemption
d.due process
12) rebecca goes for a ride in owens car, even though he has told her that the cars
brakes frequently fail. in case of any injuries due to this defect, rebecca would be said
to have:
a.an implied assumption of risk.
b.contributory negligence.
c.strict liability.
d.negligence per se.
13) which of the following sometimes serves as an alternative to claims of trademark
infringement?
a.trademark abandonment
b.trademark dilution
c.trademark protection
d.trademark disparagement
14) what does the term judgment-proof imply about a debtor?
a.he/she has defaulted on a mortgage
b.he/she has paid the full amount for the transaction
c.he/she has provided a security interest for the debt
d.he/she has no property subject to execution
15) if the goods are covered by a negotiable warehouse receipt, then the:
a.seller must notify the bailee about the buyer.
b.seller must endorse the receipt and give it to the buyer.
c.seller must obtain bailees consent before selling his goods.
d.seller must release the goods to the buyer.
