A choice of law clause is a mandatory clause that should be present in every
international contract.
The Uniform Partnership Act’s definition of a general partner includes other limited
partnerships.
Relatives who receive property under intestacy statutes are called beneficiaries.
A lost volume seller can recover damages from a defaulting buyer who has sold to
another buyer.
Replevin actions are also possible on goods not identified in the contract.
The Helping Families Save Their Home Act of 2009 provides ways for some home
owners to qualify to have their loans modified so that they could more easily retain their
homes and prevent foreclosure.
A plaintiff, by filing a lawsuit with a court, gives the court in personam jurisdiction
over him- or herself.
The term “Ex-ship” requires the seller to bear the expense and risk of loss until the
goods are unloaded from the ship at its port of destination.
The Federal Trade Commission (FTC) franchise rule is a rule that requires franchisors
to make full presale disclosures to prospective franchisees.
Under the consumer expectation test, if a person were injured by eating a nail in a
cherry pie, then the implied warranty would be breached.
Extreme duress is considered a personal defense.
The Generally Accepted Auditing Standards (GAASs) are established by the American
Institute of Certified Public Accountants.
The ________ Act of 2003 permits consumers to place fraud alerts in their credit files.
A) Fair Debt Collection Practices
B) Fair Credit Billing
C) Fair and Accurate Credit Transactions
D) Fair Credit Reporting
Which of the following is a provision of Section 8(a) of the National Labor Relations
Act?
A) prohibits unions from engaging in unfair labor practices that interfere with a union
election
B) makes it an unfair labor practice for an employer to restrain employees from forming
and joining unions
C) enables employees to opt out of unions by organizing a decertification election
D) permits employees and union officials to engage in union solicitation on company
property
Which of the following is a similarity between the foreign substance food test and the
consumer expectation test?
A) They are both used to determine a buyer’s knowledge of a particular food product.
B) They are both used to determine a buyer’s interest in a particular food product.
C) They are both part of the implied warranty of fitness for human consumption.
D) They are both part of the express warranty an eatery provides.
Which of the following interests in real property transfers to another person after the
present holder’s death?
A) easement
B) mortgage
C) installment
D) life estate
Which of the following must be true for a corporation to elect statutory close
corporation status?
A) The corporation must have 100 or more shareholders.
B) The corporation must have 50 or fewer shareholders.
C) The corporation must contain a board of directors.
D) The corporation must have a set of bylaws.
Which of the following is true of a bearer paper?
A) It will mention a specific person as payee.
B) It will not specify a payee.
C) It will contain the term “payable to the order of.”
D) It will contain an additional undertaking besides the payment of money.
Which of the following is designed put the burden on mortgage lenders to verify that a
borrower can afford to repay the loan for which he or she has applied?
A) Fair Credit Reporting Act
B) Consumer Financial Protection Act of 2010
C) Truth-in-Lending Act
D) Mortgage Reform and Anti-Predatory Lending
Overtime pay is generally ________ times that of the regular pay of an employee.
A) two
B) three
C) two and a half
D) one and a half
Jameson works for Fishy-Mart Corporation, a chain of superstores that sell large
quantities of seafood. His job is to locate future sites for Fishy-Mart stores. Jameson
finds a piece of land near a coastline that would make a great site for a Fishy-Mart
store. Jameson makes his friend purchase the property from its current owner. After
that, they sell the property to Fishy-Mart and share the profits. Jameson does not
disclose his interest in the property while recommending the site to Fishy-Mart. Which
of the following duties of loyalty has Jameson breached in this scenario?
A) usurping a corporate opportunity
B) self-dealing
C) competing with the corporation
D) proxy
Which of the following is true of the Colgate doctrine?
A) It is not a violation of Section 1 of the Sherman Act.
B) It is an example of a horizontal restraint of trade.
C) It is a per se violation of Section 1 of the Sherman Act.
D) It is a rule of reason violation of Section 1 of the Sherman Act.
________ is a rule which states that judges of one country cannot question the validity
of an act committed by another country within that other country’s borders.
A) The doctrine of sovereign immunity
B) The act of state doctrine
C) The Colgate doctrine
D) The Noerr doctrine