A partner’s authority to act for the partnership is similar to the authority of a(n):
a. agent to act for a principal.
b. independent contractor to act for an employer.
c. shareholder to act for a corporation.
d. employee to act for another employee.
Laws that prohibit defamation, invasions of privacy, and reputation exist primarily:
a. for protection of the person.
b. for protection of public health, safety, and morals.
c. for protection of property.
d. for protection of the state.
In a guaranty contract, the obligor is called a:
a. surety.
b. principal.
c. guarantor.
d. creditor.
What is the primary function of the National Labor Relations Board?
a. to mediate labor-management disputes
b. to decide unfair labor practice cases brought before it by the general counsel
c. to promulgate binding regulations defining unfair labor practices
d. to uphold the right of employees to bargain collectively
A guarantee that the grantor owns the estate conveyed is called a covenant:
a. of right to convey.
b. against encumbrances.
c. of quiet enjoyment.
d. of seisin.
A security interest that is effective against third persons as well as against the buyer is
called a:
a. universal security interest.
b. prohibitive security interest.
c. perfected security interest.
d. protective security interest.
“Primum non nocere” is Latin for:
a. Above all, do no harm.
b. Let the buyer beware.
c. Hear no evil, see no evil, and speak no evil.
d. No news is good news.
An employee has the same status as:
a. an agent.
b. an independent contractor.
c. an employer.
d. none of the above.
The Ex-IM Bank:
a. helps U.S. manufacturers export goods by provides loan guarantees.
b. receives funding from the U.S. Treasury to help sustain its operations.
c. has a financing cap of $100 billion.
d. all of the above.
The federal court system consists of ____ level(s) of courts.
a. one
b. two
c. three
d. four
Which of the following is a defense to defamation?
a. Slander
b. Libel
c. Truth
d. All of the above.
Law is the result of the desire of the lawmaker to achieve certain goals.
Court decisions and statutes can take away rights created by the United States
Constitution.
Treaties made by the United States are not deemed part of the law.
When the plaintiff seeks the remedy of specific performance, the plaintiff wants the
other party to carry out the terms of the contract and not pay damages.
A franchisor or franchisee could be a sole proprietor, a partnership, a limited liability
company, or a corporation.
Indorsements may be classified in terms of whether the indorser has added any words to
the indorsement and what those words are.
A customer who has given a purchase order to a salesperson is not bound by any
contract until the employer of the salesperson accepts the order.