The proceeds from the sale of real or personal property authorized by a writ of
execution are used to pay the creditor the amount of the final judgment.
Contracts involving fraud in the inception are void.
If a party to a tenancy in common sells his or her interest in the property, the tenancy in
common becomes a tenancy by entirety.
The signature of the person who is enforcing the contract is necessary.
If a defendant’s act caused a plaintiff’s injuries, there is causation in fact.
Each state is required to prepare a state implementation plan (SIP) that sets out how the
state plans to meet the federal pollutant standards.
According to the Communications Decency Act, Internet service providers (ISPs) are
not liable for the content transmitted over their networks by e-mail users and websites.
A ________ is a right of possession that returns to the grantor after the expiration of a
limited or contingent estate.
A) reversion
B) remainder
C) quiet title action
D) nonconforming use
A duty that directors and officers have not to act adversely to the interests of the
corporation and to subordinate their personal interests to those of the corporation and its
shareholders is known as ________.
A) duty of care
B) duty of loyalty
C) duty of obedience
D) self-dealing
Which of the following is enacted under state police power?
A) personal property laws
B) intellectual property laws
C) corporate governance laws
D) equal opportunity laws
Which of the following is true of seeking injunctions on consumer products under the
CPSC?
A) The CPSC can only seek an injunction once a private party has lodged a complaint
with it.
B) Only the CPSC can sue for an injunction when CPSC rules are violated.
C) A private party can sue for an injunction to prevent violations of the act or of CPSC
rules and regulations.
D) Injunctions cannot be pursued on products that have not yet been sold or marketed.
The sole proprietor has ________ liability.
A) zero personal
B) limited organizational
C) complete organizational
D) unlimited personal
The ________ is responsible for making federal law.
A) President
B) executive branch
C) legislative branch
D) Supreme Court
A group of employees that a union is seeking to represent is known as a(n) ________.
A) conciliation unit
B) mediation unit
C) negotiation unit
D) bargaining unit
The Fair and Accurate Credit Transactions Act (FACTA) of 2003 permits credit
reporting companies to place fraud alerts in their credit files.
Courts may pierce the corporate veil if ________.
A) the corporation has been formed without sufficient capital
B) the corporation has not revoked the dividends paid to shareholders
C) separateness has been maintained between the corporation and its shareholders
D) personal and corporate assets of shareholders have not been mingled
In which of the following does a seller have the right to stop delivery of goods in transit
regardless of the size of the shipment?
A) the buyer repudiates the contract
B) the buyer has payments due
C) the seller learns of the buyer’s insolvency
D) the seller has been ordered for specific performance
Which of the following can be used by an accountant to counter liability imposed under
Section 11(a) of the Securities Act of 1933?
A) the nolo contendere rule
B) the due diligence defense
C) the Ultramares doctrine
D) the foreseeability standard
An arrangement in which a tenant transfers some of his or her rights under a lease to
another party is known as a ________.
A) gross lease
B) net lease
C) sublease
D) triple lease
Fabiola is an accountant with Rovers and Associates, a law firm in downtown
Memphis. The firm maintains a checking account with Portris Bank for its operating
expenses. On the 7th of every month, Fabiola gets an inventory report from the office
manager listing the office supplies that are needed. Fabiola places the appropriate
orders with Office Depot and writes them a check against the office’s checking account.
In the above banking transaction, Rovers and Associates is the ________.
A) indorser
B) payee
C) drawer
D) drawee
The state of having died without leaving a will is known as ________.
A) testate
B) intestate
C) bistate
D) intrastate