M 21777

subject Type Homework Help
subject Pages 38
subject Words 4820
subject Authors Gordon Brown, Paul Sukys

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Sue contracts to purchase Sanyo's auto. Only Sue needs to make a tender of
performance.
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If an accountant follows the GAAS or GAAP guidelines it automatically leads to his or
her vindication in a court of law.
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Alfred drives his car very fast in a school zone when the school is releasing students at
the end of the school day. A student dies when he is hit by Alfred's car. Alfred has
committed involuntary manslaughter.
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Paulina rented a room at the Desert Inn Hotel and left her diamond ring on the dresser
in her room when she went to dinner. When she returned the ring was gone. Paulina
discovered that the room door did not automatically lock when she closed it but
required her to use her key. Is Desert Inn liable for her loss?
A. Yes, since innkeepers are insurers of their guest's property.
B. No, since Paulina was negligent in determining that her room door was not locked.
C. Yes, since innkeepers are in a bailment relationship regarding guest's property.
D. No, since Paulina must inquire about Desert Inn's security system.
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State security statutes are commonly called:
A. exchange laws.
B. third party laws.
C. common laws.
D. blue sky laws.
Thomas invests $10,000 in the Thomas and Trudy partnership named Tremendous
Enterprise. Thomas needs $2,000 for medical expenses and insists that he is entitled to
withdraw that amount immediately from what he has invested. Trudy asserts that the
$10,000 investment is partnership property. Who owns the $10,000?
A. Tremendous Enterprise.
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B. Thomas only.
C. Thomas individually and Trudy individually.
D. The $10,000 is owned by no one, but is merely a future interest of Thomas.
The law exercises the power of _____ to confiscate privately owned land for
community purposes.
A. eminent domain
B. the ultimate ruler
C. social justice
D. property statutes
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A check indorsed "for deposit only":
A. prevents further negotiation of the instrument.
B. requires the amount of the instrument to be credited to the indorser's account before
further negotiation occurs.
C. requires the amount of the instrument to be credited to the indorser's account and
prevents further negotiation.
D. requires the amount of the instrument to be credited to the indorser's account before
further assignment occurs.
Which of the following is true of negotiated rule-making?
A. It involves taking a case that has been rejected or dismissed by a domestic court to
an international organization.
B. Organizations to be affected by a new rule have input into the writing of that rule.
C. The agency must accept the conclusion that the parties arrive at and implement it.
D. It results in a decision that accommodates the concerns of all parties and does not
require any party to compromise.
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Lucy's stepfather, Zed, passed away intestate when she was 19. Zed had never adopted
Lucy, but they were much closer than most fathers and daughters. As a stepdaughter,:
A. Lucy's legal rights of inheritance are the same as those of adopted children.
B. Lucy's legal rights of inheritance are the same as those of natural children.
C. Lucy has a limited right of inheritance as she was not adopted.
D. Lucy has no right of inheritance as she was not adopted.
Faith owes $50,000 to Investment Lenders Inc., a partnership of Cindy and Ryan. She is
also a partner with Tom in a business venture. What insurable interests exist in this
situation?
A. Faith has an insurable interest in Cindy and Ryan's lives.
B. Investment Lenders Inc. has an insurable interest in Tom, but does not have an
insurable interest in Faith.
C. Only Tom and Faith have insurable interests.
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D. Tom and Faith have insurable interests in each others' lives and Investment Lenders
Inc. has an insurable interest in Faith.
The Geneva Conventions deal with:
A. prisoners of war only.
B. occupation forces and war crimes.
C. war crimes and prisoners of war.
D. prisoners of war and occupation forces.
Joe had made an agreement with Auto Insurance Co. not to use his van for commercial
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business purposes when he purchased auto insurance. Joe had an accident while
delivering pizzas for Bigger Pizza Inc. For which type of violation will Joe not be
covered under his insurance?
A. Fraudulent concealment
B. Misrepresentation
C. Concealment
D. Breach of warranty
The theory that holds that managers should be insulated from the influence of
shareholders is the:
A. special interest group control theory.
B. state control theory.
C. managerial control theory.
D. shareholder democracy theory.
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An easement that Charleen enjoys across his neighbor Hank's land:
A. is only effective during Charleen's lifetime.
B. is only effective during Hank's lifetime.
C. extends to future owners of Charleen's land.
D. cannot last more than seventy years.
A written agreement which identifies the goods and is signed by the debtor is called a:
A. subordination agreement.
B. security agreement.
C. consumer loan agreement.
D. registration rights agreement.
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In terms of "contracts and other agreements", which of the following statements is
true?
A. The courts have been agreeable to the enforcement of social agreements.
B. All agreements are contracts, but not all contracts are agreements.
C. An agreement may or may not be legally enforceable.
D. To be enforceable, an agreement must be in written form.
Which of the following statements about a mediator is true?
A. The mediator must encourage the disputing parties to compromise on their
demands.
B. The mediator has the power to issue a binding judgment on the disputing parties.
C. The mediator must be chosen from among the parties involved in the dispute.
D. The mediator's role is only useful before a lawsuit if filed by the parties.
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_____ occurs when the dominant party in a special relationship uses excessive pressure
to convince the weaker party to enter a contract that greatly benefits the dominant
party.
A. Business compulsion
B. Physical duress
C. Undue influence
D. Economic duress
_____ is a philosophical theory that says ethical values can be determined by a proper
application of human reason.
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A. Utility thinking
B. Rational ethics
C. Social contract theory
D. Ethical relativism
Lucia had a homeowner's insurance policy on her house. While she was away on
vacation, her porch got burned to the ground. After the fire, her house was burglarized
and goods worth thousands of dollars were stolen from it. When Lucia arrived home,
she called the police. While a police officer was interviewing her in her dining room, a
chandelier fell on him and knocked him unconscious. Which losses will Lucia's
homeowner's policy cover?
A. The losses due to theft and the injuries sustained by the officer, but not the losses
incurred by the fire.
B. The losses due to fire and the injuries sustained by the officer, but not the losses
incurred by theft.
C. The losses incurred due to fire and theft but not the injuries suffered by the police
officer while on her property.
D. The losses incurred due to fire and theft as well as the injuries suffered by the police
officer while on her property.
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Anthony is concerned only with corporate benefits and problems rather than the
benefits and problems that will result for others outside the boardroom. Anthony
practices:
A. utility thinking.
B. utilitarianism.
C. social contract theory.
D. ethical relativism.
In which type of mortgage is the loan repaid when the borrower dies or the property is
sold?
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A. Variable-Rate Mortgage
B. Conventional Mortgage
C. Balloon-Payment Mortgage
D. Reverse Mortgage
At least hundred consumers have each been overcharged fifty cents by a credit card
company, thus breaking FTC rules. These consumers:
A. must sue the credit card company individually.
B. must bring a class action lawsuit against the company.
C. must approach the Department of Commerce to represent them.
D. must approach the company for a consent order.
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Which of the following ADR techniques is begun before a dispute has arisen rather than
after?
A. Mediation
B. Summary jury trials
C. Arbitration
D. Partnering
A holder in due course of a negotiable instrument:
A. can receive more rights than the previous holders.
B. cannot transfer greater rights than they have themselves.
C. can take an instrument even when it is not indorsed to him/her.
D. is a person to whom the instrument is transferred as a gift.
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Which of the following statements about the Fair and Accurate Credit Transactions Act
is true?
A. It establishes the same type of legal parity between electronic records and paper
records.
B. It is a federal act designed to deal with problems associated with cyber-commerce.
C. Receipts cannot display credit card expiration dates.
D. It is an amendment to the Fair Credit Rating Act.
Codes subdivided into groupings of statutes that deal with a particular area of the law
are:
A. titles.
B. articles.
C. chapters.
D. divisions.
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In the ICJ, judges who disagree with the advisory opinion of the majority are
empowered to issue ____.
A. dissenting opinions.
B. qualified opinions.
C. adverse opinions.
D. reverse opinions.
Which of the following is true of the relationship between the drawee bank and its
customer?
A. The drawee bank becomes a creditor and the customer becomes a debtor at the time
of opening a checking account.
B. The drawee bank becomes an insurer and the customer the insured at the time of
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opening a checking account.
C. The drawee bank becomes the customer's debtor at the time of opening a checking
account and agent while collecting checks.
D. The drawee bank becomes a debtor to the customer when the bank pays more than
the customer has on deposit.
A deed becomes effective when:
A. it is recorded in the public records.
B. the signatures are acknowledged.
C. it is delivered to the grantee.
D. it is prepared and signed by the grantor.
A contract negotiated by the employer and the labor union that covers all issues related
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to employment is a(n):
A. option contract.
B. implied contract.
C. collective bargaining agreement.
D. confidentiality agreement.
Which of the following is true of a foreign draft?
A. It is drawn in one state and payable in another state.
B. It is drawn in one nation and payable in another nation.
C. It is drawn on one bank and payable to another bank.
D. It is drawn in one city and payable in another city.
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_____ is an academic discipline that studies the natural universe with the goal of
understanding the physical laws that guide the operation of the universe.
A. Philosophy
B. Law
C. Technology
D. Science
Which of the following is a disadvantage of entering into an international arbitration
agreement?
A. The parties' choice of legal representation is limited to the forum in which the
dispute is to be heard.
B. Local laws of a particular nation may prevent a party from using certain arbitrators.
C. The parties cannot choose the arbitrators who will decide on the case.
D. Using an international arbitration agreement does not allow for uniform
enforcement of a judgment across nations.
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Dan is an accountant with Miller & co. The financial condition of Miller & Co. is bad
but Dan shows it to be very healthy while preparing its financial statement, knowing
that Miller & Co. will show the statement to Chase for seeking financing for its new
project. Here Dan will be liable to Chase if the new project goes bankrupt, and Chase is
unable to recover its investments under the liability theory of:
A. general consent.
B. attorney-client privilege.
C. breach of contract.
D. actually named third parties.
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