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In 1995, Congress enacted the Administrative Dispute Resolution Act to require federal
agencies to use arbitration or mediation to resolve disputes.
a. True
b. False
An implied-in-fact condition and constructive condition are the same.
a. True
b. False
Fraud in the execution of an instrument is a real defense which can be used against a
holder in due course.
a. True
b. False
Which of the following is enforceable without consideration?
a. A new promise to pay a debt barred by the statute of limitations.
b. An illusory promise.
c. Under the common law, a promise made to satisfy a preexisting moral obligation.
d. A promise by a father to pay someone for rendering emergency services to his injured
son before the father had arrived at the accident scene.
The law applies a subjective standard of intent in determining whether there was the
requisite intent to enter into a contract.
a. True
b. False
In 2002, Congress passed what legislation seeking to prevent business scandals by
increasing corporate responsibility through imposing additional corporate governance
requirements on publicly held corporations?
a. The Securities and Exchange Act
b. The Sarbanes-Oxley Act
c. The Kohlberg Act
d. The Uniform Commercial Code
Rick's driveway has potholes. He has been thrown from his bike several times because
of them. If Rick invites his biking friends for a barbecue, what must he do to escape
liability for any harm to them?
a. Repair the potholes.
b. Post signs saying 'slow to 15 mph."
c. Telephone his friends to warn them about the potholes.
d. None of these.
Adrianne may form a limited liability company by filing articles of organization in a
designated state office, even if she is the only member of the company.
a. True
b. False
The same act can never be both a tort and a crime.
a. True
b. False
Deontological theories assess good and evil in terms of the consequences of actions
rather than by the motives that lead to them.
a. True
b. False
Article 2A carries over the warranty provisions of Article 2 with relatively minor
revision to reflect differences in:
a. style.
b. leasing terminology.
c. leasing practices.
d. All of these.
When reviewing factual determinations of an administrative agency, the courts must
always use the "arbitrary and capricious" test.
a. True
b. False
Milton owns a business delivering coffee and donuts within the downtown area of the
city. Smith Co. calls him to deliver a large quantity of his products to their local office.
While taking a coffee urn through the Smith Co.'s office, Milton drops it on Lester,
scalding him. Who is liable?
a. Smith Co. and Milton are liable
b. Milton alone is liable
c. Lester has to absorb the cost himself since he assumed the risk by working at Smith
Co
d. Smith Co. alone is liable
From the industry's perspective, under the Clean Air Act it is better to be considered a
new source than an existing one since the standard governing existing stationary
sources is more stringent than the standard governing new sources.
a. True
b. False
Marks such as "Good Housekeeping Seal of Approval" and "Underwriter's Laboratory"
are examples of:
a. service marks.
b. certification marks.
c. collective marks.
d. trademarks.
Contract law:
a. has seen little change during the nineteenth and twentieth centuries.
b. has experienced an expansion of the absolute freedom of contract during the
twentieth century.
c. today usually recognizes contractual obligations whenever the parties manifest an
intent to be bound.
d. requires privity between parties seeking to enforce contractual rights.
A title search guarantees rightful ownership.
a. True
b. False
In which of the following situations will a smaller sum be unable to discharge a larger
debt?
a. If the smaller sum is paid before the due date of the larger debt.
b. If an additional article or service is given together with the payment of the smaller
sum.
c. If the smaller sum is paid when the larger sum would ordinarily be due, but the
debtor is on the verge of insolvency.
d. A smaller sum is never able to discharge a larger debt.
Assuming no special provision in the articles of incorporation, special shareholder
meetings may be called by:
a. the president of the company.
b. any individual director.
c. any individual shareholder.
d. holders of at least 10% of shares.
Which of the following can meet the scienter requirement to establish fraud in the
inducement?
a. Actual knowledge
b. Lack of belief in the statement's truthfulness
c. Reckless indifference as to a statement's truthfulness
d. All of these meet the requirement.
Promissory estoppel is a contractual doctrine that includes the following considerations:
a. The courts use the doctrine of promissory estoppel to enforce unilateral promises.
b. Under this doctrine the promisor reasonably expects that the promisee, in reliance on
the promise, will be induced by the nature of the promise to take action or refrain from
taking action and the promisee does so.
c. The courts will not, under any circumstance, enforce promises that do not include all
four of the elements of contract.
d. None of these apply to promissory estoppel.
On a federal question, a decision of the Sixth Circuit Court of Appeals:
a. may be persuasive but is not binding on a Tennessee court.
b. is binding on a Tennessee court.
c. has no effect on any state court.
d. is binding on all other federal appeals courts.
The principal has a duty to indemnify the agent for losses incurred or suffered while
acting as directed by the principal in a transaction which is not illegal or wrongful.
a. True
b. False
In most cases, how long does a copyright last?
a. 50 years
b. 17 years
c. 70 years
d. The author's life plus 70 years
The choice-of-forum clause in an international business transaction will dictate what
country's law the forum will apply should a legal dispute arise.
a. True
b. False
All other estates are derived from the fee simple estate.
a. True
b. False
A bond which guarantees the performance of the terms of a contract is a(n) bond.
a. judicial
b. official
c. performance
d. fidelity
A consolidation:
a. has precisely the same result as a merger.
b. is the most typical form of business combination used today.
c. is always illegal (in contrast to mergers, which are legal under state law).
d. requires the assent of the board of directors and shareholders of each corporation.
An ATM transaction is activated with a plastic identification card and a POS.
a. True
b. False
Presentment for payment is excused if the person entitled to enforce the instrument
cannot with reasonable diligence present the instrument.
a. True
b. False
Bartow signed a contract to coach baseball for Washington High for a period of three
years. After two years he is offered and accepts an assistant coach position at State
University. Contract law will notallow Washington High to ask for:
a. specific performance.
b. payment of compensatory damages.
c. an injunction.
d. liquidated damages.
In general, what are the elements of a crime? Discuss the following concepts of
criminal law and how and why the general elements of criminal action are altered,
extended, or eliminated. In addition, give examples corresponding to each concept of
the type of conduct that could be a criminal act.
a. Objective fault
b. Vicarious liability
c. Corporate liability
Matchthefollowing:
a. Motion that the complaint be dismissed for failure to state a claim upon which the
court may grant relief. b. Jury's specific written findings on each factual issue.
c. A nonjudicial proceeding in which a neutral third party selected by the disputants
renders a binding decision. d. The decision of an arbitrator.
e. The initial pleading in a case in which the plaintiff states her claim and supporting
facts and a demand for relief.
f. A nonbinding process in which a third party acts as an intermediary between the
disputing parties without proposing solutions.
g. Written questions used in preparation for a trial to obtain sworn answers from the
opposing party. h. A judgment against a defendant who fails to respond to a complaint.
i. A final binding determination on the merits made by the judge after a trial has begun
but before the jury renders a verdict.
j. The pretrial exchange of information between the opposing parties in a lawsuit.
k. Pretrial sworn testimony of an opposing party or other witness, taken out of court.
l. Authority of a court over the parties to a lawsuit in contrast to authority over their
property. m. Authority of a court to hear a case based on claims against property.
n. Examination of potential jurors by the parties' attorneys or the judge.
o. A nonbinding process in which a third party acts as an intermediary between the
disputing parties and proposes solutions for them to consider.
p. A series of formal, written, responsive statements by each side to a lawsuit, stating
claims and defenses. q. To send back to a lower court for further proceeding.
r. Final, binding determination on the merits made by a judge before trial.
s. The particular geographical place where a court with jurisdiction may hear a case. t.
Petition for discretionary review by a higher court.
1> venue
2> demurrer
3> inpersonamjurisdiction
4> inremjurisdiction
5> mediation
6> arbitration
7> award
8> complaint
9> conciliation
10> deposition
11> writ of certiorari
12>directed verdict
13> interrogatories
14> discovery
15> pleadings
16> summary judgment
17> remand
18> voirdire
19> special verdict
20> default judgment
Under the Uniform Durable Power of Attorney Act, if a principal who has executed a
written durable power of attorney becomes incapacitated, the actual authority of an
agent survives.
a. True
b. False
