1) the law governing general partnerships is primarily found in the revised uniform
partnership act (rupa).
2) which of the following is most likely to be done by a court if it finds that a contract
or a term in a contract is unconscionable?
a.it will refuse to enforce the entire agreement.
b.it will impose punitive damages on the guilty party.
c.it will allow the injured party to recover damages.
d.it will ask for arbitration in the matter.
3) which of the following is most likely to constitute a misstatement that can give rise
to fraud or misrepresentation liability?
a.a broker says to his client, i think that this cars engine has been overhauled.
b.a customer sales representative of the most popular brand of car says to the customer,
this is the highest selling car in town.
c.an owner of a house gets his ceiling painted to conceal a leaking roof and says, i got
the ceiling painted recently.
d.the owner of an unencumbered horse states, i am selling the horse to raise funds for
my ranch.
4) which of the following is true about indirect purchasers?
a.indirect purchasers recovery from defendants precludes recovery by direct purchasers.
b.the supreme court has held that indirect purchasers lack standing to sue for antitrust
violations.
c.the supreme court has held that indirect purchasers can recover only their actual
losses.
d.indirect purchasers do not have the standing to sue under any of the state antitrust
statutes.
5) which of the following is not essential to the formation of a mining partnership?
a.joint operation of property
b.joint ownership of a mineral interest
c.active physical participation in operations
d.sharing of profits and losses
6) karen parked her car in a parking lot. she paid the $2 fee and left for several hours.
she kept her keys and had access to her car during that time. when karen returned, she
saw that her car had been damaged. has a bailment been created here?
a.this is a bailment, because karen paid a fee to park in the lot.
b.this is a bailment, because the car is a personal property.
c.this is not a bailment, because there was no transfer of exclusive possession to a
bailee.
d.this is not a bailment, because there is no contract here.
7) which of the following are also called special damages?
a.nominal damages
b.liquidated damages
c.punitive damages
d.consequential damages
8) which type of marks is most likely to be registered for trademark protection?
a.suggestive
b.arbitrary
c.descriptive
d.generic
9) according to the classical contract law, courts are:
a.contract makers.
b.contract breakers.
c.contract enforcers.
d.contract negotiators.
10) which of the following is not one of the sellers remedies, once the buyer breaches a
contract for the sale of goods?
a.canceling the contract
b.recovering the profit the seller would have made on the sale
c.recovering the goods purchase price
d.recovering the profit on the sale and the purchase price of goods rejected
11) after entering into a contract, a buyer becomes concerned that the other party may
not be able to perform his contract obligations. the buyer demands assurance from the
other party that the contract will be performed. what is the maximum time period that
the buyer would have to wait before considering the other party has repudiated the
contract?
a.90 days
b.10 days
c.30 days
d.365 days
12) wheelies is an auto parts retailer. it operates a retail megastore in a city where the
city ordinance prohibits retailers from being open on consecutive sundays. the
management of wheelies realizes that their maximum sales happen on sundays. they
create a wholly-owned subsidiary, carbasics, and start leasing the megastore building
and its inventory to carbasics every alternate sunday. who is liable for violating the city
ordinance?
a.neither wheelies nor carbasics
b.wheelies only
c.carbasics only
d.both wheelies and carbasics