Which of the following is NOT covered by the Fair Labor Standards Act?
a. Minimum wages.
b. Hours of employment.
c. Child labor.
d. Defined benefit plans.
Because documents affecting ownership of property are recorded, a chronological
record of transactions concerning the property can be obtained by a(n):
a. warranty deed.
b. title search.
c. attorney’s opinion.
d. assumption of a mortgage.
Sam has agreed to sell a warehouse to Jordan for $150,000. The contract says that Sam
will convey to Jordan whatever interest he has in the property, but does not state that he
has any interest. Jordan is entitled to a(n):
a. insurable deed.
b. quitclaim deed.
c. general warranty deed.
d. special warranty deed.
A corporation whose principal place of business operation is Florida must be
incorporated in Florida.
Upon payment of the principal debtor’s entire obligation, the surety is __________ the
rights of the creditor.
a. subject to
b. subrogated to
c. exonerated by
d. set off by
A partnership agreement should include all but which one of the following?
a. The duties of the partners.
b. The capital contribution of the partners.
c. The agreement for dividing tax liability of the partnership.
d. The division of profits and losses.
Which of the following is true regarding an agent who is acting for an undisclosed
principal?
a. The agent will bind both himself and the principal on most contracts.
b. The third party will never be bound in a contract with the principal.
c. An undisclosed principal will bind only himself and not the agent.
d. Failure to disclose the name of the principal is a form of fraud.
To be effective, an offer must:
a. be sufficiently definite and certain.
b. be communicated to the offeree.
c. manifest an intent to enter into a contract.
d. All of the above.
By law, all apartment buildings in New Jersey must have smoke alarms in the ceilings.
Mary suffers smoke inhalation because the smoke alarm in her apartment building was
not yet installed. To win a negligence action against the building owner, Mary would
have to prove:
a. a duty existed toward her.
b. a breach of that duty.
c. injury and causation.
d. that the law exists.
A remedy available for breach of contract is:
a. restitution.
b. monetary damages.
c. the equitable remedies of specific performance and injunction.
d. All of the above.
Anita owes Brad $75,000. Brad signs a written statement granting Carl a gratuitous
assignment of his rights from Anita. If Brad delivers the signed statement to Carl before
he dies:
a. the delivery of the statement makes the assignment irrevocable.
b. the assignment is terminated upon Brad’s death.
c. the signing of the statement makes the assignment irrevocable.
d. the assignment is invalid, because it is revocable.
What is the method by which title is acquired when an article of personal property that
belongs to one person is joined to an article that belongs to another?
a. Gift.
b. Will or descent.
c. Purchase.
d. Accession.
When the creditor has been notified that a credit card was lost, the liability of the credit
card holder is limited to:
a. $100.
b. $75.
c. $50.
d. None of the above.
Securities that are exempt from registration under the federal securities laws include:
a. securities of domestic banks.
b. annuity contracts issued by state-regulated insurance companies.
c. bonds issued by a city.
d. All of these are correct.
Dan, a widower, dies intestate, leaving two surviving children, Joe and Carrie, and two
grandchildren who are children of his deceased daughter, Debra. If Joe and Carrie each
take one-third of his estate and the grandchildren each take one-sixth of the estate, this
is described legally by the statement that:
a. lineal descendants of predeceased children take property per stirpes.
b. lineal descendants take the property per capita.
c. collateral heirs take the property per stirpes.
d. lineal descendants and collateral heirs take the property per capita.
The Civil Rights Act of 1964 would scrutinize which of the following situations?
a. A woman engineer was denied a job for which she was qualified.
b. A short man was denied employment as a busboy.
c. A two-man partnership with two employees refused to hire a qualified black attorney.
d. Both (a) and (c).
In order to use the money in a spendthrift trust as collateral, the beneficiary requires
prior approval of the trustee.
Ethics can be defined broadly as the study of what is good or right for human beings.
Discuss the nature of agency, including the scope of agency purposes.
An indenture is not a debt agreement.
Reverse discrimination refers to achieving affirmative action by remedying the
underrepresentation of a given race or sex in a traditionally segregated job by
considering race and gender when hiring or promoting individuals.