A merged corporation ceases to exist after the merger.
The U.S. Congress gives the Supreme Court discretion to decide what cases it will hear.
According to the UCC, a seller or buyer who reserves the right to fix a price must do so
in good faith.
An ordinary merger or share exchange requires the recommendation of the board of
directors of each corporation.
The offeror cannot be found liable for the crime of bribery if the person to whom the
bribe is offered rejects the bribe.
In Kantian ethics, the principle of inconsistency postulates treating all ethical cases
differently.
A check is only accepted once it has been verified by the bank.
A threat to bring a civil lawsuit unless someone enters into a contract constitutes duress.
The right of redemption only allows the redemption of a partial interest of the
mortgagor.
The land over which the easement is granted is called the servient estate.
An ethically wrong state or condition can still be legal.
The inability of a debtor to pay a debt because of bankruptcy does not constitute
default.
The return of goods or property received from the other party to rescind a contract is
known as restitution.
Usurping a corporate opportunity is a breach that can only be committed by a
shareholder.
An option contract is terminated upon the death of the offeror.
A(n) ________ LLC (limited liability company) has a specified term of duration.
A) short-form
B) general
C) term
D) at-will
The action of strikers walking in front of an employer’s premises, carrying signs
announcing their strike is known as ________.
A) occupying
B) picketing
C) employee lockout
D) outcry
Which of the following is a primary cause of sick building syndrome in the United
States?
A) large number of outside ducts
B) unsealed windows
C) thinly insulated buildings
D) hazardous construction materials
Kingsland is a country that has been exporting apples to the United States for over a
century, shipping 300 tons to Georgia each month. However, in the last transaction,
Kingsland violated a trading norm that was not condoned by Georgia. Which of the
following measures should be taken to regulate apple imports from Kingsland?
A) Georgia can stop trading with Kingsland after serving a notice.
B) Georgia can stop trading with Kingsland without serving a notice.
C) Georgia can appeal to the federal authority that can stop imports from Kingsland.
D) Georgia can make Kingsland export its apples to North Carolina.
Which of the following is true of duress?
A) It is liable for fraud.
B) A threat should involve physical harm for it to be actionable as duress.
C) It is a threat issued to make another person sign a contract.
D) Intoxicating a person to sign a contract is considered duress.
________ is a moral theory which asserts that fairness is the essence of justice.
A) Kantian ethics
B) Moral relativism
C) Utilitarianism
D) Rawls’s social justice theory
In the context of insurance, what does the term premium refer to?
A) the money received from the defaulting party
B) the money paid to the insurance company
C) the money paid to insured after an accidental damage
D) the money paid to insurance brokers as fee
Which of the following is true of discharge of performance by agreement?
A) A partially executed contract cannot be rescinded.
B) Mutual rescissionrequires parties to enter into a second agreement that expressly
terminates the first one.
C) A party is allowed to rescind a contract without the consent of the other party.
D) Unilateral rescission is not regarded as breach of contract.
The first ten amendments to the U.S. Constitution are collectively known as the
________.
A) Due Process Clause
B) Privileges Clause
C) Bill of Rights
D) Articles of Confederation
Which of the following forms of tenancy involves the possession of property without
right?
A) tenancy at sufferance
B) periodic tenancy
C) tenancy for years
D) tenancy at will
A ________ is a distinct form of draft drawn on a financial institution and payable on
demand.
A) promissory note
B) check
C) deed
D) letter of credit
Bartie’s Inc. sells watercolors and pastels that are marketed as safe for use by children.
However, several accounts of lead poisoning were reported in children who used the
products. An investigation revealed that the company was knowingly manufacturing
colors that contained a significant amount of a toxic heavy metal. Which of the
following torts has Bartie’s committed?
A) battery
B) disparagement
C) misrepresentation
D) professional malpractice
Which of the following is true of Chapter 11 of the Bankruptcy Code?
A) Chapter 11 is a rehabilitation form of bankruptcy that permits bankruptcy courts to
supervise the debtor’s plan for the payment of unpaid debts.
B) The filing of a Chapter 11 petition immediately enables creditors to recover the
debtor’s property.
C) Chapter 11 helps the debtor reorganize with a new capital structure so that the debtor
emerges from bankruptcy as a viable concern.
D) Chapter 11 does not permit a debtor to reject executory contracts or unexpired
leases.
A defect in manufacture occurs when a manufacturer fails to ________.
A) design a product that is safe for users
B) adequately check the quality of a product
C) warn customers about the possible dangers of the product
D) provide proper packaging for the products
Which of the following is true of a deed of trust?
A) The legal right of the property is with the creditor until payment.
B) The legal rights to possession of real property lie with a trustee.
C) The trustor has legal rights to possession of the real property.
D) The deed of trust is a two-party instrument.
Donald, who is a resident of Louisiana, is robbed in Oklahoma County, Oklahoma. The
robber, who is a resident of the state of Texas, is soon apprehended. Which of the
following is the proper venue to hear this case?
A) state court in Louisiana because the plaintiff is from Louisiana
B) state court in Texas because the defendant is from Texas
C) Oklahoma federal court because the robber has committed a federal crime
D) Oklahoma County Court because it is nearest in location to the scene of the crime
Which of the following is established by the Supremacy Clause of the U.S.
Constitution?
A) The president is the supreme and sovereign head of the United States.
B) The legislative branch of the federal government is the supreme law-making
authority in the country.
C) The judiciary is the supreme law-enforcing authority and cannot be influenced by
anyone, however powerful, in any manner.
D) The U.S. Constitution and federal treaties, laws, and regulations are the supreme law
of the land.
In which of the following situations would the effect of illegality be an exception?
A) when both parties of an illegal contract execute their agreements
B) when both parties of an illegal contract are considered in pari delicto
C) when person is justifiably ignorant of the law or fact that made the contract illegal
D) when a person completes his act of an illegal contract but is not paid for his
consideration
An automatic warranty provided by a seller or lessor who is a merchant that regularly
deals in goods of the kind sold or leased which warrants that the goods are delivered
free of any third-party patent, trademark, or copyright claim is known as ________.
A) warranty of no security interests
B) warranty against infringements
C) warranty of good title
D) warranty of no interference
Explain the torts of appropriation and invasion of the right to privacy with examples.
Describe the doctrine of piercing the corporate veil.
Why do governments and defendants enter into plea bargains?
When is a buyer in breach of a sales contract?
What is a person’s right to die? What are the views regarding the legality of euthanasia
in the United States?
Briefly explain certified checks.
Discuss receiving stolen property as a crime.
What are the express powers of a corporation?
How are compensatory damages awarded for construction contracts?
Outline the minimum wage requirement established by the Fair Labor Standards Act.
How are wages calculated for a tipped employee?