In the United States, the copyright period for works for hires:
A. is 110 years from the first publication or 140 years from creation, whichever comes
first.
B. lasts for the life of the author plus 70 years.
C. is 95 years from the first publication or 120 years from creation, whichever comes
first.
D. lasts for the life of the author plus 120 years
Answer:
The coinsurance clause:
A. requires the insured to insure the property to at least 80 percent of its fair market
value in order to fully recover the value of partial losses.
B. usually allows the insured to recover the difference between the limits stated in the
policy and the fair market value of the property.
C. places no restriction on the individual’s right to recovery.
D. requires the insured to pay up to a certain amount each year before the insurer’s
payment obligation begins.
Answer:
James and Maria dated for two years. On the event of their second anniversary, James
gave Maria a $20,000 diamond engagement ring. Two months later, James called off the
engagement without giving Maria any valid reason. Under the traditional rule:
A. James may not recover the ring as it was a gift made in contemplation of marriage.
B. Maria must return the ring as the engagement is broken by mutual consent.
C. the ring must be sold and the proceeds divided between James and Maria.
D. Maria may retain the ring only if she pays its fair value to James.
Answer:
Natural law thinkers believe that:
A. law and morality are inseparable.
B. there is no law superior to that promulgated by political institutions.
C. all laws should have an environmental focus.
D. natural law provides the level of predictability attained by legal positivism.
Answer:
_____ is remedy the tenant has for breach of implied warranty of habitability.
A. New tenancy
B. Lease extension
C. Refund of the security deposit
D. Rent abatement
Answer:
To avoid being bound by the acts of the agent after the agency has ended, the principal
should give constructive notice:
A. to those who have dealt with the former agent.
B. to those who knew of the agency but had never dealt with it before termination.
C. to those who never knew of existence of the agency.
D. to everyone who the principal was in contract with before the termination.
Answer:
Which of the following statements is TRUE about the adjudicatory power of the
independent agencies?
A. Those who are unhappy with the agencies’ actions cannot appeal to the court of law.
B. Since they involve juries, rules of evidence are more strictly observed.
C. Their hearings are much more formal than court trials.
D. Some of them regulate primarily on a case-by-case basis through their decisions.
Answer:
Which of the following is TRUE about the rights of shareholders?
A. They do not have the right to be informed about their investment.
B. They are aimed at protecting the interests of only major shareholders.
C. They have the right to make bylaws.
D. They do not have the right to put ceilings on the salaries of top executives.
Answer:
In a(n) _____, shareholders directly report their share of the corporation’s losses or
earnings on their individual tax returns.
A. S corporation
B. general partnership
C. franchising
D. limited partnership
Answer:
The power of the states to regulate is:
A. exclusive in the domain of intrastate commerce.
B. nonexistent over matters that affect interstate commerce.
C. limited only by its own state constitution.
D. exclusive in the domain of interstate commerce.
Answer:
Based on the difference between the contract price and the market price, a seller may
recover damages from a breach of contract when the goods are:
A. in the buyer’s possession.
B. in the seller’s possession.
C. in transit via airplane.
D. in transit via sea.
Answer:
A minor can disaffirm a contract made for ____.
A. real estate
B. life insurance
C. educational training
D. bank accounts
Answer:
Which of the following statements is correct with regard to working papers prepared by
an accountant?
A. They are owned by the client.
B. The accountant may need to justify his work before the IRS or a court.
C. The accountant can dispose of them as he/she pleases.
D. The client does not possess the right of access to the working papers.
Answer:
“Community Right to Know” legislation:
A. requires an industry to disclose to the community the presence of certain hazardous
chemicals.
B. is the law in most states, under the 1958 amendments to Superfund.
C. is only effective in those states which have adopted such requirements under state
law.
D. establishes a cradle-to-the-grave regulatory system.
Answer:
Benny is the sole beneficiary of Paul’s trust. In this trust, Benny can:
A. also serve as the sole trustee.
B. not serve as the sole trustee.
C. serve as both trustee and testator.
D. serve as trustee during the trustor’s lifetime.
Answer: