In a criminal lawsuit, the government is represented by a lawyer called a defense
attorney.
A limited partnership is a foreign limited partnership outside the state in which it is
organized.
Shareholders are liable for the debt and obligations of a corporation.
Privity of contract between the plaintiff and the defendant is not required in a strict
liability suit.
A material fact is a fact that is irrelevant to the subject matter of a contract but pertains
to the conduct of the parties.
Misrepresentation of law is a fraud that occurs when a person makes a statement of fact
that he or she honestly and reasonably believes to be true even though it is not.
A disclaimer of the implied warranty of merchantability must be in writing to be valid.
Forbearance of a legal right can be provided as consideration.
Reductions under the doctrine of abatement are proportionate for all beneficiaries
________.
A) when there are residuary gifts and special gifts
B) when there are residuary and general gifts
C) when there are only general gifts
D) when there are only residuary gifts
Which of the following is true of enforcing a contract?
A) A contract is only considered valid if it is enforceable by both parties.
B) In an unenforceable contract, at least one party has the optionto void his or her
contractual obligations.
C) Void contracts are enforceable in cases involving mutual mistakes.
D) Parties may voluntarily perform a contract that is unenforceable.
Which of the following policies prevents a corporate officer from being sued for honest
mistakes made on behalf of a corporation?
A) duty of loyalty
B) duty of obedience
C) business judgment rule
D) self-dealing
________ is any trade name, symbol, word, logo, design, or device used to identify and
distinguish goods of a manufacturer or seller or services of a provider from those of
other manufacturers, sellers, or providers.
A) Trade secret
B) Trademark
C) Patent
D) Copyright
In a(n) ________ contract, agreement between parties is inferred from their conduct.
A) implied-in-law
B) implied-in-fact
C) express
D) formal
A(n) ________ is a declaration of how a person wants his or her property to be
distributed on death.
A) will
B) tort
C) audit
D) writ
If Alice, Bob’s daughter, reads e-mails stored in Bob’s personal e-mail folder, she has
violated the ________ and is liable for prosecution.
A) UCITA
B) ACPA
C) ECPA
D) ICANN
The OSHA guidelines that set safety rules for specific equipment, procedures, types of
work, unique work conditions, and the like are known as ________.
A) standard of wellness
B) specific duty standards
C) code of direction
D) general standard of work
Which of the following is true of the Environmental Protection Agency (EPA) standards
set for toxic substances?
A) They require special labeling of toxic substances.
B) They are set based on the recommendation of business owners affected by the
pollution.
C) They require the EPA to identify all chemicals based on the national ambient air
quality standards (NAAQS).
D) They require a complete ban on all toxic substances.
Which of the following is true of disposition of collateral?
A) Disposition of collateral must be a public proceeding.
B) The debtor is entitled to receive any surplus collateral that remains after disposition.
C) The debtor need not be notified of the disposition as the creditor has complete claim
on the collateral.
D) Disposition of collateral occurs when the default is by the creditor.
Which of the following is true of a fully disclosed agency?
A) The third party does not know the identity of the principal.
B) The third party knows the name of the principal, but all transactions are done with
the agent.
C) The contract is between the principal, agent, and the third party.
D) The principal is liable on the contract with a third party.
AMS is a factory situated on the coast that uses chemicals like lead and arsenic in its
daily production processes. It discharges the waste products of the manufacturing
process into the sea nearby. From the information provided in the scenario, we can infer
that ________.
A) AMS is a heavy electrical goods company
B) AMS is using radioactive minerals
C) AMS is likely to face corrective action by the U.S. Army Corps of Engineers
D) AMS is a source of pollution that is fixed and stationary