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1) when a tenant remains in possession of the property after the expiration of a lease, a
tenancy at will occurs.
2) if the seller fails or refuses to deliver the goods called for in the contract, the buyer
can purchase substitute goods and recover as damages from the seller.
3) unlike many other federal consumer protection measures, the electronic funds
transfer act does not require disclosure of important terms to the consumer.
4) what would happen if everyone acted in this way? is a question that kant would ask.
5) bob offers to sell his bike to sue for $100, and promises to keep his offer open for
five days. sue thanks him and leaves. at this point, bob still has the power to revoke his
offer.
6) there cannot be subjective standards of personal taste and comfort when determining
a promisees performance.
7) losses of the business allocated to a limited partner in a limited partnership or an lllp
offset his income from any other sources.
8) ratification has to be expressly made only in written form.
9) the parol evidence rule blocks evidence of subsequent agreements that modify a
completely integrated written contract.
10) edith purchases a television set from big als electronic emporium, agreeing to pay
big al in monthly installments on a 12-month payment plan. in order to have a perfect
security interest in the television set, big al:
a.must file a financing statement with the appropriate public office.
b.must create a field warehousing arrangement.
c.should have edith sign another contract recognizing big als security interest.
d.should not do anything as it is already perfect.
11) the classic underwriting arrangement is a _____ underwriting.
a.standby
b.sponsorship
c.best efforts
d.firm commitment
12) since the level of doing business that constitutes intrastate business for qualification
purposes has been difficult to define, the model business corporation act lists several
activities that do not require qualification. one such activity is:
a.owning or using real estate for general corporate purposes.
b.soliciting orders by mail that require acceptance outside the state.
c.entering into contracts relating to local business or sales.
d.maintaining a stock of goods within a state from which to fill orders.
13) maple hired birch to work as a taxi driver for maple. after a long, hot summer day
of city driving and dealing with other rude drivers, max, another driver, cut birch off
and slightly dented birchs taxicab. an enraged birch pulled max out of the car and hit
him with a brick that was lying on the road. max suffered serious and permanent
injuries and wants to sue. who is liable in this situation?
a.maple, under the doctrine of direct liability.
b.birch, since he was not in scope of employment.
c.maple and birch, since the principal and the agent are responsible for the agents torts.
d.max instigated the incident and hence will not be successful in the lawsuit.
14) in a partnership, partners may not compete against their own partnership unless:
a.they do not monetarily benefit from their competing venture.
b.they have been granted the apparent authority to do so.
c.they obtain consent from other partners.
d.they play the role of silent partners.
15) in order to recover for breach of an express warranty, a plaintiff must show that:
a.the warranty was part of the basis of the bargain.
b.the seller gave a sample or model of the goods.
c.the warranty was in writing.
d.the warranty used the words warrant or guarantee.
16) a difference between a surety and a guarantor is that the guarantors:
a.must be paid for their services.
b.should enter into a deed of trust with the creditors.
c.should keep a collateral with the creditors.
d.become liable only if the principal debtor first defaults.
17) which of the following is least likely to make an employer liable for unjust
dismissal or wrongful discharge under the public policy exception to the employment at
will doctrine?
a.firing an employee for his refusal to work on a contract to manufacture weapons
because of his religious convictions.
b.firing an employee for his refusal to commit perjury in a $1,000,000 product liability
suit against the firm.
c.firing a middle-level manager for refusing to violate title vii by denying a promotion
to a black subordinate.
d.firing an employee for filing a workers compensation claim against the employer.
18) the _____ are the documents that the parties file with the court when they first state
their respective claims and defenses.
a.summons
b.pleadings
c.appeals
d.clauses
19) bubble wrap co. (bwc), an atlanta corporation, has its principal place of business in
new york. john, a resident of florida, asserted on his web site that bwc is engaged in
ongoing criminal activity, scams, and phishing. bwc sued john in the u.s. district court
for the district of new york, alleging defamation and injury to bwcs business in new
york. john filed a motion to dismiss the case alleging that neither subject-matter nor in
personam jurisdiction existed. the court granted the defendants motion and dismissed
the case because:
a.bwc could not meet its burden of establishing sufficient minimum contacts.
b.bwc did not have subject-matter jurisdiction.
c.bwc neither had subject-matter jurisdiction nor in personam jurisdiction.
d.publishing of those statements did not amount to defamation and thus no injury was
caused to bwcs business.
20) on may 2, 1972, mix, a cpa, entered into an oral contract with dell to provide certain
accounting services to dell. the contract was fully performed by both parties in 1974. on
april 25, 1988, dell commenced a breach of contract action against mix claiming that
mix had improperly performed the accounting services. mixs best defense to the action
would likely be:
a.parol evidence rule.
b.statute of limitations.
c.statute of frauds.
d.lack of consideration.
21) a principal will not be liable to a third party for a tort committed by an agent:
a.unless the principal was legally nonexistent.
b.unless the tort was committed within the scope of the agency relationship.
c.if the agency agreement limits the principals liability for the agents tort.
d.if the tort is also regarded as a criminal act.
