Which of the following terms would indicate a destination contract?
a. F.O.B. city of buyer
b. F.O.B. city of seller
c. C.I.F.
d. F.A.S. seller’s port
A true statement of a highly personal nature made to embarrass someone is defamation.
a. True
b. False
If Tom and Tim are joint tenants, they each own a specific half of the property.
a. True
b. False
In order for a deed to be effective between the purchaser and the seller of real estate, the
deed must:
a. be in writing and signed by both parties.
b. include the actual sale price.
c. be recorded pursuant to the state statute.
d. be delivered to the buyer by the seller with the intent to transfer title.
Consideration:
a. must be given by the promisee to the promisor.
b. must be adequate.
c. may be given to the promisor or to some other person by the promisee or by some
other person.
d. need not be equal between the parties, but must be proportionate.
The law governing assignments arises solely from the common law of contracts.
a. True
b. False
Attachment jurisdiction is jurisdiction over property.
a. True
b. False
Clay in its natural form is real property.
a. True
b. False
All of the following are dischargeable in bankruptcy EXCEPT:
a. an unsecured note to a bank.
b. a car loan.
c. alimony and child support.
d. a court judgment against the debtor.
If you lose your wallet along with your bank ATM card, your liability is
a. unlimited unless you notify the bank within 30 days.
b. limited to $200 if you notify the bank within 2 days.
c. limited to $500 if you notify the bank within 2 days.
d. limited to $50 if you notify the bank within 2 days.
At the___ the accused is informed of the charge and the accused enters a plea.
a. preliminary hearing
b. arraignment
c. indictment
d. information
Every registration filed with the SEC is held in confidence until the business permits
disclosure.
a. True
b. False
Hybrid rulemaking is more formal than procedures the agency uses in informal
rulemaking.
a. True
b. False
Implied warranties may arise from course of dealing or usage of trade in leases of
personal property under Article
2A of the Code, but not in sales of goods under Article
a. True
b. False
To obtain relief for negligent or innocent misrepresentation, all the remaining elements
of fraud must be present and the misrepresentation must be material.
a. True
b. False
The distinction between employee and independent contractor is irrelevant.
a. True
b. False
A proxy is revocable to the same extent as an agency.
a. True
b. False
The purpose of bail bond in a criminal proceeding is to assure the appearance of the
defendant in court.
a. True
b. False
Pat and Sally started a charcoal fire for Sally’s backyard barbecue and left it uncovered.
Then Sally went into the kitchen to make hamburger patties. While Sally was inside,
Pat backed up to catch a football and hit the grill, knocking the coals onto his feet. In a
modified comparative negligence state, who is liable?
a. Sally is liable for ALL of Pat’s injuries.
b. If Sally is found negligent, Sally is liable for a proportionate share of Pat’s injuries
unless Pat’s negligence was as great as or greater than Sally’s.
c. Sally is not liable for any of Pat’s injuries.
d. Sally is liable for Pat’s injuries only if Pat was more negligent than Sally.
According to the UCC, only a merchant can make a firm offer to a buyer.
a. True
b. False
Ted cosigns a note for his son Junior. Ted is a surety on the note.
a. True
b. False
The UPA codified all of the common law causes of dissolution of a partnership.
a. True
b. False
A significant change to U.S. financial regulation occurred with the 2010 Congressional
enactment, the:
a. Sarbanes-Oxley Act.
b. Wall Street Reform and Consumer Protection Act.
c. RMBCA.
d. Statutory Close Corporation Supplement.
Federal courts have exclusive jurisdiction over bankruptcy, patent, trademark, and
copyright cases.
a. True
b. False
The executor or administrator occupies a fiduciary relationship with regard to the estate.
a. True
b. False
A contract may condition the duty to accept and pay for the performance of the other
party upon the approval of a third party.
a. True
b. False
A holder in due course could recover from the maker where the:
a. maker’s signature is forged.
b. bearer instrument was stolen after it was completed.
c. maker signed the instrument under physical duress.
d. maker is a fifteen-year-old.
In a warranty action, the seller has the burden of proving defenses based on the buyer’s
conduct.
a. True
b. False
Mark, a resident of Illinois, while driving on the freeway, hits Bill, a resident of
Wisconsin, and totally destroys Bill’s brand new vehicle. Bill may bring suit in federal
district court:
a. because of federal question jurisdiction.
b. because there is always jurisdiction if there is diversity of citizenship.
c. if the amount in controversy is over $75,000.
d. if the accident occurred outside of Illinois or Wisconsin.
Kant’s approach, like that of ethical fundamentalists, asserts that universal laws stem
from the direct pronouncements of God.
a. True
b. False
Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, and the
Age Discrimination in Employment Act do not apply to U.S. citizens employed abroad
by U.S. employers or by foreign companies controlled by U.S. employers.
a. True
b. False