Consumer leases:
a. must always be evidenced by a writing.
b. are always three- party transactions.
c. require the lessor to make all usual warranties made by a seller in a sale of goods..
d. all of the above.
__________ is a federal law that recognizes digital signatures as authentic for purposes
of contract formation.
a. Cyber-sign
b. We-sign
c. Electra-sign
d. E-sign
Which of the following is generally not required for the testator to have testamentary
capacity?
a. The testator knows the exact value of his or her estate.
b. The testator understands the writing to be a will.
c. The testator has a reasonable appreciation of the identity of relatives and friends.
d. The testator has a reasonable appreciation of the extent of the property that may exist
at death.
Sarbanes-Oxley (SOX):
a. created a new form of mail and wire fraud.
b. requires corporate officers to certify their financial statements.
c. provides for both fines and jail time for corporate fraud
d. all of the above.
A shareholder does not:
a. qualify as a member of the corporation.
b. own any specific property of the corporation.
c. have a fractional interest in the total property of the corporation.
d. all of the above.
An agreement to pay reasonable additional compensation to a contractor for the
performance of a pre-existing contract when the contractor faces extraordinary
circumstances caused by unforeseen difficulties is called a:
a. good-faith adjustment.
b. bribe.
c. compensatory allowance.
d. relief payment.
When the corporation has the right to sue its directors, officers, or third persons for
damages caused by them to the corporation or for breach of contract, one (1) or more
shareholders may bring such action if the corporation refuses to do so. This is known as
a __________ action.
a. primary
b. derivative
c. deferential
d. preemptive
Jack sells Jim a used car that Jack falsely described as having been driven only 12,000
miles. Fraud has occurred if:
a. Jim bought the car solely because of its color.
b. Jim knew that the mileage was more than 12,000 miles.
c. Jim relied upon Jack’s statement.
d. Jack is a merchant.
Which of the following will not result in dissolution of the partnership by court decree?
a. A partner becomes incapable of performing the terms of the partnership agreement
b. A partner persistently or willfully acts in such a way that it is not reasonably
practicable to carry on the partnership business
c. The withdrawal of a partner.
d. All of the above.
The transfer of technology rights in a product to allow another firm in a foreign country
to produce a product in return for royalties or other specified payments is called:
a. exporting.
b. licensing.
c. agency representation.
d. subsidiary sales.
If an offeree accepts an offer before it is effectively revoked:
a. a void contract is formed.
b. a voidable contract is formed.
c. an unenforceable contract is formed.
d. a valid contract is formed.
Within the past five years, the U.S Supreme Court has:
a. placed some limitations on the commerce clause.
b. increased Congressional authority for all activities that have economic impact.
c. given states the ability to override the federal government on interstate commerce
issues.
d. all of the above
A holder of the paper has immunity from certain defenses that might have been asserted
against the transferor.
Suretyship is a pledge to pay one€s own debts and obligations.
When secret information is shared or communicated for a special purpose and the
person receiving the information knows it is not to be made known, it loses the
protection it had while secret.
A right to a nonconforming use of land cannot be lost through abandonment.
Peter has been subjected to an unreasonable amount of noise from his neighbor, who
constantly plays his stereo at full volume. Peter is angry about his neighbor, but he is
even angrier about the excessive pollution being emitted by a local factory that burns
old tires in direct violation of a state statute prohibiting such conduct. Do the acts of
Peter’s neighbor and the factory constitute nuisances? If they do, give Peter assistance
on any possible courses of action to eliminate the problems.
A sublease and an assignment of a lease accomplish the same results.
The Fifth and Fourteenth Amendments prohibit the national and state governments from
depriving any person of property without due process of law.