Generally, whether or not the parties deal at arm’s length does not affect whether silence
alone amounts to fraud.
a. True
b. False
Which of the following is NOT true about Social Security?
a. Disability insurance is one program within the system.
b. Employees pay for Social Security when they file their federal income tax returns.
c. Contributions made by the employer are tax deductible.
d. Employees and employer pay matching contributions.
Inremjurisdictionrefers to jurisdiction over the person.
a. True
b. False
What are some of the remedies available for infringement under the Lanham Act?
a. Injunction
b. The impoundment and destruction of infringing articles
c. Up to three times actual damages
d. All of these.
If no time is specified for the acceptance of an offer, the offer terminates after:
a. 24 hours.
b. 48 hours.
c. two weeks.
d. a reasonable period of time.
If the owner of goods entrusts them to a merchant, the merchant can transfer good title
to the goods to a buyer in the ordinary course of business even if the original owner
does not want to sell the goods.
a. True
b. False
An agency agreement does not have to always be in writing.
a. True
b. False
Which of the following names would NOT be permitted under most general
incorporation statutes?
a. Acme Ltd.
b. Acme Co.
c. Acme Inc.
d. Acme
NEPA requires that the EIS contain:
a. an analysis of the relationship between local short-term uses of the environment and
the maintenance and enhancement of long-term productivity.
b. reversible and retrievable commitments of resources involved.
c. only a brief outline of the adverse environmental effects of a proposed action.
d. All of these.
In a Chapter 13 proceeding, only the debtor may submit a plan of reorganization.
a. True
b. False
Percy, age 17, purchased a used mobile home from a mobile home dealer for $20,000.
This price, however, was twice the reasonable value of the mobile home. One month
later, Percy wishes to disaffirm the contract. If the mobile home is considered a
necessary, then:
a. Percy can disaffirm the contract based on the wrongful act of the dealer.
b. Percy can disaffirm the contract because the minor can live in an apartment rather
than a mobile home.
c. Percy may keep the mobile home but is only liable for the reasonable value of the
mobile home.
d. Percy must keep the mobile home and abide by the original terms of the contract.
Sylvia draws a check on ABC Bank payable “to the order of Ann Smith.” Ann indorses
it and deposits it in First
Bank. First Bank is a:
a. drawee bank.
b. collecting bank.
c. payor bank.
d. None of these.
Where two factors, each of which is sufficient to bring about the harm in question,
together cause a harm, the “but for” rule of causation is not useful.
a. True
b. False
After the coronation of Edward VII did not take place on the scheduled date and parties
who had entered into contracts in anticipation of the event filed numerous suits, the
doctrine of frustration of purpose was added to the law of contracts.
a. True
b. False
Duties of a trustee in a case under Chapter 11 include all but which of the following?
a. To examine all proofs of claims
b. To provide the court with financial reports of the debtor’s business operations
c. To investigate the financial condition of the debtor
d. To file a list of creditors
The doctrine of marshaling of assets is an equitable doctrine.
a. True
b. False
In which of the following situations has conversion NOT occurred?
a. When a drawee bank pays an instrument containing a forged indorsement
b. When a drawee to whom a draft is delivered for acceptance properly returns it upon
request
c. When a bank pays an instrument containing only one of two required indorsements
d. When a thief transfers possession of an instrument to someone who knows of the
theft
Where the UPA is controlling, Lynette, expelled from the YLC Partnership pursuant to a
provision in the partnership agreement, can now force liquidation of the partnership.
a. True
b. False
The Credit Card Fraud Act does not contain criminal penalties for violations of its
provisions.
a. True
b. False
An official action by an agency of the city of Oakwood against one of its citizens would
be considered ‘state action.”
a. True
b. False
If a zoning restriction causes a financial loss to a property owner, this amounts to a
taking of property and the local government will have to compensate the landowner for
his loss.
a. True
b. False
Rick has a contract with a home repair company to paint his house and landscape his
yard. When he realizes that he will have some unexpected medical expenses, he calls
the home Repair Company to cancel the contract. Rick’s next door neighbor can sue
Rick to enforce the contract, because if Rick improves his own property, his neighbor’s
property will also be worth more money.
a. True
b. False
Federal trademark protection:
a. lasts for fourteen years after registration.
b. can be renewed for only a limited number of times.
c. can be abandoned by non-use.
d. All of these.
The early common law required privity of contract before a plaintiff could sue a
defendant for breach of warranty.
a. True
b. False
Destruction of the subject matter has what effect on the offer?
a. The offer is terminated.
b. The offer is delayed until additional subject matter can be located.
c. This creates an impossibility of fact that does not terminate the offer.
d. The offer is merely delayed under the “Hardship Rule.”
Although, in general, internal affairs of foreign corporations are not regulated by the
state, at least a few states, including New York, regulate such matters of those
corporations that conduct a majority of their business in the state but are incorporated
elsewhere.
a. True
b. False
Fraud in the inducement will render an agreement void.
a. True
b. False
First Bank repossessed Bob’s television after he missed his last two $50 payments on it.
He came to the bank with the $100 plus service charges and expenses of repossession.
The bank will have to give him the television as long as they have not disposed of the
television or have not made a contract to sell it.
a. True
b. False
If a registered copyright is willfully infringed, the owner may ask for and receive which
of the following remedies?
a. Rescission and restitution
b. Punitive damages
c. Injunction
d. All of these.
When contract terms prohibiting the assignment of rights exist, most courts will:
a. strictly construe them.
b. interpret a general term prohibiting assignments as rendering any assignment
ineffective.
c. award the obligor no right to damages for breach of a general term prohibiting
assignments.
d. All of these.