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1) an exclusive right to sell listing means that a broker receives a commission on a sale
of the property even if the seller found the buyer.
2) the restatements are considered binding laws and are promulgated by the american
law institute.
3) under the doctrine of unconscionability, the courts would refuse to grant the equitable
remedy of specific performance for breach of contract if the contract is oppressively
unfair.
4) the tila also deals in consumer credit advertising and thus prevents a creditor from
baiting customers.
5) control is the only available perfection method, if the collateral is a deposit account.
6) a certificate of limited partnership must state the capital contributions of the limited
partners.
7) the sarbanes-oxley act of 2002 extends the statute of limitations to three years after
discovery of facts constituting a violation of section 11 of the 1933 act and seven years
after the violation.
8) a restrictive covenant may no longer be valid if the circumstances surrounding the
need for the covenant drastically change.
9) if an instrument is an order to pay, it must contain an unconditional order.
10) most states have passed statutes prohibiting or regulating a wage earners
assignment of future wages.
11) when a person whose duty is conditional leads the other party to rely on his
noninsistence on the condition, the condition will be excused because of a(n) _____.
a.waiver
b.estoppel
c.rescission
d.liability
12) cases are said to be _____ when there no longer is a real dispute between the
parties.
a.ripe
b.moot
c.feigned
d.intangible
13) which of the following is not a common way in which a seller can breach contracts?
a.indicating that he does not intend to fulfill the obligations under the contract
b.delivering goods that do not conform to the contract
c.agreeing to extended credit periods depending on the buyers credit record
d.failing to make delivery of the goods
14) raider corporation (rc) attempted to take over targetnorth corporation (tc) using a
tender offer. the tender offer price was twice the market price for tc shares. as a defense
to this, tc proposed to buy its shares owned by rc at triple the market price provided rc
agreed not to purchase any more tc shares for the next five years. this kind of tender
offer defense is called:
a.greenmail.
b.the lock-up option.
c.white knight.
d.pac-man.
15) sometimes, if an agent incurs tort liability the principal is required to _____.
a.ratify the agency
b.dismiss the agency
c.transfer the agent
d.indemnify the agent
16) a chapter 13 debtor must begin making the installment payments proposed in her
plan:
a.within 30 days after the plan is filed.
b.within one week after the plan is approved by the creditors.
c.within 60 days after the plan is approved by the court.
d.within one week of the formal submission to the trustee.
17) which the following is true in the case of a lease for a term of more than one year to
be enforceable?
a.it should be in writing only.
b.it cannot be subleased.
c.it cannot be assigned.
d.it can be oral or in writing.
18) if a client establishes fraud against a professional, he/she is more likely to receive:
a.compensatory and consequential damages.
b.punitive and consequential damages.
c.compensatory and punitive damages.
d.only consequential damages.
19) under the recent amendments to article 4, postdated checks:
a.are now invalid and create no obligation to pay on the drawee banks part.
b.are not properly payable by the drawee bank until the date on the check.
c.may be paid by the drawee bank before the date on the check unless the customer has
given notice to the contrary.
d.may be paid by the drawee bank unless the customer gives notice of the postdating in
a way that at least partially describes the check.
20) catherine decided to have lunch at toms, one of the most popular restaurants in
town. she ordered soup before her main course as usual. the soup served to catherine
contained a maggot floating about in it. fortunately, she noticed this before she had it.
she sued toms for negligence. the most likely result will be:
a.catherine will not win since she did not sustain any damages.
b.catherine will not win, as bones in clam chowder are foreseeable.
c.catherine will win if she proves emotional distress.
d.catherine will win because the restaurant failed to use due care.
21) which of the following is true of zoning ordinances?
a.they are issued only by federal authorities.
b.there are no remedies against them.
c.they stem from the power of eminent domain.
d.they regulate the use of real property.
