Execution is a postjudgment court order that permits the seizure of the debtor’s property
that is in the possession of the debtor.
A Limited liability company (LLC) organized in the United States is considered a
domestic LLC throughout the United States.
Illusory promises require both parties to perform their contractual obligations.
Monetary damages can be recovered only for a material breach.
The legislative branch is permitted to authorize existing administrative agencies to
enforce new statutes.
An order of relief occurs upon the filing of either a voluntary petition or an
unchallenged involuntary petition.
Except for the collecting bank, each bank in the collection process, including the payer
bank, must take proper action on an “on them” check prior to its midnight deadline.
General partners are permitted to sue other partners for an accounting of the
partnership.
If the deceased has no surviving relatives, then the deceased’s property escheats to the
state.
Under the foreseeability standard, an accountant is liable even if he or she had no
knowledge of the intended user of the audited financial statements.
Specific performance is not awarded in contracts for the sale of land.
The Congressional passing of the Due Process Clause of the 14th Amendment to the
U.S. Constitution led to the creation of the U.S. Department of Homeland Security.
Restatement of the Law of Contracts is the agreed upon federal law in the United
States.
If a business plan aims at increasing national employment but results in smaller profits
for the corporation, it is in accordance with the traditional view of social responsibility.
The right to share in the profitsof the partnership is the right to share in the earnings
from the investment of capital.
In which of the following cases is a bank obliged to file a Currency Transaction Report
(CTR) with the Internal Revenue Service?
A) The bank receives instructions from a customer to certify an ordinary check worth
$10,000 issued in a foreigner’s name.
B) The bank receives an ordinary check worth $13,000 payable to a customer’s
checking account.
C) A customer deposits $20,000 through a cashier’s check in his checking account.
D) A customer issues stop-payment instructions on a check worth $15,000 issued to a
payee.
Which of the following closely resembles a joint venture?
A) a conglomerate
B) a merged company
C) a franchise
D) a partnership
An offer is terminated on the grounds of “lapse of time” if ________.
A) the offeror dies before the offeree has accepted the offer
B) the offer is not communicated to the offeree
C) the offeror has communicated to the offeree a set time which is not mentioned in the
offer
D) the offer is not accepted within a stated time period
Which of the following is a provision in the Administrative Procedure Act (APA)?
A) It provides a procedure for receiving evidence and hearing requests for the granting
of federal licenses.
B) It allows public access to most documents in the possession of federal administrative
agencies.
C) It protects persons from harassment by administrative agencies.
D) It admits public access to administrative meetings concerning issuance of
subpoenas.
Quentin is a member of the Album of the Month Club and receives a new music CD
every month without fail. The Club usually gives its members a time period within
which they can reject the selection and stop shipment of the CD, failing which the CD
will be shipped. Last month, Quentin received a CD from Album of the Month Club, a
copy of which a friend had already gifted him. As he was away, Quentin had not found
time to reject the selection and had to buy the CD. What kind of an offer-acceptance
model does Album of the Month Club have?
A) mirror image rule acceptance
B) silence as acceptance
C) acceptance-upon-dispatch
D) unequivocal acceptance
Which of the following is true of a tenancy by the entirety?
A) It can only be formed between corporations.
B) It does not contain the conditional right of survivorship upon the death of a tenant.
C) It cannot be created by the usage of express words.
D) It cannot be transferred by a tenant without the consent of the other tenant.
Which of the following torts committed by an agent is the liability of the principal?
A) substantial frolic and detour
B) accidents caused by an agent on the way to work
C) accidents caused by an agent on the way from work
D) negligence
A(n) ________ is an original creditor who becomes a beneficiary under the debtor’s
new contract with another party.
A) donee beneficiary
B) creditor beneficiary
C) incidental creditor
D) subsequent assignee
If a corporation is a general partner to a limited partnership, which of the following
would result from the dissolution of the corporation?
A) dissolution of the limited partnership
B) creation of a general partnership
C) reformation of the limited partnership
D) transfer of the partnership to other parties
A ________ is a warranty in which sellers of goods warrant that the goods they sell are
delivered free from any third-party security interests, liens, or encumbrances that are
unknown to the buyer.
A) warranty of good title
B) warranty of quiet possession
C) warranty against infringements
D) warranty of no security interests
Which of the following actions requires voting by all members in a manager-managed
LLC (limited liability company)?
A) issuing a certificate of interest
B) admitting new members
C) converting an existing business into an LLC
D) expanding operations in another country