Archives: Quiz

1) the ____ amendment forbids cruel and unusual punishments. a.first b.eighth c.fourteenth d.fifteenth 2) susan was hired by teddy & co. as a sales woman. however, the management on seeing her intelligence and capabilities allowed her to use the office […]

1) if the parties agree on a reasonable amount of damages that will be paid to the injured party, this amount is known as _____. a.liquidated damages b.unconscionable damages c.penal damages d.unenforceable damages 2) _____ theory emphasizes that one should […]

1) lmnop corp. has been convicted under the sherman act for two distinct and separate violations. lmnop may be fined as much as _____ for these two violations. a.$50 million b.$100 million c.$200 million d.$150 million 2) under the model […]

1) which of the following is protected by copyright laws in computer programs? a.organization b.structure c.source code d.presentation of information 2) where the parties to a contract wish to cancel their contract and be in the same position as they […]

1) melissa hurls a rock with the intention to hit dave, with whom she has just fought. the rock hits stacey, instead, who is sitting next to dave. melissa is liable for battery under the clause of: a.conversion. b.private nuisance. […]

1) which of the following would indicate a rejection under the mirror image rule? a.inquiry regarding terms b.material changes to offer c.grumbling acceptance d.present intent to accept 2) a(n) _____ is a contract under which an owner of property, the […]

1) what are legal rules in prior cases called? a.statutes b.precedents c.first impressions d.uniform laws 2) a subchapter s corporation is typically treated like a _____ for federal income tax purposes. a.for-profit corporation b.partnership c.publicly held corporation d.not-for-profit corporation answer: […]

1) tina cosigns a promissory note at globe bank for $500.00 for her friend tom. tom defaults on the loan, and globe bank collects $500.00 from tina. tina then collects $500.00 from tom. tina could collect money from tom because […]

1) adam decides to eat food despite knowing that it is adulterated and brags about it to dee. later adam falls sick from infection. adam sues the supplier of the said food for injury suffered by him. the defense which […]

1) the following statements pertain to alleged violations of section 1 of the sherman act. which statement is accurate? a.although tying agreements are classified as per se violations of section 1, the judicial treatment given to them differs from pure […]

1) which of the following is true of the contract clause? a.it applies to laws that impair contracts made after the laws passage. b.it imposes tougher standards on government contracts than on private contracts. c.it does not apply to government […]

1) a partner in a partnership firm should make all attempts to take decisions that are in the best interest of the firm. this is related to the concept of _____. a.duty to serve b.duty to act within actual authority […]

1) which of the following is true about the fifth amendment and the production of records? a.it would allow a bogus, inc., officer who has custody of bogus records to resist a subpoena demanding production of those records if the […]

1) gary and felix are partners in a general partnership. gary does 2/3rd of the partnership work, while felix does 1/3rd of the work. last year the partnership earned $300,000 in profits. under the rupa, how much of the $300,000 […]

1) ruth purchased a property insurance policy from abc insurance (abc). this policy covered ruths airplane and the policy limits were $300,000. a fire broke out on january 1, 2006, when the airplane was stored in its hangar, completely destroying […]

1) which of the following are frequently used to cure technical defects in the chain of title to property? a.insurable deeds b.quitclaim deeds c.general warranty deeds d.special warranty deeds 2) when a court says that an agreement is illegal, it […]

1) which of the following is an example of restrictive endorsements recognized under article 3? a.pay to bruce zucker in trust for jay zucker. b.pay to bruce zucker only. c.pay to jay zucker on the condition that he completes construction […]

1) a voluntary petition under chapter 7: a.cannot be filed by an insurance corporation. b.requires that the debtors debts exceed his assets by $5000. c.requires that the debtor have at least three creditors. d.cannot be made by an individual. 2) […]

1) andrea hired jack to be the sales agent for her paintings. however, in a months time, she terminated the agency with jack. harold, a customer who had dealt with jack earlier, was not aware of the termination. harold approached […]

1) the standard of proof in a criminal case is: a.proof by a preponderance of the evidence. b.proof beyond a reasonable doubt. c.proof that is more likely than not. d.proof beyond the presumption of innocence. 2) which of the following […]

1) the judicial standard of review used in cases involving informal agency adjudications or rulemaking is the: a.substantial evidence test. b.beyond reasonable doubt review. c.de novo review. d.arbitrary and capricious test. 2) which of the following statements about the problem […]

1) a method of alternative dispute resolution in which a neutral third party helps the parties reach a resolution of the dispute by facilitating communication, clarifying areas of agreement, helping see each others viewpoints, suggesting settlement options, but who cannot […]

1) rebecca, a minor, rented an apartment from jones for a period of one year when she had no place to stay. she disaffirmed the contract after four months, though she paid rent only for the first two months. which […]

1) questions of proximate cause assume the existence of _____. a.intervening cause b.strict liability c.actual cause d.comparative fault 2) section 8 of the clayton act requires a _____ analysis of behavior for determining liability. a.quick-look b.per se c.secondary d.rule of […]

1) which of the following is true of a sales contract under the ucc? a.the courts cannot fill any gaps in the contracts. b.the court needs to find if the parties intended a contract. c.an intent to contract exists even […]

1) dan has leased a site from mark for a period of 2 years. bob is interested in purchasing it and makes a great offer to him for the site. in this case: a.dan cannot sell the land because he […]

1) what is the usual ucc time limitation for claiming express and implied warranty after the sale of a product? a.12 months b.2 years c.4 years d.5 years 2) carlita retires from mortex associates, a partnership. the business is continued […]

1) under the mailbox rule, the acceptance of an offer is effective at the time the acceptance is dispatched unless: a.both the offeror and offeree are merchants. b.the offer proposes a sale of real estate. c.the acceptance is not in […]

1) where covered and non-covered peril join to cause a loss, and the covered peril plays the dominant role in such loss, then the policy: a.will provide coverage, because of the dominant role played by the covered peril. b.will not […]

1) under the securities act of 1933, the registration of securities which are offered to the public in interstate commerce is: a.directed toward minimizing investor exposure to financially risky securities. b.not required unless the issuer is a corporation. c.mandatory unless […]

1) one of the elements that must be demonstrated before a challenged tying agreement will be held to violate section 1 of the sherman act is that: a.the seller commands 10 percent of market in the tied product category. b.the […]

1) much of the information contained in a typical monthly credit card statement sent to a consumer is compulsorily required by the truth in lending act. 2) the secured party whose interest in fixtures is perfected will have priority where […]

1) the reduced sales of martha stewart branded goods at k-mart after she was accused of insider trading is an example of the strength of the profit maximization theory. 2) in order to be valid, a holographic will must be […]

1) bettina knows that she is going bankrupt. one month before the filing of her voluntary petition, bettina sells a painting worth $50,000 to her brother for $100. this is legal under chapter 7. however, if bettina had simply given […]

1) an agency coupled with an interest cannot be terminated by the principals revocation of the agency. 2) social security basically is a social compromise. answer: false workers compensation basically is a social compromise. the strict liability condition and elimination […]

1) firms that acquire monopoly power in a given market comply with the antitrust laws objective of promoting competitive market structures. 2) a corporations sale of substantially all of the assets of the business must be approved by its shareholders. […]

1) only when the promoter is liable on the preincorporation contract is the other party liable on the contract. 2) united states-based firms that engage in international business activities must remember that they could be subject to antitrust complaints in […]

1) promoters are personally liable on a preincorporation contract but are released from liability when the corporation adopts the contract. 2) if a landlord has a lien towards the tenant, the landlord can remove or hold the property of the […]

1) edna boyle contracts with the melonville times to advertise her garage sale to be held this saturday. the ad is to run in the friday and saturday morning edition. if the ad does not run on time, the melonville […]

1) a transferor of a negotiable instrument for consideration warrants to his transferee that the negotiable instrument has not been altered. 2) the partnership rules of dissociation and dissolution apply to joint ventures. answer: true the partnership rules of dissociation […]

1) an agreement can be illegal even if no statute specifically states that such an agreement is illegal. 2) a typed or rubber stamped signature is sufficient if it is put on the instrument to validate it. answer: true a […]

1) if there is no time specified in contract by the parties, then it is presumed that performance shall be completed whenever possible. 2) separation of power issues seldom arise with regard to administrative agencies because agencies owe their existence […]

1) for federal district court diversity jurisdiction to exist, the amount in controversy must exceed $500,000. 2) a partnership and its partners are usually liable for a partners intentional torts. answer: false while a partnership and its partners are usually […]

1) article 9 of uniform commercial code deals with provisions regarding security interests involved in a personal property. 2) in a clayton act section 7-based challenge to a merger, the courts adoption of a broad relevant market definition will usually […]

1) unless the articles of incorporation state otherwise, directors cannot be removed with or without cause. 2) property can be transferred by a will, if it is validly executed. answer: true if a valid will exists, property can be transferred […]

1) an agreement that violates legislative and court-made rules and creates threat to public policy shall be denied enforcement on the ground of illegality. 2) when a person owes an unconditional duty to another, then he/she must perform it unless […]

1) a drawer can claim alteration as a reason for not charging a particular check to his account, even if the drawer has contributed to the alteration in some way. 2) unforeseeable acts are held to be an intervening cause. […]

1) if the offeree accepts the offerors terms while complaining about them, it is called a grumbling acceptance. 2) watered shares are shares issued for consideration that has been overvalued impermissibly by the board of directors. answer: true watered shares […]

1) if no agreement is made regarding the place of delivery, then the goods are to be delivered at the sellers place of business. 2) article 2 of the ucc has no parol evidence rule. answer: false the parol evidence […]

1) pratt, owner of an appliance store, has a garage sale at his home where he sells old furniture and books. he sells a set of books to his neighbor, stacey. pratt is considered a merchant under article 2 of […]