Archives: Quiz

1) the probate process involves collecting the decedents property, paying off debts, and distributing the remaining property to those who will inherit it under his will. 2) a disclaimer of the implied warranty of merchantability must be in writing to […]

1) if grant promises to sell his regular season football tickets to carson on condition that indiana university wins the rose bowl, indianas winning the rose bowl is an express condition of grants duty to sell the tickets. 2) the […]

1) in order to prevent debtors from misusing the provisions of the bankruptcy code, the scope of dismissal of a bankruptcy petition has been widened to a broader interpretation of abuse, and not just restricted to substantial abuse. 2) a […]

1) strictly speaking, a contract has nothing to do with the personal intent of the parties. 2) transfer of title deeds is a function wherein silence signals acceptance of the offer. Answer: false only areas like customary trade practice or […]

1) a mining partners interest is not freely transferable. 2) a states courts may exercise jurisdiction over a foreign corporation that has contacts in the state. Answer: true the due process clause requires that a foreign corporation have sufficient contacts […]

1) there is usually no liability of injurious falsehood for false statements that are made negligently and in good faith. 2) under tariff rules, a common carrier may limit her liability to a shippers declaration of value, provided that the […]

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 […]

1) the charging order creditor is a lien creditor and is entitled to receive only the partners share of the partnership distributions. 2) one of the kinds of property that is exempt from bankruptcy under chapter 7s federal exemptions is […]

1) a right of first refusal on a share certificate allows the corporation to match the offer that a selling shareholder receives for his shares. 2) a bank may, but need not, pay any checks that are more than six […]

1) the total fairness test permits a shareholder to require the corporation to purchase his shares at a fair price. 2) in general, the ulpa does not grant partners much power to expel other partners from the partnership. Answer: true […]

1) one may also challenge a patents validity without first being sued for infringement by filing a declaratory judgment action that seeks a court ruling of invalidity. 2) john is a partner of aegon services, a limited liability partnership firm. […]

1) the insured is not entitled to recover under a property insurance policy if she had an insurable interest at the time the policy was purchased but did not have an insurable interest the time the loss occurred. 2) if […]

1) according to the magnuson-moss warranty act of 1975, a consumer is a buyer or transferee who either uses the product himself or sells it to another consumer. 2) under revised article 9, the ucc allows a security agreement to […]

1) corporations may be held criminally liable even in the absence of proof that high corporate officers ordered or acquiesced in the offense charged. 2) a claim in recoupment is a claim of the person obligated on the instrument against […]

1) article 2 of the ucc determines the rights of the seller, the buyer, and third parties irrespective of who has title at any given moment. 2) in a strict liability case, the plaintiff must prove that the defendant breached […]

1) if the debtor defaults on his agreement with the creditor, one of the creditors options is to repossess the collateral and then sell it. 2) the state of delaware has adopted business combination moratorium statutes to deter tender offers […]

1) when an offer is unclear about the form of acceptance it requires, ideally it must not be accepted. 2) minutes of the meetings are usually kept by the board of directors. Answer: false minutes of shareholders meetings are usually […]

1) the doctrine of standing to sue requires that, in order to be able to mount a civil suit, a plaintiff must have some direct and considerable stake in the outcome of the suit. 2) a patent granted on september […]

1) a revocation is effective at the time it is dispatched by the offeror. 2) professionals tort liability to their clients may be based only on the common law concepts of negligence and fraud. Answer: false professionals tort liability to […]

1) in some circumstances, article 3 allows a person to become a holder by negotiation, even though the transfer of possession is involuntary. 2) the executive branch of government exercises significant control over agency action through the office of management […]

1) a promissory note is a credit instrument. 2) any notice given to a partner is deemed to be a notice given to the partnership firm. Answer: true notice to a partner is considered to be received by the partnership. […]

1) constitutional procedural safeguards such as the exclusionary rule protect respondents of the administrative adjudication process. 2) a state law unconstitutionally burdens interstate commerce only when it violates a federal statute that was enacted under the commerce clause. Answer: false […]

1) when a tenant remains in possession of the property after the expiration of a lease, a tenancy at will occurs. 2) if the seller fails or refuses to deliver the goods called for in the contract, the buyer can […]

1) if a $100 replacement part for a piece of manufacturing equipment is sold to a manufacturing plant, the magnuson-moss act does not apply to the sale. 2) threats to institute legal actions cannot be considered improper threats that constitute […]

1) an implied warranty of habitability in the leased property makes the landlord the insurer of the tenants safety. 2) in a contract for adam to sell carrie a steam boiler, carries obligation to pay is conditioned upon her personal […]

1) the implied warranty of habitability requires landlords to maintain residential rental property in a statutorily defined, reasonably safe and healthy condition. 2) in a copyright infringement case, the successful plaintiff may recover either the damages sustained by the plaintiff […]

1) if a state law discriminates against interstate commerce, then the strictest scrutiny will be applied in determination of its constitutionality. 2) a novation is said to take place when continuing partners release a dissociated partner from liability but creditors […]

1) according to the u.s. constitution treaties made by the president with foreign governments and approved by two-thirds of the u.s. senate validate inconsistent state and federal laws. 2) chapter 12 is available only for family farmers and fishermen with […]

1) a drawer whose bank paid checks over a stop-payment order may not be entitled to have his account recredited, if he is unable to show he suffered any loss. 2) parol evidence can be used to contradict the terms […]

1) warranties do not apply without the indorsement of the transferor. 2) the only person with the legal power to accept an offer and create a contract is the original offeree. Answer: true the only person with the legal power […]

1) article 2 of the ucc mandates that the parties to a sales contract state in specific and unambiguous language the exact terms of the contract. otherwise, courts will declare the contract unenforceable. 2) ucc covers accord and satisfaction by […]

1) the primary corporate objective is to make money for the shareholders. 2) a drawee has no liability on a draft unless it certifies or accepts the draft. Answer: true a drawee has no liability on a check or other […]

1) real property includes land but does not include residential buildings and permanent structures. 2) under the doctrine of respondeat superior, a corporation is liable for an employees tort that is reasonably connected to the authorized conduct of the employee. […]

1) there is no tort liability for fraud or deceit where the defendant did not actively make a false statement, but instead merely failed to disclose something. 2) normally, a motion for summary judgment requires that a court decide both […]

1) the right of a lienholder to possess goods does not automatically give the lienholder the right to sell the goods or to claim ownership if his charges are not paid. 2) the ocean dumping ban act of 1987 set […]

1) section 11 of the 1933 act provides civil liabilities for damages when a 1933 act registration statement on its effective date misstates or omits a material fact. 2) a passive investor who believes she has invested in a corporation […]

1) a sole proprietorship is a legal entity separate from its owner. 2) to encourage people to cancel illegal contracts, courts will allow a person who rescinds such a contract before any illegal act has been performed to recover any […]

1) the only manner in which a request for prompt or current shipment of goods can be honored is by a prompt or current shipment of the goods to the buyer. 2) the general rule on the duration of a […]

1) the first amendment prohibits state regulation of deceptive commercial advertising. 2) a person cannot be a holder in due course of a negotiable instrument if, when she takes it, the instrument is irregular or some important or material term […]

1) debra allowed frank to stay in the guesthouse located at the rear of her property. debra and frank never discussed rental terms. it is very likely a tenancy at will has been created. 2) the buyer cannot recover any […]

1) the u.s. constitution recognizes the states power to make law in certain areas. 2) the agency relationship may be formed even if the parties do not subjectively intend to create it. Answer: true an agency may be present even […]

1) under the mbca, only directors of a corporation are entitled to mandatory indemnification rights. 2) the tort of malicious prosecution affords a remedy when the defendant mounted a wrongful and unjustifiable civil suit against the plaintiff. Answer: false wrongful […]

1) speaking generally, a quasi-contract applies where there has been foreseeable reliance on an express promise. 2) at common law, the risk of loss for shipped goods falls upon the person or party who had “technical title” at the time […]

1) the ends justify the means: this statement reflects the utilitarian ethical theory. 2) the seller is obligated to resell the goods in cases where the buyer refuses to accept goods that conform to the contract. Answer: false if the […]

1) when two or more business entities conspire to monopolize a relevant market, section 2 of the sherman act may be violated. 2) delta corporations board of directors is considering a resolution that may cause severe liability to the directors. […]

1) in some cases, both principal and agent sometimes are liable for an agents torts. 2) under the clean water act, the states have the main responsibility for regulating water pollution. Answer: true under the clean water act, the states […]

1) the toxic substances control act gives the epa the authority to regulate the production and use of agricultural chemicals such as insecticides. 2) the termination of an agency terminates the agents express authority, but not his implied authority. Answer: […]

1) chapter 13 bankruptcy petitions may be either voluntary or involuntary. 2) mei issues purchase order to june for goods which costs $ 25,000. june agrees to provide the same but she doesn’t sign the purchase order. mei can file […]

1) the basic recovery for copyright infringement is only the owners actual damages. 2) minor criminal cases and civil disputes are decided in the appellate courts. Answer: false minor criminal cases and civil disputes involving small amounts of money or […]

1) if a term is left open in a sale of goods contract, that open term or gap can be filled by inserting a presumption found in the uccs gap-filling rules. 2) a noncompetition clause is also known as a […]