Quiz a lot 9; Business - Business Law

A partner is an agent of the partnership and of the other partners

In regard to cumulative voting, it is not guaranteed by RMBCA, but occurs only if the corporation's ________ provides for it.

3

In the cite "15 U.S.C. § 77," the 15 represents: A) page number

4

The World Trade Organization was created by the ________.

5

If domestic workers are damaged by foreign competition, they may be entitled to two (2 ) years of state unemployment benefits and federal trade adjustment assistance

6

The legal term for one party benefiting unfairly at the expense of another is unjust enrichment

7

A promoter is personally liable on contracts made by him in the name of the unformed corporation:

8

ApartmentsRUs, a property management firm, presents a standard-form lease for an apartment to Barnaby, a potential tenant. ApartmentsRUs does not pressure Barnaby to sign the lease, but offers it on a take-it-or-leave-it basis. Barnaby signs the lease, but later wants to withdraw from the contract. He is most likely to avoid enforcement of the lease on the ground of

9

An assignment of a negotiable instrument is generally prohibited.

10

Because each type of franchise relationship is similar, franchise contracts tend to be similar.

11

Even if it has been lawfully and properly declared, a stock dividend may be revoked unless it has been actually distributed

12

In negligence cases involving the accountant's work, which of the following is true regarding the use of working papers?

13

Which of the following is/are an express warranty(ies)?

14

Before passage of the 1938 Food, Drug, and Cosmetic Act, drugs were:

15

Kenny, aged 17 years, 11 months, buys a used car on credit. The contract also includes a service agreement obligating the seller to perform certain maintenance on the car for one year. Kenny makes five monthly payments in the five months after he turns 18. In addition, he has the seller service the car on four separate occasions. After making the fifth payment, Kenny announces that he wants to disaffirm, i.e., return the car and get back the full price. Can Kenny disaffirm?

16

A gift causa mortis is revoked:

17

How is arbitration preferable to litigation, and what are criticisms of arbitration as compared to litigation?

Arbitration is preferable to litigation for the following reasons:

(1) It is usually more efficient and less expensive.
(2) Parties have more control over the process of dispute resolution through arbitration.
(3) The parties can choose someone to serve as the arbitrator who has expertise in the specific subject matter.
(4) The arbitrator has greater flexibility in decision making than a judge has.
Criticisms are as follows:
(1) Arbitration panels are being used more frequently resulting in scheduling problems and increased expense.
(2) Because appealing an arbitration award is so difficult, injustice may occur.
(3) By giving up the right to litigate, parties may be losing important civil rights or giving up important remedies without really understanding what is being given up.
(4) As it becomes more popular, it will become more like litigation; and efficiency will start to erode.
(5) Because of the privacy involved, companies are able to hide their disputes.

18

The FCPA was passed in the United States in the 1970s largely because: A) the law was based on a draft law written by the United Nations

19

Four major drug companies got together and decided to set the prices they would all charge for Vitamin B and they also divided up sales territories and determined how much each company would

20

In the WTO, the most-favored nation principle allows:

21

In an insurance contract, the person buying the insurance is called the insured, and the insurance company is called the insurer

22

Section 8(d) states that making concessions or reaching an agreement is necessary to good faith bargaining

23

Which of the following statements is true about blue-sky laws?

24

A place of entry in a country that does not assess duties or tariffs on products is called:

25

The Clean Water Act regulates the temperature of water discharged into public waterways

26

John hired Tim to sell his house. Which statement is correct?

27

A court adjudicates Huck mentally incompetent and appoints Inez to be his guardian. Later, without Inez's knowledge, Huck signs a contract to sell his farm to Galen for its real market value. The contract is

28

Raquel is an agent for Occasion Photography, owned by Luke. Without disclosing her agency status, Raquel agrees by contract to take Ella's wedding photographs. When Luke finds out, he explains the agency relationship he has with Raquel to Ella and says that he wants to take the photographs because a lady he wants to ask out on a date is expected to be at the wedding. However, despite Luke's explanation, Ella still requests that Raquel take her wedding photographs. Which of the following is true regarding the rights of the parties?

29

Which of the following statements is false regarding the implied authority of partners?

30

Worker protection is one major public policy concern underlying U.S. business law

31

The Wagner Act allowed an individual employee in a unionized business to negotiate his or her own employment contract.

32

In Donahue v. Rodd Electrotype Co., Inc., the court's opinion stated:

33

The main objective of the Employee Retirement Income Security Act of 1974 (ERISA) is to:

34

As originally intended, the first ten amendments to the Constitution limited only the power of

35

When a buyer breaches a sales contract, the risk of loss remains with the seller to the extent of any deficiency in the buyer’s insurance coverage.

36

Troy is closing on his home on Tuesday. His brokerage represents the Good Home Insurance Company. He have not yet decided what company will be handling his homeowners insurance. Is he obligated to use Good Home due to its affiliation with the brokerage?

37

Experts who believe in deterrence say that the criminal process should be presented in a public way, so that the public will learn the difference between acceptable and unacceptable behavior.

38

Briefly discuss the liability of an LLC, its members, and its managers for contract obligations of an LLC.

39

________ is a situation in which an agent does something during the course of his or her employment to further his or her own interests rather than the principal's.

40

Estelle, who owns and operates a commercial dairy farm, obtains a policy from Farm & Ranch Insurance Company, which agrees to pay $500,000 to Gabe, Estelle's son and beneficiary, on her death. This is

41

Which of the following is true of Section 2(a) of the Clayton Act?

42

An operating agreement for an LLC can set out only the structure of the entity.

43

MicroManage is the fastest growing home-software producer in the country. In 2000, it sold 6% of all home software in the U.S., but in 2011, it sold 55% of all home software. A recent issue of Computer Universe said that MicroManage was "the most dominant and aggressive of all home-software developers." Home software is a small part of the entire software industry. In 2011, MicroManage proposed a

44

States have the primary responsibility for enforcing the permit system for point-source water pollution control.

45

________ is an antitrust principle which says that two or more persons can petition the executive, legislative, or judicial branch of the government or administrative agencies to enact laws or take other action without violating antitrust laws

46

Culture may be defined as learned norms of a society that are based on values, beliefs, and attitudes

47

What was the former Beech-Nut CEO's sentence?

48

Which ethical question is not relevant to the process of marketing a product?

49

The status of a trustee in a bankruptcy proceeding is best described as the: A) prosecutor of the debtor

50

What limits are imposed on administrative agencies by each of the following: (a) the courts; (b) Congress; and (c) the executive branch?

51

Kantian ethics can best be characterized by:

52

Did the Court find that the Treasury Department's interpretation is "based on a permissible construction of the statute "under Chevron's second step?

53

Directors and shareholders may vote by proxy.

54

When a bank properly dishonors a check for insufficient funds, it has no liability to the customer.

55

A vertical merger involves companies at different stages of the production process.

56

Which fund: The state made an operating transfer, using day-to-day operating fund to the fund that accumulates resources for payment of debt service on capital projects

57

Driving down the street you stupidly run a red light and hit a car legally going through a green light. You knock that car into a parked car, which knocks a loaded gun out of the parked car that falls on the street and fires a bullet that hits a person walking on the sidewalk. That person sues you in tort for damages. They will probably:

58

A seller who has a ________ has the power to pass good title to a good faith purchaser for value.

59

Anyone who hears about an offer can accept that offer.

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Quiz a lot 9; Business - Business Law

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