Quiz Fall 7, Business - Business Law

The Code defines ____ as "honesty in fact in the conduct or transaction concerned."

Insider trading is:

Typically, state laws have disclosure requirements and antifraud provisions patterned after Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5.

4

To disaffirm a contract, a minor must act before reaching the age of majority

5

When licensees prepare a CMA for a seller, they must be careful not to refer to the CMA as which term?

6

The Resource Conservation and Recovery Act is enforced by the Environmental Protection Agency

7

Pilar is interested in buying a franchise from Quixotic Bike Corporation. Quixotic must disclose material facts that Pilar needs to make an informed decision concerning this purchase, according to

8

Kino sees a DVD player on the porch of Lulu's house, takes the player to his home, and tells everyone he owns it. Maya, holding a knife, forces Nick to give her his boom box, and runs away with it. Ollie breaks into Pam's apartment, takes a computer, and leaves. Quico sells Randi an expensive wristwatch for a fraction of its value, admitting that the watch is stolen property but claiming that he is not the thief. Which of these acts are crimes, and what are the differences among them?

Kino has wrongfully taken and carried away the personal property of another with the intent to permanently deprive the owner of such property. This is larceny. Maya has unlawfully and forcibly taken the personal property of another. This is robbery. Ollie has broken and entered a dwelling with the intent to commit a felony. This is burglary. The basic differences: burglary requires a breaking and entering of a building without the use of force against a person; robbery does not involve any breaking and entering, but force is required; and larceny is the taking of personal property without force and without breaking and entering a building. Generally, because force is used, robbery is considered the most serious of these crimes and carries the most severe penalties. Because larceny involves no force or threat to human life, it carries the least severe penalty of the three. Burglary, because it involves breaking and entering, frequently into people's homes, carries a lesser penalty than robbery but a greater penalty than larceny. Randi committed the crime of receiving stolen goods. She was aware that the watch was stolen property but she bought it anyway. That Quico knew the watch was stolen indicates he committed the same crime as Randi¾receiving stolen goods¾when he initially obtained the watch.

9

Susan, aged 16, owns a rare violin. Eric knows Susan is 16 and contracts with Susan that she will sell him the violin for $1,000 with delivery to take place when Susan is an adult. When Susan seeks to disaffirm this contract, Erin asserts that since delivery is to occur after Susan becomes an adult, she may not disaffirm. Analyze the case.

10

Which of the following reports the opinions of federal district courts?

11

Which of the following statements is true of the UN Global Compact?

12

The knowledge that a misrepresentation is false is known as:

13

Omni Corporation provides cell phones, laptops, and tablets for its employees to use "in the ordinary course of its business." Omni intercepts the employees' business communications made on these devices. This is A) a violation of the rights of Omni's employees

14

Dana is a member of Earthground Coffee, LLC, a limited liability company. Dana is liable for Earthground's debts

15

Martinez makes a contract with Bowers on behalf of a disclosed principal. If Bowers breaches the contract, ordinarily Martinez has no right of action against Bowers

16

Beth has just turned 17 years of age. She entered into a contract with ABC Corp. for the purchase of a used car, with full payment of $5,000 due in 30 days. This car is necessary for Beth to use as transportation to her job, which she needs in order to pay tuition at the university where she is a freshman. Beth's parents have refused to help her pay for college. Three days later, Beth changes her mind; she now wants to return the car because she has learned that it is worth only $4,000, which is in fact the reasonable value of this car. Assuming the car is legally classified as a "necessary" and Beth does not pay, and ABC Corp. sues, the outcome of this lawsuit will be that:

17

Chapter 7 bankruptcy is also known as

18

A statute of limitations sets a time period in which the plaintiff has to get a suit to trial

19

Because of the extra complexities in international sales, the CISG requires a formal written and signed contract

20

Unilateral investment treaties (UITs) obligate the host government to extend fair and nondiscriminatory treatment to investors from the other country

21

A fortuitous action of the sea or weather of sufficient force to overcome the strength of a seaworthy ship is:

22

Federal law provides a minimal framework to protect debtors from losing all their income in order to pay judgment debts.

23

What are the components of the environmental impact statement (EIS) and when are they required?

24

For an instrument to be negotiable, it must not contain an express promise or order to pay.

25

Merchants are required to warrant that the goods they sell or lease are fit for the particular purpose for which a buyer or lessee will use the goods.

26

Punitive damages are akin to fines imposed on convicted criminals and among the purposes of punitive damages are punishment and deterrence of civil wrongs

27

In many cases, the need for specialized expertise in a given area can usually come only from the industry being regulated

28

A prospectus is a detailed explanation of how a corporation is reinvesting its profits, and its purpose is to justify a decision to not pay a dividend.

29

Courts award the expectation interest more often than any other remedy

30

Labels on fresh meats are not required to indicate where the food originated

31

What function of the law is being served when passing laws that prohibit discrimination at workplaces?

32

The availability of ongoing technological advancements has made it easier to determine precisely where work ends and personal life begins.

33

The idea that courts should not be heavily involved in lawmaking, but rather should only rule in cases where the constitutionality is clear is known as

34

Federal and state constitutions:

35

Under a documentary collection, the banks are acting as the agent of the buyer for collection purposes

36

An agent has a duty to follow all clearly stated instructions of the principal, lawful or not.

37

When a contract is fully performed by one party, it is called a unilateral contract

38

An employer cannot classify jobs as male or female but can refuse to promote employees based on their gender.

39

The ________ version of corporate social responsibility (CSR) suggests that the long-term financial well-being of every firm is directly tied to questions of how the firm both affects and is affected by the natural environment.

40

As the trustee of a business trust, Bertoldi is required to A) distribute the trust's profits

41

What is an administrative agency? What powers does an administrative agency possess?

42

In June, 1988, John Simpson granted to his son, D. Bruce Simpson, the right to purchase various parcels of real property that were held initially by John's revocable trust and later by his wife's (Mildred Simpson) revocable trust. The 1988 option agreement provided that Bruce could exercise the option at any time on or before 20 years from the date of the agreement and contained the following

in Business

clause: "[i]n consideration for the mutual promises made in this agreement." When some of the properties were transferred to Mildred's trust in 1993, Bruce executed a waiver of the option only to facilitate the transfer of the properties for estate planning purposes, and Mildred executed a written agreement ratifying and incorporating John's 1988 option agreement. John died in 2002, and Mildred died in 2006. The properties were thereafter administered by John's and Mildred's trusts. In April 2008, Bruce exercised the option on several of the parcels. Bruce then died in March 2009. In April 2009, the personal representative of Bruce's estate completed the purchase of the properties. Chris, who is John's other surviving son, filed a petition challenging the validity of the 1988 option agreement because of a lack of consideration with the vague clause. Family members testified that the mutual promises were related to John staying in the area, caring for his parents, and running the family fruit farm because Chris had left home and did not want to run the business. John exercised the option:
A)After it had expired.
B)Within the 20-year time period.
C)Without the authority to do so.
D)Too late because his parents had died.

43

Once a federal judge is confirmed and sworn in, he or she may be removed only by death, retirement, or ________.

44

A(n) ________ grants the licensee exclusive rights to use information rights for a specified duration.

45

The courts have traditionally viewed it as their responsibility to sit in judgment of decisions made by corporate directors

46

Ted Nix purchased two acres of land from Sally Pine. Nix paid 15 percent at the closing and gave his note for the balance secured by a 30-year mortgage. Five years later, Nix found it increasingly difficult to make payments on the note and finally defaulted. Pine threatened to accelerate the loan and foreclose if Nix continued in default. Pine told Nix either to get the money or obtain an acceptable third party to assume the obligation. Nix offered the land to Quick Co. for $4,000 less than the equity Nix had in the property. This was acceptable to Pine and at the closing, Quick paid the arrearage, executed a new mortgage and note, and had title transferred to its name. Pine surrendered Nix's note and mortgage to him. The transaction in question is a(n):

47

James offers to sell four acres of land to Jennifer for $8,000 and further offers to keep the offer open for one month if Jennifer will pay him $100 for the privilege. Jennifer pays James $100 . Which statement describes the payment of $100?

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Quiz Fall 7, Business - Business Law

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