Quiz Preview 5; Business - Business Law

An agency agreement may arise with a buyer by all of the following except:

If the report were to be part of a registration statement filed with the SEC and Ray were to take Ms. Gladdis' word on whether or not Onyx had the assets in question, he would not be doing what requirement under Section 11 of the Securities Act of 1933?

3

The Federal Highway Administration uses notice-and-comment rulemaking. This process begins with

4

The Truth-in-Lending Act allows a creditor to avoid liability for improper disclosure if the violation is corrected within fifteen days from the time it is discovered by the creditor and before the consumer gives written notification of the error

5

What does the term respondeat superior mean?

6

The doctrine under which employers are liable for torts committed by employees while they are acting within the scope of their employment is___________.

7

To avoid liability for intentional injuries, Northwest Power Corporation includes in its contracts an exculpatory clause. This is

8

Under Regulation A, as amended in 1992, issuers may use a simple question-and-answer disclosure document

9

The Cadbury report, established by Sir Adrian Cadbury in 1992 to address financial aspects of corporate governance, argued for a guideline of "comply or else," which required companies to abide by a set of operating standards or face stiff financial penalties.

10

What must a creditor, who has taken security from a debtor, do to ensure being repaid before (have priority over) any other creditors?

11

Under the UCC, if a party modifies a proposed sales contract, new consideration must be provided for the change for a contract to be formed

12

Darla offers to pay Edward $6,000 for Edward's car, provided that Darla receives that much from her uncle's estate, which is currently being probated. She expects to know for sure how much she will receive within a week or so. In this case:

13

Deana, a light-complexioned African-American, is the manager of the cosmetics department at a large retail store. She does not promote Indigo, a brown-complexioned African-American who is otherwise eligible for the promotion, because she believes that customers prefer lighter-skinned cosmetic consultants. Thus, Indigo:

14

A statute of repose places outer time limits on product liability actions

15

Which of the following is a correct statement regarding financing of the LLC?

16

Of the following, the item most likely to be considered a necessary, thus obligating a minor to become liable for payment, is

17

If a victim of assault does not want the abuser arrested but the prosecutor brings charges anyway since the assault violated criminal laws, the reason for the prosecutor's actions is:

18

Safety Supply Corporation in New York sells a truckload of protective suits, masks, and other safety gear to Toxic Recovery, Inc, in Connecticut, "F.O.B. New York." Safety Supply arranges with US Truckline to transport the goods. The cost of the transport will be paid by A)Safety Supply

19

Sales & Revenue, Inc, discovers that defamatory statements about its policies and products are being posted in an online forum. TransWeb Inc, the Internet service provider whose users are posting the messages, refuses to disclose the identity of the person or persons responsible. Sales & Revenue files a suit against the anonymous users. The plaintiff can obtain from TransWeb the identity of the

20

A statutory privilege granted by a nation to inventors for a fixed period of years to exclude all others from manufacturing, using, or selling a product without permission from the inventor is a:

21

If a contract is required to be in writing under the Statute of Frauds but is not, the contract is ________.

22

Homemade Soup Co has advertised their soup in certain magazines using photographs showing bowls of their soup but with pebbles at the bottom of the bowl. The pebbles were used to displace the soup in the bowl, forcing the vegetables and meat to the

23

Agency requests regarding recordkeeping and reporting are not subject to federal or

24

In equal protection cases involving economic regulation, the courts use the rational relationship test

25

When Hester's car breaks down, she asks Insta-Tow, Inc, to tow it to Jerry's Repair Shop. There is no discussion of a price, and Hester and Insta-Tow do not sign any documents. Later, Insta-Tow sends Hester a bill. With respect to Hester's obligation to pay the bill, this is

26

Intrepid Creations is a product design institute which provides educational courses in package design. It manages to acquire the right to use simulation software from Marco Software for a payment of $2,000 a year

27

Contract law in all countries require that there be mutual assent in the establishment of a contract between the parties

28

Merchants must issue a refund within a specified period of time when a consumer cancels an order

29

A written order drawn on a bank by a depositor that requests the bank to pay, on demand and unconditionally, a definite sum of money to the bearer of the instrument or to the order of a specified person is called a:

30

Smith & Jones, Accountants, agrees to perform an audit for Brick & Mortar Stores, Inc Whether or not this agreement meets all of the requirements of a contract, the parties are likely to follow the rules of contract law because they A) want to avoid potential disputes

31

The legislature may probe agency officials to determine why they acted as they did

32

Under Check 21, the maximum time that a bank can hold funds from deposited checks before making them available to the depositor will increase.

33

Payment of taxes by the title holder precludes adverse possession

34

Bok buys an espresso machine from Coffee Gadgets, which bills him for $100. He writes out a check drawn on Dios Bank, but later, believing that the machine is defective, issues a stop-payment order. Dios

35

Remaindermen are never permitted to sue a life tenant.

36

Quint, an employee of Reservations Inc pays Sienna, an employee of Reservations' competitor Travel Inc, for a secret Travel pricing schedule. This is most likely

37

The unauthorized use of a computer belonging to someone else is: A) a crime in all states

38

Fraud in the inducement is a real defense against holders in due course.

39

Contract laws in socialist countries tend to be: I. Detailed, mechanical, and cumbersome. II. Enforced by private companies operating on behalf of the state. Which of the following is correct?

40

When Article 2 is silent on an issue of sales contract formation or interpretation and there is no state statutory law in place on that matter, which law applies?

41

Which of the following statements could most likely create an express warranty?

42

Most advertisements in the mass media are not offers because they

43

Administrative law judges are responsible for the initial conduct of hearings in unfair labor practice cases.

44

What is a tax on the retail sale of tangible personal property in California called?

45

A postdated check is

46

Undue influence is the taking of unfair advantage of a person by reason of a dominant position based upon a confidential relationship

47

In the Goldman Abacus deal, who determined what mortgages went into the investment pool?

48

Gross inadequacy of consideration is, by itself, a sufficient reason to set aside a contract.

49

A(n) ________ occurs when tenants transfer their entire interest in property for the remaining term of a lease.

50

One dollar is a common amount for nominal damages.

51

As the result of a seller's breach, a buyer may ask for incidental damages. Incidental damages include costs incurred in:

52

The_________strengthened and expanded the ability of federal intelligence and law enforcement agencies to conduct warrantless searches related to terrorism

53

________ professionals must help ensure that ethics is a top organizational priority.

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Quiz Preview 5; Business - Business Law

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