Quiz Facts 7' Business - Business Law

Recording of a deed is necessary to pass title from the grantor to the grantee

Coast-to-Coast Distribution, Inc, is a national trucking company. Like most corporations, Coast-to-Coast's employees include its A) board of directors

3

Property that has been discarded by the true owner, who has no intention of reclaiming title to it, is abandoned property

4

Intentionally causing another to reasonably believe that he or she is about to be the victim of a battery is a(n) ________.

5

In the case in the text, Clark's Sale and Service, Inc. v. Smith, why did the court refuse to enforce the restrictive covenant?

6

Which of the following is an amendment to the Civil Rights Act of 1964:

7

A completely handwritten will is valid only if witnessed

8

If the procedures for incorporation are not followed precisely, others may be able to challenge the existence of the corporation.

9

Colorado is a lien theory state. This means:

10

In which of the following situations would res ipsa loquitur likely apply?

11

A disclaimer of the implied warranty of merchantability must be in writing to be enforceable.

12

A person being on another's property without consent is the tort of ________.

13

An option contract:

14

Explain the Clean Air Act's approach for dealing with air pollution, including the role of the states.

The Environmental Protection Agency (EPA) is required to set national ambient air quality standards for the major pollutants that have an adverse impact on human health. The ambient air quality standards are to be set at two levels: 1) primary standards, which are designed to protect the public's health from harm, and 2) secondary standards, which are designed to protect vegetation, materials, climate, visibility, and economic values. Each state is required to develop-and obtain EPA approval for-a state implementation plan for meeting the national ambient air quality standards. This necessitates an inventory of the various sources of air pollution and their contribution to the total air pollution in the air quality region. The major emitters of pollutants are then required to reduce their emissions to a level that ensures that overall air quality will meet the national standards.

15

The effect of a conditional indorsement on the back of an instrument is the same as the effect of conditional language that appears on its face.

16

Sydney has inherited her grandmother's estate worth approximately $4.5 million. She is worried about paying taxes on the estate and the inheritance. How will these taxes affect her new estate and inheritance?

17

What role has eminent domain played in the real estate market collapse that began in 2008?

18

Explain a creditor's three potential courses of action upon default.

19

________ include environmental laws, securities laws, and antitrust laws that provide for criminal violations and penalties.

20

The value of privacy to civilized society is as great as the value of hypernorms to civilized existence.

21

Carlos Kraushar was an enterprising junior at River City College. He entered into a contract with several farmers, whereby he would take delivery of truckloads of tomatoes, without purchasing them, and attempt to sell the tomatoes in bulk to roadside produce merchants for the benefit of the farmers. If he made a sale, it was on credit and payments were made to the individual farmers. If any roadside vendor failed to make a payment, Carlos made good on the loss and paid the farmer. He would return unsold tomatoes to the farmers and they would in turn sell them for hog feed. The farmers paid Carlos 25% of all the payments they received from the produce merchants. What terms best describe Carlos?

22

According to Robert Putnam, which of the following is true of the growing gap in opportunities among socioeconomic classes of American children?

23

If a seller discovers a buyer is insolvent, the seller must continue to ship contracted-for goods to the buyer until the bankruptcy court issues a formal declaration of insolvency.

24

Dane is a director of Eco Packing Company. Dane's rights, as a director, do not include a right to

25

The primary market consists of securities sales in public markets, while the secondary market consists of security sales in private placements.

26

When does an auditor submit a disclaimer of opinion? What is the significance of an auditor's opinion?

27

Does the employer have a right to a setoff against this employee for the money paid to her by the employer?

28

Which of the following is not a factor that a trial court may find helpful when balancing a product's utility against the risk the product creates, as set forth in the text from the Sperry-New Holland v. Prestage case?

29

Some provisions of U.S. bribery laws are directed toward accountants

30

________ refers to the bargained-for legal value that one party agrees to pay or provide to secure the promise of another.

31

An auditor who determines a company is materially misstating certain items on its financial statements should issue

32

Independent regulatory agencies are not subject to the authority of the president.

33

When buyers or lessees want to accept nonconforming goods and then seek monetary damages, which of the following is true?

in Business

A. Buyers may do so in order to receive the benefit of the bargain so long as reasonable notice of the defect is given, but lessees may not.
B. Buyers and lessees may do so only if the seller/lessor agrees to the retention of the nonconforming goods and does not request their return.
C. Lessors may do so in order to receive the benefit of the bargain so long as reasonable notice of the defect is given, but sellers may not.
D. Buyers and lessees are allowed to do so in order to receive the benefit of the bargain, and there is no requirement that they give the seller/lessor prior notice of the defect.
E. Buyers and lessees are allowed to do so in order to receive the benefit of the bargain, but they must give the seller/lessor reasonable notice of the defect.

34

Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. What kind of closing technique is Jim using?

35

KO Marketing Company, a U.S. firm, signs a contract with Librador Corporacion, a Chilean firm, to give Librador the right to use Innovative's animation techniques and characters in product promotions. This is

36

Which of the following is an issue with consumers being forced to give up their right to a trial and being coerced into an alternative dispute resolution forum?

37

Under the Family and Medical Leave Act, who is considered an eligible employee?

38

State law governs the procedures that must be followed to create a mechanic's lien.

39

Qin applies for a job at Rocket Science Inc. He passes a test to determine which applicants are eligible for hiring, but Rocket discards the results, and Qin is rejected. To support a claim for discrimination against the employer under Title VII of the Civil Rights Act, Qin must be a member of

40

Professor Jones accuses Rachel, a senior at a large state university, of cheating on an exam. The Professor claims that Rachel must prove to him that she did not cheat. If she fails to convince him, she will be expelled from college. Rachel is being denied her due process rights.

41

Morgan sued Rachel over a motor vehicle accident, but they settled the case prior to the trial for $1,000. The lawsuit is now ________.

42

What is the reasonable person standard? How is it applied to each of the following types of people? a.Childrenb.Persons with physical disabilitiesc.Persons who are mentally retardedd.Professional people with advanced degrees and training, such as doctors, lawyers, and accountantse.Persons acting in emergency situationsf.Persons who violate statutory duties

The "reasonable person" is a fictitious individual who is always careful and prudent and never negligent. The reasonable person is a standard of conduct which is external and objective.

a.	Children must conform to the standard of a reasonable person of like age, intelligence, and experience under like circumstances.
b.	The standard is that of a reasonable person under like disability.
c.	A mentally retarded person is held to the standard of conduct of a reasonable person who is NOT mentally deficient.
d.	Persons who practice a profession are held to the same care and skill normally possessed by members of their profession
e.	Emergencies are taken into consideration.
f.	If the statute is found to be applicable, the majority of courts hold that an unexcused violation is negligence per se; that is, it is conclusive on the issue of negligent conduct.

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Quiz Facts 7' Business - Business Law

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