Business - Business Law: Pace 1 Quiz

An individual's repayment plan under Chapter 13 can be initiated only by the debtor's filing of a voluntary petition.

Kyla hires a contractor to remodel her home. She does not agree to a lien or sign any documentation giving the contractor a lien. He claims a lien on the house anyway. What type of lien does he have?

3

Gaggle, Inc., and Chirp Chirp, Inc., have their dispute resolved in arbitration. The arbitrator makes an erroneous finding of fact. This is a ground for a court to set aside the award.

4

Self-help repossession of collateral upon a buyer's default is contrary to public policy and is never allowed

5

To which of the following situations does the principle of stare decisis apply?

6

What 1969 act created the Environmental Protection Agency (EPA) and the Council for Environmental Quality giving them a mandate to establish environmental standards for land use planning?

7

Regarding priority claims:

8

An employer directs his vice-president of marketing to fix prices with their company's competitors. The employee does so. Under these facts:

9

The Uniform Commercial Code is different from the common law statute of frauds rule, as it:

10

Konua is a teacher and therefore cannot be held liable for copyright infringement under the Fair Use Doctrine for the copies he makes for use in his science class.

11

Super Discount Store sells goods to consumers and businesses in several states in the Midwest. Most of the goods are sold on credit. Super Discount often takes a security interest with the goods as collateral. The state in which a financing statement should be filed depends on the location of

12

In Lightle v. Real Estate Commission, involving a real estate agent in a dispute over a house sale, the Alaska high court held that the claim of fraudulent misrepresentation against Lightle was justified because:

13

Answer the following: a. What are the two types of fraud and what is the effect of each on the contract involved? b. Give an example of each type of fraud. c. What elements need to be proved to establish each type of fraud?

a. Fraud in the execution is a misrepresentation that deceives the other party as to the nature of the contract. It renders a transaction void. Fraud in the inducement is an intentional misrepresentation of a material fact by one party to another, who consents to enter into a contract in justifiable reliance on the misrepresentation. It renders the contract voidable by the defrauded party.
b. Melody delivers a package to Ray, requests Ray to sign a receipt for it, holds out a simple printed form headed "Receipt," and indicates the line on which Ray is to sign. This line appears to Ray to be the bottom line of the form, but instead it is the bottom line of a promissory note cleverly concealed underneath the receipt. Ray signs where directed without knowing that he is signing a note. This is fraud in the execution. Alice, in offering to sell her dog to Bob, tells Bob that the dog won first prize in its class in the recent national dog show. In fact, the dog had not even been entered in the show. This statement induces Bob to accept the offer and pay a high price for the dog. There is a contract, but it is voidable by Bob because Alice's fraud induced his assent.
c. Fraud in the inducement requires proof of a false representation of a fact that is material and made with knowledge of its falsity and the intention to deceive and that was justifiably relied on. Fraud in the execution requires a misrepresentation that defrauds a person as to the nature of the contract so that he is unaware of entering into it.

14

Which of the following is an example of a successful descriptive trademark?

15

Who of the following people from Enron are still living as of 2010?

16

Bud is unable to obtain a loan without some form of additional reassurances. Bud comes to you for assistance. You are willing to help Bud, but you wish to protect yourself from liability as much as possible. Would you prefer a surety or a guaranty? The

17

Which of the following involves settling accounts and liquidating assets of a partnership for the purpose of making distributions and ending the partnership?

18

Which statement is correct regarding CIF agreements?

19

GBH, an accounting firm, was hired to prepare financial statements for E-treme. GBH

20

Each state permits a debtor to retain the family home, in its entirety or in part, free from the claims of unsecured creditors.

21

Global Project, a U.S. firm, owns property in Hong Kong. The government of China seizes the property. The firm claims that this is confiscation. The government claims that it is expropriation. The difference concerns

22

"Pay to the order of Jose Dejesus" is a special indorsement

23

The Racketeer Influenced and Corrupt Organization Act was originally enacted to help fight government corruption

24

Statutory law is the law made by the legislative branch of government

25

Union Bank lent $200,000 to Wagner. Union required Wagner to obtain a life insurance policy naming Union as beneficiary. While the loan was outstanding, Wagner stopped paying the premiums on the policy. Union paid the premiums, adding the amounts paid to Wagner's loan. Wagner died, and the insurance company refused to pay the policy proceeds to Union. Union may:

26

The social contract theory concerns itself with how to construct a just society given ________.

27

Many states have their own laws that protect employees against discrimination, but none provide more protection to employees than federal laws.

28

Which of the following is true about strict product liability?

29

The law considers all new, single-owner businesses to be sole proprietorships unless the owner affirmatively adopts some other form

30

Natural law, unlike other rules, does not change

31

Two very different legal concepts are related to need for or treatment of written contracts. Those rules are_________and_________

32

Decisions of state courts of appeals are published in volumes known as "reports."

33

Under the UCC, if a purported acceptance to an offer contains additional terms:

34

In K.C. Roofing Center v. On Top Roofing, the courts held that the owners of a corporation were not liable for the debts of the business entity

35

In Lujan v. Defenders of Wildlife, where foreign aid decisions of the U.S. government were challenged as a violation of the Endangered Species Act, because the Nile crocodile in Egypt could be harmed, the Supreme Court held:

36

According to Norman Bowie, the "moral minimum" that we expect of every person-either acting as individuals or within corporate institutions-is:

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Business - Business Law: Pace 1 Quiz

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