Business - Business Law; Pre Quiz 9

1

Susan Hewitt is eating a bowl of cream of broccoli soup in a bistro when she notices a portion of a caterpillar on her spoon. Susan's best basis for recovery is:

2

A bank is required to honor all checks written by a depositor, even when there are insufficient funds in the depositor's account

3

Deontologists would agree that the increasing medical concern over obesity in the United States justifies federal regulation of high fat, high sugar, low nutrition food advertising during children's television programs

4

Interest arbitration is common in the public sector, where employees are generally prohibited from:

5

Discrimination is prohibited whether it is intentional, called disparate_________, or unintentional, called disparate

6

Anthony offers to sell a computer to Salvador for $900 if Salvador replies by e-mail only, sent no later than noon on Saturday. On Saturday, Salvador is unable to access his e-mail, so he mails an acceptance at the post office before noon. Which of the following is true of the situation?

7

The Constitution divides governmental power between the federal and state governments.

8

In a partnership, each partner has limited personal liability to partnership creditors.

9

Shelly, aged 15, sells a car to Fiona, aged 25. Fiona in turn sells the car to Raphael. Under section 2-403 of the Uniform Commercial Code, if Shelly chooses to disaffirm the contract with Fiona:

10

Various agencies that have great impact on world business operate under the United Nations. Name these organizations and describe the purpose of each.

11

Common law systems are based on the concept of ________ or "stare decisis."

12

Private placement offerings are most common for large security issues sold to institutional investors

13

Equitable remedies result in money awards to the plaintiff

14

An assignment must always be in writing

15

A person found guilty of a crime in a trial court may challenge this guilty verdict by asking a higher court to review the case to find legal reasons why the initial conviction should not stand

16

Performance that provides a party with the essential benefits of a contract, in spite of any deviation from the terms, is substantial performance.

17

What are altered checks? What are the actions that a bank can take when it encounters a case of check alteration?

Sometimes a check is altered before it is presented for payment. This is an unauthorized change in the check that modifies the legal obligation of a party. The payer bank can dishonor an altered check if it discovers the alteration. If the payer bank pays the altered check, it can charge the drawer's account for the original tenor of the check but not the altered amount.
If the payer bank has paid the altered amount, it can recover the difference between the altered amount and the original tenor from the party who presented the altered check for payment. This is because the presenter of the check for payment and each prior transferor warrant that the check has not been altered. This is called the presentment warranty. If there has been an alteration, each party in the chain of collection can recover from the preceding transferor based on a breach of this warranty. The ultimate loss usually falls on the party that first paid the altered check because that party was in the best position to identify the alteration. The forger is liable for the difference between the original tenor and the altered amount—if he or she can be found and is not judgment proof.

18

In a mixed contract involving both goods and services, Article 2 of the UCC will govern if the predominant purpose is the sale of goods.

19

Federal jurisdiction law has its origins in the:

20

______ is the moral standard of right and wrong behavior.

21

A property is bought based on fraudulent statements by the listing broker. The sales contract is most likely:

22

________ is the change in the attitudes or values of convicted offenders so that they are not inclined to commit future offenses.

23

Authentication of a security agreement may occur by the debtor's encrypting a record in part, with the present intent of the authenticating party's accepting the record

24

Bob buys a Club Fitness, Inc., franchise, which the franchisor later terminates. In determining whether the termination was proper, a court will generally

25

With an installment contract, if a buyer or lessee accepts a nonconforming installment, the contract is breached.

26

A government action interfering with a fundamental right will be judged using A)strict scrutiny

27

Cindy is not as tall as her sister Amy.

28

The ________ focuses on cleaning up past disposal sites threatening public heath and the environment.

29

Abby borrows money from Cain Bank and Baker cosigns on the loan contract. Abby fails to repay this loan and Cain Bank collects the debt from Baker. Baker is entitled to recover the amount he paid to the bank from Abby. This is known as the:

30

A ______ is an agreementbetween an ownerof property and another in whichthe owner of the property gives theother person the right to use theproperty for a set period of time

31

A party to whom a tenant transfers all his or her rights under a lease is known as a(n) ________

32

An option contract is created when an offeror promises to hold an offer open for a specified period of time in return for a payment given by the offeree

33

Shareholders who solicit proxies need not comply with Section 14 of the 1934 Act

34

To use a company's resources for a project that does not contribute to maximizing profits is sometimes acceptable and even sometimes required under the economic model of corporate social responsibility.

35

Procedural law consists of all laws that outline the methods of enforcing rights

36

Which of the following is NOT generally part of the procedure a creditor must follow before attaching?

37

Which of the following is correct?

38

Great Video Corporation sells high-definition televisions. Under most circumstances, Great Video will be presumed to have warranted that its title to the TVs is

39

A homeowner is liable for negligence per se if he or she fails to repair a damaged sidewalk in front of his or her home and a pedestrian who trips on the unrepaired sidewalk is injured

40

The common law system is used in most of Europe, Scotland, and Latin America

41

The firm for which you have worked for 6 years has filed for Chapter 11 bankruptcy. What this means to you is:

42

A forged signature on a check has no legal effect as the signature of a drawer

43

The Uniform Probate Code has been adopted in all states

44

The foreign food test is used to find breaches in the implied warranty of fitness for human consumption

45

Discuss endangerment of workers as a crime.

46

Wild Rides Park owes both RollercoasterRepair, Inc and Hot Dog Harry money. RollercoasterRepair orally agrees to assume Wild Rides's debt to Hot Dog Harry to prevent Hot Dog Harry from filing suit against Wild Rides. This contract is enforceable by A) no party

47

Elle is a trustee for a federal bankruptcy court. Elle's duties include

48

Which of the following questions is a critical thinking step to legal reasoning?

49

What is not a correct statement concerning consumer protection legislation?

50

Article 2A of the UCC does not cover subleases of goods.

51

Starting in 1985, Helena drives across Giant Ranch to cut twenty miles off the trip from her land to the nearest public road. Giant Ranch does not object to this until Helena protests the environmental policies of Giant Ranch. Giant then fences off the path that Helena drives, and Helena protests this in a suit. Discuss the likely result of this case.

52

Al hires Bob to move his furniture to his new house. On the day of the move, Bob does not feel like moving furniture, so he asks his friend Chuck to move the furniture. Chuck decides to leave before completing the move in order to watch a football game on TV. Al has to delay his move and hire another mover at a higher price. Al wants to sue Bob to recover for his damages. Given these facts, Al will most likely:

53

In United States v. Colgate & Co. (1919), the Supreme Court:

54

Noah works as a salesman for a company that manufactures machines that make socks. As a salesman, he often has complaints about the seams of the socks being too thick. One day while looking at the machine, he realizes that if they attach a simple paper-clip shaped wire to the finishing part of the machine, it will eliminate the thick seam. Noah creates the wire and sells it the company. What type of protection should Noah register for?

55

Most states' statutes of frauds do not require land leases to be in writing unless they:

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Business - Business Law; Pre Quiz 9

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