Pre Exam Quiz 1, Business - Business Law

The Fair Debt Collection Practices Act applies to:

Ordinarily, members of manager-managed LLCs have duties to the LLC and its members by reason of being members.

Maggie and Nate enter into a contract for the sale of car, but Nate later refuses to deliver the goods. Maggie asks a court to order Nate to perform as promised. Ordering a party to perform what was promised is

4

With reference to #37, what would Chevron be liable for?

5

The Supreme Court has noted that the Customs officials who assign tariff classes to imported goods must be given deference by the courts in how Customs interprets the law of tariffs

6

An instrument that reads, "Pay to the order of Jones and Green," establishes ________ payees.

7

________ have business contacts with the corporation.

8

Community property would include:

9

Which is true about an arbitration decision:

10

The Lanham Act protects against the deceptive use of trademarks but does not cover false advertising claims.

11

What is the essential element in determining who bears the risk of loss of goods?

12

In order to have a joint tenancy, you must have:

13

Explain Herman Daly's economic system model, also known as the sustainable model.

First, the sustainable model recognizes that the economy exists within a finite biosphere that encompasses a band around the earth that is little more than a few miles wide. From the first law of thermodynamics (the conservation of matter/energy), we recognize that neither matter nor energy can truly be "created," but can only be transferred from one form to another. Second, energy is lost at every stage of economic activity. Consistent with the second law of thermodynamics (entropy increased within a closed system), the amount of usable energy decreases over time. "Waste energy" is continuously leaving the economic system, and thus new low-entropy energy must constantly flow into the system. Third, this model no longer treats natural resources as an undifferentiated and unexplained factor of production emerging from households. Finally, it recognizes that wastes are produced at each stage of economic activity and these wastes are dumped back into the biosphere.

14

Which of the following statements is TRUE?

15

Amanda agrees to pay a county official $20,000 personally in exchange for his using public funds to build a public one-half-mile all-weather road into her farm, so that she can attract buyers for her farm. The county official takes the $20,000, but never builds the road. Discuss the enforceability of this agreement.

16

A commonly cited disadvantage of an LLC is that its members often risk personal liability if the business of the LLC fails

17

A residential sale is defined as the sale of improved residential property of ______ or fewer units, the sale of unimproved residential property intended for use as ______ or fewer units, and the sale of agricultural property of __ or fewer acres.

18

Under the doctrine of comparative negligence, only the plaintiff's negligence is taken into consideration.

19

Briefly discuss the differences between a quitclaim deed and a warranty deed.

A quitclaim deed transfers whatever interest a grantor has in real property, if any. It states that the grantor claims no interest in the property for which the deed is given. Quitclaim deeds are often used when transferring property to family members or divorcing spouses, or in other transactions between people well known to each other. Quitclaim deeds also are used to resolve questions of full title when a person has a possible, but unknown, interest in the property and for tax sales at public auction. Quitclaim deeds do not warrant good title. A warranty deed is one in which the grantor asserts that he or she has title and that the property is free of the claims of others. In the general warranty deed, the seller promises to warranty the entire chain of title to the buyer, that is, any prior problems with the title, not just problems that may have occurred during the seller's ownership of the property.

20

Jurisdiction refers to the right of a citizen to bring a case before a court.

21

The rule that usually prevails for interpreting documents that are submitted to a bank for payment under a letter of credit is commonly called the: A) good faith rule

22

Who are the different parties to a life insurance contract? How is a beneficiary determined for a life insurance?

23

Which of the following views supports the idea that when consumers use products in a manner that is careless, and then become injured, the responsibility is on the consumer, not the manufacturer?

24

What describes real estate and the bundle of rights associated with owning real estate?

25

Utility Power Company has the right to run its power lines across Velma's land. This is

26

Zero, Inc agreed to build Millie a storage building for $8,000 . After beginning the project, Zero realized that it could not complete the job and make a profit. Zero demanded $9,500 to complete the building. Millie agreed to pay the $9,500 . When the project was complete, Millie tendered $8,000 to Zero for the job. If Zero sues Millie for the remaining $1,500,

27

A professional's gross negligence in performing a duty constitutes actual fraud.

28

An inference of the existence of a general partnership is drawn in cases where profits are received in payment of wages owed to an employee

29

Canton has listed his house for sale but cannot be present to take care of the sale, as he needs to go out of town. He intends to give his brother Stratham the power of attorney to just make decisions regarding the selling of his house while he is gone. What kind of power of attorney should Canton execute?

30

The rights of a third party beneficiary under a contract vest if the third party materially changes his or her position in justifiable reliance on the promise

31

Governments must pay just compensation when exercising the right of eminent domain. Just compensation is usually the:

32

It is difficult to track the history of internal whistle-blowing because:

33

Does the Family and Medical Leave Act apply to professionals like CPAs?

34

Loraine wants to sue the Federal Aviation Administration because she thinks the local airport is too noisy and improperly operated. She has completed all administrative channels and reviews. Loraine should file her suit:

35

In most states, limited liability partnership law restricts the use of the limited liability

36

Colleen has decided that she no longer wants her sofa and puts it on the curb. Velma can pick up the couch and keep it because it is considered ________ property.

37

If the attorney is in a specialized practice, such as real estate, family law, or immigration law, it is the performance of other attorneys engaged in similar practice by which he or she will be judged.

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Pre Exam Quiz 1, Business - Business Law

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