Chapter 4; Business - Business Law

1

In a requirements contract, title and risk of loss pass to the buyer when the goods are tendered at their destination, and the shipper (e.g., in Boston) assumes ownership responsibility until then.

2

Doug takes a $500 check drawn by Gail to Gail's drawee bank to cash it. Gail has over $10,000 on deposit in her account. If her bank refuses to pay Doug:

3

What type of agreement is required in nearly all security interest transactions?

4

Sharon fell while making an inspection of a machine at work and in the fall, she broke her arm. Can she collect workers' compensation for the time she had to be away from work as she recovered?

5

The Bhopal disaster taught American corporations that they could insulate themselves from legal liability by having foreign control of the plant

6

Which of the following considers a properly dispatched acceptance sent by any reasonable means of communication within a reasonable time to be effective on dispatch?

7

Ben is a general partner in Cut-Rate Shipping, LLLP, a limited liability limited partnership, which cannot pay its debts. Ben is personally liable for the debts

8

Congress enacts the Ad Restriction Act (ARA) to limit advertising in certain circumstances. The ARA will be considered valid if it directly advances a substantial government interest A) and goes no further than necessary to achieve its purpose

9

What was the important ruling in Jones v. Mayer?

10

The Statute of ______ is a rule requiring that certain types of contracts be evidenced by awriting

11

Browse-wrap terms are often unenforceable.

12

A qualified indorsement protects subsequent indorsers from liability

13

True or False. The general power of states to regulate for the health, safety, and general welfare of the public is known as police power.

14

Which of the following holds true of revocation of acceptance by the buyer?

15

The primary goal of the North American Free Trade Agreement (NAFTA) was to A) allow Canada, the United States, and Mexico to compete as a common economic entity against other countries in the world

16

Classical Hindu law rests heavily on civil codes adopted during the reigns of different kings

17

A court can imply details of a performance which are not expressly stated in a contract

18

Which of the following describes the term "passage of risk"?

19

An "improvement" to real property necessarily increases the market value of the real property

20

Postdating a check changes the check from a demand draft to a time draft

21

Although an independent contractor has some independence from the direct control of his employer, his or her duties may still require he or she act as an agent

22

If a business says it is a corporation, and a third party deals with it as a corporation, neither party can question the validity of the business's status

23

Ethical lapses involve gradual decision processes

24

In a federal form of government, the national government does not share sovereign power with the states

25

Indorsers are obligated to make the payment only when the:

26

An indorsement is the signature of the

27

________ is a rule that limits the liability of an accountant or other securities professional to his or her personal degree of fault.

28

Ira is deeply involved in the management of a certain business. If Ira dies, the business entity would be considered legally dissolved as a result of Ira's death if:

29

A(n) ________ contract is only valid once the offeree performs the requested act.

30

The South Carolina Supreme Court decides the case of Toy Co. v. Umbrella Corp. The court issues an opinion that does not indicate which justice authored it. This opinion is

31

Which of the following is a true statement regarding employer compliance with the Immigration Reform and Control Act?

32

What was the result in the case of U.S. v. Park, the case in which the defendant, the president of a national food-chain corporation, claimed he should not be held liable for allowing food in a warehouse to be exposed to rodent contamination because he had delegated responsibility to subordinates?

33

Nico is a passenger in a car driven by Owen, whose negligence causes an accident, injuring himself. Nico, uninjured, accompanies Owen to Parkside Hospital in an ambulance. The ambulance is hit by a car driven by Quin, injuring Nico. Nico files a suit against Owen, whose best defense is

34

XYZ Development Inc. leases commercial space to businesses. Most of the leases are longer-term from five to fifteen years in length and have fixed rents. XYZ contracts contain a clause in which both parties agree to annual adjustments of rent based on tax increases and other operating costs. If the previous year did not see more than a five percent increase in these costs, there is no change in the rent. What is the clause?

35

Farley, an accountant, intentionally misstates a material fact to mislead Global Industries, Inc, a client. Global justifiably relies on the misstatement to its detriment. Farley is most likely liable for A) fraud

36

An indorsement stating "Pay Paula Hobson only":

37

Unless otherwise expressly stated, an auction is considered an auction without reserve.

38

Identify the statement which accurately represents the functions of the International Labor Organization (ILO). A) The International Labor Organization (ILO) is a branch of the World Bank

39

To satisfy the Statute of Frauds under UCC Article 2 there must be:

40

An instrument that promises to pay "in gold" can be negotiable.

41

Hoppy, who works as an employee for Integrated Systems Corporation, suffers an injury in an accident. Hoppy will be compensated under state workers' compensation laws

42

Courts generally do not grant specific performance of contracts for sales of unique goods.

43

A pastor or priest has the right to petition the court to stop life support for a parishioner

44

A tort is: A) an agreement that both an employee and an employer are free to terminate the relationship at any time and for any legally permissible reason. B) an employee who reports employer wrongdoing

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Chapter 4; Business - Business Law

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