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Quiz Review 1. Business - Business Law

1
The Truth in Lending Act (TILA) has provisions dealing with consumer credit advertising that prevents a creditor from "baiting" customers.
2
Ollie files a petition in bankruptcy. At the moment of filing
3
Ken decided to open a retail boat dealership. He expects that many of his sales will be credit sales. What should Ken do to protect his interests in the collateral in the credit sales that he makes?
4
Like most successful companies, Pads & Phones, Inc. (P&P), has trade secrets. The law protects those secrets if
5
A principal has no duty to compensate his or her agent if:
6
The Financial Industry Regulatory Authority (FINRA):
7
Under the doctrine of ________, courts determine the constitutionality of statutes, regulations or executive actions and must rely upon any ________ in their analysis.
8
Partnerships pay income tax on the profits earned
9
An agreement that consists of two or more parts and calls for corresponding performances of each part by the parties is called a: A) partial contract
10
Trent was the production manager at HGB, Inc Under his supervision, HGB filled in an area of wetlands on the company's property without a permit. Has Trent violated the law? What penalties might he face?
11
Administrative agencies generally exercise substantial discretion over the type of hearing procedures that they use.
12
Sue has a Bloomingdale's credit card. On Monday she charged a $47.90 sweater and then lost the card. Myra found it Monday and charged a $100 scarf and $400 purse. Sue missed her card at 8 a.m. Tuesday and called the store. Myra then charged a coat for $4,000. Sue's bill was $4,547.90. Sue owes:
13
Jason, who works as a taxicab driver for Transport Inc., is paid on an hourly basis. He makes less than $20,000 a year and regularly works 10 to 15 hours overtime per week. However, he is not paid for overtime. Which of the following is most likely to be true in this case?
14
Roger, a minor, buys a stereo from Tuneland, Inc Roger uses the stereo for a few months, returns it to Tuneland, and demands his money back. Roger may rescind the contract, return the stereo and get his money back
15
To determine whether a public employee receives First Amendment protection from speech (and therefore cannot be fired for it), the Supreme Court has stated that all of the following are important except:
16
A change in political regime in a country can result in laws that _____ to international businesses
17
False "suggested list prices" are an example of price fixing
18
An agency relationship:
19
Owen owns a farm in Pennsylvania. Owen's brother Quentin owns the subsurface rights to the farm. Either brother can pass title to what he owns
20
The UCC permits an oral agreement for the sale of goods to be enforced against a party who admits to the contract in court, even though the statute of frauds requires the agreement in writing
21
When a breach is material and willful, an innocent party seeking to rescind it must show that the contracting parties cannot be restored to the status quo.
22
Kari is the sole proprietor of Living Earth Garden Shop. As a sole proprietor, on the business's profits, Kari pays
23
Invitations to negotiate or to make an offer are known as:
24
The 2001 revision of the RULPA provides that, when a limited partnership is a limited liability limited partnership,:
25
As a practical matter, the courts seldom reverse the decisions of the agency unless it can be shown that the agency has: 
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