Business Law Final

Front 1

The writing required by the statute of frauds in the case of a contract for the sale of land must:

Back 1

describe the land to be sold.

Front 2

The statute of frauds applies to:

Back 2

a promise by an executor to pay a claim against the estate out of his or her personal funds.

Front 3

Parol evidence generally is admissible to explain:

Back 3

ambiguous terms.

Front 4

The parol evidence rule may not apply if:

Back 4

the contract is materially incomplete.

Front 5

Parol evidence may be admissible to:

Back 5

prove the modification or termination of a contract.

Front 6

The statute of frauds applies to:

Back 6

the cancellation of a written agreement for the sale and purchase of land.

Front 7

In interpreting an ambiguous contract, one part of the contract:

Back 7

must be viewed in connection with the rest of the contract.

Front 8

The delegator of construction duties remains liable if:

Back 8

the delegatee performs the work improperly.

Front 9

An obligor may delegate his or her duties to perform under a contract when the:

Back 9

performance of the duty is standardized and nonpersonal.

Front 10

A third-party beneficiary:

Back 10

may bring suit on and enforce the contract.

Front 11

Generally, it is easiest to assign:

Back 11

money.

Front 12

An assignment:

Back 12

is a transfer of rights.

Front 13

In general, an assignee stands:

Back 13

exactly in the position of the assignor.

Front 14

In a contract in which a tenant borrowed money from a bank for the purpose of adding a bathroom to her apartment, the landlord is:

Back 14

an incidental beneficiary.

Front 15

When a buyer assigns the right to goods under a contract, the buyer"s liability to make payment to the seller is:

Back 15

still in effect.

Front 16

Bankruptcy results in a discharge of contractual obligations by ____.

Back 16

operation of law

Front 17

A change of law discharges a contract if the new law:

Back 17

prohibits the act called for by the contract.

Front 18

In most bilateral contracts, the performances of the parties are ____.

Back 18

concurrent conditions

Front 19

When a debtor makes a payment to a creditor specifying how it should be applied, the creditor must apply the payment:

Back 19

as directed by the debtor.

Front 20

Which of the following is not an element of an accord and satisfaction?

Back 20

reservation of rights under the federal Consumer Credit Protection Act

Front 21

A Federal Trade Commission regulation gives a buyer three (3) business days in which to cancel a home-solicited sale of goods or services costing more than:

Back 21

$25.

Front 22

If no time period for performance is specified in a contract:

Back 22

a reasonable time for performance will be implied.

Front 23

When a second contract is made between two parties:

Back 23

the intent of the parties will control the legal effect of the agreement.

Front 24

Which is not a correct statement concerning a liquidated damages clause?

Back 24

If the clause is enforced, the injured party has a choice between compensatory damages or liquidated damages.

Front 25

A contract provision stating that one of the parties shall not be liable for damages in case of a breach is called a(n) ____ clause.

Back 25

exculpatory

Front 26

When one party has broken a contract, there are several remedies available to the non-breaching party, including:

Back 26

all of the above.

bringing an action for money damages. rescinding the contract. seeking specific performance.

Front 27

The damages that are typically recoverable when a contract has been breached and one party has suffered loss are called:

Back 27

compensatory damages.

Front 28

Which is not a correct statement concerning the remedy of specific performance?

Back 28

It is generally available in all breach of contract cases.

Front 29

An action for injunctive relief may be granted:

Back 29

if the breach consists of doing a prohibited act.

Front 30

One party to a contract permitting the other party to continue performance without objecting that the performance is unsatisfactory is an example of a(n):

Back 30

waiver.

Front 31

A person becomes a(n) ____ at the moment of taking possession of abandoned personal property.

Back 31

owner

Front 32

Bailments may be:

Back 32

created orally or through a writing.

Front 33

____ property means land and things embedded in the land.

Back 33

Real

Front 34

Barry and Eldridge owned Blueacre as tenants in common. Eldridge died. Blueacre is owned:

Back 34

by Barry and Eldridge"s heirs.

Front 35

A bailee"s interest in the bailed property can be characterized as:

Back 35

possession

Front 36

A third person to whom a joint tenant"s interest is transferred becomes a:

Back 36

tenant in common.

Front 37

A bailment:

Back 37

transfers possession to the bailee.

Front 38

Sylvia and Morris were married and owned their home as tenants by the entirety. When Morris died, his will said that he left his half of his home to his brother Tim. Sylvia objects to this. The ownership of the home:

Back 38

belongs solely to Sylvia by survivorship.

Front 39

____ goods are goods that, when mixed together, are indistinguishable.

Back 39

Fungible

Front 40

Goods that are not yet in existence or are not yet owned by the seller are ____ goods.

Back 40

future

Front 41

The expense and the risk of return in a sale or return situation is on the:

Back 41

buyer

Front 42

The expense and the risk of return in a sale or return situation is on the:

Back 42

buyer

Front 43

In a sale on approval, the buyer"s approval may be shown by:

Back 43

all of the above.

express words. conduct. lapse of time.

Front 44

A consignment sale is treated as a(n) ____ under UCC Article 2, and the dealer-consignee has full authority to sell the goods for the consignor and can pass title to the goods.

Back 44

sale or return

Front 45

When particular goods have been selected by either the buyer or the seller, or both, as being the goods called for by the sales contract, the goods are said to be:

Back 45

identified

Front 46

Tom established a bank account for his daughter Mary under the Uniform Gifts to Minors Act. Tom named himself the custodian. Later, Tom had a serious disagreement with Mary and ordered the bank to transfer the money in that account to a similar account maintained in the same bank for Tom"s son Ed. The bank must:

Back 46

refuse Tom"s order, because this would clearly not be for the benefit of Mary.

Front 47

____ property means land and things embedded in the land.

Back 47

Real

Front 48

Barry and Eldridge owned Blueacre as tenants in common. Eldridge died. Blueacre is owned:

Back 48

by Barry and Eldridge"s heirs.

Front 49

A bailee"s interest in the bailed property can be characterized as:

Back 49

possession

Front 50

A third person to whom a joint tenant"s interest is transferred becomes a:

Back 50

tenant in common.

Front 51

Bailments may be:

Back 51

created orally or through a writing.

Front 52

Once a bailment is established and the goods are returned in damaged condition:

Back 52

the bailor has established a prima facie case of liability on the part of the bailee.

Front 53

To establish a gift, the party claiming to be the donee must prove:

Back 53

intent and delivery.

Front 54

A ____ is a completed sale with an option for the buyer to return the goods.

Back 54

sale or return

Front 55

The expense and the risk of return in a sale or return situation is on the:

Back 55

buyer.

Front 56

In a consignment, the dealer-consignee is often referred to as a(n):

Back 56

factor

Front 57

If a contract contains a delivery term of ____, the seller"s responsibility is to get the goods to the buyer.

Back 57

FOB place of destination

Front 58

A ____ is a completed sale with an option for the buyer to return the goods.

Back 58

sale or return

Front 59

The expense and the risk of return in a sale or return situation is on the:

Back 59

buyer

Front 60

When particular goods have been selected by either the buyer or the seller, or both, as being the goods called for by the sales contract, the goods are said to be:

Back 60

identified

Front 61

Which of the following statements made by the seller does not likely constitute an express warranty?

Back 61

'This looks beautiful on you.'

Front 62

All of the following statements about express warranties are true except:

Back 62

Separate consideration is required to legitimize a warranty made at the time of the sale.

Front 63

The theories of product liability:

Back 63

are not mutually exclusive.

Front 64

Which of the following implied warranties is created when the buyer relies on the seller to pick out the goods that the buyer requires to meet a stated need?

Back 64

fitness for a particular purpose

Front 65

The defendant in a defective product suit may be:

Back 65

all of the above.

the seller. the manufacturer. the manufacturer of a component part.

Front 66

By the mere act of selling, a warranty is made that the:

Back 66

seller"s title is good and the transfer is rightful.

Front 67

How do the warranty provisions under the CISG compare to the provisions of the UCC?

Back 67

In most instances, the standards are the same.

Front 68

Which of the following is not a product liability theory that protects buyers and allows them to recover for injury and economic loss?

Back 68

assumption of the risk

Front 69

Which of the following factors do not affect negotiability of an instrument?

Back 69

none of the above affect negotiability

Front 70

The signature requirement, as an element of negotiability, can be met by:

Back 70

all of the above.

the use of initials. a mark. a trade name.

Front 71

An instrument will be considered payable to order if:

Back 71

none of the above

Front 72

Which of the following terms would make an instrument nonnegotiable?

Back 72

It gives the holder the right to receive goods or money.

Front 73

If a check is made payable to Paolo, and Paolo signs on the back of the check, Paolo is:

Back 73

the payee and the indorser.

Front 74

Once an instrument is negotiable, it can be:

Back 74

transferred by negotiation.

Front 75

The person to whom the order in a draft is addressed is known as the:

Back 75

drawee

Front 76

Which of the following statements made by the seller does not likely constitute an express warranty?

Back 76

'This looks beautiful on you.'

Front 77

In most instances, the mere fact that a sale was made gives rise to a(n):

Back 77

implied warranty.

Front 78

Which of the following implied warranties is created when the buyer relies on the seller to pick out the goods that the buyer requires to meet a stated need?

Back 78

fitness for a particular purpose

Front 79

Which of the following is not a product liability theory that protects buyers and allows them to recover for injury and economic loss?

Back 79

assumption of the risk

Front 80

The theories of product liability:

Back 80

are not mutually exclusive.

Front 81

A disclaimer or exclusion of the warranty of merchantability will be invalid if:

Back 81

it is not conspicuously set forth in a writing.

Front 82

The warranty of merchantability guarantees that the:

Back 82

product is fit for the ordinary purposes for which it is sold.

Front 83

An examination of goods excludes any implied warranty with respect to a defect that:

Back 83

is apparent after a reasonable examination is made.

Front 84

An unconditional written promise made by one person to another, signed by the maker, that promises to pay on demand a specific sum of money to the bearer is a:

Back 84

promissory note.

Front 85

Which of the following factors do not affect negotiability of an instrument?

Back 85

none of the above affect negotiability

Front 86

If a check is made payable to Paolo, and Paolo signs on the back of the check, Paolo is:

Back 86

the payee and the indorser.

Front 87

The person to whom the order in a draft is addressed is known as the:

Back 87

drawee.

Front 88

Revised UCC Article 3 refers to which of the following parties as secondary obligors?

Back 88

all of the above

drawers indorsers accommodation parties

Front 89

A person who becomes a party to an instrument to add strength to the instrument for the benefit of another party to the instrument is called a:

Back 89

secondary obligor.

Front 90

Article 3 of the UCC establishes a ____-year statute of limitations for most actions involving negotiable instruments.

Back 90

three

Front 91

The type of patent that may be granted to developers of new and non-obvious ornamental features of manufactured articles is called a(n):

Back 91

design patent.

Front 92

In order to obtain a court order enjoining a competitor from using your trademark, it is necessary to show that:

Back 92

the competitor"s use of the mark risks confusing the public.

Front 93

Where privacy or nondisclosure of proprietary information is desired, it would be best to seek protection under:

Back 93

state trade secret laws.

Front 94

To analyze a copyright infringement claim in the context of computer programs, courts will primarily examine:

Back 94

the number of significant program steps that are substantially similar.

Front 95

A business formula, information compilation, or device that provides an advantage over competitors that do not have it is known as a:

Back 95

trade secret.

Front 96

Design patents have a duration of ____ years.

Back 96

14

Front 97

In order to protect themselves from disclosure of proprietary or confidential information, businesses may:

Back 97

all of the above.

Front 98

The Lanham Act grants protection for:

Back 98

marks

Front 99

Trademarks or service marks may be registered if they utilize terms that are:

Back 99

all of the above.

Front 100

Three types of patents available under U.S. law are:

Back 100

design, plant, utility.

Front 101

Under the Semiconductor Chip Protection Act"s ____ exemption, competitors may not only study mask works, but they may also use the results of that study to design their own semiconductor chip products embodying their own original masks, even if the masks are substantially similar, so long as their products are the result of substantial study and analysis and not merely the result of plagiarism.

Back 101

reverse engineering

Front 102

Which of the following is not the exclusive right of the holder of a copyright?

Back 102

to obtain a court order enjoining use of the original work by another

Front 103

Owners of mask works are entitled to the exclusive right to reproduce and distribute their products under U.S. law for a period of:

Back 103

10 years.

Front 104

Under the Computer Software Copyright Act of 1980, a written program:

Back 104

is protected as any other copyrighted material, even if it is in written form.

Front 105

In addition to U.S. copyright law, the rights of copyright holders are also protected under:

Back 105

all of the above.

Front 106

'Commercial speech' is protected by which provision of the constitution?

Back 106

the First Amendment.

Front 107

Sam accesses the Internet and secures information (including credit history) on another person. If that information is used to purchase products in the other person"s name, Sam"s actions constitute:

Back 107

identity theft.

Front 108

Describe the rights of employers to monitor the e-mail of employees who are using their employers" e-mail system.

Back 108

Employers may monitor employees" e-mails, regardless of whether employees have consented.

Front 109

____-sign is a federal law that recognizes digital signatures as authentic for purposes of contract formation.

Back 109

E

Front 110

The fact that information is distributed so quickly over the Internet leads to the conclusion that damages for defamation in cyberspace, in contrast to traditional settings for defamation, are potentially:

Back 110

greater

Front 111

The taking of an image, likeness, or name for purposes of commercial advantage is protected by:

Back 111

tort law.

Front 112

Companies who have misrepresented the capabilities of their search engines or failed to disclose the methods whereby they give preference to certain links:

Back 112

may be liable for fraud, and if so might be responsible for rescission or damages.

Front 113

The developing law of cyberlaw as is relates to torts incorporates a variety of extensions of established legal principles to cyberspace. Examples of tort principles relevant to cyberlaw include:

Back 113

All of the above.

Front 114

The legal foundation for electronic signing is provided by:

Back 114

state governments, with the assistance of federal legislation.

Front 115

'Pump and Dump' is a violation of:

Back 115

securities law.

Front 116

Abraco International provides servers and related services to many customers. Accusations of defamation have arisen involving a customer of Abraco. Which of the following is a correct statement?

Back 116

Abraco must reveal information about the identity of its customers in response to law enforcement"s presentment of a valid warrant.

Front 117

Which of the following statements best represents the Fourth Amendment"s protection against unreasonable searches and seizures?

Back 117

The Fourth Amendment"s protection against unreasonable searches and seizures applies to homes and offices, including computers located in either location.

Front 118

____ refers to laws and precedent applicable to Internet transactions and communications.

Back 118

Cyberlaw

Front 119

Nonconsensual interception of your e-mail by someone other than your employer is:

Back 119

generally illegal.

Front 120

The formation of contracts in cyberspace is governed today largely by:

Back 120

traditional contract law principles.