02 Jun 1. The rights and duties of a bank and its customer are contractual.
Question
1.
The rights and duties of a bank and its customer are contractual.
A) True
B) False
2.
The payment of Eden’s debt to Flem is guaranteed by Eden’s personal property. This property is
A) a secured transaction.
B) a secured party.
C) collateral.
D) a security interest.
3.
Rolling Transport & Storage Corporation wants to insure its warehouse to obtain the maximum possible recovery for the lowest possible premium. To obtain the maximum recovery under a coinsurance clause, the percentage of the value of the property that should be insured is
A) 80 percent.
B) 120 percent.
C) 90 percent.
D) 100 percent.
4.
The basic purpose of antitrust law is to regulate economic competition.
A) True
B) False
5.
Labor Recruiters, Inc., has been ordered to appear at a hearing before an administrative law judge of the National Labor Relations Board. A significant difference between a trial and an administrative hearing is that
A) clients are not allowed to communicate with their attorneys during administrative hearings.
B) the burden of proof is on the charged party to prove innocence.
C) attorneys are not allowed to attend administrative hearings.
D) hearsay can be introduced as evidence in an administrative hearing.
6.
To obtain a contract with the Chinese government, Digby Engineering Corporation a U.S. firm, gives a Chinese official a sport utility vehicle. This may violate
A) the Foreign Corrupt Practices Act.
B) the act of state doctrine.
C) the doctrine of sovereign immunity.
D) the principle of comity.
7.
Accidental destruction of a negotiable instrument cancels it.
A) True
B) False
8.
State and local agency actions prevail over federal agency operations.
A) True
B) False
9.
Quality Watches, Inc., ships an assortment of timepieces to Retail Jewelers, Inc., which agrees to pay for items that are not returned within six months. This is
A) a sale or return.
B) a consignment.
C) a sale on approval.
D) a bailment.
10.
A contract that by its own terms cannot be performed within a year must be in writing to be enforceable.
A) True
B) False
11.
A failure to exercise reasonable care is negligence.
A) True
B) False
12.
Parker, a salesperson for Quality Textiles, Inc., shows Rosa, a fabric buyer for Style Clothing Company, samples of cloth, stating that any shipment will match the samples. This statement is
A) an implied warranty.
B) an express warranty.
C) a warranty of title.
D) puffery.
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