09 May WHAT THIRD PARTY CANNOT SUE TO ENFORCE RIGHTS IN THE ORIGINAL CONTRACT?
Which of the following is not a correct statement?Under the principle of comity a foreign business that deals with a U.S. business in the U.S. may be subject to U.S. law.Alternative dispute resolution refers to methods for resolving a dispute outside the traditional court system.An arbitrator can never render a legally binding decision since he or she is not a traditional judge.Most online dispute resolution services automatically apply the laws of India since that country is well known as a “high-tech” academic and business center.0.5 points QUESTION 2Which of the following is a false statement?A.An agent has no duty to disclose her agency status to third parties with whom the agent deals.B.An agent who enters into a contract with another party on behalf of the principal impliedly warrants that he has the authority to do so.C.A principal may be liable for the tort of fraud committed by the agent if the agent makes misrepresentations to a third party in the course of negotiating a contract for the principal.D.The basic rule for whether an employer is liable for the tort of negligence committed by his or her employee is whether the employer knew of the employee’s commission of the tort.0.5 points QUESTION 3Which of the following statements is not true regarding the assignment of a partner’s interest in the partnership?The partnership interest is personal property.The partnership interest may be assigned without the permission of the other partners.The assignment makes the person receiving it (the assignee) a new partner.The assignment allows the person receiving it (the assignee) to receive the partnership profits of the assignor.0.5 points QUESTION 4Which of the following is true about the Uniform Commercial Code and the common law of contracts?The common law generally takes precedence over the Uniform Commercial Code.A primary purpose of the Uniform Commercial Code is to eliminate the differences from state to state which exist under the common law of contracts.The Uniform Commercial Code applies to a contract only if the parties explicitly state so in their contract.The adoption of the Uniform Commercial Code has eliminated the need for common law in the area of contract law.0.5 points QUESTION 5Which of the following is a true statement?A.Death of an agent or the principal terminates an agency only after notification of death is received by the living party.B.An agency coupled with an interest usually terminates on the death of the principal.C.An agency coupled with an interest is usually revocable by the principal.D.Revocation of authority is done by the principal whereas renunciation of the authority is done by the agent.0.5 points QUESTION 6What functionally is the relationship between partners?A partner is an agent of his or her fellow partners who are his or her principals.A partner is a principal of his or her fellow partners who are his or her agents.Both a and bNeither a nor b0.5 points QUESTION 7Which of the following is true regarding Title VII of the federal Civil Rights Act in the workplace?a.The plaintiff employee must always prove a malicious wrongful intent to discriminate on the part of the defendant employer against the employee to prevail in a Title VII civil rights lawsuit.b.Only “big” employers with 2000 or more employees are covered by the federal Title VII Civil Rights Act due to the voluminous record-keeping requirements.c.The employer must make an accommodation to an employee’s religious beliefs observances and practices regardless of the expense cost or burden since freedom of religion is a very important civil right in the United States.d.As a general rule an employer can discriminate on the basis of appearance by selecting only “good-looking” and attractive male and female applicants for its sales force.0.5 points QUESTION 8Which of the following bestdescribes a shareholder’s preemptive rights?The right to purchase shares of another shareholder pursuant to a buy-and-sell agreement.The right to purchase a pro-rata portion of any additional shares issued by the corporation.The right of shareholders to override actions of the board of directors.The right of shareholders to remove members of the board of directors without cause.0.5 points QUESTION 9When a promoter enters into a contract on behalf of corporation which is not yet formed the corporation will become liable on the contract:At the time the promoter enters into the contract.When the corporation comes into existence.Once the corporation has elected its initial board of directors.Only if the corporation once formed agrees to be liable on the contract.0.5 points QUESTION 10Which of the following is/are TRUE about performance of a contract?a.Under the UCC the performance of a sales contract must meet the “perfect tender” rule.b.Under the common law the performance of a construction contract must meet the “substantial performance” doctrine.c.Under the common law a contract with a time for performance must be performed as a general rule on the contract date or a reasonable time thereafter.d.All of the above are true.0.5 points QUESTION 11The International Trade Administration (ITA) of the U.S. Department of Commerce regulates import competition by:a.Promotion of trade and investmentb.Strengthening industry competitivenessc.Ensuring fair traded.All of the above.0.5 points QUESTION 12In which of the following are the partnership events listed in the correct order of occurrence?Winding up dissolution termination.Dissolution termination winding up.Dissolution winding up termination.Termination dissolution winding up.0.5 points QUESTION 13Common law is called common law because:It was the law that applied to the common people.It was intended to be applied uniformly and therefore be common among the courts of the various jurisdictions in England.It was the law which applied to common everyday situations.Its name comes from the town commons which often surrounded the courthouse.0.5 points QUESTION 14What third party cannot sue to enforce rights in the original contract?a.A third party creditor beneficiaryb.A third party done beneficiaryc.A third party incidental beneficiaryd.An assignee.0.5 points QUESTION 15If a minor wishes to be bound to a contract after becoming an adult she must:Ratify the contract.Disaffirm the contract.Give back the goods or services received as a minor.Bring an action to verify the contract.0.5 points QUESTION 16Which form of real property ownership includes the greatest degree of ownership?Fee simple subject to condition subsequent.Fee simple determinable.Fee simple absolute.Absolute life estate.0.5 points QUESTION 17Which of the following is a true statement?A.Substantial performance alone entitles the performing party to full and immediate payment of the purchase price.B.A breach of contract cannot occur until the exact time for performance of the duty in question.C.A supervening illegality makes a contract voidable.D.One purpose of compensatory damages is to place the aggrieved party in the position that he or she was in before the breach of the contract.0.5 points QUESTION 18The EPA standards for toxic air pollutants:Require that all such pollutants which have any risks to humans be eliminated.Require that companies use the best available technology to minimize these pollutants regardless of cost.Allow for safe levels of these pollutants to exist.A and B only.0.5 points QUESTION 19The Foreign Corrupt Practices Act prevents each of the following except:Bribes to foreign officials.Bribes to foreign political party officials.Bribes to candidates for office in foreign nations.Bribes to foreign officials if the payment is legal under the written laws of the nation in which it was made.0.5 points QUESTION 20Under the UCC a merchant is bestdescribed as aA salesman or saleswomanA retailerAn inventorA Venetian0.5 points QUESTION 21. Written preincorporation subscription agreements:cannot be revoked by the subscriber for six monthsmay not be rejected by the corporation after incorporation.are not enforceable by the corporation after acceptance.are automatically enforceable against the corporation when it is formed0.5 points QUESTION 22Which of the following is a true statement?A.Goods are defined as only intangible personal property such as stocks bonds money and patents.B.The Uniform Commercial Code does not have any Statute of Frauds provisions.C.A fixture is personal property affixed to real property but which can be readily removed.D.The Uniform Commercial Code’s implied warranty of merchantability is only imposed on merchants.0.5 points QUESTION 23Which is FALSE regarding a traditional business partnership pursuant to the Uniform Partnership Act?a.Absent an agreement partnership profits are shared equally by the partners regardless of any individual’s partner contribution knowledge skills and/or efforts.b.Absent an agreement partners are not entitled to any salary or remuneration for acting in the partnership business.c.Partners are regarded as agents of the partnership when acting in the partnership business.d.The dissolution of a partnership will always lead to a winding-up liquidation and termination of the partnership.0.5 points QUESTION 24Which of the following statements regarding a partnership is true?A partnership is an involuntary association.To be valid a partnership must have a written partnership agreement.A partnership is a separate tax-paying entity for federal tax purposes.Partners have personal liability much like that of sole proprietors.0.5 points QUESTION 25In order to be enforceable a covenant-not-to-compete must be reasonable in each of the following aspects except:Length of time the restriction is in effect.Scope (i.e. interests protected) by the restriction.Amount paid to the one who gives up the right to compete.Geographic area of the restriction.0.5 points QUESTION 26A court creating a contract as a legal fiction in order to prevent unjust enrichment is an example ofQuasi-contractUnconstitutional “judicial activism”Legal remediesPromissory estoppel0.5 points QUESTION 27Countervailing Duties can be assessed on imports coming into the United States if:a.There is an unfair subsidy found in the creation of these products.b.The products are being “dumped” into the United States.c.A. and B.d.None of the above.0.5 points QUESTION 28Which of the following is FALSE about agency relationships?a.The agent owes a duty of obedience to the principal.b.The agent owes a duty of due care to the principal.c.The agent owes a duty of an accounting to the principal.d.The agent does not own a fiduciary duty to the principal since the agent is really only a “glorified” employee.0.5 points QUESTION 29Which is NOT a characteristic of the traditional business corporation?a.Centralized management by means of a board of directors and corporate officersb.Creation by the filing of an articles of incorporation and approval of a corporate charter by the appropriate state agencyc.Personal liability of the shareholders for corporate debts and obligationsd.Access to capital markets by the issuance of shares of stock and their sale to the investing public.0.5 points QUESTION 30The Uniform Commercial Code isA state law governing commerceA federal law governing commerceAn international law governing commerceA model act0.5 points QUESTION 31An oral contract for the sale of land generally is:Void.Enforceable.Voidable.Unenforceable.0.5 points QUESTION 32Which of the following kinds of jurisdiction would be necessary and sufficient for a court to hear a case?Subject matter andin personam and in rem.Subject matter orin personam or in rem.Subject matter and either in personam or in rem.In rem and eithersubject matter or in personam.0.5 points QUESTION 33Which of the following is a true statement?A.The decision of a jury is typically known as the verdict.B.An appellate court usually reverses a lower court decision if the appellate court believes there is a slight error in the factual record.C.An arbitrator is usually not empowered to make a legally binding decision.D.State courts are usually subject to detailed oversight by the federal judiciary.0.5 points QUESTION 34Which of the following is a FALSE statement?A.Federal copyright law in the U.S. holds that the copyright to any work created by an employee during the course and scope of his or her employment belongs to the employer even if the employee has not signed any assignment agreement.B.The U.S. Safe Web Act gives the Federal Trade Commission the power to share information and cooperate with foreign government agencies to investigate and prosecute spamming spyware and other instances of fraud and deception on the Internet.C.An employee who intends to leave a company to start his or her own business is never allowed to tell his or her co-workers about the employee’s entrepreneurial plans due to federal anti-piracy laws.D.In California covenants-not-to-compete are illegal and unenforceable in employment contracts.0.5 points QUESTION 35Which of the following is/are true about the principal agency relationship?a.In a non-disclosed principal situation the agent is typically initially liable to the third party.b.Under the ratification doctrine a principal can ratify and thus authorize an agent’s contract with a third party that was not originally authorized by the principal.c.Under the imputed knowledge and notice doctrine a principal can be charged with the knowledge of facts that had been disclosed to the principal’s agent.d.All of the above.0.5 points QUESTION 36Which of the following is true about punitive damages?They are generally not available for breach of contract claims.They are awarded only if consequential damages are also awarded.They are awarded where specific performance is not available.Their purpose is to give the nonbreaching party the benefit of the bargain.0.5 points QUESTION 37Which of the following is a FALSE statement?A.A good example of a reasonable security measure pursuant to trade secret law is for the employer to have non-disclosure and confidentiality agreements in contracts.B.Trade secret information can never be shown to the employer’s outside sales force or vendors because the information will then lose its trade secret protection.C.If information is in the public domain it cannot be a trade secret.D.Information that has potential economic value such as a business plan can still be the basis for a trade secret.0.5 points QUESTION 38Which of the following is a true statement?A.A contract that benefits one party to the contract over the other is automatic grounds for undue influence.B.A contact that was entered into by one party unduly influencing the other is a voidable contract.C.The primary purpose of the Statute of Frauds in contract law is to punish bad people who perpetuate frauds using contracts.D.A fully performed oral contract which should have been in writing is null and void due to the Statute of Frauds due to the lack of the writing.0.5 points QUESTION 39Which of the following is correct about Venue?It is an alternative to meeting jurisdiction requirements.Its requirements must be met in addition to meeting jurisdiction requirements.In most cases venue selection is up to the defendant.It allows a party to select the court most likely to decide a case in its favor.0.5 points QUESTION 40Horizontal price-fixing occurs when:One or more companies charge the same prices for goods at all their stores for an unreasonable length of time.A manufacturer requires its independent retail dealers to sell its products at a given price.A company with the entire market on a patented product sells the product at a fixed price.Two or more competing companies agree on the prices they will charge for their products.
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