Introduction to Commercial Law Pre-Test
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Course Introduction
Introduction to Commercial Law offers students a foundational understanding of the legal principles and frameworks that govern business and commercial transactions. The course explores key topics such as contract law, the sale of goods, agency, negotiable instruments, and methods of resolving commercial disputes. Through case studies and practical examples, students will analyze how the law affects businesses, the rights and obligations of parties in commerce, and the role of regulation in facilitating fair and efficient markets. This course equips students with the essential legal knowledge and analytical skills needed to navigate the complexities of the commercial environment.
Recommended Textbook
Introduction to Business Law 4th Edition by Jeffrey F. Beatty
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Chapter 1: Introduction to Law
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Q1) Congress passed a law imposing penalties for displaying "indecent" material online where children could see it.If the U.S.Supreme Court subsequently rules that the statute conflicts with the First Amendment of the U.S.Constitution,the statute is void.
A)True
B)False Answer: True
Q2) The Constitution ensures that the states retain all power not given to the national government.
A)True
B)False Answer: True
Q3) The doctrine of precedent requires:
A) that the victim testify.
B) that the defendant testify.
C) a 12-member jury of the defendant's peers.
D) judges to base rulings on previous cases.
Answer: D
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Chapter 2: Business Ethics and Social Responsibility
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Q1) E-presto,Inc.has established an EthicsLine.EthicsLine is a toll-free phone number that employees can call any time of the day,any day of the week to discuss ethics and report suspected unethical or improper conduct.Why would E-presto establish the EthicsLine?
A) Ethical behavior improves productivity.
B) Ethical behavior increases job stability.
C) Unethical behavior can destroy a business.
D) All of the above are reasons that would justify establishing an EthicsLine.
Answer: D
Q2) Researchers who study happiness find that people expect material goods to make them happier than they actually do.
A)True
B)False
Answer: True
Q3) Who makes up the Stakeholders
A) Shareholders,community,employees,customers
B) CEO & shareholders
C) Landowners,taxpayers,shareholders
D) None of these answers are true
Answer: A
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Page 4
Chapter 3: Courts,Litigation and Alterntive Dispute Resolution
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Q1) Which of the following is not an example of a trial court of limited jurisdiction?
A) A probate court.
B) A juvenile court.
C) A small claims court.
D) A general civil division court.
Answer: D
Q2) If Lorenzo is seeking an injunction against Brenda to prevent her from selling materials that infringe his copyright,he is entitled to a jury trial if the value of the materials is over $100.
A)True
B)False
Answer: False
Q3) In Jones v.Clinton,the court held:
A) Paula Jones did not demonstrate the essential elements for her claim.
B) Paula Jones was entitled to a summary judgment.
C) public policy required that the case be dismissed because of the President's governmental position.
D) President Clinton failed to comply with a discovery order.
Answer: A
Page 5
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Chapter 4: Constitutional, Statutory, Administrative, and Common Law
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Q1) Separation of powers allows one of the branches of government to become more powerful over the other two.
A)True
B)False
Q2) If there is a conflict between a state and federal law,generally the federal law will prevail because of the:
A) federalism doctrine.
B) Supremacy Clause.
C) paramount doctrine.
D) Interstate Commerce Clause.
Q3) Because of the concept of stare decisis,the U.S.Supreme Court,in interpreting a statute in 2009,will necessarily interpret certain statutory language in the same way as the U.S.Supreme Court interpreted the same statutory language in 1971.
A)True
B)False
Q4) Define the common law.Discuss its conflicting goals and the doctrine created to serve one of these goals.
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Chapter 5: Intentional Torts and Business Torts
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Q1) In order for a plaintiff to win a case involving intentional infliction of emotional distress,she must prove the defendant acted in an extreme and outrageous manner.
A)True
B)False
Q2) What are the elements of Interference with a contract?
A) There has to be an existing contract
B) must be injury to the plaintiff
C) the defendant induced one party to break the contract
D) all of these answers are correct
Q3) Dewayne sold a space heater to Vivian,telling her it would heat a 200-square-foot area,even though he knew it would effectively heat only about one third of that space.Dewayne is liable for the intentional tort of fraud.
A)True
B)False
Q4) A tort is a violation of a duty imposed by the civil law.
A)True
B)False
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Chapter 6: Negligence and Strict Liability
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Q1) Which of the following acts resulting in injury would be negligence per se?
A) Janet driving 40 mph over the posted speed limit.
B) Ted keeping explosives in his private,locked garage without complying with state law regulating the storage of such materials.
C) A retailer selling glue containing benzene to a 14-year-old boy in violation of state law.
D) All the above acts are negligence per se.
Q2) The duty of care that each of us must follow is to behave as a reasonable person.
A)True
B)False
Q3) A plaintiff sues in negligence but has no direct proof that the defendant behaved unreasonably.Which of the following is most likely to help the plaintiff?
A) Res judicata.
B) Stare decisis.
C) Res ipsa loquitur.
D) Mens rea.
Q4) Discuss the concepts of contributory negligence and comparative negligence.
Q5) List and discuss the elements necessary to establish negligence.
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Chapter 7: Crime
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Q1) Which of the following statements is correct?
A) Violent street crime results in a greater monetary loss to society than white-collar crime.
B) White-collar crime results in a greater monetary loss to society than violent street crime.
C) Studies are not able to calculate the estimated value of white-collar crime since most white-collar crime is never publicly disclosed.
D) Studies are not able to accurately calculate the estimated value of either violent street crime or white-collar crime.
Q2) In order for the government to obtain a criminal conviction,it must prove its case beyond a reasonable doubt.
A)True
B)False
Q3) The Theft of Honest Services statute:
A) is violated if an employee draws sick leave pay on a day when she is not sick.
B) applies only to government officials.
C) prohibits both public and private employees from taking bribes or kickbacks.
D) was not passed into law due to a presidential veto.
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Chapter 8: International Law
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Q1) The Marcel Company is opening an office in Mexico.The cost to obtain electrical service is $500,but the clerk suggests that service could be started faster if an additional $50 is paid,which the clerk will keep.If the Marcel official pays the additional $50:
A) he will have violated the Foreign Corrupt Practices Act.
B) he will not have violated the Foreign Corrupt Practices Act because this would be considered a "grease" or facilitating payment,which is legal.
C) he will be guilty of violating the Foreign Corrupt Practices Act only if the payment was illegal under the written law of Mexico.
D) he will be guilty of violating both the Foreign Corrupt Practices Act and the Convention of Combatting Bribery of Foreign Public Officials in International Business Transactions.
Q2) Extraterritoriality is the power of one nation to impose its laws in other countries. A)True B)False
Q3) Explain the origin and purpose of the World Trade Organization.
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Chapter 9: Introduction to Contracts
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Q1) Dick offers to sell Jane his 1955 Thunderbird convertible.Before Jane can accept the offer,lightning strikes the car and it is totally destroyed.Which of the following is true?
A) Jane can still accept the offer and John must find a 1955 Thunderbird to sell.
B) The offer is terminated by law.
C) Dick can still revoke his offer so long as he does so before Jane accepts.
D) Jane can still accept the offer.She will be entitled to the insurance proceeds.
Q2) A counteroffer is a rejection of the original offer.
A)True B)False
Q3) Mary goes into Honest Harry's Electronics and purchases a TV.Mary agrees to pay for the TV in 30 days on the store's "30 days same as cash" plan.This is an executory contract.
A)True B)False
Q4) One purpose of contract law is to make business matters more predictable. A)True B)False
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Chapter 10: Contract Impediments
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Q1) In January,Alex promised to pay Y-K Inc.$5,000 if it would refrain from filing suit against him on a breach of contract action.Y-K agreed and accepted a $5,000 check from Alex.Which of the following statements is correct?
A) Y-K's promise to refrain from suing Alex was not supported by legal consideration.
B) Y-K's promise to refrain from suing Alex was supported by legal consideration and is enforceable.
C) This is an accord and satisfaction,and Y-K cannot sue.
D) The courts would apply promissory estoppel in this situation.
Q2) For the purposes of the statute of frauds,an interest in land includes:
A) a house.
B) a real estate mortgage.
C) an easement.
D) All of the above.
Q3) Fraudulent,but not innocent,misrepresentation permits the injured party to rescind a contract.
A)True
B)False
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Chapter 11: Conclusion to Contracts
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Sample Questions
Q1) Susan took out a life insurance policy on herself,paying all of the premium payments.She named her daughter,Jessica,as the beneficiary under the policy.Jessica has not given anything in consideration for the policy.Jessica is:
A) a donee beneficiary who has rights to enforce the policy once Susan dies.
B) a creditor beneficiary who has rights to enforce the policy once Susan dies.
C) an incidental beneficiary because Jessica did not give any consideration for the policy and therefore cannot enforce the policy even when Susan dies.
D) None of the above.
Q2) A donee beneficiary:
A) is not entitled to enforce a contract against either party.
B) usually does not give consideration in return for the gift.
C) will generally become a creditor beneficiary after his or her rights vest.
D) is an incidental beneficiary.
Q3) Expectation interest can best be described as money spent in reliance upon the agreement.
A)True
B)False
Q4) Discuss the potential liability differences between a delegation and a novation.
Q5) Briefly discuss the enforceability of contracts by third parties.
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Chapter 12: Practical Contracts
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Sample Questions
Q1) Outline the parts of a typical contract.
Q2) Farmer's Fortune Insurance has a contract with Farmer Fran to insure her crops against insect damage. The contract does not specify which insects are covered or how much damage is necessary to make a claim. The contract will probably be enforced in favor of:
A) Farmer Fran.
B) Farmer's Fortune Insurance.
C) Neither side,as it is ridiculous to try to insure against insects.
D) Cannot determine...would have to go through litigation to decide.
Q3) A contract should have a descriptive title,which is generally in all capital letters,underlined and centered at the top of the page.
A)True
B)False
Q4) Statements of facts about the past and present are called:
A) provisions and terms.
B) promises and covenants.
C) representations and warranties.
D) damages and remedies.
Q5) Define and compare the terms "vagueness" and "ambiguity."
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Chapter 13: Introduction to Sales
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Q1) The most important warranty in the Code
A) Is an expressed warranty
B) Is a warranty for fitness for a particular purpose
C) Is a warranty that goods will meet a certain standard
D) Is an implied warranty of merchantability.
Q2) Sean of Sean's Shrimp House was enjoying a cup of cappuccino while visiting with Ollie at Ollie's Ocean Front Bar & Grill.During the course of their conversation,Sean agreed to supply 100 pounds of shrimp per month for the next year to Ollie's restaurant at the price of $2.50 per pound.When Sean got back to his office,he sent a written confirmation of the agreement to Ollie.Six weeks after receiving the confirmation Ollie wrote back,stating that he had not agreed to the price of $2.50 per pound.Is Ollie bound to the confirmation?
Q3) Rachel Retailer sends a preprinted purchase order offering to buy goods from Snidley Supplier.Snidley acknowledges Rachel's offer with a preprinted acceptance form.The terms of the two forms do not mirror each other.To analyze whether an enforceable contract exists,one must first determine whether the new language in the acceptance is an additional term or a different term.
A)True
B)False
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Page 15
Chapter 14: Negotiable Instruments
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Q1) There are two types of commercial paper: express and implied.
A)True
B)False
Q2) With non-negotiable commercial paper,a transferee's rights are conditional. A)True B)False
Q3) Matt wrote a $500 check to Alistar for some yard work that Alistar had done.What will Alistar have to do negotiate this instrument to Totally Tough,Inc.in payment for some yard equipment Alistar had bought?
Q4) TriColor purchased an industrial stamping machine from Vicy,Inc.TriColor paid for the machine with a negotiable note.The note was payable to the order of Vicy,Inc.Vicy,Inc.indorsed the note and gave it to CCLoans to satisfy a debt.CCLoans knew nothing about the contract between TriColor and Vicy,Inc.CCLoans indorsed the note and gave it to Great River Youth Club as a charitable donation.When Great River Youth Club presented the note for payment on its due date,TriColor refused to pay,claiming that the stamping machine was defective.
(A)Is Great River Youth Club a holder in due course?
(B)Will TriColor be able to avoid liability to Great River Youth Club on the basis that the machine was defective?
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Chapter 15: Secured Transactions
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Q1) To perfect a security interest in a negotiable instrument,Second State Savings and Loan should:
A) file a financing statement.
B) take possession of the instrument.
C) do nothing.Perfection is automatic.
D) secure a court order.
Q2) One of the more secure methods of perfection is taking possession of the collateral.
A)True
B)False
Q3) Which of the following is true about a PMSI?
A) It perfects automatically.
B) It must involve consumer goods.
C) It must be taken by someone selling or financing the goods.
D) all of these answers are true.
Q4) Who has priority
A) perfected over non perfected;
B) when not perfected; first to attach.
C) both perfected ; first to file.
D) all of the above
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Chapter 16: Bankruptcy
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Q1) Creditor claims are divided into classes and the highest class must be satisfied in full before going to the next category.
A)True
B)False
Q2) Which of the following would not be considered a fraudulent conveyance or a voidable preference under the provisions of the Code? Immediately prior to filing bankruptcy:
A) debtor sells assets well below fair market price to Freddie,a friend.
B) debtor sells his car at a public auction,thinking that it would bring a decent price,but the car brings an amount well below fair market value.
C) debtor's corporation transfers assets to stockholders in lieu of cash dividends.
D) debtor pays $650 to "Nation on Line" for the past ten months of Internet service.
Q3) The bankruptcy Chapter designed only for individuals:
A) Chapter 7.
B) Chapter 9.
C) Chapter 11.
D) Chapter 13
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Page 18
Chapter 17: Agency Law
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Q1) Rob agrees to act as an agent for Diane in selling her car.Diane has a duty of loyalty to Rob.
A)True
B)False
Q2) When a principal is partially disclosed:
A) the agent and principal will be jointly and severally liable on the contract.
B) the agent and principal will be only jointly liable on the contract.
C) only the principal can be liable.
D) only the agent is liable.
Q3) An agent may not engage in inappropriate behavior that reflects badly on the principal.This rule applies to conduct:
A) during working hours.
B) during off-duty time.
C) during both working hours and off-duty time.
D) only by public officials.
Q4) An agency relationship can be created:
A) by the conduct of the parties.
B) only by the meeting of all the standards of contract law.
C) only by a written agreement.
D) all of these answers are true
Page 19
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Chapter 18: Employment Law
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Q1) Sandy worked for a small printing company.She found a new job that would pay much more.In accordance with company policy,she gave her employer a two-week notice that she would be leaving.Her employer was upset she was quitting,so he terminated her employment immediately.Sandy was upset because she thought she had acted properly by giving her employer two weeks' notice.Her new employer will not be able to employ her for two weeks.Sandy believes her employer has breached the employment agreement and she should be paid for the two weeks between jobs.Is she right? Explain.
Q2) An employee at a large factory tells his employer that he needs to stay home for a week to care for his sick child. Can the employer legally fire him?
A) No,if the employee claims rights under the FMLA.
B) Yes,because the employee is not entitled to receive sick leave.
C) No,unless the employee expects to receive his usual compensation during his absence.
D) Yes,an employee at will can be fired for any reason.
Q3) As a general rule,employers have a legal obligation to disclose information about former employees to potential future employers.
A)True
B)False
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Page 20
Chapter 19: Employment Discrimination
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Q1) ADA reasonable accommodations may include:
A) modification of equipment.
B) ramps for accessibility.
C) flexible work schedules.
D) all of the above.
Q2) The definition of a major life activity (used in determining if a person is disabled)includes:
A) walking
B) drug use
C) compulsive gambling
D) sexual disorders
Q3) Valid defenses to charges of discrimination include all of the following,except:
A) Merit
B) Seniority
C) Test scores
D) Bona fide occupational qualification
Q4) What is the Genetic Information Nondiscrimination Act?
Q5) What are three general defenses an employer can raise if sued for violating Title VII of the Civil Rights Act?
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Chapter 20: Labor Law
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Q1) A fundamental aim of the National Labor Relations Act is the establishment of industrial peace and the preservation of the flow of commerce.
A)True
B)False
Q2) Mega Corp has decided to subcontract about 30 percent of its production work to a company located in Thailand.The subcontracting is designed to replace union workers with cheaper labor.The work that will be contracted away had previously been done in the company's main plant in New Jersey.The union representing the Mega Corp workers claims this is an issue subject to mandatory bargaining.Management claims it is a corporate organization decision and,thus,not subject to bargaining.Who is right?
Q3) Secondary boycotts:
A) are generally legal provided the boycott is peaceful.
B) are generally legal provided the boycott does not involve public employees such as nurses or school teachers.
C) are not expressly permitted nor prohibited under federal law.
D) are generally illegal.
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22
Chapter 21: Starting a Business: Llcs and Other Option
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Q1) Shareholders of S corps have the tax status and advantage of a corporation but non of the protection from liability.
A)True
B)False
Q2) Andy wants to start his own business.He has decided to rent space in a "strip mall" and open a pet shop.Additionally,he will provide dog grooming services.He figures he can do almost everything himself,though he will need to hire a part-time employee on an "as needed" basis.His friend,Lacy,has agreed to work when needed.
Andy is considering operating his business as a sole proprietorship.What are the primary legal advantages and disadvantages to this form of business ownership for Andy's pet shop?
Q3) LLC's have legal uncertainty because
A) they are relatively new forms of business
B) There is not a widely developed body of law to look to for legal guidance in setting them up and enforcing them.
C) There is no defined duty of managers to members of the LLC.
D) all of the above
Q4) Briefly discuss the limitations on a corporation electing Subchapter "S" status.
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Page 23
Chapter 22: Life and Death of a Corporation
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Q1) Common stock is last stock in line for any corporate payouts,including dividends and liquidation payments.
A)True
B)False
Q2) A corporation must obtain shareholder approval before the company:
A) sells off a major portion of its business to another company.
B) amends its bylaws.
C) amends its charter.
D) All the above are correct.
Q3) A corporation is not allowed to issue dividends to shareholders unless it is solvent.
A)True
B)False
Q4) Define and discuss the purposes of the "business judgment rule."
Q5) Owners of preferred stock typically have a preference in liquidation.
A)True
B)False
Q6) What are some of the advantages for a business to incorporate in Delaware?
Q7) Discuss how a corporation is terminated.
Page 24
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Chapter 23: Government Regulation: Securities and Antitrust
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Q1) To prosecute under the Robinson Patman Act it is necessary to prove:
A) price discrimination occurred and it lessoned competition.
B) price discrimination occurred but the parties are not in competition with each other.
C) clearly separate products are tied together for purchase and sale.
D) non of these answers are correct.
Q2) Such an agreement is:
A) a per se violation of antitrust law.
B) subject to the rule of reason test to determine if it violates antitrust law.
C) not governed by antitrust law since educational institutions are exempt from this area of law.
D) subject to state regulations but not to the Justice Department.
Q3) Explain the overall purposes of the Sherman Antitrust Act,the Clayton Act,and the Robinson-Patman Act.How do each of these Acts relate to each other?
Q4) When the per se standard applies,the plaintiff:
A) needs only to prove the existence of the conduct.
B) must prove that the activity was an unreasonable restraint of trade.
C) must show that there was an anti-competitive impact.
D) None of the above.
Page 25
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Chapter 24: Accountants' Liability
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Q1) One of the accountant's most important roles is to serve as an independent evaluator of the financial statements issued by management to investors and creditors.
A)True
B)False
Q2) Ralco was preparing Heidi's tax return.In confidence,Heidi revealed some information to Ralco.Under the federal accountant-client privilege,the information Heidi disclosed is protected from disclosure in a criminal action by the U.S.government.
A)True
B)False
Q3) Teresa is suing her accountant for fraud.To win,Teresa must show that she justifiably relied on the accountant's fraudulent statement.
A)True
B)False
Q4) An engagement letter is a written contract:
A) between an accountant and client.
B) in anticipation of marriage.
C) between a corporation and the AICPA.
D) intended to create a fiduciary duty of an accountant to his client.
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Chapter 25: Consumer Law
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Q1) Employers must have written permission from job applicants to request a credit report.
A)True
B)False
Q2) Ron's Furnace Repair advertised it would inspect any homeowner's furnace for free.Janet had Ron's come to inspect her furnace.The servicewoman dismantled the entire furnace then refused to put it back together unless Janet paid her $250.The FTC considers such a practice to be:
A) an unfair practice.
B) a deceptive practice.
C) an act that violates public policy.
D) All the above.
Q3) If the FTC determines a business has violated the law,it will normally try to get the business to voluntarily stop the activity.
A)True
B)False
Q4) The FTC may consider an act unfair if it simply violates public policy.
A)True
B)False
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Chapter 26: Environmental Law
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Q1) Under the Endangered Species Act:
A) as long as an endangered species is not taken its habitat may be altered
B) allows the sale of endangered species that are already in captivity
C) both of these answers are correct
D) none of these answers are correct
Q2) A Japanese company operates a ship called the Kinia.If the Kinia sails in U.S.waters,it must comply with the standards set by the Clean Water Act.
A)True
B)False
Q3) There are three major sources of air pollution: coal-burning utility plants,factories,and motor vehicles.
A)True
B)False
Q4) Federal law regulates:
A) point source and non-point source pollution.
B) neither point source nor non-point source pollution.
C) point source but not non-point source pollution.
D) None of the above is correct.
Q5) Discuss the major provisions of the Clean Air Act.
Page 28
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Chapter 27: Cyberlaw
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Q1) The privacy of e-mail is regulated by:
A) the federal ECPA.
B) spyware.
C)both a and b.
D)neither a nor b.There is currently no regulation of e-mail privacy.
Q2) Can-Spam is a federal statute that:
A) Prohibit's spam
B) Regulated that all commercial email must have an opt out system
C) Requires that all email must have a P.O.Box or physical address of the company.
D) None of these answers are correct
Q3) Jorgeson Co.,on its website,promised the company would not give PII to third parties without the customer's consent,but then gave out such information.This practice violates Section 5 of the FTC Act.
A)True
B)False
Q4) If you can guess someone's password you can legally enter that party's email account.
A)True
B)False
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Chapter 28: Intellectual Property
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Q1) Rick wrote a song entitled "Wonderful." At the bottom of the first page of music he wrote "© 1990 by Rick Reed." Four months later a local band was playing his song at a bar.Rick felt that the bar was an inappropriate setting for his music.What is his remedy?
Q2) Trademark owner and Famous people have the right to sue to get a their name which has been registered as a domain name which was registered in bad faith.
A)True
B)False
Q3) A copyright is valid for 28 years after it is obtained and can be renewed for another 28 years.
A)True
B)False
Q4) The first person to use a mark in trade,owns it.
A)True
B)False
Q5) Under the "fair use doctrine," instructors cannot be liable for copyright violations.
A)True
B)False
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Chapter 29: Real Property and Tenant: Landlord Law
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Q1) Landlords have the right,and may have a duty,to evict tenants who seriously disturb others.
A)True
B)False
Q2) Mark signs a periodic year-to-year lease at the River's Edge Warehouse.After the year expires,Mark stays in the warehouse and the landlord acquiesces.Mark:
A) Has a month-to-month periodic lease,which can be terminated by either party's giving a 30-day notice.
B) Has a tenancy at sufferance which is not a true tenancy at all.
C) Has another one-year lease.Periodic tenancies automatically renew unless either party gives proper notice to the other that the tenancy will terminate upon the expiration of the time period.
D) None of the above.
Q3) The right of the tenant to the undisturbed possession of the leased property is known as:
A) quiet enjoyment.
B) habitability.
C) lawful possession.
D) peaceful possession.
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Chapter 30: Personal Property and Bailment
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Q1) Jeannie carelessly packed her grandmother's antique glassware and had it shipped to her 30-year-old daughter,Abby,via Common Freight Carriers.When the china arrived at Abby's house,most of the pieces were broken.As between Jeannie and Common Freight Carriers,who will bear the loss?
A) Jeannie is liable for the loss if Common Freight Carriers shows it was not negligent and that the loss was caused by Jeannie's failure to wrap and pack the glassware properly.
B) Common Freight Carriers is liable.A common carrier is always liable.
C) Common Freight Carriers is liable because of its negligence in not inspecting Jeannie's packing job.
D) Jeanie is liable because she did not get an exculpatory clause.
Q2) Charles agrees to store Tuan's car in Charles's garage for the winter months while Tuan visits his grandmother in California.As a bailee,Charles is automatically entitled to use Tuan's car while Tuan is away.
A)True
B)False
Q3) Discuss a bailor's liability for defects in the bailed property.
Q4) Distinguish between a contract and a gift.Give an example of each.
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Page 32
Chapter 31: Estate Planning
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Q1) Reva prepares and signs a document that she intends to be her will.If she has not followed the legal technicalities of her state regarding executing a will,the court may not enforce the will.
A)True
B)False
Q2) If Walter becomes incompetent to manage his affairs:
A) his chosen attorney-in-fact can make decisions for him if he appointed the person in a durable power of attorney with a springing power to become effective upon Walter's incompetence.
B) a court will appoint a guardian if Walter had no power of attorney.
C) his will becomes effective,and his executor or executrix will manage his business and personal decisions.
D) Both a and b are correct.
Q3) Singleton,an eighty-year-old widower,remarried.The next day,he made a will leaving everything to his son,Joey.A week after his marriage,Singleton died.How will his estate be handled?
Q4) Per capita means each heir gets an equal share of an estate.
A)True
B)False
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Chapter 32: Insurance
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Q1) Most Americans spend a considerable percentage of their disposable income on insurance.What can you do to reduce this expense?
Q2) Jose and Juanita are first cousins.Jose lives in San Francisco,California; Juanita lives in Toronto,Canada.The two have met only once in life,and may never meet again.Nonetheless,because they are blood relatives,Juanita has an insurable interest in Jose's life.
A)True
B)False
Q3) Insurance experts recommend that workers carry disability insurance to replace of their income.
A) 50%
B) between 60% and 75%
C) 100%
D) between 75% and 95%
Q4) A person always has an insurable interest in his own life. A)True
B)False
Q5) Discuss the rules for insurable interests.
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