Regulatory Environment of Business
Mock Exam
Course Introduction
This course explores the complex network of laws, regulations, and governmental policies that shape the business landscape. Students will examine the rationale behind various regulatory frameworks, the structure and function of key regulatory agencies, and the legal responsibilities of businesses in areas such as environmental protection, consumer rights, labor laws, and antitrust policies. Through case studies and real-world examples, the course develops an understanding of how companies adapt to regulatory change and navigate compliance challenges, emphasizing the strategic importance of the regulatory environment in business decision-making and risk management.
Recommended Textbook
Dynamic Business Law 4th Edition by
Nancy K. Kubasek
Available Study Resources on Quizplus
52 Chapters
4658 Verified Questions
4658 Flashcards
Source URL: https://quizplus.com/study-set/3756
Page 2
Chapter 1: An Introduction to Dynamic Business Law
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74806
Sample Questions
Q1) If an office supply store dumps its waste behind its building in violation of local,state,or federal environmental regulations,the resulting dispute would focus on which type of law?
A)Consensual
B)Public
C)Preferential
D)Black letter
E)Private Answer: B
Q2) Which of the following is based on the idea that,when ruling on a case,judges consider more than just the law;they also weigh factors such as social and economic conditions?
A)Legal positivism
B)Historical school
C)Executive positivism
D)Cost-benefit analysis
E)Legal realism
Answer: E
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Business Ethics
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74807
Sample Questions
Q1) The only social responsibility that businesses have is to focus on how business decisions affect company operations.
A)True
B)False
Answer: False
Q2) Which of the following is asserted by the principle of rights?
A)That whether a business decision is ethical depends on how the decision affects the rights of employees without consideration of other stakeholders.
B)That whether a business decision is ethical depends on how the decision affects the rights of organized labor without consideration of other stakeholders.
C)That whether a business decision is ethical depends on how the decision affects the rights of stockholders without consideration of other stakeholders.
D)That whether a business decision is ethical depends on how the decision affects the rights of all involved.
E)That whether a business decision is ethical depends on how the decision affects the overall economy.
Answer: D
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: The Uslegal System
Available Study Resources on Quizplus for this Chatper
89 Verified Questions
89 Flashcards
Source URL: https://quizplus.com/quiz/74808
Sample Questions
Q1) If a potential juror's response to a question indicates bias,an attorney should use a peremptory challenge to remove the juror.
A)True
B)False
Answer: False
Q2) Within the U.S. ,courts may issue advisory opinions.
A)True
B)False
Answer: False
Q3) Assuming there are no vacancies,how many U.S.Supreme Court justices are there?
A)7
B)8
C)15 D)5
E)9
Answer: E
Q4) Only one party may appeal from a final judgment.
A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above. Page 5
Chapter 4: Alternative Dispute Resolution
Available Study Resources on Quizplus for this Chatper
89 Verified Questions
89 Flashcards
Source URL: https://quizplus.com/quiz/74809
Sample Questions
Q1) Corporations should never use arbitration in international disputes because the results are almost always unenforceable.
A)True
B)False
Q2) Which of the following is true regarding ADR in federal courts and agencies?
A)Federal courts and agencies may "opt in" to a federal mediation program.
B)Both federal district courts and federal agencies are required by law to have ADR programs.
C)Federal agencies are required to create internal ADR programs,but federal district courts may "opt out" of establishing these programs.
D)Federal district courts are required to have ADR programs,but such programs are not mandatory for federal agencies.
E)There is no requirement that federal courts or federal agencies have ADR programs.
Q3) In order to be a mediator,a person must have a law degree.
A)True
B)False
Q4) How are arbitrations similar and dissimilar to a court trial?
To view all questions and flashcards with answers, click on the resource link above.
Chapter 5: Constitutional Principles
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74810
Sample Questions
Q1) Which of the following are types of due process?
A)Procedural,substantive,and independent
B)Substantive,independent,and full faith
C)Independent,full faith,and procedural
D)Independent,full faith,and substantive
E)Procedural and substantive
Q2) Why must federal legislation that affects business be based on an expressed constitutional grant of authority?
A)Because it is a custom.
B)Because President Lincoln issued an executive order to that effect.
C)Because the U.S.Congress passed a law to that effect.
D)Because President Washington issued an executive order to that effect.
E)Because the federal government has only those powers granted to it by the Constitution.
Q3) The U.S.Constitution explicitly allows courts to review legislative and executive actions to determine whether they are constitutional.
A)True
B)False
Q4) Explain "dormant commerce clause" as a concept.
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: International and Comparative Law
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74811
Sample Questions
Q1) A[n] purchases goods from a seller for resale in a foreign market and actually takes title to the goods assuming the risk of being unable to resell them.
A)Licensing agent
B)Affiliate agent
C)Distributor
D)Foreign sales representative
E)Joint agent
Q2) is a type of alternative dispute resolution procedure wherein disputes are submitted for resolution to private,nonofficial persons selected in a manner provided by law or the agreement of the parties.
A)Arbitration
B)International evaluation
C)Mediation
D)Multi-cultural evaluation
E)Neutral evaluation
Q3) A foreign sales representative does the same thing as a distributor when conducting business internationally.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 8
Chapter 7: Crime and the Business Community
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74812
Sample Questions
Q1) By broadening the scope of actions covered and the definition of a public official,Congress amended the Foreign Corrupt Practices Act to conform to the antibribery convention adopted by the Organization for Economic Cooperation and Development.
A)True
B)False
Q2) Because of double jeopardy,a person found not guilty of a criminal offense cannot also face a civil charge for the same alleged actions.
A)True
B)False
Q3) In Berghuis v.Thompkins,the majority of the U.S.Supreme Court ruled that absent an explicit invocation of the right to remain silent,police may continue to interrogate a suspect,and what the suspect says may be used against him in court.
A)True
B)False
Q4) Discuss the four alternative ways,in addition to fines,to punish white-collar criminals discussed in the text.Discuss the pros and cons of each.
Q5) What elements are necessary to establish bribery of a public official?
To view all questions and flashcards with answers, click on the resource link above. Page 9
Chapter 8: Tort Law
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74813
Sample Questions
Q1) Which of the following is true regarding awards of punitive damages in the U.S.?
A)Awards of punitive damages in the U.S.are very similar to awards of punitive damages under the Canadian judicial system.
B)The Supreme Court ruled that the issue of punitive damages is for the jury and will not be disturbed on appeal,regardless of the ratio of punitive damages to compensatory damages.
C)A ratio of punitive damages to compensatory damages greater than 9 to 1 violates due process.
D)It is not always easy to predict what a court will do regarding punitive damages in any given case.
E)Punitive damages may not be awarded in excess of $3 million dollars.
Q2) Accidental torts are one of the three classifications of torts in the United States
A)True
B)False
Q3) List the four purposes of tort law and discuss whether you believe that additional tort reform should occur.
Q4) List and explain the four different types of privacy torts.
To view all questions and flashcards with answers, click on the resource link above.
Page 10
Chapter 9: Negligence and Strict Liability
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74814
Sample Questions
Q1) Under what circumstances are punitive damages awarded?
A)Only to punish the offender.
B)To punish the offender and to deter others from committing similar offenses.
C)To punish the offender,to deter others from committing similar offenses,and to reimburse a plaintiff for his or her losses.
D)Only to reimburse a plaintiff for his or her losses.
E)Only to deter others from committing similar offenses.
Q2) Which of the following is sometimes referred to as proximate cause?
A)Legal cause.
B)Factual Cause.
C)Actual cause.
D)Significant cause.
E)Cause in fact.
Q3) Which of the following are elements of causation?
A)Actual cause and significant cause.
B)Actual cause and proximate cause.
C)Proximate cause and significant cause.
D)Actual cause and clear cause.
E)Proximate cause and real cause.
Q4) Identify and explain the elements of negligence.
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: Product Liability
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74815
Sample Questions
Q1) When the user of a cosmetic or over-the-counter drug has an adverse reaction to that product,ordinary consumers i.e. ,not sophisticated users)have sometimes brought a negligent failure-to-warn action.Describe at least one approach or test used by courts in determining whether a plaintiff can prove negligence in these types of cases.
Q2) The doctrine of teaches that an accident that is unlikely to occur unless the defendant was negligent is itself circumstantial evidence that the defendant was negligent.
A)Comparative negligence
B)Ipso Facto
C)Res ipsa loquitur.
D)Negligence per se.
E)Strict liability.
Q3) What is another name for the risk-utility test?
A)The design defects test.
B)The manufacturing purposes test.
C)The retailer expectations test.
D)The feasible alternatives test.
E)The consumer expectations test.
To view all questions and flashcards with answers, click on the resource link above.
Page 12
Chapter 11: Liability of Accountants and Other Professionals
Available Study Resources on Quizplus for this Chatper
91 Verified Questions
91 Flashcards
Source URL: https://quizplus.com/quiz/74816
Sample Questions
Q1) When can an accountant be held liable to his or her client for fraud?
Q2) Fraud without fraudulent intent is known by which term?
A)Immaterial fraud
B)Constructive fraud
C)Reliance fraud
D)Actual fraud
E)Presumed fraud
Q3) An accountant is entitled to which of the following in the instance of a breach of contract where the accountant completed substantial performance?
A)No more than one thousand dollars.
B)The full amount of the contractually agreed-on fee minus the amount of damages caused by the accountant.
C)The contractually agreed-on fee without any deduction.
D)Nothing.
E)A reasonable hourly rate.
Q4) Discuss the defenses available to an accountant charged with negligence.
Q5) What must a plaintiff show in order to establish a violation of Section 20a)of the Securities Exchange Act?
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 12: Intellectual Property
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74817
Sample Questions
Q1) Which of the following is a mark used in conjunction with a service?
A)Certification mark
B)Collective mark
C)Physical activity mark
D)Product trademark
E)Service mark
Q2) Which of the following is the oldest treaty designed to protect artistic rights?
A)The 1994 Agreement on Trade-Related Aspects of Intellectual Property Rights
B)The Geneva Convention of 1860
C)The Paris Convention of 1883
D)The Berne Convention of 1886
E)The Universal Copyright Convention of 1952,as revised in 1971
Q3) Which of the following is a principle of The Paris Convention of 1883?
A)Nonconditional protection
B)Complex treatment
C)Enforcement priority
D)Treaty affirmation
E)National treatment
Q4) In order to succeed on a claim of trade-dress infringement,what must a party prove?
To view all questions and flashcards with answers, click on the resource link above. Page 14
Chapter 13: Introduction to Contracts
Available Study Resources on Quizplus for this Chatper
89 Verified Questions
89 Flashcards
Source URL: https://quizplus.com/quiz/74818
Sample Questions
Q1) Which of the following is the part of the Uniform Commercial Code governing contracts for the sale of goods?
A)Article 3
B)Article 2
C)Article 7
D)Article 4
E)Article 5
Q2) A bond used as bail in a criminal case is a recognizance,which is an example of a formal contract.
A)True
B)False
Q3) Which of the following is correct regarding Karina's statement that there was no contract?
A)Karina is incorrect because there was a bilateral,implied agreement.
B)Karina is correct.There was no contract because she had not started working.
C)Karina is incorrect because there was a unilateral,implied agreement.
D)Karina is incorrect because there was a bilateral,express agreement.
E)Karina is incorrect because there was a unilateral,express agreement.
Q4) Define a bilateral contract and a unilateral contract,and give an example of each.
To view all questions and flashcards with answers, click on the resource link above. Page 15
Chapter 14: Agreement
Available Study Resources on Quizplus for this Chatper
89 Verified Questions
89 Flashcards
Source URL: https://quizplus.com/quiz/74819
Sample Questions
Q1) In the lawsuit in which Randy sues Erin for return of the $5,000,which of the following is the most likely result?
A)Randy will lose only because he was not the actual seller.He was only selling at auction for someone else.The seller,however,would win in an action against Erin.
B)Erin will win only if she can show that Randy had knowledge that cash was in the drawer before he sold it.
C)Randy will win because when an auction is held without reserve,the auctioneer is entitled to repossess any item at will.
D)Randy would win because Erin made an insufficient offer.
E)Erin will win because the auction was without reserve,and she properly bid on and bought the cash register with everyone knowing that the cash drawer was stuck.
Q2) Courts interpret contracts using an objective standard.
A)True
B)False
Q3) List the elements of an offer under the common law.
Q4) List the ways in which an offer can terminate.
Q5) Explain under which circumstances an offer may not be revoked.
To view all questions and flashcards with answers, click on the resource link above.
Page 16
Chapter 15: Consideration
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74820
Sample Questions
Q1) In a unilateral contract,the consideration for a promise is a[n] .
A)Agreement
B)Consideration
C)Action
D)Return promise
E)Acknowledgement
Q2) What is necessary for consideration to be valid?
A)Consideration must be part of an equal exchange.
B)Consideration must be money
C)Consideration must involve performance in exchange for a promise.
D)Consideration must involve a mutual exchange of promises
E)Consideration must be the product of a bargained for exchange.
Q3) Jun is building a home for Tessa that is to be completed by December 31st.Jun tells Tessa that he needs to hire additional workers in order to have the home done by that time and that she needs to pay him an extra $10,000.Tessa agrees to pay.Jun finishes the home and asks for his $10,000.Tessa refuses to pay.If Jun sues,what is the likely result? Discuss whether you believe the result is ethical and equitable.
Q4) Define and discuss promissory estoppel,and give an example of when it would be applied.
To view all questions and flashcards with answers, click on the resource link above. Page 17
Chapter 16: Capacity and Legality
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74821
Sample Questions
Q1) Which statement applies in the dispute between Rose and Sal's Car Savings,considering that she waited to turn 18 before attempting to disaffirm the contract?
A)An implied ratification occurs when parents agree to accept the debt entered into by a minor.
B)If Rose caused any damage whatsoever to the car,she was said to have impliedly ratified the contract.
C)Rose was required to expressly ratify the contract before she could be bound to it.
D)Rose was required to expressly ratify the contract before she could be bound to it so long as no damage was done;but if she did any damage to the car,as a matter of law,she is said to have impliedly ratified it.
E)So long as,after reaching the age of majority,Rose did not state orally or in writing that she intended to be bound by the contract,then she did not commit an express ratification.
Q2) Minors can disaffirm contracts for necessaries,but they will still be held liable for the reasonable value of the necessary.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 18
Chapter 17: Legal Assent
Available Study Resources on Quizplus for this Chatper
89 Verified Questions
89 Flashcards
Source URL: https://quizplus.com/quiz/74822
Sample Questions
Q1) A voidable contract may be ________.
A)Chargeable
B)Deassented
C)Rescinded
D)Reassented
E)Uncharged
Q2) Which of the following is Richard guilty of in threatening to tell Eric's parents about the arrest unless Eric rents the apartment?
A)Undue influence
B)Fraud
C)Duress
D)Consumer misbehavior
E)Unconscionability
Q3) The statement of fact need not be an actual assertion for fraudulent misrepresentation to be the basis for a contract rescission.
A)True
B)False
Q4) Set forth the factors referenced in the text that enter into a finding of whether undue influence exists.
To view all questions and flashcards with answers, click on the resource link above. Page 19
Chapter 18: Contracts in Writing
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74823
Sample Questions
Q1) In which year did the English Parliament pass the Act for the Prevention of Frauds and Perjuries?
A)1770
B)1776
C)1865
D)1677
E)1555
Q2) Define the term "admission" in relation to contracts under the statute of frauds.Discuss the pros and cons of the rule on admissions,and whether you think courts should recognize admissions.
Q3) What type of contract falls within the scope of the statute of frauds?
A)Contracts involving the provision of any goods
B)Contracts involving the provision of services
C)Contracts involving any debt
D)Contracts whose terms prevent possible performance within one year
E)Contracts involving services in relation to computer equipment
Q4) What are the eight exceptions to the parol evidence rule?
Q5) Parol evidence is admissible when a court deems a contract integrated.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Chapter 19: Third-Party Rights to Contracts
Available Study Resources on Quizplus for this Chatper
89 Verified Questions
89 Flashcards
Source URL: https://quizplus.com/quiz/74824
Sample Questions
Q1) Halle and Rose enter into a contract in which Rose agrees to sell her property to Halle so Halle can build a hotel.Maria owns the restaurant next door and will benefit from the opening of the hotel because it will bring in many new customers.Rose subsequently breaches the contract so Halle cannot but the property and build the hotel.Can Maria sue Rose for breach of contract?
A)Yes,because Maria was an intentional beneficiary to the contract.
B)Only if Halle does not sue.
C)Yes,because Maria was an intended beneficiary to the contract.
D)Only if Halle also sues.
E)No,because Maria was an incidental beneficiary to the contract.
Q2) When a party to a contract transfers his or her rights to a contract to a third party,which of the following occurs?
A)Disgorgement
B)Privity
C)Transfer
D)Assignment
E)Referral
Q3) What tests do the courts use to determine whether a party is an intended or incidental beneficiary?
To view all questions and flashcards with answers, click on the resource link above.
Page 21
Chapter 20: Discharge and Remedies
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74825
Sample Questions
Q1) Yolef and Stacia enter into a contract for Stacia to cook a meal for Yolef and Yolef to pay Stacia $50.Yolef shows up at Stacia's house with $100.Yolef's actions are an example of:
A)Implied performance
B)Tender.
C)Incomplete performance.
D)Performance.
E)Complete performance.
Q2) An offer for the sale of a vehicle contained the condition that the buyer must return the signed offer with a $1,000 deposit upon acceptance.The requirement to send $1,000 is an example of what type of condition?
A)At large
B)Implied
C)Concurrent
D)Conditional
E)Express
Q3) Describe the elements of substantial performance of a contract and the effect of a finding of substantial performance on damages.
Q4) List the ways by which a party's contractual obligations can be terminated.
To view all questions and flashcards with answers, click on the resource link above. Page 22
Chapter 21: Introduction to Sales and Lease Contracts
Available Study Resources on Quizplus for this Chatper
89 Verified Questions
89 Flashcards
Source URL: https://quizplus.com/quiz/74826
Sample Questions
Q1) Is Morton's contract for Winslow to purchase his wheat crop covered by the UCC?
A)Yes,because crops that are sold while still growing in the field are considered goods.
B)Yes,but only if Morton cuts them down and then sells them to Winslow.
C)No,because the wheat is still growing and affixed to the land,and land sales are covered by common law.
D)No,because crops are not considered goods.
E)Yes,but only if Morton sells Winslow the right to come onto his property and remove the wheat.
Q2) Under the UCC,items are ________ if they exist physically.
A)Tangible
B)Saleable
C)Real
D)Movable
E)Merchandise
Q3) Unconscionability is a concept recognized by the UCC.
A)True
B)False
Q4) When may a party be considered a "merchant" under the UCC?
To view all questions and flashcards with answers, click on the resource link above.
Page 23
Chapter 22: Title,risk of Loss,and Insurable Interest
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74827
Sample Questions
Q1) Which of the following statements accurately describes conditional contracts?
A)Sale-on-approval contracts and sale-or-return contracts,but not condition-or-sale contracts
B)Sale-on-approval contracts,sale-or-return contracts,and condition-or-sale contracts
C)Sale-on-approval contracts,but not sale-or-return or condition-or-sale contracts
D)Sale-or-return contracts and condition-or-sale contracts,but not sale-on-approval contracts
E)Condition-or-sale contracts and sale-on-approval contracts,but not sale-or-return contracts
Q2) The rule originates in common law that when a seller transfers goods to a buyer,the buyer gets only voidable title if the buyer is a minor.
A)True
B)False
Q3) The right to insure the goods against any risk exposure such as damage or destruction is known as an insurable interest.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 24
Chapter 23: Performance and Obligations Under Sales and Leases
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74828
Sample Questions
Q1) Which of the following is true about the Uniform Computer Information Transactions Act (UCITA)?
A)UCITA is silent about rejection of defective products
B)Software vendors are in favor of UCITA because it would protect software vendors.
C)UCITA ensures perfect tender rules apply to all software.
D)UCITA has been passed by all fifty states.
E)Software vendors are generally not in favor of UCITA because it would disrupt their industry.
Q2) Who created the exceptions to the perfect tender rule?
A)Federal court,but not state court
B)Courts and the U.S.Congress
C)Courts,the U.S.Congress,and the UCC drafters
D)Courts and UCC drafters
E)The U.S.Congress and UCC drafters
Q3) A buyer who has accepted goods may later revoke the acceptance if the buyer can show that the defects substantially impair the value of the goods.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 25
Chapter 24: Remedies for Breach of Sales and Lease Contracts
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74829
Sample Questions
Q1) Tort law is primarily designed to vindicate social policy,while contract actions are created to enforce the intentions of the parties to the agreement.
A)True
B)False
Q2) Discuss when specific performance is available as a remedy against a seller or lessor when the sale of goods is involved,and what is involved if specific performance is required.
Q3) A buyer can never revoke acceptance of nonconforming goods.
A)True
B)False
Q4) List the various options discussed in the text that may be available to a buyer/lessee when the seller/lessor is in breach.
Q5) What is the ultimate goal of contractual remedies?
A)To punish those who breach contracts.
B)To deter parties from breaching contracts
C)To compensate breach victims.
D)To provide a private system of justice
E)To enforce social order.
Q6) What a buyer must do in obtaining cover?
To view all questions and flashcards with answers, click on the resource link above. Page 26
Chapter 25: Warranties
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74830
Sample Questions
Q1) A brochure for a knife states: "This knife can cut through a phone book.Guaranteed!".This statement is an example of
A)A consequential warranty
B)Puffing
C)A claimed warranty
D)An express warranty
E)An implied warranty
Q2) To use common law language,a[n] ________ is a material term of the sale or lease contract.
A)Acknowledged warranty
B)Consequential warranty
C)Implied warranty
D)Claimed warranty
E)Express warranty
Q3) In Kazakhstan,Western law's "warranty" is referred to as a[n] ________.
A)Agreement
B)Acknowledgment
C)Confirmation
D)Promise estopped
E)Pledge
To view all questions and flashcards with answers, click on the resource link above. Page 27
Chapter 26: Negotiable Instruments: Negotiability and Transferability
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74831
Sample Questions
Q1) Which of the following is true regarding negotiable instruments as compared to contracts?
A)Similar to contracts,negotiable instruments require offer and acceptance;but unlike contracts,negotiable instruments do not require consideration.
B)Negotiable instruments lack the requirements of contracts involving consideration,offer,and acceptance.
C)Negotiable instruments require the same elements as contracts in regard to consideration,offer and acceptance.
D)Similar to contracts,negotiable instruments require consideration.
E)A negotiable instrument is a form of a contract and may be referred to as such.
Q2) Which of the following is a note of the bank where a payee purchases it and collects principle plus a set amount of interest in the future?
A)Cashier's check
B)Certificate of deposit
C)Certified check
D)Traveler's check
E)Draft
To view all questions and flashcards with answers, click on the resource link above.
Chapter 27: Negotiation, holder in Due Course, and Defenses
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74832
Sample Questions
Q1) Kira,who owned a pet store,bought a number of dog leashes from a business called Happy Paws in Florida.Kira,who was somewhat unorganized,was very busy and told her assistant,Gio,to pay her bills,including the bill she owed to Happy Paws.Kira had lost the invoice.She knew that she owed Happy Paws $1,000,and simply told Gio to send Happy Paws $1,000.She told Gio she did not know the address,but that he should be able to find it on the Internet.Gio checked on the Internet and found a listing and an address for a company called Happy Paws in North Carolina.Gio sent the check for $1,000 to Happy Paws in North Carolina.The bookkeeper for Happy Paws in North Carolina did not act in bad faith and thought that the check was for goods sent to Kira.The treasurer endorsed Kira's check along with a number of other checks to ABC Financing Company in order to receive operating funds.Happy Paws in North Carolina was not affiliated with the Florida Happy Paws.In fact,Happy Paws in North Carolina sold booties for children.Happy Paws in North Carolina was also in financial difficulty and went bankrupt.Happy Paws in Florida contacted Kira regarding the $1,000 they were owed.Kira and Gio then discovered their mistake.They requested that Happy Paws in North Carolina refund the money,but bankruptcy prevented that.Kira then attempted to get the funds returned from ABC Financing.What is the most likely result regarding Kira's attempt to receive the funds from ABC Financing and why?
Q2) List the five conditions under which a holder may take an instrument for value.
To view all questions and flashcards with answers, click on the resource link above. Page 29
Chapter 28: Liability, defenses, and Discharge
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74833
Sample Questions
Q1) If Charla was not authorized to sign the note on behalf of Prida,but Prida subsequently accepted the cut diamonds to sell in her store,which of the following terms best describes the situation?
A)Ratification
B)Dishonor
C)Accommodation
D)Renunciation
E)Presentment
Q2) Who is primarily liable on the promissory note and who is secondarily liable?
A)Both Dexter and Bernard are primarily liable on the note.
B)Dexter is primarily liable and Bernard is secondarily liable.
C)Bernard is primarily liable and Garren is secondarily liable.
D)Dexter is primarily liable and Garren is secondarily liable.
E)Bernard is primarily liable and Dexter is secondarily liable.
Q3) A bank is primarily liable for the amount of a check when it accepts the check.
A)True
B)False
Q4) For a holder to turn to secondarily liable parties,what are the requirements?
Q5) Set forth the eight real defenses and explain their significance.
To view all questions and flashcards with answers, click on the resource link above. Page 30
Chapter 29: Checks and Electronic Fund Transfers
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74834
Sample Questions
Q1) Which statement is true about traveler's checks?
A)They require a countersignature by a person whose signature appears on the instrument.
B)The person who purchases the traveler's check does not sign the instrument until it is ready to be used to make a purchase.
C)They are payable on a designated date.
D)Like other types of checks,a traveler's check need not state "traveler's check" on the instrument.
E)The drawer is usually a small,local bank.
Q2) Which of the following is a bank receiving a transferred check during a collection process excluding the first bank and the last bank?
A)Intermediary.
B)Transferring.
C)Collecting.
D)Acknowledging.
E)Depositary.
Q3) The depositary bank is sometimes the same as the collecting bank.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 31
Chapter 30: Secured Transactions
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74835
Sample Questions
Q1) Assume the bank's filing of the financing statement constitutes a proper perfection,what type of interest does Dryden have in the hang glider?
A)Dryden would have a claim against the hang glider only as an unsecured creditor.
B)Dryden would have a claim against the hang glider based on the amount of the loan.
C)Dryden would have no claim for the hang glider.
D)Dryden would be a secured creditor.
E)Both Dryden and the bank would have an equivalent claim to the hang glider.
Q2) A buyer in the ordinary course of business can take goods free of any security interest created by the seller of the goods unless the security interest is perfected,under the UCC.
A)True
B)False
Q3) When a debtor uses collateral to secure a loan from a bank,a purchase-money security interest is created.
A)True
B)False
Q4) Set forth the steps that a creditor must take to become a secured party.
To view all questions and flashcards with answers, click on the resource link above.
Chapter 31: Other Creditors Remedies and Suretyship
Available Study Resources on Quizplus for this Chatper
89 Verified Questions
89 Flashcards
Source URL: https://quizplus.com/quiz/74836
Sample Questions
Q1) The agreement entered into between Sean and the bank is called what?
A)An acknowledged agreement
B)A certified agreement
C)A guaranty
D)A suretyship
E)An executory promise
Q2) What is the purpose of a creditor seeking a court order for attachment?
A)To protect secured creditors
B)To garnish a debtor's wages
C)To obtain court permission to immediately allow a creditor to seize a debtor's property
D)To ensure a debtor doesn't sell or hide property to try to avoid paying debt
E)Creditors cannot seek a court order for attachment
Q3) An artisan's lien is a claim on what types of property?
A)Real,personal,and movable
B)Personal,but not movable or real
C)Movable and real,but not personal
D)Movable but not personal or real
E)Personal and real,but not movable
To view all questions and flashcards with answers, click on the resource link above.
Chapter 32: Bankruptcy and Reorganization
Available Study Resources on Quizplus for this Chatper
85 Verified Questions
85 Flashcards
Source URL: https://quizplus.com/quiz/74837
Sample Questions
Q1) Under Chapter 7,a debtor must be insolvent to file a voluntary petition for bankruptcy.
A)True
B)False
Q2) What if a creditor continues to engage in legal action against a debtor when an automatic stay is in effect?
A)The creditor forfeits all claims against the defendant.
B)The debtor can recover damages,costs,attorney fees,and even possibly punitive damages.
C)The creditor can continue with repossession proceedings but not with garnishment.
D)The creditor can continue as long as the creditor can prove that the legal action was underway before the stay went into effect.
E)The debtor must ask the court to reinstate the stay and to issue an injunction against the creditor.
Q3) The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 included only minor changes to bankruptcy law.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
34
Chapter 33: Agency Formation and Duties
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74838
Sample Questions
Q1) When determining whether a worker is an independent contract or an employee,one of the most important considerations is ,which is when the employer has the right to substantially control the worker's day-to-day operations.
A)Employer control
B)Specific performance
C)Special performance
D)Delegation
E)Oversight
Q2) What type of relationship has formed when one person has the right to control the conduct of another person?
A)Principal-agent
B)Principal-independent contractor
C)Employer-independent contractor
D)Employer-employee
E)Employer-agent
Q3) Discuss why agency is especially important for modern firms doing business in foreign countries.
Q4) List the requirements for agency by ratification,and then list the requirements that must be met for ratification to be effective.
To view all questions and flashcards with answers, click on the resource link above. Page 35
Chapter 34: Liability to Third Parties and Termination
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74839
Sample Questions
Q1) When would an agent who breaches his or her agreement be liable for a breach of implied warranty?
A)When the principal is disclosed.
B)When the principal is partially undisclosed.
C)When the principal is undisclosed.
D)When the principal is disclosed or partially disclosed.
E)When the principal is partially disclosed.
Q2) The most typical way to provide constructive notice of agency termination is
A)By posting a notice at the courthouse
B)By telephone
C)By newspaper publication
D)By e-mail
E)By letter
Q3) Vicarious liability is assigned liability without fault.
A)True
B)False
Q4) Actual notice of agency termination may not be given orally.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 36
Chapter 35: Forms of Business Organization
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74840
Sample Questions
Q1) Define a joint venture and set forth two differences under the law between a joint venture and a partnership.
Q2) List the advantages and disadvantages of forming a general corporation.
Q3) What type of agreement do owners of a limited liability company usually create when establishing their organization?
A)Shareholders Agreement
B)Partnership Agreement
C)Operating Agreement
D)Oral Agreement
E)Member Contract
Q4) Which of the following is a business organization governed by a group of trustees who operate the trust for the beneficiaries?
A)A business trust
B)A syndicate
C)An E corporation
D)A joint enterprise
E)An S corporation
Q5) Describe a franchise that is a distributorship and give an example of a distributorship.
To view all questions and flashcards with answers, click on the resource link above. Page 37
Chapter 36: Partnerships: Nature, formation, and Operation
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74841
Sample Questions
Q1) Under the Uniform Partnership Act,which of the following is defined as a "person"?
A)Individuals only
B)Partnerships,individuals,corporations,and other associations
C)Partnerships and individuals
D)Partnerships,individuals,and corporations
E)Corporations only
Q2) Each partner has unlimited personal liability for all acts of the partnership's partners.
A)True
B)False
Q3) Only the partnership agreement determines the implied authority of partners.
A)True
B)False
Q4) Under joint and several liability,partners must be sued jointly.
A)True
B)False
Q5) List the five items of information that articles of partnership usually include,as set forth in the text.
Q6) Describe the liability,if any,of incoming partners.
To view all questions and flashcards with answers, click on the resource link above. Page 38
Chapter 37: Partnerships: Termination and Limited Partnerships
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74842
Sample Questions
Q1) In what order should the partnership's debts be paid?
A)The loan to Ava,then the bank loan,then the capital to the partners.
B)The bank loan,then the loan to Ava,then the capital to the partners.
C)The capital to the partners,then the bank loan,then the loan to Ava.
D)The bank loan,then the capital to the partners,then the loan to Ava.
E)The order of payment of debts does not matter.
Q2) Denesha enters a limited partnership and contributes $150,000 as a limited partner.The limited partnership consisting of two general and two limited partners were sued over debt.Assuming the limited partnership is properly conducted,what is the maximum for which Denesha can be held liable?
A)$75,000
B)$150,000
C)$100,000
D)Denesha has unlimited personal liability.
E)$50,000
Q3) A general partner has unlimited personal liability for the debts of the limited partnership.
A)True
B)False
Page 39
To view all questions and flashcards with answers, click on the resource link above.
Chapter 38: Corporations: Formation and Financing
Available Study Resources on Quizplus for this Chatper
89 Verified Questions
89 Flashcards
Source URL: https://quizplus.com/quiz/74843
Sample Questions
Q1) What were Min-ji,Marcus,and Penelope seeking by requesting a novation in regards to the lawsuit threatened by Callie?
A)An agreement by which Min-ji,Marcus,Penelope,Callie,and the corporation would agree that the corporation would be liable to Callie,and that Min-ji,Marcus,and Penelope would be released.
B)An agreement by which Callie agreed to delay her claim for one year in order to give the corporation a chance to make a profit.
C)An agreement by which the corporation would be substituted as the debtor instead of Min-ji,Marcus,and Penelope so long as the corporation made a profit in its first year of existence.
D)An agreement by which Min-ji,Marcus,Penelope,Callie,and the corporation would agree that the company would be liable to Callie for one half the debt and that Min-ji,Marcus,and Penelope would be liable for only one half of the debt.
E)An agreement by which Min-ji,Marcus,and Penelope would be discharged from the debt so long as the new corporation agreed to do an agreed upon amount of business with Callie for a certain period.
Q2) What are the two implied corporate powers,as set forth in the text?
To view all questions and flashcards with answers, click on the resource link above. Page 40
Chapter 39: Corporations: Directors, officers, and Shareholders
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74844
Sample Questions
Q1) A director may be removed for which of the following reasons?
A)At the will of the president.
B)For cause.
C)In the discretion of the shareholders upon a two-thirds vote.
D)In the discretion of other directors upon a majority vote.
E)In the discretion of the shareholders upon majority vote.
Q2) Which of the following,if any,is an authorization of a shareholder to allow someone else to vote in his or her place?
A)Permissive voucher
B)Proxy
C)Approval
D)Acknowledgement
E)There is no such document because a shareholder may not allow someone else to vote in the shareholder's place.
Q3) The Revised Model Business Corporation Act forbids directors' meetings being held via telephone.
A)True
B)False
Q4) What are the requirements for being a director?
To view all questions and flashcards with answers, click on the resource link above. Page 41
Chapter 40: Corporations: Mergers, consolidations, terminations
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74845
Sample Questions
Q1) Is Myron correct that the vote by Cheeseland's Board of Directors is legitimate to finalize the deal between the two companies?
A)No,Cheeseland only needs the approval of its shareholders before it can sell its assets.
B)No,Cheeseland needs the approval of both its board of directors and its shareholders before it can sell its assets.
C)No,Cheeseland needs the approval of its shareholders for a merger
D)Yes,Cheeseland only needs the approval of its board of directors before it can sell its assets.
E)Yes,Cheeseland only needs the approval of its board of directors for a merger.
Q2) The surviving corporation's right to sue for debt and damages on behalf of the absorbed corporation is called which of the following?
A)A chose in action
B)A right of litigation
C)A course of recovery
D)A right of recovery
E)An accord and satisfaction
To view all questions and flashcards with answers, click on the resource link above. Page 42
Chapter 41: Corporations: Securities and Investor Protection
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74846
Sample Questions
Q1) If Valley Vineyard is not required to register with the SEC,how much capital can it raise?
A)Valley Vineyard can raise up to five million dollars.
B)Valley Vineyard can raise up to one million dollars.
C)Valley Vineyard can raise up to five million dollars the first year,and then it is unlimited.
D)There is no limit.
E)Valley Vineyard can raise up to ten million.
Q2) What is the term length for the head members of the Securities and Exchange Commission?
A)3 years
B)2 years
C)1 year
D)Eighteen months
E)5 years
Q3) If a violation of federal securities laws is serious enough to merit criminal prosecution,the Fraud Section of the Securities and Exchange Commission prosecutes the action.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 43
Chapter 42: Employment and Labor Law
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74847
Sample Questions
Q1) Does Monique have a valid claim for wrongful discharge under the implied-contract exception?
A)Yes,because the supervisor did not follow the steps for progressive discipline leading to discharge.
B)No,although most states recognize an implied-contract exception that would permit employees to sue for wrongful discharge,there was no violation because Monique's performance was poor.
C)No,states do not recognize an implied-contract exception that would permit employees to sue for wrongful discharge.
D)Yes,but only if the employer promised in writing not to fire Monique until thirty days after her written warning.
E)No,the employer did not violate the law by firing Monique prior to the expiration of thirty days after receipt of her written warning.
Q2) Most states do not recognize the implied covenant of good faith and fair dealing as an exception to the employment-at-will doctrine.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Chapter 43: Employment Discrimination
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74848
Sample Questions
Q1) The issue of whether a hostile work environment exists is only considered by courts in the context of harassment based upon gender.
A)True
B)False
Q2) Title VII of the Civil Rights Act applies to employers who have ________ or more employees for ________ consecutive weeks within one year and who are engaged in a business that affects commerce.
A)50;20
B)20;50
C)15;30
D)15;20
E)20;52
Q3) The Disability Action Agency,not the Equal Employment Opportunity Commission,enforces the Americans with Disabilities Act.
A)True
B)False
Q4) State laws may give employees less,but not more,protection than federal law.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 45
Chapter 44: Administrative Law
Available Study Resources on Quizplus for this Chatper
88 Verified Questions
88 Flashcards
Source URL: https://quizplus.com/quiz/74849
Sample Questions
Q1) Regarding executive agencies at the federal level,which of the following is false?
A)Executive-agency heads may be discharged by the president at any time,for any reason.
B)When a new president is elected,he or she will typically place his or her appointees in charge of executive agencies.
C)Executive agencies tend to have responsibility for making rules covering a broad spectrum of industries and activities.
D)Executive agencies are generally located within the executive branch under one of the cabinet-level departments.
E)The administrative head of an executive agency is appointed by the president with the advice and consent of the U.S.House of Representatives.
Q2) The Interstate Commerce Commission was created by Congress as a means to better control the anticompetitive conduct of railroads.
A)True
B)False
Q3) Set forth the stages of hybrid rule making.
Q4) Set forth the stages of informal rule making.
To view all questions and flashcards with answers, click on the resource link above.
Chapter 45: Consumer Law
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74850
Sample Questions
Q1) Which of the following is NOT a way in which the Consumer Product Safety Act protects consumers?
A)It issues and enforces mandatory standards regarding product safety.
B)It works with industries to develop voluntary product safety standards.
C)It can file lawsuits on behalf of a consumer who was injured.
D)It can administer existing product safety legislation.
E)It can ban consumer products from the market.
Q2) The purpose of the Truth in Lending Act is to require sellers disclose loan and/or credit terms to consumers.
A)True
B)False
Q3) Which of the following authorities would have presided over the hearing involving the administrative complaint filed against Julia by the Federal Trade Commission?
A)A panel of commissioners of the Federal Trade Commission
B)All the commissioners of the Federal Trade Commission
C)A federal district court judge
D)An administrative law judge
E)A state circuit court judge
Q4) What is required by the Telemarketing Sales Rule of 1995?
To view all questions and flashcards with answers, click on the resource link above. Page 47
Chapter 46: Environmental Law
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74851
Sample Questions
Q1) Which treaty helps regulate the harvest of a certain fish by granting licenses only to fishermen catching fish within 200 miles of the costs of signatories to the treaty?
A)The Marine Pollution Prevention Protocol
B)The Montreal Protocol.
C)MARPOL.
D)The Convention on International Trade in Endangered Species.
E)The Eastern Pacific Ocean Tuna Fishing Agreement.
Q2) taxes reference the taxation of environmentally harmful activities.
A)Black
B)Red
C)Lime
D)Green
E)Lemon
Q3) The National Environmental Policy Act NEPA)was one of the first major environmental laws enacted by the United States.
A)True
B)False
Q4) When must an environmental impact statement be filed under the National Environmental Policy Act?
To view all questions and flashcards with answers, click on the resource link above. Page 48
Chapter 47: Antitrust Law
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74852
Sample Questions
Q1) All monopolies are prohibited by Section 2 of the Sherman Act.
A)True
B)False
Q2) Katie's requirement that before she will sell scuba gear to a business,the business must carry her line of wet suits is a ________ arrangement.
A)Requirements
B)Combination
C)Joinder
D)Tying
E)Complementary
Q3) Which of the following most closely states the purpose of enacting the Sherman Act?
A)To regulate interstate commerce.
B)To stop trusts from unfairly restricting market competition.
C)To create government-sponsored monopolies to compete with powerful corporations.
D)To create exemptions from excessive government regulation in order to spur economic growth.
E)To stop trusts from acting inefficiently.
To view all questions and flashcards with answers, click on the resource link above.
Chapter 48: The Nature of Property, personal Property, and Bailments
Available Study Resources on Quizplus for this Chatper
88 Verified Questions
88 Flashcards
Source URL: https://quizplus.com/quiz/74853
Sample Questions
Q1) Which of the following terms best describes property that can be touched?
A)Tangible
B)Manifest
C)Discernible
D)Substantive
E)Physical
Q2) In the "Case Nugget," Ziva Jewelry Inc. ,v.Car Wash Headquarters Inc. ,the plaintiff left his car and keys with a car wash employee and a thief drove off with the car,abandoning it unharmed after stealing jewelry valued at over $800,000 from the car's trunk.What was the final holding of the court in this case?
A)That it would be unconscionable to hold the car wash liable for the loss.
B)That the car wash was liable to the plaintiff because the car wash accepted responsibility as a bailee.
C)That the car wash was liable to the plaintiff for the loss because the car wash had not issued a valid disclaimer.
D)That the car wash and the plaintiff would be required to split the loss.
E)That the car wash was not liable to the plaintiff because the car wash employees had no notice they were taking responsibility for the jewelry.
To view all questions and flashcards with answers, click on the resource link above. Page 50
Chapter 49: Real Property
Available Study Resources on Quizplus for this Chatper
89 Verified Questions
89 Flashcards
Source URL: https://quizplus.com/quiz/74854
Sample Questions
Q1) Which of the following are promises voluntarily entered into by property owners by which the owners promise to use or not to use their land in particular ways?
A)Restrictive covenants
B)Zoning
C)Approved use requirements
D)Obligatory covenants
E)Public use agreements
Q2) Which of the following is the document that directs a condominium association?
A)Agreement of Association Rights and Duties
B)Condominium Governing Agreement
C)Acknowledgement of Ownership and Restrictions
D)Declaration of Covenants,Conditions and Restrictions
E)Contract of Recognition and Association
Q3) Which type of estate is the most complete estate a person may have?
A)Fee simple absolute
B)Life
C)Leasehold
D)Future interest
E)Conditional
Q4) What must a properly drafted deed include?
Page 51
To view all questions and flashcards with answers, click on the resource link above.
Chapter 50: Landlord-Tenant Law
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/74855
Sample Questions
Q1) Which of the following references the ending of a lease before its stated term by mutual agreement between the lessor and the lessee?
A)Abandonment
B)Forfeiture
C)Negation
D)Refusal
E)Surrender
Q2) Describe a sublease.To whom is a sublessee liable in the event that the sublessee fails to pay rent? Can the original lessor hold the sublessor liable in the event a sublessee fails to pay rent?
Q3) Surrender occurs when a landlord or tenant fails to perform a condition stated in the lease.
A)True
B)False
Q4) A landlord does not have to enter into an agreement to lease premises to an individual who has a history of not paying rent or severely damaging premises.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 52
Chapter 51: Insurance Law
Available Study Resources on Quizplus for this Chatper
88 Verified Questions
88 Flashcards
Source URL: https://quizplus.com/quiz/74856
Sample Questions
Q1) A commercial general liability policy provides protection against intentional wrongful acts committed by an insured.
A)True
B)False
Q2) ________ is a term used to define the payment made by an insured party in exchange for a later payment by an insurer in the event of damage or injury to insured property or person.
A)Assessment
B)Bill
C)Requirement
D)Premium
E)Tag
Q3) If the insured or insurer fails to meet an obligation under the insurance contract,what cause of action might the other party have?
A)Breach of duty
B)Breach of good faith and fair dealing
C)Breach of warranty
D)Breach of contract
E)Breach of implied warranty
To view all questions and flashcards with answers, click on the resource link above.
Page 53
Chapter 52: Wills and Trusts
Available Study Resources on Quizplus for this Chatper
88 Verified Questions
88 Flashcards
Source URL: https://quizplus.com/quiz/74857
Sample Questions
Q1) ________ statutes are state laws that outline how a person's property will be distributed if he or she dies without a will.
A)Testacy
B)Intestacy
C)Probate
D)Testate
E)Will
Q2) What occurs when a testator relies on false statements when making a will?
A)Undue influence
B)Fraud
C)Misinformation
D)Recklessness
E)Negligence
Q3) What is the effect of Mark's codicil since it was written on a cutting board?
A)It is invalid because a codicil must be on paper.
B)It is invalid because a codicil must be electronic
C)It is invalid because a codicil must be either electronic or on paper.
D)It is valid because he attached it to the will.
E)As long as it is handwritten,it is valid.
Q4) As set forth in the text,for what two reasons are wills usually contested?
Page 54
To view all questions and flashcards with answers, click on the resource link above.