Final
Which of the following statements would be lawful for a debt collector to make?
"Are you going to pay your debt?" "Do you need to set up a payment plan?" "If you don't pay your debt, the debt will likely hurt your credit score."
Which of the following statements would most likely lead to a case of fraud if proven untrue and material?
"This computer is brand-new and has not been used before"
If a bank is notified of a lost ATM card immediately, how much is the card holder liable for?
$0
Overtime pay guarantees at least ___ times the normal hourly wage.
1.5
James works for Brawnson Enterprises. James has worked for the company for 15 years. He brings his own tools to Brawnson each day he works. Brawnson pays him by the completed job. James works for other companies on a routine basis. Which of the previously listed facts point towards James being an employee as opposed to an independent contractor of Brawnson Enterprises?
15 year working relationship
Which of the following courts is likely to hear a federal bankruptcy law issue?
A US bankruptcy court A US district court A federal court of appeals
Which of the following statements is true?
A business necessity defense is an applicable defense to a claim of disparate-impact
Which of the following statements is true about chapter 13 bankruptcy protection?
A debtor must make all payments required under the court ordered repayment plan
The case of Stewart v. Judy resulted in
A farmer gaining land through adverse possession
According to the textbook, which of the following marketing calls would be lawful under federal law?
A marketing call made by Horace to a home at 10pm
Which of the following best describes a fixture?
A piece of personal property that has been attached to real property in such a manner that the personal property becomes a part of the real property.
Which of the following would most likely be considered an exempt asset for purposes of bankruptcy?
A small value of tools of the trade
Which of the following statements is true regarding adverse possession?
Adverse possession requires the use to be exclusive and actual
Which of the following parties can file a Chapter 13 bankruptcy proceeding petition?
Alex, a debtor
In which of the following situations would an employer not be held liable for the actions of their employee?
Amy commits an intentional tort that the employer did not ask her to commit
In which of the following situations would an employer most likely have legal liability for the actions of their employee?
An employee commits negligence while performing her job duties
Which of the following is most likely to be considered an exempt asset under federal bankruptcy law?
An ownership interest in a motor vehicle
Principals are most likely to have liability for an agent when the agent commits?
An unintentional tort while acting at the direction of the principal
Which of the following statements is true?
Applying for too many loans may lower your credit score
Which of the following types of bailments creates the highest duty of care for the bailee?
Bailment for the sole benefit of the bailee
According to the reading, which of the following may allow a potential employer to engage in intentional discrimination against a job applicant because of their age?
Bona fide occupational qualification
According to the textbook, which of the following defenses must be 1) related to a legitimate goal and 2) based upon length of employment?
Bona fide seniority system
Which of the following is a advantage of a franchise agreement?
Brand recognition franchiser knowledge and expertise Shared costs such as national advertising programs
Which of the following is an argument against allowing for federal bankruptcy as a form of a relief?
Businesses may take unnecessary financial risks because they know they can file bankruptcy
Virginia recently quit her job because she did not enjoy the work or the long commute that her job required her to make. Virginia was never discriminated against or physically hurt on the job. Based upon these facts alone, Virginia might benefit from
COBRA
Which of the following allows workers to purchase health insurance through an employer sponsored health insurance program after they leave employment with their employer?
COBRA
Which of the following is listed a profession which might need to be licensed under state law?
CPA plumber cosmetologist
Debt collection agencies are prohibited from doing all of the following
Calling a debtor at work after the debtor's employer objects Harassing the debtor by contacting relatives Calling the debtor at inconvenient times
Which of the following debts would be likely to be discharged as part of a chapter 7 bankruptcy proceeding?
Car loan debt Credit card debt Debt arising from a personal bank loan
Which of the following is true regarding chapter 7 bankruptcy filings?
Chapter 7 petitions may be voluntary or involuntary
What items aren't dischargeable in bankruptcy?
Claims arising from certain fraud or willful misconduct Fines, penalties, and taxes due to the government most student loan obligations
Which of the following would be a legal principle used by a court when the defendant has been accused of wrongfully diverting rain water?
Common Entity Doctrine
Assume Norton Enterprises hires Concrete Company to pour a new cement driveway for its main office building. Which of the following actions by Concrete Company would most likely create liability for Norton Enterprises? Assume Concrete Company is an independent contractor of Norton Enterprises.
Concrete Company damages the city sewer and Norton Enterprises had been negligent in hiring Concrete Company
Telemarketers must identify all of what?
Cost of product quality being offered Service being provided
An LLC
Creates flow through taxation and limited liability for its members
A corporation with an S election
Creates flow through taxation and limited liability for its shareholders
Tim has several debts. Which of the following of Tim's debts is likely to be eligible for discharge as part of a Chapter 7 bankruptcy proceeding?
Credit card debt business loan Personal loan used to pay for a vacation 3 years ago
In which of the following situations would an employer most likley be liable for sexual harassment?
David continually tells Gina he would like to sleep with her. Gina tells her human resource department and they do nothing to stop the situation. Gina then quits after David continues to proposition her. Gina works in a different department than David.
Derrick is walking in the park one day when he finds a diamond ring laying in the grass. The diamond ring was placed on a bench in the grassy area by Aimee who was playing with her dog. She forgot to take the ring with her when leaving the park. Based upon these facts alone, which of the following statements is true?
Derrick is probably a bailee if Aimee intended to place the ring on the bench and inadvertently forgot it
Assume Henry is considering selling his motorcycle as is. Based upon the reading in the textbook, to avoid legal liability from defects, Henry should
Disclose material defects which are concealed
A sole proprietorship
Does not create double taxation for its single owner
In which of the following situations would the firing of an at-will employee create liability for the employer under federal law?
Don is fired for identifying as a Christian
Which of the following is an advantage of a sole proprietorship?
Easy to form owner has total control no double income taxation
Elaine visits George's apartment. The two have dinner and then Elaine leaves. Upon returning home she realizes she left her purse hanging on the coat rack at George's apartment. She had placed it on the coat rack upon arriving at George's house. The purse is most likely considered
Elaines's Property
In which of the following situations would an employer not be held liable for the actions of their employee?
Employee acted intentionally while not at work
Which of the following statements is true?
Employers can monitor employee email Employers can monitor employees by means of a video camera if they provide notice Employees cannot be fired for having their wages garnished
Assume Meta Corp produces an advertisement which it hopes to air on the public airwaves. The agency likely to have jurisdiction over the radio stations playing the advertisement would be the
FCC
Rick's son is badly injured in an accident. Rick would like to take time-off from his job to take care of his son while he recovers. Rick would like to keep his job. Which of the following laws would be applicable to Rick's situation?
FMLA
Which of the following was passed in an attempt to allow workers time away from their job if they are sick or a close relative is sick?
FMLA
Under federal law, an employer can
Fire an employee for failing a drug test Fire an employee for attempting to disrupt the workplace with violence Fire an employee for walking off the job
Which of the following is a requirement for proving ownership through the legal concept of adverse possession?
Hostile or adverse possession Open and notorious possession Exclusive possession
Kayla asks Jan to watch her children while she is at work. While watching Kayla's kids at Kayla's house, a delivery person knocks on the door of Kayla's house with a package. Jan signs for the package and takes it. Kayla had not said anything about a package being delivered. Jan then steals the package and its contents. The company who sent the package would argue that Kayla has liability for the package and its contents because
Implied authority to take delivery of the package existed
Stanley wants to take his daughter fishing. Stanley visits a local retail store hoping to purchase fishing line for his fishing pole. Stanley enters the retail store and finds several spools of string in an aisle which contains fishing poles. Stanley purchases the line only to find out it won't work in his fishing pole. The line is actually not made for fishing poles but instead is made for use in knitting. Assuming no product defect, Stanley's best course of recovery against the merchant would be
Implied warranty of fitness for a particular use
Which of the following cases arose because of a dispute regarding which collateral the creditor had a security in?
In re Johnson
Which of the following factors would indicate to a court that an individual is an employee and not an independent contractor?
Individual has worked for the hiring firm for a long period of time
Which of the following is true regarding a gift causa mortis?
It is revocable until death and automatically revoked upon survival
Which of the following scenarios is most likely to result in a hostile work environment?
Jennifer constantly asks Ted why he believes in his religious beliefs and mocks him
Rita is likely to have liability for Jim in which of the following situations?
Jim, an employee, acts in a negligent manner when completing a task assigned by Rita Jim, an independent contractor, acts in a negligent manner when completing a task supervised and controlled by Rita Jim, an independent contractor, acts in a negligent manner after being recklessly hired by Rita
Which of the following would most likely constitute a hostile work environment?
Justin constantly endures jokes about his religion at work
Assume Amy and Kristine have a general partnership. Amy commits negligence when representing the partnership. Based upon these facts alone, which of the following is true?
Kristine is liable under the theory of joint liability
The owners of the following entity are referred to as "members."
LLC
Which of the following is formed by filing articles of organization?
LLC
Martha hosts a party at her house. She invites Nelson. Because of the invitation, Nelson most likely has obtained a(an)?
License
In a petition for a voluntary bankruptcy proceeding, what is required to be included?
List of income and expenses Copy of most recent tax return List of property owned by debtor
Marissa was told when she was hired that she would only be let go (fired) for one of two reasons. 1) Customer demand was insufficient to support her job. 2) Marissa received an unsatisfactory employee evaluation at year-end. Which of the following statements is true?
Marissa is not an at-will employee and can only be fired for cause
Katy was offered a job by Mark, promising her a huge new office and a brand new car. Mark knows shortly after hiring Katy that his business will fail due to current financial issues. She is an at-will employee. After her first week of employment, Mark fires her for no reason other than the fact that his business is going to fail. Which of the following statements is true?
Mark probably has no liability since she was at-will employee
Which of the following is a government run medical insurance program designed to primarily serve those aged 65 or older?
Medicare
Food ingredients on labels in products sold in the United States must be disclosed upon the basis of the
Metric system and US Standard system
In the case of Vande Zande v. Wisconsin, the court held
Ms. Vande Zande's demand to work from home was not a reasonable accommodation
Which of the following is required under the Telemarketing Sales Rule of 1995?
Name of company being represented Total cost of the product or service being offerred Whether or not the product comes with a warranty which is material
Naomi is an employee of Radda Company. For which of the following acts is Radda Company most likely legal liable?
Naomi steals money from a customer and her employer had good reason to know she might do such a thing
Nathan was recently hired to be an accountant. He was fired because his boss did not like Nathan's religion. Which of the following statements is true under federal employment law?
Nathan can recover damages even if he was an at-will employee
Dave works at a sporting goods store. Dave tells Joe that the Bass Master 3000 is the best lure he has used in 20 years. Joe believes him. If the Bass Master 3000 does not live up to the hype, can Dave's claim be considered misrepresentation?
No, Dave has most likely engaged in puffery
Which of the following is provided for by the Fair Labor Standards Act?
Overtime pay Limitations on what type of work a minor can do Limitations on how many hours a minor can work
Which of the following is necessary to create an agency relationship?
Principal must grant agent the power to represent her on her behalf
Which of the following is a requirement for a person to prove they suffer from a protected disability under the Americans with Disabilities Act of 1990?
Proof of a physical or mental impairment Documentation of the impairment Proof the impairment is ongoing
According to the textbook, a consumer must consent to which of the following?
Receiving prerecorded messages as part of an autodialed call
Which of the following is an act allowed by the Fair Labor Standards Act?
Refusing to hire minors Refusing to allow minors to work in dangerous situations Refusing to allow workers to work more than eight hours in a day
Which of the following would be unlawful under federal law?
Requiring men to work later in the day because women are often primary care givers
Which of the following is a lega duty of a bailee?
Return of the bailed goods at the end of the bailment
Jennifer lives by a lake. The fact that Jennifer's property line ends in the lake gives Jennifer the right to use the lake. The fact Jennifer can use the lake since her property is located right next to the lake is referred to as the
Riparian rights doctrine
Assume Ann and Kayla would like to start a consulting business. They have two main objectives in regards to their business entity choice, they want to minimize taxation and personal liability. Based upon these facts alone, which of the following is the best choice for Ann and Kayla?
S Corporation
Which of the following would be the best business entity choice for a group of software engineers who wish to start their own firm? They plan on working for the firm but also employing other individuals. They wish to limit their exposure to social security and Medicare taxes. They want limited liability.
S Corporation
Assume Sally is a very successful plastic surgeon. She hires two doctors who have recently graduated from medical school to work for her. She also employs 12 nurses. Assuming her business is extremely profitable and lawsuits are a large liability, Sally should choose a (an)?
S corporation
In which of the following would a court most likely find unlawful disparate impact?
Samantha is not hired because she could not pass an entrance exam which is biased against females
In which of the following situations would a consumer need to consent to a telemarketer's actions?
Telemarketer wishes to play a prerecorded message to a cell phone user
Which of the following statements is true regarding the Affordable Care Act?
The Affordable Care Act sought to expand Medicaid programs The Affordable Care Act sought to expand employer sponsored health insurance programs The Affordable Care Act sought to expand access to individual health insurance plans through a marketplace
In the Clemens case,
The court found that the sellers may have hidden defects
In the Elish case,
The court found the car was not bailed property
Which of the follow best describes vesting?
The legal right is met to receive pension benefits at some future date
Stanley wants to form a worker's union at his company. Which of the following is a right enjoyed by Stanley?
The right to form a worker's union free from interference by his employer The right to collectively bargain with his employer The right to be free from discrimination for joining a worker's union
A consumer has all of the following rights under federal law
The right to use their credit report on a loan application The right to contest inaccurate information on their credit report Right to receive a free credit report each year
Assume Natalie was Tim's agent. Natalie was supposed to find Tim a house to buy. Unfortunately, Tim moved to another state to take a job and does not need the house anymore. Based upon these facts alone, Natalie is most likely not Tim's agent anymore because
Their purpose has been frustrated
Which of the following statements is true?
There are three major credit reporting agencies A consumer can have a FICO credit score of 300 to 850 Credit card debt can lower your FICO credit score
Tiffany is an at-will employee. In which of the following scenarios will Tiffany's employer face legal liability for terminating Tiffany?
Tiffany is fired for a certain religion
An interest in which of the following is likely considered exempt property for purposes of federal bankruptcy law?
Tools of the trade primary motor vehicle Household goods
A right to work law is a state law meant to prevent an employer from requiring
Union membership after a short period of time
As reported by the textbook, In the Torosyan case the key legal issue was whether or not Mr. Torosyan
Was fired as part of an at-will employment agreement
Which of the following best describes disparate-impact discrimination?
When a protected group of people is adversely affected by an employer's employment practices
The major factor in determining whether or not a fixture is labeled a trade fixture is
Whether or not the fixture was installed in a space leased to carry on a business
In a case of alleged discrimination against an employee with a disability under the Americans with Disabilities Act, which of the following facts is relevant?
Whether the employee was qualified academically Whether the employee could be accommodated without major disruption to the business Whether or not the employee could be accommodated without major expense
Assume Jennifer is selling her house. Which of the following would most likely be considered a fixture for purposes of property law?
a sink
First National Bank advanced over 100,000 dollars to BBQ Fast Restaurant. BBQ Fast Restaurant has now filed chapter 11 bankruptcy. In order to protect its financial interest during the bankruptcy proceedings, First National Bank should seek protection under the doctrine of
adequate protection
The case of Stewart v. Judy dealt with what issue?
adverse possession
In a franchise agreement, which of the following is generally a benefit the franchisee may receive?
advertising
What type of program goes a step further to attempt to "make up" for past occurences of discrimination?
affirmation action
Assume Xentech is led to reasonably believe that Stanley is an agent for DF Inc. Xentech's belief arose because of the actions of DF Inc. However, DF Inc won't take responsibility. Assuming no actual agency existed between DF Inc and Stanley, Xentech's belief may be relevant information used by a court of law to impose
agency by estoppel
Which of the following agencies arises because of the belief of a 3rd party?
agency by estoppel
Who is the person who agrees to act on behalf of a principal and is subject to the control of the principal?
agent
How is personal property defined?
all property that is not real property
Due to the Nutrition Labeling and Education Act, Todd should be able to find which of the following on any food packaging?
amount of total fat
Which of the following statements is true regarding at-will employment agreements?
an employee can be let go at anytime
In the case of Ohio v. Kovacs, the court had to determine whether or not Mr. Kovacs owed a liability towards the state of Ohio. At issue was
an injunction
All of the following must be disclosed by a financial institution, except:
annual percentage fees original fees amount financed
What authority arises based upon the beliefs of a third party?
apparent authority
Which of the following types of authority arises because a 3rd party believed the agent had the authority to act?
apparent authority
Assume the sales agent of Distro Company makes a sale as part of a contract which is not within the scope of his express authority. The customer who contracted with the sales agent knew the agent did not have the authority to make the sale. Distro Company agrees to honor the contract after the fact as a one time courtesy for the customer. The action of honoring the contract would be referred to as creating
authority by ratification
If a creditor learns a debtor has filed bankruptcy, the creditor will be prohibited from pursuing payment directly from the debtor because of the
automatic stay
Randlolph Manufacturing was recently contacted by a debt collection agency after filing for bankruptcy protection under chapter 7. The action of the debt collection agency is inappropriate under the concept of
automatic stay
Which of the following generally happens before the others as part of a federal bankruptcy proceeding?
automatic stay
According to the textbook, which of the following is not required to be disclosed on a food product label?
average age of workers
Kelly takes her car to a mechanic to be repaired. The mechanic is the______.
bailee
Which of the following bailments creates the highest duty of care for the bailee?
bailment for the sole benefit of the bailee
Assume PLC Accounting Firm requires all employees to obtain a CPA license as a condition of employment. This requirement unintentionally discriminates against members of a protected class. PLC Accounting Firm argues state law requires a CPA license to perform the type of work engaged in by its employees. Based upon these facts alone, which of the following defenses is PLC Accounting utilizing?
business necessity
The term caveat emptor means
buyer beware
Circuit City, a corporation, filed for bankruptcy. It continued to operate as a business but needed assistance with revising its debt payments. A bankruptcy court created a repayment plan for Circuit City. Based upon these facts alone, Circuit City most likely filed bankruptcy under
chapter 11
The type of bankruptcy proceeding most commonly filed by corporation in an attempt to reorganize their debts is
chapter 11
A publicly traded partnership would be prohibited from filing for bankruptcy protection under
chapter 13
According to our class lecture, which of the following chapters of the federal bankruptcy code is considered to be the least complicated and least expensive chapter which an individual debtor can file?
chapter 13
Which of the following results in a liquidation of assets and discharge of debts as opposed to a repayment or reorganization of debts?
chapter 7 bankruptcy proceedings
Which of the following has been made unlawful under federal employment law?
closed shops
The Discount Tobacco City & Lottery v. USA case found that
colors are not deceptive
Which of the following business entities provides for limited liability for all owners but does not provide flow-through taxation?
corporation without an S election
According to the textbook, advertising refuting, clarifying, or correcting previously released content is referred to as the legal concept of
counter advertising
Which of the following debts is most likely to be discharged as part of a bankruptcy proceeding?
credit card debt
An individual who is owed a debt is referred to as a
creditor
Bethany files for bankruptcy. The court decides to allow Bethany to continue to operate her business as opposed to installing a trustee. Under federal bankruptcy law, Bethany would be considered a (an)
debtor in possession
When a debtor continues to operate her business as part of a Chapter 11 bankruptcy, the debtor is referred to as a
debtor in possession
An advertisement that states untrue information about the company's own product is most likely considered
deceptive advertising
According to the textbook, Chapter 7 bankruptcy proceedings generally conclude with
discharge of debts
An educational requirement as a prerequisite for employment that results in discrimination against a group of individuals, implicates the legal concept of
disparate impact
Requiring job applicants to be at least six feet tall when most women are not six feet tall may result in
disparate impact
Monica was recently fired from her job for being female. Her boss told her she was being replaced by a male employee because male employees do not take maternity leave. Based upon these facts alone, which of the following vocabulary terms best describes the type of discrimination faced by Monica?
disparate treatment
Assume Mindy contracts with Sue. Mindy is likely to create liability for Sue if Mindy is classified as a(an)?
employee partner franchise
Which of the following parties is likely to create liability for a hiring firm and/or principal?
employee special agent general agent
What type of agency is formed through a written or oral agreement?
express agency
"Our spray will keep 100% of bugs away - guaranteed!" is an example of which of the following (assuming tests prove it actually can keep 100% of bugs away)?
express warranties
Samantha visits a hardware store. She purchases an electronic device which allows her to play music in her home. The device can also make phone calls on her cellular phone. It can also search the internet for her and give her answers. The hardware store does not sells any of these devices and only had this one on hand as part of a paint promotion. The salesperson told Samantha to try it out and if she does not like it or has an issues with it, the store will gladly refund her money. Based upon these facts alone, which of the following warranties is most likely to have arisen as part of Samantha's purchase?
express warranty
Bill decides to sell a gift he got from his mother. The gift was a brand-new camera. Bill has not opened the box. Bill's profession is that of a cab driver. Rita purchases the camera from Bill. Which of the following warranties could apply in this situation?
express warranty Implied warranty regarding the contents of the package Implied warranty of fitness for a particular use
Assume Tiffany believes she has been defrauded by a seller of home appliances. Which of the following is a legal option available to Tiffany?
file a lawsuit for fraud notify the FTC file a breach of contract claim
If a creditor learns a debtor has filed bankruptcy, the creditor should immediately
file a proof of claim
The Clemens case held a buyer of a home as part of contract sale "as is" could still possibly sue the seller for
fraud
Assume Kevin and Mike have started working together installing carpet and laminate flooring. They share profits from this venture 70/30. Mike only gets 30% of the profit because he does not have as much expertise as Kevin. Kevin and Mike have been advertising their business through social media. Neither Kevin nor Mike has limited liability. Based upon these facts alone, Mike and Kevin have
general partnership
A gift given by a donor who believes death is imminent is considered to be which of the following?
gift causa mortis
Assume Warren is contemplating death. Warren was recently admitted to a hospital and the doctors told him he might only have days to live. In contemplation of death, Warren gives his prized dog to his granddaughter Melanie as a gift. According to the textbook, this gift would be referred to as a
gift causa mortis
In the case of Ohio v. Kovacs, the court had to decide whether or not Mr. Kovacs had
had a "debt" that could be discharged
In the Vulcan Metals Co case, the court found that the defendant
had engaged in fraud
The CAN-SPAM act prohibits which of the following?
harvesting of email addresses
As reported by the textbook, in the Torosyan case the plaintiff attempted to recover damages by proving
he was not an at-will employee
Assume Randy wants to adversely possess Christine's vacation home. Randy moves into the vacation home and starts living in it without Christine's permission or knowledge. He even has his mail delivered to the home. Under the law of adverse possession, the fact Randy does not have Christine's permission, makes his use
hostile
Assume Randy cannot tolerate his work environment any more because of the constant harassment he faces regarding his religion. Based upon these facts alone, it appears Randy is facing
hostile work environment
Assume Bethany purchases a brand new television from a local electronics store without speaking to anyone . The television displays a picture but no sound. After several hours, Bethany concludes the television is incapable of producing sound as it should. She returns the television to the store where she purchased it. The store manager cannot get the television to produce sound either. Based upon these facts alone, the fact the television will not operate correctly would be grounds for claiming breach
implied warrant of merchantability
Samantha visits an electronic store. She purchases an electronic device which allows her to play music in her home. The device can also make phone calls on her cellular phone. It can also search the internet for her and give her answers. The electronics store sells many of these devices and had a wide variety on hand. Based upon these facts alone, which of the following warranties is most likely to have arisen as part of Samantha's purchase?
implied warranty of merchantability
Abuse in a Chapter 7 bankruptcy proceeding will not be presumed if the debtor's
income is less than the state median income
The Cassano case involved an issue regarding liability of a(an)?
independent contractor
According to the textbook, bailment generally requires
intent, possession, and physical control
Which of the following facts would support the conclusion that Kailee is an employee and not an independent contractor?
kailee is paid salary by the hiring firm
Which of the following professions generally does require state licensure before providing services?
legal services medical services electrical contracting services
Assume Sherri grants Mary an ownership interest in certain real property which will terminate upon Mary's death. The textbook refers to this as
life estate
Which of the following partnerships has both general and limited partners?
limited partnership
Assume Tim is running in the woods one day when he finds a valuable diamond ring along side a trail. Assuming the owner of the diamond ring had not intentionally placed the diamond ring on the side of the trail, according to the textbook, the diamond ring would be considered
lost property
Jane is 67 years old and needs health-insurance. She has a very high level of income. Which of the following programs may help her?
medicare
Jackson is on his way to school when he places his bag on the ground next to a bench while waiting for a bus. He forgets the bag when boarding the bus. The bag would be referred to as
mislaid property
According to the Discount Tobacco City & Lottery Case, the government can prohibit advertising that it finds
misleading obscene fraudulent
In the case of Torosyan v. Boehringer Ingelheim Pharmaceuticals, Mr. Torosyan
moved across the country to work as a chemist
Implied warranties have which of the following qualities?
non verbal
Which of the following is a designation given to a business entity by the Internal Revenue Service as opposed to a state's Secretary of State?
non-profit
Which of the following is generally exempt from taxation of its primary income?
not-for profit
Assume Monica loses her debit card. To avoid any liability from a purchase being made by an unauthorized user such as someone finding the debit card, Monica should
notify her bank immediately
Under the Nutrition Labeling and Education Act of 1990, a food product label must disclose all of the following
number of servings per package number of calories per serving amount of total fat per serving
A car would be considered
personal property
The case of Perpetual Real Estate Services v. Michaelson Properties, Inc involved the legal issue of
piercing the corporate veil
The textbook uses which of the following terms to describe a payment which results in a creditor receiving payments from a debtor which need to be set aside because the creditor is paid more than they would have been as part of the bankruptcy proceeding?
preferential transfer
Mandy recently purchased a home in a state ripe with granola. She is hoping to create her own water source to support her granola farm. She digs a well. Assume her state grants the first person who accesses percolating water a superior right as to those who accesses it later. This rule is most likely the rule of
prior appropriation
Which of the following legal rules regarding usage of water provides superior ownership rights to the first person to access a source of water?
prior appropriation
Terry purchases a home. Unfortunately for Terry, every time it rains his backyard floods with rain water from his neighbor's property. Which of the following rules would allow Terry's neighbor to push rainwater onto to Terry's property without legal recourse?
prior appropriation/Riparian rights doctrine
Prohibited advertising includes obscene material, indecent material, and
profane language
Assume First Bank of the North recently foreclosed on a home. Amy is interested in buying the home from First Bank as an investment. First Bank is only willing to convey to Amy their interest in the home and land on which it sits. First Bank is not willing to make any promises to Amy about the land or the house. In order to minimize liability from the conveyance, First Bank should consider using which of the following deeds?
quitclaim deed
In a Chapter 7 liquidation, what step comes after the trustee liquidates and distributes nonexempt assets?
remaining debts are discharged
According to the textbook, which of the following is not a protected class for employment purposes under the Civil Rights Act of 1964?
residency status
Unless a product is exempted by law, states such as Iowa require the seller of a product to collect a
sales tax
Chad visits a local bank in hopes of borrowing money to purchase an automobile. The bank tells Chad they will take an security interest in his car. The fact that the car will act as collateral results in the loan being
secured
Assume First Bank has a security interest in collateral arising out of a debt arrangement with FastTimes Corporation. Based upon these facts alone, First Bank would be considered a (an)
secured creditor
Assume First National Bank requires Charter Construction company to provide a security interest in exchange for financing of a new piece of construction equipment. Based upon this information, First National Bank is
secured creditor
Gelton Manufacturing creates food products at its only location in Lansing, Michigan. Considering legal principles, as well as business management principles, Gelton should disclose all of the following on its food package label
serving size Identity of packaging firm number of calories per serving
Which of the following is a government sponsored program which provides workers with a wage supplement when they retire?
social security
Which of the following agents is hired by a principal to perform a specific and limited undertaking?
special agent
Assume Nathan sells his home to Daniel providing Daniel a deed containing no promises other than he is transferring the interest he has in the home. Based upon these facts alone, it appears Nathan has provided Daniel a
special warranty deed
Tiffany purchases a foreclosed home. The previous owner did not make required payments to their bank. The bank then took the home from the previous owner. Tiffany the purchased the home from the bank. Five years later, Tiffany decides to sell her home. Tiffany is worried about making warranties regarding ownership for the time before she purchased the home. However, the buyer wants at least some type of warranty. Tiffany might most benefit from the concept of a
special warranty deed
What types of debts generally cannot be discharged as part of a bankruptcy proceeding?
student loans Purchases of luxury items taxes owed to government
Michael and Qin own real property together. The fact that they are business partners and not married, means that under state law they could not have
tenancy by entirety/ Could have: life estate A joint tenancy with right of survivorship A tenancy in common
Assume Jack and Jill purchase a home after they are married. Under the common law (and some states today), the fact that Jack and Jill are married would create a
tenancy by the entirety
Which of the following forms of ownership requires a married couple jointly own real property?
tenancy by the entirety
Assume Michelle has a lease for a dwelling house which starts on January 1 and ends on May 31st. Michelle's lease will not automatically renew. The textbook refers to Michelle's interest as a
tenancy for years
Which tenancy ends after a certain date without requiring notice of termination?
tenancy for years
Christopher receives a gift of land from his grandmother Alice. The gift was left to Christopher in Alice's will. The gift of land to Christopher through Alice's will is considered a
testamentary gift
Jerry leaves his son Mitchell his personal home as part of his will. This type of gift is referred to as a?
testamentary gift
Juanita wants to buy a home. As part of the proposed purchase, Juanita hires an attorney named David to review the ownership history of the property. David provides a written document detailing his findings. This document is most likely to be referred to as a?
title opinion
Which of the following is likely to prohibit Jon from filing chapter 7 bankruptcy?
too much household income
Which of the following parties has the power to set aside a preferential transfer made by a debtor seeking bankruptcy protection under chapter 11?
trustee
Which of the following is a program for workers who are let go for no fault of their own and is sponsored by both the federal government and the state governments?
unemployment compensation
Which of the following is a program operated by the federal government and states governments to provide certain short-term wage benefits to workers who have lost their jobs through no fault of their own?
unemployment compensation
Which of the following does the textbook define as causing or likely to cause substantial consumer injury that is not outweighed by it benefits?
unfair advertising
According to the textbook, which of the following is an advantage of the typical franchise agreement?
use of trademarks and trade secrets
Which of the following is remitted to the local government by the consumer and not the seller?
use tax
A(n) ________ is an exception granted to a landowner by a municipality.
variance
US food and packaging laws don't require disclosure of
wage paid to workers who manufactured the product
Which of the following programs provides workers with injury related payments in the even they are injured on the job?
worker's compensation
Which of the following benefits is provided by a privately funded insurance policy as opposed to a government tax fund?
worker's compensation benefits
Which of the following is a private proceeding between a debtor and their creditors which occurs outside of bankruptcy court?
workout
Ames has restrictions on where someone can operate a business within city limits. These city restrictions are referred to as _________ regulations?
zoning
Jamie buys a new home. Under local city law, Jamie is prohibited from building a second home on her parcel of land. This prohibition by the city is referred to be the textbook as
zoning