Legal Envir.
Parol evidence refers to: a written memorandum. spoken words. a writ of certiorari. a default.
b
Performing or promising to perform what one is already obligated to do is a valid consideration. True False
false
The legal system of the U.S is based primarily on the French legal system
False
Which of the following is true of duties that an employee has toward the employer? An employee retains no duty of confidentiality regarding business matters. An employee is expected to work toward advancing the employer's interests. An employee's inventions must be handed over to the employer without fail. An employee should perform over and above ordinary skill level consistently.
b
A contract can be terminated at any time by both an employer and an employee. This situation is known as _____. employment without dependence employment at will employment at cost employment without liability
b
On investigation Ken stole money from his job and stole records what crime is that
Embezzlement
The Federal Trade Commission demands that advertisements be limited to statements about products that can be substantiated. True False
true
The sale of goods constitutes the largest number of contracts formed in the country's economic system. True False
true
The racketeer influenced and corrupt organizations act includes civil sanctions as well as criminal ones.
False
The doctrine of stares decisis states that
A decision taken by the court determines the fate of similar cases in other courts in future
A(n) _____is one who receives possession of another's property for the purpose of sale on commission. factor factor del credere broker attorney in fact
a
An enforceable contract is made by an adult with a minor. Which of the following is most likely to hold true in this case? A.)The contract is enforceable against the adult but not against the minor. B.)The contract is enforceable against the minor but not against the adult. C.)The contract is not enforceable against either of the parties until the minor attains a majority. D.)The contract is enforceable against the adult only if the minor ratifies the contract.
a
An offeree's response that rejects an offer by varying its terms is known as a(n) _____. A.)counteroffer B.)option C.)circular D.)invitation
a
Mark owes $2000 each to his business partners, Ryan, Bryan, and Clark. Since Mark is facing financial difficulties, his business partners agree to accept a total amount of $4800 from Mark as a cancellation of the unpaid balance due to them. This type of an agreement is known as a _____. composition of creditors writ of certiorari forbearance promissory estoppel
a
The statement of the seller in which the article sold is warranted or guaranteed is known as an _____. express warranty unconditional warranty universal warranty express guarantee
a
Which of the following best describes the term "acceptance"? It is the assent of a buyer to become the owner of specific goods. It is the assent of a seller to provide specific goods. It is taking repossession of goods by the seller once they have been sold. It is the acknowledgement of a fact during the course of the sale.
a
Which of the following is an example of a contract contrary to public policy? A purchases a motorcycle from B at a price much lower than its real value. A agrees to sell 1000 tonnes of rice to the local government. A agrees to appoint B as sheriff, provided he helps him win the local elections. A agrees to give $100 to B if he wins the lottery.
a
Which of the following is true of usury laws? They limit the rate of interest that may be charged for the use of money. They prohibit certain businesses and professions from operating without a license. They charge violators a penalty that is universal across all states. They restrict the sale of prohibited articles within a state.
a
Which of the following statements best describes the term "assignment"? It is the conveyance of rights in a contract to a person who is not a party. It is the termination and replacement of an old contract. It is the transfer of duties alone without a transfer of rights. It consists of an assignee who is the party making the assignment.
a
Blake agreed to renovate Jane's house, and they drafted a written contract. However, Blake was unable to complete the renovation due to an accident. Blake's friend, Tom, agreed to complete the job, and Jane agreed to release Blake from the contract. The terms of the old contract remained the same. This process of substitution of a contract is known as a(n) _____. rescission novation option counteroffer
b
Ryan, a college student, intends to sell his car. He contacts his friend Luiz and enquires whether he is interested in buying the car. Luiz finds the quoted price reasonable and buys the car from Ryan. In this scenario, Ryan is the _____. A.)claimant B.)offeror C.)acceptor D.)summoner
b
When one refrains or promises to refrain from doing something, this conduct is known as _____. duress forbearance negligence disaffirmation
b
Which of the following is true of gambling contracts? They allow the court to authorize one party to recover damages from another for breach of a gambling debt. They are contracts in which both parties in the contract either win or lose. They allow the state to permit the stakeholder, who is a trustee of funds, to keep the money.
b
Which of the following is true of the Statute of Frauds? It is a law requiring certain contracts to be oral. It applies only to executory contracts. It does not require agreements concerning land to be in writing. It requires agreements that involve taking the responsibility for the debts of another to be orally made.
b
Which of the following statements best describes specific performance? It refers to the payment of compensatory damages by a party as a remedy for breach of contract. It refers to the carrying out of the specific terms of a contract. It refers to carrying out of terms that were not specified in a contract in order to compensate for damages. It refers to the payment of liquidated damages by a party as a remedy for breach of contract.
b
_____ is a means of destroying another's free will by one party obtaining consent to a contract as a result of a wrongful threat to do the other person or family members some harm. Passive fraud Duress Misrepresentation Undue Influence
b
_____ is the process by which employers and unions negotiate and agree on the terms of employment for employees. Employer arbitration Collective bargaining Employee negotiation Union representation
b
A person not party to contract but whom parties intended to benefit is known as a(n) _____. unintentional beneficiary incidental beneficiary third-party beneficiary second-party beneficiary
c
A temporary transfer of possession of personal property without the intention of further sales is known as a(n) _____. denouement assignment bailment consignment
c
A(n) _____ is a sale in which a seller or an agent of the seller orally asks for bids on goods and orally accepts the highest bid. bidding escrow auction collusion
c
AB Developers signs a contract with CL Corp., agreeing to build a $20 million office for the corporation. The construction contract was substantially performed. There were, however, a few minor breaches of the contract by AB Developers that made CL Corp. incur damages worth $10,000. Which of the following is most likely to be true in this scenario? Since there was a breach of contract, CL Corp. may not pay any compensation to AB Developers. CL Corp. needs to pay the full price under the contract since the work was substantially performed. CL Corp. needs to pay the full price under the contract less the damages suffered by it. AB Developers needs to pay nominal damages to CL Corp. for breach of contract.
c
As per the UCC's definition of sale, in which of the following transactions has a sale taken place? A transfers the ownership of 50 acres of land to B. A pays B to repair his car. A buys a bicycle from B's shop. A purchases the digital rights to a book that B wrote.
c
In which of the following cases will a court refuse to enforce the provision of liquidated damages on a party? When the actual damages are difficult to be proved When the liquidated damages were established prior to the breach of contract When the amount of liquidated damages fixed by the contract is unreasonable When the parties refuse to pay the liquidated damages established in the contract
c
Jack, acting as an agent for Mike, purchases two tonnes of wheat on credit from Bryan. As per the agency contract, Jack is entitled to make all purchases under Mike's name. However, Mike refuses to make payment. Which of the following is legally permissible in this scenario? Jack can make part-payment and conclude the sale. Jack can refuse payment to Bryan stating an unauthorized sale. Bryan can sue both Mike and Jack for damages. Mike can sue Jack for wrongful purchase and terminate the contract.
c
Jim had a contract with his firm for a period of 12 months. However, he was discharged from duty during the tenth month of the contract period, and the employer failed to provide a valid reason for the dismissal. Which of the following is likely to occur in this scenario? The employer has the right to dismiss his employees without a valid reason. Jim can sue individual members of the organization for his dismissal. Jim can sue the company for wrongful dismissal before completion of contract period. The employer can sue Jim for failure to perform adequately a few months later
c
Jones acted as Blake's agent for 12 years before this contract of agency was dissolved by Blake. However, Blake failed to convey this fact to those vendors whom Jones has transacted with in the past. Which of the following is likely to occur if Jones negotiates future contracts with these vendors on Blake's behalf? Blake can rescind those contracts as Jones is no longer his agent. Blake can sue the vendors for selling without authorization. Blake is bound by those contracts and must pay necessary costs. Blake can claim compensation from Jones for any profits made.
c
Maya, an elderly lady, wanted to sell her house. She offered the house to Lily, a friend. However, before the house deeds were transferred, Maya passed away. Which of the following scenarios is legally acceptable in such a case? A.)Lily is still entitled accept the offer through legal action. B.)Lily can accept the offer within a period of ten days after Maya's death. C.)Lily must consider the offer automatically revoked and void. D.)Lily can claim that she was not aware of Maya's death and accept the offer.
c
Sara's visited Ben's, a famous designer jewelry store, to buy herself a necklace. She browsed through the store's product catalogue and chose a particular model of diamond necklace. After she chose it, the manager at Ben's sent an order to the manufacturer to make the necklace. Which of the following statements is true at this point in the scenario? The necklace is an identified good. Ben's holds the title to the diamond necklace. Only a contract to sell has been made between Sara and Ben's. The title to the necklace will pass to Sara as soon as the necklace is made.
c
Under the _____, it is unlawful to discriminate in price between competing buyers if the goods are of like grade, quantity, and quality. Revenue Act of 1936 Walsh-Healey Act Robinson-Patman Act Hatch Act of 1939
c
Which of the following descriptions best fits the term "receipt"? It is the acknowledgement of a purchase order by the seller. It is the acknowledgement of an industry standard by the buyer and seller. It is taking possession of the purchased goods by the buyer. It is the assent of the seller to provide specific goods.
c
Which of the following is true of a valid offer? A.)It is indefinite in nature. B.)It is instituted by the offeree to the offeror. C.)It is seriously intended. D.)It can be accepted by anyone who hears about it.
c
Which of the following is true of contracts? All contracts need to be written in order to be enforceable. An oral contract can be ascertained whereas a written contact cannot be ascertained. Written evidence, composed in clear language, is more reliable than oral All contracts of importance must be in oral form.
c
Which of the following is true of the nature of writing required to satisfy the Statute of Frauds? The writing need not state the quantity of the goods involved. The writing can be made before the making of the sale. The writing can be in the form of letters, e-mails, and telegrams. The writing cannot include typewritten signatures.
c
Which of the following is true of warranty of merchantability? It imposes the duty to employ a particular design, on the merchant, for safety reasons. Warranty of merchantability exists even after the risk of loss has passed to the buyer. Warranty of merchantability relates only to the fitness of the product made or sold. Unless excluded or modified, merchants do not make an implied warranty of merchantability.
c
Which of the following statements best defines customary authority? It is the authority specifically delegated to an agent by the agreement creating the agency. It is the authority to do things not specifically listed in a contract so that the purpose of the agency can be fulfilled. It is the authority to act on behalf of another that arises when such agents ordinarily possess such powers. It is the authority that an agent is believed to have because of the principal's behavior.
c
Mark, a civil engineer, entered into a contract with David. As per the contract, Mark agreed to design and build a house for David for a specified fee. Mark provided David with an estimation of the total cost and the contract was mutually agreed upon. However, during construction, when Mark increased the price stating a miscalculation on his part, David refused to pay the amount. This scenario is an example of a _____ mistake. mutual collective collateral unilateral
d
The failure of a party to perform the obligations assumed under a contract is known as a(n): A.)intrinsic fraud. B.)misrepresentation. C.)negative pledge. D.)breach of contract
d
Which of the following acts govern the sales of movable personal property? The Uniform Trade Secrets Act The Uniform Consumer Leases The Uniform Consumer Credit Code The Uniform Commercial Code
d
Which of the following best describes the term "consideration"? It refers to the record of a case sent for review to a higher court. It refers to the promisor refraining from meeting a promise. It signifies a promissory note given by the promisor as a token of the transaction. It indicates what the promisor demands and receives as the price for a promise.
d
Which of the following is true of quasi-contracts? A.)It is an unenforceable contract. B.)It generally offends ethical principles. C.)It is always formed by an adult with a minor. D.)It prevents the unjust enrichment of a party.
d
Which of the following is true of undue influence? It occurs when one party threatens to cause physical harm to another. It refers to one party injuring another financially to influence him to enter into a contract. It takes place between people who are not known to each another. It refers to a person in a special relationship causing another's action contrary to free will
d
Which of the following statements best defines a power of attorney? It is a written instrument indicating how a person's property is to be divided in the event of his/ her death. It is an official document that confers the rights of ownership of certain property to another person. It is the power conferred by a court to enable a party to manage the financial affairs of another party. It is a written instrument indicating the appointment of an agent for the performance of certain tasks.
d
The individual against whom a case is filled
Defendant
A _____ is any group given protection by antidiscrimination laws, such as groups based on race, color, religion, sex, or national origin. protected class racial group disparate class sectional group
a
Documents that show ownership are called documents of _____. estoppel consignment bailment title
d
To recover for a tort based on negligence, the plaintiff must show
the breach of the tortfeasors duty to the injured party
A false statement made in the belief that it is true is known as innocent misrepresentation. True False
true
Allen enters into a contract with Joe to sell his car. However by mistake, he undervalues his car. Though the actual value of the car is $6000, he sells it to Joe for $3000. During the purchase, Joe is aware of the actual value but does not communicate this fact to Allen. Which of the following is likely to be true in such a scenario? Allen is entitled to compensation through a court of law. Allen is entitled to cancel the contract because he was not aware of the actual value. Joe is entitled to keep the car because the contract is valid. Joe must pay the difference to Allen in order to validate the purchase.
... I think c
Most likly to be a tort based on negligence
Automobile Accidents
Patrick and Ken enter into a contract in which Ken sells his farm to Patrick. According to the contract, Patrick needs to pay $500 to Ken every month for the next ten years in order to settle the purchase. Later, it is found that Ken purposely caused Patrick to become drunk so that he would enter into the contract. Which of the following is most likely to be a consequence of this case? Patrick will not need to pay Ken because the contract will be held invalid. Patrick will need to pay a reasonable amount to Ken because housing is a necessity. Ken will need to choose whether to affirm or disaffirm the contract. Regardless of the intensity of intoxication, Patrick will be required to pay the contract amount because he signed the contract.
A
The _____________ consists of ten admendments
Bill of rights
True statement of civil law
Civil law deals with the enforcement or protection of private rights
To recover damages for an intentional tort, the plaintiff is required to prove that there was a breach of duty by the tortfeasor to the plaintiff.
False
_________________ are laws are those that state how parties are to go forward with filing civil actions ad how are those actions are to be tired
Procedural
All contracts must be for a lawful purpose otherwise they would be considered void. True False
TRUE
Which of the following is true of fungible goods? They are goods that are not quantifiable in nature. They are goods that are always homogenous in nature. They are goods that are always noncommercial in nature. They are goods that cannot be substituted for other similar goods.
b
A force majeure clause in a contract is a contract provision that excuses performance by a party when: an extraordinary event outside the party's control occurs. death or physical incapacity occurs, making it impossible to perform the services of the contract. the performance is made impossible by the wrongful act of the other party. an act that was legal at the time of the contract, is subsequently made illegal
a
Goods that are specifically made for the buyer and are of such an unusual nature that they are not suitable for trade in the ordinary course of the seller's business are called _____. auction goods nonresellable goods resellable goods speciality goods
b
A(n) _____is one that the seller did not make but that is imposed by the law. conditional warranty express guarantee limited guarantee implied warranty
d
Informal contracts are also known as _____ contracts. A.)express B.)implied C.)sealed D.)simple
d
At common law, individuals other than the parties to a contract can sue upon or seek to enforce the contract. True False
false
Contracts for the performance of personal services can be specifically ordered as remedies in breach-of-contract suits. True False
false
Destruction of the subject matter to be sold by the agent does not terminate the agency. True False
false
If a merchant displays a coat at a particular price, he has a binding requirement to sell at that price. True False
false
The laws that an employer must comply with relative to his employees also apply to his contracts with independent contractors. True False
false
A hostile work environment exists when harassing conduct alters the terms or conditions of employment. True False
true
All sellers, by the mere act of selling, make a warranty that they have good title and make rightful transfers. True False
true
Collective bargaining requires that the employer recognize and bargain with the representative the employees select. True False
true
Generally, people can sell only such interest or title in goods as they possess. True False
true
In some states, a joint contract is interpreted as being both joint and several. True False
true
In the event of goods damaged through no fault of either the buyer or the seller, the party with control over the goods bears the risk of loss. True False
true
The Family and Medical Leave Act allows an employee to take an unpaid leave of up to twelve workweeks in a twelve-month period in the case of child-birth. True False
true
The Statute of Frauds recognizes electronic signatures as legally enforceable. True False
true
The relationship of principal and agent is fiduciary in nature. True False
true
The safest way to contract with minors is to have the minor's guardian join in the contract as a cosigner. True False
true
