Buss 340 Final Exam

In California, the small claims court has jurisdiction for recovery by a corporation of under:

$5,000.

There are how many California Codes?

29

In the U.S., there are how many primary sources of law?

4

Regarding the Courts of Appeals, California is in the:

9th circuit.

Which of the following does not have the legal capacity to enter into a contract for the purchase of real property?

A minor

Which of the following is designed to protect the marketability of a property?

A slander of title tort

Which of the following is a clause used either because a delay would cause serious damage to the parties or the clause is preprinted in a form?

A time is of the essence clause

What elements are necessary for a raffle to be considered a lottery?

All of the above

Which of the following would be a typical sole proprietor business?

All of the above

Which of the following crimes are also torts?

Assault and battery

The purpose behind which kind of license is simply to raise money?

Business license

The official reporter for the state of California is the:

California Reports.

Which of the following can be as simple as exchanging promises?

Consideration

Which of the following laws are meant to restrict behavior that disrupts society?

Criminal

If you want a company name other than your surname for your sole proprietorship, what would you file with the County clerk's office?

Fictitious business name statement

Which of the following is extremely important to ensure a successful negotiation?

Preparation

Which of the following is usually the starting ownership entity?

Sole proprietorship

Which of the following is true regarding C Corporations?

Stockholders have limited liability.

In California, the trial courts are referred to as:

Superior courts.

An agreement to do or not to do a certain thing, enforceable by the courts, is a simple definition of:

a contract.

When a person is of unsound mind, he or she may not enter into:

a contract.

A gift is:

all of the above.

Contracts must be in a signed writing to be enforced in court for:

all of the above.

Review by the Supreme Court is NOT:

all of the above.

Tender occurs when a party makes an offer of performance and is:

all of the above.

An agreement to accept something different or less than that which a person is entitled to is called:

an accord.

Governments rely on social contracts to avoid:

anarchy.

A collection of federal and state government laws that regulate the conduct and organization of business corporations, generally to promote fair competition for the benefit of consumers is known as:

antitrust law.

Moral beliefs and value systems:

are formed early in life.

An express warranty is NOT created by a seller's:

both a and b.

Terms of an express contract can be:

both a and b.

Violators of the Sherman Antitrust Act can be fined up to:

both a and c are correct.

Inserting an unconscionable provision in a contract is:

both b and c.

To prove inducement to breach another person's contract has occurred:

both b and c.

Defendants who fail to exercise a level of care called for under the circumstances have:

breached their duty.

An organization that is established as a separate existence for the purposes of taxes is a:

business entity.

Disparagement does not refer to injury of a business person's reputation, but his or her:

business product.

An agent may be appointed by any person with:

capacity to contract.

Private disputes are no longer settled through private violence in a:

civilized society.

A contingency fee is the percentage paid to the attorney by the:

client.

The Clayton Act:

closed loopholes in the Sherman Antitrust Act.

The basic obligation of the seller to the buyer is to deliver:

conforming goods.

The designation of whether or not a warranty is full or limited must be:

conspicuous.

A contract heavily weighted in the favor of the drafting party, and putting the consumer in a much weaker position, is known as a:

contract of adheasion.

Compensatory damages would be the difference between the market price and the:

contract price.

If the parties cannot resolve their differences, the contract is interpreted by the:

court.

Determining the time and place of delivery depends on whether the contract is a shipment or:

destination contract.

The main purpose of the Sherman Antitrust Act was to:

destroy monopolies.

If it is impossible to perform the contract, the parties are:

discharged.

When an obligation is fully performed, that party's contractual obligation is:

discharged.

The appellate court's primary function is to review the trial court's decision for:

errors in law.

Only federal courts may hear the dispute when Congress declares:

exclusive jurisdiction over an area.

The legislature enacts laws that are enforced by the:

executive branch.

The greatest influence on a value system is:

family.

In an executed contract, the contract has been:

fully performed.

Utilitarianism promotes the greatest good for the:

greatest number.

The lower or inferior courts are bound by:

higher court decisions.

Conditions precedent, subsequent, and concurrent may be either express or:

implied.

For an express warranty to exist in consumer goods, the warranty must be:

in writing.

To be released from satisfaction, a deficient party must get the satisfaction or release:

in writing.

When a party makes a material misrepresentation, believing it to be true, it is a(n):

innocent misrepresentation.

If you make a statement that you know to be false, you are committing a(n):

intentional misrepresentation.

Actual negotiations try not to focus on positions, but:

interests.

Assignments that are in writing and signed by the assignor are generally considered:

irrevocable.

In California, the right of privacy:

is a constitutional right.

Compared to nonmerchants, the Commercial Code imposes a higher standard upon merchants, due to their greater:

knowledge.

For a contract to be enforceable, the object of the contract and the consideration of the parties must be:

lawful.

A party is discharged from performance of his or her duties under the contract if he or she is a victim of a:

material breach.

Something that influences a reasonable person's decision is:

material.

An opportunity for the parties to reach an acceptable solution and NOT to have a resolution imposed by an outside third party is provided by:

mediation.

Taking reasonable action to make the damages as small as possible is:

mitigation.

The simplest method to resolve disputes should be:

negotiation.

Any oral or verbal evidence the parties made prior to the written contract is:

parol evidence.

In California, arbitrations may be:

private or court-annexed.

The best measure of damages is the loss of:

profit.

A party may be prevented from asserting the statute of frauds as a defense through:

promissory estoppel.

Trespassing is the unlawful interference with another person's:

property.

n California, a raffle is NOT legal if it is conducted by an organization that is:

public and for profit.

A statement of opinion exaggerating a property's benefits is called:

puffing.

The risk of loss remains with the buyer until the buyer:

returns the goods to the seller.

When goods are sold, the seller must transfer good title, and the transfer must be:

rightful.

The legal doctrine used to interpret the Sherman Antitrust Act, one of the cornerstones of United States antitrust law, is the.

rule of reason.

The general rule is that NO greater title than what he or she has is transferred by the:

seller.

"Boilerplate" can best be described as:

standardized clauses lifted from another agreement in a contract.

The legal principle that makes the law predictable is:

stare decisis.

At the very instant of death of the agent, the agency:

terminates.

Where a buyer accepts part of any commercial unit, it is acceptance of:

that entire unit.

Usually, ratification of a contract will take place by the principal's acceptance of:

the benefit of the transaction.

To determine who has the risk of loss, we first look to:

the contract itself.

When the employer pays the travel time of the employee, the employee is acting within the scope of employment and:

the employer has liability.

Businesses have no identity separate from:

the people who operate them.

An agent owes the highest degree of diligent and loyal service to:

the principal.

The plaintiff may not use claims of mental distress as a type of damage in a(n):

trade libel tort.

To be disparaging, a statement must be:

untrue.

The lender usually has the right to collect the principal, but is NOT allowed to collect the interest if the loan is:

usurious.

Duress makes a contract:

voidable.

In an auction, the sale is completed:

with the fall of the hammer.

If NOT agreed otherwise, delivery of goods must be made:

within a reasonable time.

Contracts that are personal in nature are NOT assignable:

without consent.

A principal is liable if he or she ratifies an agent's:

wrongful act.