ALL Finance Understandings

Which of the following are objections that a creditor may bring to bankruptcy distribution proceedings? Choose 3 answers.

1. A creditor may object to a distribution plan if the debtor has been fraudulent. 2. An unsecured creditor may object to being excluded from the distribution if she had not been notified of the bankruptcy. 3. A secured creditor may object to being excluded from the distribution if she had not been notified of the bankruptcy.

What characteristics must an item possess to be classified as a "good"? Choose 2 answers.

1. It must be tangible. 2. It must be moveable.

The CAN-SPAM Act regulates unsolicited commercial emails by: (Select two)

1. requiring opt-out systems 2. ?

Which international agreement requires its member countries to establish border procedures for searching international shipments of goods?

Anti-Counterfeiting Trade Agreement

Which section of the Uniform Commercial Code (UCC) applies to contracts for sales of goods?

Article 2

The earliest international agreement that provided copyright protections among the signatories to the agreement was the:

Berne Convention.

LaVon contracts with Nathan for Nathan to sing at her comedy club every Friday night in July. The first Friday, the crowd loved Nathan. The second Friday, they booed him. The next week, Nathan got a better offer, so he hired his twin brother Ethan to fill in for him at LaVon's club. Can LaVon compel Nathan to perform?

No, because you cannot compel performance of personal services under specific performance.

How a hearing or court case is conducted is governed by:

Procedural Law

What is the result of a contract in which both parties are wrong about a material fact of the contract?

The contract is voidable.

Which of the following describes a product with a defective condition?

The product is not reasonably fit for its ordinary and intended use.

The abbreviation "U.S." in the legal citation Brown v. Board of Education, 347 U.S. 483 (1954) references the:

United States Reports.

If a user of a social media app, publicly posts content incriminating themselves, may police use that as evidence against the individual?

Yes, because there was no reasonable expectation of privacy in the post.

If an anonymous online user commits defamation against an individual or business, may that individual or business compel the Internet Service Provider to reveal the identity of the user?

Yes, if ordered to do so by a court.

Which of the following qualifies as a "good" under Article 2 of the Uniform Commercial Code?

a commercial freezer unit

What does the reasonable person standard impose on a person in a negligence lawsuit?

a duty to act as a reasonable person would in the same circumstances

What is the term for when a merchant gives a written, signed assurance that he or she will not revoke an offer for a stated period of time?

a firm offer

Which of the following types of intellectual property may only be owned by a business?

a trade secret

Failure to pay a debt for having a car bumper replaced and painted to match the car would lead to:

an artisan's lien.

Which of the following is an equitable remedy for breach of contract?

an order for specific performance

What do legal professionals use to analyze court decisions that are relevant to their clients' cases?

case briefing

A purchase money security interest (PMSI) is created when a seller or lender agrees to extend credit to a buyer for all or part of the purchase price of:

consumer goods.

When used as collateral, a laptop computer used by a family for email, games, and schoolwork would be classified as:

consumer goods.

John approaches a stranger standing at John's car who appears to be about to break the window. Before the stranger sees him, John knocks him to the ground. What should John claim as a defense to the criminal battery charge?

defense of property

A secured party who has control will prevail over a secured party who has only filed for these types of collateral:

deposit accounts, investment property, and letter-of-credit rights.

One of the key purposes of the Digital Millennium Copyright Act (DMCA) is to bring copyright laws into the digital age by regulating digital media copyright infringement. As with non-digital assets, an owner of copyrightable material:

does not need to include a (c) symbol on their digital work in order to be protected from reproduction.

Forcing a party to agree to the terms of a contract through the use of threats or blackmail is called:

duress.

State statutory law is created by:

elected members of the state legislature.

What does venue refer to?

geographic location of the court

A business will be able to protect its trademark for how long?

if unregistered, as long as it is in use

What must a prosecutor prove when the law requires mens rea?

intent

What is the medium level of scrutiny, sometimes called heightened scrutiny, that a court will use when deciding a case that involves a quasi-suspect class?

intermediate scrutiny

Jan claims she was under the influence of drugs and has no recollection of committing a crime. This defense is known as:

intoxication.

If the U.S. Supreme Court determines that a state or federal law violates the U.S. Constitution, it may:

invalidate the law.

The Bankruptcy Code exempts (limited to a certain dollar amount) which type of property?

jewelry

To meet the element of intent, a plaintiff must prove that the defendant:

knowingly committed the act or knew with substantial certainty that his or her actions would result in the consequences.

Which branch of government has the authority to enact law?

legislative

White-collar crime, which is usually committed by corporate or government officials, typically involves crimes committed for financial gain, such as: Choose 2 answers.

mail and wire fraud. embezzlement.

An employee who violates a company's social media policy by public posting negative comments about the company:

may be fired.

When does title to stolen goods transfer?

never

After all pleadings are filed and discovery is completed, a party may ask the judge to rule in their favor on the basis that there are no genuinely disputed facts and the judge need only rule on the law. The motion asks the court for a:

summary judgment.

Which of the following is the provision of the U.S. Constitution that establishes federal law precedence over state law?

the Supremacy Clause

The default provision of the Uniform Commercial Code (UCC) is that, unless otherwise specified, title to goods being sold passes when:

the goods are physically delivered to the buyer.

A written or authenticated security agreement is a requirement when creating a secured transaction unless:

the secured party has possession or control of the collateral.

A business using a word, phrase, symbol, or design to identify and distinguish its brand of goods would protect that branding with a:

trademark.

What is the process of interviewing prospective jurors and either approving of or challenging a person's impartiality toward service on a particular jury?

voir dire

What are the three steps of a civil trial? Choose 3 answers.

1. closing arguments 2. opening arguments 3. presentation of testimony and evidence

Which of the following are the two primary types of damages available for an intentional tort? Choose 2 answers.

1. punitive damages 2. compensatory damages

Which of the following citations indicates that the citation is referencing state statutory law? Choose 2 answers.

1. Cal. Penal Code § 11164(a) (West 2020) 2. Ark. Code Ann. § 6-17-2401 (2020)

What implied terms do all contracts include? Choose 2 answers.

1. an implied covenant of fair dealing 2. an implied covenant of good faith

What remedies are available after an anticipatory repudiation? Choose 3 answers.

1. cover 2. requiring assurance 3. suspending performance

What remedies are available in the case of a unilateral mistake in making a contract? Choose 2 answers.

1. rescission 2. reformation

Which of the following is an example of federal agency regulations that impact business operations?

Internal Revenue Service rules for business tax audits

The role of a mediator is to:

assist parties in a dispute in resolving their differences out of court.

Through which proceeding do prosecutors obtain an indictment?

grand jury

When a defendant faces a negligence lawsuit, what defenses are available? Choose 3 answers.

1. comparative fault 2. assumption of risk 3. contributory negligence

An author may expect to receive copyright protection for the life of the author plus:

70 years.

What rights does a third-party beneficiary to a contract hold in regard to that contract?

If the third party is an intended beneficiary of the contract, the third party has the right to sue either the promisor or the promisee.

Does the First Amendment protect defamatory speech online, provided it is anonymous?

No, because defamatory speech is unlawful.

What type of speech does not receive First Amendment protections? Choose 3 answers.

1. obscenity 2. speech that incites lawlessness 3. threats to the president of the United States

What is the difference between a material breach and an immaterial breach?

A material breach results in damages to the non-breaching party, while an immaterial breach is minor.

In the United States, who creates federal statutory law?

Congress

Which of the following laws regulate wiretapping on a federal level?

Electronic Communications Privacy Act

What is the difference between legal remedies and equitable remedies for breach of contract?

Legal remedies are monetary while equitable remedies are non-monetary.

Internet Service Providers (ISPs) are not liable for the content posted by someone on a neutral forum under the:

Communications Decency Act of 1996

A product is unreasonably dangerous to consumers when it meets which of the following conditions? Choose 3 answers.

1. A less dangerous alternative was available but was not used by the manufacturer. 2. The manufacturer failed to adequately warn the consumer about the dangers of the product. 3. It is inherently dangerous but is even more dangerous than an ordinary consumer would expect.

In a negligence action, a plaintiff may seek an award for compensatory damages as a result of which of the following? Choose 3 answers.

1. actual missed days at work 2. the loss of a spouse's companionship 3. medical bills

Which of the following provides notification to a criminal defendant in custody of the right to an attorney?

Miranda warning

What is the system of government called in which states form a union and share sovereign power with the central government of the union?

federalism

How does the punishment for a misdemeanor differ from the punishment for a felony?

Misdemeanor fines are lower and imprisonment is usually limited to less than one year in jail.

When the parties in a dispute present their arguments and evidence to a neutral third party who then renders a decision, it is called:

arbitration.

A company issues a laptop computer to an employee for use at the business location only. The employee takes the laptop home to use for his or her own purposes and reports it as lost. This is an example of:

embezzlement.

A person may be subject to which of the following penalties for crimes committed under the Racketeer Influenced and Corrupt Organizations Act (RICO Act)?

fines, imprisonment, and forfeiture of property

The process by which a creditor may take possession of (and usually sell) collateral to satisfy an unpaid debt is called:

foreclosure.

The federal and most state judicial branches have at least these three levels in the court system:

trial court, intermediate appellate court, and highest appellate court.

A restriction on commercial speech will be valid if it meets three criteria. What are they? Choose 3 answers.

1. It must directly advance a government interest. 2 . It must not be overly restrictive to meet its objectives. 3. It must seek to implement a substantial government interest.

Online activities and content may be legally regulated through the following laws or mechanisms: (Select two)

1. Tort law 2. The First Amendment to the Constitution

In what ways does Article 2 of the Uniform Commercial Code (UCC) differ from contract rules under the common law? Choose 3 answers.

1. Under the UCC, any manner of showing agreement to contract is accepted, but under the common law acceptance must mirror the offer. 2. Under the UCC, merchants have more flexibility in having open terms. 3. Under the UCC, the only required definite term is quantity of product being sold. Other terms such as price and delivery time can be left open.

What are the three levels of scrutiny used by courts to determine the constitutionality of a government action? Choose 3 answers.

1. intermediate scrutiny 2. rational basis review 3. strict scrutiny

Legal researchers will use which of the following tools to locate a court decision? Choose 2 answers.

1. online legal research engines such as Lexis, Westlaw, or Bloomberg 2. bound volumes of reported court decisions, organized by jurisdiction, date, and courts

Employers have the right to monitor emails by their employees when: (Select two)

1. the employer has provided the computer on which the emails are sent. 2. the company has provided the email server on which the email was sent.

Which of the following is a correct statement of federal preemption of state law under the Supremacy Clause? Choose 2 answers.

1. A state's attempt to regulate television and radio is preempted by federal law because the federal government has regulated the entire field. 2. A state law that requires documentation of citizenship is preempted by the National Voter Registration Act because the act only requires a statement under oath.

What is true of corporate political speech? Choose 2 answers.

1. Corporate political speech is protected by the First Amendment. 2. Political donations are protected by the First Amendment as types of corporate political speech.

How does the 1980 United Nations Convention on Contracts for the International Sale of Goods (CISG) differ from the Uniform Commercial Code (UCC)? Choose 3 answers.

1. The CISG is stricter on requiring mirror image acceptances. 2. Under the UCC, an irrevocable offer must be in writing, but under the CISG it can be oral. 3. The CISG does not apply to consumer sales

Tort law provides a civil remedy for violations of which of the following protected interests? Choose 3 answers.

1. personal and physical safety 2. the destruction of or damage to property 3. personal or business reputation

Under which of the following could an online user reasonably expect to maintain privacy protections under the Fourth Amendment? (Select two)

1. when the user posted to a private online journal which did not allow for sharing or followers 2. when the user is entering in their credit card information to an online store

What is the prosecutor's burden of proof in a criminal case?

beyond a reasonable doubt

In contrast to federal courts, state courts have what kind of jurisdiction?

broad

What is the most common way that duties under a contract are discharged?

by performance

For an original work of authorship, such as a book, song, poem, article, recording, or other work, an author would seek the protection of a:

copyright.

Which of the following is the lowest priority of claims in bankruptcy?

medical debts

When a plaintiff in a strict liability lawsuit has used a product in a way that is not intended or that the defendant could not have reasonably foreseen, the defendant may assert which defense?

misuse or abuse of a product

A legal citation for a court decision is used by legal professionals to research the law, and includes:

party names, location of the published case, court, and date of the decision.

Which of the following types of intellectual property protection usually has a set term of 20 years?

patent

To prevent others from making, selling, or using an invention, an inventor should seek what type of intellectual property protection?

patent protection

What is a document called that is filed with the court to state the position of the plaintiff or the defendant in a lawsuit and ask for relief from the court?

pleading

Under the Uniform Commercial Code (UCC), what is the only required term for a valid sales contract?

quantity of goods being sold

What is the lowest level of review by a court to determine whether a government action unconstitutionally infringes on protected rights?

rational basis review

In 2005, bankruptcy reform laws:

required debtors to pay more of their debts in bankruptcy.

Substantive law governs a person's:

rights and responsibilities.

A business landowner has a duty to reasonably maintain his or her property for safety. When the business invites guests or customers onto its premises, it has a duty to:

warn invitees of and reasonably protect them from a foreseeable risk of harm or danger from something on the premises.

Under the Uniform Commercial Code (UCC), risk of loss passes to the buyer:

whenever the contract designates it to pass.