0.5 points
QUESTION 7
1. The Uniform Commercial Code is
A state law governing commerce
A federal law governing commerce
An international law governing commerce
A model act
0.5 points
QUESTION 8
1. Which of the following is FALSE about the tort of trespass?
a. 2. A person cannot be liable for trespass by intentionally throwing objects on another’s land or causing third parties to come on the land since that person did not physically come on the land.
b. 3. A trespass can occur against personal property, called “chattels” under the common law.
c. 4. The intent required for a trespass is only the intent to do the act that constitutes the trespass.
d. 5. Regarding a trespass to land, actual injury to the land is not required; nominal damages can be given for the mere act of the trespass itself.
0.5 points
QUESTION 9
1. Powers which the U.S. Constitution does not mention:
Are held both by the states and the federal government.
Are reserved to the states.
Are reserved to the federal government.
Can be delegated by the U.S. Supreme Court to either the states or the federal government.
QUESTION 13
1. Which of the following is a false statement?
“Scienter” or the presence of bad intent or evil motive is a general requirement for liability under the Securities Act of 1934.
A person who knowingly receives inside information as a result of an corporate insider’s breach of a fiduciary duty or duty of loyalty or confidentiality can be liable under Rule 10b-5 if the recipient trades on such information.
A key feature to liability under U.S. SEC Rule 10b-5 is whether the undisclosed inside information is “material.”
Private offerings of securities that are not generally solicited or advertised are nonetheless still usually subject to the registration requirements of the U.S. Securities Act of 1933.
0.5 points
QUESTION 20
1. Jose transfers his house by means of a deed to his mother for her lifetime and with a remainder to go to his sister. Thus,
Jose created a “life estate” in favor of his sister.
Jose reserved a remainder for himself.
Jose created a remainder in favor of his sister.
Jose did nothing since all future interests in real property are illegal.
0.5 points
QUESTION 21
1. Which of the following is a false statement?
If a contract for the sale of goods does not include a price term, it nonetheless may still be enforceable pursuant to the Uniform Commercial Code.
If a contract for the sales of goods does not include the exact terms for payment, it normally will be unenforceable since it is impermissibly vague.
When an offer for the sale of goods does not specify a means of acceptance, the offer usually can be accepted by any manner reasonable under the circumstances.
A warranty is an assurance by the buyer to the seller that he or she will pay valid and good consideration for a product.
0.5 points
Any action in which a company charges different prices for a product depending on the geographic market.
The granting by a company of exclusive geographic territory to salespersons.
1. QUESTION 26
2. What, functionally, is the relationship between partners?
A partner is an agent of his or her fellow partners, who are his or her principals.
A partner is a principal of his or her fellow partners, who are his or her agents.
Both a and b
Neither a nor b
0.5 points
0.5 points
QUESTION 32
1. Which is FALSE about a Limited Liability Company (LLC)?
No formalities are required by state statute in the forming of an LLC; rather, a simple LLC agreement will suffice to establish legally the LLC.
An LLC can be a member-managed or a manager-managed LLC.
The name of the LLC must include the term “limited liability company” or “LLC.”
The members of an LLC are not personally liable for the debts and obligations of the LLC (beyond their original contributions to the LLC).
0.5 points
QUESTION 33
1. Which of the following would constitute a valid acceptance?
The buyer tells the seller that the nonconforming goods which were shipped will be kept and paid for.
The buyer waits for three months before notifying the seller that the goods are nonconforming.
The buyer immediately resells the nonconforming goods.
A, B and C.
0.5 points
QUESTION 34
1. In the context of agency, ratification refers to:
Reaffirming a contract which one previously agreed to.
Agreeing, after reaching majority, of a contract entered into as a minor.
Agreeing to be bound to a contract entered into by an agent which exceeded the agent’s authority at the time the agent entered into it.
Getting the appropriate agency to agree to take steps to reduce an excessively large rodent population.
0.5 points
QUESTION 36
1. Which of the following is true about intentional infliction of emotional distress?
Recovery is allowed any time there is a measurable amount of mental distress.
There must be some physical contact with the plaintiff.
The defendant’s conduct must go beyond all possible bounds of decency and be regarded as atrocious and utterly intolerable in a civilized society.
The plaintiff must have witnessed severe physical injury to a relative or other significant person in the plaintiff s life.
0.5 points
QUESTION 37
1. To be convicted of a crime under U.S. laws, the prosecution typically must prove the case against the defendant:
By a preponderance of the evidence.
By clear and convincing evidence.
Beyond a reasonable doubt.
None of the above.
0.
QUESTION 39
1. Which of the following is not a correct statement concerning the reasons sufficient to give a court power to dissolve a partnership?
A partnership may be dissolved if one of the partners is declared physically disabled or mentally incompetent.
A partnership may be dissolved because a partner is shown to be not adequately performing his or her part of the partnership contract.
A partnership may be dissolved if the business can only be carried on with substantial continuing losses.
A partnership may be dissolved if one of the partners commits misconduct or gross negligence or materially breaches the partnership agreement.
0.5 points
QUESTION 19
1. Eagle Skis, Inc., makes and sells skis. In deciding whether the skis are merchantable, a court would consider whether
Eagle violated any government regulations.
the skis are a quality product.
the skis are fit for the ordinary purpose for which such goods are used.
the skis are made in an efficient manner.
0.5 points
QUESTION 20
1. Eagle Company, which is based in Florida, owns commercial real property in Georgia. A dispute arises over the ownership of the property with Holly, a resident of Alabama. Holly files a suit against Eagle in Georgia. In this suit, Georgia has
diversity jurisdiction.
in personam jurisdiction.
in rem jurisdiction.
no jurisdiction.
