Commercial Law
Study Guide Questions
Course Introduction
Commercial Law is a branch of law that governs the rights, relations, and conduct of individuals and businesses engaged in commerce, merchandising, trade, and sales. This course explores key legal principles guiding commercial transactions, including contracts, agency, sale of goods, negotiable instruments, and forms of business organizations. Students will examine legal frameworks that facilitate business operations, resolve commercial disputes, and ensure fair trade practices. Through case analysis and practical examples, the course equips students with foundational legal knowledge essential for navigating contemporary commercial environments.
Recommended Textbook Business Law Text and Exercises 7th Edition by
Roger LeRoy Miller
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Page 2
Chapter 1: Introduction to the Law and Our Legal System
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Q1) Many different laws may apply to a single business transaction.
A)True
B)False
Answer: True
Q2) State laws are supreme law of the United States.
A)True
B)False
Answer: False
Q3) Owen is a federal judge whose judicial decisions are part of case law,which does not include interpretations of
A)administrative regulations..
B)constitutional provisions..
C)statutes..
D)the media.
Answer: D
Q4) Damages are never paid in money.
A)True
B)False
Answer: False
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Chapter 2: Ethics in Business
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Q1) According to German philosopher Immanuel Kant,individuals should evaluate their actions in light of the consequences that would follow if they were the only members of society that acted in that way.
A)True
B)False
Answer: False
Q2) Eden,the chief executive officer of Flo-Thru Piping Corporation,wants to en?sure that Flo-Thru's activities are legal and ethical.The best course for Eden and Flo-Thru is to act in
A)good faith.
B)ignorance of the law.
C)regard for the firm's shareholders only.
D)their own self interest.
Answer: A
Q3) Duty-based ethical standards often come from religious precepts or through philosophical reasoning.
A)True
B)False
Answer: True
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Page 4
Chapter 3: The Courts and Alternative Dispute Resolution
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Q1) A motion for a directed verdict is also known as a motion for judgment as a matter of law.
A)True
B)False
Answer: True
Q2) Quality Products,Inc.,files a suit against Retail Sales Corporation.Sid is a witness for Quality.Tod is a witness for Retail.Quality may direct interroga?tories to A)Retail.
B)Sid.
C)Tod.
D)the judge.
Answer: A
Q3) Lawyers are not allowed to represent people in small claims courts in any of the states.
A)True
B)False
Answer: False
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Chapter 4: Constitutional Law
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Q1) Serenity City enacts an ordinance that bans the use of "sound amplifying systems" on public streets.Tyler wants to campaign for a seat on the city council by broadcasting his message through speakers mounted on a truck.In Tyler's suit against the city,a court would likely hold the ordinance to be
A)an unconstitutional restriction of speech.
B)constitutional under the First Amendment.
C)justified by the need to protect individual rights.
D)necessary to protect national interests.
Q2) The checks and balances in the U.S.Constitution prevent any one branch of government from exercising too much power.
A)True
B)False
Q3) The President appoints federal judges with the advice and consent of the Senate. A)True
B)False
Q4) Substantive due process focuses on the substance of legislation.
A)True
B)False
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Chapter 5: Torts and Cyber Torts
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Q1) An Iowa state statute requires amusement parks to maintain equipment in specific condition for the protection of patrons.Jack's Fun Park fails to maintain its equipment.Keely,a patron,is injured.Jack's has committed A)abuse of process.
B)battery.
C)false imprisonment.
D)negligence.
Q2) A Rhode Island state statute requires machinery in industrial plants to include automatic shut-off switches accessible to each employee working on the machine.Steel Company's equipment does not have the switches.Trudy,a Steel employee,suffers an injury that an accessible shut-off switch would have prevented.Trudy's best theory for recovery is A)assault.
B)assumption of risk.
C)invasion of privacy.
D)negligence.
Q3) A tort is the only type of wrong that exists in the law.
A)True
B)False
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Chapter 6: Intellectual Property and Internet Law
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Q1) Ryan invents a new kind of pen for taking notes in history classes.Which of the following is NOT a necessary step in obtaining a patent for Ryan's invention?
A)Proving that the invention is novel
B)Proving that the invention is marketable
C)Proving that the invention is useful
D)Proving that the invention is not obvious in light of current technology
Q2) A patent may be valueless to its owner if the owner cannot afford to protect it.
A)True
B)False
Q3) Sayers is very clever and spends lots of time creating new things.Which of the following is NOT copyrightable?
A)A sculpture of Sayers's horse.
B)A book about Sayers's life.
C)A movie about Sayers's life.
D)Sayers's idea for a new way to play the guitar.
Q4) A copyright owner must place a © or an ® on the work to have the work protected from copyright infringement.
A)True
B)False
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Chapter 7: Criminal Law and Cyber Crime
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Q1) Public officials prosecute criminal defendants.
A)True
B)False
Q2) Jared is arrested and found guilty of a misdemeanor.His punishment CANNOT include
A)imprisonment for 6 months.
B)a fine of $100.
C)death.
D)imprisonment for 6 months and a fine of $500.
Q3) Megan is charged with trespass.Her crime is classified as a A)misdemeanor.
B)felony.
C)tort.
D)civil wrong.
Q4) Scott,a State Bank employee,deposits into his account checks that are given to him by bank customers to deposit into their accounts.This is A)embezzlement.
B)larceny.
C)money laundering.
D)no crime.
Page 9
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Chapter 8: Introduction to Contracts
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Q1) A lottery is an example of an offer for an unilateral contract.
A)True
B)False
Q2) Jonah tells Levi he will give him an Xbox if Levi does Jonah's chores for a month.Levi promises to do the chores.Jonah and Levi have formed a A)bilateral contract.
B)unilateral contract.
C)void contract.
D)unenforceable contract.
Q3) Kelly tells Jimmy she will pay him $1,000 if he builds a shed in her backyard.Kelly is a(n)
A)offeree.
B)offeror.
C)promisee.
D)contractor.
Q4) Letters of credit are formal contracts that are often used in international sales contracts.
A)True B)False
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Chapter 9: Offer and Acceptance
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Q1) In most cases,listing an item in an auction constitutes an effective offer.
A)True
B)False
Q2) An offer made to the public needs to be revoked in the same manner in which the offer was originally communicated.
A)True
B)False
Q3) An offer does NOT need to be communicated to the offeree to become effective.
A)True
B)False
Q4) Some unilateral contracts do NOT require that an offeror be notified of acceptance.
A)True
B)False
Q5) When an offeree makes a counteroffer,he or she becomes the offeror.
A)True
B)False
Q6) An invitation to negotiate is an agreement.
A)True
B)False
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Chapter 10: Consideration
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Q1) Refer to Fact Pattern 10-4.The agreement between Dex and Carmen is A)a covenant not to sue.
B)an accord and satisfaction.
C)a release.
D)promissory estoppel.
Q2) Baked Goods Company agrees to supply Comida Café with all the corn chips that it re?quires for a year.A sudden demand for ethanol results in a shortage of corn,and the price rises sharply.Baked Goods asks Comida to pay a higher price for the chips.This request is
A)invalid as an attempt at extortion or the so-called holdup game.
B)invalid under the preexisting duty rule.
C)valid as a risk ordinarily assumed in business.
D)valid due to the unforeseen difficulty of the sudden price increase.
Q3) Strong Steel Corporation files a suit against Tuff Tool Company,claiming that the consideration for their contract is inadequate.The court will most likely not examine the adequacy of the considera?tion if
A)it is obvious that the consideration is adequate.
B)Tuff Tool asserts that there is adequate consideration.
C)something of value passed between the parties.
D)the consideration is worth more than $100.
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Chapter 11: Capacity
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Q1) In general,minors are NOT personally liable for their torts.
A)True
B)False
Q2) The age of majority in most states is eighteen years.
A)True
B)False
Q3) A person who enters into a contract when he or she is intoxicated can void the contract under any circumstances.
A)True
B)False
Q4) If a parent directs a child to commit a tort,then the parent can be held liable for the tort committed by their child.
A)True
B)False
Q5) An "infant" is a legal term for a minor.
A)True
B)False
Q6) Food is one of the things that courts de?fine as a necessary.
A)True
B)False
Page 13
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Chapter 12: The Legality of Agreements
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Q1) An adhesion contract is a contract drafted by one party and presented to another on a take-it-or-leave-it basis.
A)True
B)False
Q2) If one of the wrongdoers in an illegal contract is unjustly enriched at the expense of the other,the courts will usually require restitution.
A)True
B)False
Q3) Gregory obtains a consumer loan from Finance Bank at an interest rate that exceeds the state's maximum.Finance has
A)calculated the optimum rate that the market will bear.
B) engaged in a restraint of trade.
C)underestimated the risk of the loan's nonpayment.
D)violated the usury laws.
Q4) When a statute protects a certain class of people,a member of that class cannot enforce an illegal contract.
A)True
B)False
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Chapter 13: Mistakes and Other Contract Defects
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Q1) Minerva,an accountant,convinces her client Ozzie to invest in Idle Schemes,Ltd.,a business with little potential.When Ozzie learns the truth,he
A)can do nothing.
B)may enforce the contract but cannot rescind it.
C)may rescind the contract but cannot enforce it.
D)may enforce the contract or rescind it.
Q2) Raylene,who is Seth's guardian,convinces him to buy a certain parcel of land from Trevor at a greatly inflated price.Raylene may be liable for A)duress.
B)fraud.
C)mistake.
D)undue influence.
Q3) A general contractor who knows that a subcontractor's bid is a mistake cannot enforce the bid.
A)True
B)False
Q4) Punitive damages are meant to reward the defendant.
A)True
B)False
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Chapter 14: Written Contracts
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Q1) To be enforceable,a writing evidencing an oral contract must have been signed by the party who is to be held liable.
A)True
B)False
Q2) Cody and Dora enter into an oral contract under which Cody agrees to work on Dora's farm for not less than one week.This contract is enforce?able by
A)Cody only.
B)Dora only.
C)either party.
D)neither party.
Q3) Randy and Beach Biz Company enter into an oral contract under which Randy agrees to clean Beach Biz's office for two years.This contract is en?forceable by A)Randy only.
B)Beach Biz only.
C)either party.
D)neither party.
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Page 16
Chapter 15: Third Party Rights
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Q1) All rights can be assigned.
A)True
B)False
Q2) McCall and Teresa enter into a contract for the distribution of McCall's produce to local restaurants for which Teresa agrees to pay.McCall transfers his right to payment under the contract to Midtown Bank.This transfer is
A)a delegation.
B)an assignment.
C)a void contract.
D)prohibited by law.
Q3) Joy and Kris enter into a contract for Kris to lay sod in Joy's yard for which she agrees to pay Kris.When Kris's schedule conflicts,she contacts Leza,to whom Kris "assigns all rights under the contract." Kris is
A)absolved of any liability under the contract.
B)in breach of the contract with Joy.
C)liable to Joy if Leza does not perform.
D)liable to Leza for inducing a prohibited contract.
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Chapter 16: Contract Discharge and Remedies
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Q1) Specific performance is an equitable remedy requiring exactly the performance that was specified in a contract.
A)True
B)False
Q2) A remedy is the relief provided to an innocent contracting party when the other party breaches the contract.
A)True
B)False
Q3) Most contracts are discharged by rescission.
A)True
B)False
Q4) Restitution involves one party's recapture of a benefit through which another party has been unjustly enriched.
A)True
B)False
Q5) A party who substantially performs his or her duties under a con?tract can enforce the contract against the other party.
A)True
B)False
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Chapter 17: E-Contracts
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Q1) A record is an interaction between two or more people relating to business,commercial,or governmental activities.
A)True
B)False
Q2) Parties may NOT opt out of any terms of the UETA.
A)True
B)False
Q3) A click-on agreement is an agreement whose terms are expressed inside a box in which the goods are packaged.
A)True
B)False
Q4) Michelle gives out a business card with an e-mail address on it.It is reasonable to infer that Michelle has consented to A)transact business electronically.
B)submit to the jurisdiction of any selected forum.
C)accept and respond to any correspondence sent to that address.
D)nothing.
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Chapter 18: Introduction to Sales and Lease Contracts
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Q1) Under the UCC,an oral contract for a sale of goods is enforceable once payment has been made and accepted.
A)True
B)False
Q2) In a dispute over a sale involving a bicycle,Dain argues that as to this deal Emil's Hobby Shop,where Dain bought the bike,is a merchant.A court may determine whether Emil's is a merchant by assessing whether A)it has sold any bikes within the last year.
B)it holds itself out by occupation as having knowledge or skill unique to the bike in the transaction.
C)its owner enjoys biking.
D)it subscribes to Bike,a biweekly trade magazine.
Q3) The UCC requires that the mirror image rule be followed for all acceptances. A)True
B)False
Q4) No oral contract is enforceable under the UCC.
A)True
B)False
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Chapter 19: Title and Risk of Loss
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Q1) A specific grade of corn that fills BioFuel Cooperative's silo is fungible.This means that the corn is
A)alike naturally or by agreement or trade usage.
B)fundamentally different.
C)fundamentally edible.
D)perishable.
Q2) Twyla buys an HD TV from Viewpoint Electronics store,which agrees to keep the TV for Twyla until she picks it up.Before she gets the TV,a fire destroys the store and the set.The loss is suffered by
A)neither Twyla nor Viewpoint
B)Twyla and Viewpoint.
C)Twyla only.
D)Viewpoint only.
Q3) Even if goods are not identified to the contract,the title and risk of loss can still pass from the seller to the buyer.
A)True
B)False
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Chapter 20: Performance and Breach
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Q1) On January 10,Winchester Pet Supplies orders fifty small dog collars from Quality Collars,Inc.to be delivered by January 15.On January 13,Quality Collars tenders fifty large dog collars.Winchester Pet Supplies rejects the shipment.Quality Collars has A)no right to cure.
B)until January 15 to cure.
C)until the end of the business day on January 13 to cure.
D)unlimited time to cure.
Q2) If a seller repudiates a contract,the buyer's damages do not have to be adjusted to reflect any expenses that were saved as a result of the breach.
A)True
B)False
Q3) Bayou Boats,Inc.,contracts for the sale of seven swamp boats to Eventide Fishing Tours.Bayou repudiates the contract.Eventide's recovery is measured at the time A)Bayou advertised the goods.
B)Eventide ordered the goods.
C)Eventide learned of the breach.
D)Bayou knew that it would repudiate the contract.
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Page 22
Chapter 21: Warranties and Product Liability
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Q1) An implied warranty of merchantability does not necessarily arise in every lease by a merchant who deals in goods of the kind leased.
A)True
B)False
Q2) Dependable Appliances,Inc.,and Elaine enter into a contract for a sale of kitchen appliances.Dependable,a merchant who deals in goods of the kind sold,notes that its goods come with an implied warranty of merchantability.Under the UCC,this means that the goods are reasonably
A)fit for the buyer's particular purpose.
B)fit for the ordinary purpose for which such goods are used.
C)suitable for resale at an acceptable price.
D)the best quality that money can buy.
Q3) Merchants are not required to warrant that the goods they sell are fit for their ordinary purpose.
A)True
B)False
Q4) In sales law,there is only one type of warranty of title.
A)True
B)False
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Chapter 22: Consumer Protection
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Q1) Drugs must be shown to be effective before they can be marketed.
A)True
B)False
Q2) In a transaction subject to the Truth-in-Lending Act,all of the terms of a credit instrument must be fully disclosed.
A)True
B)False
Q3) Quik Collection Agency calls Pat several times a day,and some?times in the middle of the night,about an overdue bill that Regal Sporting Goods turned over to Quik for collection.This is a violation of
A)no federal law.
B)the Fair and Accurate Credit Transactions Act.
C)the Fair Debt Collection Practices Act.
D)the Truth-in-Lending Act.
Q4) A consumer who believes that he or she has been or may be victimized by identity theft may place an alert on his or her credit file.
A)True
B)False
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Chapter 23: The Essentials of Negotiability
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Q1) A transfer by negotiation can make it possible for a holder to receive more rights in the instrument than its prior possessor had.
A)True
B)False
Q2) Petra signs a check payable to Quincy,who in?dorses the back,gives it to Regional Credit Union,and receives cash.The transfer of the check from Quincy to the credit union is
A)an assignment.
B)a negotiation.
C)a payment.
D)a sale.
Q3) On a promissory note,the party that promises to pay is the maker of the note.
A)True B)False
Q4) To be negotiable,an instrument must be signed in the lower right-hand corner. A)True B)False
Q5) A signature must be the full name of a party.
A)True
B)False
25
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Chapter 24: Transferability and Liability
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Q1) Refer to Fact Pattern 24-1.Suppose that Mona pays Nat on the note.With timely notice to the proper parties,Mona may collect payment on the note from A)Jake,Kim,or Lou.
B)Jake or Kim only.
C)Lou only.
D)no one.
Q2) If an instrument is incomplete when the maker signs it,then the maker's obligation to pay is according to the terms as stated at that time.
A)True
B)False
Q3) The concept of value in the law of negotiable instruments is the same as the concept of consideration in the law of contracts.
A)True
B)False
Q4) Signature liability extends to any person who signs a negotiable instrument except a qualified indorser.
A)True
B)False
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Chapter 25: Checks and Banking in the Digital Age
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Q1) Ellen pays State Bank $500 plus a service fee to draw a check on itself payable to Paul's Plumbing.Which of the following parties is responsible for paying the check?
A)Only Ellen
B)Both Ellen and State Bank
C)Only State Bank
D)None of the parties
Q2) Scott presents an instrument that states "pay to the order of Scott" to Town Bank for payment.This instrument is the most common type of negotiable instrument,which is A)a commercial wire transfer.
B)a check.
C)a note.
D)a substitute check.
Q3) The Check Clearing in the 21st Century Act (Check 21) applies only in about 75 percent of the states.
A)True
B)False
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Chapter 26: Agency
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Q1) Brad is an employee of Custodial Service,Inc.In deciding whether Brad acts within the scope of his employment when he commits a tort against Didi,a court will not con?sider whether
A)Brad was acting within the scope of the agency.
B)Brad was acting within the scope of his employment.
C)Custodial authorized the act.
D)Custodial was personally at fault.
Q2) If a principal does not ratify an authorized contract,the prin?cipal is not bound.
A)True
B)False
Q3) A disclosed principal is a principal whose identity is not known by the third party at the time the contract is made by the agent.
A)True B)False
Q4) An independent contractor is an employee.
A)True
B)False
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Chapter 27: Employment and Immigration Law
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Q1) Most employees can continue the group health benefits provided by their employers for a limited period of time after a loss of employment.
A)True B)False
Q2) All employers must provide their employees with up to twelve months of family or medical leave.
A)True B)False
Q3) Phyllis intentionally injures herself while performing her job for Stone Cutters,Inc.Phyllis will
A)be entitled to full workers' compensations benefits.
B)be entitled to half of the normal workers' compensation benefits.
C)be entitled to 10 percent of the normal workers' compensation benefits. D)not be entitled to any workers' compensation benefits.
Q4) There are no exceptions to the employment-at-will doctrine. A)True B)False
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Chapter 28: Discrimination and Labor Law
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Q1) Women are an example of a protected class.
A)True
B)False
Q2) Melanie files an employment discrimination suit against Natural Gas Industries Corp.under Title VII on a disparate-impact theory.To succeed,Melanie must show that a protected group of people are adversely affected by any of the following except the employer's A)practices.
B)procedures.
C)tests.
D)seniority.
Q3) Elections for union officers are regulated by
A)the Labor-Management Relations Act.
B)the Civil Rights Act.
C)the Labor-Management Reporting and Disclosure Act.
D)no federal law.
Q4) Title VII of the Civil Rights Act only prohibits intentional discrimination.
A)True
B)False
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Chapter 29: Sole Proprietorships,partnerships, Limited
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Q1) Venture Capital,LP,is a limited partnership.A Venture limited partner loses his or her limited liability if he or she
A)acts as the firm's manager.
B)has full awareness of the firm's business activities.
C)invests in the firm's competitor.
D)votes on the firm's sale or dissolution.
Q2) Marta is a partner in Kasper's Kleaning.When Marta dies her heirs are
A)not entitled to any interest in Kasper's Kleaning.
B)entitled to half of Marta's interest in Kasper's Kleaning.
C)entitled to the value of Marta's interest in Kasper's Kleaning.
D)entitled to one third of Marta's interest in Kasper's Kleaning.
Q3) In a limited liability limited partnership,the liability of a general part?ner is NOT the same as the liability of a limited partner.
A)True
B)False
Q4) A sole proprietorship continues in business despite the death of the owner.
A)True
B)False
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Chapter 30: Formation and Termination of a Corporation
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Q1) Express powers of a corporation can be found in federal constitutions.
A)True
B)False
Q2) Painless Dental Equipment Company is incorporated in Colorado.In Wyoming,Painless is
A)a domestic corporation.
B)a foreign corporation.
C)an alien corporation.
D)a non-entity.
Q3) Eye Appliance Company and Fast Courier,Inc.,wish to combine all of their assets,stock,and personnel into a new firm to be called Glasses2Go Corporation.This is A)a consolidation.
B)a merger.
C)an exchange of assets.
D)a takeover.
Q4) A corporate name must include the word Corporation,Incorporated,Company,or Limited.
A)True
B)False
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Chapter 31: Management and Ownership of a Corporation
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Q1) Ida,Jerzy,and Kit are the directors of Liberty Convenience Stores,Inc.Liberty has nine officers and forty-six shareholders.Dividends are ordered by the firm's
A)board of directors.
B)incorporators.
C)officers.
D)shareholders.
Q2) Josh is a director of Sippy Soups,Inc.Josh opposes a tender offer that is in Sippy's best interest because its acceptance would cost him his position as a director.Josh is liable for a breach of duty of
A)no duty or rule.
B)the business judgment rule.
C)the duty of care.
D)the duty of loyalty.
Q3) Dividends can be paid only in stock in other corporations.
A)True
B)False
Q4) A corporate officer cannot act as an agent of the corporation.
A)True
B)False
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Chapter 32: Secured Transactions
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Q1) The payment of Brian's debt to Chuck is guaranteed by Brian's personal property.This is
A)an attachment.
B)a secured transaction.
C)perfection.
D)a violation of most state laws.
Q2) Jason is the creditor in a transaction with Carol,who is the debtor.Which of the following requirements is NOT necessary for Jason to have an enforceable security interest?
A)The collateral must be in Jason's possession,or there must be a written security agreement.
B)Jason must give value to Carol.
C)Carol must have rights to the collateral.
D)The collateral must be tangible.
Q3) The price that a secured party obtains on a sale of collateral is all that the creditor can recover on the debt.
A)True
B)False
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34
Chapter 33: Creditors Rights and Remedies
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Q1) Ronald's debt to Greg is past due.Ronald obtains a judgment against Larry to collect the debt,but Larry will not pay.Ronald requests a writ of execution.The property that is seized under the writ of execution must be
A)worth more than Larry's debt to Ronald.
B)worth less than Larry's debt to Ronald.
C)intangible.
D)located within the court's geographical jurisdiction.
Q2) Pruit performs a contract with Quint to reshingle the roof on Quint's house,but Quint does not pay.Pruit notifies Quint that Pruit will foreclose on the house and sell it to satisfy the debt.This is
A)a judicial lien.
B)a mechanic's lien.
C)an artisan's lien.
D)a violation of most state laws.
Q3) A creditor's composition agreement may be entirely enforceable.
A)True
B)False
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Chapter 34: Bankruptcy
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Q1) Shippers Dispatch Corporation orders office equipment from Office Outfitters,Inc.,which has an unperfected security interest in the equipment until it is paid for.Meanwhile,Shippers Dispatch takes out a loan from Capital Credit,Inc.,subject to a security interest in Shippers Dispatch's building and equip?ment,which Capital perfects.Shippers Dispatch files a bankruptcy petition under Chapter 7.If the petition is granted,in what or?der will Shippers Dispatch's creditors be paid?
Q2) A discharge will be denied to a debtor who received a discharge within eight years of filing the current petition.
A)True
B)False
Q3) Bankruptcy law is state law.
A)True
B)False
Q4) Debtors have very few rights.
A)True
B)False
Q5) Some student loans are dischargeable in a Chapter 7 bankruptcy.
A)True
B)False
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Chapter 35: Insurance
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Q1) American Auto Parts Company applies to Liberty Business Insurance Corporation for a liability policy.If there is an ambiguity in the policy,the provision will be interpreted against
A)the insured.
B)the insurance company.
C)the state in which the insurance company is based.
D)the federal government.
Q2) Allie applies for a life insurance policy with Long Life Insurance Company.The consideration Allie pays to Long Life is a(n)
A)premium.
B)fee.
C)policy.
D)insurable interest.
Q3) Property insurance cannot be canceled for nonpayment of premiums.
A)True
B)False
Q4) An insurance application is part of the insurance contract.
A)True
B)False
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Chapter 36: Morgages and Foreclosures
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Q1) Karen obtains a mortgage loan from First Class Bank so that she can purchase a new house.The house costs $100,000.Karen makes a down payment of $10,000.First Class Bank will
A)probably require Karen to purchase mortgage insurance.
B)not require Karen to purchase mortgage insurance.
C)not charge Karen interest for at least a year because she made a down payment that was 10 percent of the purchase price.
D)require Karen to make another $10,000 payment within one year.
Q2) The annual percentage rate of a loan is the actual cost of the loan on a yearly basis.
A)True
B)False
Q3) Erica obtains a mortgage loan from Capital Bank.Because a mortgage loan involves the transfer of real property
A)it can be oral or written.
B)it must be oral.
C)it must be written.
D)it must be witnessed by a judge.
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Chapter 37: Personal Property and Bailments
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Q1) Helen owns heavy construction equipment and the tools to service it,as well as office furniture,including computers.Ilya owns a number of pat?ents,trademarks that identify the products made under those patents,and stock in the company that sells those products.Personal property in?cludes the items owned by
A)Helen and Ilya.
B)Helen only.
C)Ilya only.
D)neither Helen nor Ilya.
Q2) Adding value to a piece of personal property by labor or materials is accession.
A)True
B)False
Q3) Telephone services are NOT considered personal property for the purpose of criminal prosecution.
A)True
B)False
Q4) In a bailment,possession of the property is transferred to the bailee.
A)True
B)False
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Chapter 38: Real Property
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Q1) Gardner deeds a plot of land to Homes for the Homeless,a local charity.The deed states,"To Homes for the Homeless,as long as it provides shelter for those without."
Gardner has given the charity
A)a fee simple absolute.
B)a fee simple defeasible.
C)a license.
D)a life estate.
Q2) Eric owns a beach house in California.His ownership is considered fee simple absolute.Eric's fee simple
A)is potentially infinite in duration.
B)will end with his death.
C)will last for fifty years.
D)will last for seventy-five years.
Q3) Land does NOT include the artificial structures attached to it.
A)True
B)False
Q4) The government cannot take private property for public use.
A)True
B)False
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Chapter 39: Landlord and Tenant
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Q1) Jamal signs a lease with Kelvin to occupy a house on Leech Lake in Minnesota for the summer.Jamal's tenancy is
A)a fixed-term tenancy .
B)a periodic tenancy.
C)a restrictive covenant.
D)a tenancy at will.
Q2) Kenneth has a periodic tenancy that requires him to pay rent weekly.Kenneth wishes to terminate his tenancy.He must give his landlord
A)at least one week's notice.
B)at least two weeks' notice.
C)at least thirty days' notice.
D)at least sixty days' notice.
Q3) A periodic tenancy is created by a lease that does not specify how long it is to last,but does specify that rent is to be paid at certain intervals.
A)True
B)False
Q4) A tenant is NOT responsible for damages he or she causes through negligence.
A)True
B)False
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Chapter 40: Wills and Trusts
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Q1) The debts of a decedent must be satisfied out of his or her estate.
A)True
B)False
Q2) Richard's will leaves $5,000 to his two children,Sam and Sara.When Richard dies,he only has $8,000 to honor his bequests.Sam and Sara each receive $4,000.This is A)an execution.
B)an abatement.
C)a division.
D)a devise.
Q3) Lee's will provides for a distribution of Lee's property.Who does these things,and what are the steps involved?
Q4) Lani is asked to serve as a witness to Mona's will. To qualify,Lani must be A)a collateral heir.
B)a lineal descendant.
C)eighteen years of age or older.
D)mentally competent.
Q5) A resulting trust is a trust implied in law.
A)True
B)False
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Chapter 41: Administrative Law
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Q1) State regulations take precedence over conflicting federal regulations.
A)True
B)False
Q2) State legislatures create state administrative agencies.
A)True
B)False
Q3) Congress can review new federal regulations before they take effect.
A)True
B)False
Q4) The U.S.Mine Safety Administration conducts searches of certain businesses.This agency and other administrative agencies can conduct warrantless searches in
A)all industries.
B)highly regulated industries.
C)no industries.
D)newly regulated industries only.
Q5) A subpoena duces tecum is an order to an individual or organization to hand over certain records,papers,or books.
A)True
B)False
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Chapter 42: Antitrust Law
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Q1) Insurance companies are exempt from antitrust laws whenever state regulation exists.
A)True
B)False
Q2) Edgy Engine Components,Inc.,a maker of vehicle parts,refuses to sell to Fidgety
Fix-It,Inc.,a national vehicle service firm.Edgy Engine convinces Greasy Motor Parts Company,a competitor,to do the same.This is
A)a group boycott.
B)a market division.
C)a joint venture.
D)an exclusive-dealing contract.
Q3) The basic purpose of antitrust law is to regulate economic competition.
A)True
B)False
Q4) Monopoly power may be proved by evidence that a firm used its power to control prices.
A)True
B)False
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Chapter 43: International Law
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Q1) The chief aim of the World Trade Organization and other trade agreements is to maximize trade barriers among their members.
A)True
B)False
Q2) The U.S.corporation Fun Toys,Inc.sets up a firm in China.The parent company remains in the United States and retains complete ownership of the China branch as well as complete authority and control over all phases of the operation.This is
A)a franchise.
B)a wholly owned subsidiary.
C)a joint venture.
D)direct exporting.
Q3) Two Japanese firms-Mikato,Ltd.,and Shuzushi,Ltd.-enter into a joint venture in an attempt to in?crease their market share of the U.S.auto market.If the joint venture is not a per se violation of U.S.antitrust laws,a U.S.court could ex?ercise jurisdiction over the firms
A)if the joint venture has a substantial effect on U.S.commerce.
B)if the joint venture has any effect on U.S.commerce.
C)if the joint venture was entered into in the United States.
D)under no circumstances.
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