Business law II, business and finance homework help

User Generated

FIG Pboen

Business Finance

Description

I attached it as a notepad file 

Unformatted Attachment Preview

1. Bonds wrote McGuire, �I will sell you my house and lot at 419 West Lombard Street, San Francisco, California for $950,000 payable upon merchantable deed, deal to be completed within 60 days of the date of your acceptance.� Assuming that Bonds� letter contains terms which are deemed sufficiently certain and definite, which of the following statements is correct? A) Bonds� letter is B) Bonds� letter is make an offer. C) Bonds� letter is the circumstances would D) Bonds� letter is it as an offer. not an of fer unless Bonds intended it to be an offer. not an offer unless McGuire thought Bonds intended to an offer if a reasonable person with full knowledge of be justified in thinking it was intended as an offer. not a offer unless both Bonds and McGuire considered 2. Iverson Jewelers wrote a letter to Miller, �We have received an exceptionally fine self winding Rolox watch which we will sell to you at a very favorable price.� A) The letter is an offer to sell. B) A valid offer cannot be made by letter. C) The letter contains a valid offer which will terminate within a reasonable time. C) The letter lacks one of the essential elements of an offer 3. Sammy agreed to sell and Larry agreed to buy Sammy�s car for $400, payable upon delivery. Sammy delivered and left the car with Larry. However, Larry failed to pay Sammy the $400. After eight years had passed following the delivery and acceptance of the car by Larry, Sammy sued Larry in state court for failure to pay him the $400. Based only on the above stated facts, which of the following statement is most accurate? Assume the UCC applies and the statute of limitations for oral contracts is two years and for written contracts is four years. A) No contract was ever created between Sammy and Larry. B) A contract was created but likely not enforceable because the statute of limitations has expired. C) A contract was created, but it is only enforceable if it is in writing. D) A contract was created and is enforceable. . 4. The body of law which establishes rights between persons and provides for redress for violation of those rights is known as: A) B) C) D) Criminal Law. Civil Law. The Uniform Commercial Code. Stare decisis 5. In most states the following types of contracts are within the statute of frauds. A) B) formation. C) D) Contracts for the sale of an interest in personal property. Contracts that can be performed within a year from the date of their Contracts for the sale of goods. Contracts for the sale of goods for a price of $500 or more 6. Robert makes the following statement while negotiating the sale of his car, �This is the sharpest car on the market.� His statement may support a claim for: A) B) misrepresentation. fraud. C) D) fraud and misrepresentation. none of the above. 7. Tom and Jerry entered into a contract whereby Tom agreed to sell Jerry $1,000 worth of heroin, an illegal substance. This is an example of a: A) quasi contract. B) void contract C) voidable contract. D) secondary party beneficiary contract. 8. Alexander Klein has a small company that builds automobile parts. He is the company�s only owner and has one employee. He wants to create a formal business entity for the organization to protect himself from liability, but does not want to appoint a board of directors. What is the best business structure for Alexander? A) A sole proprietorship B) A partnership C) An LLC D) An LLP E) A corporation 9. Sue Smith signs a contract promising to give her son $200. The sole stipulation in the contract is that Ms. Smith will deliver the money on December 1. Ms. Smith fails to pay her son the $200. Can he sue her for breach of contract? A) Yes, because Ms. Smith signed the contract and it was valid and enforceable B) Yes, because the contract had a firm explanation of the terms, including the amount to be paid and the date to be paid C) No, because there is no proof Ms. Smith read the contract before she signed it D) No, because the contract is lacking consideration 10. Joseph, who has a fee simple absolute ownership stake in Blackacre, grants Caroline a life estate. Caroline names Michael and Stacy as Blackacre�s tenants in common in her will. Stacy then passes away, leaving her entire estate to Susan. Upon Caroline�s death, who owns Blackacre? A) Joseph B) Caroline C) Michael D) Susan E) Michael and Susan 11. Clark works for Widget Makers Incorporated as a delivery person. In the course of delivering a package, Clark hits Mary with the truck he is driving and Mary sustains serious injuries. Can Mary sue Widget Makers Incorporated for damages? A) No, because Mary was hit by Clark, not by Widget Makers B) No, because Widget Makers Incorporated is a corporation and thus immune from personal liability C) Yes, because Clark was acting as an agent for Widget Makers Incorporated D) Yes, because Clark is insolvent and Mary will otherwise be unable to collect damages 12. Thousands of customers purchased toasters from Mr. Toast Company, but unfortunately the toasters did not toast at all. The toasters contained no warranty. They didn�t cause any injury or other damages, they simply did not function. Is there a potential cause of action for those who bought the nonfunctioning toasters? A) Yes, because of the implied warranty of merchantability B) Yes, because of the implied warranty of fitness C) Yes, because of the implied warranty of title D) No, because the toaster did not contain a warranty or cause damages 13. Kelly and Kara own property as joint tenants with right of survivorship. Kelly wills her share in the estate to Jim when she dies. Kara wills her share in the estate to Matt. Kelly dies in January 2011 and Kara dies in February 2012. Who owns the property after Kelly and Kara�s deaths? A) B) C) D) Jim with a fee simple absolute Matt with a fee simple absolute Jim and Matt as joint tenants with right of survivorship Jim and Matt as tenants in common 14. Jesse�s Cafe made an oral agreement with Lou�s Deli that they would deliver 100 sandwiches to the Deli every day for three years at a price of $2 per sandwich. Jesse�s Cafe never delivered a single sandwich and Lou�s Deli lost a lucrative catering contract. Does Lou�s Deli have a cause of action for breach of contract? A) Yes, because Jesse�s Cafe breached the contract when they failed to deliver the sandwiches B) Yes, because Lou�s Deli incurred actual damages when they relied on the contract C) No, because the contract is not a valid contract due to the statute of frauds D) No, because there was no consideration 15. Tim and Tina own a company as equal partners. Tina embezzles money from customers and disappears. Can Tim be sued by the customers for the funds Tina stole? A) Only if Tim was complicit in the theft B) No. Tim cannot be sued, but the partnership can be C) Only if Tina cannot be found D) Yes, Tim is jointly and severally liable for Tina�s actions 16. Marissa and Susan both sign a contract in which Marissa agrees to sell Susan a boat for $600. The contract also stipulates that Marissa will include a towing hitch for the boat. Marissa delivers the boat and Susan pays the $600. Marissa refuses to deliver the towing hitch, claiming that they had only discussed the sale of the boat and that she hadn�t read the contract with its provision about the towing hitch before signing. Did Marissa breach the contract? A) Yes, because she failed to deliver the towing hitch when promised B) No, because she did not read the contract and understood that she was selling only the boat C) No, because she delivered the boat which was the primary form of consideration in the contract D) No, because there was no consideration for Marissa�s delivery of the towing hitch 17. Which came first in time? A) B) C) D) U.S. Constitution Articles of Confederation Confederate States of America U.S. statutory law 18. This article of the Constitution makes federal law the supreme law of the land. 19. A) B) C) D) State Article II Article IV Article VI Article VII constitutions tend to be _____ the U.S. Constitution. A) B) C) D) less detailed than about the same detailed more detailed no general statement is possible 20. Courts that have power to review a case for errors of law are courts of _____ jurisdiction. A) original B) C) D) appellate general special 21 Julie, a Michigan citizen, and Nicholas, a Montana citizen, are involved in a dispute that is being heard in federal court under diversity of citizenship jurisdiction. What law should the court apply? A) B) C) D) 22. federal Michigan Montana general law Cyberspace jurisdiction in court cases is determined by _____. A) B) C) D) a special a case by the state the state federal statute case analysis statute where the plaintiff resides statute where the Defendant resides 23. Adam attends a professional golf tournament as a spectator on a cloudless day and is struck by lightning, resulting in a serious injury. Adam sues the organizers of the tournament. For Adams suit to succeed, he must prove that the tournament's organizers _____. A) should have consulted the weather bureau B) should have reasonably foreseen the risk of injury C) should have known the dangers of lightning D) attracted him to the location by organizing the tournament 24. Newman offers at auction a gold watch with a fair market value of $10,000 but the highest bid is $1,000. Newman may legally _____. A) B) C) D) not reject the high bid reject the high bid insist the bidder pay at least 50% of the fair market value sue the auctioneer for the $9,000 difference 25. How much detail must be contained in a written contract for the sale of goods? A) B) C) D) subject subject subject subject matter and parties only matter and quantity only matter, quantities and parties only matter, quantities, parties and price. 26. In a $5,000 sale of goods contract, Ally and Jennifer agree that the damages shall be $300 if either party breaches the contract. These damages _____. A) B) C) D) are never enforced by the Court must be approved by a trustee must be customary by trade are called liquidated damages 27. On May 1 the case. The price of June 1. By June 15 is entitled to for A) B) C) D) $100 $50 $25 $5 seller breaches a contract with a contract price of $50 per the goods rises to $55 per case by May 15 and $75 per case by when the buyer covers the price is $100 per case. The buyer _____ per case. 28. A contract calls for delivery to occur on June 1 but on May 1 the seller indicates that she will not deliver the goods. The buyer may _____. A) B) C) D) 29. seek another source of goods not take action until after June 1 seize the goods if it may be done with a breach of peace file criminal charges Personal property consists of the following kinds: A) B) C) D) tangible and intangible tangible, intangible, and chattels tangible, intangible, chattels, and choses in action tangible, intangible, choses in action, and real estate 30. Diana is in a joint tenancy with Silvia. Diana's will leaves all her property to Peter. When Diana dies, her interest in the joint tenancy goes to _____. A) B) C) D) 31. A life estate may be created by _____. A) B) C) D) 32. Telephone Company City Telephone company and city telephone company, city and real estate developer A landlord may take what actions to evict tenants? A) B) C) D) property 36. growing crops fences trees buildings Eminent domain may be only available to a(n) A) B) C) D) 35. real property license personal property an easement Which of the following is not real property? A) B) C) D) 34. deed will law deed, will or law At its earliest stage of existence, a fixture is _____. A) B) C) D) 33. Silvia Peter Silvia and Peter in equal shares the State of Montana The landlord may use reasonable force threaten to use reasonable force peacefully take possession of the property bring suit and receive an order of eviction before repossessing the What general legal rules apply to a lease? A) B) C) D) 37. Quiet enjoyment means that the tenant A) B) C) D) 38. tort constitutional property contract will will will will ? not be disturbed by noisy neighbors have undisturbed possession enjoy the rental premises not disturb other tenants What are filing locations for financing statements? A) county recorder B) secretary of state�s office C) county recorder and secretary of state�s office D) county recorder, secretary of state�s office and federal district court clerks 39. The buyer of goods in the ordinary course of business prevail over security interests in the seller's inventory except for _____. A) B) C) D) 40. A variable-rate mortgage must include a _____. A) B) C) D) 41. fungible goods specially manufactured goods fixtures farm products maximum interest rate an average interest rate a minimum interest rate a daily interest rate A home equity loan is an example of a _____ mortgage. A) B) C) D) junior senior subordinated redemption 42. A mortgagee may not discriminate against borrowers based upon all of the following except: A) B) C) D) race creed color age 43. In a voluntary bankruptcy, what person first indicates what property of the debtor is considered exempt? A) B) C) D) the the the the trustee debtor creditor clerk of the Court 44. Jake owes the following creditors to whom he is not making payments: Abco Enterprises - $10,000; Susan - $1000; Big University - $3000; Direct Auto Finance - $5000. Which of these creditors may force Jake into involuntary bankruptcy? A) B) C) D) any three only Abco and Susan any three whose total debt exceeds $11,625 any three whose total debt exceeds $17,425 45. Tina is filing for bankruptcy and owns her grandmother's wedding ring, valued at $3000. Will she be able to keep the ring as exempt property? A) B) C) D) no yes, if she uses part of her exemption for household items no, since there is no exemption for jewelry yes, since family heirlooms are exempt 46. Elaine fails to list on her Chapter 7 bankruptcy petition a $5000 debt owed to her sister, Julia. After the bankruptcy is completed, Julia demands payment from Elaine. What is the legal status of this debt? A) B) C) discharged D) Elaine owes it since it was not listed Elaine does not owe it since it was owed to an insider Julia should have objected during the bankruptcy and now the debt is Julia cannot compel Elaine to pay an unsecured debt 47. Cade agrees to "watch" Cassie's house while she backpacks in the Andes. One day a severe hailstorm breaks a number of windows in Cassie's house and Cade contracts with Clear Glass Co. to replace the windows and bill Cassie. Is Cassie required to pay Clear or is Cade? A) B) C) windows. D) Cade, since he entered into the contract without authority. Cassie, since there was an agency by necessity. Cade, since there were alternatives other than replacing the Cassie since she owns the house 48 Trudy is employed by Pike to sell Pike's house. The contract between Trudy and Pike must be written under what legal rule? A) B) C) D) Statute of Frauds Del Credere agency Equal Dignities Equal authority 49. Charles, Monica and Daisy are partners. Monica employs George to negotiate a purchase of a building for the contract. What is the legal status of this situation? A) B) bound. C) D) Charles and Daisy are not bound to the contract. Monica is bound to the contract only if Charles and Daisy are also George is the only person bound to the contract Charles, Monica and Daisy are bound to the contract. 50. David and Juanita enter into a contract. Juanita does not know that David represents Henry, but subsequently learns of this agency. What person or persons may Juanita hold to the contract? A) B) C) D) 51. David only Henry only both David and Henry either David or Henry but not both Paris is authorized by Mechanical Enterprises Co. to negotiate the purchase of a new dragline by Mechanical Enterprises. Paris is a(an) _____. A) B) C) D) general agent special agent del credere agent factor 52. Jiro employs Marshall to sell his merchandise to local stores. Marshall kills Hasan, an employee of a competitor of Jiro, to prevent Hasan from making sales to stores that Marshall is visiting. Is Jiro criminally liable for the killing of Hasan? A) B) C) D) 53. No, since Marshall acts on his own. Yes, since this should be foreseeable. No, since he did not authorize the crime. Yes, since the crime furthered Jiro's business. The "scope of employment" involves _____. A) B) C) D) a a a a limited group of activities that the principal is engaged in. range of activities for which the servant is engaged. technical legal definition. list of duties specified in an employment contract. 54. Julia allows her housekeeper to purchase a variety of household items on Julian's credit account at Home Supply Co. One day the housekeeper purchases all new appliances, charged to Julian's credit account, and after having them loaded on a truck, disappears. What legal doctrine may make Julian liable to Home Supply Co. for this purchase? A) express authority B) implied authority C) apparent authority D) authority by operation of law 55. Wayne, an agent for Vadra, learns that the submission date for bids on a Titan Co. construction contract Vadra wants to obtain and has received bid information concerning, has been changed from December 1 back to November 15. Wayne fails to tell Vadra, who submits a bid on November 30 which is rejected. What legal rule governs this situation? A) Vadra did not know of the change and therefore has submitted the bid on time. B) Wayne had no duty to inform Vadra. C) Titan Co. had no right to inform Wayne. D) Wayne's knowledge is imputed to Vadra. 56. Nami, agent for Titan Co., informs Titan that she plans to offer customers a ten percent discount to stimulate sales. Titan does not object, but when the discounted orders come in, Titan rejects the orders A) Nami has no authority to offer discounts. B) Nami has to obtain written permission to offer discounts C) Nami has express authority. D) Nami has to personally pay Titan the ten percent discount. 57. Boss Smith tells employee Jones at an employee meeting, to "beg not to be fired." Jones does but Smith fires him anyway. Does Jones have legal recourse against Smith? A) Not if this happens in an employment-at-will state. B) Yes, for intentional infliction of emotional distress. C) No, since Jones could have simply walked away. D) Yes, for fraud since he was fired anyway. 58. Sam, a valuable skilled employee of Alpha Industries, agrees to continue working for Alpha when Alpha agrees to pay the college tuition expenses of his children. Alpha subsequently refuses to honor this promise. What legal recourse does Sam have? A) None, since he was paid for his work. B) Sam may sue based upon an implied contract. C) Sam may sue for a violation of the FLSA. D) 59. A union violates its duty of fair representation if: A) It discriminates in its bargaining position between certain identified groups of employees it represents. B) It refuses to arbitrate a grievance brought by a represented employee because it has concluded it cannot win. C) It refuses to investigate a grievance because the grievant has not yet begun paying dues to the union. D) It settles a discharge grievance for reinstatement but only partial backpay. 60. Molly borrowed $5,000 from Larry and, as collateral, gave him jewelry and authority to sell the jewelry if she defaulted. Afterward, Molly had second thoughts and revoked the agency. Which of the following statements is true? A) B) C) D) Molly Molly Molly Molly can terminate the agency if she paid the loan. can terminate the agency based on impossibility of performance. can't terminate the agency unless she claims bankruptcy. can't terminate the agency unless Larry sold the jewelry 61. Eric has gradually been losing his eyesight, which has adversely affected his work. When the boss fires Eric, she tells him that she's letting him go because he can't see anymore. Eric's discharge is A) wrongful because once hired, employees can't be discharged due to disability. B) wrongful if the employer can make a reasonable accommodation for his disability. C) not wrongful if he can't perform the job without reasonable accommodations by the employer. D) not wrongful because it didn't involve a hiring decision 62. Tony tries to start a union at Big Tech, Inc. His employer learns of his attempt to organize a union and fires him. Big Tech's actions A) B) C) D) are permitted if the state has adopted right-to-work legislation. constitute an unfair labor practice. are permitted. are permitted if they first give Bob notice forbidding the union. 63. Irene hires Mark to do work for her. In the course of performing that work, Mark causes injury to a third party. Which of the following statements is true? A) Irene isn't liable for the injury whether Mark is an employee or an independent contractor. B) Irene is liable for the injury whether Mark is an employee or an independent contractor. C) If Mark is an employee, Irene is liable for the injury. D) If Mark is an independent contractor, Irene is liable for the injury. 64. Identify the statement about US corporate law history which is true: A. US corporations, unlike their British counterparts, were from the beginning used for business and industry with large capital needs -- water works, roads, banks B. Delaware was the first state to adopt a general incorporation statute, which permitted business corporations to be formed without special legislation C. the federal securities laws, which mostly deal with disclosure to investors, were enacted in the 1930s in response to perceived weaknesses in state law D. the Sarbanes-Oxley Act of 2002 creates the possibility of forming a publicly-traded corporation under a federal incorporation regime 65. A, B, and C are partners in ABC partnership. down. A wants out. She can accomplish this by -- Their relationship breaks A. selling her partnership interest to partner B, even without partner C's consent B. stating she is withdrawing, thus dissolving the partnership and forcing B and C to liquidate the business and pay her share to her in cash C. selling her partnership interest to stranger D, assuming partner C's consent (thus obtaining the approval of a majority of the partners) D. merging the partnership into ABC Corporation and then selling her shares on the open market 66. Which of the following statements is not true? A) in a limited liability partnership, partners are not personally liable for the commercial obligations of the business B) in a limited partnership, limited partners cannot participate in the management of the partnership (ie, writing checks) without incurring personal liability C) in a close corporation, the shareholders lack a readily-available market into which they can sell their shares D) in a publicly-traded corporation, the shareholders can redeem their shares by selling them to the corporation on public stock markets 67. Three friends D, E and F agree to go into business installing home insulation. They agree to share profits and properly register their partnership as HomeInsulate LLP. Despite opposition by D and E, F signs a contract to undertake an insulation project for a shopping center, a type of commercial project the business has never undertaken before. When the project falters and the shopping center sues, who is liable? A. only the partnership, because it is an LLP in which the partners have limited liability and F was acting with apparent authority B. only F, because he signed the contract and lacked authority to bind the partnership given that the partnership name limits the business to residential projects C. all three partners D, E and F, because the act of any one partner binds the partnership and all partners share jointly and severally in partnership liability D. nobody (neither the partnership nor the partners) because F acted without actual authority in signing a contract beyond the partnership�s usual business 68. DEF Corp. has a board of five directors. The company president learns of a chance to acquire a related business and wants the board to consider and approve the deal. The president sends a notice to the directors of a special meeting to happen in three days, but not to director D for whom the corporation has no address. The meeting is attended by three directors (but not D), two of them by Skype. The three at the meeting all approve the acquisition. Is their action valid? A. least B. third C. yes � notice was sufficient since it went to a majority of the board at two days before the meeting date yes � the quorum at a special meeting, unlike a regular meeting, is oneof the board no � notice must be sent to each director, and the failure to send a notice to D invalidates the meeting D. no � a board meeting must be in person, unless the articles or bylaws specifically allow electronic or telephonic presence of directors at meetings 69. GHI Corporation has a six-person board. At a regular board meeting, only two directors can attend. They then call directors Alice and Bob and put them on a conference call. The four talk about the corporation buying Blackacre and then agree to a resolution for GHI to buy Blackacre from Third Party. A. the purchase is B. the purchase is calls C. the purchase is meeting D. the purchase is shareholder approval authorized since four of six is a board majority authorized, assuming the GHI bylaws permit conference not authorized, since there was no quorum at the board not authorized, since real estate transactions require 70. A person who purports to act on behalf of a corporation (a promoter) and who enters into a contract with a third party when the corporation does not yet exist ... A. is personally liable on the contract, regardless of the promoter's knowledge of the incorporation defect B. is not personally liable, provided the promoter incorporates the business within 90 days after the contract was entered into C. is personally liable on the contract, provided the promoter knew the corporation did not yet exist D. is not personally liable, provided the third party believed it was dealing with a corporation, regardless of the promoter's knowledge Under Article 9 of the UCC, accounts receivable are considered what kind of collateral? 71 Jen's father, who wishes he lived in the 18th century, orally promises to pay his daughter Jen's boyfriend, Ryan, $10,000 dollars on the day Ryan marries Jen. Which of the following is true? A. B. C. case. D. This is called a dowry and it is not enforceable in this case. This is called a dowry and it is enforceable in this case. This is called a prenuptial agreement and it is not enforceable in this 72. A. B. C. D. E. Which of the following is not required with regard to a valid deed? A description of what property is being transferred Signature of grantor Notarization Delivered during grantor�s life All of the above are required 73. This is called a prenuptial agreement and it is enforceable in this case. Which of the following is/are true with regard to Equitable remedies? A. Allowed only when money damages alone are inadequate B. Judge decides the facts C. Quasi-contract, Injunction, liquidated damages, and punitive damages are examples D. All of the above E. Both A & B 74. Which of the following is/are sufficient in order to establish Federal subject matter jurisdiction? A. B. Federal Question Diversity of Citizenship C. D. E. 75. Minimum contacts of the defendant with the state in which the court sits All of the above Only A and B Which of the following is an enforceable contract? A. B. C. D. E. A contract to commit burglary. A contract to defame a political opponent of the person who hired you. A contract to gamble with the neighborhood bookie. B and C None of the above are enforceable 76. Which of the following is NOT considered evidence? A. B. C. D. E. Documents admitted for consideration by the jury Testimony of plaintiff�s witnesses Objects admitted for consideration by the jury Testimony of defendant�s witnesses All of the above are considered evidence 77. Which of the following terms refers to �personal property permanently attached to real estate�. A. B. C. D. E. Fixtures. Collateral. Quasi-tangibles. Proceeds. Execution. 78. A contract that is so unfair that it �shocks the conscience� or is �devoid of conscience� is unenforceable under the doctrine of... A. B. C. D E. Fairness Sufficiency Adequacy Unconscionability Exculpation 79. When a seller finances a real estate sale and will give the buyer a deed on payment of the purchase price in full, the contract is called: A. B. C. D. E. An Installment Land Contract A Due on Sale Contract A Power of Sale provision An Acceleration contract None of the above 80. If a repossession sale of collateral is completed, list the order in which the proceeds are distributed: A. Debt, Second Priority lien, Debtor, Expenses of the sale. B. First Priority Lien holder expenses of sale, lower priority lien holders, Debtor. C. Expenses of sale, First Priority Lien holder, lower priority lien holders, Debtor. D. Expenses of Sale, First Priority lien holder, Debtor, Lower priority lien holders. E. First Priority Lien holder, Expenses of Sale, Debtor, Second Priority Lien holder. 81. Mr. Acme rents Joe an apartment on the second floor of his apartment building. One day, when Joe is going up to his apartment, Joe trips on badly frayed carpet on a stair and hurts his ankle. Joe sues Mr. Acme for negligence. What is the likely result? A. Mr. Acme wins because under the common law, landlords have no duty to repair. B. Joe wins because Mr. Acme has a duty to use due care in maintaining common areas. C. Mr. Acme wins, because under the modern rule, the tenants share in the duty of maintaining common areas D. Joe wins because Mr. Acme violated the Explicit Guarantee of Occupation E. Mr. Acme wins because the area was in the tenant�s control 82. Mr. Acme rents an apartment to John for 2 years. John stays in the apartment for 6 months and then rents it out to Joe for the entire remainder of the lease. This is an example of a(n): A. B. C. D. E. Lease Sublease Tenancy at Sufferance Assignment Subassignment 83. Failure to perfect a security interest in a piece of collateral leads to the following groups having priority over the unperfected party: A. B. C. D. E. Buyers in the ordinary course of business Judgment lien holders. Creditors with a perfected security interest. All of the above A and B only 84. If one party substantially performs on a contract, which of the following is true? A. Any breach he has committed was minor B. He has probably committed a material breach C. He cannot enforce any part of the contract against the other party because he hasn�t fully performed. D. He will receive full payment for his performance under the terms of the contract. 85. Henderson Construction orally contracts to build a gas station for Shell for a million dollars. Henderson says that it will probably take two years, but that it is possible that construction will be done much faster. Which of the following is true? A. B. C. D. This This This This contract contract contract contract is not enforceable is enforceable by either party falls under the statute of frauds lacks sufficient consideration 86. Barry defaulted on a loan to Bank A. Barry put up the car he'd had for about a year as collateral, and the bank perfected its security interest with the Department of Revenue. Who gets paid prior to Bank A? A. B. C. D. E. 87. A. The attorney who was hired to sell the car to pay Barry�s debt. A creditor who had perfected a security interest in the car before Bank A. Any creditor who was owed more than Bank A. All of the above. A & B Article 9 of the UCC does govern which type of transactions? Sale of Goods B. C. D. Commercial Paper Security interests in real estate. Security interests in intangibles. 88. Jack grants Missouri Telephone Company the non-revocable right to put a tower and some phone lines on his property, while Jack still owns the property. This is called: A. B. C. D. A profit An easement A license A fee simple defeasible 89. In the lawsuit, Hurt Guy vs. Bob's Bouncer Service, the jury is so mad that Bob exceeded viciously injured Hurt Guy that it decides to assess extra damages against Bob in order to punish the him. The extra damages are called A. B. C. D. E. Incidental damages Punitive damages Nominal damages Liquidated damages Consequential damages 90. Mr. Acme is going out of business and selling his inventory as well as his plant & equipment. Joe offers to buy �some of his refrigerators for $10,000.� Mr. Acme accepts. Is there a contract? A. B. C. D. No. Joe�s offer fails for lack of essential terms. Yes, as long as the agreement was in writing Yes. As long as the offer was between merchants No. The firm offer rule would void Joe�s offer. 91. John knows his kindhearted cousin, Ed, is worthless and will never amount to anything. So John decides to grant Ed the right to exclusive possession of John's country cabin until John's death, at which time all interest in the cabin will transfer to John's heirs. This is called: A. B. C. D. Life Estate Fee simple defeasible A Tenancy in Common All of the above 92. Joe and Frank enter into an agreement to fix prices on lobster tails for three years. This contract is: A. B. C. D. Enforceable Voidable Void Competitive 93. Bruce saves Cathy's cat. Afterward, Cathy is so thankful that she promises Bruce she will give him $1,000. Later she decides she would rather not. Bruce sues for the $1,000. What is the most likely result? A. Cathy B. Cathy contract. C. Bruce D. Cathy contract. 94. wins because this was an illusory promise and there was no contract. wins because Bruce had a pre-existing duty and there was no wins because of promissory estoppel wins because her promise was for past consideration and there was no Money Damages are generally available in which kind of court? A. B. C. D. Court of Equity Appellate Court Criminal Court Court of Common Law 95. Which option(s) are unavailable for the secured party to pursue when debtor defaults? A. Threaten legal action even when not serious about it. B. Follow debtors onto their property, threaten the debtors with a knife, then take the collateral. C. Auction off collateral to pay off debt and keep any extra over the amount owed as profit. D. Take possession of collateral when debtor is not around. 96. Bernadette inherits a country estate from her uncle. Then she finds out that Weyerhauser Paper holds the right, whenever they choose, to enter the estate, cut down all the trees, and sell them. Weyerhauser's interest in the land is called: A. B. C. D. An easement An attachment A fee simple defeasible A profit 97. Which of the following is NOT sexual harassment? A. B. C. D. job E. Requests for sexual favors Flirting in order to get a raise Unwelcome sexual advances Requiring your employees to 'step into your office' in order to keep their 98. Which of the following is a form of sexual harassment? A. B. C. D. E. "Eyeing" someone up and down Making offensive jokes Intentionally rubbing on someone while walking Sharing details about your sex life All of the above 99. A hostile work environment occurs when the harassing conduct is: A. B. C. D. So severe that it could be considered as hostile Conducted in a confined space Considered to be hostile by an outside 3rd party Conducted in a non-air conditioned space 100. A type of sexual harassment is: Saying "Good Morning" to the boss everyday A. None of these are correct B. Taking disciplinary action for excessive bathroom breaks C. Quid pro quo, or when your terms of employment are based on acceptance of sexual favors D. Offering a promotion in exchange for better job performance 101. It is illegal to discriminate in any aspect of employment, including: A. B. C. D. Compensation Promotion Hiring and firing All of the above 102. Are these characteristics "protected" (protected means cannot be used as a basis for an employment decision such as hiring, promotion or termination) by law in Montana and/or the United States? Color, National Origin and Race A. B. C. D. Montana only Federal only Both Neither 103. What series of laws against discrimination was passed by government? A. B. C. D. Civil Rights Act Americans with disabilities Act Immigration reform and control Act All of the above
Purchase answer to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

1

D) The letter lacks one of the essential elements of an offer

2 B) A contract was created but likely not enforceable because the statute of limitations has
expired.
3

B) Civil Law.

4

D) Contracts for the sale of goods for a price of $500 or more.

5

D) None of the above.

6

B) Void contract

7

C) An LLC

8

D) No, because the contract is lacking consideration

9

A) Joseph

10

C) Yes, because Clark was acting as an agent for Widget Makers

11

A) Yes, because of the implied warranty of merchantability

12

B) Matt with a fee simple absolute

13

C) No, because the contract is not a valid contract due to the statute of

14

C) Only if Tina cannot be found

15

A) Yes, because she failed to deliver the towing hitch when promised

16

C) Confederate States of America

17

18. C) Article VI

19.

A) less detailed than

20.

B) appellate

21.

A) federal

22.

A) a special federal statute

23.

A) should have consulted the weather bureau

24.

A) not reject the high bid

25.

D) Subject matter, quantities, parties and pri...


Anonymous
Excellent! Definitely coming back for more study materials.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Similar Content

Related Tags