Question 63 pts
Melissa owns a major hair care products business that has hit hard times. She
needs to file for bankruptcy protection. However, she wants to continue to run
the business by reorganizing it and getting her creditors under control. Under
what chapter of bankruptcy should Melissa file for bankruptcy?
11
12
13
7
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Question 73 pts
You are owed thousands of dollars from the ScanScap Corporation.
Scansnap's CEO claims that his company can never be taken into bankruptcy
court because he won't allow it and the corporation's creditors can NEVER
force it into bankruptcy court. Is the CEO's statement true or false?
True
False
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Question 83 pts
What is the name of the document that a person must file with the Court to
start or commence a lawsuit?
Scheduling Order
Answer
Complaint
Motion
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Question 93 pts
When walking down the street, a piano from above you slips from the top floor
of Trump Towers and smashes your prized unicycle. To replace it, it will cost
$4,500. You sue and are awarded $4,500.00 What kind of "damages" were
you awarded by the judge?
Consequential
Liquidated
Compensatory
Absolute
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Question 103 pts
After a person filed a lawsuit, what document must the defendant (or person
sued) file in response to the lawsuit?
Complaint
Answer
Scheduling Order
Motion
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Question 113 pts
The highest court in the United States is which court?
The Final Circuit of the United States
The United State Supreme Court
The Michigan Supreme Court
International Court of Justice
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Question 123 pts
Larry entered into a contract with Moe that Larry would give Moe a prized
Three Stooges prop this past Monday. Larry failed to deliver. Moe sued and
lost the lawsuit. Which of the following is main/best reason why?
Larry lacks capacity to enter into a contract
The prized Three Stooges prop has no value
Lack of consideration
Larry has immunity from suit
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Question 133 pts
Select all the stakeholders of Saginaw Valley State University
Students
Faculty
The citizens of Saginaw County
Local business owners
All of the above
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Question 143 pts
ABC Corp has one President named Mike. It has two vice presidents named
Bill and Ted. It has one main customer named Ron. Ralph has all the shares
(ownership) of ABC Corp. Which of these three men is ABC Corp's
shareholder.
Ralph
Mike
Ron
Bill and Ted, equally
Bill and Ted, separately
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Question 153 pts
Rita offers to enter into a contract to purchase a vehicle from Sarah. At this
point of the transaction, Rita is the ____________ to the proposed
transaction. .
Promissee
Offeror
Promisor
Obligator
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Question 163 pts
Daddy Warbucks, the CEO titan of a defense contractor, loves his alma
mater, Saginaw Valley State University. He promises the alumni director, in
writing, that he would donate $1million dollars a year for the next five years.
Then, three days later, he is indicted for bribes (he didn't take this class about
business ethics). He decides he is going to cancel his donation. Saginaw
Valley State University sues to enforce the donation and SVSU loses in
court. Which of the following is main/best reason why?
Lack of consideration
The contract is void due to criminal gains
The Foreign Corrupt Practices Act voids the transaction
The contract must be in oral form only
Question 183 pts
A provision in the Michigan state constitution conflicts with a provision in the
U.S. Constitution. If challenged, which of the following is the most likely
outcome
Neither provision will be enforced; they cancel each other out
The provisions will be balanced to reach a compromise.
The state provision, not the U.S. Constitution, will be enforced.
the U.S. Constitution, not the state provision, will be enforced.T
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Question 193 pts
The Bay City Planning Department, the Coastal County Zoning Commission,
the Delaware Environmental Quality Agency, and the U.S. Bureau of Land
Management issue regulations. These rules constitute:
case law
administrative law
statutory law
stare decisis
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Question 203 pts
Tiny and Vito agree to hijack a truck carrying a load of diamonds. Tiny later
refuses to go through with the crime. Vito can which of the following?
Have the court enforce the agreement
Recover in quasi contract for the loss of his share of the illegal profits
Nothing because an agreement for the commission of a crime is void
Seek a court order to compel Tiny to participate in the diamond heist
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Question 213 pts
Camille, a tennis pro, convinces Dante, who has no athletic ability, that he has
considerable skill and induces him to pay Camille $1,000 for tennis lessons.
When Dante realizes the truth, he files a suit against Camille. Dante is most
likely to recover on the basis of:
unilateral mistake
fraud
mutual mistake
none of the above
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Question 223 pts
Niles, an accountant, is contracted to provide several audit reports on
Optimal, Inc., one of Niles' client, knowing that the company intends to use the
reports to borrow money. The reports that Niles produces are knowingly false.
Outside of refund which Niles has already provided, what other kind(s) of
damages could Optimal likely seek in a later filed lawsuit. (Read the question
carefully.)
Liquidated
Dependancy
Consequential
Compensatory
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Question 233 pts
Under the Statute of Frauds, all contracts must be in writing to be enforceable
in a court case.
True
False
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Question 243 pts
Merry Music Inc. and Nayda enter into a contract for Nayda to write six songs
for which Merry Music agrees to pay her. Nayda transfers her right to payment
under the contract to Omni Artists Agency. In the transfer of rights to payment,
Nayda is which if the following:
delegator
assignor
assignee
promisee
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Question 253 pts
Quan has the right under a contract with Runway Retail, Inc., to buy the
clothing company's overstock. Quan's sale of this right to Sade's Style House
is which of the following:
a third-party beneficiary contract.
a prohibited transfer
an assignment
a delegation
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Question 263 pts
Bobbie enters into a contract with Claire, who agrees to paint Bobbie's studio
apartment for $500. Claire is the ___________ and Bobbie is
the ___________ .
obligor; obligee
assignor; assignee
third party promissee; promisor
none of the above
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Question 273 pts
Bernadette enters into a contract to operate a Caramel Coffee franchise,
which Caramel Coffee agrees to support as long as Bernadette maintains her
business license. Caramel Coffee’s duty to perform is ________________.
not a condition
a condition precedent.
a concurrent condition.
a condition subsequent.
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Question 283 pts
Polly agrees to buy Quinn’s Cycle World store business on the express
condition that Ridgeline Credit Union approves the financing. This approval is
________________.
not a condition.
a condition precedent.
a concurrent condition.
a condition subsequent.
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Question 293 pts
Omar and Penn want to alter their contract by executing a slightly different
agreement with performance of certain agreed upon music services which are
close, but not identical, to what they originally promised. They can best
accomplish this by ________________.
a mutual agreement to rescind and conclude the contract.
an accord and satisfaction.
a breach of contract.
none of the above
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Question 303 pts
When one party breaches a contract, the other party can only sue for
damages (i.e. for money) and nothing else.
True
False
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Question 313 pts
Punitive damages generally are awarded in lawsuits for breach of contract.
True
False
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Question 323 pts
A __________ damages provision specifies that a certain amount is to be
paid in the event of a future default or breach of contract.
compensatory
liquated
breaching
punitive
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Question 333 pts
Information Security Inc. pays income and other taxes collected by the
Internal Revenue Service (IRS). Like other federal administrative agencies,
the IRS was created by
Congress via enabling legislation
the US Constitution
States, via their courts
the President, through an executive order.
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Question 343 pts
Persons who favor the creation of a new federal biotech agency to regulate
the production of genetically modified agricultural and animal products should
concentrate their efforts on which public body:
State legislatures
Congress
the Courts
the Food and Drug Administration
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Question 353 pts
The Securities and Exchange Commission decides to create a new rule
relating to the dissemination of material nonpublic information through
corporate Web sites. This process begins with
the filing of a complaint against a charged party
the publication of a notice of proposed rulemaking
enacting the rule and seeing what happens
the solicitation of public comments on a proposed drafted rule.
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Question 363 pts
As a judge in a federal court, Judge Thomas L. Ludington (our local federal
judge) can decide, among other things, whether the laws or actions of the
executive and legislative branches are constitutional. The process for making
this determination is known as __________.
judicial review
jurisdicition
questioning venue
none of the above
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Question 373 pts
Orson files a suit against Portia. Before going to trial, the parties meet, with
their attorneys to represent them, to present their dispute to a third party who
is not a judge but who imposes a resolution on the parties instead of a judge.
This is known as _______________.
arbitration
mediation
negotiation
not a legitimate form of dispute resolution
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Question 383 pts
Ollie files a suit against Menard. Before going to trial, the parties meet, with
their attorneys to represent them, to present their dispute to a third party who
assists them in finding a resolution but cannot impose a resolution on the
parties. This is known as _______________.
arbitration
mediation
negotiation
none of the above
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Question 393 pts
President Donald Trump has issued yet another travel ban. Kai, a citizen of
Hawaii, sues to challenge the President's executive order in federal district
court in Honolulu, Hawaii. The local federal court rules in favor of President
Trump. Which federal appeals court is the court Kai can take his appeal to in
order to seek the overturning of the district court's decision?
First Circuit
Fourth Circuit
Tenth Circuit
None of the above
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Question 402 pts
Bean House Coffees and Java Distributors, Inc., have a long-standing
business relationship that they would like to continue. For this reason, they
may prefer to settle any dispute between them through mediation because
_____________________.
the case will be heard by a jury
the dispute will eventually go to trial
the process is not adversarial
the resolution of the dispute will be decided an expert
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Question 413 pts
Maggie and Nate enter into a contract for the sale of a car, but Nate later
refuses to deliver the car. Maggie asks a court to order Nate to perform as
promised. Ordering a party to perform what was promised is _____________.
specific performance
rescission
damages
not in the court's authority to issue
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Question 423 pts
Tony owns a major lawn care business that has hit hard times. His debts are
just too much and needs to end the business and close the business. Under
what chapter of bankruptcy should Tony file for bankruptcy?
7
11
12
13
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Question 433 pts
Congress enacts a law prohibiting toys made in Indonesia from being sold in
the United States. The Washington state legislature enacts a law allowing the
sale of Indonesian-made toys. Washington's law will most likely be
______________.
rendered invalid under the supremacy clause.
upheld under the commerce clause.
upheld under the dormant commerce clause.
render the Congressional statute void
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Question 443 pts
Oklahoma enacts a law requiring all businesses in the state to donate 10
percent of their profits to Protestant churches that provide certain services to
persons whose income is below the poverty level. Price-Lo Mart files a suit to
block the law’s enforcement. The court would likely hold that this law violates
________________.
no clause in the U.S. Constitution
the establishment clause
the anti-proverty clause
the supremacy clause
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Question 453 pts
When the person sued files their response to the lawsuit, this document is
known the ___________.
complaint
answer
scheduling order
motion
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Question 463 pts
In the City of Christmas, Michigan, it is illegal to buy or sell anything related to
Valentines Day. Robert, an adult, makes a deal with Ronnie, also an adult,
that he will buy all the chocolate valentines hearts he has for $500. Robert
gives Ronnie $500 and then Ronnie supplies chocolate of a bad quality.
Robert sues. What is Ronnie's best defense?
The contract is void for illegality
The contract is voidable due to age of Ronnie
There is a lack of considersation
None of the above
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Question 473 pts
Laura offers to sell Alexis 10,000 shares of stock for $1 million. Alexis writes a
letter back to Laura saying "I accept your offer" and places the acceptance
letter into the mailbox at the US Postal Service. Then the stock price goes
down, drastically, making the stock worth only $25,000. Alexis refuses to pay
the $1 millio to Laura and Alexis is sued by Laura. The judge rules that a valid
contract was formed. What legal rule did the judge likely invoke?
The method of acceptance rule
Unconscionability
The mailbox rule
Lack of consideration
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Question 483 pts
Saginaw Valley State University has available housing for its students which
SVSU offers by contract. Under the contract, before the SVSU is obligated to
assign you to a townhouse, the renter must be a full time student of the
University. When Rachel signs a contract with SVSU to rent a townhouse, she
is only a part-time student. Despite a signed contract, SVSU refuses to assign
her to a townhouse. What legal concept describes the 'full time student'
obligation which authorizes SVSU to refuse to provide housing to Rachel?
Condition subsequent
Condition precedent
Implied conditions
None of the above
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