BA 265 Final Exam (Latest One). - 43190

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Final Exam

 

1.The term cure refers to the right of the seller to adjust or replace nonconforming goods.

A) True

B) False

 

 

 

2. North Mining Company and South Excavation Company agree to abide by the decisions of East Coast Financial Corporation as to their respective levels of production, markets, and prices, effectively reducing competition and increasing profits. This is most likely

A) an innovative, legally efficient approach to doing business.

B) an outdated, but legal business trust.

C) an illegal restraint on trade.

D) a common, legal, time-honored type of business arrangement.

 

 

 

3. Accidental destruction of a negotiable instrument cancels it.

A) True

B) False

 

 

 

4.Khali’s debt to Lew is past due. Lew obtains a judgment against Khali to collect the debt, but Khali refuses to pay. Lew asks the court to order Khali’s employer to pay a portion of Khali’s paycheck to Lew. This is a request for

A) an order that would violate most state laws.

B) an exemption from most federal limits on creditors’ actions.

C) an order of garnishment.

D) a right of contribution.

 

 

 

5. Optima Medico Corporation, a U.S. firm, signs a contract with Pharma Beneficial, Ltd., a Canadian firm, to give Pharma the right to sell Optima’s products in Canada. This is

A) a distribution agreement.

B) licensing.

C) a joint venture.

D) direct exporting.

 

 

 

6.Compensatory damages are foreseeable damages that arise from a party’s breach of a contract.

A) True

B) False

 

 

 

7. Michelle gives out a business card with an e-mail address on it. It is reasonable to infer that Michelle has consented to

A) accept and respond to any correspondence sent to that address.

B) submit to the jurisdiction of any selected forum.

C) transact business electronically.

D) nothing.

 

 

 

8. “Major medical” and “marine” insurance are military policies.

A) True

B) False

 

 

 

9.Fun-E Products, Inc., makes and sells toys. The government agency that has the authority to remove a potentially hazardous toy from the market is

A) the Food and Drug Administration.

B) the Consumer Product Safety Commission.

C) the Federal Trade Commission.

D) the Federal Reserve Board of Governors.

 

 

 

10. To obtain a contract with the Chinese government, Digby Engineering Corporation a U.S. firm, gives a Chinese official a sport utility vehicle. This may violate

A) the Foreign Corrupt Practices Act.

B) the act of state doctrine.

C) the doctrine of sovereign immunity.

D) the principle of comity.

 

 

 

11. Labor Recruiters, Inc., has been ordered to appear at a hearing before an administrative law judge of the National Labor Relations Board. A significant difference between a trial and an administrative hearing is that

A) hearsay can be introduced as evidence in an administrative hearing.

B) clients are not allowed to communicate with their attorneys during administrative hearings.

C) attorneys are not allowed to attend administrative hearings.

D) the burden of proof is on the charged party to prove innocence.

 

 

 

 

 

 

 

12.The payment of Eden’s debt to Flem is guaranteed by Eden’s personal property. This property is

A) collateral.

B) a secured party.

C) a security interest.

D) a secured transaction.

 

 

 

13.The United States and other members of a certain organization agree to grant normal trade relations status on each other with regard to imports and exports. This organization is

A) the International Export-Import Bank.

B) the Convention on Contracts for the International Sale of Goods.

C) the United Nations.

D) the World Trade Organization.

 

 

 

14.The brakes on a River Valley Railroad train malfunction and it rolls towards maintenance workers on the tracks. Everyone gets out of the way except Dick, who wants to show off. The train hits Dick, who sues Stops-it, Inc., the brakes’ manufacturer. Stops-it can raise the defense of

A) product misuse.

B) consumer participation.

C) assumption of risk.

D) a component-part manufacturer.

 

 

 

15.A price-fixing agreement that is reasonable does not violate antitrust law.

A) True

B) False

 

 

 

16. The test for whether an advertisement is deceptive is whether a reasonable consumer would be deceived.

A) True

B) False

 

 

 

17. ABC Motors, Inc., sells to Matt the right to the possession and use of a motor vehicle under a lease. As defined in the UCC, ABC is

A) a wholesaler.

B) a seller.

C) a lessor.

D) a dealer.

 

 

 

 

 

18.The Securities and Exchange Commission decides to create a new rule relating to the dissemination of material nonpublic information through corporate Web sites. The first step is

A) solicit public comment.

B) compile the rule with others in the Code of Federal Regulations.

C) conduct an on-site inspection.

D) publish a notice of the proposed rulemaking.

 

 

 

19. 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 enforceable by

A) Beach Biz only.

B) either party.

C) Randy only.

D) neither party.

 

 

 

20. The Uniform Commercial Code governs checks.

A) True

B) False

 

 

 

21. A signature can consist of initials signed by a party.

A) True

B) False

 

 

 

22. The U.S. Citizenship and Immigration Service issues a rule. Like the rules of other federal administrative agencies, this rule is compiled in

A) the Administrative Register of the Federal Government.

B) the Code of Federal Regulations.

C) the Federal Rules of Civil Procedure.

D) the United States Code.

 

 

 

23. Congress can create a new federal administrative agency.

A) True

B) False

 

 

 

24. Superior Sign Company is subject to the Fair Labor Standards Act (FLSA). The FLSA is not concerned with

A) minimum wages.

B) maximum hours.

C) child labor.

D) employees’ privacy rights.

 

 

 

25. An employer who hires and fires workers according to a fair seniority system may have a good defense to an employment discrimination suit.

A) True

B) False

 

 

 

26.A contract that by its own terms cannot be performed within a year must be in writing to be enforceable.

A) True

B) False

 

 

 

27. If a lessor’s tender of delivery fails to conform to a contract in any way, the lessee can reject the goods.

A) True

B) False

 

 

 

28. State and local agency actions prevail over federal agency operations.

A) True

B) False

 

 

 

29.Mona and Nero want to discharge their contract by executing and performing a new agreement. They can best accomplish this by

A) specific performance.

B) novation.

C) reinvention.

D) accord and satisfaction.

 

 

 

30. The basic purpose of antitrust law is to regulate economic competition.

A) True

B) False

 

 

 

31. Hu believes that he is a victim of a form of employment discrimination that falls under Title VII of the Civil Rights Act. Compliance with this statute is monitored by

A) employers and businesses, not an administrative agency.

B) the courts and Congress, not an administrative agency.

C) the Equal Employment Opportunities Commission.

D) employees and job applicants, not an administrative agency.

 

 

 

32. A click-on agreement is an agreement whose terms are expressed inside a box in which the goods are packaged.

A) True

B) False

 

 

 

33. Chiang Ltd., a Chinese firm, imports its goods into the United States and offers those goods for sale at “less than fair value.” This is

A) defalcation.

B) expropriation.

C) dumping.

D) confiscation.

 

 

 

34. Home Delivery Corporation and Interstate Transport, Inc., sign an agree¬ment that provides for the payment of “$1,000 by whichever party commits a material breach of the contract that creates damages difficult to esti¬mate but approximately $1,000.” This is

A) a liquidated damages clause.

B) a penalty clause.

C) a nominal damages clause.

D) a mitigation of damages clause.

 

 

 

35. Quality Watches, Inc., ships an assortment of timepieces to Retail Jewelers, Inc., which agrees to pay for items that are not returned within six months. This is

A) a bailment.

B) a sale or return.

C) a sale on approval.

D) a consignment.

 

 

 

 

36. An agent is authorized to act on behalf of a principal in doing business with third parties.

A) True

B) False

 

 

 

37. Retail Sales Company and Standard Purchasing Corporation enter into a contract for a sale of goods. To be enforceable, the contract should be in writing if the goods are valued at more than

A) $50.

B) $500.

C) $5.

D) $15.

 

 

 

38. National Ladder Company is subject to regulations issued by the Occupational Safety and Health Administration (OSHA). Like other federal administrative agencies, the OSHA was created by

A) the Federal Trade Commission, through the rulemaking process.

B) the president, through an executive order.

C) the U.S. Department of Labor, through a final order.

D) Congress, through enabling legislation.

 

 

 

39. A failure to exercise reasonable care is negligence.

A) True

B) False

 

 

 

40.The rights and duties of a bank and its customer are contractual.

A) True

B) False

 

 

 

41. Cory employs Daily Delivery Agency as an agent under a written agreement that describes the rights and duties of both parties. This is

A) equal authority.

B) apparent authority.

C) express authority.

D) implied authority.

 

 

 

 

 

 

42. Karen writes on a piece of paper, “I owe you $600,” signs it, and gives it to Lou. This instrument is

A) nonnegotiable, because it does not include an express promise to pay.

B) nonnegotiable, because it does not recite any consideration.

C) nonnegotiable, because it does not state any conditions to payment.

D) negotiable.

 

 

 

 

43. Article 2 of the UCC governs contracts for sales of goods.

A) True

B) False

 

 

 

44. Rolling Transport & Storage Corporation wants to insure its warehouse to obtain the maximum possible recovery for the lowest possible premium. To obtain the maximum recovery under a coinsurance clause, the percentage of the value of the property that should be insured is

A) 120 percent.

B) 80 percent.

C) 100 percent.

D) 90 percent.

 

 

 

45. Parker, a salesperson for Quality Textiles, Inc., shows Rosa, a fabric buyer for Style Clothing Company, samples of cloth, stating that any shipment will match the samples. This statement is

A) a warranty of title.

B) an implied warranty.

C) puffery.

D) an express warranty.

 

 

 

46. Midwest Agri-Products Corporation offers to sell its sugar substitute to Nice Candies, Inc., only if Nice Candies agrees to buy all the corn it needs from Midwest Agri-Products, even though there are other corn sellers from whom Nice Candies could buy. This is

A) a group boycott.

B) price discrimination.

C) a tying arrangement.

D) an exclusive-dealing contract.

 

 

 

 

 

 

47. Ron makes a contract with Stu that indirectly benefits Tim, although neither Ron nor Stu intended that result. Tim is

A) an incidental beneficiary.

B) a delegatee.

C) an assignee.

D) an intended beneficiary.

 

 

 

48. Gulf Air, Inc., is the major wholesale distributor of software in the state of Florida. Its closest competitor is Fluid Systems Company, another Florida firm. The two firms agree that Gulf Air will operate in south Florida and Fluid Systems will operate in north Florida. This is

A) an exclusive-dealing contract.

B) a group boycott.

C) a joint venture.

D) a market division.

 

 

 

49. The United States taxes each barrel of imported oil at a flat rate. This is

A) an antidumping duty.

B) a tariff.

C) a quota.

D) a dumping duty.

 

 

 

50. All rights can be assigned.

A) True

B) False

 

 Final Exam

 

 

1.The term cure refers to the right of the seller to adjust or replace nonconforming goods.

A) True

B) False

 

 

 

2. North Mining Company and South Excavation Company agree to abide by the decisions of East Coast Financial Corporation as to their respective levels of production, markets, and prices, effectively reducing competition and increasing profits. This is most likely

A) an innovative, legally efficient approach to doing business.

B) an outdated, but legal business trust.

C) an illegal restraint on trade.

D) a common, legal, time-honored type of business arrangement.

 

 

 

3. Accidental destruction of a negotiable instrument cancels it.

A) True

B) False

 

 

 

4.Khali’s debt to Lew is past due. Lew obtains a judgment against Khali to collect the debt, but Khali refuses to pay. Lew asks the court to order Khali’s employer to pay a portion of Khali’s paycheck to Lew. This is a request for

A) an order that would violate most state laws.

B) an exemption from most federal limits on creditors’ actions.

C) an order of garnishment.

D) a right of contribution.

 

 

 

5. Optima Medico Corporation, a U.S. firm, signs a contract with Pharma Beneficial, Ltd., a Canadian firm, to give Pharma the right to sell Optima’s products in Canada. This is

A) a distribution agreement.

B) licensing.

C) a joint venture.

D) direct exporting.

 

 

 

6.Compensatory damages are foreseeable damages that arise from a party’s breach of a contract.

A) True

B) False

 

 

 

7. Michelle gives out a business card with an e-mail address on it. It is reasonable to infer that Michelle has consented to

A) accept and respond to any correspondence sent to that address.

B) submit to the jurisdiction of any selected forum.

C) transact business electronically.

D) nothing.

 

 

 

8. “Major medical” and “marine” insurance are military policies.

A) True

B) False

 

 

 

9.Fun-E Products, Inc., makes and sells toys. The government agency that has the authority to remove a potentially hazardous toy from the market is

A) the Food and Drug Administration.

B) the Consumer Product Safety Commission.

C) the Federal Trade Commission.

D) the Federal Reserve Board of Governors.

 

 

 

10. To obtain a contract with the Chinese government, Digby Engineering Corporation a U.S. firm, gives a Chinese official a sport utility vehicle. This may violate

A) the Foreign Corrupt Practices Act.

B) the act of state doctrine.

C) the doctrine of sovereign immunity.

D) the principle of comity.

 

 

 

11. Labor Recruiters, Inc., has been ordered to appear at a hearing before an administrative law judge of the National Labor Relations Board. A significant difference between a trial and an administrative hearing is that

A) hearsay can be introduced as evidence in an administrative hearing.

B) clients are not allowed to communicate with their attorneys during administrative hearings.

C) attorneys are not allowed to attend administrative hearings.

D) the burden of proof is on the charged party to prove innocence.

 

 

 

 

 

 

 

12.The payment of Eden’s debt to Flem is guaranteed by Eden’s personal property. This property is

A) collateral.

B) a secured party.

C) a security interest.

D) a secured transaction.

 

 

 

13.The United States and other members of a certain organization agree to grant normal trade relations status on each other with regard to imports and exports. This organization is

A) the International Export-Import Bank.

B) the Convention on Contracts for the International Sale of Goods.

C) the United Nations.

D) the World Trade Organization.

 

 

 

14.The brakes on a River Valley Railroad train malfunction and it rolls towards maintenance workers on the tracks. Everyone gets out of the way except Dick, who wants to show off. The train hits Dick, who sues Stops-it, Inc., the brakes’ manufacturer. Stops-it can raise the defense of

A) product misuse.

B) consumer participation.

C) assumption of risk.

D) a component-part manufacturer.

 

 

 

15.A price-fixing agreement that is reasonable does not violate antitrust law.

A) True

B) False

 

 

 

16. The test for whether an advertisement is deceptive is whether a reasonable consumer would be deceived.

A) True

B) False

 

 

 

17. ABC Motors, Inc., sells to Matt the right to the possession and use of a motor vehicle under a lease. As defined in the UCC, ABC is

A) a wholesaler.

B) a seller.

C) a lessor.

D) a dealer.

 

 

 

 

 

18.The Securities and Exchange Commission decides to create a new rule relating to the dissemination of material nonpublic information through corporate Web sites. The first step is

A) solicit public comment.

B) compile the rule with others in the Code of Federal Regulations.

C) conduct an on-site inspection.

D) publish a notice of the proposed rulemaking.

 

 

 

19. 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 enforceable by

A) Beach Biz only.

B) either party.

C) Randy only.

D) neither party.

 

 

 

20. The Uniform Commercial Code governs checks.

A) True

B) False

 

 

 

21. A signature can consist of initials signed by a party.

A) True

B) False

 

 

 

22. The U.S. Citizenship and Immigration Service issues a rule. Like the rules of other federal administrative agencies, this rule is compiled in

A) the Administrative Register of the Federal Government.

B) the Code of Federal Regulations.

C) the Federal Rules of Civil Procedure.

D) the United States Code.

 

 

 

23. Congress can create a new federal administrative agency.

A) True

B) False

 

 

 

24. Superior Sign Company is subject to the Fair Labor Standards Act (FLSA). The FLSA is not concerned with

A) minimum wages.

B) maximum hours.

C) child labor.

D) employees’ privacy rights.

 

 

 

25. An employer who hires and fires workers according to a fair seniority system may have a good defense to an employment discrimination suit.

A) True

B) False

 

 

 

26.A contract that by its own terms cannot be performed within a year must be in writing to be enforceable.

A) True

B) False

 

 

 

27. If a lessor’s tender of delivery fails to conform to a contract in any way, the lessee can reject the goods.

A) True

B) False

 

 

 

28. State and local agency actions prevail over federal agency operations.

A) True

B) False

 

 

 

29.Mona and Nero want to discharge their contract by executing and performing a new agreement. They can best accomplish this by

A) specific performance.

B) novation.

C) reinvention.

D) accord and satisfaction.

 

 

 

30. The basic purpose of antitrust law is to regulate economic competition.

A) True

B) False

 

 

 

31. Hu believes that he is a victim of a form of employment discrimination that falls under Title VII of the Civil Rights Act. Compliance with this statute is monitored by

A) employers and businesses, not an administrative agency.

B) the courts and Congress, not an administrative agency.

C) the Equal Employment Opportunities Commission.

D) employees and job applicants, not an administrative agency.

 

 

 

32. A click-on agreement is an agreement whose terms are expressed inside a box in which the goods are packaged.

A) True

B) False

 

 

 

33. Chiang Ltd., a Chinese firm, imports its goods into the United States and offers those goods for sale at “less than fair value.” This is

A) defalcation.

B) expropriation.

C) dumping.

D) confiscation.

 

 

 

34. Home Delivery Corporation and Interstate Transport, Inc., sign an agree¬ment that provides for the payment of “$1,000 by whichever party commits a material breach of the contract that creates damages difficult to esti¬mate but approximately $1,000.” This is

A) a liquidated damages clause.

B) a penalty clause.

C) a nominal damages clause.

D) a mitigation of damages clause.

 

 

 

35. Quality Watches, Inc., ships an assortment of timepieces to Retail Jewelers, Inc., which agrees to pay for items that are not returned within six months. This is

A) a bailment.

B) a sale or return.

C) a sale on approval.

D) a consignment.

 

 

 

 

36. An agent is authorized to act on behalf of a principal in doing business with third parties.

A) True

B) False

 

 

 

37. Retail Sales Company and Standard Purchasing Corporation enter into a contract for a sale of goods. To be enforceable, the contract should be in writing if the goods are valued at more than

A) $50.

B) $500.

C) $5.

D) $15.

 

 

 

38. National Ladder Company is subject to regulations issued by the Occupational Safety and Health Administration (OSHA). Like other federal administrative agencies, the OSHA was created by

A) the Federal Trade Commission, through the rulemaking process.

B) the president, through an executive order.

C) the U.S. Department of Labor, through a final order.

D) Congress, through enabling legislation.

 

 

 

39. A failure to exercise reasonable care is negligence.

A) True

B) False

 

 

 

40.The rights and duties of a bank and its customer are contractual.

A) True

B) False

 

 

 

41. Cory employs Daily Delivery Agency as an agent under a written agreement that describes the rights and duties of both parties. This is

A) equal authority.

B) apparent authority.

C) express authority.

D) implied authority.

 

 

 

 

 

 

42. Karen writes on a piece of paper, “I owe you $600,” signs it, and gives it to Lou. This instrument is

A) nonnegotiable, because it does not include an express promise to pay.

B) nonnegotiable, because it does not recite any consideration.

C) nonnegotiable, because it does not state any conditions to payment.

D) negotiable.

 

 

 

 

43. Article 2 of the UCC governs contracts for sales of goods.

A) True

B) False

 

 

 

44. Rolling Transport & Storage Corporation wants to insure its warehouse to obtain the maximum possible recovery for the lowest possible premium. To obtain the maximum recovery under a coinsurance clause, the percentage of the value of the property that should be insured is

A) 120 percent.

B) 80 percent.

C) 100 percent.

D) 90 percent.

 

 

 

45. Parker, a salesperson for Quality Textiles, Inc., shows Rosa, a fabric buyer for Style Clothing Company, samples of cloth, stating that any shipment will match the samples. This statement is

A) a warranty of title.

B) an implied warranty.

C) puffery.

D) an express warranty.

 

 

 

46. Midwest Agri-Products Corporation offers to sell its sugar substitute to Nice Candies, Inc., only if Nice Candies agrees to buy all the corn it needs from Midwest Agri-Products, even though there are other corn sellers from whom Nice Candies could buy. This is

A) a group boycott.

B) price discrimination.

C) a tying arrangement.

D) an exclusive-dealing contract.

 

 

 

 

 

 

47. Ron makes a contract with Stu that indirectly benefits Tim, although neither Ron nor Stu intended that result. Tim is

A) an incidental beneficiary.

B) a delegatee.

C) an assignee.

D) an intended beneficiary.

 

 

 

48. Gulf Air, Inc., is the major wholesale distributor of software in the state of Florida. Its closest competitor is Fluid Systems Company, another Florida firm. The two firms agree that Gulf Air will operate in south Florida and Fluid Systems will operate in north Florida. This is

A) an exclusive-dealing contract.

B) a group boycott.

C) a joint venture.

D) a market division.

 

 

 

49. The United States taxes each barrel of imported oil at a flat rate. This is

A) an antidumping duty.

B) a tariff.

C) a quota.

D) a dumping duty.

 

 

 

50. All rights can be assigned.

A) True

B) False

 

Solution Description

Final Exam

 

1.The term cure refers to the right of the seller to adjust or replace nonconforming goods.

A) True

B) False

 

 

 

2. North Mining Company and South Excavation Company agree to abide by the decisions of East Coast Financial Corporation as to their respective levels of production, markets, and prices, effectively reducing competition and increasing profits. This is most likely

A) an innovative, legally efficient approach to doing business.

B) an outdated, but legal business trust.

C) an illegal restraint on trade.

D) a common, legal, time-honored type of business arrangement.

 

 

 

3. Accidental destruction of a negotiable instrument cancels it.

A) True

B) False

 

 

 

4.Khali’s debt to Lew is past due. Lew obtains a judgment against Khali to collect the debt, but Khali refuses to pay. Lew asks the court to order Khali’s employer to pay a portion of Khali’s paycheck to Lew. This is a request for

A) an order that would violate most state laws.

B) an exemption from most federal limits on creditors’ actions.

C) an order of garnishment.

D) a right of co

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