Current Location

3069BUSI681 Business Law for Managers

Course Content Take Test: Mid-Term Exam

Menu Management Options

Course Menu:3069BUSI681 Business Law for Managers

Announcements

Course Content Assessments Calendar Discussions Mail Web Links Plagarism - How to Define It, Recognize It and Avoid Doing It INTRODUCTION TO DISCUSSION FORUM ASSIGNMENTS Discussion Forum Assignments MyGrades

NJCU Online Course Support Blackboard Learn 9.1 Supported Browsers NJCU Guarini Library

Take Test: Mid-Term Exam ContentTop of FormAssistive Technology Tips [opens in new window] InstructionsTimed TestThis test has a time limit of 1 hour and 30 minutes.This test will save and submit automatically when the time expires.Warnings appear when half the time, 5 minutes, 1 minute, and 30 seconds remain.

Multiple AttemptsNot allowed. This test can only be taken once.

Saving Answer Remaining Time:1 hour, 29 minutes, 07 seconds.

Question Completion Status:1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

Question 1 The modern trend is for courts to tolerate more open and missing terms in offers.a.TRUE b.FALSE

1 points Question 2 An option contract is created when the offeree gives the offeror something of value in exchange for a promise not to revoke the offer for a stated period of time.a.TRUE b.FALSE

1 points Question 3 Legal value depends on the adequacy of consideration.a.TRUE b.FALSE

1 points Question 4 An acceptance must be in writing.a.TRUE b.FALSE

1 points Question 5 Article 2 of the U.C.C. applies to the sale of:a.Goods

b.Real estate

c.C.Information

d.Services

1 points Question 6 The equitable doctrine of _____ allows some parties to recover under oral contracts which the statute of frauds would have ordinarily rendered unenforceable.a.Estoppel by convention

b.Equitable estoppel

c.Proprietary estoppel

d.Promissory estoppel

1 points Question 7 Creditor beneficiaries can:a.Sue both the promisor and promisee

b.Sue only the promisor

c.Sue only for payment of money

d.Sue in breach of insurance contracts

1 points Question 8 Which of the following statements about offers is true?a.Any definite offer made by a merchant is a "firm offer" under the UCC

b.An offer is effective upon dispatch

c.A grumbling acceptance is a rejection and terminates the offer

d.The death of the offeror will terminate the offer immediately, even if the offeree is not aware of the death

1 points Question 9 Who among the following cannot enforce a contract?a.Contracting parties

b.Assignees

c.Creditor beneficiaries

d.Incidental beneficiaries

1 points Question 10 If an offer does not state a time for acceptance, it is:a.Valid for a reasonable time, which depends on the circumstances of the offer

b.Valid for 10 days from the day the offer is made

c.Valid for 20 days from the day the offer is made

d.Valid until the offeree accepts it

1 points Question 11 Punitive damages are recoverable for breach of contract.a.TRUE

b.FALSE

1 points Question 12 Consequential damages:a.Occur when the special circumstances of the plaintiff cause him to suffer losses that would not ordinarily be foreseeable as a result of breach

b.Are usually recoverable unless the defendant had reason to foresee them at the time the contract was created

c.Are measured by the loss in value of the promised performance

d.Are not limited to losses that would occur as a result of breach of contract

1 points Question 13 Oral evidence may be introduced to help resolve ambiguities in a written contract.a.TRUE b.FALSE

1 points Question 14 As a general rule, an assignment of rights does not also create a delegation of duties unless the terms of the assignment specifically so provide.a.TRUE b.FALSE

1 points Question 15 If a court finds a contract to be unconscionable, the UCC gives it the power to:a.Enforce only the legal parts of the contract

b.Relieve one party from liability for the consequences of his/her own negligence

c.Avoid liability for willful misconduct or fraud

d.Enforce the contract in a way that avoids an unconscionable result

1 points Question 16 A seller may recover damages for breach based on the difference between the contract price and the market price when the buyer breaches and the goods are:a.In the possession of the buyer

b.In the possession of the seller

c.In transit via airplane

d.In transit via sea

1 points Question 17 Once a party has waived rights to a portion of a contract that has not yet been performed, that party:a.May not retract the waiver later

b.May retract the waiver unconditionally

c.May retract the waiver by giving reasonable notice

d.May retract the waiver within 24 hours

1 points Question 18 Under the Code, the question of who bears the risk of loss of goods in transit is resolved by determining who has title to the goods.a.TRUE b.FALSE

1 points Question 19 The implied warranty of merchantability focuses on whether the goods are fit for a particular purpose.a.TRUE

b.FALSE

1 points Question 20 Jen bought a pair of "Posh Pet" dog clippers to groom her poodle, Fifi. Jen used the clippers to shave her legs and sustained a serious wound in the process. Jen can:a.Not recover in strict liability because she misused the clippers

b.Recover in strict liability because the clippers were per se dangerous

c.Recover in strict liability even though her use of the clippers to shave her legs was not foreseeable by the manufacturer of the clippers

d.Sue all market manufacturers of dog clippers for their dangerous product design

1 points Question 21 When the express terms of a contract and the past course of dealings are in conflict, the express terms will prevail.a.TRUE

b.FALSE

1 points Question 22 "Fungible goods" are:a.Goods which are packaged and labeled separately (such as units which come in cartons or cases)

b.Mixed goods which are identical and cannot be separated (such as grain or coal)

c.Perishable goods which have been improperly packaged or which have damaged packaging and are open to contamination

d.Goods which conform to any promises or statements of fact made on the container or label

1 points Question 23 Which of the following applies to an insurable interest in goods?a.Buyers have an insurable interest in goods the moment they pay for the goods b.Buyers have an insurable interest in goods the moment they get the title to the goods c.Sellers have an insurable interest in goods till the risk of loss is with them d.Sellers have an insurable interest in their goods as long as they have title to the goods or a security interest in them

1 points Question 24 An express warranty is created in all of the following situations except when:a.A seller makes an affirmation of fact or promise concerning the goods that becomes part of the basis of the bargain

b.A seller uses descriptive terms, drawings or technical specifications which becomes part of the basis of the bargain

c.A seller sells goods meant for use for ordinary purposes

d.A seller uses a sample or model as the basis for the contract

1 points Question 25 If a buyer becomes concerned that the seller may not be able to perform required contract obligations:a.He may not assign his contract rights under the contract

b.He may demand assurance from the other party that the contract will be performed

c.He may refuse to perform the contract under the doctrine of commercial impracticability

d.He may be excused from performance under the doctrine of impossibility

1 points Question 26 Under the theory of industrywide liability, when it is impossible to successfully identify the particular manufacturer that caused the harm, courts will:a.Apportion liability among manufacturers based on market share b.Make the consumer identify a likely manufacturer in order to expedite the resolution of the claim c.Drop the complaint and call for the legislature to issue new industry laws d.Prohibit further manufacturing of the product

1 points Question 27 A seller may create an express warranty by merely stating an opinion.a.TRUE

b.FALSE

1 points Question 28 When a buyer covers, he/she can recover from the seller:a.The difference between the contract price and the market price b.The difference between the contract price and the cost of the substitute goods c.The goods the seller has failed to deliver d.The reasonable value of the goods

1 points Question 29 If the seller refuses to deliver the goods called for by the contract, the buyer can do all of the following except:a.Get the difference between the contract price of the goods and their market price at the time the buyer learns of the seller's breach

b.Sue for incidental and consequential damages

c.Give the seller credit for any expenses saved

d.Seek for specific performance even if the goods ordered are not unique in nature

1 points Question 30 A seller who has voidable title:a.Can pass good title to a good faith purchaser for value b.Cannot pass good title to a good faith purchaser for value c.Can never pass good title d.Can pass good title if the purchaser gives good value

1 points Question 31 The Sarbanes-Oxley Act requires that:a.Public corporations disclose whether they have adopted a code of ethics for senior financial officers

b.Private corporations to report any change in their code of ethics

c.Privately traded corporations have board audit committees comprising only of dependent directors

d.Special committees of the board be assigned to special areas of concern

1 points Question 32 The Sarbanes-Oxley Act:a.Creates a PCA Oversight Board with the authority to regulate CPA firms that audit publicly-traded companies

b.Narrowly defines the meaning of "obstruction of justice"

c.Decreases the likelihood of detection and prosecution of illegal behavior

d.Adopts the theory of allocational efficiency

1 points Question 33 A licensor may retain certain markets for himself while allowing the licensee to exploit the licensed technology throughout the world using the:a.Exclusive dealing clause

b.Grant-back provision

c.Territoriality principle

d.Territorial restriction

1 points Question 34 Natural law thinkers believe that:a.Law and morality are inseparable

b.There is no law superior to that promulgated by political institutions

c.All laws should have an environmental focus

d.Natural law provides the level of predictability attained by legal positivism

1 points Question 35 Where there is a conflict between a state law and a federal law, the state law will prevail since they better understand the immediate needs of their citizens.a.TRUE b.FALSE

1 points Question 36 Under the Uniform Arbitration Act, a court:a.Cannot hold that the dispute was not arbitrable under the agreement of the parties

b.Will not review the wisdom or decision of the arbitrator

c.Makes only the arbitration award enforceable

d.Can publish its arbitration awards

1 points Question 37 If the U.S. Congress enacts a federal statute regulating the sale of automatic weapons and Kentucky passes a state law which conflicts with the federal law, Kentucky's law is said to be:a.Impliedly preempted

b.Void-for-vagueness

c.Expressly preempted

d.Prevailing

1 points Question 38 When the trademark is a descriptive term:a.Courts treat the term as distinctive to legal merit

b.Trademark protection exists only if a claimant proves that the term conveys to consumers a secondary meaning of association with the claimant

c.Courts are unwilling to afford the term trademark protection

d.It qualifies for trademark protection automatically and functions as the common descriptive name of a product class

1 points Question 39 In the discovery phase of a lawsuit:a.The complaint, answer and reply documents are filed with the court which defines the lawsuit

b.An attorney can request a copy of almost any relevant piece of evidence that the opposite party might rely on

c.Information about the claim of the plaintiff and the remedy is requested for

d.The defendant cannot counterclaim for damages

1 points Question 40 Technology transfer agreements:a.Protect "distinctive" or "famous" marks from unauthorized uses even when confusion is not likely to occur

b.Generally permit a company to quickly penetrate a foreign market without incurring the substantial financial and legal risks associated with direct investment

c.Do not receive legal protection unless its owner took reasonable precautions to keep it a secret

d.Assert that priority of trademark rights in the United States depends solely upon priority of use in the United States, not on the priority of use anywhere in the world

1 points Question 41 Administrative agencies:a.Rarely have both the power to issue regulations and the power to investigate when such regulations have been violated

b.May make regulations that are advisory in nature, but cannot make regulations that have the force of law

c.Perform legislative and judicial functions even though they are, at least in theory, part of the executive branch

d.Perform legislative and executive functions even though they are, at least in theory, part of the judicial branch

1 points Question 42 Critics increasingly argue that corporations should follow socially-responsible standards higher than that imposed by law.a.TRUE b.FALSE

1 points Question 43 A federal question:a.Is a type of jurisdiction possessed by state trial courts

b.Is the most common form of U.S. Supreme Court jurisdiction

c.Requires that the amount in controversy be at least $10,000

d.Is jurisdiction over questions arising under federal laws, treaties and the U.S. Constitution

1 points Question 44 The primary way a case can be appealed to the Supreme Court is through a:a.Writ of habeas corpus

b.Writ of quo warranto

c.Writ of certiorari

d.Writ of mandamus

1 points Question 45 Patents, trademarks, copy rights and trade secrets are basic types of:a.Intellectual property

b.Community property

c.Real property

d.Contributing property

1 points Question 46 The power of the states to regulate is:a.Exclusive in the domain of intrastate commerce

b.Nonexistent over matters that affect interstate commerce

c.Limited only by its own state constitution

d.Exclusive in the domain of interstate commerce

1 points Question 47 Law must be predictable yet flexible enough to accommodate change.a.TRUE b.FALSE

1 points Question 48 Strict scrutiny:a.Is the analysis employed by the court in a case involving commercial speech

b.Is the analysis employed by the court in deciding an equal protection case involving discrimination on the basis of race

c.Is a test of constitutionality that is satisfied if the challenged government action bore a reasonable relation to a legitimate government purpose

d.Is the analysis employed by the court when suspect classifications are not in question

1 points Question 49 Courts are unwilling to provide trademark protection to a term if it is:a.Arbitrary

b.Descriptive

c.Generic

d.Suggestive

1 points Question 50 A case is "moot" when:a.A lawsuit is filed against a nonresident who is not physically present in the territory served by the court

b.A judge seals or in any way restricts the information presented in a case

c.A judge rules certain information beyond the scope of pre-trial discovery

d.Events occurring after the filing of the lawsuit have made a decision beside the point

1 points Question 51 Express authority:a.Is created when the principal specifically describes the extent of the agent's powers

b.Arises from the principal's failure to inform third persons that the relationship is not what it appears to be

c.Occurs with respect to an act of an agent who has exceeded the authority given

d.Is created by the conduct of the principal that causes a third person reasonably to believe that another has the authority to act for the principal

1 points Question 52 When the principal is undisclosed, the third party who deals with the agent believes the agent is acting personally and accordingly expects the agent to be a party to the contract.a.TRUE

b.FALSE

1 points Question 53 A principal may transact, through an agent, any business the principal lawfully could do in person.a.TRUE

b.FALSE

1 points Question 54 If a principal does not like one aspect of an agent's unauthorized act, she may ratify only the parts that are beneficial to her and deny the rest.a.TRUE

b.FALSE

1 points Question 55 Ratification releases the agent from liability to both the principal and the third person for having exceeded his/her authority.a.TRUE

b.FALSE

1 points Question 56 One of the duties generally imposed on the principal by the common law is:a.The duty to share profits and losses b.The duty to reimburse and indemnify c.The duty to account for funds and property d.The duty to consult

1 points Question 57 A person may act as a dual agent:a.On his own accord b.After partial disclosure of terms to either principal c.With the consent of any one principal d.With the consent of both principals on being fully informed about it

1 points Question 58 Whenever the agent's duties to the principal conflict with the agent's own interests:a.The agent automatically is regarded as having breached the duty of loyalty

b.The agent must disclose such fact to the principal, or be in violation of the duty of loyalty

c.There is no duty of disclosure if the agency is gratuitous

d.The agent must resign immediately

1 points Question 59 When an agent's authority is apparent:a.The agent is not liable to anyone

b.The principal is liable to the agent

c.The principal is liable to the third party

d.The agent is liable for the acts of the principal

1 points Question 60 Which of the following statements about agency relationships is true?a.Agency relationships do not exist in the absence of a contractual agreement

b.A court may find the existence of an agency relationship only if the parties have expressly agreed to create one

c.An agency results from any indication of consent by the principal that the agent may act on the principal's behalf and under her control

d.Agency relationships exist only if there is direct evidence of it between parties and it is compensated for

1 points Save and Submit Click Save and Submit to save and submit. Click Save All Answers to save all answers.

Bottom of Form