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Business Law PND

Business Law Final

QuestionAnswer
T or F - An oral contract is not enforceable by law. False
T or F - A valid contract must contain at least four of the six elements of a contract. False
T or F - "Consideration" is the legal ability to enter a contract. False
T or F - Capacity rules allow minors, people with mental impairments, and people under the influence of drugs and alcohol to disaffirm a contract. True
T or F - When you win a lawsuit and collect thousands of dollars beyond what you actually lost, you have received bilateral damages. False
T or F - The relaxed UCC rules allow for a sales contract to be made in any manner that shows the parties have reached an agreement. True
T or F - When goods are sold on approval, they become the property of the buyer as soon as the seller approves. False
T or F - If two people own property as joint tenants, each owner's share passes to his or her heirs upon death, not to the surviving joint tenant. False
T or F - It is important to distinguish between real and personal property because the laws that apply to each could be different. True
T or F - Common carriers are liable for damages to all the goods they ship even when they are not negligent. True
T or F - A promissory note is difficult to transfer. False
T or F - A qualified indorsement limits the liability of the indorser. True
T or F - When you try to obtain credit, the lender will review your application and determine whether you are a good credit risk. True
T or F - Collateral used to secure a loan must be either a home, a car, or a boat. False
T or F - All debts may be discharged under the Bankruptcy Act. False
T or F - If a debtor defaults on a loan, the creditor does not have the right to withhold money from the worker's paycheck. False
T or F - The Consumer Credit Protection Act is also known as the Truth in Lending Law. True
T or F - Debts caused by fraud or back taxes still have to be repaid even if you qualify for bankruptcy. True
T or F - When filing for Chapter 7 bankruptcy, the debtor must have a family income below the state's average family income. True
T or F - Some agents are employees. True
T or F - The purpose of the EPA is to inspect workplaces at random to ensure employees are safe. False
T or F - In a general partnership, each partner is liable for the other partners' actions within the scope of the partnership. True
T or F - A secret partner has limited liability for the partnership's debts. False
T or F - A partner cannot personally transfer ownership of property. True
T or F - A derivative suit is based on an injury to a shareholder. False
T or F - People who own preferred stock have voting rights in the corporation. False
T or F - A corporation that grants a franchise benefits by expanding its business without building new stores. True
T or F - The federal government's power to regulate business is gradually diminishing. False
T or F - California has passed vehicle emissions standards that are stricter than the federal standards. True
T or F - The Toxic Substances Control Act authorizes the FTC to police the production and use of industrial chemicals. False
T or F - The World Trade Organization is the United Nations agency that regulates international trade. False
T or F - The Digital Millennium Copyright Act makes it legal to copy computer programs that were previously copyrighted. False
T or F - Computer users who spend time in chat rooms are very vulnerable to cyberpiracy. False
T or F - The two most common types of cybertorts are cyberdefamation and cyberinvasion of privacy. True
T or F - The law protects workers from being fired based solely on their age. True
T or F - The certificate of incorporation is a legal document filed with the state in order to establish a corporation. False
T or F - A corporation's directors meet and vote to set broad policies. True
T or F - People convicted of second-degree murder can receive the death penalty in most states. False
T or F - The three branches of the U.S. government are known as the legislative, executive, and judiciary branches and they are set up so no one branch is more powerful than another. True
T or F - An offer does not always have to be made seriously for it to be legal. False
T or F - A minor has an absolute right to avoid a contract. True
T or F - An easement cannot be terminated without the consent of the owner of the right. True
T or F - A secured loan always requires that the creditor actually possess the collateral. False
T or F - The doctrine of employment-at-will is based on the principle that an employer or employee should be able to end an employment relationship at any time without penalty. True
T or F - An ongoing relationship exists in a partnership but does not exist in a joint venture. True
T or F - A silent partner has only limited liability for the partnership's debts. False
T or F - Under the business judgement rule, directors and corporate officers may not exploit their positions for personal gain at the expense of the corporation. False
T or F - The Communications Decency Act hold Internet providers liable for any cyberdefamation performed by users of their services. False
T or F - In a group health insurance plan, many employers pay at least part of each employee's premium. True
T or F - Disability insurance provides benefits if someone cannot work because of a disability. True
The wrongful taking of another's property by a person who has been entrusted with that property is... Embezzlement
If someone is found not guilty by reason of insanity, he or she... Must receive psychiatric treatment
A false statement made orally to a third party is... Slander
People who are engaged in extremely dangerous activities may be held liable even without negligence or malice; this is known as the doctrine of... Assumption of risk
A minor who claims to be over the age of majority commits... Fraud
When a minor disaffirms a contract, the merchandise received upon entering the contract should be... Returned
Wrongful acts of one of the parties may discharge a contract by... Operation of law
If what seems to be a valid contract turns out not to be, the contract is... Defective
The law that protects you from unreasonable risk when using shampoos and other hair supplies is called the... Consumer Product Safety Act
In Texas, the Texas Deceptive Trade Practices Act was designed to protect consumers against... False and misleading business and insurance practices
When a bailor lends goods without charge, he or she creates a... Gratuitous bailment
If you own real property and rent it to someone, you are a... Landlord
A type of co-ownership in which a person's heirs inherit that person's share of a property is known as... Tenancy in common
If you want to cancel a check that you have written but that has not been paid, you can issue a... Stop-payment order
Charge card accounts are examples of... Open-end credit
In Germany, all car dealers must offer a warranty on used cars for a period of at least... One year
During the period of repayment under Chapter 13 bankruptcy... Creditors may not continue collection activities
What is NOT one of the national credit reporting agencies in the United States? Trans Credit
The person the agent deals with on behalf of the principal is called the... Third party
An agent who suffers a loss as a result of a principal's instructions is entitled to... Indemnification
An agent who has an interest in the subject matter of the agency has an... Irrevocable agency
If an agent is authorized to sell a car for a person, but the car is totaled in an accident, then... The agency relationship is terminated
When a proprietor fails to fire an independent contractor after learning that he or she is unable to do the job, it is called... Negligent retention
The Immigration Reform Act makes employers responsible for... Verifying the identity of all employees
Most partnership law is set forth in the... Uniform Partnership Act
A partner who takes no active role, but is known publicly and has unlimited liability is a... Silent partner
Co-ownership of all real and personal property included in the partnership is referred to as... Tenancy in partnership
An example of a public corporation is... The local school district
A corporation's financial inability to take advantage of a business opportunity provides an exception to the... Corporate opportunity doctrine
Profits distributed to the shareholders are called... Dividends
The federal agency responsible for protecting the environment is the... Environmental Protection Agency
The Department of Energy has a dual function: to develop and implement national policy on energy and responsibility for... The nation's nuclear energy program
One way the SEC ensures that investors know what they are buying when purchasing stock is by requiring all companies to provide a... Prospectus to the SEC
Cybercontract law deals with... The buying and selling of computers and computer programs.
A marriage in which someone legally authorized to do so represents the bride and/or groom is known as a... Proxy marriage
In Indiana, a surviving spouse who does not agree with the deceased spouse's will... May claim up to $25,000 regardless of what the will said
For property insurance, insurable interest must exist at the time of the loss. For life insurance, insurable interest must exist... At the time you buy the insurance
One example of a retirement plan for self-employed people and their employees is a... Keogh plan
If someone dies intestate, his or her personal property will be distributed according to the... Laws of the deceased's home state
A living will is also considered a... Special power of attorney
Co-ownership of all real and personal property included in the partnership is referred to as... Tenancy in partnership
Which federal act regulates takeover bids? The Williams Act
Firewalls and anti-virus software are specifically designed to protect your computer from acts of... Cybergerm warfare
The early American colonists based their laws and early court decisions on... English common law
In criminal procedure, as opposed to civil procedure, the law requires... A court hearing right away
When a minor disaffirms a contract, the merchandise received upon entering the contract should be... Returned
Contracts that must be in writing include those contracts... To pay someone else's debts
The UCC laws do not govern the sale of... Bonds
If you find abandoned property, you... May keep it
In a transaction for the sale of goods, the security interest... Attaches to the actual individual goods
Ordinary bankruptcy is also called... Chapter 7
Morality involves the values that govern a society's attitude toward... Right and wrong
A set of laws made by the courts based on the customs and traditions of the people is called... Common law
Decisions made by the highest court of any state follow the law of... Precedent
One advantage of arbitration is... The final decision is in the hands of an objective third party
The two elements of a crime are... The criminal act and the required state of mind
Your friend has lost his camera and offers you a reward of $100 if you find it. This is an example of a... Unilateral contract
To be effective, an offer must be communicated to the... Offeree
Threats of a business nature that cause a person to enter into a contract without real consent would qualify as... Economic duress
A deliberate deception to secure unfair or unlawful gain is called... Fraud
Mutual mistake is also known as... Bilateral mistake
The best evidence rule requires that... The original written agreement be used as evidence in court
The mission of the Better Business Bureau is to... Promote highly ethical relationships between businesses and the public
The agreement that creates the landlord-tenant relationship is called a... Lease
A landlord who deprives a tenant of running water is guilty of... Constructive eviction
Lawyers, stockbrokers, insurance agents, and real estate brokers are all examples of... Licensed agents
What is NOT a responsibility of OSHA? Regulating wages, hours, and benefits
A partner who takes an active role, is not known publicly, and has unlimited liability is a... Secret partner
The rule that says corporate directors and officers may not deliberately hurt the corporation is the... Fairness rule
The dissolution of a corporation can come about... By a unanimous vote of the shareholders
The Electronic Communications Privacy Act restricts the unauthorized access of... E-mail and instant messaging
What is NOT a requirement of a legal marriage in most states? Prenuptial agreement
The principal pension plan offered to workers by the U.S. government is... Social Security
Created by: j.walters
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