Professional Documents
Culture Documents
Exam
1. When a buyer rejects nonconforming goods and purchases the appropriate goods
from a different seller, this is an example of which of the following:
Specific Performance
Revoking Acceptance
Lawsuit for Money Damages
Cover
2. Which of the following would be considered intangible property?
Hydrocarbons
Pharmaceuticals
A right of ownership or possession
An apartment
3. Upon her return home from work, Maria discovered that her lawn has been
mowed and trimmed. An hour later, a male stranger comes to her door for payment
for the lawn work. Maria refuses any payment because she had not hired him to do
the work. In these circumstances
Maria would not have to pay anything.
The man could sue Maria for unjust enrichment.
Maria would have to pay whatever a court finds to be "fair."
The man could sue Maria for breach of an implied, unilateral contract.
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registering multiple domain names using names from famous trademarks with an
intent to sell them to the companies owning the famous marks at inflated prices.
12. The UCC will permit an incomplete or slightly ambiguous contract to be
enforced using which of the following criteria?
Past commercial conduct
Correspondence or oral exchanges between the competing parties
Insertion of any terms judicially determined to be necessary to establish fairness
Projected industry standards or norms
13. Ben is the manager of a branch of a large bank. He has regularly taken money
from customer's accounts for his own use and falsified the bank's records to
"cover" his actions. Ben is guilty of engaging in a Ponzi scheme.
Racketeering.
Conspiracy.
Embezzlement.
14. When an offer can only be accepted by performance of the person to whom it
is made, the form of contract involved is
Unilateral contract.
Bilateral contract.
Quasi contract.
Implied contract.
15. The utilitarian approach to moral philosophy was founded by whom?
Immanuel Kant
Cicero
Kenneth Lay
Jeremy Bentham
16. With regard to the legal element of consideration in a sales contract, the UCC
differs from the common law in that
Consideration is not required in sales contracts.
Consideration in a sales contract may be modified provided that adequate
additional consideration is given for that modification.
The consideration exchanged must be judicially determined to be adequate.
Consideration in a sales contract may be modified without additional
consideration under certain circumstances.
17. Joan is the CFO of Para Corp. and is a year from retirement. In order to
guarantee herself a substantial bonus and to boost her retirement benefits, she
prepares and intentionally certifies as "true and correct" false financial reports. She
further takes steps to assure that the financial report are not reviewed through the
normal system of internal controls maintained by Para Corp. Under the provisions
of the Sarbanes-Oxley Act (2002), if her fraud only involves her, what criminal
penalties are possible for Joan?
$2 million in fines and up to 12 years in prison
$1 million in fines and up to 10 years in prison
$5 million in fines and up to 15 years in prison
$10 million in fines and up to 20 years in prison
18. The distinctive color(s) or shape of an item is an example of
Patent.
Trade dress.
Trademark.
Copyright.
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19. Under the U.S. legal system, subject to some exceptions, fees and certain costs
of litigation
are entirely paid by the prevailing party or parties, as the court may determine.
are entirely paid by the losing party or parties, as the court may determine.
are paid by each side paying its own legal fees and costs.
are aggregated by the court and allocated among the parties by the court based on
its determination of "fairness."
20. Which of the following is rarely awarded in contracts cases?
Liquidated damages
Punitive damages
Compensatory damages
Consequential damages
21. Which of the following is a defense to a claim of breach of contract?
Insufficient operating capital
Accord and Satisfaction
The bonding company on the Performance Bond denied the claim
Insurance coverage is sufficient to cover all contingencies
22. The three stripes on Adidas clothing represents a
Trade dress.
Trademark.
Patent.
Trade secret.
29. The state of Kansas has enacted a law requiring all commercial trucks
driving on Kansas roads to have a special type of mud flaps installed. These mud
flaps have been said to make driving in the rain significantly safer, although
absolutely conclusive data is not available. Any truck entering Kansas without
these installed will be subject to a significant fine and substantial delay. The cost
for purchase and installation of these flaps is high, at around $5,000 per truck. This
Kansas law
is valid exercise of the state's police powers in service of the safety of its citizens.
has a trivial effect on interstate commerce.
is an undue burden on interstate commerce.
is an example of exercise of valid state authority over intrastate commerce.
30. Assumption of risk is a defense to
Defamation.
Negligence.
Battery.
Conversion.
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