The mission of the Better Business Bureau is to

promote ethical relationships between businesses & public.

The FTC is a governmental agency created to

promote free and fair trade competition.

In contract law, consideration can be defined as

item of value promised in exchange for another thing.

The best evidence rule requires that

the original written agreement be used as evidence in court.

A no-fault divorce is a divorce granted without either party having

to prove the other party was guilty of misconduct.

Contracts that must be in writing include those contracts

that require more than a year to perform.

The remedies available in tort law usually include

payment to the victim for injuries caused by the tortfeasor.

An appeal in a civil case can

be based only on a legal mistake by the judge.

internet address of a business.

When two minors enter into a contract with each other,

either minor can disaffirm the contract.

The dissolution of a corporation can come about

by a unanimous vote of the shareholders.

The agency relationship involves three parties:

a principal, an agent, and a third party.

studbud

College Business Law Final Exam Review

74 termsStudBud Administration46 plays

Review Game For Final Exam

Flashcards74 cardsFPractice quizPHost liveL

Questions 74

Answers

1
Invitations to deal, trade, or make an offer by the seller are considered invitations
to enter into a contract.
of legality.
for consideration.
to negotiate.
2
Failure to exercise the degree of care a reasonable person would exercise is
intentional tort.
strict liability.
nuisance.
negligence.
3
A living will is also considered a
trust to protect marital assets.
will created to distribute assets while still alive.
way to avoid probate.
a special power of attorney.
4
The mission of the Better Business Bureau is to
recall unsafe products.
sue companies with questionable business practices.
promote ethical relationships between businesses & public.
develop warranties for products made locally.
5
Community property is property that
is received as a gift by two or more recipients.
has been abandoned and is available for auction.
belongs to both spouses equal.
belongs to the local neighborhood & is used as a playground.
6
A deliberate deception to secure unfair or unlawful gain is called
misrepresentation.
libel.
fraud.
unilateral mistake.
7
A written promise to pay money to another person is called a
bill of lading.
draft.
note.
certificate.
8
The United Nations agreement for reducing greenhouse gases is called
the Environmental Protection Act.
The Kyoto Protocol
the International Law Commission.
the World Trade Organization.
9
The act of stealing goods from a store is known as
public nuisance.
trespassing.
consumer crime.
shoplifting.
10
Which of the following is NOT considered personal property?
a house
trademark
ceiling fan
a dvd player
11
Decisions made by the highest court of any state follow the law of
original jurisdiction.
prosecution.
citation.
precedent.
12
A legal means of enforcing a right or correcting a wrong is called a(n)
remedy.
assignment.
breach.
discharge.
13
The person or business an agent deals with on behalf of a principal is the
Proprietor.
Servant.
Third party.
Coagent.
14
Threats of a business nature that cause a person to enter into a contract without real consent-
duress
undue influence
economic duress
fraud
15
Law requiring written express warranties on products over $10 meet certain requirements -
Right of Warranty Law.
Magnuson-Moss Warranty Act.
Parol Evidence Rule.
Nader-Clayton Warranty Act.
16
If unauthorized charges are made on a credit card, the cardholder is liable for up to
$250
$500
$100
$50
17
To assist consumers who receive bills for charges they dispute, Congress passed the
Fair Credit Reporting Act.
Fair Credit Billing Act.
Disputed Charges Reform Act.
Fair Debt Collection Practices Act.
18
If you wait too long to bring a lawsuit, the court may not uphold it because it could be
limited.
fraudulent.
voidable.
unenforceable.
19
The FTC is a governmental agency created to
promote free and fair trade competition.
set safety standards for consumer products.
protection from risk of injury when using consumer products.
protect you when you lease a car or other big-ticket item.
20
The law that protects you from unreasonable risk when using soap and body wash is called the
Federal Consumer Protection Act.
State Trade Commission Act.
Consumer Leasing Act.
Consumer Product Safety Act.
21
In contract law, consideration can be defined as
item of value promised in exchange for another thing.
both parties communicating when entering into a contract.
contracts that involve illegal acts are not allowed.
anyone who starts a legal contract has the ability to do so.
22
The best evidence rule requires that
a.evidence of oral contracts cannot be presented in court.
a.all parties understand real-world rules.
a.all contracts over $500 be in writing.
the original written agreement be used as evidence in court.
23
Type of co-ownership in which a person's heirs inherit person's share of a property is known as
tenancy by the entirety.
joint tenancy.
tenancy in common.
adverse possession.
24
A no-fault divorce is a divorce granted without either party having
a legal separation.
to announce who requested the divorce first.
to reveal the dollar amount of the assets.
to prove the other party was guilty of misconduct.
25
Contracts that must be in writing include those contracts
involving motor vehicles.
involving minors.
that require more than a year to perform.
for all sale of goods.
26
The remedies available in tort law usually include
an apology by the tortfeasor printed in the local newspaper.
payment for the victim and prison time for the tortfeasor.
payment to the victim for injuries caused by the tortfeasor.
prison time for the tortfeasor.
27
The right of the government to take private land for a public purpose is called
an easement.
a lien.
eminent domain.
forclosure.
28
The person money is promised to in a promissory note is the
drawee
payee
payer
drawer
29
Law requiring employers to negotiate wages, hours, and conditions of employment with unions -
Taft-Hartley Act
Landrum-Griffin Act
Wagner Act
Norris-LaGuardia Act
30
The fee creditors charge for lending money or extending credit is called
interest.
open-ended credit.
collateral.
closed-ended credit.
31
A false statement made orally to a third party is called
defamation.
libel.
slander.
breach of duty.
32
An appeal in a civil case can
lead to fines or imprisonment.
be based only on a legal mistake by the judge.
lead to a retrial at the appellate level.
be based only on the arguments made during arraignment.
33
Morality involves the values that govern a society's attitude toward
religion.
government.
law.
right and wrong.
34
If you find abandoned property, you
have the legal duty to try and find the owner.
may keep it.
have to turn it in.
must leave it where you found it.
35
In order to be negotiable, negotiable instruments must
unconditional.
not have a definite time they are due.
be made orally or in writing.
be electronic.
36
Co-ownership where property held by a husband and wife, who have equal right to the property -
tenancy by the entirety
community property
joint tenancy
Tenancy in common
37
A defense against a claim of negligence brought by someone injured as a result of skydiving is
comparative negligence.
assumption of risk.
proximate cause.
contributory negligence.
38
Most partnership law is set forth in the
Articles of Partnership.
Tenancy in Partnership Act.
Uniform Partnership Act.
Uniform Commercial Code.
39
A domain name is the
internet address of a business.
server where a website is located.
copyrighted name of a business.
trademark used on a business Web site.
40
When the debtor’s property is sold to obtain cash, which debts are paid first?
unsecured debts.
alimony and support.
taxes.
secured debts.
41
A draft that is not payable until a particular period of time has passed is called a(n)
immediate draft.
site draft.
time draft.
accepted draft.
42
Mutual mistake is also known as
bilateral mistake.
mutual mistake.
unilateral mistake.
intentional mistake.
43
When an employer has done something that makes employee believe he is not an employee-at-will?
promissory estoppel.
implied covenant.
public policy tort.
implied contract.
44
When two minors enter into a contract with each other,
either minor can disaffirm the contract.
the contract is automatically void.
neither minor can disaffirm the contract.
the contract needs to be ratified within 60 days.
45
The dissolution of a corporation can come about
by a corporate bond measure.
when a corporate director dies.
when the profits exceed a certain amount.
by a unanimous vote of the shareholders.
46
A promissory estoppel is an example of an exception to the requirement of
consideration.
legality.
statute of limitations.
capacity.
47
The agency relationship involves three parties:
a principal, an agent, and a third party.
a principal, a master, and a servant.
a genuine agent, a special agent, and a contractor.
an independent contractor, a master, and a servant.
48
The person making a gift is called the
giftor.
donor.
bailor.
bailee.
49
A set of laws made by the courts based on the customs and traditions of the people is called
the roman code.
administrative law.
common law.
moral law.
50
Laws passed by U.S. Congress, state legislatures, or local city councils are all
federal laws.
administrative laws.
statutory laws.
common laws.
51
Lawyers, stockbrokers, insurance agents, and real estate brokers are all examples of
general agents.
licensed agents.
special agents.
estoppel agents.
52
Which of the following is NOT a responsibility of OSHA?
investigating written employee complaints
regulating wages, hours, and benefits
a.investigating workplace disasters
inspecting workplaces at random
53
Perjury is a crime against
business.
property.
people.
the government.
54
Bankruptcy that lets farmers develop a plan for debt repayment & keep their business is called
Chapter 12.
Chapter 11.
Chapter 13.
Chapter 7.
55
The agreement that creates the landlord-tenant relationship is called a
covenant.
mortgage.
lease.
tenancy.
56
The two elements of a crime are
the motive and whether or not violence was involved.
the required state of mind and the violence involved.
the criminal act and the required state of mind.
the criminal act and the violence involved.
57
If a police officer induces a law-abiding citizen to commit a crime, the accused may claim
self-defense.
endangerment.
insanity.
entrapment.
58
When a contract ends, it is said to be
discharged.
voided.
tendered.
released.
59
The six elements of a valid contract are offer, acceptance,
genuine agreement, consideration, capacity, and legality.
genuine agreement, validity, capacity, and legality.
consideration, capacity, implication, and validity.
consideration, capacity, legality, and validity.
60
The federal agency responsible for protecting the environment is the
Federal Trade Commission.
Environmental and Pollution Agency.
Environmental Protection Agency.
Clean Air Agency.
61
Burning, tearing, or canceling a will on purpose will cause it to be
probated.
incodicil.
revoked.
in executrix.
62
Employment policy that appears fair on surface but discriminates unfairly against some people-
disparate treatment.
business necessity.
disparate impact.
affirmative action.
63
A check that is more than six months old is a
stale check.
voidable check.
void check.
bad check.
64
A difference between a crime and a tort is a crime is against the public good, while a tort
is committed against a particular person or property.
is caused when someone is being threatened.
is considered a wrong against all of society.
hurts all members of the community.
65
If a friend asks you to hold her purse while she goes for a bike ride, she has created a
bailment by necessity.
pledge.
mutual benefit bailment.
gratuitous bailment.
66
The moment a petition for bankruptcy is filed in the court,
lawsuits involving divorce and child custody are suspended.
an automatic stay goes into effect.
all debts are cleared.
your credit cards no longer work.
67
Profits distributed to the shareholders are called
proxies.
benefits.
dividends.
interest.
68
The UCC laws govern all of the following business transactions EXCEPT the sale of
computers.
stocks.
shoes.
soda.
69
Ordinary bankruptcy is also called
Chapter 13.
Chapter 7.
Chapter 11.
Chapter 12.
70
The legal transfer of a right under contract is called a(n)
alteration
delegation
novation
assignment
71
Specific performance asks the court to order the other party in a contract to
do what he or she has agreed to do.
stop doing what the contract says.
obey all injunctions immediately.
pay the contract in full.
72
One advantage of arbitration is
that the parties are kept apart from each other.
the final decision remains in the hands of the parties.
that it can highlight the disagreement between the parties.
the final decision rests with an objective third party.
73
Need for consistent laws regarding the sale and lease of goods interstate-
Uniform Commercial Code
Federal Sales Code
Uniform Contract Law
Federal Trade Laws
74
Your friend has lost his camera and offers you a reward of $100 if you find it. This is a (n)
bilateral contract.
acceptance contract.
revocation of a contract.
unilateral contract.

College Business Law Final Exam Review Flashcards | StudBud