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business law pt 1
business law pt 1
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1
funeral establishments may be subject to the truth in adveritsing laws for which of these?
green burials
testimonials
endorsements
2
for an offer to be valid it must be which of these?
communicated to the offeree
definite
seriously intended
3
risk of loss passes to the buyer as soon as the seller delivers the goods to the carrier
destination contract
FOB shipment
FOB destination
shipment contract
4
deaths, injuries & property damages from consumer product incidents cost the US more than $1 trillion annually
True
False
5
which of these are examples of considerations not required by the UCC for a contract to be valid?
written discharge of a claim for an alleged breach of contract
merchant's written firm offer that specifies the contract is irrevocable
modification of an existing contract
6
which of these is considered fraud?
concealment of a fact that is material to the contract
misrepresentation
silence when one has a duty to speak
7
which of these contracts is based on performance?
unilateral
voidable
valid
void
executory &/or executed
bilateral
8
parol evidence rule states any spoken/written words in conflict with what a written contract states can't be evidence
True
False
9
monetary fines are the predominant punishment for traffic infractions
False
True
10
which of these does the UCC require?
warranty of title
warranty against infringement
warranty at the time of sale
11
which of these is a petty offense violation?
loitering
trespassing
harassment
disorderly conduct
12
a car accident victim needs immediate medical attention but is unconscious, therefore the law does so on their behalf
quasi-contract
unjust enrichment
13
offer to pay money for a debt or claim by a buyer & actual payment that will satisfy the seller
time of performance
tender of payment
substanstial performance
tender of performance
complete & satisfactory
14
court order directing a law enforcement official to take posession of property from the defendant to satisfy a judgment
execution
writ of execution
15
which of these are considered 'non-offers?'
bids
estimates
price quotations
price lists
advertisements
16
which of these is an example of a disclaimer of warranties for a funeral establishment?
airtight/watertight vault
airtight/watertight caskets
preservative qualities of a casket
preservative qualities of a vault
urns
17
the truth in lending act states that standard disclosures must be provided to the consumer on a separate document
False
True
18
information furnishers under the fair credit reporting act are required to...?
have procedures for responding to identity theft notices
report accurate financial info to consumer reporting agencies
advise consumers within 30 days of any negatvie info being reported
promptly correct any inaccurate info previously provided
19
which of these must be in writing to be enforceable?
contracts involving real property (land & permanent objects)
sale of goods when the price is $500+
contracts made by an estate judiciary to pay debts using personal funds
guaranty or promising to pay debts of another
promises in consideration of marriage
executory contracts which can't be completed within a year
20
may be revived under certain circumstances. a promise to pay a debt that has been discharged through bankruptcy
past consideration
promises to pay debts barred by Statute of Limitations
pay debts discharged by bankruptcy
pre-existing duty contract
illusory promises
charitable subscriptions
21
the most important statute in business law
uniform probate code
uniform commercial code
22
promise made for an act that has already taken place. unenforceable
pay debts discharged by bankruptcy
promises to pay debts barred by Statute of Limitations
charitable subscriptions
pre-existing duty contract
past consideration
illusory promises
23
read the piccccc
transfer warranties
presentment warranties
24
endorsing a check & adding "w/o recourse" serves to disclaim any liability of the subsequent holder of said check
qualified endorsement
restrictive endorsement
blank endorsement
25
late charges are not to be considered finance charges under the TILA
True
False
26
damages stipulated in a contract to be paid in the event of a breach
nominal damages
compensatory damages
punitive damages
liquidated damages
27
customer may be liable to pay $500+ if they fail to report unauthorized use within 60 days after the account statement
True
False
28
which of these is the exception to the written requirement of contracts involving real property?
partial performance of oral agreement w/ contracts invovling real property
partial performance proves existence of a contract regardless of the fact
29
contract that states when a performance occurs must be followed precisely
complete & satisfactory
time of performance
substanstial performance
tender of payment
tender of performance
30
which of these contracts would the UCC not apply to?
if the predominant factor is the sale of services
if the predominant factor is the sale of goods
31
which of these is a general disclosure requirement if an establishment meets the definitions of a creditor?
<< if the transaction involves more than one consumer
disclosures must reflect terms of the legal obligation between the parties
disclosures may be made to any consumer who is primarily liable >>
disclosures provided clearly in writing in a form the consumer can keep
make the required disclosures before concluding the transaction
acknowledgment of receipt
32
when an individual receives a material gain at the expense of another person that the laws sees as unjust
quasi-contract
unjust enrichment
33
a standard disclosure can be given to the consumer
after
the execution of the funeral agreement
False
True
34
contract includes an obliation for a party to perform an act that they are already bound to by law
illusory promises
pay debts discharged by bankruptcy
promises to pay debts barred by Statute of Limitations
pre-existing duty contract
past consideration
charitable subscriptions
35
which of these contracts is based on enforceability?
executory &/or executed
voidable
unilateral
valid
void
bilateral
36
which is another example of a contract that is required to be written?
promise to extend a statute of limitations
agreements to pay commission to a real estate broker
documents for the sale of securities
37
which of these is required on a standard disclosure?
itemization of amount financed
payment schedule
identity of the creditor
annual percentage rate
finance charge
amount financed
38
occurs when a party in good faith has performed all of the promised terms & conditions of a contract
tender of payment
tender of performance
time of performance
complete & satisfactory
substanstial performance
39
read ze pic
$50
$500
40
contract is concluded when the parties have completely fulfilled their duties under the agreement
substanstial performance
time of performance
tender of payment
tender of performance
complete & satisfactory
41
for an offer to be definite, it must state which of these terms & conditions?
quantity
time of performance
identity of the offeree
subject of the offer
42
according to the UCC a thumbprint can count as a signature
True
False
43
any duty or obligation in a contract may be delegated to a third party, except for which of these?
when the contract specifically prohibits delegation
when performance by 3rd party will vary materially from that expected
duties personal in nature
44
the instrument becomes bearer paper, meaning anyone can negotiate it, including cashing it (thief, finder)
blank endorsement
restrictive endorsement
qualified endorsement
45
in 19th-20th century, contracts were often signed with a wax impression of someone's insignia/mark because of illiteracy
False
True
46
a mere expression of opinion is known as puffing
False
True
47
which of these is an example of an illegal contract?
agreements by unlicensed individuals
usurious agreements
agreements to fix prices
agreements injurious to public service
agreements to obstruct justice
agreements in restraint of trade
48
consequential damages is an award for breach of contract because the damages were/should have been foreseeable
True
False
49
which of these is true regarding the magnuson-moss warranty act?
warranties must be clearly disclosed to the buyer
applies only to products that cost more than $25
applies only when warranties are made voluntarily on consumer products
warranties must be labeled as either "full" or "limited"
50
which of these is true about UCC Article 2?
applies to tangible personal property classified as goods
adopted by every state except louisiana
does not apply to real property
does not apply to service contracts
does not apply to intangible personal property
51
award to the plaintiff in order to punish the defendant
compensatory damages
nominal damages
punitive damages
liquidated damages
52
consideration value may be viewed as which of these?
performing some action that one is otherwise not obligated to take
refraining from an action that one has a legal right to do
promise to do something that one has no prior legal duty to do
forbearance
53
acceptance is binding when properly addressed, stamped & dropped into a mailbox; effective even if its never received
mailbox rule
post office rule
54
a person who unintentionally benefits from a contract & has no rights in the contract is an incidental beneficiary
True
False
55
which of these are contracts that lack consideration?
pre-existing duty contract
pay debts discharged by bankruptcy
illusory promises
past consideration
charitable subscriptions
promises to pay debts barred by Statute of Limitations
56
known as the "rule of reason" in antitrust cases
clayton antitrust act
sherman antitrust act
57
which of these is considered a crime?
battery
selling dr**gz
kidnapping
fraud
assault
burglary
58
read the pic
False
True
59
which of these is an example of the most common implied warranties?
warranty of fitness for a particular purpose
warranty of merchantability
warranty arising from circumstances or usage of trade
60
read the piccccc
presentment warranties
transfer warranties
61
which of these is considered a tort?
battery
selling dr**gz
burglary
assault
fraud
kidnapping
62
read pic
interrogatories
discovery
depositions
63
when a seller knows of the particular purpose for which the buyer will use the goods; buyer is relying on their judgment
warranty of merchantability
warranty arising from circumstances or usage of trade
warranty of fitness for a particular purpose
64
in most states, a minor cannot void a contract for ___
unjust enrichment
necessaries
65
read ze pic
True
False
66
when is a funeral establishment considered a creditor under the truth in lending act?
when they extend consumer credit more than 25x in any current year
when they extend consumer credit more than 25x in a preceding calender year
offer to finance the purchase of goods/services in more than 4 installments
67
only applies to a merchant seller in that the goods sold are fit for the ordinary purposes for which they are being sold
warranty of fitness for a particular purpose
warranty arising from circumstances or usage of trade
warranty of merchantability
68
promise to make a gift to an organization that depends on voluntary contributions is usually enforceable
pay debts discharged by bankruptcy
illusory promises
past consideration
charitable subscriptions
pre-existing duty contract
promises to pay debts barred by Statute of Limitations
69
which of these is a type of EFT? (electronic fund transfer)
point of sale transfers
withdrawal of funds
direct deposits
ATM transfers
transfers resulting from debit card transactions
transfers initiated by telephone
70
if convicted of a petty offense, the offender does not have a criminal record
True
False
71
for notifications after the 2 days of a known loss, the liability increases to $__
$500
$50
72
the one-year period for contracts that can't be completed in a year begins the day after the contract is formed
False
True
73
promissory estoppel may be a subtitute for consideration
False
True
74
which of these makes up an enforceable contract?
offer
acceptance
consideration
contractual capacity
75
as long as the substituted service serves the same purpose as the authorized method, acceptance can be made
True
False
76
small amount awarded when there is a technical breach but no injury
liquidated damages
punitive damages
nominal damages
compensatory damages
77
open-ended statement alleging to be an agreement. unenforceable
charitable subscriptions
illusory promises
pay debts discharged by bankruptcy
past consideration
promises to pay debts barred by Statute of Limitations
pre-existing duty contract
78
the seller assumes the risk of loss until the goods are delivered by them to the buyer's store/warehouse
destination contract
FOB shipment
FOB destination
shipment contract
79
read pic
general release
form of forbearance
80
which of these is a factor to determine whether performance has occurred?
tender of performance
time of performance
tender of payment
substanstial performance
complete & satisfactory
81
these are formal sessions which a person is questioned under oath about information or knowledge to the case
depositions
interrogatories
discovery
82
which of these is under the CPSC?
flammable fabrics act
children's gasoline burn prevention act
refrigerator safety act
federal hazardous substance act
83
which of these are enforceable promises without consideration?
charitable subscriptions
pay debts discharged by bankruptcy
pre-existing duty contract
promises to pay debts barred by Statute of Limitations
illusory promises
past consideration
84
a famous sherman antitrust act case involves AT&T
False
True
85
the debtor no longer has a legal duty to pay the debt therefore their promise cannot serve as consideration
past consideration
promises to pay debts barred by Statute of Limitations
pre-existing duty contract
charitable subscriptions
pay debts discharged by bankruptcy
illusory promises
86
which of these items would UCC Article 2 apply to?
cars
land
caskets
burial vaults
urns
computers
87
employment (covenants not to compete) contracts includes which of these?
non-disclosure agreement to protect confidentiality of customers&operations
restrictions on employment outside the workplace
covenants not to compete for a period of time
non-disclosure agreements to protect trade secrets
88
specific performance for a personal services contract will not be ordered as this would run afoul of the 13th amendment
False
True
89
the magnuson-moss warranty act directed the ftc to do which of these?
limit disclaimer of implied warranties
establish consumer remedies for breach of warranty
establish consumer remedies for service contract obligations
develop regulations for written warranties
establish disclosure standards for written warranties
90
descriptions, samples & models of the goods may create an express warranty
True
False
91
which of these is an example of a consumer product under the CPSC?
household chemicals
power tools
cigarette lighters
cribs
toys
92
an offer to perform a satisfactory obligation under the contract. an unconditional offer to perform
tender of payment
complete & satisfactory
time of performance
tender of performance
substanstial performance
93
if an offer is rejected it can't be revived or made into a counteroffer
True
False
94
only applies to a merchant seller in that the goods sold are fit for the ordinary purposes for which they are being sold
warranty of merchantability
warranty arising from circumstances or usage of trade
warranty of fitness for a particular purpose
95
award paid to the injured party to cover the exact amount of their loss but no more
compensatory damages
liquidated damages
punitive damages
nominal damages
