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Questions
Q:
Pier shops in a Rowdy Ranch & Farm Store. Enticed by a display, Pier takes an item to examine it and, when she is done, places it on the floor. Tanner, a consumer enticed by the same display, does not see the item on the floor, trips over it, falls, and suffers an injury. With respect to the danger, Rowdy had
a. a duty to advise its patrons that they assume all such risks.
b. a duty to discover and remove the hazard.
c. a duty to carry insurance to cover such risks.
d. no duty.
Q:
The UCC rule that says that a merchant who offers to buy, sell, or lease goods and gives a written and signed assurance on a separate form that the offer will be held open cannot revoke the offer for the time stated or, if no time is stated, for a reasonable time is referred to as the ________.
A) gap-filling rule
B) firm offer rule
C) mirror-image rule
D) open term rule
Q:
Kelly is injured when she slips and falls on Lee's sidewalk. To determine whether Lee owed a duty of care to Kelly, Lee is subject to the standard of
a. a realistic person.
b. a reasonable person.
c. a recognizable person.
d. a reliable person.
Q:
Under the UCC, if the time, place, and manner of delivery of goods are not mentioned in a contract, ________.
A) the place of delivery is the buyer's place of business
B) the contract is void for lack of definiteness
C) the place of delivery is the seller's place of business
D) the seller is obligated to pay for shipping to the buyer's place of business
Q:
As a firmʹs production increases in the short run, the average total cost curve eventually slopes upward becauseA) marginal physical product eventually declines as output increases. B) marginal cost eventually declines as output increases.C) average fixed cost declines with increases in output.D) average physical product rises with increases in output.
Q:
Levon leaves his truck at MakeRight Vehicle Shop for repair. When Levon reÂfuses to pay for the work, MakeRight refuses to give him possession of the truck. MakeRight has committed
a. malicious prosecution.
b. no tort.
c. trespass to personal property.
d. wrongful interference with a contractual relationship.
Q:
A transfer of the right to the possession and use of named goods for a set term in return for certain consideration is known as ________.
Q:
Hilliard, a clerk at a Games Unlimited store, takes a video game player from the store without permission. Hilliard is liable for
a. appropriation.
b. conversion.
c. disparagement of property.
d. wrongful interference with a business relationship.
Q:
Article ________ of the UCC governs leases of goods.
Q:
Federico enters Gunther's property to read an electric meter. Gunther charges Federico with trespass to land. Federico has
a. a complete defense.
b. a partial defense.
c. a possible defense.
d. no defense.
Q:
In a lease contract, the title of goods is passed from the lessor to the lessee.
Q:
Joy invites Ken into her apartment. Ken commits trespass to land if he
a. enters the apartment with fraudulent intent.
b. harms the apartment in any way.
c. makes disparaging remarks about Joy to others.
d. refuses to leave when Joy asks him to go.
Q:
If a farmer seeks to buy one-hundred more acres for her kiwi fruit farm, she is making aA) long-run decision. B) short-run decision.C) immediate-run decision. D) variable-input decision.
Q:
Article 2A of the UCC deals with lessors and lessees.
Q:
Superior Health Club's marÂketing strateÂgies entice many of Tone-Up Exercise Club's members to change clubs. After less than a year in business, Superior surpasses Tone-Up in numbers of members. Superior is liable for
a. appropriation.
b. conversion.
c. no tort.
d. wrongful interference with a business relationship.
Q:
Whistle Cabs, a taxi service company, has been ordered by the traffic department to upgrade its taxi meters to digital ones. Whistle Cabs contemplates a sales contract with Running Electricals, a company that manufactures digital taxi meters. Due to short notice from the city and a lack of funding, however, Whistle Cabs instead approaches Goldmint Bank, which purchases the digital taxi meters from Running Electricals and delivers them to Whistle Cabs. The contract between Whistle Cabs and Goldmint Bank allows the taxi service company to use the taxi meters for a set period of time by providing monthly rentals. What is the nature of the contract made between Whistle Cabs and Goldmint Bank?
A) a counteroffer
B) a lease
C) a sale of goods
D) an option contract
Q:
Which of the following does Article 2A of the Uniform Commercial Code govern?
A) mixed sales
B) deposits
C) leases
D) letters of credit
Q:
Oak Valley Mall contains two video game stores, Pirates Pick and Game Quest. Pirates's manager Ryan stands in the mall near Game Quest's enÂtrance to divert customers to his store. Game Quest's manager Sara asks Ryan to leave. He refuses. Ryan has committed
a. conversion.
b. no tort.
c. trespass to land.
d. wrongful interference with a business relationship.
Q:
A person who transfers the right of possession and use of goods under a lease is known as the ________.
A) lessor
B) lessee
C) seller
D) consignee
Q:
Obie accuses Portia, a broker with QT Financial Services, of fraudulently inÂducing him to invest in Riske Development Company, whose stock price deÂclines in value. The reliance that gives rise to liability for fraud requires
a. a subjective, not an objective, statement.
b. misrepresentation of a fact knowing that it is false.
c. puffery.
d. seller's talk.
Q:
In analyzing the operation of a firm, an economist assumes the firm wants toA) maximize total sales. B) maximize total revenue.C) maximize total production. D) maximize total profits.
Q:
A ________ is a transfer of the right to the possession and use of named goods for a set term in return for certain consideration.
A) trade
B) gift
C) lease
D) sale
Q:
What are the provisions for contracts with services under Article 2 of the UCC?
Q:
Article 2 of the UCC governs ________.
Q:
Field Trenchers Inc. initiates a lawsuit against its competitor Master Excavators Inc. out of malice and without probable cause. Master suffers a loss of profits due to the litigation, but Field loses the suit. Field is most likely liable for
a. abuse of process.
b. malicious prosecution.
c. no tort.
d. wrongful interference with a business relationship.
Q:
The ________ refers to a model act that includes comprehensive laws that cover most aspects of commercial transactions.
Q:
Refer to the above figure. Given the indifference map and budget constraint represented above the consumer will maximize utility when she consumes atA) point A. B) point B.C) point C. D) either points A or B.
Q:
Great Tans, Inc., uses, in its radio ads, a recording by Holly, who owns the rights, without paying for the use. Over time, the song comes to be assoÂciÂated with Great Tans. In Holly's suit against Great Tans, the firm is most likely liable for
a. appropriation.
b. conversion.
c. wrongful interference with a customary relationship.
d. no tort.
Q:
Sales that contain provisions of services and goods in the same transaction are not covered by Article 2 of the UCC.
Q:
From a computer in a distant location, Sergio searches Tia's personal computer without her permission. Sergio is most likely liable for
a. appropriation.
b. conversion.
c. invasion of privacy.
d. no tort.
Q:
Contracts for the provision of services are not covered by Article 2 of the UCC.
Q:
Teresa is a celebrity. Without her permission, Sinclair Enterprises inÂcludes in an ad an image that resembles her. Sinclair does not use Teresa's name or actual likeness. This is most likely
a. appropriation.
b. conversion.
c. no tort.
d. slander of quality.
Q:
Only movable goods come under the scope of Article 2 of the UCC.
Q:
Toni files a suit against Universal Media Corporation for defamation. Actual malice must be shown for recovery of damages if Toni is
a. a corporate officer.
b. a non-employee.
c. a private individual.
d. a public figure.
Q:
If a person buys a computer, the sales contract for it would be subject to Article 2 of the UCC.
Q:
Quantity of PizzaMarginal UtilityQuantity of BeerMarginal Utility1451402402403303354154105-550In the above table, Bob experiences diminishing marginal utility after consuming how many beers?A) 1 B) 2 C) 3 D) 4
Q:
Jaqy distributes a handbill among her neighbors accusing one of themKedof being a convicted sex offender. The statement is defamatory only if
a. a neighbor repeats it.
b. Ked suffers emotional distress.
c. the statement is true.
d. the statement is false.
Q:
Article 2 of the UCC applies to sales contracts for the sale of intangible goods.
Q:
At Parkside Bistro, Ogden believes that he was overcharged and shoves Nellie, the waiter. Nellie sues Ogden, alleging that the shove was a battery. Ogden is liable
a. if Parkside did not overcharge Ogden.
b. if the shove was offensive.
c. if Ogden acted out of malice.
d. under no circumstancesthe shove was not a battery.
Q:
Article 2 of the Uniform Commercial Code is also applied by federal courts to sales contracts governed by federal law.
Q:
An Internet service provider is generally not liable for publishing a defamatory statement that comes from a third party.
Q:
Which of the following describes a mixed sale?
A) a sale that involves two or more intangible goods
B) a sale that involves the passing of title of goods from a seller to a buyer for a price
C) a sale that involves the possession and use of named goods for a set price
D) a sale that involves the provision of a service and a good in the same transaction
Q:
Under the "danger invites rescue" doctrine, a person who tries to rescue another individual from harm is liable for any injuries to the individual.
Q:
Which of the following sales is covered by Article 2 of the UCC?
A) the sale of intangible goods
B) the sale of tangible goods
C) the sale of real estate
D) the sale of stocks
Q:
Income elasticity of demand is defined asA) the change in quantity demanded divided by the change in income.B) the change in quantity demanded divided by the change in market price.C) the percentage change in income divided by the percentage change in quantity demanded. D) the percentage change in demand divided by the percentage change in income.
Q:
Negligence per se may occur on the violation of a statute.
Q:
A ________ is defined as the passing of title of goods from a seller to a buyer for a price.
A) lease
B) sale
C) loan
D) gift
Q:
The doctrine of res ipsa loquitur applies if an event causing harm does not normally occur in the absence of negligence.
Q:
Under which of the following transactions does title to goods pass from the seller to the buyer?
A) an option contract
B) a rental agreement
C) a lease agreement
D) a contract for the sale of goods
Q:
In many states, the plaintiff's negligence is a defense that may be raised in a negligence suit.
Q:
Which of the following articles in the UCC deals with the sale of goods?
A) Article 2
B) Article 4
C) Article 5
D) Article 8
Q:
Only a foreseeable intervening event can break the connection between a wrongful act and an injury to another.
Q:
If the price of gasoline increases from $2.50 per gallon to $3.00 per gallon and the quantity demanded goes down from 120 million gallons per week to 115 million gallons per week, the absolute value of price elasticity of demand in that price range is approximatelyA) 0.23. B) 4.35. C) 0.93. D) 2.34.
Q:
The ________ is a model act passed in 1949 that includes comprehensive laws that cover most aspects of commercial transactions.
A) Gramm-Leach Bliley Act
B) Sarbanes-Oxley Act
C) Uniform Sales Act
D) Uniform Commercial Code
Q:
A person assumes all risks associated with any activity in which he or she participates.
Q:
Jessica wants to buy a laptop from the website of CloudFive Computers. Before confirming the purchase, the website asks her to provide biometric identification using an electronic scanner. This is an example of a(n) ________.
A) e-license
B) e-signature
C) exclusive license
D) conditional license
Q:
A defense available in an action based on a negligence theory is that the plaintiff failed to prove one or more of the required elements.
Q:
What does the E-SIGN Act provide?
A) Contracts delivered electronically are denied effect.
B) Electronic records can be sent to consumers who make a purchase, without their specific consent to receiving the record.
C) An e-signature is treated the same as a pen-inscribed signature.
D) Only smart card verification creates a legally binding signature in cyberspace.
Q:
Proximate cause exists when injuries sustained were too remotely connected to an incident to trigger liability.
Q:
The ________ recognizes electronic contracts as meeting the writing requirement of the Statute of Frauds for most contracts.
A) Uniform Contracts Code
B) Uniform Computer Information Transactions Act
C) E-SIGN Act
D) Communications Decency Act
Q:
Common property is
A) a resource that everyone is free to use as much as they want.
B) property that belongs to both spouses in a marriage.
C) property owned by a group such as a club or a church.
D) generic property as opposed to specific property.
Q:
The law establishes limits to liability for negligence through the concept of proximate cause.
Q:
Explain in brief the working of an e-license.
Q:
Causation in fact exists if an injury would not have occurred without the defendant's act.
Q:
A(n) ________ refers to a contract whereby the owner of a software or a digital application grants limited rights to the owner of a computer or digital device to use the software or digital application for a limited period and under specified conditions.
Q:
The degree of care to be exercised in a situation can vary with a person's profession or occupation.
Q:
A(n) ________ grants the licensee exclusive rights to use information rights for a specified duration.
Q:
An ordinary person standard determines whether allegedly negligent conduct resulted in a breach of a duty of care.
Q:
The term ________ refers to a party who is granted limited rights in or access to intellectual property or information rights owned by a licensor.
Q:
The idea that some people engage in risky behavior due to the fact that they have good health care is known asA) moral hazard. B) risk aversion.C) zero-sum game. D) risk-taking behavior.
Q:
Some risks are obvious but, with respect to the duty of care required to establish negligence, a warning is always necessary.
Q:
The term ________ refers to an owner of intellectual property or informational rights who transfers rights in the property or information to another party.
Q:
A business that invites persons to come onto its premises is charged with a duty to exercise reasonable care to protect those invitees.
Q:
The ________ is a model act that establishes a uniform and comprehensive set of rules that govern the creation, performance, and enforcement of computer information transactions.
Q:
Under the theory of negligence, the duty of care requires an intentional act.
Q:
If Jim purchases an online license for a computer game, he is an e-licensor.
Q:
Disparagement of property is another term for appropriation.
Q:
A licensee is a party who is granted limited rights in intellectual property or information rights owned by another person or company.
Q:
One reason some economists are critical of the Lorenz curve is becauseA) it reflects income before taxes.B) it reflects income after taxes.C) it reflects only the top bracket of taxpayers.D) it reflects only the poor in the country.
Q:
A failure to return personal property may be conversion even if the rightful owner consented to the initial taking.