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Questions
Q:
KnockKnock, Inc. is a manufacturer of stainless steel locks which are well known for their durability. The company contacts a new supplier and forms a supply contract. The contract states that KnockKnock, Inc. will only purchase steel from the supplier if the material supplied is high grade Type 102 stainless steel. This is an instance of a ________.
A) condition subsequent
B) concurrent condition
C) covenant
D) condition precedent
Q:
Tami's Tasty Tacos, a mobile vendor, files a suit against the state of Utah, claiming that a Utah state law violates the commerce clause. The court will agree if the statute imposes a substantial burden on
a. a local government.
b. interstate commerce.
c. noneconomic activity.
d. the state.
Q:
If a perfectly competitive firm is producing at an output at which marginal cost exceeds marginal revenue,A) price will be at the profit maximizing level. B) sales will be at the profit maximizing level. C) the firm should expand production.D) the firm should reduce production.
Q:
________ refers to a condition that requires the occurrence of an event before a party is obligated to perform a duty under a contract.
A) Condition precedent
B) Condition subsequent
C) Concurrent condition
D) Implied condition
Q:
The Constitution sets out the authority and the limits of the branches of the government. The term checks and balances means that
a. Congress writes checks and the other branches balance the budget.
b. each branch has some power to limit the actions of the others.
c. the courts balance their authority to the other branches' checklists.
d. the president "checks" the courts, which "balance" the laws.
Q:
Which of the following is true of covenants and conditions?
A) A covenant is a conditional promise to perform.
B) A conditional promise becomes a covenant if the condition is met.
C) A contract cannot contain conditions that excuse performance.
D) A party cannot sue the other party for breach of a covenant.
Q:
Ulrich, a citizen of Virginia, wants to enforce in the state of Washington certain rights that he has under a contract with Xtreme SnoBoards Inc. A Washington state court is most likely to enforce such rights under
a. no provision in the U.S. Constitution.
b. the commerce clause.
c. the full faith and credit clause.
d. the privileges and immunities clause.
Q:
Which of the following phrases explains the term covenant?
A) an unconditional promise to perform
B) a breach of contract
C) mutual rescission of a contract
D) successive assignments of a right
Q:
The Financial Institutions Association would like a certain law enacted, administered, interpreted, and enforced in the best interest of its members, which include banks. Under the Constitution, Congress
a. administers the laws.
b. enforces the laws.
c. interprets the laws.
d. makes the laws.
Q:
The state of New York regulates private activities to protect or promote the public orÂder, health, safety, and general welfare under its
a. police powers.
b. taxing powers.
c. spending powers.
d. supremacy powers.
Q:
A(n) ________ is a third party who is not in privity of contract but who has rights under the contract and can enforce the contract against the promisor.
A) third-party contractor
B) assignor
C) sub-assignor
D) intended third-party beneficiary
Q:
When marginal product is rising,A) total product is falling.B) marginal cost is falling.C) marginal cost is rising. D) average fixed cost is rising.
Q:
Kimlon Informatics is owed $5,000 from a client for its services. The recovery period is 100 days, but Kimlon needs the money immediately. It sells the right of collecting money from its client to Quikcollect, a collection agency. Here, Kimlon Informatics is the ________.
A) obligor
B) obligee
C) subassignee
D) assignee
Q:
State laws often significantly protect individuals' privacy rights.
Q:
A party who owes a duty of performance under a contract is called the ________.
A) obligor
B) assignor
C) assignee
D) obligee
Q:
Law enforcement officials can track the e-mail communications of one party to find out the identities of other parties.
Q:
The ________ states that if a written contract is a complete and final statement of the parties' agreement, any prior or contemporaneous oral or written statements that alter, contradict, or are in addition to the terms of the written contract are inadmissible in court regarding a dispute over the contract.
A) main purpose exception
B) leading object exception
C) parol evidence rule
D) equal dignity rule
Q:
Pretexting is the process of obtaining information by false means.
Q:
Which of the following does Section 2A-201(1) of the Uniform Commercial Code state?
A) All lease contracts must be in writing.
B) Lease contracts requiring payments of $1,000 or more must be in writing.
C) All sales contracts must be in writing.
D) Sales contracts requiring payments of $500 or more must be in writing.
Q:
There is a specific guarantee of a right to privacy in the Constitution.
Q:
Jonas enters into an oral contract with Chelsea to lease his house to her for $100,000. Chelsea pays him $100,000 and moves in. A month later, Jonas learns that his state requires contracts for the lease of goods with payments of $1,000 or more to be in writing. Which of the following options does either party have?
A) Jonas can evict Chelsea as the contract does not comply with the Statute of Frauds and is hence void.
B) The contract cannot be rescinded by either party as it has already been executed.
C) Chelsea can rescind the contract on the grounds of noncompliance with the Statute of Frauds.
D) Jonas can rescind the contract on the grounds of noncompliance with the Statute of Frauds.
Q:
If a firm can vary all of its factors of production, it is operating inA) the long run. B) the immediate run. C) equilibrium. D) the short run.
Q:
A law that regulates economic matters violates the equal protection clause.
Q:
Which of the following contracts is required to be in writing in most states?
A) contracts for the sale of goods priced at $100
B) contracts for the lease of goods with payments of $500
C) promises to transfer an ownership interest in real property
D) handshake deals
Q:
The right to due process of law applies to corporations.
Q:
The doctrine of ________ allows the court to order an oral contract for the sale of land or transfer of another interest in real property to be specifically performed if it has been partially performed and performance is necessary to avoid injustice.
A) part performance
B) undue performance
C) equitable performance
D) promissory estoppel
Q:
A law that limits only some persons' exercise of a fundamental right is valid under any circumstances.
Q:
Which of the following is considered real property?
A) a fixture permanently affixed to a building
B) fifty-one percent partnership in a firm
C) a car
D) diamond jewelry
Q:
Which of the following is the formula used for computing economic profits?A) economic profits = total revenue - implicit costsB) economic profits = total revenue - (implicit costs + explicit costs) C) economic profits = total costs - total revenueD) economic profits = total revenue - explicit costs
Q:
Substantive due process limits what the government can do in its legislative capacity.
Q:
What is intentional misrepresentation and what are the elements required to prove fraud?
Q:
Generally, government inspectors have the right to enter business premises without a warrant.
Q:
________ refers to a situation in which a party threatens to do a wrongful act unless another party enters into a contract.
Q:
A search warrant must particularly describe whatever is to be searched.
Q:
________ refers to the knowledge that a representation is false.
Q:
A law that has any impact on religion is unconstitutional.
Q:
Intentional misrepresentation is commonly referred to as ________.
Q:
A consumer is maximizing utility whenA) the slope of the budget constraint has reached -1. B) diminishing marginal utility has set in.C) the slope of the budget constraint equals the marginal rate of substitution.D) the consumer has spent all of his income.
Q:
The establishment clause of the U.S. Constitution prohibits the federal government from promoting a religion.
Q:
A(n) ________ exists if both parties know the object of the contract but are mistaken as to its value.
Q:
The First Amendment requires a complete separation of church and state.
Q:
In a(n) ________ mistake, only one party is mistaken about a material fact regarding the subject matter of the contract.
Q:
The First Amendment protects obscene speech.
Q:
Duress occurs when one person takes advantage of another person's mental, emotional, or physical weakness and unduly persuades that person to enter into a contract.
Q:
The First Amendment does not protect commercial speech as extensively as noncommercial speech.
Q:
For good A and good B, the consumer maximizes personal satisfaction when A) MUA/PA = PB/MUB. B) PA/MUA = PB/MUB. C) MUA/PA = MUB/PB. D) MUA/MUB = PA/PB.
Q:
Duress only occurs when a threat involves physical harm.
Q:
The First Amendment does not protect corporate political speech.
Q:
Duress is a situation in which one party threatens to do a wrongful act unless the other party enters into a contract.
Q:
The courts determine when the laws restricting free speech are justified by the need to protect other rights.
Q:
The measure of damages awarded to an innocent party for fraud is the difference between the value of the property as represented and the actual value of the property.
Q:
A misrepresentation is considered fraud even if it is made without the intent to deceive another party.
Q:
The Bill of Rights protects individuals against various types of interferÂence by the government.
Q:
Income elasticity relates toA) a movement down a demand curve. B) a movement up a demand curve.C) a horizontal shift in a demand curve.D) the percentage change in quantity demanded divided by the percentage change in the price.
Q:
Some constitutional protections apply to business entities.
Q:
The term scienter refers to the knowledge that a representation is false or that it was made without sufficient knowledge of the truth.
Q:
To be actionable as fraud, the misrepresentation must be the sole factor in inducing the innocent party to enter into the contract.
Q:
Congress may tax some states and exempt others.
Q:
When there is a direct conflict between a federal and a state law, the state law is rendered invalid.
Q:
Intentional misrepresentation is considered fraud.
Q:
Preemption is a doctrine under which a state law takes precedence over a conflicting federal law.
Q:
A unilateral mistake occurs if both parties know the object of the contract but are mistaken as to its value.
Q:
If the absolute price elasticity of demand for a product is greater than 1, thenA) consumers are relatively insensitive to price changes.B) consumers are relatively sensitive to price changes.C) there is a positive relationship between price changes and total revenue.D) producers are relatively insensitive to price changes.
Q:
The Constitution expressly excludes state regulation of commerce.
Q:
A contract cannot be rescinded if there has been a mutual mistake.
Q:
Congress can regulate all commerce in the United States.
Q:
An ambiguity in a contract may constitute a mutual mistake of a material fact.
Q:
Under the U.S. Constitution, each branch of government limits some actions of the other branches.
Q:
A material fact is a fact that is irrelevant to the subject matter of a contract but pertains to the conduct of the parties.
Q:
A state law that treats nonresidents different from residents may violate the privileges and immunities clause.
Q:
A unilateral mistake is a mistake in which only one party is mistaken about a material fact regarding the subject matter of a contract.
Q:
Which of the following scenarios makes Tim liable for undue influence?
A) He uses a false identity, borrows $10,000 from Kelly, and disappears with the money.
B) He threatens to kill Carlos if Carlos does not sign a contract that transfers all his property to Tim.
C) He takes advantage of his grandmother's illness and persuades her to sign a will, leaving all of her property to him.
D) He threatens to bring a lawsuit against Carlos if Carlos does not make him a partner in his firm.
Q:
Common property is A) an externality.B) a social cost.C) property that is owned by everyone and therefore by no one. D) exclusive rights of ownership.
Q:
The full faith and credit clause ensures that rights established under a contract in one state are honored by other states.
Q:
________ is a situation in which one party threatens to do a wrongful act unless the other party enters into a contract.
A) Scienter
B) Duress
C) Battery
D) Assault
Q:
Under their police powers, states can regulate private activities to protect or promote the public order, health, safety, morals, and general welfare.
Q:
In order to prove fraud, which of these elements must be shown?
A) The innocent party knew the wrongdoer.
B) The innocent party detected the misrepresentation prior to the contract's formation.
C) The wrongdoer assumed a false identity.
D) The innocent party justifiably relied on the wrongdoer's misrepresentation.
Q:
Under their police powers, states can regulate only public activities, such as political demonstrations.
Q:
The state governments retain all powers not specifically delegated to the federal government.
Q:
A(n) ________ is an event that occurs when one person consciously decides to induce another person to rely and act on a misrepresentation.
A) fraudulent misrepresentation
B) unilateral mistake
C) bilateral mistake
D) erroneous misrepresentation