Final Exam

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Business Law Final Exam Fall 2012Asano Takisawa

Indicate whether the statement is true or false.

__F_ 1. Equity is a branch of unwritten law that seeks to supply remedies of equal measure to the parties in a legal dispute.

__T_ 2. Most online dispute resolution services apply general, universal legal principles to resolve disputes.

__T_ 3. A failure to return personal property is conversion even if the rightful owner consented to the initial taking.

__T_ 4. Self-defense is a defense to negligence.

__F_ 5. A generic term is not protected under trademark law unless it acquires a secondary meaning.

__T_ 6. Any crime that requires knowledge of computer technology for its investigation is a computer crime.

__T_ 7. Corporations can be perceived as owing ethical duties to groups other than their shareholders.

__T_ 8. An action may be legal but not ethical.

__T_ 9. Some U.S. bribery laws are directed toward accountants.

__F_ 10. There are no exceptions to the rule that contracts voluntarily entered into will be enforced.

__F_ 11. An executory contract is one that has been fully performed.

__T_ 12. The terms of a shrink-wrap agreement may be enforced in the same way as the terms of other contracts.

__T_ 13. The E-Sign Act preempts the uniform version of the Uniform Electronic Transactions Act (UETA).

__T_ 14. Normally, a court of law will not question the adequacy of consideration.

__T_ 15. If there is a statute that prohibits a certain action, a contract to do it is unenforceable.

__T_ 16. Scienter exists if a party makes a statement that he or she does not believe is true.

__T_ 17. A party's oral agreement to pay another's debt is never enforceable.

__F_ 18. On a contract breach, the nonbreaching party's only option is to refuse to perform.

__T_ 19. Stocks are an example of property that does not come under UCC Article 2.

__T_ 20. Express warranties displace all inconsistent implied warranties.

__T_ 21. An express warranty cannot be limited.

__T_ 22. One of the disadvantages of a sole proprietorship is that the owner is liable for the losses of the business.

__T_ 23. Forming a limited liability company requires filing articles of organization in a state office.

__F_ 24. A tenant is not responsible for any damage to leased premises.

__T_ 25. A coinsurance clause provides that two or more people will be covered by the same life insurance policy.

Multiple Choice
Identify the choice that best completes the statement or answers the question.

__b_ 26. Savers Mart, Inc., distributes its merchandise to retail outlets on an interstate basis. Under the commerce clause, Congress has the power to regulate a. any commercial activity in the United States.

b. only activities that are in intrastate commerce.
c. only activities that are in local commerce.
d. only activities that are not in commerce.

__a_ 27. Congress enacts a law prohibiting toys made in China from being sold in the United States. The Hawaii state legislature enacts a law allowing the sale of Chinese-made toys. Hawaii's law will most likely be a. rendered invalid under the supremacy clause.

b. rendered valid the free exercise clause.
c. struck down under the due process clause.
d. upheld under the commerce clause.

__a_ 28. A Minnesota state statute restricts certain kinds of advertising to protect consumers from being misled. A court would likely hold this statute to be a. an unconstitutional restriction of speech.

b. constitutional under the First Amendment.
c. justified by the need to protect individual rights.
d. necessary to protect national interests.

__d_ 29. Molly files a suit against Naomi. They meet, and each party's attorney argues the party's case before a judge and jury. The jury presents an advisory verdict, after which the judge meets with the parties to encourage them to settle their dispute. This is a. court-ordered arbitration.

b. early neutral...
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