The uniform commercial code governs checks

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Reference no: EM134493


1. The rights as well as duties of a bank and its customer are contractual.

A) True
B) False

2. The payment of Eden's debt to Flem is definite by Eden's personal property. This property is

A) a secured transaction.
B) a secured party.
C) collateral.
D) a security interest.

3. Rolling Transport & Storage Corporation wants to protect its warehouse to acquire the maximum possible recovery for the lowest possible premium. To acquire the maximum recovery under a coinsurance clause, the percentage of the worth of the property that should be insured is

A) 80 percent.
B) 120 percent.
C) 90 percent.
D) 100 percent.

4. The basic purpose of antitrust law is to regulate economic competition.

A) True
B) False

5. Labor Recruiters, Inc., has been ordered to appear at a hearing previously an administrative law judge of the National Labor Relations Board. A important difference between a trial and an administrative hearing is that

A) clients are not allowed to communicate with their attorneys during administrative hearings.
B) the burden of proof is on the charged party to prove innocence.
C) attorneys are not allowed to attend administrative hearings.
D) hearsay can be introduced as evidence in an administrative hearing.

6. To acquire a contract with the Chinese government, Digby Engineering Corporation a U.S. firm, stretches a Chinese official a sport utility vehicle. This may violate

A) the Foreign Corrupt Practices Act.
B) the act of state doctrine.
C) the doctrine of sovereign immunity.
D) the principle of comity.

7. Accidental destruction of a passable instrument cancels it.

A) True
B) False

8. State as well as local agency actions prevail over federal agency operations.

A) True
B) False

9. Quality Watches, Inc., ships an variety of timepieces to Retail Jewelers, Inc., which agrees to pay for items that aren't returned within six months. This is

A) a sale or return.
B) a consignment.
C) a sale on approval.
D) a bailment.

10. A contract that by its own terms can't be performed within a year need be in writing to be enforceable.

A) True
B) False

11. A failure to exercise sensible care is negligence.

A) True
B) False

12. Parker, a salesperson for Quality Textiles, Inc., shows Rosa, a fabric buyer for Style Clothing Company, samples of cloth, stating that any shipment will match the samples. This statement is

A) an implied warranty.
B) an express warranty.
C) a warranty of title.
D) puffery.

13. Midwest Agri-Products Corporation provides to sell its sugar substitute to Nice Candies, Inc., merely if Nice Candies agrees to buy all the corn it needs from Midwest Agri-Products, even however there are other corn sellers from whom Nice Candies could buy. This is

A) a tying arrangement.
B) a group boycott.
C) price discrimination.
D) an exclusive-dealing contract.

14.Ron makes a contract with Stu that indirectly benefits Tim, though neither Ron nor Stu intended that result. Tim is

A) an assignee.
B) an incidental beneficiary.
C) an intended beneficiary.
D) a delegatee.

15. The Uniform Commercial Code governs checks.

A) True
B) False

16. Fun-E Products, Inc., makes as well as sells toys. The government agency that has the expert to remove a potentially hazardous toy from the market is

A) the Federal Trade Commission.
B) the Federal Reserve Board of Governors.
C) the Consumer Product Safety Commission.
D) the Food and Drug Administration.

17. The Securities as well as Exchange Commission decides to create a new rule relating to the dissemination of material non-public information through corporate Web sites. The first step is

A) conduct an on-site inspection.
B) compile the rule with others in the Code of Federal Regulations.
C) solicit public comment.
D) publish a notice of the proposed rulemaking.

18. ABC Motors, Inc., sells to Matt the right to the possession as well as use of a motor vehicle under a lease. As defined in the UCC, ABC is

A) a seller.
B) a wholesaler.
C) a dealer.
D) a lessor.

19. Hu considers that he is a victim of a form of employment discrimination that falls under Title VII of the Civil Rights Act. Compliance with this decree is monitored by

A) employees and job applicants, not an administrative agency.
B) the courts and Congress, not an administrative agency.
C) the Equal Employment Opportunities Commission.
D) employers and businesses, not an administrative agency.

20. A click-on agreement is an agreement whose terms are uttered inside a box in which the goods are packaged.

A) True
B) False

21. An agent is official to act on behalf of a principal in doing business with third parties.

A) True
B) False

22. The brakes on a River Valley Railroad train malfunction as well as it rolls towards maintenance workers on the tracks. Everybody gets out of the way except Dick, who wants to show off. The train hits Dick, who sues Stops-it, Inc., the brakes' manufacturer. Stops-it can increase the defence of

A) assumption of risk.
B) a component-part manufacturer.
C) consumer participation.
D) product misuse.

23. Superior Sign Company is subject to the Fair Labour Standards Act (FLSA). The FLSA isn't concerned with

A) child labor.
B) maximum hours.
C) minimum wages.
D) employees' privacy rights.

24. The test for whether an advertisement is misleading is whether a reasonable consumer would be deceived.

A) True
B) False

25. If a lessor's tender of delivery fails to imitate to a contract in any way, the lessee can discard the goods.

A) True
B) False

26. A signature can comprise of initials signed by a party.

A) True
B) False

27. National Ladder Company is subject to guidelines issued by the Occupational Safety and Health Administration (OSHA). Like other federal administrative agencies the OSHA was created by

A) the president, through an executive order.
B) the U.S. Department of Labor, through a final order.
C) the Federal Trade Commission, through the rulemaking process.
D) Congress, through enabling legislation.

28. A price-fixing agreement that is reasonable doesn't violate antitrust law.

A) True
B) False

29. The term cure denotes to the right of the seller to adjust or replace nonconforming goods.

A) True
B) False

30. "Major medical" as well as "marine" insurance are military policies.

A) True
B) False

31. Gulf Air, Inc., is the major extensive distributor of software in the state of Florida. Its closest competitor is Fluid Systems Company, another Florida firm. The two firms agree that Gulf Air will operate in south Florida as well as Fluid Systems will operate in north Florida. This is

A) a group boycott.
B) an exclusive-dealing contract.
C) a market division.
D) a joint venture.

32. Home Delivery Corporation as well as Interstate Transport, Inc., sign an agreement that provides for the payment of $1,000 by whichever party commits a material breach of the agreement that creates damages difficult to estimate but approximately $1,000. This is

A) a nominal damages clause.
B) a mitigation of damages clause.
C) a liquidated damages clause.
D) a penalty clause.

33. Retail Sales Company as well as Standard Purchasing Corporation enter into a contract for a sale of goods. To be enforceable the contract must be in writing if the goods are valued at more than

A) $50.
B) $15.
C) $5.
D) $500.

34. Michelle bounces out a business card with an e-mail address on it. It is practical to infer that Michelle has consented to

A) Accept and respond to any correspondence sent to that address.
B) Transact business electronically.
C) Nothing.
D) Submit to the jurisdiction of any selected forum.

35. The United States as well as other members of a certain organization agree to grant normal trade relations status on each other with regard to imports as well as exports. This organization is

A) the International Export-Import Bank.
B) the United Nations.
C) the Convention on Contracts for the International Sale of Goods.
D) the World Trade Organization.

36. Karen writes on a piece of paper, I owe you $600, signs it as well as gives it to Lou. This instrument is

A) nonnegotiable, because it does not state any conditions to payment.
B) negotiable.
C) nonnegotiable, because it does not recite any consideration.
D) nonnegotiable, because it does not include an express promise to pay.

37. Mona as well as Nero want to discharge their contract by executing and performing a new agreement. They can best achieve this by

A) accord and satisfaction.
B) specific performance.
C) novation.
D) reinvention.

38. Congress can make a new federal administrative agency.

A) True
B) False

39. Chiang Ltd., a Chinese firm, imports its goods into the United States as well as offers those goods for sale at less than fair value. This is

A) defalcation.
B) expropriation.
C) dumping.
D) confiscation.

40. The United States taxes all barrel of imported oil at a flat rate. This is

A) a tariff.
B) an antidumping duty.
C) a quota.
D) a dumping duty.

41. An employer who hires as well as fires workers according to a fair seniority system may have a good defence to an employment discrimination suit.

A) True
B) False

42. Optima Medico Corporation, a U.S. firm, signs a contract with Pharma Beneficial, Ltd., a Canadian firm, to give Pharma the right to sell Optima's products in Canada. This is

A) a joint venture.
B) a distribution agreement.
C) licensing.
D) direct exporting.

43. All rights can be allocated.

A) True
B) False

44. Compensatory damages are predictable damages that arise from a party's breach of a contract.

A) True
B) False

45. North Mining Company as well as South Excavation Company agree to abide by the decisions of East Coast Financial Corporation as to their respective levels of production, markets, and prices, effectively reducing competition as well as increasing profits. This is most likely

A) an outdated, but legal business trust.
B) an innovative, legally efficient approach to doing business.
C) a common, legal, time-honored type of business arrangement.
D) an illegal restraint on trade.

46. Cory employs Daily Delivery Agency as an agent under a written agreement that explains the rights and duties of both parties. This is

A) apparent authority.
B) implied authority.
C) equal authority.
D) express authority.

47. Randy as well as Beach Biz Company enter into an oral contract under which Randy agrees to clean Beach Biz's office for two years. This contract is enforceable by

A) neither party.
B) Beach Biz only.
C) either party.
D) Randy only.

48. Khali's debt to Lew is past due. Lew obtains a judgment against Khali to collect the debt, however Khali refuses to pay. Lew asks the court to order Khali's employer to pay a portion of Khali's paycheck to Lew. This is a request for

A) a right of contribution.
B) an order of garnishment.
C) an exemption from most federal limits on creditors' actions.
D) an order that would violate most state laws.

49. The U.S. Citizenship as well as Immigration Service issues a rule. Like the rules of other federal administrative agencies this rule is compiled in

A) the United States Code.
B) the Administrative Register of the Federal Government.
C) the Code of Federal Regulations.
D) the Federal Rules of Civil Procedure.

50. Article two of the UCC governs contracts for sales of goods

A) True
B) False

Reference no: EM134493

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