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<strong>LAW</strong> <strong>421</strong> <strong>Final</strong> <strong>Exam</strong><br />
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<strong>LAW</strong> <strong>421</strong> <strong>Final</strong> <strong>Exam</strong> (Latest)<br />
1. When a buyer rejects nonconforming goods and purchases the appropriate goods from a<br />
different seller, this is an example of which of the following:<br />
<br />
<br />
<br />
<br />
Specific Performance<br />
Revoking Acceptance<br />
Lawsuit for Money Damages<br />
Cover<br />
2. Which of the following would be considered intangible property?<br />
<br />
<br />
<br />
<br />
Hydrocarbons<br />
Pharmaceuticals<br />
A right of ownership or possession<br />
An apartment<br />
3. Upon her return home from work, Maria discovered that her lawn has been mowed and<br />
trimmed. An hour later, a male stranger comes to her door for payment for the lawn work.<br />
Maria refuses any payment because she had not hired him to do the work. In these<br />
circumstances<br />
<br />
Maria would not have to pay anything.
the man could sue Maria for unjust enrichment.<br />
Maria would have to pay whatever a court finds to be "fair."<br />
the man could sue Maria for breach of an implied, unilateral contract.<br />
4. The power of preemption is derived from<br />
<br />
<br />
<br />
<br />
the Supremacy Clause.<br />
the power of judicial review.<br />
the Commerce Clause.<br />
the Necessary and Proper Clause.<br />
5. Two merchant companies have entered into a contract for the sale of goods. They have had<br />
no prior dealings among themselves that may establish a course of conduct. The UCC will<br />
provide "gap fillers" to supply missing terms unless<br />
<br />
<br />
<br />
<br />
they have failed to specify the price of the goods to be delivered.<br />
they have failed to specify the quality or grade of the goods to be delivered.<br />
they have failed to specify when payment for the goods is to be made.<br />
they have failed to specify where delivery of the goods is to be made.<br />
6. "What if everyone took these same actions?" is a question sometimes called the<br />
<br />
<br />
<br />
<br />
morality approach.<br />
utilitarian approach.<br />
functionality approach.<br />
universalization approach.<br />
7. Jurisprudence is defined as<br />
<br />
the science and philosophy of law
the duties and obligations owed by a citizen<br />
the enactment of laws by a government body<br />
adjudication of law suits<br />
8. Which of the following ADR methods results in a decision rendered by the hearing officer?<br />
<br />
<br />
<br />
<br />
Mediation<br />
Negotiation<br />
Third-party evaluation<br />
Arbitration<br />
9. The principle challenge faced by international courts include<br />
<br />
<br />
<br />
<br />
obtaining universal recognition and participation in its processes by the U.N. and W.T.O.<br />
articulating universally applicable rules of law that reflect multiple legal systems faithfully.<br />
enforcing it's judgments on sovereign nations.<br />
finding judges skilled in international law.<br />
10. The following is required for disclaiming a warranty:<br />
<br />
<br />
<br />
<br />
Common law authority<br />
Conspicuous language in the sales contract itself<br />
Writing, posted in a public space and incorporated by reference in the contract<br />
The word "merchantability" need not be included, if a warranty of merchantability is to be<br />
disclaimed<br />
11. The term cybersquatting means<br />
<br />
use of mechanical devices(s) or malicious software to deny service to a company's website.
hacking into a company's website to insert a virus (or Trojan horse) designed to steal<br />
information as the site continues in operation.<br />
hacking into a company's website to install a virus designed to cause the company's website<br />
to operate extremely slowly.<br />
registering multiple domain names using names from famous trademarks with an intent to<br />
sell them to the companies owning the famous marks at inflated prices.<br />
12. The UCC will permit an incomplete or slightly ambiguous contract to be enforced using which<br />
of the following criteria?<br />
<br />
<br />
<br />
<br />
Past commercial conduct<br />
Correspondence or oral exchanges between the competing parties<br />
Insertion of any terms judicially determined to be necessary to establish fairness<br />
Projected industry standards or norms<br />
13. Ben is the manager of a branch of a large bank. He has regularly taken money from customer's<br />
accounts for his own use and falsified the bank's records to "cover" his actions. Ben is guilty of<br />
<br />
<br />
<br />
<br />
engaging in a Ponzi scheme.<br />
racketeering.<br />
conspiracy.<br />
embezzlement.<br />
14. When an offer can only be accepted by performance of the person to whom it is made, the<br />
form of contract involved is<br />
<br />
<br />
<br />
<br />
unilateral contract.<br />
bilateral contract.<br />
quasi contract.<br />
implied contract.
15. The utilitarian approach to moral philosophy was founded by whom?<br />
<br />
<br />
<br />
<br />
Immanuel Kant<br />
Cicero<br />
Kenneth Lay<br />
Jeremy Bentham<br />
16. With regard to the legal element of consideration in a sales contract, the UCC differs from the<br />
common law in that<br />
<br />
<br />
<br />
<br />
consideration is not required in sales contracts.<br />
consideration in a sales contract may be modified provided that adequate additional<br />
consideration is given for that modification.<br />
the consideration exchanged must be judicially determined to be adequate.<br />
consideration in a sales contract may be modified without additional consideration under<br />
certain circumstances.<br />
17. Joan is the CFO of Para Corp. and is a year from retirement. In order to guarantee herself a<br />
substantial bonus and to boost her retirement benefits, she prepares and intentionally<br />
certifies as "true and correct" false financial reports. She further takes steps to assure that the<br />
financial report are not reviewed through the normal system of internal controls maintained<br />
by Para Corp. Under the provisions of the Sarbanes-Oxley Act (2002), if her fraud only involves<br />
her, what criminal penalties are possible for Joan?<br />
<br />
<br />
<br />
<br />
$2 million in fines and up to 12 years in prison<br />
$1 million in fines and up to 10 years in prison<br />
$5 million in fines and up to 15 years in prison<br />
$10 million in fines and up to 20 years in prison<br />
18. The distinctive color(s) or shape of an item is an example of<br />
<br />
<br />
patent.<br />
trade dress.
trademark.<br />
copyright.<br />
19. Under the U.S. legal system, subject to some exceptions, fees and certain costs of litigation<br />
<br />
<br />
<br />
<br />
are entirely paid by the prevailing party or parties, as the court may determine.<br />
are entirely paid by the losing party or parties, as the court may determine.<br />
are paid by each side paying its own legal fees and costs.<br />
are aggregated by the court and allocated among the parties by the court based on its<br />
determination of "fairness."<br />
20. Which of the following is rarely awarded in contracts cases?<br />
<br />
<br />
<br />
<br />
Liquidated damages<br />
Punitive damages<br />
Compensatory damages<br />
Consequential damages<br />
21. Which of the following is a defense to a claim of breach of contract?<br />
<br />
<br />
<br />
<br />
Insufficient operating capital<br />
Accord and Satisfaction<br />
The bonding company on the Performance Bond denied the claim<br />
Insurance coverage is sufficient to cover all contingencies<br />
22. The three stripes on Adidas clothing represents a<br />
<br />
<br />
<br />
trade dress.<br />
trademark.<br />
patent.
trade secret.<br />
23. Which of the following is classified as an equitable remedy?<br />
<br />
<br />
<br />
<br />
Consequential damages<br />
Liquidated damages<br />
Reformation<br />
Restitution<br />
24. Harry sees a semi-automatic rifle that he likes in a gun shop’s window. The price asked for it is<br />
$2,500. Harry signs a written contract promising to pay the $2,500 on Friday, taking<br />
possession of the rifle when payment is made. On Thursday, a law becomes effective making<br />
the ownership, sale, or possession of such a semi-automatic rifle illegal. The contract between<br />
Harry and the shop<br />
<br />
<br />
<br />
<br />
automatically terminates due to impracticability.<br />
is enforceable and not affected by the new law because it was entered into before the law<br />
took effect.<br />
automatically terminates due to impossibility.<br />
automatically terminates due to frustration of purpose.<br />
25. The Digital Millennium Copyright Act (1998) provides<br />
<br />
<br />
<br />
<br />
that manufacturers of CD-Writers were required to pay 2% of their sales into a fund to be<br />
distributed to copyright holders because the CD-Writers could easily copy music and other<br />
copyrighted works.<br />
for removal of restrictions on analog recorders and camcorders lacking antipiracy features.<br />
those who sell or manufacture vulnerable software products or services will be subject to<br />
civil and criminal penalties.<br />
that ISPs are not liable for copyright infringement by users of their service if the ISP lacks<br />
knowledge of the infringement.
26. Generally, torts law is governed by<br />
<br />
<br />
<br />
<br />
state common law.<br />
constitutional law.<br />
federal statutory law.<br />
state statutory law.<br />
27. The Sarbanes-Oxley Act (2002) imposed stricter regulations on how corporations do business<br />
in the following area(s):<br />
<br />
<br />
<br />
<br />
corporate governance.<br />
auditing.<br />
financial reporting.<br />
corporate tax inversions.<br />
28. Stan is an investment manager. He has received money from various investors giving them a<br />
promise of very high returns. The invested money is not supplying enough return to enable<br />
payment of the rate promised, so Stan has started using new investors' money to pay older<br />
investors at the promised rates. By advertising and by word of mouth, people are anxious to<br />
invest with Stan because of the money being paid, and with the influx of new investors, he is<br />
able to continue operating. Stan is<br />
<br />
<br />
<br />
<br />
engaging in a conspiracy to defraud.<br />
racketeering.<br />
operating an insider trading operation.<br />
operating a Ponzi scheme.<br />
29. The state of Kansas has enacted a law requiring all commercial trucks driving on Kansas roads<br />
to have a special type of mud flaps installed. These mud flaps have been said to make driving<br />
in the rain significantly safer, although absolutely conclusive data is not available. Any truck<br />
entering Kansas without these installed will be subject to a significant fine and substantial<br />
delay. The cost for purchase and installation of these flaps is high, at around $5,000 per truck.<br />
This Kansas law
is valid exercise of the state's police powers in service of the safety of its citizens.<br />
has a trivial effect on interstate commerce.<br />
is an undue burden on interstate commerce.<br />
is an example of exercise of valid state authority over intrastate commerce.<br />
30. Assumption of risk is a defense to<br />
<br />
<br />
<br />
<br />
defamation.<br />
negligence.<br />
battery.<br />
conversion.<br />
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