The __________ is the supreme law of the land.

The __________ is the supreme law of the land. United States Constitution Declaration of Independence United States Code model law Uniform Commercial Code
2 points

Question 24

Which of the following are types of warranties? Express and unknown Implied and understood Acknowledged and express Express, implied, and acknowledged Express and implied, but not acknowledged
2 points

Question 25

A breaching party’s right to provide conforming goods when nonconforming goods were initially delivered is known as __________. substantial impairment usage of trade cure perfect tender rule course of dealing
2 points

Question 26

Heather innocently misrepresented the status of a puppy as being a full-blooded Pomeranian when actually it was a mixed breed. Brad had contracted to purchase the dog, but the problem was discovered prior to his paying for the dog and picking it up. Nevertheless, Brad was very angry and felt that Heather should have been more careful. He said that he planned to rescind the contract and also sue her for damages to punish her and deter others from behaving similarly. Which of the following is true regarding the remedies available to Brad? Because Heather violated the contract to provide a full-blooded Pomeranian, Brad is entitled to rescind the contract and also to the damages he seeks. Because Heather violated the contract to provide a full-blooded Pomeranian, Brad is entitled to rescind the contract, but he is not entitled to the damages he seeks. Because Heather is not guilty of any wrongdoing, Brad is entitled to no remedy, and Heather has an additional 30 days in order to honor the contract. Because Heather is not guilty of any wrongdoing, Brad is entitled to no remedy, and Heather has an additional 60 days in order to honor the contract. Because Heather is not guilty of any wrongdoing, Brad is entitled to no remedy, and Heather has an additional 90 days in order to honor the contract.
2 points

Question 27

Monique was licensed to train massage therapists. A new federal agency, the Aesthetic and Massage Commission, was committed to enforcing the statute that licensed massage therapists must refrain from “any act or conduct indicating bad faith, incompetence, dishonesty, or improper dealing.” Monique, while driving home late one night from a party, was stopped by the police and arrested for driving under the influence of alcohol. She pled guilty to the offense. When the Aesthetic and Massage Commission discovered the offense, the officials of the agency met, decided that Monique might drink on the job, and concluded that she might pose a danger to students. Accordingly, her license to teach massage therapy was revoked. Monique threatened to sue to retain her license and was told by the agency head that she had no right to appeal to court because of the nature of the Aesthetic and Massage Commission, and that, in any event, action by an agency is always upheld. Which of the following is TRUE regarding the statement of the agency that Monique had no right to appeal to court? The agency representative was wrong, and if Monique cannot resolve the issue within the agency, she may appeal to court for judicial review. Because the agency was set up to protect the safety of the public, the agency representative is correct unless Monique can establish that she entered into a separate contractual arrangement with the agency when she was hired that gave her the right to appeal decisions to court. Further information is needed regarding whether the agency was an executive agency or an independent agency because while actions of an independent agency may be appealed to court, actions of an executive agency may not be appealed to court. Further information is needed regarding whether the agency was an executive agency or an independent agency because while actions of an executive agency may be appealed to court, actions of an independent agency may not be appealed to court. Because the agency was set up to protect the safety of the public, the agency representative is correct, and Monique has no right to a court action and no right to enter into a contractual agreement with the agency regarding appeal rights.
2 points

Question 28

Which of the following refers to the right of an offeror to revoke an offer? The offeror is the “originator of his offer.” The offeror is the “master of his offer.” The offeror is the “proponent of his offer.” The offeror is the “adjudicator of his offer.” The offeror is the “arbiter of his offer.”
2 points

Question 29

What was the result in the case in the textbook of Lucy v. Zehmer involving whether allegations of joking involving the sale of land prevented the formation of a contract? The court ruled that the contract would not be enforced because one of the parties was subjectively joking. The court ruled that the contract would not be enforced because one of the parties was joking, and a reasonable person should have known that. The court ruled that the contract would not be enforced because the parties had been drinking although they were not intoxicated. The court ruled that the agreement would be enforced because of the outward manifestations of agreement. The court ruled that the contract would be enforced because of what the parties verbally said regardless of whether an objective person would have thought joking was involved.
2 points

Question 30

Jim, who is a bit eccentric, says that he is fed up with the way a certain employer in his town treats employees and that he is going to sue that employer in an effort to improve matters. Jim also says that he is going to start his case at the appellate court level, skipping over all of those “lesser” judges. Jim says that those justices will surely hear him out and that he will also seek a jury. Although he is not a lawyer, Jim believes that the offenses of the employer are so severe that the justices will appreciate his attempt to make things better for the employees involved. Will Jim get a jury at the appellate court level? Only if the opposing party agrees In some states but not in others Only if he is in federal court Only if he is in state court No
2 points

Question 31

Which of the following is a person who has a duty to act primarily for another person’s benefit? Principal Employer Fiduciary Trustor Benefitor
2 points

Question 32

Which of the following is TRUE regarding whether the shape of a product or package may be a trademark? The shape of a product may be a trademark if it is nonfunctional, but the shape of a package may not be the subject of a trademark. The shape of a product may be the subject of a trademark if it is functional, but the shape of the package may not be the subject of a trademark. The shape of a product or package may be a trademark if it is functional. The shape of a product or the shape of a package may be a trademark if it is nonfunctional. The shape of a package may be a trademark if it is nonfunctional, but the shape of a product may not be the subject or a trademark.
2 points

Question 33

Which of the following BEST determines the obligations of sellers/lessors and buyers/lessees? Terms the parties outline in agreements Custom Rules outlined by the UCC Terms the parties outline in agreements, custom, and rules outlined by the UCC Terms the parties outline in agreements and custom, but not rules outlined by the UCC
2 points

Question 34

In a limited partnership, which of the following have no part in the management of the business? General partners Limited partners Special partners General partners, limited partners, and special partners General and special partners but not limited partners
2 points

Question 35

Patricia, the president of a company that makes batteries, has a new interest in the environment. She recently went to a seminar on environmental dangers and has decided to take steps to clean things up. She started at home and was also committed to change things at work. Patricia had to face the fact that her company has been cheating and is not in compliance with applicable environmental regulations due to dumping in a nearby river. Her company has never been cited, however, because it employs a very large number of people in the community, including the mayor’s wife and the chief-of-police’s brother.

On her mission to clean things up, Patricia has decided to go even further than the law requires and install the very latest environmental protections. When she announced her plan, the chair of the company’s board of directors, Cindy, had a meeting with Patricia. Cindy told Patricia to analyze the situation carefully because the cost of the additional equipment would mean no dividend to shareholders and no raise for employees. Furthermore, Cindy told Patricia that installing all of the new equipment would result in higher prices for the company’s batteries and could bankrupt the company because of foreign competition. Cindy hinted that Patricia could be fired if she persisted. Cindy suggested that Patricia just be concerned with a minimal standard of ethics. Which of the following is the minimal standard that a business must meet in a consideration of business ethics? Decisions must be legal. Decisions must meet the criteria of a follower of the WPH Framework for Business Ethics. Decisions must meet the requirements of the most important stakeholders. Decisions must receive a majority vote of acceptance by employees. Both that decisions must be legal and that decisions receive a majority vote of acceptance by employees.
2 points

Question 36

Which of the following is FALSE regarding the agency relationship? It is a consensual relationship. It may be formed by formal written contracts. It may usually be formed by informal oral agreements. It exists when the principal takes action to ask another individual to act on behalf of the principal. People must be trained in the field involved in order to qualify as agents.
2 points

Question 37

Barry, an auctioneer, was holding an auction on a Saturday morning. At the beginning of the auction, Barry announced that the auction was being held without reserve. At the auction, Mary saw a great deal on a used table. She bid $20 on it. No one else bid anything. Barry announced that $20 was clearly insufficient for the table, that it was worth much more than that, and that he was taking it out of the auction. Mary sued Barry, attempting to obtain possession of the table. What is the likely result in the lawsuit brought by Mary against Barry for the table? Barry will win because Mary was simply making an offer that he was free to decline. Barry will win because the price was clearly insufficient for the table. Barry will win because no acceptance occurred. Mary will win because the auction was without reserve, and Barry had agreed to accept the highest bid. Barry will win because he did not inform attendees in writing that the auction was without reserve.
2 points

Question 38

Which of the following articles of the Uniform Commercial Code (UCC) governs sales contracts? 2 2(A) 4 4(A) 6
2 points

Question 39

A __________ is a FALSE representation of a material fact that is consciously false and intended to mislead the other party. negligent misrepresentation fraudulent misrepresentation scienter misrepresentation negligent misrepresentation, fraudulent misrepresentation, and a scienter
misrepresentation negligent or fraudulent misrepresentation, but not a scienter misrepresentation
2 points

Question 40

Which of the following do NOT meet the UCC definition of a good? Real estate Corporate stocks Copyrights Neither real estate, corporate stocks, nor copyrights meet the definition of goods Real estate and corporate stocks do not, but copyrights do meet the definition of good
2 points

Question 41

Briefly define what makes each of the following entities different from each other and what the advantages might be for each: sole proprietorship, general partnership, limited partnership, and limited liability partnership (LLP).

Your response should be at least 200 words in length. Arial3 (12pt)ParagraphFont familyFont sizePath: pWords:0
10 points

Question 42

What are the major differences between a corporation and a limited liability corporation (LLC)? Why do you believe governing bodies have chosen to create the two different entities?

Your response should be at least 200 words in length. Arial3 (12pt)ParagraphFont familyFont sizePath: pWords:0
10 points