IHI 105.doc

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Question 1
In order for an offer to be valid, the following must be met except:
There is an objective intent by the offeror to enter into a contract.
The offer must be in writing and signed by the offeror.
The offer must be communicated to the offeree.
The offer must be certain enough that most reasonable people can figure out what is being offered.
Question 4
What kind of contract is formed when each party makes a promise in return for the other’s promise?
A unilateral contract.
A quasi contract.
A bilateral contract.
An implied moral contract by acceptance.
Question 5
Which of the following is a correct statement?
Answer
Only a plaintiff in a lawsuit can file a motion for judgment on the pleadings in the U.S. civil law system.
When a forum-selection or choice-of-law clause is included in an international contract, legal proceedings are more complex, attended by more uncertainty, and much more difficult.
Payments to foreign government officials are always illegal since bribery is a serious moral wrong.
International law is a body of law that in part governs relations among nations.
Question 10
Agents can bind principals:
a. If they have actual authority.
b. If they have implied authority.
c. If they have apparent authority.
d. All of the above.
Question 11
Under which of the following types of misrepresentation is the innocent party usually not able to rescind a contract?
Answer
Fraud in the inducement.
Fraud in the inception.
Silence as misrepresentation.
Misrepresentation of law.
Question 12
The requirement that goods tendered to a buyer must conform in all ways to the terms of the contract is called the:
Answer
Complete Performance rule.
Perfect tender rule.
No right to cure rule.
Substantial performance rule.
Question 13
Which of the following is a true statement?
The Federal Trade Commission is the federal agency in the U.S. that is empowered to prevent and punish unfair and deceptive marketing and advertising practices in trade or commerce.
The Consumer Products Safety Commission in the U.S. prohibits manufacturers from selling and marketing products unless they are marked with the agency’s official “seal of approval.”
Common law legal doctrines no longer apply to polluters in the U.S. since they are so big and powerful and thus can only be regulated by federal statutory law.
An environmental impact statement is required in the U.S. for all federal and state government development projects and for all proposed federal and state legislation.
Question 20
Which of the following is a true statement?
Answer
Criminal law focuses on duties that exist between private persons.
The prosecution in a criminal case in the U.S. needs only establish by a preponderance of the evidence that the defendant committed the crime.
Criminal liability frequently depends on a specific state of mind or intent.
All promises are legally binding contracts based on common law notions of criminality for promise-breaking.
Question 22
Under law, a tort can be best described as:
Answer
Any violation of an ethical duty.
Another term for a crime or misdemeanor.
Any action done in violation of a prior agreement which allows the victim to recover damages.
A civil wrong which allows the person injured or harmed to recover damages.
Question 25
The major disadvantage of a sole proprietorship is:
Answer
The difficulty and cost of formation.
The unlimited liability for the business’s debts.
The sharing of management authority with others.
The difficulty in transferring ownership to others.
Question 26
The graphics used in “Grave Raiders,” a computer game, are best protected by
Answer
copyright law.
patent law.
trademark law.
trade secrets law.
Question 29
Which of the following is not true about limited liability companies?
Answer
Limited liability companies can in some states have only one owner.
Limited liability company status will ensure tax treatment as a corporation.
A limited liability company must use the words “limited liability company” in its name or “LLC” or “LC.”
In order to form a limited liability company, articles of organization must be filed with state.
Question 30
The first step in a lawsuit is when the plaintiff files a:
Answer
Notice of lawsuit.
Intent to sue.
Complaint.
Summons.
Question 31
Which of the following is NOT an Equitable remedy under the common law:
Answer
a. Injunction
b. Money Damages
c. Rescission
d. Specific Performance
Question 35
State law provides that existing shareholders may buy new issues of stock in the same proportion as their current holdings. This is done to allow the current stockholders to keep the same voting and dividend rights they had before the new issue. This right is known as a right of:
Answer
Redemption.
Ratification.
Preemption.
First refusal.
Question 36
Which of the following are encompassed by the traditional common law tort of intentional invasion of privacy?
a. An appropriation of a person’s name or picture without his or her permission for commercial advantage.
b. An intrusion by the defendant into the private life or private domain of the plaintiff.
c. Public disclosure of private facts, that is, facts not in the public record, about a person, even if the facts are true.
d. All of the above.
Question 37
Which of the following statements regarding product liability is not true?
One major problem with using negligence for product liability is that the plaintiff must show some specific act of negligence.
Failure to warn about a generally or commonly known danger usually will lead to liability.
Strict liability is a “no fault” system.
To be held liable in strict liability, the product must be in essentially the same condition as when it left the defendant’s control.
Question 38
Which of the following is true about restraints of trade?
Under the per se rules, all restraints of trade are illegal.
Under the rule of reason, all restraints of trade are illegal.
Some acts are illegal per se, but other actions must be judged by the rule of reason.
Price fixing is always judged by the rule of reason.