Business law final exam

Business law final exam
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Unformatted text preview: 1. Common law is a term for social manners and customs that are familiar to most of us. (Points: 2) True False 2. The state governments retain all powers not specifically delegated to the federal government. (Points: 2) True False 3. A reference to "28 U.S.C. Section 1332" means that a federal courts decision can be found on Page 28 of Section 1332 of the United States Cases. (Points: 2) True False 4. To have standing to sue, a party must have been harmed or have been threatened with harm by the action about which he or she complains. (Points: 2) True False 5. The roles that women play in some foreign countries may present some difficult ethical problems for firms doing business internationally. (Points: 2) True False 6. A battery occurs only if the victim suffers actual physical harm. (Points: 2) True False 7. There are no statutes regulating the use of spam. (Points: 2) True False 8. An applicant cannot register a trademark on the basis of an intention to use the mark in commerce. (Points: 2) True False 9. A service mark is used to distinguish products produced by the federal government from those produced by private corporations. (Points: 2) True False 10. Because the Internet is vast, the unauthorized use of another's mark in a domain name is generally permissible. (Points: 2) True False 11. A patent cannot be obtained for a plant or an animal. (Points: 2) True False 12. Criminal liability depends on the commission or omission of an act. (Points: 2) True False 13. Larceny relies on stealth while robbery relies on fear and force. (Points: 2) True False 14. Embezzlement can be committed only by physically taking property from the possession of another. (Points: 2) True False 15. A promisee is a person who makes a promise. (Points: 2) True False 16. An offer to form a unilateral contract is accepted by a promise to perform. (Points: 2) True False 17. Parties can form a contract without putting the terms in writing. (Points: 2) True False 18. An offer must be communicated by mail or in person. (Points: 2) True False 19. A transaction that lacks a bargained-for exchange lacks an element of consideration. (Points: 2) True False 20. Rescission is the substitution of one party to a contract for a third party, who agrees to assume the contractual duties. (Points: 2) True False 21. An accord and satisfaction requires that the amount of a debt must not be in dispute. (Points: 2) True False 22. A minor who affirmatively misrepresents himself or herself to be an adult will not be able to disaffirm a contract in most states. (Points: 2) True False 23. Parents are required by law to provide necessaries for their minor children. (Points: 2) True False 24. Most courts are usually very concerned about the fairness of contracts. (Points: 2) True False 25. If a price quotation contains a mistake in the adding of a number of figures, the contract may not be enforceable. (Points: 2) True False 26. Justifiable reliance on a misrepresentation is an element of fraud. (Points: 2)Justifiable reliance on a misrepresentation is an element of fraud....
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