265 Spr 2007-3draft

265 Spr 2007-3draft - 265 Spr 2007-3draft Business Law 265...

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265 Spr 2007-3draft Business Law 265 Spring 2007 Final Exam, May 7, 2007 This exam contains 50 questions. Choose the best answer. Each question is 2 points. The exam and its answer key will be posted on www.cbe.uidaho.edu/wegman one hour after the end of the exam. Go to Test Bank of Old Exams on the B. Law 265 section of the website. If you disagree with the answer key first check the text and your lecture notes, then you may email Professor Wegman at Wegman@uidaho.edu . You must include exam and the question number in the subject line of your email, to avoid deletion as spam. Your feed-back will be considered and may result in modification of the answer key, if received by 3:00 PM Monday, May 7. 1. An example of tangible personal property would be: A. a debt owed to you. B. a patent you own. C. a tree cut down. D. a tree growing in the earth. 2. You want to purchase a home owned by Ted. Ted is willing to carry a land contract in order to finance the purchase of his home. Ted and you agree on price and all other terms of this transaction. He has his lawyer draft a land contract, which includes the usual 30 day cure period . How should you respond prudently to this situation? A. sign the contract because 30 days is the usual cure period B. sign the contract because Ted and you agree on all the terms of this transaction C. refuse to sign this contract D. two of the above are correct 3. Common carriers are: A. never allowed to limit their liability. B. usually allowed to limit their liability to a stated value. C. liable only if they are negligent. 4. I.M. Handy was a sole proprietor of Handy s Upholstery Service. Green brought some items of furniture to Handy s place of business and left them there for the purpose of having them reupholstered. Handy and Greene did not have any specific discussion concerning what Handy would charge for his services. Under these circumstances: A. A bailment for mutual benefit was created. B. A bailment for exclusive benefit of the baileewas created. C. A bailment for mutual benefit of the bailor was created. D. no bailment was created. http://www.cbe.uidaho.edu/wegman/blaw265/265Spr2007-3.htm (1 of 11) [7/9/2009 12:29:47 AM]
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265 Spr 2007-3draft 5. Real property is defined as: A. all objects and rights that can be owned. B. the earth s crust and all things firmly attached to it. C. property that has a physical existence. D. all of the above 6. Mary parked her car in a municipal parking lot. She paid one dollar for parking. Mary locked her car, and kept her keys. When she returned, she discovered a new dent in her car; Mary does not know how or who caused this dent. In this situation: A. No bailment was created. B. A bailment for the benefit of the bailor was created.
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This note was uploaded on 07/29/2011 for the course ACCT 351B taught by Professor Inama during the Spring '11 term at Golden Gate.

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265 Spr 2007-3draft - 265 Spr 2007-3draft Business Law 265...

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