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FBLA > Business Law 1 > Flashcards

Business Law 1 Flashcards

1
Q

Minority ends the day after the birthday of the age of the majority

A

False

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2
Q

Withdrawal from a contract has to take place within 60 days once ratification occurs

A

False.

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3
Q

Unlicensed persons can make valid contracts even when business licensees are required as a means of raising public revenue.

A

True

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4
Q

Waivers are intentional, not implied by contract

A

False

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5
Q

Auction sales are “with reserve” unless specifically announced in advance to be “without reserve”

A

True

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6
Q

A limited partner may be employed as an independent contractor for the limited partnership under the Revised Uniform Limited Partnership Act

A

True

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7
Q

Battery and negligence are intentional torts

A

False

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8
Q

Competition is the driving force behind the creation and improvement of products and services

A

True

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9
Q

Up to the time of the depression, the US Supreme Court defined instrastate commerce as that which actually flowed over state lines

A

False

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10
Q

The oldest federal agency is the Federal Trade Commission

A

False

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11
Q

The law provides an order of priority for payout of the proceeds of a liquidation

A

false

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12
Q

Bankruptcy laws protect only the debtors

A

false

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13
Q

An unaccepted offer may be terminated by

A

the rejection of the offeree, a reasonable lenght of time, or a counteroffer

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14
Q

when the terms of acceptance must exactly match the terms contained in the offe, it is called

A

a mirror image rule

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15
Q

in economic dueress cases, the courts look at

A

both the threat and the alternatives available to the threatened party

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16
Q

contracts entered into as a result of misrepresentation or fraud are viodable by

A

the injured party

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17
Q

when buyers agree to purchase all of a particular priducer’s production, it is called

A

an output contract

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18
Q

a liquidated debt is one where the parties agree

A

on the amount of the debt and that the debt exists

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19
Q

the statute of limitations specifies

A

the time limit for bringing a lawsuit

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20
Q

a big difference in economic value of what one gives and recieves may be evidence of

A

duress, a mutual mistake, or fraud

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21
Q

acting toward a contract as though one intends to be bound by it is called

A

ratification

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22
Q

when the consideration by both parties has been given back, the contract is said to be

A

disaffirmed

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23
Q

when a person has the capacity to bind an opranization to a contract, they are said to have

A

scope of authority

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24
Q

generally, a person lacking contractual capacity can disaffirm a contract for nonecessaries

A

within a reasonable time after attaing capacity and any time while still under the incapacity

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25
Q

When contracts contain very fine print, light typesetting or elements, duress, undue influence, or misrepresentaion, they are said to have

A

procedural unconscioability

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26
Q

Professionals such as physicians, teachers, lawyers, and pharmacists must have

A

a compency license

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27
Q

Contracts that are unenforcable are illegal

A

false

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28
Q

Contracts within the statute of frauds might include

A

promises to pay the debt of another person

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29
Q

The statute of frauds is satisfied when the agreement is signed by

A

stamping, engraving, or writing

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30
Q

in contracts referring to ammounts ofmoney in which both the numerical and the written expressions of the amount are unambiguous, the

A

written prevails

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31
Q

When there is an anticipatory breach of contract, the victim may

A

treat the notice as evidence of a breach of contract and immediately sue for damages and wait until the promised time of performance

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32
Q

the death or disability of the party who was to provide personal services

A

terminates the agreement

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33
Q

Impossibiblity of performance refers to

A

external conditions

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34
Q

according to the UCC, goods do not include

A

patents and copyrights

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35
Q

Acceptance of goods occurs when

A

the buyer agrees by words that the goods are satisfactoy, the buyer fails to reject the goods, the goods are used to resold

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36
Q

when payment for goods takes place at a later date. the transfer of the title takes place when

A

the buyer selects and agrees to buy the goods in the seller’s store

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37
Q

casual sellers

A

only sell occasionally

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38
Q

if a party admits in legal testimony that they agreed to part or all of an oral contract governed by the statute of frauds, the contract would be

A

binding to the extent admitted

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39
Q

Transfer ofownership of goods may bedone by the owners and authorized persons, or

A

holders of negotiable documents of title, merchants withpossession of sold goods, or by buyers in a sale induced by fraud

40
Q

goods, specifically designated as the subject matter of a particular sales contract. can be indentified by

A

the buyer, the seller, or a mutually agreed upon 3rd party

41
Q

If the seller ships goods by carrier, teh transfer of the risk of loss from seller to buyer occurs

A

immediately when the title transfers

42
Q

if the parties do not specify when the title is to pass, the courts will

A

determine fi there is any applicable custom or usage in the particular trade that can settle the question and look to the UCC for a solution

43
Q

If a buyer of bulk transfer failsto notify the seller’s creditors of the fothcoming transfer,the creditors may

A

make claims against the inventory and equpment after the buyer takes possession

44
Q

in a limited partnership

A

limited partners contribute capital and share profits aand losses with general partners and one partner must be a gener partner with unlimited liability

45
Q

a minor entering into a partnership agreement

A

retains all the rights and pricileges of a minor

46
Q

unanimous agreement under the Uniform Partnership Act is required for decisions to

A

assign partnership property to creditors

47
Q

Under the ULPA, a limited partnership can be created only

A

by proper recording, by proper execution, and by publication of a certificate that identifies the partners and states basic facts about their agreement

48
Q

Under teh RULPA, a limited partner does not participate in teh managerial control of the business when

A

participating in teh restrucuring of the parnership, acting as an agent or employee for the partnership, or consulting with the genreal partners

49
Q

the number of shareholders in an S coperation must be

A

75 or less

50
Q

Elements of bailment do not include

A

real property

51
Q

bailment ends when

A

the agreed purpose has been achieved, the parties mutually agree to end it, teh agreed time has elapsed

52
Q

a mutual-benifit bailment, in which consideration is given and recieved by both bailor and bailee, invokes the duty of

A

ordinary care

53
Q

involuntary bailments, which arise without the consent of the bailee, call for

A

minimal care

54
Q

a bailment for the sole benefit of bailor calls for

A

minimal care

55
Q

charging demurrage occurs in

A

bailment for transport

56
Q

A voluntary, court-enforceable agreement to stop an illegal or questionable practice is

A

a consent order

57
Q

the Consumer Product Safety Commission receives reports about product failure from

A

the distributor, the retailer, or the manufacturer

58
Q

the ability to negotiate an instrument is not affected by the fact that it is

A

antedated or postdated

59
Q

if there are conflicting terms within the writing

A

handwritten terms prevail over typewritten terms

60
Q

to make the paper payable to the order of a designated party one must use

A

a special endorsement

61
Q

a qualified endorsement

A

eliminates the endorser’s secondary liability

62
Q

which of the following is not an element of most torts

A

conspiracy

63
Q

an unlawful or harmful touching is called

A

battery

64
Q

what is a tort

A

A wrongful act or an infringement of a right leading to legal liability

65
Q

in a jury trial, who decides to issues of a fact

A

the jury

66
Q

which of the following would probably not be considered strict liability

A

1.) planting flowers 2.)storing propane 3.) raising tigers 4.) selling defective items (1)

67
Q

The agency that determines crucial economic policies involving the money supply, credit attainability, and interest rates is the

A

Federal Reserves System’s Board of Goveners

68
Q

States may regulate business, but they may not

A

impose unreasonable burdens, enact laws that conflict with federal laws, deprive constitutional rights.

69
Q

the female maker of a will is called a

A

a testarix

70
Q

a court-appointed male personal representative overseeing an estate is called

A

an administrator

71
Q

the clear intention to make a will without undue influence of others is called

A

testamentary intent

72
Q

the relationship of agency exists when one person has the authority to

A

alter legal relations

73
Q

any agreement reached by the representative in an agency relationship binds

A

the principal and the third party

74
Q

examples of fiduciary duties would not include

A

finances

75
Q

the fiduciary duty that binds the agent even years after the agency relationship has ended is

A

confidentiality

76
Q

if comminglying occurs and there is a loss, the loss is borne by the

A

agent

77
Q

the power, but not the right, to elimate the agency at any time goes to

A

the agent and the principal

78
Q

the bankruptcy law that involves liquidation of nonexempt property is

A

chapter 7

79
Q

certain types of claims that cannot be sidcharged by bankruptcy might include

A

student loans owed to the government, alimony and child support, or judgements resulting from driving while intoxicated.

80
Q

the first to be paid from the proceeds of liquidaton would be

A

secured creditors

81
Q

when an insurance company makes payment for a loss to a surrering party, the insurance company is said to

A

indemnify the loss

82
Q

the stated maximum amount of money that can be paid on an insurance policy is the

A

face value

83
Q

the type of insurance that ocvers structrual loss due to rain, hail, earthquake, and windstorm is

A

fire

84
Q

the type of insurance that covers automobile, burglary, disability, and liability would be

A

casualty

85
Q

insurance providing protection agains claims of parties who suffer injury or toher loss as a result of negligence committed by the insured would be

A

inland marine

86
Q

automobile insurance coverage indemnifying insureds for damage to their own vehicles is

A

comprehensive and collision

87
Q

the division of labor between the federal and state governments produced such uneven and ineffective regulation that the US supreme court redefined

A

interstate commerce

88
Q

consumer protection of consumer goods and services often begins with

A

licensing suppliers

89
Q

an assurance of quality or promise of performance clearly made by the seller is

A

an express warranty

90
Q

The bankruptcy law that is available only to individuals who have regular income is

A

chapter 13

91
Q

warranties imiplied by the law for merchants include

A

warranty against infirgement and warranty of merchantability

92
Q

the one who makes a warranty is known as a

A

warrantor

93
Q

if a person is injured as a result of an unreasonably dangerous or defective product, how will he or she most likely recover damages for the injury

A

hold the manufators, wholesaler, or retailer stictly liable

94
Q

Hilda enjoys taking her children to the local ice cream parlor. The assurance that the ice cream she ppurchases is wholesome and fit for human consuption is an example of a

A

warranty of merchantability

95
Q

a corprotation doing business is one state but chrtered in another state is called

A

an alien corortation

96
Q

the right to increase th capital stock of the corporation

A

belongs to the shareholders alone

FBLA (4 decks)

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