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REG > Business Law CRFF MCQ > Flashcards

Business Law CRFF MCQ Flashcards

1
Q

An agency coupled with an interest

A

occurs only when the agent has been granted a lien or security interest in property.

An agreement to pay a commission does not involve such a property interest.

Depending upon the entire circumstances, may retain the power to terminate the agency at any time.

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2
Q

An agency contract must be in writing if

A

the agent is empowered to buy, sell or lease real estate, or

the agency, by the terms of the agreement, is to last for more than one year from the date of the agency agreement.

“Employed more than one year” does not indicate that the terms of the original agreement was for more than one year.

“Involves real estate” does not specify buying, selling, or leasing.

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3
Q

The termination of an employee

A

ends the employee’s express actual authority to bind the corporation,

the fired employee may have a residual of apparent authority to bind the corporation.

firing does not create apparent authority.

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4
Q

illegality of the purpose of the agency

A

immediately terminates the agent’s authority to act for the principal

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5
Q

A principal is liable for negligent acts of its agents as long as

A

the negligence was committed while the agent was acting in furtherance of company business

even if the agent failed to obey instructions from the principal that would have prevented the injury, and

even if the principal itself was not negligent

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6
Q

The injured party can hold the principal and the agent liable, but

A

is only entitled to one recovery.

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7
Q

When an agent’s express authority to act for a principal is terminated (e.g., when an employee is fired), there may remain a residual of apparent authority whereby

A

the agent can still bind the principal to contracts with third parties who lack notice of the termination

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8
Q

to terminate residual authority, a principal must

A

notify all the agent’s known customers (“actual notice”) and

publish the termination in appropriate trade journals (“constructive notice”)

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9
Q

if principal’s identity and existence is undisclosed –

A

agents still have actual authority when principal expressly granted them authority to act

principal can still be held liable once the existence of the agency relationships are disclosed

if an agent causes injury through negligence, principal can be held liable–disclosure is irrelevant with regard to negligence claims

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10
Q

A principal has certain duties to its agents including

A

a duty to act in good faith, duties of compensation and reimbursement for expenses, a duty not to interfere with the agent’s activities, and a duty to indemnify agents for damages when the agent is acting at the principal’s direction

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11
Q

An agent has a duty

A

to put the interest of her principal ahead of her own self interest.

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12
Q

An oral contract for the sale of goods

A

in excess of $500 is only enforceable to the extent that goods are “received and accepted.”

The fact that a third party denied or accepted delivery is irrelevant since not a party to the contract.

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13
Q

exception to the general rule that a sale of goods for $500 or more must be supported by a signed writing to be enforceable

A

specially manufactured goods.

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14
Q

A contract that cannot be performed within one year,

A

must be in writing to be enforceable.

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15
Q

a certain degree of actual authority in combination with apparent authority

A

is sufficient to bind a contract

apparent authority may arise by virtue of his title

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16
Q

Power of attorney

A

grants a party to act with the authority of grantor.

no authority to act for grantor upon death which causes the agreement to be immediately terminated.

not required to be an attorney, but must have capacity to act

may limit or restrict power of attorney to specific transaction(s)

only grantor signature is required

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17
Q

general power of attorney

A

allows recipient to act for grantor in all matters

often granted when the grantor lacks capacity, due to age or illness.

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18
Q

independent contractor

A

not an employee or agent

lack of direct supervision
provision of her own tools and supplies,
paid by the job, rather than a wage or salary from ABC.

Contractors are not typically considered agents, (exception = legal representation)

not liable for IC torts in performing job UNLESS negligent in in hiring or hired to perform an inherently dangerous task (demolition involving explosives)

Construction work in general is not considered an inherently dangerous task.

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19
Q

not required to be of majority age to appoint an agent,

A

unless specific legal capacity is required

but minor could disaffirm the agreement

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20
Q

agent is not required to be of majority age

A

to bind a principal

may use minority as defense against a contract

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21
Q

if principal lacks capacity at any point during the agency relationship,

A

it is terminated

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22
Q

An offeree who purports to “accept” an offer after the offer has been withdrawn

An offeree who purports to “accept” an offer, but changes one of the terms or adds a new term

A

is, in effect, making a new offer or counteroffer.

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23
Q

committing a minor breach of contract,

A

substantially performed
entitled to recover under the contract

entitled to the final payment, less damages

The fact that damages may be difficult to calculate does not affect the underlying rights of the parties.

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24
Q

An agreement to refrain from doing something that a person otherwise has the right to do (e.g., smoking)

A

is valid consideration for a contract (referred to as “legal detriment”).

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25
Q

Previous activity performed for another prior to any agreement

A

would be past consideration, which is not valid consideration.

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26
Q

solemn vow to keep in touch with another in the coming years is

A

in the nature of “love and affection” which is not valid consideration.

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27
Q

agreement which includes a yet unmet requirement of one party in order to perform

A

is not a legal agreement

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28
Q

courts generally do not weigh

A

consideration to ensure the two are equivalent

Sometimes gross disparity between consideration paid and consideration received, is evidence of possible fraud or duress.

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29
Q

parol evidence rule

A

keeps from evidence any prior or contemporaneous statements which add to, modify, or vary a complete final written agreement

outside oral or written statements made prior to or contemporaneous with the written agreement can be admitted:

  1. as evidence of fraud, duress etc. or
  2. to explain an ambiguous term
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30
Q

“pre-existing duty rule.”

A

pre-existing duty of a public official

pre-existing contractual duty - once a valid contract exists, (unless it involves the sale of goods/UCC rules) modifications are not binding unless both parties receive new or additional consideration

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31
Q

contract that cannot be performed within one year from its execution

A

must be supported by a signed writing

under the statute of frauds.

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32
Q

can be inferred in an otherwise valid offer

A

price,
subject matter,
time for performance and,
sometimes, even the parties

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33
Q

cannot be inferred in an otherwise valid offer

A

quantity must be stated

enforceable only to the extent of the stated quantity

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34
Q

once an offer is unconditionally accepted

A

a contract is formed

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35
Q

insertion of a new condition into an “acceptance”

A

constitutes a counter-offer

effect of a counter offer:
once made, the original offer is no longer in effect
and cannot be accepted

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36
Q

If a party to a contract dies,

A

s/he is not released from the contract.

His/her estate will either be entitled to recovery (if the contract has been substantially performed) or will be liable for breach.

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37
Q

offeror dies

A

If offer has not been accepted,

death terminates the offer.

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38
Q

Liquidated damages are permitted in breach of contract cases if

A
  1. reasonable in amount and

2. calculation of actual damages would be difficult

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39
Q

Article 2 of the Uniform Commercial Code

A

governs contracts for the sale of goods

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40
Q

Contracts which involve the commission of a crime

A

are illegal and void.

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41
Q

A minor may void a contract at any time, but if the contract was for necessaries (food, shelter, tools of the trade, employment agency fees) must

A

pay reasonable value for what was received

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42
Q

Death does not excuse a party from a contractual obligation other than

A

for personal services.

death of offeror terminates the OFFER

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43
Q

material misrepresentation by P1 to P2 in contract

A

P2 and heirs are excused from performance

does not excuse P1, (K is enforceable by one party but not the other)

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44
Q

A modification of an existing contract must be supported by new consideration unless

A

the contract is for the sale of goods, in which case good faith is the main requirement

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45
Q

An offer can terminate due to

A

lapse of time,
a counteroffer by the offeree,
rejection by the offeree,
withdrawl of the offer before acceptance, or
death of the offeror PRIOR to acceptance.

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46
Q

An offer can be withdrawn any time prior to acceptance unless

A

the offer is supported by consideration

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47
Q

breach of contract issues if two parties

A

accepted the separate offers,

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48
Q

telephone acceptance does not constitute acceptance if

A

this is not in the same form as the original offer

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49
Q

right to withdraw offer prior to

A

acceptance

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50
Q

three day right of rescission involves

A

consumer transactions only

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51
Q

unilateral offer

A

accept by performance.

refusal to pay upon performance is breach of contract

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52
Q

Advertisements are generally not considered offers because

A

advertiser does not have the requisite intent to make an offer.

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53
Q

Specific, limited advertisements may be offers.

A

advertisement that offers something to the “first to respond” may be deemed an offer.

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54
Q

an oral contract for transfer of real estate

A

would not be binding on the parties

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55
Q

enforceable option

A

promise in exchange for a promise is valid consideration to support an option contract

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56
Q

“Fully integrated”

A

contract is intended as a complete statement of everything the parties agreed upon

tip-off to Parol Evidence Rule

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57
Q

Statute of Frauds

A

requires that contracts which cannot, by their terms, be performed within one year, must be in writing and signed in order to be enforceable.

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58
Q

The UCC requires contracts for sales of goods above $500

A

to be in writing

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59
Q

If a party to a contract omits material information of which s/he is aware at the time the contract was entered into,

A

the other party can aviod the contract on the ground of misrepresentation.

parol evidence rule does not exclude evidence of misrepresentations or fraud

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60
Q

Cancellation of a contract due to misrepresentation or breach of contract is subject to time limits

A

statute of limitations

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61
Q

C’s assignment of A’s debt to B

A

A not bound until notice of it

B has immediate rights against A

A need not consent to assignment for it to be valid

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62
Q

incidental beneficiary

A

not a party to the contract and cannot enforce it

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63
Q

To qualify as a donee beneficiary,

A

the main purpose of the contract must be to bestow a gift to the third party.

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64
Q

To qualify as a creditor beneficiary,

A

the purpose of the contract must be to pay an obligation which was owed to the third party.

65
Q

An assignee has the benefits of the contract

A

assigned to him/her.

66
Q

If a contract does not involve unique personal services,

A

the obligor can assign his obligation to another party to perform.

does not excuse from duty to perform

if assignee fully performs, recipient must pay agreed upon price

67
Q

Proof of undue influence,

A

requires evidence of the existence of a trust relationship (father) and an abuse of that trust (excessive fees)

68
Q

Proof of duress

A

requires evidence of physical coercion

69
Q

An offer of a reward

A

is a unilateral offer

which means that it can only be accepted by performance.

an offer cannot be accepted if the performing party is unaware of the offer

A unilateral offer can be withdrawn before acceptance in most instances.

70
Q

unilateral mistake

A

renders a contract voidable by the innocent party, but not automatically void

if one of the parties to a contract acts under a mistaken belief, the mistaken party cannot avoid the contract

unless the other party knew, or had reason to know of the mistake

71
Q

A contract which must be in writing to be enforceable can be enforceable against one of the parties and not the other if

A

only one party signs the contract.

72
Q

A contract which involves a transfer of real estate must

A

be in writing to be enforceable,

if it is not in writing it is simply unenforceable (rather than void).

73
Q

If one of the parties to a contract is a minor,

A

only the minor can void the contract.

74
Q

If suit is not filed within the time set by a statute of limitations, an otherwise valid contract is

A

unenforceable, but not void or invalid.

75
Q

A contract entered into by a minor is voidable

A

only by the minor.

76
Q

Material breach of contract by one party

A

excuses all duty of performance by the other party, but minor breach does not.

77
Q

Validity of a contract is affected when

A

one of the elements of a contract (offer, acceptance, consideration, legality, capacity, mutuality) is lacking

78
Q

void contract.

A

absence of an offer, acceptance or consideration, or the illegality of the contract’’s purpose

79
Q

voidable contract

A

if one of the parties lacks capacity, K is voidable by that party

80
Q

lack of mutuality

A

misrepresentation or a unilateral mistake

contract is voidable by the innocent party

81
Q

mutual mistake

A

(lack of mutuality)

either party may void the contract

82
Q

enforceability rather than the validity

A

sale of real estate orally agreed/signed by only one party
statute of limitations
material breach of contract.

83
Q

An offer may specify the terms under which it can be accepted.

A

Offeror can modify the mailbox rule.

Acceptor may be bound to the contract even though offeror is not.

Where all the elements of a valid contract exist, it may be enforceable against one party even though it is unenforceable against the other.

84
Q

Once acceptance occurs the buyer must

A

pay the contract price for any goods accepted.

had reasonable opportunity to inspect

85
Q

anticipatory repudiation

A

breach of the contract

any statement by a party to a contract of an unwillingness or inability to perform the contract

entitles nonbreaching party to file suit immediately or demand adequate assurance of performance

86
Q

Under Article 2 of the UCC, regarding alteration of the statute of limitations

A

parties to a contract for the sale of goods (other than consumer contracts)

can decrease the statute of limitations to not less than one year, but cannot extend it.

87
Q

exculpatory clause

A

one of the parties is exonerated (held harmless) for his/her own negligence

generally unenforceable in consumer contracts, but permitted between businesses

88
Q

bilateral contract

A

a promise is given in exchange for a promise

most common type of contract.

89
Q

necessary elements of a check

A

drawn on a bank,
payable on demand, and
payable in money only

90
Q

drawer

A

issues the check (bank)
assumes secondary liability

With a typical check, there is no party who is primarily liable.

91
Q

drawee

A

bank
expected to pay,
takes on no liability (unless it “accepts”/signs the check)

92
Q

fictitious payee rule

A

party in best position to detect the fraud bears the loss

Therefore, fictitious endorsement is effective to negotiate an instrument notwithstanding the general rule that no party can become a holder unless the instrument is properly endorsed.

93
Q

An incomplete instrument

A

may be enforced according to the terms which are completed,

can qualify as a negotiable instrument

words or numbers added to an incomplete instrument without authority of the signer, deemed an alteration

burden of establishing that words or numbers were added to an incomplete instrument without authority of the signer is on the person asserting lack of authority

94
Q

Promissory note

UCC Code/negotiable instruments

A

maker is the drawer

certificate of deposit is, in effect, a promissory note of a bank

95
Q

Cashier’s check

UCC Code/negotiable instruments

A

CC - drawer and drawee are the same bank/branches of same bank

96
Q

Traveler’s check

UCC Code/negotiable instruments

A

instrument that is drawn on or payable at or through a bank,
payable on demand, and
requires, as a condition to payment,
a countersignature by a person whose specimen signature appears on the instrument

97
Q

“holder through a holder in due course”

A

asserts other’s right as a holder in due course

does not qualify as a holder in due course if knew, prior to acquiring the instrument, that it had been dishonored

if has not signed nor transferred the instrument, has no liability thereon

drawee signed as acceptor - primary liability
drawer - secondary

98
Q

blank, nonrestrictive, qualified endorsement

A

Without Recourse /S/

99
Q

An endorser

A

secondary liability - instrument is dishonored, will pay it

makes certain warranties (transferor’s warranties):
signatures are genuine and authorized,
instrument not materially altered

does not promise to pay the instrument on demand unless it’s a demand instrument

100
Q

actually signed the note (as maker)

A

primarily liable

101
Q

warranty liability

A

warrants that all material signatures were genuine

even if cancels secondary liability on the instrument (endorses “without recourse”)

102
Q

two types of contractual liability that a signer of an instrument can undertake:

A

primary liability or secondary liability

103
Q

Makers and acceptors

A

take on primary liability.

104
Q

Drawers and endorsers

A

take on secondary liability.

105
Q

Drawees take on no liability on the instrument unless

A

they sign (typically in the capacity of “acceptor”)

A drawee bank does have contractual and statutory duties to its customers.

106
Q

antedated or postdated

A

allowable

107
Q

The date stated

A

determines the time of payment if the instrument is payable at a fixed period after date.

108
Q

If an instrument is undated,

A

its date is the date of its issue or,

for unissued instrument, the date it first comes into possession of a holder

109
Q

holder in due course

A

takes an instrument free and clear of any underlying defenses (i.e., defenses which arise from the transaction which produced the instrument).

110
Q

A holder in due course is subject to “real” defenses,

A

duress, bankruptcy, and infancy.

prior bankruptcy (filed by endorser, maker, etc. before signing) is not a defense

111
Q

payee who is party to the contract underlying the note

A

would have knowledge of defenses to payment of the obligation

cannot be a holder in due course, nor obtain the rights of a holder in due course if s/he, as a previous holder, was aware of underlying defenses.

112
Q

An oral stop order

A

valid for 14 days;

113
Q

a written stop order

A

is valid for six months.

A stop payment order which has been confirmed in writing may then be renewed every six months.

Thereafter, the check would be stale and should not be honored.

114
Q

A holder in due course would have no right to demand payment from bank since

A

bank is merely a drawee and is only obligated to its customer,

drawee, is secondarily liable (not primarily liable) on the check.

115
Q

if stop order check passes through a holder in due course,

A

Bank succeeds to those rights and could cash the check, without liability to drawee in spite of the stop order

116
Q

The burden of establishing a loss resulting from payment of an item contrary to a stop payment order

A

is on the customer

117
Q

once a bank has certified a check

A

no right to stop payment

118
Q

rights acquired by due negotiation include:

A

(1) title to the document;
(2) title to the goods; and
(3) the direct obligation of the issuer to hold or deliver the goods according to the terms of the document free of any defense or claim by the issuer

119
Q

holder in due course of a negotiable instrument

A

takes free and clear of underlying defenses,

but has no greater right to demand payment in the face of a stop payment order.

120
Q

If one signs an instrument with an “unqualified endorsement,”

A

endorser remains secondarily liable.

if the issuer fails to pay, the endorser can be called upon to pay

121
Q

issuer of an instrument

A

is liable for the original amount of the instrument.

liability cannot be changed by later alteration, even if the instrument is in the hands of a holder in due course

122
Q

A check is

A

an order to a bank
to make cash payment of the amount specified.

It is not a promise to pay by the drawer nor are their specified actions required for payment.

123
Q

In order for a financial instrument to be negotiable, it must be

A

written,
signed by the maker,
contain in it an unconditional promise to pay a stated amount,
be payable on demand OR at a specific time, and
be payable either to bearer OR to order.

124
Q

UCC Regulation E

A

applies to consumer electronic fund transfers (EFTs)

$500 debit card loss limitation does not apply after sixty days have passed from the time at which unauthorized charges appeared on the consumer’s bank statement.

125
Q

UCC Article 4A

A

applies to commercial EFTs.

bank has the burden of recovery when it makes an error in a commercial EFT

126
Q

Oral revocation or discharge of an endorsement

A

will not discharge any parties from liability on a negotiable instrument

127
Q

Intentional destruction by the holder

A

discharges all parties primarily and secondarily liable.

128
Q

The holder’s cancellation of an endorsement in writing

A

will discharge that party from liability.

129
Q

When the primary party makes payment,

A

all other parties are discharged

130
Q

To be valid, a will

A

must be witnessed by two (or three) persons who can verify that the testator signed the will and that the testator had capacity.

131
Q

holographic will

A

a will that is entirely in the handwriting of the testator which must state the testator’’s intention and be signed to be valid (an exception to meeting general witness requirements)

132
Q

A Real Estate Investment Trust (REIT)

A

entity that receives special tax considerations by virtue of being required to distribute to its owners most of its income each year

may be listed on public stock exchanges and its shares traded

133
Q

spendthrift trust

A

prohibits the beneficiary from invading the principal of the trust.

134
Q

cy pres doctrine

A

operates to save a trust which has been established for charitable purposes, but might otherwise fail due to the beneficiary no longer being in existence.

135
Q

inter vivos trust

A

comes into existence during the life of its creator

neither a will nor testamentary intent is required

136
Q

There are five requirements for a valid trust:

A 
Grantor/settlor, 
intent, 
trust res (trust property), 
separate beneficiaries, and 
a lawful purpose
137
Q

Disbursements relating to real estate special assessments are treated as

A

reductions to principal

138
Q

When a purchaser of real estate assumes a loan,

A

S/he promises to make timely payments on the loan and is liable.

The original borrower (and any others who have assumed the loan) remain liable as well.

139
Q

A “pure race jurisdiction”

A

a state which gives priority to the first to record, regardless whether they were aware of unrecorded claims.

140
Q

recordation is only required to

A

protect against bona fide purchasers (or lenders) for value

141
Q

An heir gives no value, so

A

takes subject to recorded and unrecorded mortgages.

142
Q

purchases “subject to” the existing mortgage,

A

no promise to pay the mortgage

143
Q

promise to pay the mortgage

A

assumes the mortgage (dual liability) or

enters into a novation (new, single liability)

144
Q

general warranty deed

A

gives grantee the highest degree of warranty protection

grantor warrants

  1. that s/he is the true owner;
  2. there are no liens or claims to the property other than those disclosed in the deed;
  3. the grantee shall have quiet enjoyment of the property; and,
  4. the grantor will defend title.

There is no guaranty against a governmental entity pursuing a claim of eminent domain at a later date.

145
Q

race-notice jurisdiction

A

party who is first to record will prevail against all other claims except those of which he was aware at the time of recording

146
Q

prescriptive easement

A

open, continuous and adverse, and must continue for the statutory period.

Tacking (e.g., one continuing use immediately after another) is permissible.

one passes over the property of another continuously and openly for a period designated by statute - usually 15 years.

After continuous use for the statutory period, the adverse user obtains an easement to continue such use and this easement arises without the filing of a deed or of any instrument of record.

147
Q

deeded easement

A

(easement by agreement)

a deed creating an easement

148
Q

easement by necessity

A

necessity to access

149
Q

property owned as tenants by the entirety,

A

one tenant cannot convey by will or deed

a judgment against one tenant has no effect unless and until the other tenant dies. Then the property automatically passed to the other and a judgment against them now attaches

150
Q

tenants in common

A

no survivorship rights.

when one co-owner dies, his/her share passes to his/her heirs (rather than to the remaining co-owners)

each co-owner may transfer his/her interest to a third party without the co-owners joining in or consenting to the transfer

151
Q

“ambulatory”

A

has no force or effect until the testator dies.

change will at any time as long as s/he retains testamentary capacity

152
Q

A deed must only be signed by

A

the grantor in order to be valid

validity is not dependent on recordation

A minor may execute a valid deed even though s/he may lack the capacity to enter into a contract.

153
Q

In the case of a deed of gift,

A

no consideration is required.

154
Q

A gift causa mortis

A

a conditional gift made in contemplation of death

It is automatically revoked if the donor does not die of the impending illness or crisis.

Such gifts can only be made when the donor is in a terminal condition.f

155
Q

Utility and plant patent

A

last for 20 years

156
Q

design patent

A

valid for 14 years

157
Q

trademark

A

must be renewed periodically but that process can go on indefinitely.

158
Q

If owned by the author, a copyright is for

A

the life of the author plus 70 years.

159
Q

A copyright owned by a publishing house

A

has a 95 year life (from the publication date) or 120 years from the creation date whichever expires first.

REG (9 decks)

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