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While cleaning a table a waitress found a camera that had been left there by the last customer. The camera is
misplaced and may be kept by the waitress.
lost and may be kept by the waitress.
misplaced and must be given to the manager to hold for the camera’s owner.
lost and must be given to the manager to hold for the camera’s owner.
1 points
QUESTION 10
Linicome Industries is a manufacturer of home video game machines and home video games. Johnson department store wants to market the home video games but Linicome refuses to sell the games unless Johnson also agrees to purchase the Linicome home video machines. A court will most likely find such a restriction to be
an unlawful tying agreement.
a per se violation.
an interlocking directorate.
a lawful tying agreement.
1 points
QUESTION 11
Anyone who receives unordered merchandise through the mail
must pay for it.
none of the above.
must return it.
may treat it as a gift.
1 points
QUESTION 12
Carriers may limit the amount of their liability to the value stated on the
warehouser’s lien.
mutuum.
bill of lading.
warehouse receipt.
1 points
QUESTION 13
After signing a one-year lease for an apartment Fabian learned that he would be traveling for the middle four months of its term. Fabian arranged to have someone rent his apartment during his absence. This arrangement is
a sublease.
a transfer.
an option to renew.
an assignment.
1 points
QUESTION 14
Carleton invents a retractable extension cord. She files for a patent and stamps the wordspatent pendingon each extension cord she plans to sell.
The wordspatent pendinglegally protect the extension cord against being reproduced or copied by another individual or a corporation.
The extension cord is not yet legally protected by a patent.
Any individual or corporation who makes uses or sells copies of the extension cord without authorization to do so will be guilty of patent infringement.
none of the above
1 points
QUESTION 15
Right to work laws are
state laws that prohibit labor-management agreements requiring union membership as a condition of getting or keeping a job.
federal laws that prohibit employees in the public sector from striking.
federal laws that prohibit labor-management agreements requiring union membership as a condition of getting or keeping a job.
state laws that prohibit employers from negotiating with employee representatives over grievance procedures and seniority systems.
1 points
QUESTION 16
The after acquired evidence defense is sometimes available for employers who have discovered evidence that
would have allowed them to discharge an employee even if the wrongful discharge claim was true.
would have allowed the employee to exercise the remedy of specific promulgation.
would have allowed the employee to call upon the collective bargaining grievance procedure guaranteed by Congress under provisions of the After Acquired Evidence Act of 1994.
would have allowed the employer to rehire the employee after a negotiated settlement.
1 points
QUESTION 17
If the members of a limited liability company choose to run the LLC on their own the members of the LLC are considered agents of the LLC. This means that whenever a member performs a function within that member’s apparent authority
the LLC will be bound by that action.
only the member designated in the articles of organization as the CEO will be bound by that action.
only that member will be bound by that action.
only the member with the greatest financial interest in the LLC will be bound by that action.
1 points
QUESTION 18
When a company agrees to stop violating the FTC Act without admitting wrong the court issues a
consent order.
dunning letter.
stipulation.
default decree.
1 points
QUESTION 19
The trustee of a trust holds
equitable title to the trust property.
beneficial title to the trust property.
legal title to the trust property.
no title to the trust property.
1 points
QUESTION 20
An S corporation is a corporation in which shareholders have agreed
to have the profits (or losses) of the corporation taxed directly to them rather than to the corporation.
to voluntarily waive the right to be tax exempt under provisions of the Internal Revenue Code.
to operate only in one state.
none of the above
1 points
QUESTION 21
An example of a bailment is
leaving a suit to be cleaned at the cleaners.
borrowing a friend’s car.
renting a movie from a video shop.
all of the above.
1 points
QUESTION 22
Husband dies intestate and is survived by Wife two children of a prior marriage and two children of the marriage to Wife. Under the Texas Probate Code Husband’s one-half interest in the community property owned by Husband and Wife passes to:
The two children of Husband’s prior marriage to be divided equally between them
Wife
The two children of the marriage to Wife to be divided equally between them.
The two children of the marriage to Wife and the two children of Husband’s prior marriage to be divided equally among all of them.
1 points
QUESTION 23
The doctrine that prevents a lawsuit against government authority without the government’s consent is known as
agency by estoppel.
sovereign immunity
agency by operation of law.
the equal dignities rule.
1 points
QUESTION 24
The agent’s duty of loyalty means that the agent cannot act
for an undisclosed principal.
for two principals in the same transaction.
for two principals.
for more than one year for the same principal.
1 points
QUESTION 25
Grant deeded his property to Botts for Botts’s life. The terms in the deed stated that the property would pass to Grant’s son at the expiration of the life estate.
Grant’s son has dower to the estate.
The future interest is a remainder estate.
The future interest is a reversion estate.
Botts will own a leasehold estate.
1 points
QUESTION 26
The type of tenancy that arises when a tenant wrongfully remains in possession of the premises after expiration of the tenancy is called a
tenancy at will.
periodic tenancy.
tenancy for years.
tenancy at sufferance
1 points
QUESTION 27
The Crown Corporation offers to buy the voting stock of the L & N Corporation with the intention of acquiring L & N and changing its management. To avoid being taken over by Crown L & N asks the Spendle Corporation to outbid Crown. In this situation
L & N is a friendly suitor Crown is a hostile bidder and Spendle is the target.
L & N is a hostile bidder Crown is the target and Spendle is a white knight.
L & N is the target Crown is a friendly suitor and Spendle is a hostile bidder.
L & N is the target Crown is a hostile bidder and Spendle is a white knight.
1 points
QUESTION 28
Which of the following powers is not granted to the President in Article II of the Constitution?
The President is the Commander-in-Chief of the army
The President has executive power.
The President appoints judges to the highest federal court
The President engages in judicial review.
1 points
QUESTION 29
Sales of consumer goods or services over $25 made away from the seller’s regular place of business
may usually not be canceled.
may be canceled within three business days after the sale occurs.
may be canceled within five business days after the sale occurs.
none of the above.
1 points
QUESTION 30
President Ronald Reagan fired which of the following federal employees for striking:
I.R.S. employees
Air traffic controllers
Airline pilots
E.P.A. regulators
1 points
QUESTION 31
Under the ____ a seller may not charge different prices to different customers for the same product when such differences might injure competition.
Federal Trade Commission Act
Robinson-Patman Act
Sherman Anti-Trust Act
Clayton Act
1 points
QUESTION 32
A testatrix who cannot sign her own will because of paralysis
can create a legally enforceable will by having another person sign it for her in her presence.
can create a legally enforceable will by having another person sign it for her in her absence.
cannot create a legally enforceable will.
can create a legally enforceable will by having another person sign it for her in her presence and in the presence of other witnesses.
1 points
QUESTION 33
In Texas a persons wages may be garnished for:
unpaid college bookstore accounts
child support
unpaid judgments for medical bills
all of the above
1 points
QUESTION 34
Gary a joint tenant deeds away his interest in a property to Ferris without the permission of the three other joint tenants.
Gary cannot rightfully deed away his interest in a property without the written permission of the remaining joint tenants.
Ferris becomes a joint tenant with the remaining joint tenants.
Ferris and the remaining joint tenants all become tenants in common.
Ferris becomes a tenant in common with the remaining joint tenants.
1 points
QUESTION 35
The government is involved in
only a voluntary dissolution of a corporation.
both a voluntary and involuntary dissolution of a corporation.
only an involuntary dissolution of a corporation.
neither a voluntary nor an involuntary dissolution of a corporation.
1 points
QUESTION 36
Common law originated in
Germany.
the United States.
New England.
England.
1 points
QUESTION 37
A proprietor’s procuring the services of an independent contractor known to be incompetent could result in liability for the proprietor due to
negligent firing
a nondelegable duty.
negligent hiring
a factor.
1 points
QUESTION 38
In a bankruptcy filing under ____ there is an automatic suspension of debt collection as soon as the petition is filed.
Chapter 12
Chapter 11
Chapter 7
all of the above
1 points
QUESTION 39
Which of the following entities would NOT qualify as a person for the purpose of creating a limited liability company?
a limited partnership
another limited liability company
a partnership
none of the above
1 points
QUESTION 40
The theory that holds that managers should be more responsive to the shareholders of a corporation is known as
shareholder democracy.
managerial control.
special interest group control.
state control.
1 points
QUESTION 41
A owns a tract of land which is not his homestead. A borrows money from Bank to be repaid over a term of ten (10) years. To secure the loan A executes a deed of trust describing the tract of land naming the Bank as beneficiary. Bank immediately records the deed of trust. One year later A conveys the property to Buyer in consideration for payment of $10000. A never tells Buyer about the outstanding loan or deed of trust. Buyer promptly records his deed. Under Texas law if A fails to pay the note to Bank:
A can revoke the conveyance to Buyer because A did not have clear title at the time of the deed to Buyer.
Bank can foreclose on the property and divest Buyer of title.
Buyer can prevent the Bank from foreclosing on the property because Buyer was not given actual notice of the bank’s lien.
Bank can sue A but cannot foreclose on the property because A no longer owns it.
1 points
QUESTION 42
Corporations that are privately organized for profit but also provide a service upon which the public is dependent are generally referred to as
quasi-public corporations.
public corporations.
private corporations.
all of the above
1 points
QUESTION 43
Under Texas law a dismissed employee does not have a cause of action for wrongful termination as a result of which of the following :
termination for reporting racial discrimination to a supervisor
termination prior to expiration of an employment contract
termination for missing work due to make an appointment ordered by a doctor.
termination for being born in Iran
1 points
QUESTION 44
The process of becoming a Limited Liability Partnership generally requires registering with the appropriate state office and
paying the necessary filing fees.
making certain that the firm has a least three partners.
eliminating partnership management rights.
none of the above.
1 points
QUESTION 45
Which of the following is a leasehold estate?
tenancy for years
periodic tenancy
tenancy at will
all of the above
1 points
QUESTION 46
Tyrone loaned a local partnership $4000. If the partnership dissolves it is
legally obligated to give Tyrone constructive notice or actual notice of its dissolution.
not legally obligated to give Tyrone any notice of its dissolution.
legally obligated to give Tyrone constructive notice of the dissolution.
legally obligated to give Tyrone actual notice of the dissolution.
1 points
QUESTION 47
Boss fires Lazy Lucy because she smokes during her lunch hour away from the job. Boss action in firing Lucy:
constitutes intentional infliction of emotional distress
will likely be considered good cause for purposes of unemployment benefits
violates her civil rights as a female smoker
is lawful
1 points
QUESTION 48
When foreclosure occurs the owner/debtors ____________________ is cut off:
right of redemption
right of respondent superior
right of bankruptcy
fertility
1 points
QUESTION 49
A merger of large publicly-traded corporations generally must be approved by
the Federal Trade Commission
a three-eighths majority vote of the corporation’s shareholders.
a two-fourths majority vote of the corporation’s shareholders.
all of the corporation’s shareholders.
1 points
QUESTION 50
Article I of the U.S. Constitution
establishes the principle of supremacy.
determines that a presidential term of office runs for six years.
states that Congress consists of the Senate and the House of Representatives.
gives judicial power to the Supreme Court and to other courts set up by Congress.
1 points
QUESTION 51
Three shareholders submitted three different shareholder proposals to the management of a large corporation. The proposals met length and timing requirements and each shareholder who submitted a proposal owned 2 percent of the corporation’s voting stock. Which proposal under SEC rules will be considered invalid by the corporate management?
a proposal to amend the bylaws
a proposal to amend the corporate charter
a proposal to hire a particular employee
all of the above
1 points
QUESTION 52
Upon the dissolution of a partnership which of the liabilities of the partnership should be paid last?
liabilities to creditors other than partners
liabilities to partners for loans or advances made to the partnership
liabilities to partners for their share of profits
liabilities to partners as repayment for their capital contributions
1 points
QUESTION 53
In bankruptcy a legal order that stops the debtor’s creditors from making further moves to collect the money that the debtor owes them is called a(n)
liquidation.
waiver.
automatic stay.
discharge.
1 points
QUESTION 54
Wendy’s written will is witnessed by one person in a state that requires the presence of two witnesses. Wendy’s will
is construed as a deed
is invalid.
can become valid if a properly signed notary block is added at a later date.
all of the above
1 points
QUESTION 55
The Cobble Corporation purchases all the property of Dansen Inc. Such a transaction is known as
an asset acquisition.
a merger.
a consolidation.
a stock acquisition.
1 points
QUESTION 56
The system that allows shareholders to multiply the number of their voting shares by the number of directors to be elected is known as
cumulative voting.
proxy voting.
shareholder democracy.
a voting agreement.
1 points
QUESTION 57
The rule-of-reason approach is used by the courts to
determine whether an interlocking directorate exists in two corporations.
judge the legality of an alleged antitrust practice that is not considered a per se violation.
determine whether an alleged antitrust practice is a per se violation.
all of the above
1 points
QUESTION 58
A shareholder’s preemptive right allows the shareholder to
share in dividends after the dividends have been declared by the board of directors.
purchase a proportionate share of every new offering of stock by the corporation.
inspect the records of the corporation at any time.
sell or transfer her shares of stock.
1 points
QUESTION 59
The person to whom property is transferred by deed is called the
grantee.
riparian owner.
devisee.
grantor.
1 points
QUESTION 60
Dividends on cumulative preferred stock that are not paid in one year
are distributed among holders of common stock.
will be paid in later years if any dividends at all are paid by the corporation.
are lost forever.
none of the above
1 points
QUESTION 61
A person who is authorized to conduct a particular transaction is a(n)
special agent.
general agent.
principal.
agent.
1 points
QUESTION 62
The theory that the government as an impartial third party should make corporate decisions is known as
special interest group control.
shareholder democracy.
managerial control.
state control.
1 points
QUESTION 63
One who gives a security interest in real property to secure a debt he owes is a
subordinated party.
mortgagor.
secured party.
mortgagee.
1 points
QUESTION 64
Which of the following items is NOT to be placed in the articles of organization of a limited liability company?
the address where the LLC’s operating agreement and by-laws are to be kept
the name of the LLC
the duration of the LLC
none of the above
1 points
QUESTION 65
Contracts combinations and conspiracies in restraint of trade are prohibited by the
Sherman Anti-Trust Act.
Federal Trade Commission Act.
Robinson-Patman Act.
Clayton Act.
1 points
QUESTION 66
A deed that contains express warranties guaranteeing that the property is free of encumbrances created by the grantor or by others who had title previously is a
general warranty deed.
special warranty deed.
quitclaim deed.
bargain-and-sale deed.
1 points
QUESTION 67
A person who hires an independent contractor is known as a
proprietor.
general agent.
borrowed servant.
master.
1 points
QUESTION 68
At the time that the articles of organization for a new limited liability company are filed in the office of the secretary of state which of the following events must also occur?
The financial records of the primary promoter must also be filed.
A statutory agent for the service of process must be named.
An affidavit testifying to the existence of a start-up fund of at least $5000 must also be filed.
none of the above
1 points
QUESTION 69
InMcCulloch v. Maryland the U.S. Supreme Court case regarding a state’s authority to impose taxes on a federal bank Chief Justice Marshall wrote:
That the power to destroy may defeat and render useless the power to create
That the power to tax involves the power to destroy
That there is a plain repugnance in conferring on one government a power to control the constitutional measures of a higher government.
All of the above.
1 points
QUESTION 70
Bubba owns a tract of land. On February 10 Bubba signs a deed to the property to Frank in consideration for $100000. Frank records his deed on February 15. On February 14 Bubba gives a deed to the property to Mistress Maple as a gift hoping to win her affection. That evening Maple shows Lover Larry her deed from Bubba and sells the property to Larry for $100000 which he pays in cash. Whose title is superior?
Mistress Maple
Frank
Lover Lucy
Bubba
1 points
QUESTION 71
Which of the following restrictions may a lease legally impose on a tenant of a large apartment building?
hanging laundry in the windows or over balconies
owning pets
playing loud music after 10 P.M.
all of the above
1 points
QUESTION 72
In order for a gift to be completed
the donor must intend to make a gift.
the donee must accept the gift.
the gift must be delivered to the donee.
all of the above
1 points
QUESTION 73
InMarbury v. Madison Chief Justice Marshall writing for the U.S. Supreme Court established the principle of judicial review by:
Issuing a writ of mandamus to President Jefferson to deliver an appointment to Marbury
Holding Congress’ expansion of the Supreme Court’s original jurisdiction unconsitutional
Finding the Senate’s practice of opening each session with a prayer violative of the First Amendment.
Declaring President Jefferson’s electoral defeat of the Federalists unconstitutional.
1 points
QUESTION 74
Depending on the nature location and extent of the business a sole proprietor may have to check on all of the following:
S.E.C. filing requirements.
licensing laws.
cloning restrictions.
All of the above.
1 points
QUESTION 75
Some state statutes assert that the death of a member does not trigger a dissolution of an L.L.C. Instead the death of a member is classified as a
realignment.
separation.
disassociation.
winding up.
1 points
QUESTION 76
A patent is a grant from the government that gives an inventor the exclusive right to make use and sell a unique product design generally for a period of:
20 years.
5 years.
70 years
21 years.
1 points
QUESTION 77
TheMagna Carta a 13th Century document agreed to by King John of England was an early establishment of which of the following principles?
The English Prime Minister would the the head of government while the King would remain the head of state.
The line of succession in the English monarchy could include daughters as well as sons of the King.
Kings must get parliamentary approval of official acts.
Law may regulate and restrict the powers of rulers as well as the governed.
1 points
QUESTION 78
A deed of trust
is a way for the mortgagor to convey all or part of his or her interest in the property directly to the mortgagee.
is a way for the mortgagor to convey his or her interest in the property to a trustee to serve as security for an obligation to a mortgagee.
cannot in any state be used in place of a mortgage.
does not need to be in writing.
1 points
QUESTION 79
Which of the following can never be a bona fide occupational qualification (BFOQ)?
race
religion
sex
age
1 points
QUESTION 80
Michelle Obama asked Cyndi Lauper if she could borrow Cyndi’s dress for an awards ceremony. Cyndi gave Michelle the dress and asked for nothing in return for this favor. This transaction was a
mutuum.
bailment for the sole benefit of the bailee.
mutual-benefit bailment.
bailment for the sole benefit of the bailor.
1 points
QUESTION 81
A limited liability company is best thought of as a cross between a corporation and
a sole proprietorship.
a governmental institution.
a partnership
a limited partnership
1 points
QUESTION 82
A failure on the part of an agent to keep the principal’s funds separate from the agent’s funds is known as
renunciation.
commingling.
revocation.
cohabitation
1 points
QUESTION 83
A person may receive profits and avoid the label of partner if the share is paid as
a repayment of a debt.
as an annuity.
both of the above.
neither of the above since all sharing profits creates a partnership.
1 points
QUESTION 84
Kenneth transfers to Lenny a deed to real property. The deed contains an express warranty in which Kenneth guarantees that no defect arose in the title during the time that he owned the property. This deed is known as a
special warranty deed.
quitclaim deed.
bargain-and-sale deed.
general warranty deed.
1 points
QUESTION 85
The duty that requires the agent to keep a record of all the principal’s money is known as the duty
to account.
of loyalty.
of obedience.
of good faith.
1 points
QUESTION 86
A corporation that has failed to pay franchise taxes may be subject to
aquo warrantoproceeding.
receivership.
consolidation.
all of the above
1 points
QUESTION 87
Another name for a living trusts is a(n)
testamentary trust.
conveyance in trust.
declaration of trust.
inter vivostrust.
1 points
QUESTION 88
The courts will look at which of the following factors to determine if an implied contract exists?
past dealing
the nature of the employment relationship
the length of the employment relationship
any or all of the above
1 points
QUESTION 89
Seller sells a tract of real property to Buyer for $10000 and delivers to Buyer a warranty deed. Buyer forgets to record his deed. Seller later purports to give the same tract by gift deed to his brother who gives Seller nothing in consideration. Brother immediately records the deed. Under the Texas recording statutes whose title is superior.
Seller
Buyer
Brother
The State of Texas
1 points
QUESTION 90
The agent’s duty to follow the lawful instructions of the principal is the duty of
indemnification.
loyalty.
obedience.
accounting.
1 points
QUESTION 91
Michelson was chairman of the board and chief executive officer of a computer manufacturer. When considering whether to purchase CompuPrint a manufacturer of computer printers Michelson examined CompuPrint’s financial records consulted with legal and financial experts and conducted an in-depth study of the marketplace. He then decided that it would be profitable for his corporation to purchase CompuPrint. If CompuPrint turns out to be a poor investment and a court hears a case challenging Michelson’s decision the court will most likely judge his conduct under the
shareholder protection rule.
fairness rule.
insider trading rule.
business judgment rule.
1 points
QUESTION 92
A joint owner of a patent
may transfer part interest in the patent through a written assignment.
may sell his or her interest in the patent without regard to the other owners.
may make use and sell the invention without regard to the other owners unless they have agreed otherwise.
all of the above
1 points
QUESTION 93
A concerted refusal to have dealings with someone to force the acceptance of certain conditions is known as
picketing.
a boycott.
collective bargaining.
a strike.
1 points
QUESTION 94
In her will Sarah left her house to her son Trigg. This gift of property is called a
bequest.
legatee.
legacy.
devise.
1 points
QUESTION 95
In abandoned shipwreck cases the law of finds gives ownership to the finder if
the property is abandoned.
the finder has possession of the property.
the finder intends to acquire the property.
all of the above.
1 points
QUESTION 96
The action of a principal in authorizing a previously unauthorized act by an agent is known as
tangential gratification.
ratification
agency by implication.
reticular formation
1 points
QUESTION 97
Which of the following is an unfair labor practice under the Taft-Hartley Act?
A union strikes against an employer because another employer uses nonunion employees.
A union strikes against a general contractor to force the contractor to stop dealing with a subcontractor.
A union asks another company not to load trucks carrying the products of a company the union is striking.
all of the above
1 points
QUESTION 98
Ray Michael Eileen and Melissa are partners in an accounting firm. Ray and Michael want to advertise the partnership’s services on television. Melissa and Eileen think television advertising will discredit the firm’s reputation.
The decision will be made by drawing lots.
An unbiased third party must be brought in to mediate a decision.
The partner with the most seniority will make the ultimate decision.
none of the above
1 points
QUESTION 99
The theory that holds that the managers should be insulated from the influence of the shareholders is known as
managerial control.
shareholder democracy.
state control.
special interest group control.
1 points
QUESTION 100
Which of the following workers are not prohibited from striking?
air traffic controllers
factory workers
ambulance paramedics
all of the above
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