Ron contracts with Gail under what Ron later learns to have been misrepresented facts. Ron has not yet suffered an injury. He can
only obtain compensatory damages from Gail.
rescind the contract and receive restitution
either obtain damages or rescind the contract.
none of the above.
Which of the following kinds of jurisdiction would be necessary and sufficient for a court to hear a case?
Subject matter and in personam and in rem.
Subject matter or in personam or in rem.
Subject matter and either in personam or in rem.
In rem and either subject matter or in personam
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In order for an offer to be valid, the following must be met except:
There is an objective intent by the offeror to enter into a contract.
The offer must be in writing and signed by the offeror.*
The offer must be communicated to the offeree.
The offer must be certain enough that most reasonable people can figure out what is being offered.
Fred owns an apartment building in fee simple. Fred can
give the building away only.
give the building away, sell it, or transfer it by will.*
not give the building away, sell it, or transfer it by will.
sell the building or transfer it by a will only.
A minor good faith deviation or omission in an otherwise complete performance of a contractual obligation in a construction contract is known as:
The UCC applies to a mixed sale:
Whenever a sale of goods is a part of the transaction.
Only if there is no service involved.
If the sale of the good is the predominant part of the transaction.
Only if the contract provides that the UCC applies.
The person empowered by the corporation to receive notice of lawsuits against it, is called the:
The Foreign Corrupt Practices Act prevents each of the following except:
Bribes to foreign officials.
Bribes to foreign political party officials.
Bribes to candidates for office in foreign nations.
Bribes to foreign officials if the payment is legal under the written laws of the nation in which it was made.
Excel Corporation agrees to sell the latest version of its Go! computer game to National Retail Company. Excel delivers an outdated version of Go! (nonconforming goods). National's possible remedies may include
recovering damages only.
rejecting part or all of the goods, or revoking acceptance only.
recovering damages, rejecting goods, or revoking acceptance.
none of the above.
Which of the following is true?
Juries issue verdicts and judges enter judgments.
Juries can either issue judgments or verdicts.
The trial judge cannot change or overturn a jury's verdict once it has been issued.
If a case is appealed, the jury will return to hear the case again.
Which of the following is true regarding contracts?
A contract that is completely performed by all parties is called an executory contract.
A contract that has been completely performed by one party, but not the other, is called an executed contract.
A contract that has been performed by A but not by B is executory as to B and executed as to A.
To be enforceable, a contract must be executed.
Which of the following is not one of the functions of the SEC?
Adopting rules to further the functions or purposes of the securities laws.
Providing government-backed insurance to purchasers of all securities.
Investigating securities violations.
Bringing enforcement actions against suspected violators of securities laws
13 The tort of fraud requires the following except:
A false representation of material fact.
Knowledge of the falsity and intent to deceive.
Breach of the duty of strict ethical honesty in fact.
Justifiable reliance by the deceived party on the misrepresentation
Lee and Mary want Nick to replace Lee as a party to their contract. They can best accomplish this by agreeing to
an accord and satisfaction.
Which of the following is true about the Uniform Partnership Act?
It is a federal statute which covers all partnerships.
It is the statute which set up partnerships as pass-through entities for tax purposes.
It is a model statute which has been enacted by nearly all states as state law governing the formation and operation of partnerships.
It can apply only if there is no other statute or common law principle covering the applicable condition.
A claims that she and B entered into a contract. The intent to enter into a contract is determined with reference to
the conscious theory of contracts.
the objective theory of contracts.
the personal theory of contracts.
the subjective theory of contracts
B bets C on the outcome of the SuperBowl. Gambling on sports events is illegal in their state. This wagering agreement is
not enforceable unless there is an admission as to its existence
voidable by the losing party
valid if the bet was a fair one with proper "odds"
Which of the following is not one of the three main branches of the U.S. Government?
Alpha Inc., a U.S. firm, signs a contract with Beta, Ltd., a Russian company, to give Beta the right to sell Alpha's products in Russia. This is usually known as:
a distribution agreement.
a joint venture.
Pursuant to the commercial speech doctrine under U.S. constitutional law:
commercial speech is not constitutionally protected since the motive is for business to make money
commercial speech is given the same degree of protection as political speech since it is speech
commercial speech is not constitutionally protected since most commercials on television, especially around dinner-time, are loud, annoying, and gross
commercial speech must be true and non-deceptive and involve a legal product or service to gain constitutional protection.