LAW

1.      A close relative is not regarded as third party for recovery against emotional distress.

True

False

2 points

 

Question 2

1.      “One who waits too long to complain has indicated satisfaction with the agreement despite the initial lack of true consent” is the idea behind the doctrine of:

ratification.
forbearance.
rescission.
emancipation.

2 points

 

Question 3

1.      A contract that is impliedly accepted by doing something that objectively indicates agreement can be considered as a bilateral contract.

True

False

2 points

 

Question 4

1.      Fernando is the owner of Pick Food Restaurant. He makes an oral agreement with Purple Lotus Works for the design and production of 5,000 unique custom-made dinner plates with the logo of Pick Food Restaurant on them. Purple Lotus reworks its production schedule and creates dies to add Pick Food Restaurant’s logo in the designer plates. A week later, Fernando calls Purple Lotus and says that he no longer wants the plates and calls off the deal. In this scenario, it is most likely that:

the parties’ agreement is at Fernando’s disposal because he is the customer.
Purple Lotus is protected by the statute of frauds exception for specially-manufactured goods.
the parties’ agreement is not valid since it was only an oral agreement.
the agreement between Fernando and Purple Lotus is unenforceable and Fernando is protected under the statute of frauds.

2 points

 

Question 5

1.      Both federal and state laws spell out the specifics of cybercrime. Which of the following statements is true of these laws?

Only an individual may face liability based on the use of electronic communication; corporations are out of their purview.
Altering data stored in another person’s computer is not considered illegal.
A corporation is not liable for the online activities of its employees.
Accessing the services of a commercial service provider without paying fees is a crime.

2 points

 

Question 6

1.      As used in the Uniform Commercial Code (UCC), the concept “reasonable”:

is a practical standard used to gauge what people really do in the marketplace.
is a theoretical concept based on the “reasonable person standard” of tort law.
refers to the capacity to contract.
refers to what a reasonable person would do in the marketplace.

2 points

 

Question 7

1.      A petition for Chapter 13 proceedings can be initiated by the:

voluntary petition of a debtor.
involuntary petition of creditors.
trustee.
secured creditors.

2 points

 

Question 8

1.      If a buyer accepts defective goods and wants to hold the seller liable, the buyer must give the seller notice of the defect:

only in writing.
within a reasonable time after detecting the defect.
within the same financial year of the purchase.
when the contract is made.

2 points

 

Question 9

1.      Commercial frustration:

is very similar to impracticability.
occurs when the event is foreseeable.
excuses performance when events occur before the formation of the contract.
occurs when the promisor expressly assumes the risk that the event has occurred.

2 points

 

Question 10

1.      A _____ is designed to reach things belonging to the debtor that are in the hands of third parties.

writ of quo warranto
writ of garnishment
writ of certiorari
writ of mandamus

2 points

 

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