What kind of contract is formed when each party makes a promise in return for the other’s promise?

  • A unilateral contract.
  • A quasi contract.
  • A bilateral contract.

 

Order Now
SKU: Em003

QUESTION 1

1.Which of the following are encompassed by the traditional common law tort of intentional invasion of privacy?

a. An appropriation of a person’s name or picture without his or her permission for commercial advantage.

b.An intrusion by the defendant into the private life or private domain of the plaintiff.

c.Public disclosure of private facts, that is, facts not in the public record, about a person, even if the facts are true.

d.All of the above.

 

QUESTION 2

1.The Statute of Frauds:

a.Makes certain contracts illegal if they are not in writing.

b.Makes contracts covered by it voidable.

c.Is designed to protect minors from being taken advantage of.

d.Makes certain contracts unenforceable if they are not in writing.

 

QUESTION 3

Standard Corporation terminates Tom, who sues on the basis of age discrimination. To succeed under the Age Discrimination in Employment Act, Tom must show that at the time of the discharge, he was

a.forty or older.

b.forty or younger.

c.replaced with someone forty or older.

d.replaced with someone forty or younger.

 

QUESTION 4

1.Which of the following would notbe a misappropriation of a trade secret?

a.Paying an engineer who is working at a competitor to disclose the trade secret to you.

b.Buying the competitor’s product, then tearing it apart and analyzing it in your laboratory to reveal how the product works.

c.Hiring a spy to break into a competitor’s offices to acquire the secret.

d.Asking one of your current engineers to disclose a trade secret of her former employer and she does so.

 

QUESTION 5

1.Which statement is FALSE about the Clean Air Act and the Clean Water Act?

a.Both strictly forbid any air or water pollution in the United States.

b.Both allow the Environmental Protection Agency to set air and water standards and to enforce them along with the states.

c.Both are major Congressional statutory enactments designed to protect the environment.

d.Both require companies to use the best available technology to reduce and to curtail pollution.

 

QUESTION 6

1.Andy is an officer for Beta Corporation. When acting for Beta in ordinary business situations, Andy is

a. an agent only.

b.an agent and principal.

c.a principal only.

d.neither an agent nor a principal.

 

QUESTION 7

1.Which of the following is/are TRUE about U.S. civil rights laws?

a.An employer can defend a lawsuit pursuant to the Age Discrimination and Employment Act (ADEA) by interposing a BFOQ (bona fide occupational qualification) defense.

b.The “disparate impact” theory of Title VII of the Civil Rights Act now applies to discrimination lawsuits based on the ADEA due to a Supreme Court decision.

c.The Americans with Disabilities Act requires that an employer not only not discriminate against disabled people but also that the employer makes a “reasonable” accommodation to the needs of its disabled employees.

d.All of the above.

 

QUESTION 8

1.How can “intellectual property” be legally protected in the United States?

a.By patent law

b.By copyright law

c.By trade secret law

d.All of the above.

 

QUESTION 9

1.Which of the following is true regarding contracts?

a.A contract that is completely performed by all parties is called an executory contract.

b.A contract that has been completely performed by one party, but not the other, is called an executed contract.

c.A contract that has been performed by A but not by B is executory as to B and executed as to A.

d.To be enforceable, a contract must be executed.

 

QUESTION 10

1.The legal doctrine that is applied when one intends to cause injury to another certain person, but instead actually causes injury to another third person is best

called:

a.The Transferred Intent Doctrine

b.The Innocent Bystander Rule

c.The Misplaced Confidence Rule

d.The Victim Bad Luck Theory.

 

QUESTION 11

1.The significance of a “frolic and detour” is that:

a.It determines if an employee can be liable on a contract made on the employer’s behalf.

b.It can determine if someone working for a business is an employee or independent contractor.

c.It can determine if an employer is liable for the negligence tort of an employee.

d.It can determine if an employee is liable for torts he commits on the job.

 

QUESTION 12

1.What kind of contract is formed when each party makes a promise in return for the other’s promise?

a.A unilateral contract.

b.A quasi contract.

c.A bilateral contract.

d.An implied moral contract by acceptance.

 

QUESTION 13

1.Which of the following is a falsestatement?

a.A person who does not know of a reward offer can never claim it since how can one accept what one does not know of.

b.For common law consideration to be legally sufficient, it does not necessarily have to consist of the payment of money or transfer of goods.

c.A promise by one party to pay another for refraining from performing a legal act is generally enforceable under the common law.

d.Normally, a court in the U.S. applying the common law of contract will be able to question the adequacy of consideration to see if the contract is a fair one.

 

QUESTION 14

1.Damages awarded to punish a defendant and to deter future wrongdoers are called:

a.Punitive damages

b.Retribution damages

c.Consequential damages

d.Nominal damages

 

QUESTION 15

1.Which of the following is TRUE about warranties under the Uniform Commercial Code?

a.A disclaimer of the implied warranty of merchantability generally must use the word “merchantability” in the disclaimer.

b.The implied warranty of merchantability is made by any person who sells goods.

c.The implied warranty of merchantability if made by a merchant can never be disclaimed since it would not be fair to the consumer.

d.Express warranties can never be made by pictures, samples, or models of goods since express written words are required.

 

QUESTION 16

1.Which is FALSE about a Limited Liability Company (LLC)?

a.No formalities are required by state statute in the forming of an LLC; rather, a simple LLC agreement will suffice to establish legally the LLC.

b.An LLC can be a member-managed or a manager-managed LLC.

c.The name of the LLC must include the term “limited liability company” or “LLC.”

d.The members of an LLC are not personally liable for the debts and obligations of the LLC (beyond their original contributions to the LLC).

 

QUESTION 17

1.Which of the following statements is false?

a.Only the government may enforce antitrust law.

b.Private parties, including injured consumers, may enforce the antitrust laws.

c.The antitrust laws provide for both criminal and civil sanctions.

d.Successful anti-trust plaintiffs can recover three times their actual damages.

 

QUESTION 18

1.”Cyber” crimes today encompass:

a.Identity theft

b.”Cyber stalking”

c.”Hacking” and “spamming”

d.All of the above.

 

QUESTION 19

1.In a negligence lawsuit, the causation element would be satisfied by a showing of:

a.An intentional action by the defendant that intended to and caused harm to the plaintiff.

b.Actual legal cause and proximate cause of the injury.

c.A purposeful malicious act by the defendant that caused harm to the plaintiff.

d.None of the above.

 

QUESTION 20

1.In the context of agency, ratification refers to:

a.Reaffirming a contract which one previously agreed to.

b.Agreeing, after reaching majority, of a contract entered into as a minor.

c.Agreeing to be bound to a contract entered into by an agent which exceeded the agent’s authority at the time the agent entered into it.

d.Getting the appropriate agency to agree to take steps to reduce an excessively large rodent population.

 

QUESTION 21

1.When is an employer responsible for the negligent torts of its employees?

a.When there is vicarious liability and the doctrine of respondeat superior applies.

b.When the torts are committed by the employee acting in the “course and scope of employment.”

c.When the employer is directly negligent for selecting and/or supervising an incompetent and careless employee who commits the tort.

d.All of the above.

 

QUESTION 22

1.Which of the following is true relating to a “firm offer” under the UCC?

a.It can be made only by a merchant.

b.It must be in writing and signed by the merchant.

c.It may provide that the offer remain open for any period of time up to four months.

d.A and B only.

 

QUESTION 23

1.To be convicted of a crime under U.S. laws, the prosecution typically must prove the case against the defendant:

a.By a preponderance of the evidence.

b.By clear and convincing evidence.

c.Beyond a reasonable doubt.

d.None of the above.

 

QUESTION 24

1.Specific performance is generallyawarded:

a.In cases where nominal damages are also awarded.

b.Where the contract involves the sale of property or goods that are unique.

c.Only under the U.C.C.

d.When the non-breaching party requests it.

 

QUESTION 25

1.Which of the following is/are true about the principal agency relationship?

a.In a non-disclosed principal situation, the agent is typically initially liable to the third party.

b.Under the ratification doctrine, a principal can ratify and thus authorize an agent’s contract with a third party that was not originally authorized by the principal

c.Under the imputed knowledge and notice doctrine, a principal can be charged with the knowledge of facts that had been disclosed to the principal’s agent.

d.All of the above.

 

QUESTION 26

1.Which of the following is a truestatement?

a.Fraud by active concealment occurs when a party to a contract fails to disclose all of the known facts about the subject matter of the contract.

b.To be actionable for fraud, a misrepresentation must pertain to a future opinion.

c.The threat to bring a lawsuit to obtain an agreement can be grounds for duress if the suit is a legitimate one.

d.A mutual mistake renders a contract null and void.

 

QUESTION 27

1.Which of the following is trueabout the Uniform Partnership Act?

a.It is a federal statute which covers all partnerships.

b.It is the statute which set up partnerships as pass-through entities for tax purposes.

c.It is a model statute which has been enacted by nearly all states as state law governing the formation and operation of partnerships.

d.It can apply only if there is no other statute or common law principle covering the applicable condition.

 

QUESTION 28

1.Which of the following is true?

a.Juries issue verdicts and judges enter judgments.

b.Juries can either issue judgments or verdicts.

c.The trial judge cannot change or overturn a jury’s verdict once it has been issued.

d.If a case is appealed, the jury will return to hear the case again.

 

QUESTION 29

1.Which of the following corporate acts is most likelyto be held ultra vires today?

a.Contribution to a private university to help fund an entrepreneurship center

b.Generous gratuity paid to the young widow of the corporation’s founder

c.Entering a joint venture with another business

d.Installation of antipollution equipment not yet required by law

 

QUESTION 30

1.Which of the following is TRUE about real property?

a.In a joint tenancy with a right of survivorship, when one joint tenant dies his or her interest in the property passes automatically to the surviving joint tenant, who is typically the surviving spouse.

b.The real estate contract is the legal instrument that transfers title to real property.

c.”Quitclaim deeds” are illegal since no warranties of title are made by the grantor.

d.Real property cannot be owned concurrently in the U.S. since the government will not know exactly who is going to pay the taxes on the property.

 

QUESTION 31

1.Under Rule l0b-5, an insider with material nonpublic information usually:

a.May sue the corporation to make a profit by buying or selling that company’s stock.

b.Must disclose the information.

c.Must either abstain from trading in that company’s stock or disclose the information to the person she is trading with.

d.Must abstain from trading in any and all stock.

 

QUESTION 32

1.A plaintiff in a fraud case must prove the following except:

a.Justifiable Reliance.

b.Justifiable Reliance.

c.Justifiable Reliance.

d.Discovery of the falsehood within a reasonable time.

 

QUESTION 33

1.Which is FALSE regarding a traditional business partnership pursuant to the Uniform Partnership Act?

a.Absent an agreement partnership profits are shared equally by the partners regardless of any individual’s partner contribution, knowledge, skills, and/or efforts.

b.Absent an agreement partners are not entitled to any salary or remuneration for acting in the partnership business.

c.Partners are regarded as agents of the partnership when acting in the partnership business.

d.The dissolution of a partnership will always lead to a winding-up, liquidation, and termination of the partnership.

 

QUESTION 34

1.Which of the following is a truestatement?

a.The trier of fact in a jury trial is the judge.

b.The trier of fact in a jury trial is the judge.

c.Voir dire
is the process by which the judge informs the jury about what law to apply when they decide the case.

d.An appellate court reviews the record of the trial court.

 

QUESTION 35

1.The Statute of Frauds requires that certain types of contracts:

a.Be in writing in order to be valid.

b.Be in writing in order to be enforceable.

c.Contain a promise for an act.

d.Have two or more attorneys present at the signing of a written contract.

 

QUESTION 36

1.Which of the following is a falsestatement?

a.Agency law consists of contract law as well as some tort law.

b.An agency relationship typically exists when one person is authorized to act on behalf of another in business matters.

c.Corporations are usually structured so that they can conduct business without the use of any agents.

d.An employee can also be an agent of the employer.

 

QUESTION 37

1.What is the significance of a “defect” in a products liability case based on strict liability?

a.It is not necessary, but can be used to eliminate the need to prove that there was an injury.

b.It is a required element in the proof of such a case.

c.Its presence would eliminate liability for the defendant.

d.The party who caused the defect is the only one who can be held liable.

 

QUESTION 38

1.”Fundamental corporate change” consists of:

a.Amending the articles of incorporation

b.Merging with another corporation

c.Dissolution and termination of the corporation

d.All of the above.

 

QUESTION 39

1.Which of the following is a false statement?

a.In general, the bankruptcy of the principal, but not necessarily the bankruptcy of the agent, will terminate an agency relationship.

b.In all circumstances where an agency is terminated, notification must be given to third parties.

c.An agency can be terminated by the acts of the parties or by operation of the law.

d.An agency coupled with an interest is typically irrevocable by the principal.

 

QUESTION 40

1.The board of directors of Omega, Inc., announces a cash dividend. A cash dividend may not be paid from

a.accumulated surplus

b.gross profits.

c.net profits.

d.retained earnings.

 

QUESTION 1

1.Ethics is bestdescribed as:

a.The metaphysical study of ultimate reality.

b.The theoretical study of morality.

c.The constitutional analysis of equal protection and due process decisions

d.None of the above.

 

QUESTION 2

1.Which statement is FALSE about the ancient Greek philosophers?

a.Plato’s conception of a Just State is an organizational ideal that evidences a distrust of democracy.

b.Aristotle’s Doctrine of the Mean advises one to be virtuous by selecting the virtuous “mean” between two vice extremes of deficiency and excess.

c.Aristotle’s Ethics of Virtue puts primary emphasis on developing and cultivating good moral traits of character

d.The Sophists believed that justice, ethics, and morality were universal, objective, permanent, and unchanging norms and standards.

 

QUESTION 3

1.Rights-based ethical theories:

a.Are generally classified as modern versions of Utilitarianism

b.Determine the moral worth of an action regardless of their consequences

c.Are largely consequentialist in nature

d.Classify corporate social responsibility among the positive rights that must be enforced by government.

 

QUESTION 4

1.According to Socrates:

a.Justice is the will of the stronger.

b.Money comes from being virtuous.

c.Virtue comes from having money.

d.Might makes right.

 

QUESTION 5

1.Which of the following is a truestatement?

a.Kantian ethics is premised on reason-based, self-imposed, universal duties.

b.Kantian ethics allows moral rules not to apply to certain people because they are privileged.

c.Under the Social Contract ethical theory people are only obligated to obey the rules of society if they want to.

d.Pursuant to Ethical Egoism a person is not supposed to advance and empower himself or herself but rather let the government take care of him or her.

 

QUESTION 6

1.Adam is a Legal Positivist. Adam likelybelieves that

a.the law should be applied the same in all cases in all circumstances.

b.the law should re­flect universal principles that are part of hu­man nature.

c.the law should not follow decisions made in past cases.

d.the written law of a society at a particular time is the most significant standard of morality.

 

QUESTION 7

1.Which statement is FALSE about the ancient Greek philosophers?

a.Plato’s conception of a Just State is an organizational ideal that evidences a distrust of democracy.

b.Aristotle’s Doctrine of the Mean advises one to be virtuous by selecting the virtuous “mean” between two vice extremes of deficiency and excess.

c.Aristotle’s Ethics of Virtue puts primary emphasis on developing and cultivating good moral traits of character.

d.The Sophists believed that justice, ethics, and morality were universal, objective, permanent, and unchanging norms and standards.

 

QUESTION 8

1.Which statement is NOT part of Kant’s Categorical Imperative?

a.When in Germany, do as the Germans would do.

b.Treat people always with dignity and respect.

c.Act only under those maxims that you would be willing to have as universal “laws.”

d.Act only if you would be willing to be the agent/giver or the receiver of the action.

 

QUESTION 9

1.According to the Universal Law principle in Kant’s Categorical Imperative, what is moral basically depends on:

a.What the United Nations says is legal.

b.What a country’s legislature says is legal.

c.What a society regards as moral law.

d.What would happen, using one’s reason, if all people followed a particular action?

 

QUESTION 10

1.One advantageof the Utilitarian ethical principle is that:

a.It is very egalitarian as all people and groups affected are counted.

b.It has a broad stakeholder component that is similar to modern business constituent group analysis.

c.It conforms to the way most people think about acting by focusing on the consequences of an action.

d.All are advantages.

 

QUESTION 1

1.Mandatory, random, observed drug testing by an employer ethically could be deemed:

a.Moral pursuant to Ethical Egoism for the employer if it conducts the testing in a careful and proper manner and as a result reduces accidents, lost time at work, and health care costs.

b.Moral pursuant to Utilitarianism if the drug testing reduces illegal drug use in society for the betterment of the people as a whole even though some people may feel their rights to privacy have been or may be infringed upon.

c.Immoral pursuant to Kantian ethics if some people feel that mandatory, random, observed drug testing is a disrespectful and demeaning act and an invasion of their privacy.

d.All of the above.

 

QUESTION 2

1.Kantian ethical standards would most likely be considered to have been violated if Acme Services, Inc., repre¬sents to Best Production Company that certain services will be performed for a stated fee, but it is ap¬parent to Acme at the time of the representation that

a.Acme cannot perform the services alone.

b.the actual charge will be substantially higher.

c.the actual charge will be substantially lower.

d.the fee is a competitive bid.

 

QUESTION 3

1.Today, critics of the corporation argue for various corporate governance reform proposals to improve the legal, moral, and socially responsible behavior of the corporation. Which of the following is the most convincing argument for these proposals?

a.These proposals are advisable because corporate managers should never have any duty other than to maximize profits for the shareholders

b.These proposals are necessary because market forces invariably operate to deter any corporate misbehavior

c.These proposals are necessary because existing laws, though extensive, still have moral and social responsibility “gaps”

d.These proposals are inadvisable because they will reduce corporate ability to respond quickly to changing business conditions and therefore will create allocational inefficiency.

 

QUESTION 4

1.Which of the following statements is a correct one?

a.Poor taste ads are generally illegal.

b.Suggestive ads are always immoral.

c.Deceptive ads are generally illegal and immoral.

d.None of the above.

 

QUESTION 5

1.Which of the following statements is incorrect?

a.A theory that says that morality and ethics should be based on law is called Legal Positivism.

b.When a person looks to an outside source for moral rules or commands, he or she might be characterized as an ethical emotist.

c.An ethical theory that maintains that people must choose the action of follow the rule that provides the greatest good to society is called Utilitarianism.

d.An ethical theory that says that people owe moral duties that are based on universal rules is called Kantian ethics.

 

QUESTION 6

1.Which of the following statements is true?

a.Ethics focuses on the way in which ethical principles apply in making moral determinations in life.

b.Ethics is not concerned with the way moral rules are derived.

c.The immoral conduct of corporate management is not likely to affect the behavior of lower-level employees.

d.Ethical codes of conduct cannot help to set the ethical tone of a firm.

 

QUESTION 7

1.EarthLast, Inc. is a heavy polluter. Which of the following would be a philosophical ethical dilemma for Mr. Bill, a manager at EarthLast?

a.Whether or not the Christian Bible allows for pollution

b.Whether or not federal or state law allows for pollution

c.Whether or not pollution is permissible under Mr. Bill’s moral beliefs of right or wrong

d.None of the above

 

QUESTION 8

1.Andersen works for the public relations department of Sigma Sales Company. His job includes putting a “good face” and a positive “spin” on the company’s successes as well as its failures and shortcomings. In this context, “ethics” mainly consists of

a.Machiavellianism

b.Aristotle’s Virtue Ethics

c.Plato’s conception of a “just” organization

d.”Revealed” higher truths.

 

QUESTION 9

1.Mandatory, random, observed drug testing by an employer ethically could be deemed:

a.Moral pursuant to Ethical Egoism for the employer if it conducts the testing in a careful and proper manner and as a result reduces accidents, lost time at work, and health care costs.

b.Moral pursuant to Utilitarianism if the drug testing reduces illegal drug use in society for the betterment of the people as a whole even though some people may feel their rights to privacy have been or may be infringed upon.

c.Immoral pursuant to Kantian ethics if some people feel that mandatory, random, observed drug testing is a disrespectful and demeaning act and an invasion of their privacy.

d.All of the above.

 

QUESTION 10

1.A satisfactory approach to moral business decision-making would encompass:

a.Doing well for the company as per Ethical Egoism.

b.Acting morally for the “greater good” as per Utilitarianism.

c.Achieving this “greater good” without demeaning or disrespecting anyone as per Kantian ethics.

d.All of the above.

 

Reviews

There are no reviews yet.

Be the first to review “What kind of contract is formed when each party makes a promise in return for the other’s promise?”

Your email address will not be published. Required fields are marked *

Sorry no more offers available