LAW 421 Final Exam

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LAW 421 Final Exam (Latest)

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1. When a buyer rejects nonconforming goods and purchases the
appropriate goods from a different seller, this is an example of which
of the following:
Specific Performance
Revoking Acceptance
Lawsuit for Money Damages
Cover

2. Which of the following would be considered intangible property?

Hydrocarbons
Pharmaceuticals
A right of ownership or possession

 An apartment

3. Upon her return home from work, Maria discovered that her lawn
has been mowed and trimmed. An hour later, a male stranger comes to
her door for payment for the lawn work. Maria refuses any payment
because she had not hired him to do the work. In these circumstances
Maria would not have to pay anything.
the man could sue Maria for unjust enrichment.
Maria would have to pay whatever a court finds to be "fair."
the man could sue Maria for breach of an implied, unilateral
contract.

4. The power of preemption is derived from

the Supremacy Clause.
the power of judicial review.
the Commerce Clause.
the Necessary and Proper Clause.

5. Two merchant companies have entered into a contract for the sale
of goods. They have had no prior dealings among themselves that
may establish a course of conduct. The UCC will provide "gap fillers"
to supply missing terms unless
they have failed to specify the price of the goods to be delivered.
they have failed to specify the quality or grade of the goods to be
delivered.
they have failed to specify when payment for the goods is to be
made.

 they have failed to specify where delivery of the goods is to be

made.

6. "What if everyone took these same actions?" is a question

sometimes called the
morality approach.
utilitarian approach.
functionality approach.
universalization approach.

7. Jurisprudence is defined as
the science and philosophy of law
the duties and obligations owed by a citizen
the enactment of laws by a government body
adjudication of law suits

8. Which of the following ADR methods results in a decision rendered

by the hearing officer?
Mediation
Negotiation
Third-party evaluation
Arbitration

9. The principle challenge faced by international courts include

 obtaining universal recognition and participation in its processes

by the U.N. and W.T.O.
articulating universally applicable rules of law that reflect
multiple legal systems faithfully.
enforcing it's judgments on sovereign nations.
finding judges skilled in international law.

10. The following is required for disclaiming a warranty:

Common law authority
Conspicuous language in the sales contract itself
Writing, posted in a public space and incorporated by reference
in the contract
The word "merchantability" need not be included, if a warranty of
merchantability is to be disclaimed

11. The term cybersquatting means

use of mechanical devices(s) or malicious software to deny
service to a company's website.
hacking into a company's website to insert a virus (or Trojan
horse) designed to steal information as the site continues in
operation.
hacking into a company's website to install a virus designed to
cause the company's website to operate extremely slowly.
registering multiple domain names using names from famous
trademarks with an intent to sell them to the companies owning
the famous marks at inflated prices.

12. The UCC will permit an incomplete or slightly ambiguous contract

to be enforced using which of the following criteria?
Past commercial conduct
Correspondence or oral exchanges between the competing
parties
Insertion of any terms judicially determined to be necessary to
establish fairness
Projected industry standards or norms

13. Ben is the manager of a branch of a large bank. He has regularly

taken money from customer's accounts for his own use and falsified
the bank's records to "cover" his actions. Ben is guilty of
engaging in a Ponzi scheme.
racketeering.
conspiracy.
embezzlement.

14. When an offer can only be accepted by performance of the person

to whom it is made, the form of contract involved is
unilateral contract.
bilateral contract.
quasi contract.
implied contract.

15. The utilitarian approach to moral philosophy was founded by

whom?

 Immanuel Kant
Cicero
Kenneth Lay
Jeremy Bentham

16. With regard to the legal element of consideration in a sales

contract, the UCC differs from the common law in that
consideration is not required in sales contracts.
consideration in a sales contract may be modified provided that
adequate additional consideration is given for that modification.
the consideration exchanged must be judicially determined to be
adequate.
consideration in a sales contract may be modified without
additional consideration under certain circumstances.

17. Joan is the CFO of Para Corp. and is a year from retirement. In
order to guarantee herself a substantial bonus and to boost her
retirement benefits, she prepares and intentionally certifies as "true
and correct" false financial reports. She further takes steps to assure
that the financial report are not reviewed through the normal system of
internal controls maintained by Para Corp. Under the provisions of the
Sarbanes-Oxley Act (2002), if her fraud only involves her, what criminal
penalties are possible for Joan?
$2 million in fines and up to 12 years in prison
$1 million in fines and up to 10 years in prison
$5 million in fines and up to 15 years in prison
$10 million in fines and up to 20 years in prison

18. The distinctive color(s) or shape of an item is an example of

patent.
trade dress.
trademark.
copyright.

19. Under the U.S. legal system, subject to some exceptions, fees and
certain costs of litigation
are entirely paid by the prevailing party or parties, as the court
may determine.
are entirely paid by the losing party or parties, as the court may
determine.
are paid by each side paying its own legal fees and costs.
are aggregated by the court and allocated among the parties by
the court based on its determination of "fairness."

20. Which of the following is rarely awarded in contracts cases?

Liquidated damages
Punitive damages
Compensatory damages
Consequential damages

21. Which of the following is a defense to a claim of breach of

contract?

 Insufficient operating capital

Accord and Satisfaction
The bonding company on the Performance Bond denied the
claim
Insurance coverage is sufficient to cover all contingencies

22. The three stripes on Adidas clothing represents a

trade dress.
trademark.
patent.
trade secret.

23. Which of the following is classified as an equitable remedy?

Consequential damages
Liquidated damages
Reformation
Restitution

24. Harry sees a semi-automatic rifle that he likes in a gun shops

window. The price asked for it is $2,500. Harry signs a written contract
promising to pay the $2,500 on Friday, taking possession of the rifle
when payment is made. On Thursday, a law becomes effective making
the ownership, sale, or possession of such a semi-automatic rifle
illegal. The contract between Harry and the shop
automatically terminates due to impracticability.

 is enforceable and not affected by the new law because it was

entered into before the law took effect.
automatically terminates due to impossibility.
automatically terminates due to frustration of purpose.

25. The Digital Millennium Copyright Act (1998) provides

that manufacturers of CD-Writers were required to pay 2% of
their sales into a fund to be distributed to copyright holders
because the CD-Writers could easily copy music and other
copyrighted works.
for removal of restrictions on analog recorders and camcorders
lacking antipiracy features.
those who sell or manufacture vulnerable software products or
services will be subject to civil and criminal penalties.
that ISPs are not liable for copyright infringement by users of
their service if the ISP lacks knowledge of the infringement.

26. Generally, torts law is governed by

State common law.
Constitutional law.
Federal statutory law.
State statutory law.

27. The Sarbanes-Oxley Act (2002) imposed stricter regulations on

how corporations do business in the following area(s):
corporate governance.

 auditing.
financial reporting.
corporate tax inversions.

28. Stan is an investment manager. He has received money from

various investors giving them a promise of very high returns. The
invested money is not supplying enough return to enable payment of
the rate promised, so Stan has started using new investors' money to
pay older investors at the promised rates. By advertising and by word
of mouth, people are anxious to invest with Stan because of the
money being paid, and with the influx of new investors, he is able to
continue operating. Stan is
engaging in a conspiracy to defraud.
racketeering.
operating an insider trading operation.
operating a Ponzi scheme.

1 The state of Kansas has enacted a law requiring all commercial

trucks driving on Kansas roads to have a special type of mud
flaps installed. These mud flaps have been said to make driving
in the rain significantly safer, although absolutely conclusive
data is not available. Any truck entering Kansas without these
installed will be subject to a significant fine and substantial
delay. The cost for purchase and installation of these flaps is
high, at around $5,000 per truck. This Kansas law
is valid exercise of the state's police powers in service of the
safety of its citizens.
has a trivial effect on interstate commerce.
is an undue burden on interstate commerce.

 is an example of exercise of valid state authority over intrastate

commerce.

1 Assumption of risk is a defense to

defamation.
negligence.
battery.
conversion.

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