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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 pre-emption 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 cyber squatting 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 colour(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 defence 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 shop’s 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 manufacturer 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.

29.Assumption of risk is a defense to
defamation
negligence
battery
conversion

30. 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.

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