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BL Final Review MC Part 2
Test Description: MC 41-60
Instructions: Answer all questions to get your test result.
1) A promise may be enforced under the doctrine of promissory estoppel when
A
a person promises to do something that he or she is already obligated to do by law
B
a person promises to do something that he or she is already obligated to do by prior
C
none of these
D
someone intends a gift but consideration is not present
2) Capacity in an organization is created when
A
none of these
B
the organization titles a person as such that others believe that the person has certain authority
C
both of these
D
an employee has the employer's authorization to bind the organization
3) A contract for non-necessaries can be disaffirmed by a person lacking contractual capacity
A
any time after attaining capacity
B
within a reasonable time after attaining capacity
C
any time after ratification
D
within a reasonable time after ratification
4) In addition to discharge by complete performance, a contract may be discharged by
A
operation of law
B
agreement
C
impossibility of performance
D
all of the above
5) An unconscionable contract or clause
A
implies hidden terms not recognized by the buyer
B
contains an unforeseeable obstacle to the contract
C
offends an honest person's conscience and sense of justice
D
none of these
6) If a buyer selects and agrees to buy the goods in the seller's store, the title passes
A
even if payment and delivery take place later
B
when delivery is made
C
when both delivery and payment are made
D
when payment is made
7) In settling a dispute with a business, a consumer may seek help or advice from
A
any of these
B
the state attorney general's office
C
the local Better Business Bureau
D
the customer service department of the corporation
8) All of the following are examples of unfair trade practices except
A
unordered merchandise
B
confidence games
C
competition
D
bait and switch
9) Money under the counter in exchange for orders or industrial espionage are examples of
A
infringements
B
puffing
C
encumbrances
D
commercial bribery
10) Overall, consumer laws help protect against the production and sale of substandard or dangerous consumer goods and provide remedies for persons injured as well
A
none of these
B
requiring licenses and inspections
C
both of these
D
fixing prices to ensure quality
11) An express warranty that obligates the seller to repair or to take replace a defective product without cost to the buyer and within a reasonable time is
A
a limited warranty
B
an implied warranty
C
a warranty of merchantability
D
a full warranty
12) Warranty of title, warranty against encumbrances, and warranty of fitness for a particular purpose are all
A
none of these
B
express warranties
C
implied by law and need not be mentioned in the contract
D
warranties of merchantability
13) Goods such as one's car, clothing, or watch are
A
intellectual property
B
tangible personal property
C
intangible personal property
D
real property
14) When the owner knowingly leaves the property somewhere but then forgets it, the property is considered
A
lost
B
abandoned
C
worthless
D
mislaid
15) When only one of the parties benefits from the bailment
A
a mutual-benefit bailment arises
B
a gratuitous bailment arises
C
an extraordinary bailment arises
D
an involuntary bailment arises
16) Often merchants attempt to modify the duty of care with
A
any of these
B
a contract
C
a disclaimer
D
legislation
17) When you purchase land, you also gain ownership of
A
the air space above the surface
B
the water rights on and under the surface
C
all of these
D
the mineral rights underneath the surface
18) The tenant has the right to
A
sublet the premises
B
all of these
C
use the property
D
possession
19) Under the Fair Housing Act,
A
tenants with children may stay in facilities specified housing for older persons
B
the landlord may refuse tenants who cannot speak the native language of the community
C
the landlord must allow a handicapped person to modify the property on the condition that it will be returned
D
none of these
20) The major type of insurance the covers term, whole, and endowment policies would be
A
casualty
B
social
C
fidelity
D
life
*select an answer for all questions
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