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LAW 421 Final

Exam
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.
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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
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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 its 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.
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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.

29. 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.
30. Assumption of risk is a defense to
Defamation.
Negligence.
Battery.
Conversion.

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