LAW531 All Quizzes – Week 1 to Week 6

LAW 531 All Quizzes – Week 1 to Week 6LAW 531 Week 1 Quiz1. The Black Squirrel limited partnership has been in operation for many years, but has recently fallen on hard times. The partners have decided to dissolve, although there are few assets remaining in the partnership. Shortly after the partnership filed its certificate of limited partnership, the partners had foresight to incorporate into their partnership agreement a provision that, in the event of dissolution, the assets would be distributed in payment of claims first to limited partners, then to general partners, then to creditors. Hilda is a limited partner and feels relieved that she will receive at least a portion of her capital. Henry, one of the general partners, said that this provision is void and unenforceable. Which of the following best describes the situation?The provision placing limited partners ahead of general partners is unenforceable, thus all partners would be on equal footing and ahead of creditors.The distribution of assets in the event of dissolution is one of the few provisions where the Revised Uniform Limited Partnership Act does not allow modification.The distribution, as called for in the agreement, would be enforceable if it had been included in any filings related to the limited partnership.The provision placing partners ahead of the creditors is not enforceable, but the priority of limited partners over general partners is enforceable.2. Which of the following is true of the Federal Arbitration Act?It provides that arbitration agreements are valid, irrevocable and enforceable.It permits an appeal for all arbitration awards.It applies only to breach of contract disputes.It governs all types of alternative dispute resolution.3. Which of the following is true regarding mediation?A mediator does not make a decision or an award.If a settlement agreement is not reached in mediation, then the parties hire a new mediator.A settlement agreement is never reached with a mediator.Was created by the Federal Mediation Act of 1925.4. Which of the following is true of a corporation?A corporation is a separate legal entity.Corporation shareholders are subject to unlimited personal liability.A corporation terminates upon the death of an owner.Corporation owners are only taxed once on earnings.5. Which form of alternative dispute resolution occurs when the parties choose an impartial third party to hear and decide their dispute?ArbitrationMini-trialMediationConciliation 6. Which of the following of one of the major purposes of a settlement conference?To contest the local court rulesTo facilitate the settlement of a caseTo conduct discovery for a caseTo structure a settlement payment schedule. 7. When parties agree in advance to adhere to an arbitrator’s decision and award, it is known asAppealableMediationArbitrator discretionBinding arbitration 8. George has served Mary with a complaint alleging breach of contract. Mary has never been sued before and as such, she seeks your advice on what to do with the complaint. You advise that sheshould not respond to George’s complaint as an answer implies an admissionanswer George’s complaint by admitting or denying the allegations George has asserted against herwrite a letter to the judge saying that George is mistakenanswer George’s complaint but do not provide any affirmative defenses that George can use against her9. Martha started a flower shop as a sole proprietor. After 1 year, she was forced to close the shop because business was so bad. At that time, the business assets totaled $50,000, but the business liabilities totaled &125,000. Which of the following statements is true?Once Martha terminates the sole proprietorship, she is no longer liable for the $50,000.Martha’s business creditors can collect only the $50,000 now. But if Martha ever goes into business again, they can get the assets of the new businessMartha’s business creditors can collect only the $50,000 of business assets.Martha is personally liable for the additional $75,000 owed to business creditors.10.Which of the following is true in the creation of a general partnership?The business must have the names of all the partnersThe name selected cannot indicate that it is a corporationThe business name cannot be a fictitious nameThe business cannot operate under a trade name.11. Which of the following is true about the choice of business entity for an entrepreneur?The choice is determined by the Internal Revenue Service based on all the facts and circumstancesThe choice is determined solely by whether the primary business is services or goods.The choice takes into account many factors; including finding an option that has all the characteristics desired.The choice is determined solely by the amount of capital invested.12.Fred and Ginger are general partners in a business. They decide to purchase a building for the partnership. Ginger will put up the money for the building, and Fred will complete the remodeling. While inspecting the building, Fred is informed that the building is packed full of asbestos. He fails to tell Ginger of the presence of the substance. The buy the building and go into the business. During the remodeling of the building, people from the neighborhood begin complaining about the dust from the building. Some of them even threaten to sue. Who is liable?Neither Ginger nor Fred are liable personally, nr is the partnership, as they did not put the substance in the building.Both Ginger and Fred are liable, regardless of the circumstances, by virtue of the fact that they are partners.Ginger is liable because she is the one who purchased the building. Fred is not liable, even though he had actual knowledge, because he did not purchase the building.Fred is liable because he was put on notice of the presence of the substance. Ginger is not liable because she did not have actual knowledge.13. There are two general partners, each of whom contributes $5,000 in capital to a limited partnership. There are two limited partners each of whom contributes $20,000. The total amount of capital contributed is $50,000. The limited partnership agreement does not stipulate how profits and losses are to be allocated. Assume that the limited partnership makes $300,000 in profits. Under the Revised Uniform Limited Partnership Act (RULPA), how much would each partner receive?Each general partner would receive $50,000, and each limited partner would receive $100,000.All partners would receive $75,000, regardless of whether he or she is a general or a limited partner.Each general partner would receive $30,000, and each limited partner would receive $120,000.Each general partner would receive $120,000, and each limited partner would receive $30,000.14.Which of the following is true of arbitration?A resolution may or may not be reachedOne party usually drops the caseA judicial referee makes recommendations to the partiesParties can introduce evidence to support their case.15.Which type of business formation is typically reserved for professionals such as accountants, lawyers, and doctors?FranchiseLimited Liability Partnership (LLP)Limited Liability Company (LLC)S-Corporation16.What us the effect of having a corporation as the general partner of a limited partnership?Each shareholder of the corporation will be treated as a limited partner of the limited partnershipThe liability of the corporate general partner will be limited to the amount of its assetsEach shareholder of the corporation will be treated as a general partner of the limited partnershipThe limited liability of the corporation will result in the limited partners having greater liability that they would otherwise.LAW 531 Week 2 Quiz1. Mary was getting a ride home in John’s new car. On the way, a malfunctioning brake caused an accident and both Mary and John were injured. Which of the following statements is true of the situation?Mary can file a negligence lawsuit against the dealership that sold Jon his car.Mar can file a strict liability suit against JohnJohn can file a negligence lawsuit against the dealership from which he bought the car.Mary can recover damages for her injury under a theory of strict liability against the manufacturer of John’s car.2. Select the option which best completes this statement: Enterprise Risk Management is most effective when it is a(n)___________ process.OngoingOne-timeInformalStatic3. Dorothy purchases a chair that was made by Woode Designs, Inc. While making the chair, the legs were not fixed properly to the base. When Dorothy sits on the chair, it breaks and she is injured. In a strict liability lawsuit, which of the following can Dorothy cite as a defect in the chair?Defect in designFailure to provide adequate instructionsFailure to warnDefect in manufacture4. Which of the following statements below best describes the concept of Enterprise Risk Management?People, systems, and processes working together across the organizations to systematically thin about and manage a wide range of risks that could impede achieving organizational objectives/ opportunity.Management of a single function of an organization that, upon implementation and testing, is then processed entity wideA process affected by an entity’s leaders, management, and other personnel that is designed to identify potential events that may affect the entity, and to manage riskAn approach that capitalizes on human intervention as processed through real change leaders.5. Which of the following is the best statement of the test applied in determining if a defendant’s actions were the proximate cause of the plaintiff’s injuries?Was it foreseeable to the plaintiff that the defendant would engage in this conduct?Was the injury foreseeable to the plaintiff prior to the injury’s occurrence?Was it foreseeable that the defendant’s conduct would lead to the kind of injury that the plaintiff suffered?Was it foreseeable that the defendant was the cause of plaintiff’s injuries given the nature of those injuries?6. Bartie’s Inc. sells watercolors and pastels that are marketed as safe for use by children. However, several accounts of lead poisoning were reported in children who used the products. An investigation revealed that the company was knowingly manufacturing colors that contained toxic amounts of the heavy metal. Which of the following torts has Bartie’s Inc. committed?Professional malpracticeDisparagementAssaultIntentional misrepresentation7. A plaintiff wants to sue a defendant under a tort theory of negligence for his injuries, but the plaintiff knows he was partially at fault for his own injuries. Which of the following is true?A state whose law applies contributory negligence will not allow the plaintiff to recover if the plaintiff has any fault for his injuries.If the plaintiff’s fault is only 5 percent, his recovery will be the same under either pure or partial comparative negligenceBecause the plaintiff is partly at fault, he will not be able to recover under either comparative or contributory negligenceThe plaintiff will have to elect whether to sue under comparative or contributory negligence.8. Diane bought an action figure for her son David from Terrence’s Toy Shop. The packaging did not mention that the toy contained small detachable parts. David accidentally swallowed and choked on one of the detachable parts and had to be taken to the hospital. On which of the following product liability charges can Diane sue Terrence’s Toy Shop for damages?NegligenceMisrepresentationFraudNuisance9. The failure to design an automobile that will properly protect the occupants from a person’s body striking something inside their automobile is known asQuality control doctrineDefective design doctrineCrashworthiness doctrineFailure to design doctrine10. Which of the following is a defect in manufacture?Failure to properly design the productFailure to include adequate instructions for the productFailure to properly test the productFailure to properly package the product.11. Making false statements about a competitor’s products, services, property, or business reputation could make a company liable forIntentional misrepresentationTort of appropriationMisappropriation of the right to publicityDisparagement12. George, Jerry and Harry are passengers on a flight from Chicago to New York. They injure their legs when their seatbelts do not fasten during takeoff. The airline is sued by all three together for injuries caused and the airline is found to be negligent and is directed by the court to pay damages to the injured parties. Which of the following parties is entitled to recover maximum damages?Jerry, a professional football player who earns $2 million a yearAll the men recover the same amount of damages, irrespective of their income or professionGeorge, a retired professor who gets a pension of $50,000 a yearHarry, a chartered accountant who earns $200,000 a year13. In order to recover in a products liability case based on strict liability the plaintiff must prove that the product had the defect thatMade the product unreasonably dangerousThe defendant was aware ofWas caused by the defendantAffect the value of the product14. Which of the following is a key element of successful Enterprise Risk Management? Strong investment strategiesNondisclosure agreementsManagement commitmentLegal counsel15. Assuming that statutory requirements have been met, what is protected under merchant protection statuses?Merchants are protected from false imprisonment claims of persons detained on suspicion of shopliftingMerchants are protected from product disparagement claims of their competitorsMerchants are protected from negligence claims on their business premisesMerchants are protected from the intentional torts of their customers.16. John Harley was on his way home when an assailant stopped his car and threatened to physically harm him if he ever saw him drive on that street again. John can sue the assailant to recover damages forAssaultLibelBatteryDisparagement17. Gary Govetty is a famous movie star. A tabloid published an interview with his ex-girlfriend in which she falsely claimed that Gary was completely bald and had been wearing a wig for several years. Gary can sue his ex-girlfriend forDisparagementInvasion of privacySlanderLibel18. According to the doctrine of ________, the plaintiff is not required to prove that the defendant breached a duty of care.Contributive negligenceComparative negligenceAssumption of taskStrict liability19. How does disparagement differ from a defamation of a nonpublic figure?Malicious intent is required for a disparagement case, but is not required in the defamation casePublication to a third party is required in the defamation case, but not in the disparagement caseMalicious intent is required for the defamation case, but not in the disparagement casePublication to a third party is required in the disparagement case, but not in the defamation case20. Which best describes assumption of the risk in a negligence case?The plaintiff was involved in an abnormally dangerous activityThe defendant gave advance warning to the plaintiff that an injury would occurThe plaintiff knowingly and willingly subjected herself to a risky activityThe plaintiff is more at fault than the defendant causing the accidentLAW 531 Week 3 Quiz1. Which of the following is true about the public use doctrine?The inventor has to test his invention in the public domain, to measure its validity, before being granted a patentA patent will not be granted if the invention was already in public use for one year before filing applicationAn invention cannot be used in the public domain prior to it being granted a patentThe invention will come into the public domain once its time period has expired2. Which of the following is an equitable doctrine designed to prevent unjust enrichment and unjust detriment where no actual contract exists?The doctrine of Quantum meritThe doctrine of implied-in-law contractThe express contract doctrineThe doctrine of formal contracts3. Which of the following examples is a bilateral contract?Mary pays Bob for painting her houseMary promises to pay Bob if Bob promises to paint her houseMary pays Bob for Bob’s promise to paint her house on SaturdayBob paints Mary’s house and Mary promises to pay Bob on Saturday.4. Which of the following if the best definition for the legal term promissory estoppels?A promise made in a contract must be an express promise in order to be validA party to a contract cannot promise to provide illegal considerationA gift promise made in an estate is valid and legalA party to a contract cannot withdraw a promise if the other party to the contract relied upon the promise to his or her detriment.5. A(n) ________is an agreement that is stated orally or in written words.Express contractQuasi contractImplied-in-fact contractImplied-in-law contract6. An individual who finds the personal property of another, acquires legal title to that property against the entire world, only if it is what type of personal property?Mislaid propertyStolen propertyLost propertyAbandoned property7. In order for a response to be considered a legal acceptance to an offer, and not a counter offer, what rule must apply?The voluntary performance ruleThe mirror image ruleThe public law ruleThe lapse of time rule8. Wildboards Company introduces a product called a “Rollerboard” for which it is granted a registered trademark. The Rollerboard is a snowboard with a removable row of wheels along the center of the underside. With the wheels attached, the user can attain extremely high speed in hard-packed snow conditions. In addition, many users have found that they can use their snowboards on streets with the wheels attached. This new use of snowboards becomes very popular and many competing snowboard makers introduce similar products. The sport becomes known generally as rollerboarding and most people refer to all such wheeled snowboards as rollerboards. What is the consequence of this scenario?Wildboards cannot stop competitors from using the term “rollerboard” for their products.Competitors must pay royalties to Wildboards for using the term “rollerboard”.Wildboards can no longer use the name Rollerboard on its boards.Competitors must put a disclaimer on their boards that they are not the original Rollerboards.9. Parties enter into a contract for services and one party commits a breach. The party who breached wants to continue with the contract but wants the terms revised. What is the best method of dispute resolution?MediationNegotiationArbitrationMed-Arb10. Apart from recovering damages, and recovering profits made by the offender, successful plaintiffs in a misappropriation of a trade secret case can alsoAsk for transfer of any of the offender’s patents to the plaintiffObtain the offender’s trademarks or brand name as payoffAsk to acquire the offender’s trade secrets as payoffObtain an injunction prohibiting the offender from divulging the trade secret11. Oral agreements may be legally enforceable contracts with the exception of some types of contracts specified in which law?Statute of LimitationsCommon Law StatuteStatute of Verbal ContractsStatute of Frauds12. Consideration, which is requires in a contract, consists of which two elements?Legal value must be given and there must be a bargained-for exchangeMoney must be received and a promise fulfilledMoney must be paid and fund receivedLegal value is appropriate and the value is paid 13. Which of the two parties are involved in every contract? A buyer and sellerAn offeror and offereeA breaching party and a non-breaching partyAn initiator and a responder14. Which of the following types of real property rights can be sold properly from land?Minerals in the subsurfaceBuildings and improvements on the landImprovements under the landBuilding fixtures on the land15. Which of the following is true when someone mistakenly makes an improvement to the personal property of another?The property owner gets to keep all of the improvement and is not required to pay for it.The party who made the improvement must remove all easily removable improvements, paying any damages from the removal; otherwise the owner of the property gets to keep the improvement and is not required to pay for it.The party who made the improvement can remove it if this is possible; otherwise, the owner of the property must keep the improvement and pay the party who improved it the reasonable value of the improvement.The property owner gets to keep the improvement in all cases, but must pay the part who improved it the reasonable value of the improvement.16. Contracts are discussed primarily in Sections 2 and 2A of the Uniform Commercial Code pertaining to which of the following transactions?Financing of consumer goodsSale of commercial goodsSale of goods and lease of goodsSale of real property17. Jenson and Johnson enter into a contract that involves Johnson paying Jenson $1,000 for shoveling the snow from his driveway throughout the winter. Jenson, who was paid before work commenced, breached the contract on the very first day. He should refund $1,000 to Johnson asLiquidated damagesCompensatory damagesConsequential damagesRestitution18. Some trees were cut down and made into lumber, and the lumber was used to build a house. What type of property were the trees while they were growing, when they were lumber, and when they became part of the house respectively?Personal, real, realReal, real, personalReal, personal, realPersonal, personal, real19. Under section 2 of the Uniform Commercial Code (UCC), a contract for the sale of goods must be written if that contract is for what monetary value?$50 or more$1,000 or more$500 or more$200 or moreINCLUDES WEEK 4, WEEK 5, WEEK 6 QUIZZES