Reference no: EM133531099

Questions

1. Dick's Sporting Goods sells golf clubs. Which of the following warranties is created by the UCC and required of Dick's to provide when it sells the golf clubs?

a) expected warranties

b) express warranties

c) merchant warranties

d) implied warranties

2. Clark Schaeffer and Hackett provides auditing services to its clients. Which action will they need to take if they suspect illegal behavior on the part of a client?

a) consulting

b) auditing

c) qualifying

d) whistleblowing

3. How can a common carrier like R&J Trucking limit its liability for any harm that comes to goods it is transporting for a bailor?

a).nothing, it will be strictly liability

b) by exercising due care

c) by negotiating different liability

d) by making sure the goods aren't damaged

4. Wally lets Edith use his car while he is out of the country for six months. Wally is concerned that Edith will think the car is hers to keep. To ease his mind, what would you tell him is the primary element that distinguishes a gift from a bailment?

a) consideration

b) ownership

c) possession

d) intention

5. Lilo is the Chief Operating Officer for Stitch Products. Which of the following is a type of stock trading she should be concerned about because it is considered insider trading?

a) Reg D

b) crowdfunding

c) non-appropriation

d) short-swing selling

6) Mark has negotiated a promissory note under Article 3 of the UCC. What has Mark done?

a) Transferred the note to a holder not the issuer.

b) Worked out the terms of the deal underlying the note with the other party.

c) Received payment pursuant to the terms of the note.

d) Claimed a valid defense on the note.

7) TB Enterprises and LacTide Inc. are negotiating a contract. They are being especially careful in the drafting of the contract to ensure there are no mistakes. Which of the following mistakes will not be corrected by a court?

a) A provision is ambiguous.

b) A provision was unreasonable.

c) A provision had a typo.

d) A provision is vague.

8) Pan Apartment Management, a landlord, permitted the assignment of a lease from Jake to Flo. Who can Pan sue if there is a breach by Flo?

a) Jake only

b) Jake or Flo, but not both

c) Both Jake and Flo

d) Flo only

9) Littlejohn Inc. has an idea for a new school bus seat. It develops a tangible application of the idea. Which type of intellectual property is it?

a) patent

b) trademark

c) copyright

d) trade secret

10) Which of the following actions would be regulated by the Consumer Financial Protection Bureau?

a) Patrick takes out a payday loan

b) Josh makes telemarketing calls

c) Joe engages in insider trading

d) Justin is harmed by a defective product