Professional Documents
Culture Documents
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:
a) Specific Performance
b) Revoking Acceptance
c) Lawsuit for Money Damages
d) Cover
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
a) Maria would not have to pay anything.
b) the man could sue Maria for unjust enrichment.
c) Maria would have to pay whatever a court finds to be "fair."
d) the man could sue Maria for breach of an implied, unilateral contract.
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
a) they have failed to specify the price of the goods to be delivered.
b) they have failed to specify the quality or grade of the goods to be delivered.
c) they have failed to specify when payment for the goods is to be made.
d) 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
a) morality approach.
b) utilitarian approach.
c) functionality approach.
d) universalization approach.
7. Jurisprudence is defined as
a) the science and philosophy of law
b) the duties and obligations owed by a citizen
c) the enactment of laws by a government body
d) adjudication of law suits
8. Which of the following ADR methods results in a decision rendered by the hearing
officer?
a) Mediation
b) Negotiation
c) Third-party evaluation
d) Arbitration
12. The UCC will permit an incomplete or slightly ambiguous contract to be enforced
using which of the following criteria?
a. Past commercial conduct
b. Correspondence or oral exchanges between the competing parties
c. Insertion of any terms judicially determined to be necessary to establish
fairness
d. 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
a. engaging in a Ponzi scheme.
b. racketeering.
c. conspiracy.
d. 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
a. unilateral contract.
b. bilateral contract.
c. quasi contract.
d. implied contract.
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?
a. $2 million in fines and up to 12 years in prison
b. $1 million in fines and up to 10 years in prison
c. $5 million in fines and up to 15 years in prison
d. $10 million in fines and up to 20 years in prison
19. Under the U.S. legal system, subject to some exceptions, fees and certain costs of
litigation
a. are entirely paid by the prevailing party or parties, as the court may
determine.
b. are entirely paid by the losing party or parties, as the court may determine.
c. are paid by each side paying its own legal fees and costs.
d. are aggregated by the court and allocated among the parties by the court
based on its determination of "fairness."
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
a. automatically terminates due to impracticability.
b. is enforceable and not affected by the new law because it was entered
into before the law took effect.
c. automatically terminates due to impossibility.
d. automatically terminates due to frustration of purpose
27. The Sarbanes-Oxley Act (2002) imposed stricter regulations on how corporations do
business in the following area(s):
a. corporate governance.
b. auditing.
c. financial reporting.
d. 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
a. engaging in a conspiracy to defraud.
b. racketeering.
c. operating an insider trading operation.
d. operating a Ponzi scheme.
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