Exam 1: Midterm One

Article 2 of the UCC governs secured transactions in personal property.

General partnerships must have a written partnership agreement.

The 1934 Securities Exchange Act regulates the conduct of brokerage companies,but not publicly traded companies.

A short-swing profit (the buying and selling of securities by a statutory insider)concerns the following time period:

If a bride-to-be breaks her engagement,she generally must return the engagement ring under both the fault rule and the objective rule standards.

A plaintiff in a copyright infringement suit can win an order ordering the infringing material to be destroyed.

The following is an example of exempt property of the bankruptcy estate:

There are no significant differences between a principal-agent and a principal-independent contractor relationship.

If a mortgage is not recorded,the creditor is still protected,at least as it concerns the debtor's obligation to pay.

Explain what insider trading is,as well as the difference between and insider and a statutory insider.

Paternity actions are brought to establish who the biological mother of a child is.

Spouses can engage in discovery-getting dirt on each other-in no fault divorces.

The FDA allows for some contamination of foods sold the American public.

A person may not be both a general partner and a limited partner in the same limited partnership.

The type of trust that is created in someone's will is a:

"If my niece has predeceased me,then I give my double-barrel shotgun to my nephew" is what type of gift?

In a Chapter 7 bankruptcy,the highest priority claim is a:

Insider trading can be committed by:

Caveat emptor means:

The Federal Trade Commission regulates the labeling of consumer goods.