Question 1

The Truth-In-Lending Act applies to:

Accepted Answer

A) Commercial credit. 
B) Consumer credit. 
C) Both of the above. 
D) None of the above.

Question 2

The party who agrees to act on behalf of another is called the principal.

Accepted Answer

A) True 
 B)False

Question 3

The SEC has the power to prohibit the issuance of a security because the registration statement is insufficient.

Accepted Answer

A) True 
 B)False

Question 4

All of the following are required for an adoption to take place except:

Accepted Answer

A) The biological parents and adoptive parents personally meet each other. 
B) All procedures of the state law for adoption are met. 
C) The biological parents' legal rights as parents are terminated by legal decree or death. 
D) A court formally approves the adoption.

Question 5

Explain trademarks.

Accepted Answer

The answer of Explain trademarks....

Question 6

The Consumer Product Safety Commission is empowered to:

Accepted Answer

A) Conduct research on the safety of consumer products. 
B) Tell the public which toys they should buy. 
C) Warn the public that some clothing doesn't fit well. 
D) Compare the flavor quality of competing sodas.

Question 7

The partners in a limited liability partnership are liable for the debts of the LLP:

Accepted Answer

A) Beyond their investment. 
B) Not beyond their investment. 
C) Both of the above. 
D) None of the above.

Question 8

The Fair-Use doctrine protects the use of the following:

Accepted Answer

A) Using someone's movie as the basis for a television show. 
B) Using someone's television show as the basis for a parody. 
C) Using someone's photograph in a picture book without permission. 
D) Using someone's statue in an art show.

Question 9

Explain how the Food and Drug Administration regulate drugs and cosmetics.

Accepted Answer

The answer of Explain how the Food and Drug Administration...

Question 10

Lineal descendants share equally when without degree of relationship when the distribution is made per stirpes.

Accepted Answer

A) True 
 B)False

Question 11

Explain the requirements for making a will.

Accepted Answer

The answer of Explain the requirements for making a will....

Question 12

The following type of debt is discharged in Chapter 13,but not in Chapter 7:

Accepted Answer

A) Alimony. 
B) Debts incurred through fraud. 
C) Child Support. 
D) None of the above.

Question 13

The most dominant form of business organization in America is the:

Accepted Answer

A) Partnership. 
B) Proprietorship. 
C) Limited Partnership. 
D) Corporation.

Question 14

An annulment is the legal equivalent of saying,"you and your spouse were never married."

Accepted Answer

A) True 
 B)False

Question 15

A nonlawyer may not be appointed to be someone's attorney-in-fact.

Accepted Answer

A) True 
 B)False

Question 16

Title VII prohibits employment discrimination in the following:

Accepted Answer

A) Decisions regarding promotion or demotion. 
B) Compensation. 
C) None of the above. 
D) Both of the above.

Question 17

All of the following are exceptions to the rule that a principal is not liable for the independent contractor's torts except:

Accepted Answer

A) Nondelegable duties. 
B) Special risks. 
C) Negligence per se. 
D) Negligence in the selection of an independent contractor.

Question 18

The "coming and going" rule says that principals are generally not liable for injuries caused by their agents and employees:

Accepted Answer

A) On their way to the bathroom. 
B) On their way to a business meeting. 
C) On their way to a business lunch. 
D) On their way to work.

Question 19

A greeting card can be copyrighted.

Accepted Answer

A) True 
 B)False

Question 20

Explain the process of foreclosure.

Accepted Answer

The answer of Explain the process of foreclosure....

Exam 1: Midterm One

The Truth-In-Lending Act applies to:

The party who agrees to act on behalf of another is called the principal.

The SEC has the power to prohibit the issuance of a security because the registration statement is insufficient.

All of the following are required for an adoption to take place except:

Explain trademarks.

The Consumer Product Safety Commission is empowered to:

The partners in a limited liability partnership are liable for the debts of the LLP:

The Fair-Use doctrine protects the use of the following:

Explain how the Food and Drug Administration regulate drugs and cosmetics.

Lineal descendants share equally when without degree of relationship when the distribution is made per stirpes.

Explain the requirements for making a will.

The following type of debt is discharged in Chapter 13,but not in Chapter 7:

The most dominant form of business organization in America is the:

An annulment is the legal equivalent of saying,"you and your spouse were never married."

A nonlawyer may not be appointed to be someone's attorney-in-fact.

Title VII prohibits employment discrimination in the following:

All of the following are exceptions to the rule that a principal is not liable for the independent contractor's torts except:

The "coming and going" rule says that principals are generally not liable for injuries caused by their agents and employees:

A greeting card can be copyrighted.

Explain the process of foreclosure.