question

True or False? International law attempts to reconcile the authority of each nation over its own affairs with its desire to benefit from trade and harmonious relations.

answer

True

question

True or False? A treaty is a contract or other agreement between two or more nations that must be ratified by the United Nations to take effect.

answer

False

question

True or False? The doctrine of sovereign immunity can immunize a foreign nation from the jurisdiction of U.S. courts.

answer

True

question

True or False? All nations have some restrictions on imports.

answer

True

question

True or False? The chief aim of the European Union and other trade organizations is to minimize trade barriers among their members.

answer

True

question

True or False? Ethics is the branch of philosophy that focuses on what constitutes right and wrong behavior.

answer

True

question

True or False? An action may be legal and ethical.

answer

True

question

True or False? Business ethics applies only to the owners, operators, and employees of corporations.

answer

False

question

True or False? The minimal acceptable standard for ethical behavior is compliance with the law.

answer

True

question

True or False? A business firm's profits may suffer if the firm is not a "good corporate citizen."

answer

True

question

True or False? An instrument payable "with interest" must specify a fixed rate to be negotiable.

answer

False

question

True or False? An agency relationship cannot exist in the absence of a formal agreement.

answer

False

question

True or False? A seller must warn those who buy a product of harm that could result from the foreseeable misuse of the product.

answer

True

question

True or False? A financing statement is effective for only 12 months from the date of filing.

answer

False

question

True or False? The doctrine of commercial impracticability only extends to problems that could have been foreseen.

answer

False

question

True or False? A corporate director is an "owner" of the corporation.

answer

False

question

True or False? Corporate officers hire corporate directors.

answer

False

question

True or False? A director usually serves on a corporation's board for a life term.

answer

False

question

True or False? Directors are rarely compensated, but when they are, they cannot set their own compensation.

answer

False

question

True or False? To vote their shares, shareholders must attend a meeting and vote in person.

answer

False

question

True or False? A bailment must be in writing to be valid.

answer

False

question

True or False? All bailments include a bailee's right to use the bailed property.

answer

False

question

True or False? A business firm may have an insurable interest in the life of a key employee.

answer

True

question

True or False? A person who holds all rights in property owns the property in fee simple.

answer

True

question

True or False? Constructive delivery occurs when property is physically transferred.

answer

False

question

True or False? Employers who provide pension plans for retired workers must comply with certain standards in managing plans.

answer

True

question

True or False? An employer may hire an illegal immigrant if the employer files a special form.

answer

False

question

True or False? An employer is not liable for the sexual harassment of an employee by a co-worker.

answer

False

question

True or False? The age Discrimination in Employment Act of 1967 prohibits employment discrimination on the basis of age against persons over eighteen.

answer

False

question

True or False? Whistleblower statutes protect employers who retaliate against their employees for "blowing the whistle."

answer

False

question

True or False? Federal statutes provide the basis for issuing regulations to control water pollution.

answer

True

question

True or False? A tenant cannot withhold rent for any reason.

answer

False

question

True or False? Even after a tenant sublets leased premises, the tenant may be obligated to pay rent.

answer

True

question

True or False? Under the covenant of quiet enjoyment, a landlord promises that a tenant will not be disturbed in the possession of the premises.

answer

True

question

True or False? Taking private property for public use requires the payment of "just compensation."

answer

True

question

True or False? Nominal damages are intended to punish a wrongdoer and deter others.

answer

False

question

True or False? A party cannot recover damages for severe emotional distress absent a showing of physical injury.

answer

False

question

True or False? An "assignment of all rights" does not absolve the assignor of liability under the contract that created the rights.

answer

True

question

True or False? When a third party beneficiary has no right to control the details of performance of a contract, it indicates that the third party is an intended beneficiary.

answer

False

question

True or False? The courts can decide whether the executive branch of the government has acted within the scope of its constitutional authority.

answer

True

question

True or False? An acceptance must not materially change a term in the offer to be considered a valid acceptance.

answer

True

question

True or False? A federal law that conflicts with the U.S. Constitution will be deemed unconstitutional.

answer

True

question

True or False? A valid contract does not require a fair price.

answer

True

question

True or False? One element of a clai for fraud is the intent to deceive.

answer

True

question

True or False? Minimum contacts with a jurisdiction are generally enough to support personal jurisdiction over a nonresident defendant.

answer

True

question

True or False? Resolving whether a promise should be enforced is the essence of contract law.

answer

True

question

True or False? Mutual consideration refers to the legal ability to enter into a contract.

answer

False

question

True or False? Federal courts can rely on this common law as a guide to interpreting legislation.

answer

True

question

True or False? A decision on a given issue by a court is binding on an inferior court.

answer

True

question

True or False? A minor's right to disaffirm a contract terminates ninety days after the contract's date.

answer

False

question

True or False? Article 9 of the UCC governs contracts for sales of goods.

answer

False

question

True or False? If it changes the terms between two parties in any way, an alteration of an instrument is material.

answer

True

question

True or False? A security agreement must be filed in person to be valid and enforceable.

answer

False

question

True or False? A corporate officer acts as an agent for the corporation.

answer

True

question

True or False? A security agreement need not contain a description of the collateral to be valid.

answer

False

question

True or False? A person who in good faith acquires a negotiable instrument from a thief can become a Holder in Dur Course.

answer

True

question

True or False? A seller may recover damages if a buyer wrongfully refuses to accept goods that conform to a contract

answer

True

question

True or False? On a lessee's insolvency , the lessor must stop delivery of the goods.

answer

False

question

True or False? A lessor is a party who acquires a right to the possession and use of goods under a lease.

answer

False

question

True or False? The protection of consumers from unsafe products is a public policy underlying the imposition of strict product liability.

answer

True

Business Law True or False – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards