Business Law True or False

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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.
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True
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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.
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False
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True or False? The doctrine of sovereign immunity can immunize a foreign nation from the jurisdiction of U.S. courts.
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True
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True or False? All nations have some restrictions on imports.
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True
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True or False? The chief aim of the European Union and other trade organizations is to minimize trade barriers among their members.
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True
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True or False? Ethics is the branch of philosophy that focuses on what constitutes right and wrong behavior.
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True
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True or False? An action may be legal and ethical.
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True
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True or False? Business ethics applies only to the owners, operators, and employees of corporations.
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False
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True or False? The minimal acceptable standard for ethical behavior is compliance with the law.
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True
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True or False? A business firm’s profits may suffer if the firm is not a “good corporate citizen.”
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True
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True or False? An instrument payable “with interest” must specify a fixed rate to be negotiable.
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False
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True or False? An agency relationship cannot exist in the absence of a formal agreement.
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False
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True or False? A seller must warn those who buy a product of harm that could result from the foreseeable misuse of the product.
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True
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True or False? A financing statement is effective for only 12 months from the date of filing.
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False
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True or False? The doctrine of commercial impracticability only extends to problems that could have been foreseen.
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False
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True or False? A corporate director is an “owner” of the corporation.
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False
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True or False? Corporate officers hire corporate directors.
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False
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True or False? A director usually serves on a corporation’s board for a life term.
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False
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True or False? Directors are rarely compensated, but when they are, they cannot set their own compensation.
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False
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True or False? To vote their shares, shareholders must attend a meeting and vote in person.
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False
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True or False? A bailment must be in writing to be valid.
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False
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True or False? All bailments include a bailee’s right to use the bailed property.
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False
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True or False? A business firm may have an insurable interest in the life of a key employee.
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True
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True or False? A person who holds all rights in property owns the property in fee simple.
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True
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True or False? Constructive delivery occurs when property is physically transferred.
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False
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True or False? Employers who provide pension plans for retired workers must comply with certain standards in managing plans.
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True
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True or False? An employer may hire an illegal immigrant if the employer files a special form.
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False
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True or False? An employer is not liable for the sexual harassment of an employee by a co-worker.
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False
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True or False? The age Discrimination in Employment Act of 1967 prohibits employment discrimination on the basis of age against persons over eighteen.
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False
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True or False? Whistleblower statutes protect employers who retaliate against their employees for “blowing the whistle.”
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False
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True or False? Federal statutes provide the basis for issuing regulations to control water pollution.
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True
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True or False? A tenant cannot withhold rent for any reason.
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False
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True or False? Even after a tenant sublets leased premises, the tenant may be obligated to pay rent.
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True
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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.
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True
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True or False? Taking private property for public use requires the payment of “just compensation.”
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True
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True or False? Nominal damages are intended to punish a wrongdoer and deter others.
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False
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True or False? A party cannot recover damages for severe emotional distress absent a showing of physical injury.
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False
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True or False? An “assignment of all rights” does not absolve the assignor of liability under the contract that created the rights.
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True
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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.
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False
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True or False? The courts can decide whether the executive branch of the government has acted within the scope of its constitutional authority.
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True
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True or False? An acceptance must not materially change a term in the offer to be considered a valid acceptance.
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True
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True or False? A federal law that conflicts with the U.S. Constitution will be deemed unconstitutional.
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True
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True or False? A valid contract does not require a fair price.
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True
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True or False? One element of a clai for fraud is the intent to deceive.
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True
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True or False? Minimum contacts with a jurisdiction are generally enough to support personal jurisdiction over a nonresident defendant.
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True
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True or False? Resolving whether a promise should be enforced is the essence of contract law.
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True
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True or False? Mutual consideration refers to the legal ability to enter into a contract.
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False
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True or False? Federal courts can rely on this common law as a guide to interpreting legislation.
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True
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True or False? A decision on a given issue by a court is binding on an inferior court.
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True
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True or False? A minor’s right to disaffirm a contract terminates ninety days after the contract’s date.
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False
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True or False? Article 9 of the UCC governs contracts for sales of goods.
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False
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True or False? If it changes the terms between two parties in any way, an alteration of an instrument is material.
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True
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True or False? A security agreement must be filed in person to be valid and enforceable.
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False
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True or False? A corporate officer acts as an agent for the corporation.
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True
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True or False? A security agreement need not contain a description of the collateral to be valid.
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False
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True or False? A person who in good faith acquires a negotiable instrument from a thief can become a Holder in Dur Course.
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True
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True or False? A seller may recover damages if a buyer wrongfully refuses to accept goods that conform to a contract
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True
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True or False? On a lessee’s insolvency , the lessor must stop delivery of the goods.
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False
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True or False? A lessor is a party who acquires a right to the possession and use of goods under a lease.
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False
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True or False? The protection of consumers from unsafe products is a public policy underlying the imposition of strict product liability.
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True

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