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51. Preemptive rights entitle shareholders to bring a derivative suit against the corporation. (Points: 2)



52. Damages awarded in a shareholder’s derivative suit go to the shareholder personally. (Points: 2)



53. Before filing a registration statement, an issuer must attempt to sell, or at least offer to sell, the securities. (Points: 2)



54. A corporation whose security does not qualify for an exemption can dispense with the requirement of a registration statement. (Points: 2)



55. State securities laws apply only to interstate transactions. (Points: 2)



56. The U.S. Congress enacts a new federal statute that sets different standards for the liability of businesses selling defective products. This statute applies (Points: 2)

only to matters not covered by state law.

only to those states that adopt the statute.

to all of the states.

to none of the states.

57. A Massachusetts state statute imposes a prison term, without a trial, on all street vendors who operate in certain areas. A court would likely hold this statute to be (Points: 2)


unconstitutional under the commerce clause.

unconstitutional under the due process clause.

unconstitutional under the free exercise clause.

58. Inferior Company sells products that are poorly made. Jack, who has never bought an Inferior product, files a suit against Inferior, alleging that its products are defective. The firm’s best ground for dismissal of the suit is that Jack does not have (Points: 2)




sufficient minimum contacts.

59. In studying the legal environment of business, Professor Dooley’s students also review ethics in a business context. Ethics includes the study of what constitutes (Points: 2)

fair or just behavior.

financially rewarding behavior.

legal behavior.

religious behavior.

60. In making business decisions, Brian, personnel manager for Conservative Investments, Inc., applies his belief that all persons have fundamental rights. This is (Points: 2)

a religious rule.

the categorical imperative.

the principle of rights.


61. Kelly is an appliance salesperson. Kelly commits fraud if, to make a sale, she (Points: 2)

discloses the truth.

represents as a fact something that she knows is untrue.

states an opinion concerning something that she knows nothing about.

uses puffery.

62. Molly shoots Norm with Opal’s pistol. The proximate cause of Norm being shot is most likely attributable to (Points: 2)

Molly and Opal.

Molly only.

Opal only.

neither Molly nor Opal.

63. Amber pushes Brad into the path of an oncoming car driven by Carol. Don tries to rescue Brad, but the car hits both of them. Amber is liable for the injuries of (Points: 2)

Brad and Don.

Brad only.

Don only.

neither Brad nor Don.

64. Rory designs a new computer hard drive, which he names “Sci Phi.” He also writes the operating manual to be included with each final product. Rory could obtain patent protection for (Points: 2)

the hard drive only.

the name only.

the operating manual only.

the hard drive, the name, and the operating manual.

65. In 2009, Sara writes Terror at the Track, a novel about racecar driving. Sara does not register the work with the appropriate government office. Under federal copyright law, Sara’s work is protected (Points: 2)

for ten years.

for twenty years.

for the life of the author plus seventy years.


66. Barb allows Candy to enter Barb’s warehouse and take a DVD player. Charged with theft, Candy can successfully claim, as a defense, (Points: 2)





67. Lara is indicted for a crime. Mac, the arresting officer, advises Lara of her right to counsel. Lara waives the right and confesses to the crime. Later, Lara claims that her confession should be excluded as evidence from her trial. The statement will most likely be (Points: 2)

admitted because Lara knew she did the crime and confessed.

admitted because Lara made it after being advised of her rights.

excluded because a confession is not admissible in a criminal trial.

excluded because it was elicited before Lara was advised of her rights.

68. Mona asserts that a contract she entered into with Nate is unenforceable. Defenses to the enforcement of a contract include (Points: 2)

a desire not to perform.

adverse economic consequences.

results that do not match expectations.

the lack of a party’s genuine assent.

69. Jay tells Kim that he will buy her textbook from the last semester for $80. Kim agrees. Jay and Kim have (Points: 2)

an express contract.

an implied-in-fact contract.

an implied-in-law contract.

a quasi contract.

70. Cory enters into a contract with Dian to act as her personal sports trainer. If they later dispute the meaning, and the contract contains unclear terms, the rules of contract interpretation will give effect to (Points: 2)

the parties’ intent as expressed in their contract.

what the defendant claims was the parties’ intent.

what the plaintiff claims was the parties’ intent.

what the parties now agree they intended.

71. Retail Investment Company offers to sell a certain mall to Shopping Stores, Inc., if it accepts before 10 A.M. Monday. A contract is formed if Shopping Stores’ acceptance is received (Points: 2)

any time on Monday.

before 10 A.M. Monday.

before 11 A.M. Monday.

within twenty-four hours of 10 A.M. Monday.

72. Quix Fix-It, Inc., offers Polly a job as a plumber. No time for acceptance is specified in the offer. The offer will terminate (Points: 2)

after a reasonable period of time.

after a typical work week (five business days).

after a usual month (thirty calendar days).


73. While a minor, Jason buys a car that he continues to use and keep in repair after reaching the age of majority. Jason has (Points: 2)

disaffirmed the contract.

ratified the contract.

rejected the contract.

rescinded the contract.

74. National Insurance Company violates a statute when selling an insurance policy to Opal. The policy may be enforced by (Points: 2)

National Insurance only.

National Insurance or Opal.

no one.

Opal only.

75. Roc buys a farm from Steve, who claims that it would be a prime site for a housing subdivision. Roc later learns that the law does not permit the land to be used for housing. Roc may (Points: 2)

not rescind the contract.

rescind the contract only if Roc did not know the law before the deal.

rescind the contract only if Steve knew about the law before the deal.

rescind the contract only if the law is not common knowledge.

76. Clay buys an MP3 player for $200 and a pair of stereo speakers for $600 from a Discount City store, and downloads $300 worth of digital music from To be enforceable, the contract that must be in writing is the purchase of (Points: 2)

the digital music, the MP3 player, and the speakers.

the MP3 player and the speakers only.

the MP3 player only.

the speakers only.

77. Musical Production Company and Nora enter into a contract that calls for Nora to write six songs for which Musical agrees to pay her. Nora transfers her right to payment under the contract to Omni Entertainment Agency. Nora is (Points: 2)

a delegator.

an assignor.

a payor.

a righter.

78. Rural Development Corporation (RDC) and Sid enter into a contract for the clear-cutting of RDC’s 50-acre tract for which RDC agrees to pay Sid. Sid transfers his duty to log the tract under the contract to Timber Logging Company. Timber is (Points: 2)

a delegatee.

an assignee.

an obligee.

a prohibitee.

79. A zoning law that affects the lease will cause its termination. Union City’s zoning board adopts a new zoning classification that affects the lease. This adoption satisfies (Points: 2)

no condition.

the condition precedent.

the concurrent condition.

the condition subsequent.

80. Rite-Bilt Contractors, Inc., agrees to build a motel for Slumber Motels Corporation. The project proceeds according to plan, but before it is done, Slumber tells Rite-Bilt to quit. Rite-Bilt may recover (Points: 2)

the contract price less costs of materials and labor.

the contract price.

the costs needed to complete construction.

profits plus the costs incurred up to the time of the breach.

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