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business
essentials of business law

Questions and Answers of Essentials of Business Law

A common carrier’s nonnegotiable receipt for goods accepted for shipment.a. bill of saleb. certifi cate of titlec. condition s ubsequentd. condition pr ecedente. estoppelf. fungible goods g. order
A written statement that the seller is passing, or transferring, ownership to a buyer.a. bill of saleb. certifi cate of titlec. condition s ubsequentd. condition pr ecedente. estoppelf. fungible
A carrier’s receipt for goods accepted for shipment that ensures that the goods will not be delivered unless the original bill of lading is surrendered.a. bill of saleb. certifi cate of titlec.
A provision in a contract that requires the performance of a specifi c act before title passes.a. bill of saleb. certifi cate of titlec. condition s ubsequentd. condition pr ecedente. estoppelf.
A salesperson authorized to sell merchandise for a merchant.a. bill of saleb. certifi cate of titlec. condition s ubsequentd. condition pr ecedente. estoppelf. fungible goods g. order bill of lading
Land and articles permanently attached to it.a. bill of saleb. certifi cate of titlec. condition s ubsequentd. condition pr ecedente. estoppelf. fungible goods g. order bill of lading h. personal
A provision in a contract that requires the performance of a specifi c act after title passes.a. bill of saleb. certifi cate of titlec. condition s ubsequentd. condition pr ecedente. estoppelf.
A legal bar to the use of contradictory words or acts in asserting a claim against a nother.a. bill of saleb. certifi cate of titlec. condition s ubsequentd. condition pr ecedente. estoppelf.
Goods generally sold by weight or measure, such as grain or gasoline, where each unit is like all others.a. bill of saleb. certifi cate of titlec. condition s ubsequentd. condition pr ecedente.
A document that is proof of ownership.a. bill of saleb. certifi cate of titlec. condition s ubsequentd. condition pr ecedente. estoppelf. fungible goods g. order bill of lading h. personal prope rty
Possessions other than real property, such as jewelry.a. bill of saleb. certifi cate of titlec. condition s ubsequentd. condition pr ecedente. estoppelf. fungible goods g. order bill of lading h.
Evidence of ownership provided by a storage facility.a. bill of saleb. certifi cate of titlec. condition s ubsequentd. condition pr ecedente. estoppelf. fungible goods g. order bill of lading h.
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.A bill of sale must be prepared on a specifi c legal form.
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.Title is proof of ownership as shown by a bill of sale.
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.Personal property is land and anything attached to it.
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.A straight bill of lading is an instrument used to collect money owed.
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.The general rule of law regarding the passing of title is that title passes when the
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.A handwritten bill of sale may be an effective legal document.
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.Estoppel is a legal principle that can prevent an owner from recovering his or her own
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.An airbill is similar to a bill of lading except that it covers a shipment made by air.
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.Conditions precedent are required acts that must be performed before title passes.
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.A person who fi nds an article has good title against anyone else except the true owner.
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.The owner of cash who entrusts it to another cannot demand the return of the money from a
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.Title to goods can never pass to another without the consent of the owner.
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.Conditions subsequent are required acts that must be performed after a contract is signed.
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.Title to fungible goods passes when they are delivered.
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.The owner of personal property cannot recover it from an innocent third party who
Patterson was on a group vacation tour when he discovered that his camcorder was not where he had left it on the tour bus. Later on the tour, Patterson noticed another vacationer, Carlsen, with a
Kiang, a sales representative working for Prat’s Appliances, sold a refrigerator to Pogany. After several weeks, Pogany changed her mind and wanted to repudiate the sales contract. Her argument was
Hughes purchased a new Lincoln Continental automobile from Al Greene, Inc., an authorized new car dealership. On the day of the sale, Hughes made a cash down payment and signed a purchase contract
A warranty provided by law for the protection of the buyer and not specifi cally included in the agreement.a. disclaimerb. express w arrantyc. full w arrantyd. implied w arrantye. limited w arrantyf.
An implied warranty that goods are suitable for the specifi c purpose for which they are sold.a. disclaimerb. express w arrantyc. full w arrantyd. implied w arrantye. limited w arrantyf. product lia
What a vague or ambiguous warranty usually means in similar transactions.a. disclaimerb. express w arrantyc. full w arrantyd. implied w arrantye. limited w arrantyf. product lia bility g. custom of
A denial or repudiation of an express warranty made at the time of sale.a. disclaimerb. express w arrantyc. full w arrantyd. implied w arrantye. limited w arrantyf. product lia bility g. custom of
An implied warranty that the seller actually owns the goods sold.a. disclaimerb. express w arrantyc. full w arrantyd. implied w arrantye. limited w arrantyf. product lia bility g. custom of the
Law that provides consumers and users with remedies when they are injured or suffer property damage as a result of defective goods.a. disclaimerb. express w arrantyc. full w arrantyd. implied w
An implied warranty that goods sold are fi t for the ordinary purpose for which they are intended.a. disclaimerb. express w arrantyc. full w arrantyd. implied w arrantye. limited w arrantyf. product
A written or oral promise or statement regarding goods sold.a. disclaimerb. express w arrantyc. full w arrantyd. implied w arrantye. limited w arrantyf. product lia bility g. custom of the
Under the Magnuson-Moss Act, a warranty that requires a seller to repair or replace a defective product without charge within a reasonable time.a. disclaimerb. express w arrantyc. full w arrantyd.
Under the Magnuson-Moss Act, the designation that must be used if a warranty does not meet the minimum requirements.a. disclaimerb. express w arrantyc. full w arrantyd. implied w arrantye. limited w
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.Warranties are promises or statements made by manufacturers or sellers.
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.While the law dealing with warranties is intended to protect the general public, it often
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.Any warranty can be canceled if the seller claims that it is causing him or her to lose
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.A specifi c oral promise made by a seller is an implied warranty.
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.The Uniform Commercial Code clearly specifi es requirements that manufacturers or sellers
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.Sales talk, or puffi ng, is considered a warranty.
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.The implied warranty of merchantability means that all merchants warrant their goods to be
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.There is an implied warranty of title with the sale of merchandise that means the seller
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.Custom of the marketplace can be applied by a court when a warranty is vague and indefi nite.
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.The sale of food involves the implied warranty of merchantability.
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.Promises and statements issued after the sale have no effect on the warranty of a product.
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.A disclaimer of a warranty of fi tness for a particular purpose is effective if it includes
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.The parol evidence rule allows a court to consider oral statements of warranties, even if
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.An implied warranty of fi tness may exist even if the buyer does not make his or her
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.While there are express warranties that relate to quality, there are no implied warranties
Walters bought a power lawnmower. Attached to the engine was a tag that read in part, “For 90 days from purchase date Power Engine Company will replace for the original purchaser, free of charge,
Adano Restaurant Supply, which sells only to commercial customers, sold 200 plastic dishes to Airport Diner. When the owner of the diner attempted to wash the dishes in the dishwasher, they were
Ferguson contracted to buy a quantity of knitting yarn. After receipt he cut it and knitted it into sweaters. At this point, he discovered color variations from one piece to another. Ferguson refused
Using the Internet and search engines, fi nd additional information about the Magnuson-Moss Warranty Act.
The party in an agency contract who represents another.a. agentb. agency by necessityc. agency by ratifi cationd. apparent a uthoritye. attorney in factf. express a uthority g. contract of agency h.
A principal whose existence and identity are not known to third parties.a. agentb. agency by necessityc. agency by ratifi cationd. apparent a uthoritye. attorney in factf. express a uthority g.
The name given to a legal document that formally creates an agency.a. agentb. agency by necessityc. agency by ratifi cationd. apparent a uthoritye. attorney in factf. express a uthority g. contract
The party in an agency contract who delegates power to another.a. agentb. agency by necessityc. agency by ratifi cationd. apparent a uthoritye. attorney in factf. express a uthority g. contract of
An agreement between a principal and an agent in which the agent is vested with authority to represent the principal.a. agentb. agency by necessityc. agency by ratifi cationd. apparent a uthoritye.
An agency coupled with an interest.a. agentb. agency by necessityc. agency by ratifi cationd. apparent a uthoritye. attorney in factf. express a uthority g. contract of agency h. disclosed pr incipal
The authority possessed by an agent that may be reasonably assumed by a third party.a. agentb. agency by necessityc. agency by ratifi cationd. apparent a uthoritye. attorney in factf. express a
The authority possessed by an agent that is specifi cally stated in the agency contract.a. agentb. agency by necessityc. agency by ratifi cationd. apparent a uthoritye. attorney in factf. express a
A principal who is known to third parties.a. agentb. agency by necessityc. agency by ratifi cationd. apparent a uthoritye. attorney in factf. express a uthority g. contract of agency h. disclosed pr
The precise legal term for an agent.a. agentb. agency by necessityc. agency by ratifi cationd. apparent a uthoritye. attorney in factf. express a uthority g. contract of agency h. disclosed pr
The agency that results when a person approves an unauthorized act done in the principal’s name by a person who had no authority to act as agent.a. agentb. agency by necessityc. agency by ratifi
The agency that results when a person fails to support his or her spouse or minor children.a. agentb. agency by necessityc. agency by ratifi cationd. apparent a uthoritye. attorney in factf. express
The authority an agent reasonably assumes he or she has that relates to the express authority granted by the principal.a. agentb. agency by necessityc. agency by ratifi cationd. apparent a uthoritye.
A principal whose identity is not known to a third party who knows he or she is dealing with an agent.a. agentb. agency by necessityc. agency by ratifi cationd. apparent a uthoritye. attorney in
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.A general agent is a person authorized to assume complete charge of his or her
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.A competent party may delegate his or her service on a jury to another by appointing an
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.An agent is reasonable in assuming that he or she has the authority that is related to the
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.An agent is liable to the principal for any losses that result from the agent’s neglect
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.A principal is liable for an agent’s torts and crimes if they were committed in the
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.An agent representing a partially disclosed principal becomes a party to the contract.
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.In a contract between an agent and a third party, the agent can be held responsible to the
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.An employee who performs only mechanical acts under the employer’s direction and is
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.Acts of an employee while performing duties of employment are considered the acts of the
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.If an agency exists “at will,” the principal has the right to revoke the agency
Franklyn, a clerical employee of Woodbury Manufacturing Company, told Buron that he was an agent of the company and made a contract on behalf of Woodbury. Later Woodbury repudiated the contract and
Ferrara made a contract with Perret without informing her that he was acting on behalf of National Steel Wire Company. Ferrara had actual express authority, as provided in his contract of agency with
Washington purchased an automobile from Courtesy Motor Sales, a Ford automobile dealer. After the car was delivered, she discovered that the car she thought was new was in fact used and that the
Blodgett, while walking on a public sidewalk, was injured when a large piece of wood fell from a construction job at the offi ces of Olympic Savings and Loan Association. The construction work was
A relatively new organizational form available in most states that provides all of the owners with limited liability.a. articles of incorporationb. corporationc. duty of cared. duty of loyaltye.
A legal and ethical obligation placed upon a director to administer to the affairs of the corporation with personal integrity, honesty, and candor.a. articles of incorporationb. corporationc. duty of
A business formed as a separate legal entity.a. articles of incorporationb. corporationc. duty of cared. duty of loyaltye. partnershipf. joint v enture g. limited liability company h. limited pa
A business owned and operated by one person.a. articles of incorporationb. corporationc. duty of cared. duty of loyaltye. partnershipf. joint v enture g. limited liability company h. limited pa
A business owned and operated by two or more persons.a. articles of incorporationb. corporationc. duty of cared. duty of loyaltye. partnershipf. joint v enture g. limited liability company h. limited
A legal document that lists the general powers of a corporation.a. articles of incorporationb. corporationc. duty of cared. duty of loyaltye. partnershipf. joint v enture g. limited liability company
A type of corporation that is taxed as a partnership.a. articles of incorporationb. corporationc. duty of cared. duty of loyaltye. partnershipf. joint v enture g. limited liability company h. limited
A legal and ethical obligation placed upon a director to act diligently and prudently in conducting the affairs of the corporation.a. articles of incorporationb. corporationc. duty of cared. duty of
A business in which there are one or more general partners and one or more limited partners.a. articles of incorporationb. corporationc. duty of cared. duty of loyaltye. partnershipf. joint v enture
An activity in which individuals become partners for only a short period of time, or for only a single project.a. articles of incorporationb. corporationc. duty of cared. duty of loyaltye.
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.The great majority of small businesses in the United States are organized as limited
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.The major disadvantage of a sole proprietorship is the fact that the owner of the
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.A disadvantage of a sole proprietorship is the diffi culty the owner faces in raising money

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