1.The Sarbanes-Oxley Act:

a.Requires chief corporate executives to take responsibility for the accuracy of financial

statements.

b.Imposes harsh penalties for violations of securities laws.

c.Imposes strict disclosure requirements.

d.All of the above.

e.None of the above.

2.Courts typically use the ___________________ test to determine whether a contract is primarily for the sale of goods or for the sale of services.

a.Substantial-factor.

b.Predominant-factor.

c.Tangible-factor.

d.None of the above.

3.TFContracts for the sale of services fall under Article 2 of the UCC.

4.What is true about open terms under Article 2 of the UCC?

a.Courts will apply a reasonable price.

b.Courts will apply a reasonable quantity.

c.Courts will apply a reasonable delivery term.

d.All of the above.

5.TFSarbanes-Oxley allows private companies that has filed an initial

public offering to make personal loans to directors and officers.

6.What is true about the statute of frauds not involving merchants?

a.Lease payments of $1,000 or more must be in writing.

b.The sales of goods for over $1,000 must be in writing.

c.The sales of goods for $500 or more must be in writing

d.a. and c.

7.The risk in a contract, with goods to be shipped from Las Vegas, Nevada to Denver, Colorado, with the term "FOB Denver" passes in:

a.Las Vegas, Nevada.

b.Las Vegas, New Mexico.

c.Denver, Colorado.

d.At the Colorado state line.

e.None of the above.

8.TFUnder Reporting and Trading Section 16(b) of the Securities and Exchange Act of 1934, corporations are not allowed to recapture

all profits realized by an insider on a purchase and sale, or sale and

purchase, of the corporation's stock within any six-month period.

9.A security can be:

a.Preferred and common stocks.

b.Bonds.

c.Stock options.

d.Checks.

e.All of the above.

f.a., b., and c.,

10.TFIn order to recover under implied warranty of fitness for a particular

purpose, the defendant must be a merchant.