The Uniformed Commercial Code (UCC) Article 2 applies to a. some sales of land but no sales of services.. b. the sale of goods and some sales of services but no sales of land. c. only for the sales of goods. d. no sales for land or services but for some goods and real estate. 1 points QUESTION 2 When a contract fails but one person reasonably relied on another person's promise to their detriment, this is called a. unjust enrichment b. quasi contract c. promissory estoppel d. implied in fact contract 1 points QUESTION 3 A third party may be liable for intentionally interfering with a contract between two other parties that are contracting. True False 1 points QUESTION 4 The following is applicable to the statute of frauds a. a service that can only be completed within six months, goods over $500 and real property that requires a loan b. a promise to pay money, services and goods over $500 c. services that cannot be completed within one year, any and all goods, and a promises to pay another person's debts d. sale of real property, goods over $500 and promises to pay another person's debts 1 points QUESTION 5 The Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) is similar to other environmental laws but unique in that enforcement is carried out by the FTC in addition to the EPA. True False 1 points QUESTION 6 Antitrust laws... are designed to regulate markets to ensure competition and address monopolies, oligopolies and other activities that are determined to be anticompetitive. require strict adherence to the Sherman Antitrust Laws in which there are no defenses to violations of these laws are only enforced by the U.S. Department of Justice. are limited to U.S. laws in which all businesses must only adhere to federal laws, regulations and regulators that are designed to promote and preserve competition 1 points QUESTION 7 Strict liability imposes liability provided there is proof of negligence or fault. True False 1 points QUESTION 8 In a negligence claim, the duty of care and breach of duty is analyzed by a. what the plaintiff subjectively expects from the defendant in terms of a duty and upholding that duty b. what the defendant acknowledges is his or her duty and how he or she is to uphold that duty c. what the plaintiff believes is the duty but what the defendant believes is the standard of care d. the general principle that everyone must take reasonable care in all actions so as not to injure person in which the objective standard of care is that of a reasonable person 1 points QUESTION 9 A secured creditor is more secure than an unsecured creditor because a secured creditor may recover the collateral property that was provided for the debt whereas the unsecured creditor cannot recover against the property that is secured. True False 1 points QUESTION 10 CERCLA is a general negligence law that holds responsible parties liable for clean up costs if they failed to exercise reasonable care such that they were at fault and their fault proximately caused the environmental damage True False 1 points QUESTION 11 In a fee simple absolute a. The owner has full and absolute control, however, the owner eventually loses the property by a reversion to an owner of a future interest. b. the owner has full and absolute control over the land as permitted by law. c. Ownership in an estate is in effect for the length of one's life. d. an owner has possession over property until death. 1 points QUESTION 12 The following federal law requires certain disclosures and provides certain rights to consumers where written warranties are provided a. Consumer Protection Act b. Freedom from Deceptive Trade Practices Act c. Magnuson-Moss Warranty Act d. Uniform Warranty Act 1 points QUESTION 13 Bankruptcy... a. enables an individual to wipe out all of his or her debts, including student loans, by properly filing for bankruptcy in federal court b. allows a state court to relieve a party from certain debts thereby giving the debtor a fresh start through the bankruptcy process. c. allows a federal court to relieve a party from certain debts thereby giving the debtor a fresh start through the bankruptcy process. d. is a federal court action, including three chapters based on the debtor's status, which seeks to give the debtor a fresh start through the elimination of certain debts provided the debtor and debts meet the appropriate federal criteria 1 points QUESTION 14 The following damages may be recoverable in a typical contract case a. incidental damages b. compensatory damages c. consequential or special damages or liquidated damages d. all of he above may be recoverable in a typical contracts case 1 points QUESTION 15 Consumers are a. not protected by common law or state law, but are protected by federal laws and regulations including the Fair Debt Collection Practices Act b. mostly protected by common law and state law, and also protected by federal laws and regulations to a lesser extent c. protected by common law, state law and federal laws and regulations--the latter which are very comprehensive and provide consumers with various protections and remedies d. on notice that they are buyers and should beware of sellers such that they have few, if any legal rights and remedies when buying and/or borrowing 1 points QUESTION 16 Under the UCC, the implied warranty of fitness for a particular purpose is the seller's warranty to the buyer that arises based upon the buyer needing the item for a regular purpose such that the buyer relies on the seller to furnish the item for that regular purpose True False 1 points QUESTION 17 Which of the following describes the requirements for a contract that falls under the statute of frauds-- offer, acceptance and performance offer, acceptance and a writing evidencing the contract offer, acceptance, performance and a writing evidencing the contract offer, acceptance, consideration and a writing evidencing the contract 1 points QUESTION 18 The following are the elements of negligence: a. a duty, a breach of duty, and damages that are actually and proximately caused by that breach of duty b. an action and damages that are actually and proximately caused by that breach of duty c. a broken law and the civil damages that are caused by that broken law d. a hazardous action that causes severe damages 1 points QUESTION 19 Employers... Can never be sued for what they say about a former employee. May have qualified privilege but should be careful about what they say about former employees who can potentially sue for defamation. can be criminally liable to OSHA if they defame their employees, and criminally liable to the SEC for intrastate offerings of securities are liable if they make any false statements about a past employee that is found to be untrue. 1 points QUESTION 20 Adverse possession allows a person to obtain title to real property by actually possessing a portion of the property for a number of years even if it is without the permission of the owner so long as the person improves the property. True False 1 points QUESTION 21 An industry may be required under federal law to adopt the best available technology economically achievable in order to meet certain pollution emission standards True False