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50 terms

Business Law Final Review 1

1-50 OF TEST 1
STUDY
PLAY
To have standing to sue, a party must have been harmed or have been threatened with harm by the action about which he or she complains.
T
A corporation whose shares are held by relatively few persons is a partnership.
F
A power of attorney can be given only to an actual attorney
F
False imprisonment occurs when a person is restrained by another intentionally and without justification
T
Contract law governs franchise relationships
T
To be valid, a security agreement must contain a description of the collateral.
T
An agency relationship can be formed without consideration
T
Estray statutes determine ownership rights in fungible goods that have "strayed."
F
Different standards for air quality apply to sources of pollution in clean areas and sources in polluted areas.
T
Only a foreseeable intervening event can break the connection between a wrongful act and an injury to another.
F
When two conflicting security interests are unperfected, the first to attach has priority
T
Consent is a defense to an allegation of assault, but not battery
F
An advertisement that contains an endorsement by a celebrity may be deemed deceptive if the celebrity does not actually use the product.
T
An offer must be practical to be effective
F
A person acquires title to fungible goods by mixing them.
F
Minimum contacts with a jurisdiction are never enough to support jurisdiction over a nonresident defendant
F
Normally, a court of law will not question the adequacy of consideration
T
Any lawful contract can form the potential basis for an action based on wrongful interference with a contractual relationship.
T
A board of directors cannot conduct business outside a formal meeting.
F
Trademark dilution requires proof that consumers are likely to be confused by the unauthorized use of the mark.
F
The equal dignity rule does not apply to a corporate officer who, in an ordinary business situation, acts on behalf of his or her firm.
T
An independent contractor is an employer who controls his or her agent's performance.
F
Corporate officers may be subject to criminal penalties for violations of the Clean Air Act
T
A close corporation cannot operate as an S corporation.
T
A state court can exercise jurisdiction over any property within the boundaries of the state regardless of the property owner's location.
T
It is possible to copyright an idea.
F
For action to be taken during a shareholders' meeting, a forum must be present.
F
Unless otherwise agreed, the result of an online dispute resolution proceeding may not be appealed to a court.
F
Federal law prohibits vague generalities and obvious exaggerations in advertising.
F
A disclosed principal is not liable to a third party for contracts made by the agent acting outside the scope of his or her authority.
T
A trademark must be registered to support a trademark infringement action
F
An assumption of risk defense does not require that a risk be voluntarily assumed.
F
Insurance is classified according to the amount of the payment on a claim.
F
Before a discharge is granted, a debtor can transfer property or make a payment in preference to one creditor over another.
F
It is generally illegal to send an ad via fax without the recipient's permission.
T
A court's direction to a party to do or to refrain from doing a particular act is a rescission
F
To be enforceable, a memorandum evidencing an oral contract that would otherwise be unenforceable must include all essential terms.
T
No state has adopted the Uniform Commercial Code in its entirety.
F
A fiduciary relationship involves trust and confidence.
T
and includes the artificial structures attached to it
T
An attachment is a court-ordered seizure and taking into custody of property prior to the securing of a judgment for a past-due debt.
T
To vote their shares, shareholders must attend a meeting and vote in person
F
Only a limited partnership's limited partners have a fiduciary obligation to the other partners.
F
Even after a tenant sublets leased premises, the tenant may be obligated to pay rent.
T
For purposes of establishing negligence, causation in fact exists if an injury would have occurred even without the defendant's act.
F
"Piercing the corporate veil" means revealing to shareholders the internal rules of corporate management.
F
Ethics is the branch of philosophy that focuses on what constitutes right and wrong behavior.
T
Any judgment is enforceable
F
A check, like other negotiable instruments, is a formal contract
T
A party's oral agreement to pay another's debt is never enforceable
F