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The common law and equity law system in the United States was emerged from
A. France
B. Russia
C. England
D. Germany
C
In a ________________, the sale is not complete until the buyer approves the goods.
A. Sale on approval.
B. Sale or return.
C. Sale or exchange.
D. Sale on agreement.
A
Goods that are specifically made for the buyer and are of such an unusual nature that they are not suitable for sale in the ordinary course of the seller's business are called:
A. Nonresellable goods.
B. Existing goods.
C. Future goods.
D. All.
A
The contract for sale of goods must exist in writing when the sale price is:
A. $ 300 or more.
B. $ 200 or more.
C. $ 500 or more.
D. $ 1,000 or more
C
A _______________ provides written evidence of one's title to tangible personal property.
A. Bill of sale.
B. Invoice.
C. Receipt.
D. All.
A
The consideration in a sales contract is generally expressed in terms of money or money's worth and is known as the ______________.
A. Cost.
B. Expense.
C. Price.
D. All
C
_______________ are those both in existence (as contrasted with goods not yet manufactured) and then owned by the seller:
A. Existing goods.
B. Future goods.
C. Both existing goods and future goods.
D. None of above.
A
A (an) _________________ means that one party conveys rights in a contract to another who is not a party to the original undertaking.
A. Assignment.
B. Delegation.
C. Novation.
D. All
A
A (an) ______________________ is one to whom the promise owes no legal duty but to whom performance is a gift.
A. Creditor beneficiary.
B. Donee beneficiary.
C. Incidental beneficiary.
D. All.
B
_________________ means the repudiation of a contract; that is, the election to avoid it or set it aside.
A. Disaffirmance.
B. Conducting contract.
C. Signing contract.
D. None of above.
A
To be protected when dealing with a minor, a businessperson should have an adult join in the contractas a(n):
A. Co-signatory.
B. Convict.
C. Intoxicated person.
D. Incompetent person.
A
________________ is the assent to an offer that results in a contract.
A. Acceptance.
B. Offer.
C. New offer.
D. All.
A
A valid offer includes requirements, such as:
A. It must be definite.
B. It must appear to be seriously intended.
C. It must be communicated to the offeree.
D. All.
D
A contract that is a sale of goods is governed by the:
A. Uniform Commercial Code.
B. Constitution.
C. Bill of Rights.
D. All
A
A (an) ____________ contract is one that has been fully performed by all parties to the contract.
A. Express contract.
B. Normal contract.
C. Executed contract.
D. Implied contract
C
A contract in which the parties express their intentions by words, whether in writing or orally, at the time they made the agreement is called:
A. Express contract.
B. Normal contract.
C. Executed contract.
D. Implied contract.
A
Function of Vietnamese court is:
A. Law interpretation.
B. To judge cases relating to fields such as civil, labor, business, crime, administration, etc.
C. To issue law.
D. All are wrong
B
In Vietnam, common ownership by share means:
A. Common ownership in which each owner's share of the ownership right to the common property is determined.
B. Common ownership in which each owner's share of the ownership right to the common property is undetermined.
C. Common ownership in which each owner's share of the ownership interest to the common property is determined.
D. All
A
In Vietnam, international sale contract is governed by:
A. 2005 Commercial Law.
B. 2005 Civil Code.
C. 2005 Enterprise Law.
D. All
A
In Vietnam, business contract with purposes and contents violating prohibitory provisions of law or contravening social ethics will be treated as:
A. Voidable contract.
B. Void contract.
C. Enforceable contract.
D. All
B
In Vietnam, the legal document having the highest validity is:
A. Official letter.
B. Constitution.
C. Law.
D. Resolution
B
_______________ is a type of ownership reserved for married couples, such that both spouses and equal share of the property no matter how titled.
A. Tenancy in common.
B. Joint tenancy.
C. Tenancy by the entirety.
D. Community property
D
Stock to which a face value has been assigned and that has this value printed on the stock:
A. Par-value stock
B. Participating preferred stock
C. Preferred stock
D. Stock option
A
A _____________ is one organized to run a business and earn money:
A. Alien corporation.
B. Profit corporation.
C. Domestic corporation.
D. Close corporation
B
A partner actively and openly engaged in the business and held out to everyone as a partner is:
A. Dormant partner.
B. General partner
C. Secret partner
D. Silent partner
B
The Consumer Product Safety Commission:
A. May not order a halt to the manufacture of unsafe products.
B. May not totally ban any products.
C. Issues orders that are not reviewable by any court.
D. Has broad power to promulgate safety standards for many products
D
Which one of the following contracts in which the seller's performance is not completed until the goods are delivered to the destination?
A. Shipment contract.
B. Destination contract.
C. Sales contract.
D. None of above
B
A sale in which a seller or an agent of the seller orally asks for bids on goods and orally accepts the highest bid is:
A. Action.
B. Auction.
C. Performance.
D. All
B
The word sale as used in the UCC only applies to movable:
A. Real property.
B. Personal property.
C. Unidentified property.
D. Identified property
B
_________________ is one of purposes which a bill of sale serves:
A. Selling goods.
B. Buying goods.
C. Proof of title.
D. None of above
C
Song, books, and other compositions fixed in any tangible medium of expression are protected by __________________ from their creation:
A. Trademarks.
B. Copyrights.
C. Trade secrets.
D. Patents
B
The termination of a contract and substitution of a new one with the same terms but with a new party is called:
A. Novation.
B. Delegation.
C. Assignment.
D. All
A
An ____________________ is one in which the duties and obligations that the parties assume are not expressed but are implied by their acts or conduct:
A. Express contract.
B. Normal contract.
C. Executed contract.
D. Implied contract
D
To recover for an intentional tort, the injured person must show:
A. An act by the defendant.
B. An intention to cause the consequences of the act.
C. The injury was caused by the defendant's act.
D. All
D
Vietnam has the following torts:
A. Administrative torts.
B. Civil torts.
C. Discipline Tort.
D. All
D
In Vietnam, court officer is:
A. Plaintiff.
B. Defendant.
C. Clerk of court.
D. Lawyer
C
In Vietnam, business contract signed due to non-compliance with the prescribed forms will be treated as:
A. Voidable contract.
B. Void contract.
C. Enforceable contract.
D. All
A
In Vietnam, persons whose addiction to narcotics/drugs or to other stimulants leads to the squandering of their families' property may be declared by courts as:
A. Having civil act capacity fully.
B. Being restricted civil act capacity.
C. Without civil act capacity.
D. Loss of civil act capacity
B
According to Vietnamese Enterprise Law, an enterprise shall be dissolved in the following cases:
A. The duration of operation stated in the charter of the company expires and there is no decision to extend.
B. The company does not have the minimum number of members stipulated in this Law for a period of six consecutive months.
C. The business registration certificate is revoked.
D. All
D
When two or more persons own property such that when one owner dies, that owner's interest in the property passes to a person named in the deceased's will or, if no will exists, to the deceased's heirs is called ____________________.
A. Tenancy in common.
B. Joint tenancy.
C. Tenancy by the entirety.
D. Community property
A
Combining two corporations so that one survives and the other ceases to exist is called a (an):
A. Merger.
B. Consolidation.
C. Division.
D. None of above
A
Declared money value of a corporation's outstanding stock is called:
A. Capital stock.
B. Common stock.
C. Preferred stock.
D. None of above
A
If incorporated in another country, a corporation may be referred to as a (an):
A. Alien corporation.
B. Foreign corporation.
C. Domestic corporation.
D. Close corporation
A
A business organization in which one or more partners have their liability for the firm's debts limited to the amount of their investment is called:
A. Ordinary partnerships.
B. General partnerships.
C. Limited partnerships.
D. Trade and nontrading partnerships
C
The warranty against encumbrances:
A. Arises in the case of all sales.
B. Applies to the goods only at the time they are delivered to the buyer.
C. Does not arise if the buyer has constructive notice of the encumbrance.
D. All
B
The contract in which the seller completes performance of the contract when the goods are delivered to a carrier for shipment to the buyer is called:
A. Sales contract.
B. Construction contract.
C. Shipment contract.
D. Loan contract
C
If goods may be offered for sale ___________________, then goods cannot be withdrawn after the bidding starts unless no bid is received:
A. With reserve.
B. Without reserve.
C. Both "with reserve" and "without reserve".
D. None of above
B
A sales contract that does not meet the requirements of the _______________________ is unenforceable:
A. The Bill of Rights.
B. Contractual parties' agreement.
C. The Uniform Commercial Code.
D. None of above
C
Goods that the seller and buyer have agreed are to be received by the buyer or have been picked out by the seller are called:
A. Future goods.
B. Identified goods.
C. Unidentified goods.
D. All
B
The transfer of possession, but not the title, of personal property by one party, usually the owner, to another the party is called:
A. Bailment
B. Abandoned property
C. Accession
D. Lost property
A
A person's right to sue must be exercised within the time fixed by a statute called:
A. Statute of limitations.
B. Bankruptcy.
C. Alteration of written contract.
D. None of above
A
Damages paid to the plaintiff in order to punish the defendant, not to compensate the plaintiff are called:
A. Punitive damages.
B. Compensatory damages.
C. Liquidated damages.
D. Nominal damages
A
A non-party to a contract to whom the promisee owes an obligation that would be discharged to the extent that the promisor performs the promise:
A. Assignee
B. Assignor
C. Creditor beneficiary
D. Donee beneficiary
C
The repudiation of a contract is called:
A. Disaffirmance.
B. Agreement.
C. Offering a new contract.
D. Conducting contract fully
A
Ethical principles include:
A. Seriousness of consequences.
B. Consensus of the majority.
C. Change in ethical standards.
D. All
D
A shareholder who owns ( ) have the right to vote.
A. Voting preference share(s)
B. Common shares
C. Dividend preference share(s)
D. a and.or b
D
Price in a sale of goods could be paid for by
A. Money
B. Goods
C. Services
D. All
D
All obligors in a joint contract have to be sued
A. Together
B. Individually
C. At the disposal of a creditor
D. Could not be sued
A
The legal system of the United States of America is heavily influenced and based on
A. The English legal system
B. The French legal system
C. The Spanish legal system
D. The German legal system
A
In order to consider how ethics relates to law, what principles regarding the application of ethics need to be taken into consideration.
A. Seriousness of consequence
B. Consensus of the majority
C. Change in ethical standards
D. All
D
Any transaction in which ( ) is a contract.
A. One party makes a promise
B. Both parties make a promise
C. One party makes or both parties make a promise
D. One party or both parties make a legally enforceable promise
D
( ) shall be performed under the cumulative voting.
A. The amendment to the corporation's charter
B. The approval of annual financial statement
C. The election of members of the board of directors
D. The approval of an investment contract
C
Shareholder is ( ).
A. A person who owns one share at least in a corporation
B. A corporation's creditor
C. A person who owns a minimum number of shares in a corporation as regulated in its charter
D. An owner of a limited liability company
A
Accordingly the law of Vietnam, ( ) can be convicted of a crime
A. A partnership
B. A corporation
C. A proprietor
D. An one member limited liability company
C
Goods , in a sale of goods, mean
A. Immovable property
B. Intangible movable property
C. Tangible movable property
D. All
C
Who are not capable of making a legally enforceable contract
A. Adults
B. Minors
C. Mentally incompetent people
D. b and c
D
In Vietnam, a sole proprietorship has the same meaning with ( )
A. A private enterprise
B. A one-member limited liability company
C. A joint stock company
D. A partnership
A
The third-party beneficiary may require ( )
A. The promisor to perform his duty which is the duty to benefit him as agreed in the contract
B. Nothing
C. The promisor to perform his duty which is the duty to benefit him as agreed in the contract unless the promisor refuse to perform his duty
D. The promisor to perform his duty which is not the duty to benefit him as agreed in the contract
A
In case, a contract for sale of goods contains a transportation clause, but such clause does not specify the place of delivery, ( ).
A. The title and risk of loss shall be transferred to the buyer when the goods are delivered to the initial carrier
B. The title and risk of loss shall be transferred to the buyer at the unloading place
C. The title and risk of loss shall be transferred to the buyer when the goods are delivered to the buyer's nominated party
D. It is unable to divide the
A
In case a contract for sale of goods is ( ), the seller shall be obliged to deliver the goods to the initial carrier.
A. A shipment contract
B. A destination contract
C. A COD contract
D. A F.O.B (UCC) contract
A
The contract for sale of goods shall be terminated in case ( ).
A. The Seller performs the late delivery of goods
B. The Buyer breaches his payment obligation
C. The goods are destructed on the way to the Buyer's store
D. It is unilaterally rescinded by the Seller/Buyer in the event agreed in the contract
D
Pursuant to the contract law, the obligor is entitled to refuse to perform the obligations assigned from the obligee to the assignee in case ( ) unless otherwise agreed by the parties.
A. The assignment is not prior notified him in written
B. The assignment is not approved by him in advance
C. The assignment is notified him but he does not approve
D. The assignment does not benefit the obligor
A
In accordance with the Uniform Commercial Code (UCC), ( ) is not a sale contract.
A. a purchase of a real estate
B. a purchase of automobiles
C. a purchase of potatoes
D. a sale of computers
A
Every person in a society is bound by law because ( ).
A. It is a common rule
B. It derives from ethic
C. He/she shall be applied a penalty by a body of Sovereign State if violating law
D. It prescribes the code of conducts for every person in a society
C
Interpretation and application of law is ( ).
A. The function of legislatures
B. The functions of courts
C. The function of administrative agencies
D. The function of lawyers
B
Common law is
A. concerned primarily with those rules of conduct prescribed by government for the performance of business transactions.
B. a rule of civil conduct, commanding what is right and prohibiting what is wrong.
C. system of judge-made law which was developed in England and brought to this country.
D. a system of law developed through judicial decisions based upon what the courts considered right and just, not upon some statutory law
C
Merger and Consolidation are different to the extent which:
A. To Merger, one corporation is dissolved and the other is still existed, while to Consolidation, both of corporations are dissolved.
B. To Merger, both of corporations are dissolved, while to Consolidation, either of corporations is dissolved.
C. To Merger, none of corporations are dissolved, while to Consolidation, either of corporations is not dissolved.
D. To Merger, both of corporations are not dissolved, while to Consoli
A
Common stock entitles the owner ( ).
A. To vote
B. To have voice in the running of the corporation
C. To have the special preference
D. To have no rights
A
The charter of the corporation is not a law because ( ).
A. It only governs the shareholder relationships
B. It is not enacted and enforced by a sovereign state
C. It only governs the internal affairs of such corporation
D. It is not applicable to keep the whole community in order
B
In case, ownership of shares is not evidenced by a stock certificate, ownership is shown on ( ).
A. The corporation's corporate record book
B. The corporation's bylaws
C. The corporation's articles of incorporation
C
A person who initially forms a corporation is ( ).
A. A stockholder
B. A promoter
C. An incorporator
D. A director
C
( ) is a corporation's implied power.
A. Having a corporate name
B. Having property right
C. Borrowing money for its project implementation
D. Bring its customer to the court due to breach of payment duty
C
Why is it important to distinguish between a trading partnership and a nontrading partnership?
A. Because the members of a non-trading partnership usually have considerably less apparent authority than the partners in a trading partnership.
B. Because trading partnership needs more capital than non-trading partnership does.
C. Because trading partnership needs a lot of employees.
D. Because trading partnership needs a lot of employers
A
The ( ) has limited liability.
A. Proprietor
B. General partner
C. Member of LLC
D. Partnership
C
The silent partner is
A. those openly engaged in the business as partners
B. those who are both silent and secret
C. those who take no part in the business
D. those who hold themselves out as partners but do not share in the management or profits
C
The disadvantage of the sole proprietorship is
A. The divided authority, which may lead to disharmony
B. Unlimited liability of each partner for the debts of the firm
C. The relative instability of the business
D. Unlimited liability, although a proprietorship also suffers from limited management ability and limited capital
D
The advantage of a sole propritorship is
A. their ability to pool the capital of many investors and provide them with limited liability.
B. flexible management and ease of organization.
C. lead to greater profits through increased capital, more efficient labor, and improvement of management
D. All of them are correct
B
The definition of sole proprietorship is
A. a business owned and carried on by one person, the proprietor.
B. an association of two or more people who have combined their money, property, or labor, or a combination of these, as co~owners for the purpose of carrying on some lawful business for their joint profit.
C. special types of partnerships created by statute or as common~law associations.
D. an association of individuals created by law into an entity which is able to change its members
A
The definition of void agreement is
A. one in which the duties and obligations that the parties assume are not expressed but are implied by their acts or conduct
B. one in which the terms have not been fully carried out by all parties.
C. one in which the terms have been fully carried out by all parties.
D. one that is of no legal effect
D
If the ( ) has been revoked prior to the communication of acceptance to offeror, the offeree can no longer accept it and create a contract.
A. Acceptance
B. None of the choices
C. Offer
D. Rejection of offer
C
The offer cannot be accepted, ( )
A. If one writes out an offer and the offer falls into the hands of the offeree without the acknowledge or consent of the offeror.
B. If one writes out an offer and the offer falls into the hands of the offeree with the acknowledge or consent of the offeror.
C. If one writes out an offer and the offer falls into the hands of the offeree without the acknowledge and with consent of the offeror.
D. Another condition
A
The ( ) is the one who makes the offer in the auction sales.
A. Offeror
B. Offeree
C. All of the choices
D. Bidder
D
The definition of novation is:
A. the substitution of a new party for one of the original parties to a contract.
B. expressly benefited by the performance of a contract may enforce it against the promisor if benefit to the third party was intended by the contracting parties.
C. one in which two or more persons jointly promise to carry out an obligation or in which two or more persons are jointly entitled to the performance
D. valid and subsisting at the time the assignment is given
A
The definition of valid contract:
A. a legally enforceable agreement between two or more competent persons.
B. one that is enforceable by the courts
C. one that is of no legal effect.
D. one that must be in a special form or be created in a certain way
B
The definition of contract is:
A. a legally enforceable agreement between two or more competent persons.
B. one that is enforceable by the courts
C. one that is of no legal effect.
D. one that must be in a special form or be created in a certain way
A
The definition of real property is :
A. all physical items which are not real estate
B. land, interests in land, and things permanently attached to land
C. evidences of ownership of personal property
D. written evidence of one's title to tangible personal property
B
The ownership of the real property is entitled to use the adjacent real property if there is no other way to achieve full using of his real property, that called ( ).
A. License
B. Easement
C. Free life estate
D. Free Simple Estate
B
If a contract is breached, which remedy the innocent party may use in the course of action.
A. Sue for damages
B. Rescind the contract
C. Sue for specific performance
D. All of the choices
D
A person has the rights to sue based on ( ).
A. Statue of limitation
B. Time issued by court in case by case
C. Time fixed by both party before hand
D. Statue of timing~suit
A
Under UCC, if the sale price of a contract for the sale of goods is equal to or more than $500, the contract will not be valid if it is not ( ).
A. In writing
B. In writing and the oral evidence is not permitted
C. Under seal
D. Under signature
B
Note 
Flashcard (26)