Business Law Spring Final

What bill of exchange is payable upon being presented to the payee or upon acceptance?

What bill of exchange is payable upon being presented to the payee or upon acceptance?

Sight draft

Which of the following protects symbols, names and slogans used to identify goods and services?

Trademark

Which of the following alleges the original design of a product is safe, but something occurred during the manufacturing process to make the product unsafe?

Manufacturing defect

Which of the following is NOT considered to be a billing error?

Charge for goods damaged by the consumer

Which of the following is NOT true about agency law?

It only deals with contractual relationships

Workplace safety is protected by which of the following laws?

Occupational Safety and Health Act

Which of the following is the party who gives legal authority to another to act on his or her behalf in business transactions?

Agent

Which of the following is NOT a mode of discharge?

By cancellation

Which of the following describes what the defendant did, or failed to do, which caused harm to the plaintiff?

The complaint

Which of the following is an agency relationship terminated by condition or terms in the contract?

Achieving a specified result

Common law governs the sale of goods.

false

Which of the following types of law governs oral and written agreements related to exchange of goods and services, money and properties?

Business contract law

According to the Age Discrimination and Employment Act, employers cannot discriminate against employees older than what age?

40 years old

Using the agent's best effort to advance and support the principal's interests is to fulfill which of the following duties of an agent?

Loyalty

Which of the following is a bill of exchange drawn on a drawer's specified financial institution to be payable to the payee?

Check

A product sale is considered a contract.

True

Which of the following is a term to determine which party should bear the burden of risk for damage occurring to goods after the sale has been completed, but before delivery has occurred?

Risk of loss

A will allows a drafter to do which of the following?

Choose the executor of his or her estate

Which of the following is a group formed by employees to negotiate with employers?

Union

Roberto voided a check he had written. This is an example of which mode of discharge?

By cancellation

Which of the following negotiable instruments CANNOT be drawn on copies?

Promissory note

Which of the following is an example of a tangible good?

A desk lamp

Which of the following is NOT a reason for a title transfer?

It protects the debtor's rights

Which of the following laws prohibit employment discrimination based on a person's race, color, religion, sex or national origin?

Civil Rights Act of 1964

Which of the following is NOT true about a sales contracts?

International sales contracts are governed by the Uniform Commercial Code (UCC)

What are pensions?

Payments made to employees after they have retired

Which of the following has the risk of loss and title passing to the buyer?

Consigment sale

Which of the following is a primary party in a contract liability?

The maker of promissory notes

Which of the following is NOT an employment law area mentioned in the presentation?

Franchise agreements

Which of the following serves as a supplement to a will?

Trust

How many days does the creditor have to respond to the consumer?

30 days

Which of the following does the Resource Conservation and Recovery Act focus on?

Hazardous waste and recycling

Which of the following laws sets the federal minimum wage?

Fair Labor Standards Act

What is the Equal Employment Opportunity Commission (EEOC)?

Federal agency overseeing most employment discrimination law

In which of the following situations can an employee take up to 12 weeks per year of unpaid, job-protected time off?

Adoption of a child

Which of the following types of law encompasses the employer-employee relationship?

Employment law

John and Jane signed a contract for the sale of John's car. Jane breached the contract, so John sued her. The court is requiring Jane to fulfill the original contract. This is known as which of the following?

Specific performance

Which of the following is the period of time when parties gather relevant information from each other or from third parties?

Discovery

The value of the goods or services must be in excess of which of the following amounts to qualify for dispute?

$50

Which of the following is a motion filed by the plaintiff, which asks the court to dismiss part of or all of the plaintiff's case?

Motion for summary

Which of the following is a person who authorizes an agent to act on his or her behalf?

Principal

What is the OSHA?

Federal agency regulating and investigating workplace incidents

Which of the following is a person who has been named in a will or appointed by a judge to take care of minor children or a special need adult?

Guardian

Which of the following is NOT an example of material alteration?

Tearing a check out of a check book

Which of the following is NOT a requirement of a negotiable instrument?

It must be in writing

Which of the following is NOT part of a contract?

Introduction

Contracts are usually regulated and enforced by which of the following?

The state in which they are written

Which of the following if included permits the date of maturity to be extended?

Extension clause

Which of the following is NOT true about estate planning?

It is advisable only for the wealthy

Which of the following types of loans is the best fit for a home buyer with little saving for a down payment?

FHA loan

Which of the following laws makes it illegal to discriminate against employees who are called to military duty?

Uniformed Services Employment and Reemployment Rights Act

Which of the following is the first step of a business lawsuit?

Pleadings

Which of the following is a legal document in which the drafter outlines what to do with his or her property after death?

Will

Which of the following describes an instrument which is payable at a definite time or after a specific amount of time?

Time instrument

Which of the following methods of writing is NOT recommended when drawing a negotiable instrument?

Pencil

Which of the following types of agents have an interest in the property which they are acting on the principal's behalf?

Agency coupled with an interest

Correcting billing mistakes is enforced by which of the following laws?

The Fair Credit Billing Act

Which of the following laws prohibits paying female employees less than male employees for equal work on jobs which require equal skills, effort and responsibility?

Fair Labor Standards Act

Which of the following is the process involving a neutral third party to assist negotiating a settlement?

Mediation

Which of the following laws gives consumers three days to rescind the contract for certain big-ticket purchases?

The Truth in Lending Act

Which of the following occurs when witnesses are questioned under oath by the parties attorneys?

Deposition

Which of the following is the legal term for the bargain occurring when one party gives something up and another party receives something in return?

Consideration

Which of the following types of loan is suitable for homeowners who plan to move and sell their home before their fixed-rate period is up?

Adjustable-rate loan

Which of the following is NOT a type of bailment?

Bailor-bailee bailment