BUSI 2001 Week 6: Negotiable Instruments and Government Regulation - Final Exam

BUSI 2001 Week 6: Negotiable Instruments and Government Regulation - Final Exam Help Time Remaining: 1. Except as provided by statute, oral contracts are just as enforceable as written contracts. (Points: 5) True False 2. Full performance is the most common method by which contracts are discharged. (Points: 5) True False 3. One of the elements necessary to establish fraud is a false statement or concealment of a material fact. (Points: 5) True False 4. The UCC requires all parties entering a sales contract to perform their obligations in good faith. (Points: 5) True False 5. The term goods includes intangible personal property such as shares of stock. (Points: 5) True False 6. A check is an instrument that is payable on demand. (Points: 5) True False 7. Gambling is a legal form of playing for stakes, such as in a lottery. (Points: 5) True False 8. The parol evidence rule states that terms of a written contract can be changed by prior oral or written agreements. (Points: 5) True False 9. If the subject matter essential to the performance of the contract is destroyed through no fault of either party, the contract is considered discharged. (Points: 5) True False 10. When money damages do not adequately and fairly compensate for a loss, the injured party can sue for specific performance or request a court to issue an injunction. (Points: 5) True False 11. In seeking damages, the victim of a breach of contract has a duty to (Points: 5) Increase the amount of the damages Mitigate the damages Liquidate the damages Rescind the contract 12. Jones sued Smith for breach of contract. The court awarded Jones damages of $1. This award is known as (Points: 5) Liquidated damages Nominal damages Premeditated damages Mitigated damages 13. The statute of limitations (Points: 5) Specifies the time within which a lawsuit can be filed Requires that certain contracts be in writing Requires the use of written evidence of an action at a trial Contains the same provisions in all of the United States 14. The most common form of negotiable instrument is (Points: 5) A draft A check A promissory note A certificate of deposit 15. A promissory note must contain (Points: 5) Words indicating a promise to pay Mention of an IOU A certificate of deposit A date 16. A check that contains the words three hundred fifty dollars and the figures $3.50 is (Points: 5) Payable in the amount of $350 Illegal Payable in the amount of $3.50 Void 17. Government regulation of business is designed to protect (Points: 5) Consumers Employees Stockholders All of these 18. Antitrust regulation at the federal level is based on the (Points: 5) Sherman Act Jackson Act Nixon Act Reagan Act 19. The power to regulate interstate commerce comes from (Points: 5) The individual states The U.S. Constitution Local governments The United Nations Charter 20. Which of the following contracts is not covered by Article 2 of the UCC? (Points: 5) A contract for the sale of goods that have been specially manufactured A contract for the sale of a computer A contract for the sale of growing crops A contract for services 21. When Rosco was unable to pay the $1,000 he owed Lyden, Lyden agreed to let Rosco paint Lyden's house in payment. When Rosco finished painting the house, his original obligation was discharged by (Points: 5) Breach Impossibility of performance Accord and satisfaction Disability 22. An agreement to rob a bank is an example of a (Points: 5) Quasi-contract Voidable contract Void contract Contract implied in law 23. Which of the following is not required to be in writing? (Points: 5) A contract for the sale of real property A contract in consideration of marriage A contract that can be performed within 1 year from the date of the agreement A contract to pay the debt of another person 24. A contract for the sale of goods or merchandise for $495.00 is (Points: 5) Required to be in writing Not required to be in writing Is too little to be of concern in the courts None of these 25. Usury laws provide protection in a contract that is (Points: 5) For the loan of money For the sale of merchandise on credit To be performed on a Sunday For the restraint of trade 26. An example of a licensing statute is one that (Points: 5) Requires an attorney to have a permit to practice law Prevents usury Restricts business activity on Sundays Reasonably restricts trade 27. When Johnson finished painting Bristol's house as agreed, Bristol paid him in full. Their contract was discharged by (Points: 5) Accord and satisfaction Legal tender Full performance Operation of law 28. A condition by which competition is suppressed by act or agreement is (Points: 5) A police power Monopoly Breach Promissory estoppel 29. Intrastate commerce refers to business that (Points: 5) Takes place between states Takes place between a state and a foreign country Is conducted solely within a state’s own boundaries Is conducted between a state and the federal government 30. When a clause in a non-compete contract is too restrictive, most courts generally (Points: 5) Enforce it as it is written Enforce it as it is written but agree to evaluate the clause over a period of 3 years years Enforce it as it is written but agree to evaluate the clause over a period of 20 Throw it out but enforce the remainder of the agreement Week 6: - Exam Complete JavaScript is required for your course. Please ensure JavaScript is enabled in your browser preferences. Your exam has been submitted successfully. You have taken 56 minute(s) and 33 second(s) to complete the exam. The exam can be reviewed in the gradebook on or after 02/28/2010. Autograde Summary Date Taken: Feb 24 2010 Time Spent: 0:56:33 (2:30:00 allowed) Points Received: 130 / 150 (86.7%) Question Type: # Of Questions: # Correct: True/False 10 8 Multiple choice 20 18 Fill in the blank, short answer, and essay questions are not included in the summary above.