BUA250 Business Law I Final Exam latest new update
question and original answer
A body of law—formed as a result of international customs, treaties, and
organizations—that governs relations among or between nations is
Select one:
a. universal law.
b. space law.
c. national law.
d. international law. - TRUE ANSWER d. international law.
A business firm is subject only to the laws of its home nation even when it maintains
operations or otherwise does business in other nations.
Select one:
a. True
b. False - TRUE ANSWER b. False
A buyer will be deemed to have accepted delivered goods if, after a reasonable
opportunity to inspect the goods, the buyer does not reject them.
Select one:
a. True
b. False - TRUE ANSWER a. True
A difference between the handwriting in the body of a check and in the signature
affects the validity of the item and will bar a holder from HDC status.
Select one:
a. True
b. False - TRUE ANSWER b. False
A firm may be deemed a monopolist, even though it is not the only seller in a market,
because what matters is size in relation to the market.
Select one:
a. True
b. False - TRUE ANSWER a. True
Acceptance of an offer to lease goods can be made by any means reasonable under
the circumstances, including a prompt shipment of the goods.
Select one:
a. True
b. False - TRUE ANSWER a. True
Airbud Corporation, a U.S. firm, signs a contract with Bueno Computadores Ltd., an
Argentinean firm, for a shipment and payment for Airbud's goods. This is
Select one:
, a. indirect exporting.
b. direct exporting.
c. a distribution agreement.
d. licensing. - TRUE ANSWER b. direct exporting.
An ad is more likely to be considered fair if its benefit to consumers or the competition
outweighs any injury it might cause to the interests of consumers.
Select one:
a. True
b. False - TRUE ANSWER a. True
An agreement to transfer the right to possess and use goods for a commercial purpose
for a period of time in exchange for payment is a lease.
Select one:
a. True
b. False - TRUE ANSWER a. True
An express warranty arises when a seller or lessor indicates verbally that the goods are
the "best" of the kind of goods sold.
Select one:
a. True
b. False - TRUE ANSWER b. False
Ana signs a check payable to Boz, who indorses the back, gives it to Credit Union, and
receives cash. The transfer of the check from Boz to Credit Union is
Select one:
a. a payment.
b. a negotiation.
c. a sale.
d. an assignment. - TRUE ANSWER b. a negotiation.
Beryl enters into a contract with Clay for a guided tour of Deep Canyon. Clay
represents that he is an experienced, knowledgeable guide, when in reality he has
never been in the canyon. Most likely, Beryl
Select one:
a. can rescind the deal based on fraudulent misrepresentation.
b. might recover damages for the mistake.
c. must comply with the contract because the representation is an opinion.
d. could exert duress to obtain a new guide. - TRUE ANSWER a. can rescind the deal
based on fraudulent misrepresentation.
Bev is the chief executive officer of Chef Cafés Inc., which is required to file certain
financial reports with the Securities and Exchange Commission (SEC). Under the
Sarbanes-Oxley Act of 2002, Bev must
Select one:
a. designate a corporate official to assume liability for inaccuracies.
question and original answer
A body of law—formed as a result of international customs, treaties, and
organizations—that governs relations among or between nations is
Select one:
a. universal law.
b. space law.
c. national law.
d. international law. - TRUE ANSWER d. international law.
A business firm is subject only to the laws of its home nation even when it maintains
operations or otherwise does business in other nations.
Select one:
a. True
b. False - TRUE ANSWER b. False
A buyer will be deemed to have accepted delivered goods if, after a reasonable
opportunity to inspect the goods, the buyer does not reject them.
Select one:
a. True
b. False - TRUE ANSWER a. True
A difference between the handwriting in the body of a check and in the signature
affects the validity of the item and will bar a holder from HDC status.
Select one:
a. True
b. False - TRUE ANSWER b. False
A firm may be deemed a monopolist, even though it is not the only seller in a market,
because what matters is size in relation to the market.
Select one:
a. True
b. False - TRUE ANSWER a. True
Acceptance of an offer to lease goods can be made by any means reasonable under
the circumstances, including a prompt shipment of the goods.
Select one:
a. True
b. False - TRUE ANSWER a. True
Airbud Corporation, a U.S. firm, signs a contract with Bueno Computadores Ltd., an
Argentinean firm, for a shipment and payment for Airbud's goods. This is
Select one:
, a. indirect exporting.
b. direct exporting.
c. a distribution agreement.
d. licensing. - TRUE ANSWER b. direct exporting.
An ad is more likely to be considered fair if its benefit to consumers or the competition
outweighs any injury it might cause to the interests of consumers.
Select one:
a. True
b. False - TRUE ANSWER a. True
An agreement to transfer the right to possess and use goods for a commercial purpose
for a period of time in exchange for payment is a lease.
Select one:
a. True
b. False - TRUE ANSWER a. True
An express warranty arises when a seller or lessor indicates verbally that the goods are
the "best" of the kind of goods sold.
Select one:
a. True
b. False - TRUE ANSWER b. False
Ana signs a check payable to Boz, who indorses the back, gives it to Credit Union, and
receives cash. The transfer of the check from Boz to Credit Union is
Select one:
a. a payment.
b. a negotiation.
c. a sale.
d. an assignment. - TRUE ANSWER b. a negotiation.
Beryl enters into a contract with Clay for a guided tour of Deep Canyon. Clay
represents that he is an experienced, knowledgeable guide, when in reality he has
never been in the canyon. Most likely, Beryl
Select one:
a. can rescind the deal based on fraudulent misrepresentation.
b. might recover damages for the mistake.
c. must comply with the contract because the representation is an opinion.
d. could exert duress to obtain a new guide. - TRUE ANSWER a. can rescind the deal
based on fraudulent misrepresentation.
Bev is the chief executive officer of Chef Cafés Inc., which is required to file certain
financial reports with the Securities and Exchange Commission (SEC). Under the
Sarbanes-Oxley Act of 2002, Bev must
Select one:
a. designate a corporate official to assume liability for inaccuracies.
