Business Law Quiz

 

(Business Law CRN 51884)
Assignment:
Week 10

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1.
award:
2.22 out of
2.22 points

_____ are best described as assurances by one party that the other party can rely on its representations of fact.

Promissory notes

Illusory promises

Copyrights

Warranties

2.
award:
2.22 out of
2.22 points

Principal-agent relationships are most significant for issues that are included in the category of _____ law.

tort

contract

discrimination

wage

3.
award:
2.22 out of
2.22 points

A gratuitous agent is one who:

acts without consideration.

freely substitutes his or her judgment for that of the principal.

finds a buyer for one party and a seller for another.

is paid for his or her services.

4.
award:
2.32 out of
2.32 points

When an agent acquires interest against the principal’s interest, without the principal’s knowledge, the agency relationship terminates due to:

disloyalty of the agent.

change in the law regarding the obligations of the agent.

the agency is coupled with an interest.

impossibility.

5.
award:
2.22 out of
2.22 points

Which of the following statements is true of an implied warranty of fitness for a particular purpose?

Under the Uniform Commercial Code (UCC), the only implied warranty is the warranty of fitness for a particular purpose.

This implied warranty does not extend to third parties in any circumstances.

To invoke this implied warranty, the purchaser must have purchased or leased the good from a merchant.

To disclaim the implied warranty of fitness for a particular purpose, the seller must disclaim the warranty in writing.

6.
award:
2.22 out of
2.22 points

A durable power of attorney:

grants the agent express authority only over specifically outlined acts.

is terminated on the principal’s death.

specifies that the agent’s authority is intended to continue beyond the principal’s incapacitation.

allows the agent to conduct all business for the principal.

7.
award:
2.22 out of
2.22 points

An agency relationship:

can be formed only by contract.

cannot be created by ratification.

cannot be formed by implied authority.

can be created only for a lawful purpose.

8.
award:
2.22 out of
2.22 points

A(n) _____ typically allows the agent to conduct all business for the principal.

inherent agency power

general power of attorney

a durable power of attorney

special power of attorney

9.
award:
2.22 out of
2.22 points

Mitchel, a real estate agent, buys a property that his principal, Henry, wanted to buy. If Mitchel is aware that Henry wanted to buy the property,
then the court will:

grant Mitchel legal rights for the property.

grant Henry the legal rights for the property.

conduct an auction of the property.

sell the property to a third party.

10.
award:
2.22 out of
2.22 points

Under the implied warranty of fitness for a particular purpose, the:

seller or lessor need not know the buyer’s reason behind the purchase.

seller or lessor does not have to be a merchant.

buyer or lessee must have made the payment in cash only.

goods purchased should be worth $500 or more.

11.
award:
2.22 out of
2.22 points

Which of the following is true of the remedy of specific performance?

It can be used by the agent to force the principal to fulfill specific contractual agreements.

It can be used by the agent to force the principal to continue to employ him or her.

It can be used by the agent to recover for services rendered and/or future damages.

It can be used by the agent when the agency relationship is not contractual.

12.
award:
2.22 out of
2.22 points

When a principal falsely leads a third party to believe that another individual serves as his or her agent, the principal has created agency by:

agreement.

implied authority.

estoppels.

ratification.

13.
award:
2.22 out of
2.22 points

Under the Uniform Commercial Code (UCC), the buyer or seller must bring a lawsuit on a breach of warranty within:

eight years of when the breach occurred.

six months of when the breach occurred.

four years of when the breach occurred.

eight months of when the breach occurred.

14.
award:
2.22 out of
2.22 points

An agent who feels that he or she is not being properly compensated, especially when working on commission,:

cannot withhold performance of duties.

can enact a constructive trust.

can use right of avoidance.

can demand an accounting.

15.
award:
2.22 out of
2.22 points

Which of the following statements is true of independent contractors?

All independent contractors are agents.

Independent contractors can enter into contracts on behalf of the principal even without the authorization from the principal.

Building contractors, doctors, stockbrokers, and lawyers are types of independent contractors.

Employers are generally liable for the actions of independent contractors.

16.
award:
2.22 out of
2.22 points

Which of the following statements is true of a constructive notice?

It usually consists of publication in a generally circulating newspaper for the area where the agency agreement existed.

It is received by parties directly related to the agency agreement.

It must be given to third parties who have had business interactions with the agent, and it directly informs them about the
termination.

It is rarely used to announce the termination of an agency agreement.

17.
award:
2.22 out of
2.22 points

According to the Magnuson-Moss Act, if the written warranty for a consumer good does not indicate whether that warranty is a full warranty or
a limited warranty, it is presumed that the:

warranty is not enforceable.

seller can disclaim the warranty within six months.

good has limited warranty.

good or its defective part will be replaced if the good fails.

18.
award:
2.22 out of
2.22 points

When a breach of contract is caused by an agent’s negligence, a principal:

has a right of avoidance.

has a right to indemnification.

must enact a constructive trust.

cannot utilize tort remedies.

19.
award:
2.22 out of
2.22 points

Which of the following types of termination occurs due to operation of law?

Renunciation of agent

Disloyalty of agent

Revocation of authority

Agency coupled with an interest

21.
award:
2.22 out of
2.22 points

If a principal is partially disclosed:

the third party would be aware of the principal’s identity.

only the agent would be liable in accordance with the contract.

the third party would be aware of the principal’s existence but not his or her identity.

the third party would not know that an agent is acting on behalf of the principal.

22.
award:
2.22 out of
2.22 points

The industry standards for the delivery of fragile items require that the product be packed in a bubble wrap within a carton box that has the
signs for “Fragile,” “This way up,” and “Caution” on it. But when a porcelain vase that Salma had purchased at a store was delivered to her,
the carton box did not have any of the required labeling on it and the vase was damaged. The scenario best illustrates a breach of the:

implied warranty of merchantability.

implied warranty of title.

implied warranty of fitness for a particular purpose.

implied warranty of trade usage.

23.
award:
2.22 out of
2.22 points

Misrepresentation liability depends on:

whether the agent/employee was acting in the scope of employment.

the agent’s duty of cooperation.

whether the principal authorized the agent’s act.

the doctrine of “respondeat superior.”

24.
award:
2.22 out of
2.22 points

Joshua enters into an agreement with Cathy, an interior designer, to redo his house. Once Cathy has completed designing and decorating the
house, she no longer has the authority to act on Joshua’s behalf. Under the given circumstances, the agency terminated due to:

lapse of time.

fulfillment of purpose.

impossibility.

renunciation by the agent.

25.
award:
2.22 out of
2.22 points

To invoke implied warranty of merchantability in a sales or lease contract, the:

purchaser must have purchased or leased the good from a merchant.

buyer should prove that he or she is a merchant.

goods purchased or leased should be worth $5,000 or more.

seller should have transferred a void title to the buyer.

26.
award:
2.22 out of
2.22 points

An agent who makes an unauthorized agreement has failed to meet the duty of _____.

performance

obedience

accounting

cooperation

27.
award:
2.22 out of
2.22 points

Which of the following is true of agency law?

It is included under the category of customary law.

It is primarily state law.

It is standardized and is the same from state to state.

It is included under the category of federal law.

28.
award:
2.22 out of
2.22 points

In a sales contract, the only exception to a buyer claiming title warranty occurs if the:

buyer is unaware that the seller is transferring goods for which no good title passes.

seller can transfer the void title of the goods to a buyer without the buyer’s knowledge.

seller’s act can be proved as unconscionable.

seller is obviously unable to guarantee title.

29.
award:
2.22 out of
2.22 points

Which of the following termination occurs by act of parties?

Changed circumstances

Renunciation by an agent

Disloyalty of agent

Impossibility

30.
award:
2.22 out of
2.22 points

Warranty rights for a good extends to third parties if they have been:

insured by the seller.

subjected to monetary loss due to unforeseeable misuse of the good.

identified in the sales or lease contract as a beneficiary.

injured by the good, even after using it reasonably.

31.
award:
0 out of
2.22 points

Which of the following is true of the actual notice of termination?

It must be given to third parties who have had business interactions with the agent.

It usually consists of publication in a generally circulating newspaper for the area where the agency agreement existed.

To terminate an agency agreement, it must always be in writing, irrespective of how the agent’s authority was granted.

Parties not directly related to an agency agreement typically receive actual notice.

32.
award:
2.22 out of
2.22 points

Which of the following, as suggested by the courts, is the most important duty an agent owes to the principal?

Duty of loyalty

Duty of obedience

Duty of notification

Duty of performance

33.
award:
2.22 out of
2.22 points

Which of the following is true of the principal’s liability for an independent contractor’s actions?

The employer cannot escape liability for an independent contractor’s tort, if the employer directs the contractor to commit the
tort.

The employer can escape strict liability by hiring an independent contractor to complete the tasks for her.

The principal will not be held responsible for any damages caused due to extremely hazardous activities undertaken by the
independent contractor.

An individual who hires an independent contractor is held liable for the independent contractor’s tortious actions under the
doctrine of “respondeat superior.”

34.
award:
2.22 out of
2.22 points

A buyer may waive rights to both implied and express warranties by failing to:

bring a lawsuit on a breach of warranty within six years of when the breach occurred.

get the goods insured within one year of purchase.

use the product within three months from the purchase.

comply with the seller’s request to inspect the goods.

35.
award:
2.22 out of
2.22 points

When it is generally accepted in the industry that a certain product is always preassembled and shrink-wrapped, the failure of the seller to
deliver the goods in that condition would be a breach of:

implied warranty of fitness for a particular purpose.

implied warranty of merchantability.

implied warranty of trade usage.

implied warranty of title.

36.
award:
2.22 out of
2.22 points

Under the doctrine of “respondeat superior,” the principal/employer holds _____, which is liability assigned without fault, for any harm the
agent/employee causes while working for the principal.

contributory liability

misrepresentation liability

vicarious liability

joint liability

37.
award:
2.22 out of
2.22 points

An express warranty primarily includes a seller’s:

intent to transfer the title of the goods to a buyer.

mere recommendations to the buyer.

description of the goods being purchased.

statement of opinion with regard to the good being purchased.

38.
award:
2.22 out of
2.22 points

The 1975 federal law known as the Magnuson-Moss Act requires that:

if a buyer wants to invoke the implied warranty of merchantability, he or she must have purchased or leased the goods from a
merchant.

the buyer or seller bring a lawsuit on a breached contract within five years of when the breach occurred.

the seller or lessor make the disclaimer for the implied warranty of fitness for a particular purpose orally.

if a seller decides to issue a written warranty for a consumer good, the seller must indicate whether that warranty is a full
warranty or a limited warranty.

39.
award:
2.22 out of
2.22 points

Edward hires a lawyer to serve as his agent. The lawyer is disbarred later because he was engaged in a series of illegal cases. Under the
given circumstances, the agency relationship is terminated due to:

impossibility.

change in law.

renunciation by the agent.

changed circumstances.

40.
award:
2.22 out of
2.22 points

Which of the following statements is true of the requirements for ratification to be effective?

The principal must have complete knowledge of all material facts regarding the contract.

The principal can accept certain parts of the agent’s act and reject others.

The principal can avoid ratifying the unauthorized act.

An individual must avoid misrepresenting himself or herself as an agent for another party.

41.
award:
2.22 out of
2.22 points

When the principal is disclosed:

the third party is aware of the principal’s existence but not his or her identity.

the agent is the only person who could be liable for the agreement.

the principal is liable for the agreements made with the third party.

the agent is partially liable because he or she is a party to the transaction.

42.
award:
2.22 out of
2.22 points

Sheila walks into a hypermarket and asks a salesclerk for glue that can be used to stick wood. The salesclerk refers her to a section of
different adhesives. In this situation, which of the following warranties has been created?

Express warranty of merchantability

Express warranty of title

Implied warranty of fitness for a particular purpose

Implied warranty of trade usage

43.
award:
2.22 out of
2.22 points

When an agent makes authorized expenditures in the course of working on behalf of the principal, and the principal refuses to pay the agent,
the principal is violating his or her:

duty of accounting.

duty to reimburse.

duty of performance.

duty to compensate.

44.
award:
2.22 out of
2.22 points

Which of the following warranties essentially comes about when a seller or lessor knows or has reason to know why the buyer or lessee is
purchasing or leasing the goods in question?

Implied warranty of title

Implied warranty of fitness for a particular purpose

Implied warranty of trade usage

Implied warranty of merchantability

45.
award:
2.22 out of
2.22 points

A _____ is a person who has a duty to act primarily for another person’s benefit.

fiduciary

surety

conservator

guarantor. Get homework help here

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