The legal concept of property is limited to tangible physical objects

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The legal concept of property is limited to tangible physical objects.

Select one:

True

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False

Most courts consider an engagement ring to be a conditional gift

Select one:

True

False

A negotiable warehouse receipt states that the goods received will be delivered to the bearer or to the order of any named person.

Select one:

True

False

A person who attends a banquet given at a hotel is considered a guest for purposes of determining the liability of the hotelkeeper.

Select one:

True

False

If a contract calls for both rendering services and supplying materials to be used in performing the services, the contract is classified according to its dominant element.

Select one:

True

False

The provisions of Article 6 concerning bulk transfers are designed to protect creditors.

Select one:

True

False

Consumer protection statutes may require a writing that is more detailed than the writing required by the statute of frauds provision of the Uniform Commercial Code.

Select one:

True

False

Title to goods can be transferred without the actual delivery of the goods involved.

Select one:

True

False

An express guarantee is governed by the UCC, and warranties are governed primarily by the common law of contracts.

Select one:

True

False

If the party on whom demand for assurance of performance is made has an established reputation, a reaffirmation of the contract obligation and a statement that it will be performed may be sufficient to assure a reasonable person that it will be performed.

Select one:

True

False

Public policy exceptions to the employment-at-will doctrine apply only to “whistleblowing” situations.

Select one:

True

False

A bank is required to pay a check presented more than six months after its date.

Select one:

True

False

A person who obtains life insurance generally can name anyone as beneficiary, regardless of whether that beneficiary has an insurable interest in the life of the insured.

Select one:

True

False

A restrictive endorsement specifies the purpose of the endorsement or the use to be made of the paper.

Select one:

True

False

A person becomes a(n) __________ at the moment of taking possession of abandoned personal property.

Select one:

a. constructive bailee

b. owner

c. bailor

d. bailee

Joan brought her car into Ace Service Station for a tune-up. After tuning up the car, Ace (the owner of the service station) decided to visit his mother. Ace drove Joan’s car. Ace was following all safety precautions when a negligent driver without insurance struck Joan’s car. Joan sued Ace for the damages to her car. The probable result is:

Select one:

a. Joan will win, since the harm was sustained during the bailee’s unauthorized use of the property.

b. Ace will win, since he was taking reasonable care of the bailed goods.

c. Joan will win, since bailees are absolutely liable for bailed goods in their possession and control.

d. Ace will win, since the bailee has the right to use the bailed goods.

Jeff purchased in good faith a warehouse receipt for 1,000 pairs of running shoes without notice of any defense to it, for value, and in the regular course of his business. Unknown to Jeff, the goods had been stolen from Jane and delivered to the warehouse that issued the receipt purchased by Jeff. Which of the following statements is true?

Select one:

a. Jane cannot recover the goods but can sue the warehouse for conversion.

b. Jeff holds a duly negotiated document of title and is not subject to Jane’s title.

c. Jeff is not a holder of a duly negotiated document.

d. Jane is entitled to the goods and will prevail over Jeff.

The relationship of guest and hotelkeeper ends:

Select one:

a. when the guest’s bill is paid.

b. when the guest leaves or ceases to be a transient.

c. when the guest asks to take on the more permanent status of boarder.

d. when the guest advises the hotelkeeper that the guest is leaving.

Which of the following is not a sale of goods?

Select one:

a. a bailment

b. all of the above

c. a gift

d. an option to purchase

An agreement to periodically deliver home-heating oil to a residential customer that does not indicate the duration of the contract

Select one:

a. constitutes a bulk transfer.

b. is enforceable for a reasonable period of time.

c. lasts for one delivery only.

d. is not a legally-enforceable contract.

In a consignment, the dealer-consignee is often referred to as a(n):

Select one:

a. remainder.

b. exponent.

c. quotient.

d. factor.

Unless otherwise agreed, the proper place for the delivery of goods is:

Select one:

a. the seller’s home.

b. a delivery service selected by the seller.

c. the seller’s place of business.

d. the buyer’s place of business.

A depositor issued a check and, after mailing the check, suffered a heart attack and died. In the regular course of business, the bank paid the check when presented for payment, despite the fact that the bank had received notice fourteen (14) days earlier of the depositor’s death. In terms of the bank’s payment of the check

Select one:

a. the bank is not liable unless the depositor’s executor posted an indemnity bond.

b. the bank’s authority to act for the depositor ended on the depositor’s death, regardless of whether the bank had been notified of the depositor’s death.

c. the bank is potentially liable to the depositor’s estate.

d. the bank is liable if the check was a gift to charity.

What is a correct statement concerning burden of proof?

Select one:

a. The insured has the burden of proving that the loss was a covered loss.

b. Exceptions to coverage are liberally interpreted in favor of the insurer.

c. The insurer has the burden of proving that the loss was not covered.

d. Exceptions to coverage are disregarded in life insurance matters.

A security agreement must:

Select one:

a. all of the above.

b. contain a reasonable description of the collateral.

c. identify the parties involved.

d. demonstrate that the creditor intends to have a security interest.

If the collateral is in the possession of the creditor:

Select one:

a. the type of goods will determine the method of perfection.

b. a financing statement must be filed to perfect the interest.

c. the security interest is perfected.

d. only a security interest has been obtained.

The term apparent authority is used when there is:

Select one:

a. actual authority.

b. no interaction between the principal and third persons.

c. only the appearance of authority and that appearance of authority was created by the agent.

d. only the appearance of authority and that appearance of authority was created by the principal.

An agent is under a duty to obey:

Select one:

a. all instructions given by the principal.

b. all lawful instructions given by the principal.

c. none of the above, since “obedience” is not an obligation of the agent.

d. all instruction given by the third party.

An agreement under which one party agrees to pay drafts drawn by a creditor is called a:

Select one:

a. debtor’s agreement.

b. contract of surety.

c. guaranty contract.

d. letter of credit.

If the issuer of a letter of credit dishonors a draft without justification, it is liable to its customer for:

Select one:

a. monetary malfeasance.

b. fiduciary peril.

c. fiduciary default.

d. breach of contract.

The relationship of guest and hotelkeeper ends:

Select one:

a. when the guest’s bill is paid.

b. when the guest asks to take on the more permanent status of boarder.

c. when the guest advises the hotelkeeper that the guest is leaving.

d. when the guest leaves or ceases to be a transient.

A common carrier transporting goods under a COD shipment may

Select one:

a. not avoid liability without a signed release.

b. make delivery without first obtaining payment.

c. not make delivery without first receiving payment.

d. accept a check as payment and have no liability.

 

Short Answer

1. Humberto called his friend John and asked him to come over immediately because Humberto had suffered a stroke and might be dying. In their telephone conversation, Humberto advised John that he wanted to give John his gold watch. Immediately after their telephone conversation, Humberto wrote out a will that left his share in Blackacre to John. Blackacre was the marital home of Humberto and Connie, who owned the home as tenants by the entirety. Humberto died before John arrived at Blackacre. John claims the watch and a share in the home. Connie contests both matters. Decide.

 

2. Bob Brown entered the Hotel Lux to attend a conference being held within the hotel. Sam Smith had arrived to attend the same conference, had registered at the front desk, and had obtained a room. Sally Jones also intended to participate in the conference and was in essence living at the hotel at the time. What relationship exists between the hotel and each of these individuals? What can be said of the hotel’s obligations to each individual under these circumstances?

 

 

3. Gonzalez Manufacturing negotiated by telephone to purchase approximately $7,000 worth of digital video recorders from Video Imports. The final details were worked out by telephone calls on April 2nd. On April 4th, Video sent Gonzalez a confirmation of their telephone agreement, which included pertinent details. Meanwhile, on April 3rd, Gonzalez was offered a better deal than Video’s and accepted it. Upon arrival of the confirmation on April 6th, Gonzalez ignored it and did nothing further until May 1st, the date before Video was to deliver. On May 1st, Gonzalez informed Video that their contract was an unenforceable oral contract and that delivery would not be accepted.

 

When attempts to amicably settle the matter failed, Video sued Gonzalez for breach of contract. Decide.

4. Bob Corporation entered into a contract to sell parts to Zeck. The contract provided that the goods would be shipped “FOB Bob’s warehouse.” Bob shipped parts to Zeck that were stolen from the carrier. When Zeck checked the invoice, Zeck discovered that Bob had sent Model #20B instead of Model #20A, which the contract required. Whose loss? Why?

 

5. Samuel signed a contract to purchase furniture on credit. The contract clearly set forth in bold print all charges included in the cost of the credit, including the interest rate and annual percentage rate. The seller informed Samuel that the seller regularly sold these contracts to a finance company that paid it immediate cash and then collected from the debtors. The seller further advised that the finance company did not want “the headache” of determining the validity of consumer complaints and that therefore the contract provided that the consumer waived all defenses concerning the furniture against the finance company. The contract expressly provided that the seller would remain responsible for any non-conformities in the furniture or breaches of contract on its part. The furniture was defective, but the finance company is demanding that Samuel make the payments to it required by the contract and resolve its disputes with the seller of the furniture. Samuel consults you regarding his rights. What is your response?

               

 

6. Mark purchased a very expensive automobile on credit. Within a week, Mark discovered that a tune-up was necessary, for he was in the habit of driving at an excessive rate of speed. When the car was repaired, the bill was more than $1,000. Mark does not have the money to pay for the car repairs or the monthly car payments. The credit company as well as the repair shop are concerned over who has priority of repayment. Who has priority and why?

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