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1.
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__________________ is not one of basic concepts of law N/A
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  What is right
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Custom
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Usage
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Command
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2.
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Federal court systems do not include N/A
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Court of claims
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District court
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Clay court
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Court of appeals
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3.
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Beth, an employee of City Bank, is charged with embezzlement, which requires N/A
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Fraudulently appropriating another's property
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Obtaining lawful possession of property
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Physically taking property from its owner
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The use of force or fear.
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4.
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A breach of societal duty is known as N/A
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Justice
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Claim
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Tort
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Avoidance
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5.
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Elements necessary for a recovery of damages based on deceit include all except N/A
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Misrepresentation
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Intentional and recklessness
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Intended to mislead and induce action
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Avoidable
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6.
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Delta Services (DS) is an Internet service provider. On a DS online bulletin board, Ben, a DS customer, posts a defamatory remark about Beta Company. Beta could successfully file a suit against N/A
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DS only.
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Ben only.
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DS or Ben.
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Beta.
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7.
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Contracts may not be N/A
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Exclusive
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Inclusive
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Grand slam
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Unilateral
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8.
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Offers may be terminated in all except N/A
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By provision in the offer
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By proxy
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By expiration of time
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By revocation
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9.
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Kay and Lucy enter into a contract that falls within the provisions of the UETA. Under the UETA, “an electronic sound, symbol, or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record” is N/A
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An e-document
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An e-signature
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An e-transaction
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A record
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10.
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On September 27, Summers sent Fox a letter offering to sell Fox a vacation home for $150,000. On October 2, Fox replied by mail agreeing to buy the home for $145,000. Summers did not reply to Fox. Do Fox and Summers have a binding contract? N/A
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No, because Fox failed to sign and return Summers's letter.
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No, because Fox's letter was a counteroffer.
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Yes, because Summers's offer was validly accepted.
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Yes, because Summers's silence is an implied acceptance of Fox's letter.
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11.
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If an acceptance by mail was authorized, it becomes effective when it is deposited in the mail. T F N/A
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12.
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Fraud is a(n) ______________ misrepresentation of a material fact made with the intent to induce another to rely on it. N/A
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Unjust
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Unfair
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Intentional
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Dishonest
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13.
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Reality of consent does not cover N/A
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Fraud
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Bad judgment
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Undue influence
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Ambiguity in negotiations
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14.
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For a promise to be enforceable by court action it must be N/A
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Supported by consideration
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Supported by default
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Supported by possession
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Supported by utilization
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15.
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Capacity is the ability N/A
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To issue verbal statements
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To perform legally valid acts
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To make promises
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To incur debt
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16.
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Situations that produce illegal contracts include all of the following except N/A
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Violation of positive law
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Made void by statute
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Contrary to public opinion
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In reality of consent
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17.
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Illegal contracts are generally void. T F N/A
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18.
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In collateral contracts the party’s performance is required only N/A
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In oral contracts
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In filing bankruptcy
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Upon default of another promisor
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Upon default of an illegal act
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19.
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Assignor’s liability to assignee implies warranties are all except N/A
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Claim is valid
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Parties have capacity to contract
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Claim is not void
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Claim has been discharged
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20.
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Performance of a contract becomes impossible in all except N/A
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Death
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General poor health
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Illegality
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Destruction of subject matter
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21.
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Types of damages do not include N/A
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Compensatory
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Consequential
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Reasonable notice of cancellation
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Liquidated
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22.
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The relinquishing of rights under a contract is known as a “waiver”. T F N/A
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23.
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Forming an agency relationship requires that N/A
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Both the principal and agent consent to the agency
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The agreement between the principal and agent be supported by consideration
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The principal and agent not be minors
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The agent's authority be limited to the express grant of authority in the agency agreement
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24.
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Major classifications of agency do not include N/A
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Husband and wife
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Master and servant
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Employer and employee
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Principle and agent
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25.
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A minor may not appoint and act through an agent. TF N/A
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26.
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The agent is under a duty not to N/A
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Commingle the money or property with his own
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Use the principals money while in his possession
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Use the principles property while in his possession
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Failure to take due and diligent care
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27.
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Generally, an agency relationship is terminated by operation of law in all of the following situations except the N/A
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Principal's death
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Principal's incapacity
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Agent's renunciation of the agency
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Agent's failure to acquire a necessary business license
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28.
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Which one of the following is not a characteristic of partnerships N/A
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Easily to organize
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Inexpensive
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Free from special state regulations and tax
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Exempt from profit and loss sharing
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29.
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A partner may not sue another partner or the partnership. T F N/A
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30.
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Corporations may not include N/A
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For profit
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Not for profit
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Government bureaus
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sö chapter corporations
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31.
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The corporation has a legal existence separate from that of its owners. T F N/A
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32.
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Under the Model Act a corporation must have N/A
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At least six directors
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At least two directors
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At least three directors
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At least ten directors
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33.
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A corporation may be held guilty of committing crimes. T F N/A
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34.
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“Blue sky” laws seek to protect investors from N/A
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Excessive profits and losses
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Operating on legal holidays
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Fraud and other harm
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Bonded sales agents
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35.
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_______________ is not one of the factors that determine shareholder’s voting rights. N/A
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State corporation statutes
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Board of directors
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Articles of incorporation
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Firm's by laws
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36.
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The officers of the corporation are entitled to vote all un-issued stock. T F N/A
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37.
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Which of the following does not acquire ownership of personal property? N/A
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Capture
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Gift
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Encroachment
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Accession
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38.
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A house built on a plot of land is considered a fixture. T F N/A
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39.
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Co-ownership of real property doe not includes N/A
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Tenancy in common
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Special tenancy
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Joint tenancy
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Tenancy by the entirety
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40.
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Formation applies only to contracts for: N/A
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Sale of goods
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Sale of services
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Sale of real property
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Sale of investment securities
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41.
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Normally, buyers of stolen goods get good title to them as they buy them in good faith and give value for them. T F N/A
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42.
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Liability for negligence does not include: N/A
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Failure to adequately inspect goods prior to sale
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Failure to provide warranty
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Misrepresentation as to character and fitness of goods
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Failure to disclose known defects
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43.
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Unless the parties agree otherwise, the buyer has the right to inspect the goods before accepting or paying for them. T F N/A
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44.
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The statute of limitations on the sale of goods under the U.C.C. is limited to N/A
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Five years
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Ten years
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One year
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Four years
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45.
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To be negotiable an instrument must be all except N/A
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In writing
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Signed by maker or drawer
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Payable in trade goods or service
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Unconditional promise or order to pay a certain sum in money
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46.
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Types of endorsements do not include N/A
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Implied
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In blank
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Restrictive
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Qualified
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47.
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A person cannot be held liable on a negotiable instrument unless his/her N/A
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Address appears on it
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Signature appears on it
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Social security number appears on it
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Bank account number appears on it
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48.
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Security interests in real property do not include N/A
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Mortgages
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Deed of trust
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Land contract
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Warranty
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49.
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Bankruptcy may be N/A
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Public or private
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Voluntary or involuntary
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Common or special
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Charged or discharged
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50.
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Law seeks to protect economic relations from unreasonable interference through federal and state statutes and common law against all except N/A
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Deceitful practices
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Breach of contracts
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Damage to good will
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Protection of ideas, trade secrets and patents
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51.
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Antitrust laws do not include N/A
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Sherman act
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Robinson-patman act
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Federal trade commission act
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Powel-lieberman act
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52.
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The Clayton Act specifically prohibits N/A
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Conspiracies in restraint of trade.
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Monopolies.
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Asset acquisitions that reduce competition.
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Price discrimination.
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53.
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The F.T.C. enforces antitrust laws by N/A
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Imposing fines on corporations up to $1 million.
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Sentencing individuals up to three years imprisonment.
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Awarding triple damages.
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Issuing cease and desist orders.
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54.
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The Sherman Act specifically prohibits N/A
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Mergers that reduce competition.
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Monopolizing.
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Asset acquisitions that reduce competition.
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Price discrimination.
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55.
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The purposes of employment law include all except N/A
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To protect workers' health and safety
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To eliminate sexual harassment
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To foster a workplace free from both discrimination and disruptive labor/management behaviors
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To minimize affirmative action
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56.
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FICA contributions are used to pay for a fund maintained under the Americans with Disabilities Act. T F N/A
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57.
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The primary purpose for enacting workers' compensation statutes was to N/A
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Eliminate all employer-employee negligence lawsuits.
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Enable employees to recover for injuries regardless of negligence.
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Prevent employee negligence suits against third parties.
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Allow employees to recover additional compensation for employer negligence.
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58.
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Workers' compensation laws provide for all of the following benefits except N/A
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Burial expenses.
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Full pay during disability.
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The cost of prosthetic devices.
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Monthly payments to surviving dependent children.
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59.
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Which of the following statements is correct regarding the scope and provisions of the Occupational Safety and Health Act (OSHA)? N/A
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OSHA requires employers to provide employees a workplace free from risk.
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OSHA prohibits an employer from discharging an employee for revealing OSHA violations.
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OSHA may inspect a workplace at any time regardless of employer objection.
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OSHA preempts state regulation of workplace safety.
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60.
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Under Title VII of the Civil Rights Act of 1964, a covered entity is prohibited from engaging in employment discrimination on the basis of race, color, religion, national origin, or sex. The practices subject to the act include N/A
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Any term, condition, or privilege of employment.
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Hiring and discharge by the employer but not classified advertising by an employment agency.
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Compensation and fringe benefits but not retirement plans.
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Job taking, classifications, and assignments but not union discrimination.
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