Question 1 of 20
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5.0 Points |
The legal document formally creating an agency is called a:
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A. general contract. |
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B. power of attorney. |
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C. special delegation. |
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D. collateral power. |
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Question 2 of 20
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5.0 Points |
Which legal term is used for a person who is appointed as an agent?
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A. Special Attorney |
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B. Attorney in Law |
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C. Attorney in Fact |
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D. Apparent Attorney |
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Question 3 of 20
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5.0 Points |
A principal cannot accept the benefits of a transaction and refuse to accept the:
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A. obligations. |
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B. parallel benefits. |
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C. apparent benefits. |
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D. representation. |
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Question 4 of 20
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5.0 Points |
An agent is liable for losses to the principal resulting from the agent’s:
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A. capital accumulation. |
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B. personal business. |
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C. incompetence. |
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D. explicit agreement. |
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Question 5 of 20
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5.0 Points |
When an agent signs a contract in the principal’s name, he or she is acting on behalf of a(n) __________ principal.
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A. disclosed |
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B. undisclosed |
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C. apparent |
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D. statutory |
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Question 6 of 20
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5.0 Points |
A receipt for goods that are to be shipped is known as a:
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A. warehouse receipt. |
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B. bill of lading. |
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C. bill of sale. |
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D. bill of purchase. |
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Question 7 of 20
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5.0 Points |
A warehouse receipt is used for goods that are being:
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A. imported. |
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B. stored. |
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C. exported. |
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D. sold immediately. |
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Question 8 of 20
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5.0 Points |
Title to goods passes when the:
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A. court approves the transaction. |
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B. majority party votes for it to pass. |
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C. parties intend for it to pass. |
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D. bill of sale is approved. |
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Question 9 of 20
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5.0 Points |
Camilla agrees to purchase a car for $ 15,000. Camilla and the seller agree that Camilla will return the following day with license plates to pick up the vehicle. In this case, the title shall pass:
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A. when Camilla arrives with the license plates. |
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B. when Camilla takes the vehicle home. |
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C. at the time of purchase. |
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D. at the time of agreement. |
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Question 10 of 20
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5.0 Points |
A legally enforceable agreement that has as its purpose the immediate transfer of title to personal property in return for consideration and includes both a present sale of goods as well as an agreement for the sale of future goods is a:
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A. contract for sale. |
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B. negotiated transaction. |
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C. contemplated transaction. |
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D. void transaction. |
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Question 11 of 20
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5.0 Points |
Goods that physically exist and are owned by the seller at the time of sale are considered __________ goods.
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A. accessible |
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B. existing |
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C. scarce |
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D. profitable |
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Question 12 of 20
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5.0 Points |
A contract in which title and risk of loss remain with the seller and that provides for the sale subject to the buyer’s final decision is a(n):
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A. endorsement of contract. |
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B. sale on approval. |
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C. contract to sell. |
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D. contract for sale. |
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Question 13 of 20
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5.0 Points |
A reputed merchant will agree to a sale or return in order to maintain:
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A. balance. |
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B. family. |
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C. goodwill. |
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D. tax returns. |
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Question 14 of 20
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5.0 Points |
The Uniform Commercial Code provides specific rules that must be followed by a seller who wants to avoid the responsibility of __________ warranties.
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A. full |
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B. limited |
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C. implied |
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D. expressed |
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Question 15 of 20
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5.0 Points |
A disclaimer of the __________ of merchantability must mention the word merchantability.
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A. warranty |
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B. guarantee |
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C. merchandise |
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D. lemon law |
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Question 16 of 20
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5.0 Points |
A promise that a defective product will be repaired without charge within a reasonable time after a complaint has been made is a:
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A. full warranty. |
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B. limited warranty. |
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C. wagering agreement. |
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D. conversion. |
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Question 17 of 20
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5.0 Points |
The statutes that provide remedies to consumers for products such as automobiles that repeatedly fail to meet certain standards of quality and performance are known as __________ laws.
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A. blue |
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B. lemon |
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C. elder |
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D. red |
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Question 18 of 20
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5.0 Points |
In a sole proprietorship, the entrepreneur has to obtain a general __________ from his or her local municipality.
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A. fiscal access |
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B. stock reserve |
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C. business license |
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D. corporate authority |
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Question 19 of 20
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5.0 Points |
At times, individuals can become partners for only a short period of time, or for only a single project. This activity is defined as a:
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A. joint venture. |
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B. severability. |
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C. sole liability. |
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D. union charge. |
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Question 20 of 20
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5.0 Points |
A business that is formed as a separate legal entity is a(n):
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A. fiduciary. |
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B. corporation. |
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C. proxy. |
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D. entrustment. |
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