Business Law

Question 1 of 20
5.0 Points
The legal document formally creating an agency is called a:

A. general contract.
B. power of attorney.
C. special delegation.
D. collateral power.

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Question 2 of 20
5.0 Points
Which legal term is used for a person who is appointed as an agent?

A. Special Attorney
B. Attorney in Law
C. Attorney in Fact
D. Apparent Attorney

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Question 3 of 20
5.0 Points
A principal cannot accept the benefits of a transaction and refuse to accept the:

A. obligations.
B. parallel benefits.
C. apparent benefits.
D. representation.

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Question 4 of 20
5.0 Points
An agent is liable for losses to the principal resulting from the agent’s:

A. capital accumulation.
B. personal business.
C. incompetence.
D. explicit agreement.

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Question 5 of 20
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.

A. disclosed
B. undisclosed
C. apparent
D. statutory

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Question 6 of 20
5.0 Points
A receipt for goods that are to be shipped is known as a:

A. warehouse receipt.
B. bill of lading.
C. bill of sale.
D. bill of purchase.

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Question 7 of 20
5.0 Points
A warehouse receipt is used for goods that are being:

A. imported.
B. stored.
C. exported.
D. sold immediately.

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Question 8 of 20
5.0 Points
Title to goods passes when the:

A. court approves the transaction.
B. majority party votes for it to pass.
C. parties intend for it to pass.
D. bill of sale is approved.

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Question 9 of 20
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:

A. when Camilla arrives with the license plates.
B. when Camilla takes the vehicle home.
C. at the time of purchase.
D. at the time of agreement.

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Question 10 of 20
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:

A. contract for sale.
B. negotiated transaction.
C. contemplated transaction.
D. void transaction.

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Question 11 of 20
5.0 Points
Goods that physically exist and are owned by the seller at the time of sale are considered __________ goods.

A. accessible
B. existing
C. scarce
D. profitable

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Question 12 of 20
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):

A. endorsement of contract.
B. sale on approval.
C. contract to sell.
D. contract for sale.

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Question 13 of 20
5.0 Points
A reputed merchant will agree to a sale or return in order to maintain:

A. balance.
B. family.
C. goodwill.
D. tax returns.

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Question 14 of 20
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.

A. full
B. limited
C. implied
D. expressed

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Question 15 of 20
5.0 Points
A disclaimer of the __________ of merchantability must mention the word merchantability.

A. warranty
B. guarantee
C. merchandise
D. lemon law

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Question 16 of 20
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:

A. full warranty.
B. limited warranty.
C. wagering agreement.
D. conversion.

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Question 17 of 20
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.

A. blue
B. lemon
C. elder
D. red

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Question 18 of 20
5.0 Points
In a sole proprietorship, the entrepreneur has to obtain a general __________ from his or her local municipality.

A. fiscal access
B. stock reserve
C. business license
D. corporate authority

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Question 19 of 20
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:

A. joint venture.
B. severability.
C. sole liability.
D. union charge.

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Question 20 of 20
5.0 Points
A business that is formed as a separate legal entity is a(n):

A. fiduciary.
B. corporation.
C. proxy.
D. entrustment.

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