WEEK 4 CHAPTER 34-43
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Business Law Text & Exercise: Chapters 34-43
Chapter 34—Work Set
True-False Questions
1.
A debtor must be insolvent to file a voluntary petition.
o
True
X False
2.
An automatic stay is a suspension of all judicial proceedings on the occurrence of an independent event.
X True
o
False
3.
The same principles govern the filing of a Chapter 7 petition and a Chapter 11 proceeding.
X True
o
False
4.
A bankruptcy may be commenced by involuntary petition under Chapter 13.
o
True
X False
5.
Generally, in a bankruptcy proceeding, any creditor’s claim is allowed.
X True
o
False
6.
When a business debtor files for Chapter 11 protection, the debtor is not allowed to continue in business.
o
True
X False
7.
No small business can avoid creditors’ committees under Chapter 11.
o
True
X False
Chapter 35—Work Set
True-False Questions
1.
Risk management involves the transfer of certain risks from an individual or a business to an insurance company.
X True
o
False
2.
Insurance is classified by the nature of the person or interest protected.
X True
o
False
3.
An insurance broker is an agent of an insurance company.
o
True
X False
4.
An insurance applicant is usually protected from the time an application is made, if a premium has been paid, possibly subject to certain conditions.
X True
o
False
5.
A person can insure anything in which they have an insurable interest.
X True
o
False
6.
An insurance application is not part of the insurance contract.
X True
o
False
7.
The insurable interest in life insurance must exist at the time the policy is obtained.
X True
o
False
Chapter 36—Work Set
True-False Questions
1.
Generally, those who produce personal property have title to it.
X True
o
False
2.
If goods are confused due to a wrongful act and the innocent party cannot prove what percentage is theirs, all of the goods belong to the wrongdoer.
o
True
X False
3.
To constitute a gift, a voluntary transfer of property must be supported by consideration.
o
True
X False
4.
One who finds abandoned property acquires good title to the property against the whole world, except the true owner.
X True
o
False
5.
Co-ownership in which each of two or more persons owns an undivided, fractional interest in the property is a tenancy in common.
X True
o
False
6.
Gas, water, and other utility services are considered personal property.
X True
o
False
7.
If an object cannot be physically delivered, it cannot be a gift.
o
True X False
Chapter 37—Work Set
True-False Questions
1.
A bailment includes a transfer of title.
o
True
X False
2.
Most bailments are created by agreement.
X True False
3.
A bailment can occur even if a bailee acquires property accidentally or by mistake.
X True
o
False
4.
A written agreement is required for all bailments.
o
True
X False
5.
A bailee does not have the right to limit their liability for loss or damage to bailed goods.
o
True
X False
6.
A bailee must exercise reasonable care to preserve the bailed property.
X True
o
False
7.
A common carrier is not liable for loss or damage to bailed property in the carrier’s possession.
o
True
X False
Chapter 38—Work Set
True-False Questions
1.
A fee simple absolute is potentially infinite in duration and can be disposed of by deed or by will.
X True
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o
False
2.
The owner of a life estate has the same rights as a fee simple owner.
o
True
X False
3.
An easement allows a person to use land and take something from it, but a profit allows a person only to use land.
o
True
X False
4.
Deeds offer different degrees of protection against defects of title.
X True
o
False
5.
The government can take private property for public use without just compensation.
o
True
X False
6.
The government can take private property for private uses only.
o
True
X False
7.
A license is a revocable right of a person to come onto another person’s land.
o
True
X False
Chapter 39—Work Set
True-False Questions
1.
A covenant of quiet enjoyment guarantees that a tenant will not be disturbed in their possession of leased property by the landlord or any third person.
X True
o
False
2.
If the covenant of quiet enjoyment is breached, the tenant can sue the landlord for damages.
X True
o
False
3.
Generally, a tenant must pay rent even if they move out, if the move is unjustified.
X True
o
False
4.
A constructive eviction occurs when the landlord wrongfully makes the tenant’s use and enjoyment of the property exceedingly difficult or impossible.
X True
o
False
5.
A fixed-term tenancy is a lease for a specified period of time.
X True
o
False
6.
When a landlord sells leased premises to a third party, any existing leases terminate automatically.
o
True
X False
7.
When a tenant assigns a lease to a third party, the tenant’s obligations under the lease terminate automatically.
o
True
X False
Chapter 40—Work Set
True-False Questions
1.
A will is revocable only after the testator’s death.
o
True
X False
2.
The testator generally must sign a will.
X True
o
False
3.
If a person dies without a will, all of their property automatically passes to the state in which that person lived most of their life.
o
True
X False
4.
A living trust is created by a grantor during their lifetime.
X True
o
False
5.
A testamentary trust is created by will and begins on the settlor’s death.
X True
o
False
6.
If a person marries after executing a will that does not include the spouse, the spouse gets nothing when the person dies.
X True
False
7.
If a will setting up a testamentary trust is invalid, the trust is also invalid.
X True
o
False
Chapter 41—Work Set
True-False Questions
1.
Enabling legislation specifies the powers of an agency.
X True
o
False
2.
Federal courts are part of the executive branch of government.
o
True
X False
3.
Congress creates federal administrative agencies.
X True
o
False
4.
After an agency adjudication, the administrative law judge’s order must be appealed to become final.
o
True
X False
5.
The Administrative Procedure Act provides for judicial review of most agency actions.
X True
o
False
6.
When a new regulation will have a significant impact on a substantial number of small entities, an analysis must be conducted to measure the costs imposed on small businesses.
X True
o
False
7.
State administrative agency operations prevail over federal agency actions.
X True
o
False
Chapter 42—Work Set
True-False Questions
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1.
Monopoly power is market power sufficient to control prices and exclude competition.
X True
o
False
2.
An exclusive-dealing contract is a contract under which competitors agree to divide up territories or customers.
o
True
X False
3.
Price discrimination occurs when a seller forbids a buyer from buying products from the seller’s competitors.
o
True
X False
4.
An agreement between competitors to fix prices is a
per se
violation of antitrust law.
X True
o
False
5.
A merger between firms that compete with each other in the same market is not a violation of antitrust law.
o
True
X False
6.
A relevant product market consists of all products with identical attributes and products that are sufficient substitutes for each other.
X True
o
False
7.
An agreement that is inherently anticompetitive is illegal
per se
.
X True
o
False
Chapter 43—Work Set
True-False Questions
1.
All nations must give effect to the laws of all other nations.
o
True
X False
2.
Under the act of state doctrine, foreign nations are subject to the jurisdiction of U.S. courts.
X True
o
False
3.
Under the doctrine of sovereign immunity, foreign nations are subject to the jurisdiction of U.S. courts.
X True
o
False
4.
The Foreign Sovereign Immunities Act states the circumstances in which the United States can be sued in foreign courts.
X True False
5.
A member of the World Trade Organization must usually grant other members normal-trade-relations status.
X True
o
False
6.
Congress cannot tax exports.
X True
o
False
7.
The foundation of international space law is the Convention on International Liability for Damage Caused by Space Objects.
X True
o
False