Collective Financial Marketing Questions
Question 1 2 pts
A holding is the court’s complete answer to an issue that is critical to deciding the case and thus gives guidance to the meaning of the case as a precedent for future cases.
| True | |
| False |
Question 2 2 pts
What is legal is not necessarily ethical and what is ethical is not necessarily legal.
| True | |
| False |
Under the FOIA, it is not legally required by the agencies to notify a company whose data they are about to disclose.
| True | |
| False |
Question 4 2 pts
Assault is unauthorized and harmful or offensive physical contact with another person that causes injury.
| True | |
| False |
Question 5 2 pts
A contract induced by improper threats or undue influence is void.
| True | |
| False |
According to which school of thought is law the command of a sovereign?
| a. Positive-law school of legal thought | |
| b. Natural-law school of legal thought |
| c. Legal realist school of thought | |
| d. Critical legal studies school of thought |
Question 7 4.5 pts
According to contract law _____.
| a. harming others is considered unethical | |
| b. private ownership of property is socially useful |
| c. anarchy is caused if people are not restrained by law | |
| d. promise-breaking is seen as unethical |
Question 8 4.5 pts
According to utilitarianism, _____.
| a. results, not rules, are emphasized | |
| b. ethical action arises from doing one’s duty |
| c. duties are defined by rational thought | |
| d. emphasis is on what is the fair way to distribute goods among a group of people |
According to the stakeholder theory, _____.
| a. having gone along with legal duties, the corporation can ignore any other social obligations | |
| b. a corporation’s social responsibilities are limited to staying within the law only |
| c. all the stakeholders to a corporate decision deserve some kind of moral consideration | |
| d. a socially responsible corporation is likely to consider the impact of its decision on the shareholders only |
State and local courts must honor both federal law and the laws of the other states. Which of the following is true?
| a. State courts must honor federal law all the time. | |
| b. Under the full faith and credit clause, each state court is obligated to respect the final judgments of courts in other states. |
| c. A contract dispute resolved by an Arkansas court can be relitigated in North Dakota when the plaintiff wants to collect on the Arkansas judgment in North Dakota. | |
| d. State courts do not have to consider the laws of other states in deciding cases involving issues when drivers from two different states collide in a third state. |
Question 11 4.5 pts
Which of the following is stated by Article I, Section 8, which sets forth the powers of the federal legislature?
| a. The Congress shall have power to regulate commerce with foreign nations | |
| b. The United States would have different duties, imposts and excises for each state |
| c. The president should be the commander in chief of the armed forces | |
| d. Individual rights must be preserved against activities of the federal government. |
An individual or a company may challenge agency action where such action is _____:
| a. in accordance with the agency’s scope of authority | |
| b. in accordance with the U.S. Constitution or the Administrative Procedure Act |
| c. unwarranted by the facts | |
| d. in accordance with the substantial evidence test |
Which of the following is true about criminal law?
| a. Plaintiffs seek compensation. | |
| b. Plaintiffs seek remedies for themselves |
| c. It involves harm to certain individuals, not society | |
| d. It is the most ancient branch of law. |
Which of the following is an example of a battery?
| a. Pointing a loaded gun at a person | |
| b. Swinging a fist at someone without hitting him/her. |
| c. A person poking someone in the chest with his/her finger to emphasize a point. | |
| d. Throwing an object at a person that causes a nearby person anxiety. |
George offers to sell his car to Suzy for $10,000 on the coming Sunday, to which Suzy agrees. They write down the details on a paper. On the decided day, Suzy pays the cash to George, but he refuses to sell the car to her saying that his friend Marty has offered to pay $30,000 for the same car. On the basis of which doctrine can Suzy sue George?
| a. Quasi-contract | |
| b. Implied contract |
| c. Partially executed contract | |
| d. Both (a) and (b). |
| e. Promissory estoppel |
According to the Uniform Electronic Transactions Act (UETA), which of the following is true?
| a. A record or signature may be denied legal effect solely because it is in electronic form. | |
| b. A contract may not be denied enforceability solely because an electronic record was used in its formation. |
| c. If a law requires a record to be in writing, an electronic record cannot satisfy the law. | |
| d. If a law requires a signature, an electronic signature cannot satisfy the law. |
Which of the following is true of fraudulent misrepresentation?
| a. If a statement of fact is made false by later events, it must be disclosed as false. | |
| b. Fraudulent misrepresentation is a misstatement of facts that is unintentionally made and justifiably relied upon. |
| c. A fraudulent misrepresentation is a crime. | |
| d. A half-truth cannot amount to misrepresentation |
Which of the following promises is enforceable without consideration according to the common law?
| a. Alleged breach of contract | |
| b. Bankruptcy |
| c. International contracts | |
| d. Promissory estoppel |
A contract presented to the offeree to take or leave without bargaining is known as a(n) _____.
| a. contract of adhesion | |
| b. conditional contract |
| c. unilateral contract | |
| d. None of the above. |
The usage of trade is a _____.
| a. pattern of behavior between parties showing how they intend their relationship to work | |
| b. customary way of doing business that may be used to inform the parties’ contractual intentions |
| c. promise to pay a debt which need not be in writing if the promisor was motivated by a desire for advantage or benefit | |
| d. contract term stating that the written agreement contains the parties’ full understanding and intent |
Question 21 4.5 pts
Naomi sells her car to Jack, who assumes her mortgage. Naomi, in other words, has delegated the duty to pay the bank to Jack. This contract is called:
| a. a consumer transaction | |
| b. a novation. |
| c. a privity. | |
| d. an assignor’s warranties |
Under the Uniform Commercial Code, which of the following is said to have occurred when either of the two parties exercises a lawful right to end the contract other than for breach?
| a. Cancellation | |
| b. Termination |
| c. Anticipatory breach | |
| d. Mutual rescission |
Question 23 4.5 pts
_____ conditions are understood to be part of the contract.
| a. Implied | |
| b. Expressed |
| c. Mutual | |
| d. Concurrent |
| e. (a) and (b) but not (c) |
The remedy for _____ is to put the promisee in a position as good as that which he would have been in had the contract been performed.
| a. reliance interest | |
| b. restitution interest |
| c. expectation interest | |
| d. compensatory damages |
Loss from _____ damages includes expenditures that the nonbreaching party incurs in attempting to minimize the loss that flows from the breach.
| a. punitive | |
| b. liquidated |
| c. incidental | |
| d. consequential |
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