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Business Law #3
| Question | Answer |
|---|---|
| Warranties can only be implied. | False |
| The elements of a lottery are? | payment of money, winner determined on chance & a prize to be won. |
| Although several legal theories are available to form the basis for a product liability suit, injured consumers may find it difficult to recover damages. | True |
| Caveat emptor is Latin for | let the buyer beware |
| restitution | Return of improperly obtained money or property. |
| privity of contract | Relationship between parties to a legally binding agreement. |
| consumer | Individual who buys primarily for household use. |
| encumbrances | Claims of third parties aginst the goods. |
| caveat venditor | Let the seller beware. |
| lottery | Comprised of prize, chance and consideration. |
| warranty of merchantability | Warranty requiring that goods fit the ordinary purposes for which they are used. |
| class action | Lawsuit made possible by the procedural joining of similarly situated plaintiffs. |
| unfair trade practices | Dishonest, fraudulent, or anti-competitive business method. |
| implied warranty | Obligation implicitly imposed on all sellers. |
| caveat emptor | Let the buyer beware. |
| consent order | Voluntary, court-enforceable agreement to stop an illegal practice. |
| disclaimer | Notice of exclusion of warranty. |
| puffing | Greatly exaggerated sales talk. |
| express warranty | Explicit assurance of quality or peformance by seller. |
| Local governments do not have any consumer protection laws? | False |
| Which of the following is an example of an unfair trade practice? | Rolling back odometer on a car before selling |
| Legally, a person buying goods for her or his business is not a "consumer." | True |
| Which of the following is regulated by the CPSC? | toys |
| Restitution is a remedy used by consumer protection agencies? | True |
| Detailed safety regulations apply to | all answers are correct |
| Which form(s) of co-ownership require that the co-owners be married? | tenancy by entireties |
| The right of survivorship allows property to pass on an owner's death to co-owners without a will. | True |
| If, while you were biking on a mountain trail, your watch fell off your wrist, the watch would be | lost |
| If you were sailing off the coast of California and left a fishing line streaming behind the boat for three hours, then you hooked a tuna and reeled it in, under which legal process would you become the onwer of the fish? | occupancy |
| Which form(s) of co-ownership allow different ownership interests? | tenancy in common |
| Who has the right to possession of lost property when the true owner cannot be found? | the finder |
| Gifts conditional upon a marriage or an impending death are not valid if the marriage or death does not occur. | true |
| All co-owners have the right to occupy all the property and the power to cause a partition of the property. | True |
| tenancy by the entireties | Form of co-ownership, other than community property, where neither co-owner may sell without the consent of the other |
| copyright | Exclusive right to produce, sell, copy or publish a creative work |
| occupancy | Means of acquiring title by taking possession of personal property that belongs to no one else |
| mislaid property | An item that is intentionally placed somewhere but then forgotten |
| tenancy in common | Co-ownership of property without the right of survivorship |
| real property | Land and things permanently attached to the land |
| fair use | Very limited use of copyrighted material allowed in certain circumstances |
| ownership in severalty | Ownership of property by one person alone |
| trademark | Unique word, mark or symbol that identifies a product |
| property | A thing subject to ownership and the related legal rights |
| accession | Right of an owner of property to an increase in the property |
| servicemark | Unique word, mark, or symbol that identifies a service of a particular company or person |
| joint tenancy | Co-ownership of property with the right of survivorship available to persons who are not husband and wife |
| patent | Exclusive, monopolistic right to make, use, and sell a novel, nonobvious, useful product or process |
| infringement | Unauthorized copying, sale, display or peformance of the artwork |
| Patents are only available for new, useful, non-obvious products or processes. | True |
| Which of the following would be governed by the common law of contracts? | purchase of an SAT prep course for $600 that includes about $150 worth of books |
| Which form(s) of co-ownership have the right of survivorship? | both joint tenancy and tenancy by the entireties |
| To be protected by law, a trade secret must | be commercially valuable and have had efforts to keep it secret |
| Property is either a tangible or intangible thing and legal rights related to it. | True |
| Ownership of property shifts when you make a promise of a gift. | False |
| Copyrights held by authors are protected by federal law for the life of the author plus 50 years. | False |
| When both parties benefit from a bailment, it is called a mutual-benefit bailment and the bailee's duty of care is ordinary. | True |
| The fees a common carrier receives for use of its vehicle in the event that it is not loaded or unloaded at the agreed time is called | demurrage |
| If a farmer stores a particular grade of potatoes in a warehouse, the warehouse must return the same potatoes to the farmer. | False |
| If goods involved in a bailment for services are damaged or destroyed, the loss always falls on the bailee. | False |
| The situation that occurs when the bailee receives and accepts a symbol of the property is called | constructive bailment |
| In a gratuitous bailment there is exchange of consideration. | False |
| If you borrow a neighbor's laptop computer to do homework, you have both custody and control of it. | False |
| A bailment ends when the | all answers are correct |
| When the bailment is only for the benefit of the bailor, the duty of care is minimal. | True |
| disclaimer | Sign, label or warning reducing a bailee's duty of care; also, notice of exclusion in a warranty |
| extraordinary care | Duty arising from an extraordinary bailment in which the bailee is liable for all damage, loss, or injury |
| minimal care | Duty arising from a bailment in which the bailee must not ignore, waste, or destroy the property |
| common carrier | One who agrees, for a fee, to transport goods that are lawful and fit for shipment for anyone who applies |
| demurrage | Fee for delay by party shipping goods in loading or by party receiving goods in unloading |
| constructive bailment | Occurs when the bailee receives and accepts a symbol of the personal property rather than the property itself |
| gratuitous bailment | Agency relationship where the agent receives no consideration |
| carrier's lien | Carrier's right to retain possession of the goods until the charges for transportation and incidental services are paid |
| custody | Care and present control of another's personal property under the owner's direction |
| bailor | Party who gives up possession of the property |
| sale on approval | Goods are delivered to the buyer in an "on trial" or "on satisfaction" basis |
| extraordinary bailment | Bailment that requires an unusually high standard of care |
| In a bailment relationship, the party who accepts possession and control of the property is the | bailee |
| A common carrier does not have the right to retain possession of the goods until the charges for transportation and accompanying services are paid. | False |
| The bailee will be liable if negligent in some way with | ordinary care |
| Only one party benefits from a/an | gratuitous bailment |
| An estate is a particular bundle of legal rights in real property. | True |
| Method of acquiring title by occupying land belonging to another, without the other's consent, for a certain uninterrupted period of time, under prescribed conditions | adverse possession |
| Property right allowing one person to extract things, such as minerals and oil | mineral right |
| mineral right mineral right (correct) Document used to evidence transfer of ownership of real property | deed |
| Property right one has in the land of another, such as a right to cross the other's land | easement |
| Power of the government to take private property for public use upon payment of the fair market price | eminent domain |
| agreement limiting your use of your property | restrictive covenant |
| Greatest possible bundle of ownership rights in, and powers over, realty | fee simple absolute |
| Personal property attached to realty by a business tenant | trade fixture |
| Personal property attached to realty in such a way that it is regarded as real property | fixure |
| Control of water that is part of the realty | water right |
| Estate or tenancy that involves ownership for a limited period of time | nonfreehold estate or life estate |
| Which of the following is NOT features of a license? | long-term |
| Which of the following does not have the right of possession? | future intereests |
| A landlord and tenant are co-owners. | false |
| False | |
| The owner of realty generally owns | all of the answers listed are correct |
| The length of a life estate is usually measured by the life of the grantor. | false |
| The water in a river is treated by the law as real property | true |
| Adverse possession can occur in secret. | false |
| Taking by eminent domain can only occur when there is a legitimate public purpose for the taking. | true |
| Easements appurtenant benefit nearby land | true |
| A quitclaim deed guarantees that the grantor receives what is described in the deed. | false |
| Which of the following is the most common and greatest estate? | fee simple absolute |
| A contract to sell crops growing in the ground is a contract for the sale of | goods |
| Which of the following is NOT one of the tenant's duties if a major repair becomes necessary? | to make the necessary repairs |
| If the landlord and tenant identify an ending date for the lease, then the lease is a | tenancy for years |
| If a landlord rerents property abandoned by the lessee, but for less rent, the tenant is liable for the difference. | True |
| Tenant's transfer of partial interest in the lease to a third person | subletting |
| Consideration given by a tenant | rent |
| Tenancy created when the tenant remains in possession after the lease has expired | tenancy at sufferance |
| Results if a party possesses land with the owner's permission but without an agreement as to the term of the lease or the amount of rent. | tenancy at will |
| One who, through a lease, transfers to another exclusive possession and control of real property | landlord |
| One who, through a lease, is given possession of real property | tenant |
| Lease that exists for a definite period of time | tenancy for years |
| Legal action taken to remove a tenant frompossession of all the landlord's real property | eviction |
| Periodic tenancy in which the rent is paid by the month | tenancy from month to month |
| Ownership interest of a tenant | leashold estate |
| Agreement in which tenant obtains possession of real property of the landlord in exchange for rent | lease |
| A tenant who occupies the property after the lease has expired has which tenancy? | tenancy at sufferance |
| If a tenant fails to pay the rent on time, the landlord may confiscate the cleaning deposit | false |
| A tenant may not use the property in ways prohibited by the lease. | true |
| The lessor is responsible for all repairs for | common areas |
| If a tenant transfers her interest in the lease for all but the last month, which of the following has occurred? | subletting of premises |
| A tenancy for years must last at least one year. | false |
| The landlord does not have the right to enter the premises whether or not the lease states that right exists. | false |
| All leases must be in writing to be enforceable by a court? | false |
| If a landlord and tenant do not identify an ending date for the lease but they do identify a payment period, then the lease is a | periodic tenancy |
| Which of the following must be in writing to be enforceable by a court? | lease for a period of 24 months |
| All states require the landlord to mitigate damages if a tenant abandons the lease before the end of the term. | false |
Created by:
stephparnell