In order for an offer to be valid, the following must be metexcept:
Answer
There is an objective intent by the offeror to enter into acontract.
The offer must be in writing and signed by the offeror.
The offer must be communicated to the offeree.
The offer must be certain enough that most reasonable people canfigure out what is being offered. 
What kind of contract is formed when each party makes a promise inreturn for the other’s promise?
Answer
A unilateral contract.
A quasi contract.
A bilateral contract.
An implied moral contract by acceptance.
0.5 points  
336.Which of the following is a correct statement?
Answer
Only a plaintiff in a lawsuit can file a motion for judgment on thepleadings in the U.S. civil law system.
When a forum-selection or choice-of-law clause is included in aninternational contract, legal proceedings are more complex,attended by more uncertainty, and much more difficult.
Payments to foreign government officials are always illegal sincebribery is a serious moral wrong.
International law is a body of law that in part governs relationsamong nations.
Agents can bind principals:
Answer
a. If they have actual authority.
b. If they have implied authority.
c. If they have apparent authority.
d. All of the above.
Under which of the following types of misrepresentation is theinnocent party usually not able to rescind a contract?
Answer
Fraud in the inducement.
Fraud in the inception.
Silence as misrepresentation.
Misrepresentation of law.
The requirement that goods tendered to a buyer must conform in allways to the terms of the contract is called the:
Answer
Complete Performance rule.
Perfect tender rule.
No right to cure rule.
Substantial performance rule.
Which of the following is a true statement?
Answer
The Federal Trade Commission is the federal agency in the U.S. thatis empowered to prevent and punish unfair and deceptive marketingand advertising practices in trade or commerce.
The Consumer Products Safety Commission in the U.S. prohibitsmanufacturers from selling and marketing products unless they aremarked with the agency’s official “seal of approval.”
Common law legal doctrines no longer apply to polluters in the U.S.since they are so big and powerful and thus can only be regulatedby federal statutory law.
An environmental impact statement is required in the U.S. for allfederal and state government development projects and for allproposed federal and state legislation.
Which of the following is a true statement?
Answer
Criminal law focuses on duties that exist between privatepersons.
The prosecution in a criminal case in the U.S. needs only establishby a preponderance of the evidence that the defendant committed thecrime.
Criminal liability frequently depends on a specific state of mindor intent.
All promises are legally binding contracts based on common lawnotions of criminality for promise-breaking.
Under law, a tort can be best described as:
Answer
Any violation of an ethical duty.
Another term for a crime or misdemeanor.
Any action done in violation of a prior agreement which allows thevictim to recover damages.
A civil wrong which allows the person injured or harmed to recoverdamages.
The major disadvantage of a sole proprietorship is:
Answer
The difficulty and cost of formation.
The unlimited liability for the business’s debts.
The sharing of management authority with others.
The difficulty in transferring ownership to others.
The graphics used in “Grave Raiders,” a computer game, are bestprotected by
Answer
copyright law.
patent law.
trademark law.
trade secrets law.
Which of the following is not true about limited liabilitycompanies?
Answer
Limited liability companies can in some states have only oneowner.
Limited liability company status will ensure tax treatment as acorporation.
A limited liability company must use the words “limited liabilitycompany” in its name or “LLC” or “LC.”
In order to form a limited liability company, articles oforganization must be filed with state.
The first step in a lawsuit is when the plaintiff files a:
Answer
Notice of lawsuit.
Intent to sue.
Complaint.
Summons.
Which of the following is NOT an Equitable remedy under the commonlaw:
Answer
a. Injunction
b. Money Damages
c. Rescission
d. Specific Performance
State law provides that existing shareholders may buy new issues ofstock in the same proportion as their current holdings. This isdone to allow the current stockholders to keep the same voting anddividend rights they had before the new issue. This right is knownas a right of:
Answer
Redemption.
Ratification.
Preemption.
First refusal.
Which of the following are encompassed by the traditional commonlaw tort of intentional invasion of privacy?
Answer
a. An appropriation of a person’s name or picture without his orher permission for commercial advantage.
b. An intrusion by the defendant into the private life or privatedomain of the plaintiff.
c. Public disclosure of private facts, that is, facts not in thepublic record, about a person, even if the facts are true.
d. All of the above.
Which of the following statements regarding product liability isnot
true?
Answer
One major problem with using negligence for product liability isthat the plaintiff must show some specific act of negligence.
Failure to warn about a generally or commonly known danger usuallywill lead to liability.
Strict liability is a “no fault” system.
To be held liable in strict liability, the product must be inessentially the same condition as when it left the defendant’scontrol.
Which of the following is true about restraints of trade?
Answer
Under the per se rules, all restraints of trade are illegal.
Under the rule of reason, all restraints of trade are illegal.
Some acts are illegal per se, but other actions must be judged bythe rule of reason.
Price fixing is always judged by the rule of reason.

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