14 Aug Section 1 Forms of Business Organizations 1. A ________ is created when two or

Section
1 Forms of Business Organizations
1.
A ________ is created when two or more
persons agree to place their money, labor, or skills in a business and to share
the profits and losses.
2.
A __________ corporation is owned by a
limited number of shareholders.
3.
A member of the board who also serves as
an officer is a (n) ________ director.
4.
The rules that govern the internal
operation of a corporation are called the ______
5.
Small corporations can avoid double
taxation by electing to be treated as a (n) _____
6.
A ______ is a public officer to all
shareholders of a corporation to buy their shares at a stated price, usually
higher than the market price.
7.
In a ____ merger, the shares in the
disappearing corporation are automatically converted into shares in the
surviving corporation.
8.
In a ______, a stock purchase is
financed by debt.
9.
A partnership is not automatically
dissolved upon a partners _____, and the partners holding a majority of the
partnership interests may elect to continue the general partnership.
10.
The _____ doctrine prevents a third
party who acts as if it were doing business with a corporation from later
claiming that the corporation is not really a corporation.
11.
Which of the following statements is NOT
true regarding the advantages and disadvantages of a sole proprietorship?
12.
Which of the following statements is NOT
true regarding limited partnerships?
13.
Which of the following requirements is
NOT required by a corporation to qualify for S corporation status?
14.
A ______ combines the tax advantages of
a pass-through entity with the limited liability advantages of a corporation.
15.
The ____ set forth the steps that must
be taken to establish a corporation in that state.
16.
If incorporators cannot show substantial
compliance with statutes regarding incorporation but can show that they were
unaware of any defect and acted in good faith, a court may treat the entity as
a (n) ______
Section
2 International Laws and Transactions
17.
______ law legal systems primarily rely
on case law and precedents.
18.
The Seventh Amendment to the U.S.
Constitution guarantees the right to a jury trial _____.
19.
_______ avoids renegotiation of treaties
by allowing the president to negotiate trade agreements and then submit them
for an up or down vote by Congress with no amendments permitted.
20.
Through the process of _______, a nation
that was NOT an original party to a treaty can elect to participate in a treaty
at a later time.
21.
_____ is the process by which a country
asserts a right to regulate activities that occur beyond its borders.
22.
_____ Tariffs require the importer to
pay a percentage of the value of the imported merchandise.
23.
Exports are controlled by means of
export _____
24.
A product is _____ when it is sold
abroad below the current selling price in the exporters home market or below
the exporters cost of production.
25.
_____ is the principal U.S. statute
addressing unfair foreign practices affecting U.S. exports of goods or
services.
26.
The North American Free Trade Agreement
provides for elimination of barriers to trade between what countries?
27.
A _____ is created when a group of
states reduce or eliminate tariffs between themselves but maintain their own
individual tariffs as to other states.
28.
Courts apply the principles of _____ to
determine which countrys laws should be used to interpret an international
contract.
29.
A contract dispute which is heard by a
court without reference to a prior arbitration is known as a (n) ____ review.
30.
Under the principle of _____, a court
will enforce another countrys judgments under certain conditions.
31.
_____ is a process used mainly in the
area of public international law whereby a third party, often a disinterested
government brings the parties together by establishing communication and
providing a site where the parties can meet, often in secret.

Section
3 Contracts
32.
_____ damages compensate a party for
losses that occur as a foreseeable result of the breach.
33.
Contract law comes from which of the following?

34.
Which of the following is not one of the basic elements for
formation of a valid contract?
35.
Which of the following is true regarding
acceptance?
36.
A _____ contract is a promise given in
exchange for another promise.
37.
A third-party beneficiary is someone who
is not.
38.
An agreement between two parties that
provides that the seller will sell all of a product that he produces to the
buyer is called a (n)
39.
Under traditional common law, the
acceptance must be the _____ of the offer.
40.
Under the doctrine of _____, a court may
invalidate an agreement if one party had sufficient influence and power over
the other as to make genuine assent impossible.
41.
Which of the following does not
generally make a contract voidable?
42.
A (n) _____ is any agreement to accept
performance that is different from what is called for in the contract
43.
Which of the following is true regarding
a mistake of judgment?
44.
Which of the following is a doctrine
that may excuse the government from performance on a contract due to
legislative or executive acts?
45.
Under the doctrine of _____, a court may
order restitution if one party has received a benefit for which it has not paid
when there was not contract between the parties.

Section
4 Sales, Licensing, and E-Commerce
46.
To which of the following does article 2
of the UCC apply?
47.
What are items of personal property that
are attached to real property and cannot be removed without substantial damage
called?
48.
Under the UCC, which statement is not
true regarding a buyers right to reject nonconforming goods?
49.
Under the UCC, a failure to perform is
excused under the doctrine of
50.
Under the Convention on Contracts for
thee International Sale of Goods (CISG), an offer becomes effective when
51.
Under the UCC statute of frauds, which
of the following terms must be in a writing order to satisfy the statute?
52.
Which of the following statements best
describes an offer under the UCC?
53.
Which of the following is governed by
Article 2 of the UCC?
54.
UCC Section 2-319 expressly authorizes
the buyer and seller to allocate the risk of ___ between them as they see fit.
55.
When the seller provides the buyer with
a document enabling it to pick up goods held at an independent warehouse, the
risk of loss passes to the buyer
56.
A contract is _____ if its terms are
unduly harsh or oppressive or unreasonable favorable to one side.
57.
Which of the following is an example of
a statement made by a salesperson that would be considered puffing?
58.
If all parties are merchants, additional
provisions in an acceptance automatically become part of the contract unless
59.
Which of the following will not allow a
consumer to recover under a breach of warranty?
60.
If a buyer wrongfully cancels a contract
under the UCC, the seller may not recover
61.
______do
not relieve a contracting party from their responsibilities under the UCC
doctrine of commercial impracticability.
62.
A (n) _____ contract occurs when one
party is induced to enter a contract on a take it or leave it basis.
63.
Which of the following is not true under
Magnuson-Moss Warranty Act?

Section
5 Product Liability
64.
Which of the following is not a
rationale of strict product liability?
65.
Which of the following is true regarding
the Restatement (Third) of Torts?.
66.
A product that was sold without a
component part properly fastened to the product is an example of a ______
defect.
67.
If a product is unavoidably unsafe, the
_____ determines whether the dangerous product is also defective.
68.
Which of the following restricts the
statute of limitations as a defense in a product liability lawsuit?
69.
Which of the following is true regarding
defenses in a products liability action?
70.
Under the doctrine of _____, when a
person voluntarily and unreasonably assumes the risk of a known danger, the
manufacturer is not liable for any resulting injury.
71.
Under the doctrine of ______, the
plaintiffs damages in a strict liability action may be reduced by the degree
to which his or her own negligence contributed to the injury.
72.
Under the rule applied in most states,
which of the following justifies holding an acquiring corporation liable to a
party injured by a defect in a product sold by the acquired corporation?
73.
To prove ____ in a product liability
case, the injured party must show that the defendant did not use reasonable
care in the design or manufacture of its product.
74.
The preemption of defense involves
certain _____, which set minimum safety standards for products.
75.
A statute of _____ prevents recovery for
product injuries by limiting the time period for recovery from the date when
the injury occurred.
76.
On a failure to warn claim, adequate
warnings and instructions for a products safe use can shield a manufacturer
from liability for a
77.
When multiple manufacturers of identical
products are sued in product liability, some courts apportion liability under
the ______ doctrine.
78.
Which of the following members of the
chain of distribution cannot be strictly liable in a products lawsuit?
79.
The _____ defense shields a manufacturer
from liability for a detective design if no safer product design is generally
recognized as being possible.
80.
The government-contractor defense to
product liability will not apply if the

Section
1 Forms of Business Organizations1.
A ________ is created when two or more
persons agree to place their money, labor, or skills in a business and to share
the profits and losses. 2.
A __________ corporation is owned by a
limited number of shareholders. 3.
A member of the board who also serves as
an officer is a (n) ________ director. 4.
The rules that govern the internal
operation of a corporation are called the ______ 5.
Small corporations can avoid double
taxation by electing to be treated as a (n) _____ 6.
A ______ is a public officer to all
shareholders of a corporation to buy their shares at a stated price, usually
higher than the market price. 7.
In a ____ merger, the shares in the
disappearing corporation are automatically converted into shares in the
surviving corporation. 8.
In a ______, a stock purchase is
financed by debt. 9.
A partnership is not automatically
dissolved upon a partners _____, and the partners holding a majority of the
partnership interests may elect to continue the general partnership.10.
The _____ doctrine prevents a third
party who acts as if it were doing business with a corporation from later
claiming that the corporation is not really a corporation. 11.
Which of the following statements is NOT
true regarding the advantages and disadvantages of a sole proprietorship? 12.
Which of the following statements is NOT
true regarding limited partnerships? 13.
Which of the following requirements is
NOT required by a corporation to qualify for S corporation status? 14.
A ______ combines the tax advantages of
a pass-through entity with the limited liability advantages of a corporation. 15.
The ____ set forth the steps that must
be taken to establish a corporation in that state. 16.
If incorporators cannot show substantial
compliance with statutes regarding incorporation but can show that they were
unaware of any defect and acted in good faith, a court may treat the entity as
a (n) ______ Section
2 International Laws and Transactions17.
______ law legal systems primarily rely
on case law and precedents. 18.
The Seventh Amendment to the U.S.
Constitution guarantees the right to a jury trial _____.19.
_______ avoids renegotiation of treaties
by allowing the president to negotiate trade agreements and then submit them
for an up or down vote by Congress with no amendments permitted.20.
Through the process of _______, a nation
that was NOT an original party to a treaty can elect to participate in a treaty
at a later time. 21.
_____ is the process by which a country
asserts a right to regulate activities that occur beyond its borders. 22.
_____ Tariffs require the importer to
pay a percentage of the value of the imported merchandise. 23.
Exports are controlled by means of
export _____ 24.
A product is _____ when it is sold
abroad below the current selling price in the exporters home market or below
the exporters cost of production. 25.
_____ is the principal U.S. statute
addressing unfair foreign practices affecting U.S. exports of goods or
services. 26.
The North American Free Trade Agreement
provides for elimination of barriers to trade between what countries? 27.
A _____ is created when a group of
states reduce or eliminate tariffs between themselves but maintain their own
individual tariffs as to other states. 28.
Courts apply the principles of _____ to
determine which countrys laws should be used to interpret an international
contract. 29.
A contract dispute which is heard by a
court without reference to a prior arbitration is known as a (n) ____ review. 30.
Under the principle of _____, a court
will enforce another countrys judgments under certain conditions. 31.
_____ is a process used mainly in the
area of public international law whereby a third party, often a disinterested
government brings the parties together by establishing communication and
providing a site where the parties can meet, often in secret. Section
3 Contracts32.
_____ damages compensate a party for
losses that occur as a foreseeable result of the breach. 33.
Contract law comes from which of the following?
34.
Which of the following is not one of the basic elements for
formation of a valid contract? 35.
Which of the following is true regarding
acceptance? 36.
A _____ contract is a promise given in
exchange for another promise. 37.
A third-party beneficiary is someone who
is not.38.
An agreement between two parties that
provides that the seller will sell all of a product that he produces to the
buyer is called a (n) 39.
Under traditional common law, the
acceptance must be the _____ of the offer. 40.
Under the doctrine of _____, a court may
invalidate an agreement if one party had sufficient influence and power over
the other as to make genuine assent impossible. 41.
Which of the following does not
generally make a contract voidable? 42.
A (n) _____ is any agreement to accept
performance that is different from what is called for in the contract 43.
Which of the following is true regarding
a mistake of judgment? 44.
Which of the following is a doctrine
that may excuse the government from performance on a contract due to
legislative or executive acts? 45.
Under the doctrine of _____, a court may
order restitution if one party has received a benefit for which it has not paid
when there was not contract between the parties. Section
4 Sales, Licensing, and E-Commerce46.
To which of the following does article 2
of the UCC apply?47.
What are items of personal property that
are attached to real property and cannot be removed without substantial damage
called? 48.
Under the UCC, which statement is not
true regarding a buyers right to reject nonconforming goods?49.
Under the UCC, a failure to perform is
excused under the doctrine of 50.
Under the Convention on Contracts for
thee International Sale of Goods (CISG), an offer becomes effective when 51.
Under the UCC statute of frauds, which
of the following terms must be in a writing order to satisfy the statute? 52.
Which of the following statements best
describes an offer under the UCC? 53.
Which of the following is governed by
Article 2 of the UCC? 54.
UCC Section 2-319 expressly authorizes
the buyer and seller to allocate the risk of ___ between them as they see fit. 55.
When the seller provides the buyer with
a document enabling it to pick up goods held at an independent warehouse, the
risk of loss passes to the buyer56.
A contract is _____ if its terms are
unduly harsh or oppressive or unreasonable favorable to one side. 57.
Which of the following is an example of
a statement made by a salesperson that would be considered puffing? 58.
If all parties are merchants, additional
provisions in an acceptance automatically become part of the contract unless 59.
Which of the following will not allow a
consumer to recover under a breach of warranty?60.
If a buyer wrongfully cancels a contract
under the UCC, the seller may not recover 61.
______do
not relieve a contracting party from their responsibilities under the UCC
doctrine of commercial impracticability. 62.
A (n) _____ contract occurs when one
party is induced to enter a contract on a take it or leave it basis. 63.
Which of the following is not true under
Magnuson-Moss Warranty Act? Section
5 Product Liability64.
Which of the following is not a
rationale of strict product liability? 65.
Which of the following is true regarding
the Restatement (Third) of Torts?.66.
A product that was sold without a
component part properly fastened to the product is an example of a ______
defect. 67.
If a product is unavoidably unsafe, the
_____ determines whether the dangerous product is also defective.68.
Which of the following restricts the
statute of limitations as a defense in a product liability lawsuit?69.
Which of the following is true regarding
defenses in a products liability action? 70.
Under the doctrine of _____, when a
person voluntarily and unreasonably assumes the risk of a known danger, the
manufacturer is not liable for any resulting injury.71.
Under the doctrine of ______, the
plaintiffs damages in a strict liability action may be reduced by the degree
to which his or her own negligence contributed to the injury. 72.
Under the rule applied in most states,
which of the following justifies holding an acquiring corporation liable to a
party injured by a defect in a product sold by the acquired corporation?73.
To prove ____ in a product liability
case, the injured party must show that the defendant did not use reasonable
care in the design or manufacture of its product.74.
The preemption of defense involves
certain _____, which set minimum safety standards for products. 75.
A statute of _____ prevents recovery for
product injuries by limiting the time period for recovery from the date when
the injury occurred. 76.
On a failure to warn claim, adequate
warnings and instructions for a products safe use can shield a manufacturer
from liability for a 77.
When multiple manufacturers of identical
products are sued in product liability, some courts apportion liability under
the ______ doctrine. 78.
Which of the following members of the
chain of distribution cannot be strictly liable in a products lawsuit? 79.
The _____ defense shields a manufacturer
from liability for a detective design if no safer product design is generally
recognized as being possible. 80.
The government-contractor defense to
product liability will not apply if the

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