1. The basic obligation of a seller of goods to transfer and deliver goods to the buyer in accordance with the terms of the contract is known as:
a. performance of delivery.
b. anticipatory tender.
c. delivery as agreed.
d. anticipatory delivery.
e. tender of delivery.
2. Which of the following is true?
a. Contracts can be classified as either voluntary or involuntary.
b. All contracts are legally enforceable.
c. The terms of a valid contract become private law between the parties.
d. Contract promises are generally not enforced by the courts.
e. The terms of a valid contract become public law between the parties.
3. The doctrine of caveat emptor stands for the principle that:
a. sellers of goods and services are highly regulated.
b. buyers of goods and services are limited in what they can purchase.
c. buyers of goods and services receive few legal protections, and the buyer should beware.
d. sellers of goods and services have many inherent duties and obligations.
e. buyers of goods and services receive legal protection from fraud.
4. Which of the following statutes provides employees with the right to collectively bargain?
a. The Norris-LaGuardia Act
b. The National Labor Relations Act
c. The Labor-Management Relations Act
d. The Worker Adjustment and Retraining Notification Act
e. The Labor-Management Reporting and Disclosure Act
5. What was the result in the case in the book involving whether a son who had a sole proprietorship doing business under the same fictitious name used by his now deceased father was liable for a warranty made by the father?
a. The son was liable on the warranty because he in essence continued his father's business.
b. The son was not liable on the warranty made by the father because the son was a sole proprietor.
c. The son was not liable on the warranty made by the father because the father was not a sole proprietor.
d. The son was liable on the warranty because he used the same fictitious name as his father.
e. The son was liable on the warranty because a warranty cannot expire if the business is continued under any name.
6. Under what circumstances is a proprietorship required to file a fictitious business name statement in most statements?
a. Any time that there is a change in the name of the business.
b. Any time that the business is sold by one proprietor to another.
c. When the business is operated under a trade name rather than under the name of the proprietor.
d. In all circumstances; each proprietorship is required to file a fictitious business name statement.
e. Only when requested by the office of the secretary of state.
7. Which of the following statements is true about the Internet?
a. It was begun in the 1970s.
b. It was started by the National Aeronautics and Space Administration.
c. It had more than 1,000 computers connected by 1980.
d. Its original purpose was to develop communications for military and national defense purposes.
e. It was developed to assist researchers in private businesses.
8. Which of the following is not a past or present bankruptcy statute?
a. The Bankruptcy Act of 1848
b. The Bankruptcy Act of 1878
c. The Chandler Act (1938)
d. The Bankruptcy Reform Act of 1978
e. The Bankruptcy Amendments and Federal Judgeship Act of 1984