Question: Luella just purchased 5 shares of common stock in TriColor, Inc. for $250. Luella has the right to:
Answer Choices:
manage the day-to-day business of the corporation.
set executive compensation.
vote to amend the articles of incorporation.
serve as an officer of the corporation.
Answer: vote to amend the articles of incorporation.
Question: Charles and Ellen, an unmarried couple, run an ice cream store. The business is not incorporated and they have filed no formation papers with the state. Their business is a:
Answer Choices:
sole proprietorship.
partnership.
joint venture.
limited liability company.
Answer: partnership.
Question: Under the UCC, the seller’s right to correct a shipment of non-conforming goods is called:
Answer Choices:
correction.
cure.
cover.
reformation.
Answer: cure.
Question: What is meant by the term “piercing the corporate veil”?
Answer Choices:
Corporate directors and/or officers may be held personally liable to a person damaged by an act of the corporation.
Corporate shareholders may be held personally liable to a person damaged by an act of the corporation.
Both of the above.
None of the above.
Answer: Both of the above.
Question: A contract that requires a seller to deliver goods to the carrier is:
Answer Choices:
a destination contract.
a shipment contract.
a C.I.F. contract.
a C.O.D. contract.
Answer: a shipment contract.
Question: A plaintiff sued a restaurant after getting a bone caught in her throat while eating a fish entree. What was the result?
Answer: That the plaintiff could recover based upon the implied warranty of merchantability.
Question: Which of the following events would probably excuse performance of a contract based on commercial impracticability?
Answer Choices:
The price of a raw material increases slightly so that the contract will not be as profitable.
A crop failure that drastically reduces supply causes prices to increase 200%.
An unforeseen shortage of labor reduces profits by 20%.
The subject matter of the contract is destroyed.
Answer: A crop failure that drastically reduces supply causes prices to increase 200%.
Question: If Becky promises not to drink alcohol when she is already a legal adult in exchange for Bank promising $1,000, the agreement is:
Answer Choices:
enforceable because the agreement accomplishes Ben’s goal of keeping Becky from drinking.
not enforceable because Becky does not have a legal right to drink alcohol.
not enforceable because Becky is a minor and could disaffirm the contract.
enforceable because Becky is making a promise.
Answer: not enforceable because Becky does not have a legal right to drink alcohol.
Question: A contract most likely will be declared enforceable if:
Answer Choices:
It is unfair to one party.
It contains a cancellation clause.
It is oppressive and the weaker party did not fully understand the consequences of the agreement.
It is signed by a minor.
Answer: It contains a cancellation clause.
Question: If Jane persuades Linda to buy her car because it has “the best gas mileage of any car she can buy” then Jane’s statement is:
Answer Choices:
fraud.
misrepresentation.
a unilateral mistake.
puffery.
Answer: puffery.
Question: When you seek to determine the central idea of a specific section of a book or article, you are primarily engaging these two Learning Patterns:
Answer Choices:
Sequence and Precision.
Sequence and Confluence.
Precision and Confluence.
Technical Reasoning and Precision.
Answer: Precision and Confluence.
Question: Deep reading
Answer Choices:
only takes place in conjunction with deep writing.
requires interpreting text and making predictions.
does not involve interpreting graphs, figures, or diagrams.
is the opposite of critical reading.
Answer: requires interpreting text and making predictions.
Question: If you look at a list of important critical-thinking skills and see that you are deficient in one of them, you should
Answer Choices:
make sure you always work with one or more people that are strong in that skill.
determine what combination of Learning Patterns you will use to become competent in that skill.
tell your instructors about your deficiency and ask for assignments that accommodate it.
acknowledge that you will always be deficient in that skill and decide to avoid developing it.
Answer: determine what combination of Learning Patterns you will use to become competent in that skill.
Question: The student has informed the teacher that they submitted their paper a week ago, when in actuality they have not. It’s okay to inform the instructor of this, because the student will actually submit the paper today.
Answer Choices:
True
False
Answer: False
Question: Sociologist Lewis Mumford said that language was the most important and significant ________ humans use.
Answer Choices:
communication
divider
abstraction
container
Answer: container
Question: A writer who clutters her writing with too many details that detract from the overall message is relying too much on the ________ Learning Pattern.
Answer Choices:
Confluence
Precision
Technical Reasoning
Sequence
Answer: Precision
Question: If you see the words “explain” or “examine” in a question, you know that you should think with the ______ Learning Pattern in determining the answer.
Answer Choices:
Technical Reasoning
Precision
Sequence
Confluence
Answer: Precision
Question: When you read, your brain uses
Answer Choices:
memory and implicit processes only.
attention and visual processes only.
attention, judgment, memory, and visual processes.
auditory and attention processes only.
Answer: attention, judgment, memory, and visual processes.
Question: When you look for new approaches to a problem that others haven’t considered, you are primarily using the
Answer Choices:
Confluence Learning Pattern.
Sequence Learning Pattern.
Precision Learning Pattern.
Technical Reasoning Learning Pattern.
Answer: Confluence Learning Pattern.