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MGMT 254 Final Exam Questions With Complete Solutions
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MGMT 254 Final Exam Questions With Complete Solutions
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MGMT 254 Final Exam Questions With Complete Solutions________ is a transfer of possession - but not title - to personal
property. Correct Answer a bailment
A business formula, information compilation, or device that
provides an advantage over competitors that do not have it is
known as a: Correct Answer trade secret
A car accident occurred between Jim and Joe with no witnesses.
Joe sues Jim for damages. If Joe has either engaged in or
refrained from actions that are at least partially to blame for his
injuries, what negligence has occurred? Correct Answer
contributor y
A contract for the sale of goods with a price of $500 or more
requires written proof to be enforceable Correct Answer True
A corporation is separate legal entity capable of owning
property, contracting, and being sued in its own name. Correct
Answer true
A court will not reverse an agency's decision merely because the
court would have made a different decision based on the same
facts. Correct Answer True
A covenant _______ promises that the grantor of an interest in
land will execute any additional documents required to perfect
the title of the grantee. Correct Answer of further assurances
,A crime consists of three elements: the mental state, the intent,
and the act Correct Answer false
A customer went into a store and saw a beautiful leather jacket
bearing get a price tag of $29. The customer handed the cashier
at a $50 bill and said, "Hi except. We have a deal." The cashier
then noticed the price tag and told the customer an error had
been made and that the price was $229. In this case: Correct
Answer No contract was formed because the customers offer
was refused
A federal agency planning to adopt a new regulation must give
public notice of such intent and then hold a hearing at which
members of the public may express their views and make
suggestions. Correct Answer True
A firm offer is an offer that states that is to be irrevocable, or
irrevocable for a stated period of time. Correct Answer True
A friend has a copyright for a play and is explaining it to you.
She says an owner of a copyright may license some of his or her
rights to another in exchange for royalty payments. Is this true or
false? Correct Answer true
A friend has asked you if she can get a copyright for her photos.
You tell her that in order for a work to be copyrightable, it must
possess a significant amount of creativity. Is this true or false?
Correct Answer true
A friend has written a book for a company. She wonders how
long it is protected by copyright. You tell her a copyright of a
,"work made for hire" runs for the life of the creator of the work
plus 50 years. Is this true or false? Correct Answer false
A judge rules on the admissibility of evidence presented in the
trial. Correct Answer True
A landowner is not under any duty to warn of dangers or to
make the premises safe to protect the trespasser from harm.
Correct Answer true
a liquidation of damages clause in a consumer contract is
enforceable if it: Correct Answer reasonable attempts to
estimate the actual harm caused by a breach
A member of the cleaning crew takes information from waste
basket at your county firm and then purchases stock based on
that information. You threw it away because it was bad
information. This person sues you for his losses. ____Impose
liability on the accountant to a total stranger who gets possession
of the accountant's work and then sustains a loss because of a
false statement in the work Correct Answer No courts
A negotiable warehouse receipt that provides for delivery of the
goods to the order of Jill Jones may be negotiated by delivery of
the document to the purchaser Correct Answer false
A new restaurant opens in a leased space in downtown
Lafayette. However, a month after is opens, the building is
destroyed by a fire. If a leased building is destroyed, the lease is
not terminated until proper notice is given. Correct Answer true
, A person has an insurable interest in property is destruction of
that property would cause a monetary or pecuniary loss to that
person Correct Answer True
A person who is harmed by a conspiracy that violates the
Sherman Antitrust Act may sue the wrongdoers for treble
damages, which is four times the actual damages. Correct
Answer False
A person who is prevented from enforcing a contract because of
the statute of frauds also is prevented from recovering the value
of services, property, or money furnished the other party to the
oral contract. Correct Answer False
A professional soccer team contracts with a player for a five
year, $25 million price, but can cancel the contract at any time.
A promise that in fact does not impose any obligation on the
promisor is known as an elusive promise. Correct Answer True
A public warehouser has a specific lien against the goods stored
for reasonable costs incurred from the storage. Correct Answer
true
A right is defined as: Correct Answer a legal capacity to
require another party to preform an action.
A right of ________ refusal is the right of the party to meet the
terms of a proposed contract before it is executed, such as a real
estate purchase agreement. Correct Answer First
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