When parties exchange goods for goods, the sale is a barter.

The Uniform Commercial Code (UCC) does not govern contracts to sell goods in the future.

In both sales and contracts to sell, the seller is known as the vendee.

The bill of sale serves as written evidence of the transfer of ownership of goods.

Words or conduct of the buyer that indicate that the goods received are satisfactory can be construed by the court as acceptance.

Casual sellers are also considered merchants.

When both parties are merchants, a new term inserted by the offeree automatically becomes part of the contract if the offeror fails to object within a reasonable time.

Even if a party against whom enforcement of an oral contract is sought admits in legal pleadings or testimony that he or she agreed to part or all of a contract, a signed writing is still necessary to satisfy the Statute of Frauds.

If the buyer has had adequate opportunity to inspect the goods, acceptance may be indicated by a failure to reject them within a reasonable time.

Consideration for a sale or contract to sell goods may be expressed in the form of

According to the UCC, goods do not include

Acceptance of goods occurs when

When payment for goods takes place at a later date, the transfer of title takes place when

Casual sellers

If a party admits in legal testimony that he or she agreed to part or all of an oral contract governed by the Statute of Frauds, the contract would be

Which of the following alternatives may a court that decides that a clause of a contract is unconscionable not do?

With a few exceptions to be enforceable in court, a contract must be evidenced in writing if the goods are valued at

Sherry offers to sell her set of antique dishes to her neighbor, Joan. In this situation Sherry would be known as a(n)

What governs the sale of goods as well as contracts to sell goods in the future?

Shawn needs a new refrigerator for his home. At a local appliance store, he purchases one for $825 using his credit card. The appliance store should provide Shawn with a written receipt showing his payment and the transfer of the ownership of the refrigerator from the appliance store to him. This receipt is known as a(n)

Under the provisions of the Uniform Commercial Code, which of the following holds true in regard to regulation, licensing, and taxation?

Goods that might suffice but do not meet the buyer’s specifications are _______________ goods

Which of the following transactions would be governed by the UCC provisions on sale of goods?

Which of the following must be included in a writing evidencing a sale of goods in order to satisfy the Statute of Frauds?

Those who die without a valid will are said to have died testate.

A will is a legal expression by which a person directs how his or her property is to be distributed after death.

Once made, a will cannot be changed or canceled.

Some statutory provisions allow certain relatives to override the will's terms and receive more of the estate than the will provided.

A holographic will as long as it was written entirely by the decedent’s own hand, signed by him or her, and not witnessed is recognized in all states.

A codicil need not be executed with the same formalities as a will.

A trust created for the fulfillment of an altruistic purpose is known as a spendthrift trust.

A resulting trust is formed when the entity intended to receive the benefit of an express trust cannot do so.

The creator of a trust is known as the trustee.

A trust created in accordance with directions in the will of a decedent is labeled a testamentary trust.

The female maker of a will is properly called

A court-appointed male personal representative overseeing an estate is called

In most states a person under age 18 does not have

A will only takes effect

If proclaimed during the maker's last illness or by service personnel on active duty, some states will recognize

The party for whose benefit the trust is managed is the

A trust created during the lifetime of the settlor is

The trust that protects the beneficiary's interest in the subject property from the beneficiary's creditors is

A constructive trust is a type of

Because he was unable to write, just prior to his death Oscar called his son and daughter to his bedside. Both his doctor and nurse were there when Oscar clearly told them his desires for the division of his estate after this death. Oscar created a

Marla has two living children, David and Al, who each have two children. Her daughter Amy was killed in an automobile accident last year and left three surviving children. Marla wants her will to specify that her children and grandchildren equally split her estate. Which of the following terms matches her desires?

When Betty died, her children could find no evidence of a will. The probate court, therefore, had the power to settle Betty's extensive estate and appointed Jerry to take charge of Betty's property. Jerry is the

Which of the following statements regarding the revocation of a will is not true?

Skip has an estate valued at more than $2,000,000 and would like to transfer some of the property to his attorney with clear instructions as to how this property is to be managed during and after his life for the benefit of his wife and children. To do this Skip will want to create a(n)

Included in Chuck's will are provisions for the creation of a trust after his death for the benefit of his two handicapped children. By these provisions Chuck has provided for the creation of a(n)

A person need not be supervised to be classified as an employee.

An independent contractor receives pay without supervision.

Generally, an employee can be discharged if unable to do the work because of illness or injury.

The minimum wage and overtime requirements of the law do not apply to salaried executives, administrators, and professional workers.

The person who hired an independent contractor usually is liable for the contractor's torts.

All employees are entitled to due process before being discharged.

If the job to be done by an independent contractor is inherently dangerous, such as blasting with dynamite, the party who hired the independent contractor may be liable to anyone injured.

In calculating the maximum number of hours a young person may work, some states count school hours.

When state child-labor laws have stricter standards than federal laws, the state laws control.

Under the controlling federal act, if more than 40 hours are worked in one week, overtime must be paid at two times the regular rate.

An employment relationship can be established without

Employees that can be discharged at any time are

Which employee duty is violated when the employee reveals confidential information about the employer or its business.

Which employee duty obligates the employee to look out for the employer's best interest?

What duty is owed to the employee by the employer?

The minimum wage and maximum hours for employees is established by

If an employer fires an employee in retaliation for the employee's reporting unlawful conduct by the employer it is termed

An employee who is discharged without cause is entitled to

Public employees are entitled to notice of the reasons for the discharge along with a hearing before being terminated. This procedure is referred to as

After Stacey was laid off she was unable to quickly obtain a new job. The government program that will provide her with short-term income is called

Reilly is the owner and manager of Retro Boutique. He has hired Jody to work in his store under his direct supervision in which she will perform a variety of tasks including retail sales, inventory, and stocking. In this situation Jody is known as a(n)

Which of the following statements regarding child-labor laws is true?

Toni presented Calvin Cooper, the president of Cooper Copters, Inc., with a resume in which she stated she was a recent graduate of a business college and typed 90+ words per minute. Based upon Toni's representation of her skill level, Cooper hired her to work as his executive secretary. In a short time Cooper learned that Toni had never attended a business college and could barely type 9 words per minute. Which of the following statements is true about this employment situation?

Which of the following is not true concerning employees who are members of the armed services?

Greenlake School hired Jorge to work as the school's head administrator for a period of 12 months beginning July 1 and ending the next year on June 30. Which of the following statements regarding Jorge's work arrangement is true?

The major advantage of the corporate form over the partnership form is in the way the corporate form is taxed.

The biggest disadvantage of a corporation is the inability to transfer ownership rights in it.

In general, a corporation can be formed for any lawful purpose.

The majority shareholder of a corporation can act for the corporation and bind it by contract.

A corporation that files for bankruptcy must be dissolved.

As a corporation is a legal entity separate and distinct from its owners and managers, it may continue indefinitely with new owners, managers, and employees and thereby enjoy perpetual life.

A corporation cannot acquire and hold stock in other corporations.

A corporation can make its own reasonable rules and regulations for the internal management of its affairs.

In a merger of corporations, the two corporations cease to exist and a new corporation is formed.

The directors have a fiduciary duty to the corporation.

A corporation doing business in one state but chartered in another state is called

Corporations established for a governmental purpose are legally termed

Electric, gas, and water companies are examples of

The application for incorporation filed with a state government is termed the

The basic type of stock carrying the right to one vote per share owned is termed

The directors of a corporation

When two corporations cease to exist and a new corporation is formed, it is called

A corporation has the power

Shareholders do not have the right to

The right to increase the capital stock of the corporation

Under extreme conditions, courts will disregard the corporation’s limited liability protection and make the stockholders _______________ in a practice called “piercing the corporate veil.”

Mazher invested $10,000 and purchased 200 shares of stock in Trans Pacific Exporting, Inc. His 200 shares of stock do not entitle him to vote in the corporation's affairs, but he is guaranteed to receive $10 per share each year of the distribution of the corporation's profits. Mazher is a

Henry and Madelyn own and operate a small court-reporting school and have often considered incorporating their business. Which of the following is a disadvantage of a corporation?

Melvin and Larry individually each owned two restaurants in Oklahoma City. The two decided to form a corporation, Southern Restaurant Management Group, Inc., to collectively manage their combined four restaurants. Although the four restaurants are in Oklahoma, Melvin and Larry incorporated outside the United States in the Cayman Islands. Their new corporation is termed a(n)

Which of the following is not one of the steps in the incorporation process?

False advertising laws do not apply to online marketing.

ISPs can be held liable for the actions of their users relating to intellectual property violations.

A P2P network is

Most laws that were created for real-world (offline) events do not apply to online actions.

Which type of contract forces consumers to wait to read the terms after they have already purchased the product?

The GLBA is a federal law protecting personal health information.

Which of these states have strict laws on personal and biometric data security and breach notification?

Biometric data can include

Contracts created solely using online forms and signatures cannot be enforced.

HIPAA was created to require financial institutions to protect personal account information.

Most states have not enacted laws protecting employees and consumers from biometric data collection and geolocation tracking.

Pledged property may be repledged to a third party as long as the terms of the pledge to the third party do not prevent the original pledgor from getting the property back when the debt is paid.

A pawnbroker, under a pledge agreement, has the right to garnish one's wages.

A surety is discharged if the creditor releases the primary debtor or alters the obligation, as by extending the time of performance, without the surety’s consent.

Usually usury laws that set maximum interest rates apply only to loans of money.

In some states, a debtor is not required to pay a debt unless a receipt is given.

Bankruptcy laws protect only the debtors.

Bankruptcy is always at the voluntary request of the debtor.

The law provides an order of priority for payout of the proceeds of a bankruptcy liquidation.

The liability for unauthorized use of an ATM/debit card is more expensive than that of a credit card.

Alimony and child support obligations can be discharged in bankruptcy.

A person who has not been paid for labor to build a home is allowed to file a legal claim against the property under

A person who has not been paid for services is allowed to retain possession of the repaired property until payment is made under

Which act permits merchants to offer discounts to customers who pay cash instead of using credit cards?

The loss or theft of a credit card

The part of the bankruptcy law that controls liquidation of nonexempt property of the debtor is

The section of the bankruptcy law whose procedure is available only to individuals who have regular income is

Certain types of claims that cannot be discharged by bankruptcy might include

The first to be paid from the proceeds of a bankruptcy liquidation would be for

The last class of creditors to receive any of the proceeds, if available, from a Chapter 7 bankruptcy liquidation is the

A default on a loan occurs when

Maxine charged the $129 purchase of a new VCR on her credit card. The VCR, however, was defective. What federal law will allow her to withhold payment on her credit card for the defective VCR without being held liable for the entire amount owed?

Under which bankruptcy relief plan must the debtor have regular income, unsecured debts of less than $360,475 and/or secured debts of less than $1,081,500?

The primary difference between a suretyship and a guarantorship is

First California Finance has an unwritten policy in which it refuses to loan money to any person of Northern European descent, regardless of creditworthiness. Which federal law makes First California Finance's policy illegal?

Betty's home needs to be painted. Her nephew, Dwight, has agreed to paint her house if she will provide the paint and pay him $700. Dwight is unreliable, and Betty fears that he will start the job and not finish it. Dwight gives Betty his car and the keys to the car to hold as his guarantee that he will fulfill his obligation to her. In this situation, Betty is the