Question

1. An oral contract for the transfer of an interest in land may be enforced if the party seeking enforcement has so changed his position in reasonable reliance on the contract that a court can prevent injustice only by enforcing the contract. a. True b. False

2. The 2001 Revisions to Article 1, adopted by all fifty states, have deleted the requirement that contracts for the sale of other personal property for more than $5,000 be in writing. a. True b. False

3. A limited partnership agreement may not provide that limited partners have the right to vote on matters as a class separate from the general partners. a. True b. False

4. Scott voluntarily transfers to Carlos his right to receive a payment of $425 due to him from Opal. Opal is the assignee. a. True b. False

5. All but which of the following hold an insurable interest? a. Shareholders in a closely held corporation to the extent of their interest in the corporation’s property. b. A lessee of property. c. A seller with a purchase money security interest. d. A buyer of a truck, whether or not the buyer had knowledge of the fact that the truck was stolen by the seller.

6. Under a distributorship: a. the distributor, like an agent, does not take title to the merchandise it receives. b. the producer bears many of the risks connected with commercial sales. c. both the producer and the distributor must take special care to ensure that the arrangement does not violate the antitrust laws of their respective governments. d. multinational enterprises wishing to exploit an intellectual property right sell to a foreign company the right to use such property.

7. The FTC: a. and an advertiser can enter into a consent decree to force the advertiser to both stop the running of the advertisement and to publicly admit its advertisement was deceptive. b. can order a false or misleading advertisement to be stopped through a "cease and desist order," but cannot require the violator to correct its advertising. c. can fine an advertiser for running a misleading advertisement if it fails to comply with its order to "cease and desist." d. All of these are correct.

8. Title to land may be transferred by which of the following? a. Deed. b. Will or by the law of descent upon the death of the owner. c. Open, continuous, and adverse possession by a nonowner for a statutorily prescribed period of years. d. All of these.

9. Which of the following is NOT correct regarding a limited liability partnership? a. All of the states authorize them. b. It is the same as a limited partnership. c. A registered limited liability partnership is a general partnership that makes a statutorily required filing. d. All of these.

Answer 1

• Answer 1 - A (True )
• Answer 2 - True
• Answer 3 - B (False) A limited partnership agreement may provide that limited partners have the proper to vote on matters as a category break away the overall partners.
• Answer 4 - True
• Answer 5 - A
• Answer 6 - C
• Answer 8 - B
• Answer 9 - B