Question

1. The legal process by which a creditor protects her interest against claims of third parties is called

   	A.	fixing
   	B.	perfection
   	C.	bonding
   	D.	securitization

2. The general purpose of the UCC is to

   	A.	protect the merchant
   	B.	protect the consumer
   	C.	protect parties from unconscionable contracts
   	D.	standardize commercial law and facilitate commercial transactions

3. A filed financing statement is valid for

   	A.	three years
   	B.	five years
   	C.	ten years
   	D.	one year

4. When a buyer breaches, the seller may not

   	A.	withhold delivery
   	B.	resell the goods
   	C.	cancel the contract
   	D.	cover

5. An anticipatory repudiation

   	A.	may always be revoked
   	B.	may be revoked if the non-breaching party has changed her position
   	C.	may be revoked if the non-breaching party has not changed her position
   	D.	none of the above

6. The implied warranty of fitness for a particular purpose may

   	A.	be disavowed orally
   	B.	be disavowed in writing
   	C.	may be disavowed only if the word “merchantability” is used
   	D.	A & C

7. A defense in a product liability suit may include

   	A.	comparative negligence
   	B.	no knowledge of the defect
   	C.	unknowledgeable user
   	D.	none of the above

8. The person appointed by the court to distribute the estate of someone who dies without a will is called the

   	A.	executor
   	B.	testator
   	C.	administrator
   	D.	none of the above

9. In a trust, the trust assets are legally owned by the

   	A.	beneficiaries
   	B.	trustee
   	C.	settlor
   	D.	none of the above

10. Mary’s bank refuses to pay a check she wrote to Bob even though there are sufficient funds in her account. The bank is liable to

    	A.	Mary only
    	B.	Bob only
    	C.	Mary & Bob
    	D.	neither

Answer 1

The legal process by which a creditor protects her interest against claims of third parties is called
= D. Securitization

The general purpose of the UCC is to
= D. Standardize commercial law and facilitate commercial transactions

A filed financing statement is valid for
= B. Five years

When a buyer breaches, the seller may not
= A. Withhold Delivery

An anticipatory repudiation
= A. May Always be revoked

The implied warranty of fitness for a particular purpose may
= A. be disavowed orally

A defense in a product liability suit may include
= B. no knowledge of the defect

The person appointed by the court to distribute the estate of someone who dies without a will is called the
= C. administrator

In a trust, the trust assets are legally owned by the
= B. trustee

Mary’s bank refuses to pay a check she wrote to Bob even though there are sufficient funds in her account. The bank is liable to
= A. Mary only