BLaw
I like the below ones.
1.Becky entered into an oral contract with Office, Inc., an office supplier, to buy 100 staplers for an upcoming back to school sale at Becky’s store. Office, Inc. agreed to deliver the staplers in two weeks at a cost of $4.00 per stapler. A week later, Becky phoned Office and asked if she could increase her order to 200 staplers. Office, Inc. agreed. Office, Inc. delivered the 200 staplers as promised, but Becky accepted 150 upon discovering that she lacked storage space for all 200. Under the Sales Article of the UCC, can Office, Inc. recover damages with respect to the 50 staplers that were not accepted?
a. Yes, because Becky accepted $600 worth of staplers.
b. Yes, because the modification was for less than $500.
c. No, because Office, Inc. is a merchant with respect to staplers.
d. No, because the contract as modified was for $800.
Answer : D
2.An endorsement on the back of a negotiable is as follows:
“Pay John Smith
/s/ Bob Anderson, without recourse”
Under the Negotiable Instruments Article of the UCC, the endorsement can best be described as:
a. Special, qualified, and nonrestrictive.
b. Blank, qualified, and restrictive.
c. Blank, qualified, and nonrestrictive.
d. Special, unqualified, and restrictive.
Answer : A
3.Luke, Connor, and Jack have created a Limited Liability Company (LLC) and are all members. Luke contributes a building valued at $500,000, Connor contributes cash in the amount of $400,000 and Jack contributes a parcel of land valued at $100,000. Which of the following statements accurately describes the voting authority of the LLC members?
a. Voting strength would be 50% Luke, 40% Connor, and 10% Jack because voting strength is proportional to contributions in an LLC.
b.
The members are not permitted to vote because LLCs must select a manager to vote on LLC matters.
c.Regardless of the value of contributions, each member has equal voting strength in an LLC.
d.Connor would be the only member entitled to vote on LLC matters because he is the only member contributing cash.
Answer : A
4.Which of the following oral agreements is enforceable without a writing under the statute of frauds?
a. An agreement to employ a person for life.
b. An agreement to employ a person for $450 a week for 18 months.
c. An agreement to lease a house for $499 per month for two years.
d. An agreement to give a couple $450 if they agree to marry within six months.
Answer : A
Alex, Becky, Callilla, and Danielle are partners. Alex contributed 35% of the firm’s capital, Becky contributed 30%, Callilla contributed 25%, and Danielle contributed 10%. Under the partnership agreement, Alex is entitled to 35% of the firm’s profits, Callilla is entitled to 25%, and Becky and Danielle are each entitled to 20% of the profits. Unless the partnership agreement provides otherwise, the vote of which of the following partners would be sufficient to make a management decision regarding ordinary business of the partnership?
a. Alex and Becky together.
b. Alex and Danielle together.
c. Becky and Callilla together.
d. Becky, Callilla, and Danielle together.
Answer : D
5.Simmons, an agent for Jensen, has the express authority to sell Jensen's goods. Simmons also has the express authority to grant discounts of up to 5% of list price. Simmons sold Hemple goods with a list price of $1,000 and granted Hemple a 10% discount. Hemple had not previously dealt with either Simmons or Jensen. Which of the following courses of action may Jensen properly take?
a. Seek to void the sale to Hemple.
b. Seek recovery of $50 from either Hemple or Simmons.
c. Seek recovery of $50 from Hemple only.
d. Seek recovery of $50 from Simmons only.
Answer : D
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