Business Law Practice Exam (Intermediate Level) Part- II

1. This is called a dowry and it is not enforceable in this case.

2. This is called a dowry and it is enforceable in this case.

3. This is called a prenuptial agreement and it is not enforceable in this case.

4. This is called a prenuptial agreement and it is enforceable in this case.

5. Marriage is never sufficient consideration.

1. Statutory Law

2. Constitutional Law

3. Case Law

4. Administrative Law

5. Natural Law

A description of what property is being transferred

Signature of grantor

Notarization

Delivered during grantor’s life

All of the above are required

Allowed only when money damages alone are inadequate

Judge decides the facts

Quasi-contract, Injunction, liquidated damages, and punitive damages are examples

All of the above

1 & 2

Federal Question

Diversity of Citizenship

Minimum contacts of the defendant with the state in which the court sits

All of the above

1 and 2 only

Equity of Redemption

Statutory Redemption (in some states)

Statutory notice of foreclosure sale

All of the above

Acceleration

Under Title Theory, title and possession reside with mortgagee

Under Title Theory, title and possession reside with mortgagor

Under Lien Theory, title and possession reside with lender

Under Lien Theory, title and possession reside with mortgagee

Under Lien Theory, mortgagor’s baby resides with mortgagee

Security interests in fixtures.

Security interests in proceeds

Security interest in after-acquired property.

1 & 2

2 & 3.

The defense that the cookies were never delivered.

Fraud in the inducement.

Fraud in the execution.

All of the above

1 & 2.

A contract to commit burglary.

A contract to defame a political opponent of the person who hired you.

A contract to gamble with the neighborhood bookie.

2 and 3

None of the above are enforceable.

Documents admitted for consideration by the jury

Testimony of plaintiff’s witnesses

Objects admitted for consideration by the jury

Testimony of defendant’s witnesses

All of the above are considered evidence

Evidence of prior written agreements

Evidence of contemporaneous oral statements

Evidence of modifications occurring after the written contract was made

Evidence prior oral statements

Evidence of contemporaneous oral agreements

Fixtures.

Collateral.

Quasi-tangibles.

Proceeds.

Execution.

Indorse with “Without Recourse” and sign the indorsement.

Indorse with “Pay to Britney Spears” and sign the indorsement.

Indorse with signature only.

All of the Above.

1 & 2.

Fairness

Sufficiency

Adequacy

Unconscionability

Exculpation

An Installment Land Contract

A Due on Sale Contract

A Power of Sale provision

An Acceleration contract

None of the above

Debt, Second Priority lien, Debtor, Expenses of the sale.

First Priority Lien holder expenses of sale, lower priority lien holders, Debtor.

Expenses of sale, First Priority Lien holder, lower priority lien holders, Debtor.

Expenses of Sale, First Priority lien holder, Debtor, Lower priority lien holders.

First Priority Lien holder, Expenses of Sale, Debtor, Second Priority Lien holder.

Since this is Missouri, the American rule prevails, and under it the landlord must evict Joe or be in breach of lease.

Since this is Missouri, the English rule prevails, and under it the landlord must evict Joe or be in breach of lease.

Since this is Missouri, the American rule prevails, and under it the John must evict Joe

Since this is Missouri, the English rule prevails, and under it the John must evict Joe

A warrant must be issued in order to have a valid arrest.

A criminal proceeding always includes a trial and appeal.

An indictment must precede the arrest.

None of the above.

1 & 3.

Mr. Acme wins because under the common law, landlords have no duty to repair.

Joe wins because Mr. Acme has a duty to use due care in maintaining common areas.

Mr. Acme wins, because under the modern rule, the tenants share in the duty of maintaining common areas

Joe wins because Mr. Acme violated the Explicit Guarantee of Occupation

Mr. Acme wins because the area was in the tenant’s control

Lease

Sublease

Tenancy at Sufferance

Assignment

Subassignment

Interrogatory

Request for admission

Direct examination

Deposition

Voir dire

Buyers in the ordinary course of business

Judgment lien holders.

Creditors with a perfected security interest.

All of the above

1 and 2 only

Any breach he has committed was minor

He has probably committed a material breach

He cannot enforce any part of the contract against the other party because he hasn’t fully performed.

He will receive full payment for his performance under the terms of the contract.

1 and 4

This contract is not enforceable

This contract is enforceable by either party

This contract falls under the statute of frauds

This contract lacks sufficient consideration

1 & 3