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Seaport BUS C110 Final Quiz (2014)

Seaport Quiz / Exam:BUS C110 Final Exam

Quiz/Exam Complete

Question: The manager’s fiduciary duty refers to _____.

Question: According to the stakeholder theory, _____.

Question: _____ helps companies embrace the idea that profit and prosperity must go hand in hand with social justice and environmental stewardship.

Question: What is legal is not necessarily ethical and what is ethical is not necessarily legal.

Question: Ethics is the study of what is right and wrong just from an individual’s personal moral viewpoint.

Question: Contract duties are obligations imposed by law.

Question: An agreement that is illegal is void.

Question: A promisor is a person to whom a promise has been made.

Question: A contract need not be in writing to be enforceable.

Question: Which of the following factors considers whether the contract is yet to be performed or the obligations have been fully discharged by one or both parties while classifying contracts?

Question: A general agent has the authority to act in any way required by the principal’s business.

Question: Oral agencies are not legally binding unless reduced to writing.

Question: A(n) _____ is defined as a person who acts in the name of and on behalf of another, having been given and assumed some degree of authority to do so.

Question: In the legal relationship known as “agency”:

Question: An agent who accepts a bribe to purchase goods for a principal only from a seller who is a personal friend breaches his _____ duty by taking the money, since it is the agent’s duty to work only for the best interests of the principal.

Question: In property law, a(n) _____ is an interest in real property, ranging from absolute dominion and control to bare possession.

Question: A(n) _____ is an agreement regarding the use of land that “runs with the land”.

Question: A property is categorized into ‘commercial’ and ‘residential’ units, so that a commercial building cannot be built in a residential neighborhood and vice versa without a change in the ______ ordinances.

Question: Which of the following acts is also known as the Superfund?

Question: An easement is an estate whereas a license is personal to the grantee and is not assignable.

Question: Tangible property is something without physical reality that entitles the owner to certain benefits.

Question: A steamroller is an example of a tangible property.

Question: The sale of personal property, but not real property, is governed by Article 2 of the Uniform Commercial Code.

Question: A fixture is an object that was once personal property but that has become so affixed to land or structures that it is considered legally a part of the real property.

Question: Which of the following is an example of an intangible property?

Question: The agreement between the owner of a real property and a real estate broker is known as the listing agreement.

Question: Community property refers to:

Question: _____ is a method by which a third party holds a document or money or both until specified conditions have been met.

Question: Property acquired by a spouse by gift or inheritance or owned before the marriage is known as separate property.

Question: The adverse possessor must use the land continuously, not intermittently.

Question: In case of a leasehold estate, the landlord’s interest in the property during the tenant’s possession is a reversionary interest.

Question: Leases can be created orally, unless the term of the lease exceeds the period specified by the Statute of Frauds.

Question: When a landlord breaches any of his duties, the tenant may seek damages either after termination or as an alternative to termination.

Question: In an assignment, the tenant transfers all interest in the premises and all obligations.

Question: As a general rule, when injury occurs on premises rented to a tenant, the landlord is liable.

Question: Title I of the Consumer Credit Protection Act is popularly known as the Truth in Lending Act.

Question: The Fair Credit and Charge Card Disclosure Act requires that credit card issuers disclose the annual percentage rate, annual fees, grace period, and other information on credit card applications.

Question: Under the Fair Credit Reporting Act, an applicant denied credit has the right to be told the name and address of the credit bureau that prepared the report on which the denial was based.

Question: Garnishment, wage assignment, and confession of judgment are means of debt recovery.

Question: The _____ is the total of all money paid for credit.

Question: A lien is security obtained through operation of law.

Question: A person who owes money to another is known as an obligor.

Question: Attachment is the process by which a security interest becomes enforceable against the debtor with respect to the collateral.

Question: A lien creditor is a creditor whose claim is based on operation of law as opposed to a creditor whose claim is based on agreement.

Question: A person who owes money or a duty of performance to another is known as a(n):

Question: A mortgage is a security in which the collateral is a piece of land.

Question: The party who holds a mortgage is known as the mortgagor.

Question: A mortgage between parties is invalid if it is not recorded.

Question: Recording a lien against real estate does not give the lienor an automatic right to the property if the debt remains unpaid.

Question: Judicial sale and power of sale are the two types of sale used in:

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