1.    ________ is a dispute resolution process whereby parties submit their disagreements to a private individual decision maker they have agreed on or to a panel of decision makers whose selection has been provided for in the contract the parties signed.

Prosecution

Mediation

Litigation

Arbitration
3 points
Question 2
1.    When they venture into foreign territory, business managers have to be guided by ________.

the national legal system of their own country, that of the host country, and international law

international law only

the national legal system of the host country only

the national legal system of their own country and that of the host country
3 points
Question 3
1.    Which of the following is true of the cultural dimensions in different countries?

Gender- and family-based affiliations are important in Saudi Arabia, where a strict interpretation of Islam prevents women from playing a major role in business.

The hourly wage is higher in the United States than it is in Germany, meaning that the workforce is able to acquire more consumer goods in Germany.

The Iranian government supports the selling of satellite communications in Iran, even though they present decadent Western values.

Spanish is the national language of Brazil, but is not widely spoken in the rest of Latin America.
3 points
Question 4
1.    Countries that follow ________ organize their legal systems around legal codes rather than around cases, regulations, and precedents.

Hindu law

socialist law

common law

Romano-Germanic civil law
3 points
Question 5
1.    Joint ventures are used in host countries with fewer restrictions on foreign investment.
True
False
3 points
Question 6
1.    The U.S. Constitution prohibits a U.S. state from entering into “any Treaty, Alliance or Confederation.”
True
False
3 points
Question 7
1.    Which of the following is true about an assignment of rights after the obligor-promisor has received notice of the assignment by the obligee to an assignee?

The offer is terminated.

The assignee stands in the shoes of the obligee.

The offer becomes firm and cannot be revoked.

Consideration is implied under the doctrine of promissory estoppel.
3 points
Question 8
1.    A contract established by the conduct of the parties is a(n) ________.

implied contract

exchange contract

express contract

quasi-contract
3 points
Question 9
1.    Article 2A prescribes a set of uniform rules for the creation and enforcement of contracts ________.

covering financial services

for leases of goods

covering employment

for the sale of electronic data
3 points
Question 10
1.    Contract law is grounded in ________.

state and federal case law and statutes including the Uniform Commercial Code

state and federal case law that now supersedes the Uniform Commercial Code

the Uniform Commercial Code alone, which now supersedes state and federal case law

the Commerce Clause of the U. S. Constitution
3 points
Question 11
1.    An assignment is the present transfer of an existing right.
True
False
3 points
Question 12
1.    A unilateral contract is an exchange of a promise for an act.
True
False
3 points
Question 13
1.    Which of the following would be the legal result if the event contemplated by a condition precedent failed to take place?

The contract may be discharged.

The contract is declared void.

The party will be given time to cure.

The contract will be binding on all the parties.
3 points
Question 14
1.    ________ requires completion of nearly all the terms of the contract plus an honest effort to complete the rest of the terms, coupled with no willful departure from any of the terms.

Complete performance

Substantial performance

Material breach

Perfect tender rule
3 points
Question 15
1.    Joe and Lucas enter into a contractual agreement in which Lucas promises to deliver a unique antique artifact to Joe in the next ten days, but the artifact is stolen before Lucas could fulfill his promise. Which of the following statements is true about this scenario?

Lucas must pay compensatory damages to Joe.

Lucas must pay punitive damages to Joe.

The contract is discharged by impossibility of performance.

The contract can be terminated only if both parties agree.
3 points
Question 16
1.    In case of a material breach of contract, the injured party can terminate the contract and sue to recover damages.
True
False
3 points
Question 17
1.    An injunction is awarded when parties wish to correct the terms in an agreement so that they reflect the true understanding of the parties.
True
False
3 points
Question 18
1.    Which of the following is true about conversion and trespass to personalty?

Intentionally entering the land of another without permission constitutes conversion.

A person who takes another’s personal property without permission and returns it unharmed after a short duration has committed conversion.

Permanent removal of property from the owner’s possession is considered as trespass to personalty.

Trespass to personalty occurs when one intentionally interferes with another’s use and enjoyment of his or her personal property.
3 points
Question 19
1.    Which of the following damages are considered by legal scholars to be especially useful in deterring manufacturers from making unsafe products?

punitive

compensatory

statutory

nominal
3 points
Question 20
1.    Which of the following statements is true about defenses to defamation?

A person having absolute privilege can be sued for defamation if the statement is false.

A conditional privilege does not protect a defendant against any false statements.

If the plaintiff is a public figure, the plaintiff will have to prove that the defamation was made with malice.

Politicians are not subject to conditional privilege.
3 points
Question 21
1.    The plaintiff has to prove that the defendant made the defamatory statement with malice in any defamation case.
True
False
3 points
Question 22
1.    Katherine purchased a pair of earphones from Simon. She realizes that they are defective and brings a strict liability action against Simon. Which of the following statements is true of this scenario?

Simon is not liable as he has not entered into any contractual relation with Katherine.

If Simon has exercised all possible care in sale of the product, he is not liable.

If Simon is not engaged in the business of selling electronic goods, he is not liable.

Simon is not liable as he is not the manufacturer of the product.
3 points
Question 23
1.    Plaintiffs in product liability cases have traditionally used ________.

theories of warranty

theories of negligence

the strict product liability theory

the market share theory
3 points
Question 24
1.    Which of the following is true of adopting the Restatement (Third) of Torts: Product Liability?

The seller’s liability differed depending on whether the defect was a manufacturing defect, a design defect, or a defective warning.

The seller’s liability differed depending on whether the plaintiff was a merchant, a consumer, or a minor.

The privity limitation was reinstated as a defense to product liability lawsuits.

The state-of-the-art defense is permitted by courts in most strict liability cases.
3 points
Question 25
1.    Producers are generally required to warn customers of obvious dangers associated with a product.
True
False
3 points
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