Question Question 1 A check is a promise to pay a sum of money at some time in the future. True False 1 points Question 2 A negotiable instrument can be transferred by only negotiation. True False 1 points Question 3 Diner’s Restaurant issues an instrument in favor of General Supplies Inc. For the instrument to be negotiable it need not: a. be an unconditional promise or order to pay. b. be payable on demand or at a specific time. c. be signed by Diner’s Restaurant. d. recite the consideration given in exchange for a promise to pay. 1 points Question 4 City Investment Company signs a check payable to Downtown Lenders Inc. to buy a promissory note executed by Eagle Corporation. This check: a. does not constitute sufficient consideration for HDC status. b. does not satisfy the value requirement for HDC status. c. satisfies the consideration requirement for HDC status. d. satisfies the value requirement for HDC status. 1 points Question 5 Good faith is “honesty in fact and the observance of reasonable commercial standards of fair dealing.” True False 1 points Question 6 In good faith and for value Carol receives from Dick a negotiable bearer instrument. Carol does not know that Dick stole the instrument. Carol is: a. an HDC because the good faith requirement applies only to the holder not the transferor. b. not an HDC because the instrument is a bearer instrument. c. not an HDC because Dick did not acquire the instrument for value. d. not an HDC because Dick did not acquire the instrument in good faith. 1 points Question 7 If a stop-payment order on a check is not renewed the bank can pay the check as a stale check without liability. True False 1 points Question 8 North Bank issues a cashier’s check for its customer Ocean Shipping Inc. Pier Harbor Company presents the check for payment. North Bank must a. honor the check. b. refuse to honor the check. c. stop payment on the check. d. take possession of the check and recredit its customer’s account. 1 points Question 9 Sue receives a check from Temp Persons Inc. (TPI). She takes the check to United Bank TPI’s bank which refuses to cash it because there are insufficient funds in TPI’s account. Sue can recover from a. neither TPI nor United. b. TPI only. c. TPI or United. d. United only. 1 points Question 10 Regional Products Inc. hires Sam to act as its agent. Tina sues Regional for Sam’s negligent conduct. Regional’s right to sue Sam for an equal amount of damages is the right of: a. avoidance. b. cooperation. c. indemnification. d. reimbursement. 1 points Question 11 Phil is an agent for Quality Products Corporation. Whether it is reasonable for Reserve Supply Company to believe that Phil has authority to enter a particular contract on Quality’s behalf when Phil does not actually have that authority is a question of: a. apparent authority. b. general authority. c. power of authority. d. special authority. 1 points Question 12 Tri-state Financial Corporation hires Uma a real estate agent to locate investment properties for Tri-state. Uma learns of a warehouse available for $100000 informs Tri-state and makes an offer of $90000 on Tri-state’s instructions. The offer is rejected. Uma: a. breached the agent’s fiduciary duties to the principal. b. did nothing wrong. c. failed to take advantage of a business opportunity. d. made an unreasonable offer based on current market value. 1 points Question 13 Which of the following best depicts whistleblowing in the employment context? a. Tim jokes with his subordinates about the activities of his coworker Dick. b. The National Assemblers Union publishes a statement disclosing the unfair labor practices of a competing union. c. Ruth tells a coworker that she thinks a product about to be marketed is unsafe. d. Kim informs government authorities that his employer is engaging in illegal activities. 1 points Question 14 Under federal law only key employees who take temporary family or medical leave are entitled to job reinstatement. True False 1 points Question 15 The Fair Labor Standards Act of 1938 is concerned with minimum wages. True False 1 points Question 16 Standard Employee Corporation is subject to the Social Security Act which a. covers only employees who do not receive employer-paid pensions. b. governs state unemployment compensation funds. c. provides retirement survivors and disability insurance. d. regulates disputes between unions and management. 1 points Question 17 Under workers’ compensation laws a worker who is injured on the job files a claim with a government agency instead of suing the employer. True False 1 points Question 18 Pam applies for a job at a Quik Mart store but is not hired due to her gender. Pam files a suit against Quik Mart. A prima facie case is established. Pam: a. loses the suit regardless of Pam’s response. b. loses the suit unless Pam asserts an appropriate defense. c. wins the suit regardless of Quik Mart’s response. d. wins the suit unless Quik Mart asserts an appropriate defense. 1 points Question 19 Standard Company denies a promotion to Tony a member of a minority when he fails to pass a required test. Few members of minorities have passed the test. The number of promoted employees who are members of minorities does not reflect their percentage in the local labor market. In a suit against Standard if Tony can show a connection between the test and the number of promoted minority members: a. it must be proved that Standard had discriminatory intent. b. it must be proved that Standard has other discriminatory practices. c. it must be proved that the test had a discriminatory purpose. d. no evidence of discriminatory intent is necessary. 1 points Question 20 The Civil Rights Act of 1964 does not prohibit job discrimination on the basis of education. True False
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