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LAW FUNDERMENTAL FINAL EXAM QUESTION NO.

2
MULTIPLE CHOICES

1. Administrative agencies: a Have the power to regulate particular matters or implement laws. . b Are composed of people elected by the voters. . c Have limited power to set up rules of procedure. . d Have the power to make rules that supercede statutes. .

ANS: A

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2. The U.S. Supreme Court: a Does not have original jurisdiction of any cases. . b Has appellate jurisdiction in cases based on the U.S. Constitution, a federal law, or a . treaty. c Does not hear any cases appealed directly from a federal district court. . d Must take all cases appealed to it. .

ANS: B

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3. To recover for an intentional tort, the injured person must show: a An act by the defendant. . b An intention to cause the consequences of the act. . c The injury was caused by the defendants act. . d All. .

ANS: D

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4. An ____________________ is one in which the duties and obligations that the parties assume are not expressed but are implied by their acts or conduct: a Express contract. .

b Normal contract. . c Executed contract. . d Implied contract. .

ANS: D

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5. An intended acceptance that varies the offer: a Cannot be accepted by the original offeror. . b Is a rejection of the original offer. . c Keeps the offer open for negotiation. . d All. .

ANS: B

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6. To be protected when dealing with a minor, a businessperson should have an adult join in the contract as a(n): a Co-signatory. . b Convict. . c Intoxicated person. . d Incompetent person. .

ANS: A

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7. A person to whom the promisee owes no legal duty but to whom performance is a gift: a Creditor beneficiary . b Donee beneficiary . c Incidental beneficiary . d Third party beneficiary .

ANS: B

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8. The termination of a contract and substitution of a new one with the same terms but with a new party is called:

a . b . c . d .

Novation. Delegation. Assignment. All.

ANS: A

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9. Impossibility of performance frequently arises after a valid contract is: a Terminated. . b Formed. . c Conducted. . d None of above. .

ANS: B

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10. Song, books, and other compositions fixed in any tangible medium of expression are protected by __________________ from their creation: a Trademarks. . Copyrights. b . c Trade secrets. . d Patents. .

ANS: B

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11. __________________ is one of purposes which a bill of sale serves: a Selling goods. . b Buying goods. . c Proof of title. . d None of above. .

ANS: C

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12. The word sale as used in the UCC only applies to movable: a Real property. . b Personal property. . c Unidentified property. . d Identified property. .

ANS: B

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13. A sale in which a seller or an agent of the seller orally asks for bids on goods and orally accepts the highest bid is: a Action. . b Auction. . c Performance. . d All. .

ANS: B

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14. Which one of the following contracts in which the sellers performance is not completed until the goods are delivered to the destination? a Shipment contract. . b Destination contract. . c Sales contract. . d None of above. .

ANS: B

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15. The Consumer Product Safety Commission: a May not order a halt to the manufacture of unsafe products. . b May not totally ban any products. . c Issues orders that are not reviewable by any court. . d Has broad power to promulgate safety standards for many products. .

ANS: D

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16. A partner actively and openly engaged in the business and held out to everyone as a partner is: a Dormant partner. . b General partner . c Secret partner . d Silent partner .

ANS: B

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17. A _____________ is one organized to run a business and earn money: a Alien corporation. . b Profit corporation. . c Domestic corporation. . d Close corporation. .

ANS: B

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18. Stock to which a face value has been assigned and that has this value printed on the stock: a Par-value stock . b Participating preferred stock . c Preferred stock . d Stock option .

ANS: A

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19. Stockholders give up their voting privileges by transferring their stock to a trustee and receiving in return ______________________ certificates: a Cumulative voting. . b Voting trust. . c Absentee voting. . d None of above.

ANS: B

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20. ________________ is a type of ownership reserved for married couples, such that both spouses and equal share of the property no matter how titled. a Tenancy in common. . b Joint tenancy. . c Tenancy by the entirety. . d Community property. .

ANS: D

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21. In Vietnam, the legal document having the highest validity is: a Official letter. . b Constitution. . c Law. . d Resolution. .

ANS: B

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22. In Vietnam, business contract with purposes and contents violating prohibitory provisions of law or contravening social ethics will be treated as: a Voidable contract. . b Void contract. . c Enforceable contract. . d All. .

ANS: B

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23. In Vietnam, international sale contract is governed by: a 2005 Commercial Law. . b 2005 Civil Code. . c 2005 Enterprise Law.

. d All. .

ANS: A

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24. In Vietnam, common ownership by share means: a Common ownership in which each owners share of the ownership right to the common . property is determined. b Common ownership in which each owners share of the ownership right to the common . property is undetermined. c Common ownership in which each owners share of the ownership interest to the . common property is determined. d All. .

ANS: A

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25. Function of Vietnamese court is: a Law interpretation. . b To judge cases relating to fields such as civil, labor, business, crime, administration, etc. . c To issue law. . d All are wrong. .

ANS: B

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ESSAY 26. Explain the difference and same between American courts function and Vietnamese courts function. ANS: The similarity on function of court system in Vietnam and USA is that both Vietnamese court system and American one have the competence to judge cases relating to fields such as civil, labor, business, crime, administration, etc.. For difference point, court system in USA is entitled to interpret law. Meanwhile, this competence is not granted to court system in Vietnam. PTS: 1

27. Gladys and Sam married. When they bought a house, Sam's father signed the mortgage note with them and made the monthly house payments. Several years later, Gladys moved out of the house and Sam's father stopped making the monthly payments. Shirley moved into the house with Sam, but they did not make the payments. The mortgage company told Gladys to make the payments. Gladys took a business law course many years before and remembers the terms third-party beneficiary and novation. Can either of these principles help her? ANS: No. Gladys is not a third-party beneficiary because she signed the mortgage note making her obligated on it. Sam's father simply made a gift of the house payments to Gladys and Sam. Even though Shirley is living in the house there was no novation since Shirley did not agree to any payments and there is no indication a novation was intended. PTS: 1