Practice Quiz

DSST Business Law II Exam Prep - Question List

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1. What is the name of the legal doctrine that states that the principal is assumed to know what the agent knows, even if the agent does not explicitly inform the principal?
  1. Agent-Principal knowledge
  2. Agency knowledge
  3. Refuted knowledge
  4. Explicitly knowledge
  5. Imputed knowledge
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2. A creditor is:
  1. Someone who owes a debt.
  2. Someone appointed to oversee a bankruptcy estate.
  3. Someone who has a credit card.
  4. Someone who has filed for bankruptcy.
  5. Someone to whom a debt is owed.
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3. June is a professional juggler and Jill is June's agent. Jill has negotiated a lot of contracts for June that have not been very lucrative. June no longer wants Jill to be her agent. June can terminate the agency relationship that she has with Jill by:
  1. Notifying Jill in writing.
  2. Notifying Jill verbally.
  3. Petitioning a court to terminate the agency relationship.
  4. A or B.
  5. A or C.
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4. Implied agency is also known as:
  1. Express agency.
  2. Authorized agency.
  3. Incidental agency.
  4. Granted agency.
  5. Accidental agency.
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5. Which of the following types of contracts are subject to the Statute of Frauds?
  1. Contracts for the lease of automobiles
  2. Contracts entered into by minors
  3. Contracts involving more than $50
  4. Contracts involving the sale or lease of land
  5. Contracts for the sale of intellectual property
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