Practice Quiz

Paralegal Exam Prep - Question List

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241. Which of the following is a proper purpose for a shareholder to inspect corporate records?
  1. To communicate with other shareholders concerning a tender offer.
  2. To get the shareholder list to use in a personal marketing effort.
  3. To find out personal details of other shareholders.
  4. To communicate with other shareholders concerning unrelated investment opportunities.
  5. To learn the trade secrets of the corporation.
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242. A sole proprietorship has which of the following elements?
  1. A single owner
  2. Revenue less than $100,000
  3. The owner has personal responsibility for the liabilities of the business.
  4. A and C.
  5. A, B, and C.
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243. The Uniform Commercial Code (UCC) permits parties to a sales contract to establish in their sales contract the damages that will be paid upon a breach of contract. Such pre-established damages are referred to as:
  1. Contract damages.
  2. Punitive damages.
  3. Nominal damages.
  4. Liquidated damages.
  5. Actual damages.
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244. Caveat emptor means:
  1. "Seller beware."
  2. "No return without a receipt."
  3. "Final sale."
  4. "The thing speaks for itself."
  5. "Buyer beware."
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245. What protection does the Magnuson-Moss Warranty Act provide?
  1. Regulations that govern products sold through interstate commerce.
  2. Regulations that govern products sold subject to the UCC.
  3. Regulations that govern warranties on consumer products sold.
  4. Regulations that govern warranties on vehicles only.
  5. Regulations that govern warranties on products manufactured before 1975.
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