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EU, profits theory, estate, accession, treaty, convention

Please explain your answers.

1) Which of the following is true about the European Union?
A) An EU central bank has been established.
B) Customs tariffs have been eliminated between member nations and nonmember nations.
C) Member nations have not given up any sovereignty to the EU.
D) Its primary purpose is military defense.
E) The EU includes a couple of nations from Northern Africa with European ties.

2) Which of the following actions is consistent with the maximizing profits theory of the social responsibility of business?
A) Raising wages because it is expected to lower employee turnover and long-term overall compensation expenses.
B) Raising wages because it is believed that workers are underpaid relative to the industry average and that employee relations will be improved even though overall compensation expenses will increase.
C) Raising wages to avoid a strike that would cost more than the increased costs of the wage increase.
E) A and C only.
F) A, B, and C.

3) When someone has been left a specific item that is no longer owned by the testator at the testator's death, the beneficiary receives nothing under the doctrine of:
A) per stripes distribution.
B) ademption.
C) abatement.
D) intestacy.

4) If a farmer takes some grain to a storage facility and later returns to retrieve an equal quantity of grain that is not the same grain placed in storage, the farmer has acquired ownership of the retrieved grain by:
A) accession.
B) confusion.
C) succession.
D) production.
E) mixture.

5) Under international law, what is the difference between a treaty and a convention?
A) Conventions usually have only a few signatory nations whereas treaties usually have many.
B) The two terms have the same meaning, thus there is no difference between them.
C) A treaty is an agreement negotiated directly be the signatory nations, whereas a convention is first drafted by a sponsoring international organization, after which, nations can decided whether to be bound by it.
E) A treaty is an agreement, and a convention is typically the meeting at which the treaty was drafted.

6) Under the Uniform Simultaneous Death Act, when two persons who would inherit property from each other die together in such a way that it is impossible to determine who died first, the property of each is distributed:
A) as if the other person had not been left anything in the will.
B) as if he or she had died after the other person.
C) as if each had half the combined assets of both parties.
D) as if he or she had died first.
E) as if the older person had died first.

7) Which of the following is not necessary for bailment?
A) Duty to return the property to the owner
B) Actual delivery of possession
C) Personal property
D) B and C
E) A and B

8) Amy owned a collection of antique swords. Amy agrees to allow Mark to display the swords at his office building at no charge. Mark picks up the swords, places them in the back seat of his car and drives to the building. He stops along the way, parks and locks his car, and goes into a store to buy something. When he returns, someone has broken into the car and stolen all of Amy's swords. Amy sues Mark for the value of the swords. In this situation:
A) Mark is liable; he owed a duty of ordinary care, which he did not meet.
B) Mark is liable: he owed a duty of slight care, which he did not meet.
C) Mark is liable; he is an insurer of Amy's swords.
D) Mark is not liable: he owed a duty of ordinary care, which he met by locking the doors of the car.
E) Mark is liable; he owed a duty of utmost care, which he did not meet.

9) Andrew and Jessica were married for 7 years when Jessica decided that Andrew was not the man she thought she had married. The couple had a 5 year-old boy, Sam who, has muscular dystrophy and has at times had to be home schooled. Jessica is a writer and does the majority of her work at home. Andrew and Sam are very close father and son team, however Andrew, an engineer, is often taken out of town for company business. Each parent wants custody of Sam. What are the factors a judge might look at when deciding the couple's custody dispute?
A) The ability of each parent to provide for the special needs of Sam.
B) The desire of both Andrew and Jessica to provide for the needs of Sam.
C) The ability of each parent to provide for a stable environment for Sam.
D) The ability of both Andrew and Jessica to provide for Sam's educational needs.
E) All of these are correct.

10) If a car insurance policy provides that it will pay the medical expenses of other drivers who are injured through the actions of the insured, the coverage is:
A) no fault.
B) collision.
C) medical payments
D) liability.
E) comprehensive.

11) Karen is going downtown to shop. She pulls her car into a parking lot, stops, pays for and receives a ticket, parks her car, and leaves. Karen keeps her keys and may get her car at any time. Several hours later, when Karen returns, she learns her car has been stolen. Which of the following statements best describes this situation?
A) This is a bailment.
B) This is not a bailment because there was no compensation paid.
C) This is not a bailment because there was no taking possession by a bailee.
D) This is not a bailment because the bailee had no duty to return the goods.
E) This is not a bailment because there is no personal property.

12) If a tenant transfers all of his rights under a lease to another party, such that the original tenant is still liable on the lease, it is called a(n):
A) restrictive covenant.
B) assignment.
C) sublease.
D) lease renewal.
E) illegal action.

13) Modification of an existing insurance contract is usually accomplished by means of a(n):
A) endorsement.
B) modifier.
C) rider.
D) A or B only.
E) A or C only.

14) The person who receives the trust corpus after the termination of the trust is the:
A) residual recipient.
B) life beneficiary.
C) legatee.
D) restrictive covenant.
E) assignment.

15) If a tenant transfers only some of his rights under a lease to another party, such that the original tenant is still liable on the lease, it is called a(n):
A) illegal action.
B) sublease.
C) lease renewal.
D) restrictive covenant.
E) assignment.

16) Lance had a 2-year lease with Lisa. At the end of the 2 years, Lance stayed in the leased premises and kept making his rent payments. Lisa consented to this arrangement. This arrangement is best described as a:
A) tenancy at fee simple.
B) tenancy at will.
C) tenancy at sufferance.
D) tenancy for years.
E) periodic tenancy.

17) A famous psychologist has written a highly acclaimed book targeted at victims of domestic abuse. This book gives practical advice on getting out of such abusive relationships and avoiding further injury prior to getting out of the relationship. Pat thinks the book is excellent, but knows that many persons who could benefit from the book are unaware of its existence and unable to afford its $39.95 price. Pat is considering photocopying significant portions of the book and selling the photocopied portions to such persons at the cost of photocopying, which is much less than $39.95. In using a utilitarianism approach to decide whether to undertake this, Pat would:
A) look to an outside source regarding the photocopying and selling.
B) look for a universal rule about photocopying and selling such material.
C) determine if the total good to the world would be increased if Pat were to undertake the photocopying and selling of the copied book sections.
D) try to determine the fairest thing to do.

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Please see attached document. Answers have been bolded and explanations are in italics.

1) Which of the following is true about the European Union?
A) An EU central bank has been established.
B) Customs tariffs have been eliminated between member nations and nonmember nations.
C) Member nations have not given up any sovereignty to the EU.
D) Its primary purpose is military defense.
E) The EU includes a couple of nations from Northern Africa with European ties.

The European Union established the European Central Bank in 1998 as a prelude to the adoption of the euro. In the United States, the inflation crisis of the late 1970s led to greater public awareness of the role of the Federal Reserve in setting interest rates; reaction to its decisions (and expected decisions) concerning interest rates often produces sharp movements in the stock and bond markets.
2) Which of the following actions is consistent with the maximizing profits theory of the social responsibility of business?
A) Raising wages because it is expected to lower employee turnover and long-term overall compensation expenses.
B) Raising wages because it is believed that workers are underpaid relative to the industry average and that employee relations will be improved even though overall compensation expenses will increase.
C) Raising wages to avoid a strike that would cost more than the increased costs of the wage increase.
E) A and C only.
F) A, B, and C.

Managers/corporations should maximize profits while conforming to the basic rules of society

3) When someone has been left a specific item that is no longer owned by the testator at the testator's death, the beneficiary receives nothing under the doctrine of:
A) per stripes distribution.
B) ademption.
C) abatement.
D) intestacy.

Ademption is a term used in the law of wills to determine what happens when property bequeathed under a will is no longer in the testator's estate when the testator dies. For devises of specific items of property, called specific gifts, the property is adeemed, and the gift fails. If, for example, the will bequeathed the testator's car to a specific person, but the testator owned no car at the time of his death, the gift would be adeemed and the beneficiary would receive no gift at all.

4) If a farmer takes some grain to a storage facility and later returns to retrieve an equal quantity of grain that is not the same grain placed in storage, the farmer has acquired ownership of the retrieved grain by:
A) accession.
B) confusion.
C) succession.
D) production.
E) mixture.

A mode of acquiring property, by which the owner of a corporeal substance which receives an addition by growth, or by labor, has a right to the part or thing added, or the improvement (provided the thing is not changed into a different species). Thus, the owner of a cow becomes the owner of her calf.

5) Under international law, what is the difference between a treaty and a convention?
A) Conventions usually have only a few signatory nations whereas treaties usually have many.
B) The two terms have the same meaning, thus there is no difference between them.
C) A treaty is an agreement negotiated directly be the signatory nations, whereas a convention is first drafted by a sponsoring international organization, after which, nations can decided whether to be bound by it.
E) A treaty is an agreement, and a convention is typically the meeting at which the treaty was drafted.

A treaty is an agreement in written form between nation-states (or international agencies, such as the United Nations, that have been given treaty-making capacity by the states that created them) that is intended to establish a relationship governed by International Law. It may be contained in a single instrument or in two or more related instruments such as an exchange of diplomatic notes. Various terms have been used for such an agreement, including treaty, convention, protocol, declaration, charter, Covenant, pact, act, statute, exchange of notes, agreement, modus vivendi ("manner of living" or practical compromise), and understanding. The particular designation does not affect the agreement's legal character.
A convention is An agreement or compact, particularly an international agreement, such as the GENEVA CONVENTION. An accord between states or nations, which resembles a treaty: ordinarily applied to agreements prior to an execution of an official treaty or which serve as its foundation; or to international agreements for the ...

Solution Summary

Multiple choice questions that include the European Union, maximizing profits theory of the social responsibility of business, international relationships, unitilarianism, and others.

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