Question 1

When were the Royal Portals at Chartres designed and built?

Accepted Answer

The Royal Portals at Chartres were designed and built from 1145-1155.
Key Takeaway: The Cathedral of Our Lady of Chartres is generally considered to be one of the finest of the Gothic style of architecture in all of France. The Cathedral is very beautifully-decorated, with many Old and New Testament themes. On the jambs are statues of Old Testament queens and kings and queens, giving the entrance the name "royal portal."? Because the royals are displayed so close to the religious sculptures, it is implied that the royals have been ordained and placed by God.

Question 2

When did Joseph Paxton build The Crystal Palace in London?

Accepted Answer

Joseph Paxton built The Crystal Palace in London in 1850-1851.
Key Takeaway: The Crystal Palace was a building designed by Joseph Paxton. The structure was made entirely of glass and cast-iron and set in Hyde Park, London, England, as a space for the Great Exhibition of 1851. The huge building was able to comfortably fit more than 14,000 exhibitors and their wares. After the exhibition, the Crystal Palace was moved to a new park in an affluent area of London where it stood until 1936 when it was destroyed by a fire.

Question 3

What is the correct date for the construction of the dome of the Florence Cathedral?

Accepted Answer

The correct date for the construction of the dome of the Florence Cathedral is from 1420-1436.
Key Takeaway: The Basilica di Santa Maria del Fiore (commonly known as the Florence Cathedral) was begun in 1296, with the dome completed sometime from 1420-1436 and designed by Filippo Brunelleschi. The dome was the first octagonal dome to ever be built without a wooden supporting frame and is one of the most impressive projects emerging from the Renaissance.

Question 4

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?

Accepted Answer

Imputed knowledge is 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. Imputed knowledge is knowledge that is attributed to a party because of his or her relationship with another party. A principal can rebut the assumption of imputed knowledge by showing that the agent's actions were unreasonable.

Question 5

A creditor is:

Accepted Answer

A creditor is someone to whom a debit is owed. A creditor may be a person or an entity such as a business. The person or entity that owes the debit is referred to as a debtor.

Question 6

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:

Accepted Answer

June can terminate the agency relationship that she has with Jill by notifying Jill in writing or by notifying Jill verbally. An agency relationship can also be terminated if the agent commits a serious breach of duty, is dishonest, or fails to pay debts. The death of the principal results in an immediate revocation of the agent's authority.

Question 7

Implied agency is also known as:

Accepted Answer

Implied agency is also known as incidental agency. An agency relationship exists when one party is legally permitted to act for another. An implied agency relationship arises when the conduct of the parties lead others to believe that an agency relationship exists, though it has not been explicitly established.

Question 8

Which of the following types of contracts are subject to the Statute of Frauds?

Accepted Answer

Contacts involving the sale or lease of land are subject to the Statute of Frauds. The Statute of Frauds requires that certain types of contacts must be in writing and signed by the parties to the contract. If a contract that is subject to the Statute of Frauds is not in writing, the contract is not void, but is voidable.

Question 9

Where there is an agency relationship, the principal is considered to be bound by the acts of the agent if there is apparent authority. This is known as:

Accepted Answer

This is known as vicarious liability. Vicarious liability is the common law doctrine that imposes responsibility upon one person for the negligent act of another, with whom the person has a special, legal relationship. Vicarious liability is also referred to as secondary liability.

Question 10

Will a court enforce a contract that was based on the acceptance of an offer known to have been made as a result of a mistake?

Accepted Answer

No. A court will not enforce a contract that was based on the acceptance of an offer known to have been made as a result of a mistake. If the non-mistaken party was aware of the mistake and still entered into the contract, the court may conclude that the non-mistaken party did so in an attempt to take advantage of the mistaken party. This is against public policy.

Question 11

Caveat emptor means:

Accepted Answer

Caveat emptor means "buyer beware." Under traditional common law, a buyer had no warranty ensuring the quality of goods. Courts will now apply the doctrine of an implied warranty of merchantability. Using this doctrine, a buyer can receive damages for a violation of the implied warranty.

Question 12

What are five essential elements a contract must have to be enforceable?

Accepted Answer

The five essential elements a contract must have to be enforceable include consideration, offer and acceptance, legal purpose, capable parties, and mutual asset. These requirements are necessary whether the contract is written or oral. Federal or local statutes may provide additional requirements for certain types of contracts.

Question 13

The law of agency is concerned with:

Accepted Answer

The law of agency is concerned with the relationship between a principal and agent. In an agency relationship the agent has legal authority to act for another. An agency relationship can be created explicitly or implicitly.

Question 14

A sole proprietorship has which of the following elements?

Accepted Answer

A sole proprietorship has a single owner and the owner has personal responsibility for the liabilities of the business. While there is no threshold for the amount of income a sole proprietorship can receive, most sole proprietorships are small businesses. Sole proprietors report income on their personal income tax filings.

Question 15

A public company is:

Accepted Answer

A public company is a company that has issued securities through an initial public offering and is traded on the open market. Shares of a public company may be traded on any of number of major exchanges. A public company is able to raise capital through the sale of its shares.

Question 16

Diana was selling $500 tickets to her favorite charity's fundraiser. She asked her good friend, Donna, to purchase a ticket. Donna declined, stating that she could not afford the ticket price. Diana persisted. When Donna refused to purchase a ticket, Diana declared, "If you do not buy a ticket, I will never go shopping with you again!" Fearing the loss of her shopping buddy, Donna gave in and agreed to purchase a ticket. When Diana tried to collect the $500 from Donna, Donna refused to give Diana the money. If Diana sues Donna for the price of the ticket, who will win?

Accepted Answer

If Diana sues Donna for the price of the ticket, Diana will win because she has an enforceable contract with Donna. Although Diana threatened to stop shopping with Donna if Donna did not purchase the ticket, the threat was not of the nature that it left Donna with no alternative but to purchase the ticket. Further, if Diana did carry out the threat, it would not cause Donna irreparable injury.

Question 17

A long-term, unsecured debt instrument that is based on a corporation's or government's general credit standing is known as a:

Accepted Answer

A long-term, unsecured debt instrument that is based on a corporation's or government's general credit standing is known as a debenture. A debenture is not backed by collateral. A treasury bond is an example of a government debenture.

Question 18

The Uniform Commercial Code requires that warranty disclaimers be:

Accepted Answer

The Uniform Commercial Code requires that warranty disclaimers be conspicuous. For this reason, warranty disclaimers are usually in bold font or in all caps. A seller cannot disclaim an express warranty.

Question 19

What protection does the Magnuson-Moss Warranty Act provide?

Accepted Answer

The Magnuson-Moss Warranty Act provides regulations that govern warranties on consumer products sold. Enacted in 1975, it was in response to misuse by merchants of warranties and disclaimers on products sold. It was named after senators Warren Magnuson of Washington and Frank Moss of Utah.

Question 20

Creditors who have the right to be paid before shareholders if a corporation liquidates have a:

Accepted Answer

Creditors who have the right to be paid before shareholders if a corporation liquidates have a liquidation preference. Upon liquidation, the corporation will sell its assets and pay the creditors first. There are three types of liquidation preferences: straight preferred, participating preferred, and capped participating preferred; each varies in how favorable they are to the investor or to the liquidating company.

Quiz 1: Western Art and Business Law