Advanced Business Law
Midterm Exam
Course Introduction
Advanced Business Law provides an in-depth analysis of complex legal issues affecting modern businesses, focusing on areas such as corporate governance, mergers and acquisitions, securities regulation, intellectual property, antitrust laws, and international business transactions. The course examines the practical application of legal principles to business decision-making, risk management, and compliance, offering students the skills to navigate the legal landscape of the corporate world. Case studies and current events are used to illustrate how legal considerations shape business strategy in a global environment.
Recommended Textbook
Business Law Text and Cases 14th Edition by
Kenneth W. Clarkson
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Page 2
Chapter 1: Law and Legal Reasoning
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Q1) The legislature of the state of Wyoming enacts a new statute that sets standards for the liability of businesses selling defective products. This statute applies in
A) Wyoming only.
B) only Wyoming and its bordering states only.
C) all states.
D) all states but only to matters not covered by other states' laws.
Answer: A
Q2) Judge Bell decides that the precedent for the case she is hearing is no longer correct due to technological changes. She overturns the precedent when she decides the case. It is likely that her case will
A) go unnoticed by the public.
B) be thrown out of court.
C) receive a great deal of publicity.
D) be ignored by the media.
Answer: C
Q3) A citation identifies the publication in which a legal authority can be found. A)True
B)False
Answer: True
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Page 3
Chapter 2: Courts and Alternative Dispute Resolution
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Sample Questions
Q1) Negotiation is the most complex form of alternative dispute resolution.
A)True
B)False
Answer: False
Q2) David, an Alabama resident, files a suit in an Alabama court against QuickAds, an Internet company based in Georgia that provides advertising services. QuickAds only contact with persons in Alabama has been through QuickAds's passive advertising. The Alabama court is
A) likely to have jurisdiction over the case.
B) not likely to have jurisdiction over the case.
C) likely to refer the case to a higher district court.
D) likely to refer the case to an appellate court.
Answer: B
Q3) SPF Sunscreen Corporation and Taylor agree to resolve their dispute through arbitration. The arbitrator's decision is called
A) a conclusion of law.
B) a finding of fact.
C) an award.
D) a verdict.
Answer: C
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Chapter 3: Court Procedures
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Sample Questions
Q1) Either party may appeal a jury's verdict but only the plaintiff may appeal a judge's ruling.
A)True
B)False
Answer: False
Q2) Bull files a suit against Clay in a state court over payment due on a short-term lease of grazing land. The case proceeds to trial, after which the court renders a verdict. The case is appealed to an appellate court. After its review of Bull v. Clay, the appellate court upholds the lower court's verdict. The appellate court has A) affirmed the case.
B) reversed the case.
C) remanded the case.
D) reversed and remanded the case.
Answer: A
Q3) When a defendant finishes introducing evidence, the trial is concluded.
A)True
B)False
Answer: False
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Chapter 4: Business and the Constitution
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Q1) The First Amendment protects symbolic speech without limitation.
A)True
B)False
Q2) The establishment clause requires a complete separation of church and state.
A)True
B)False
Q3) Some constitutional protections apply to business entities.
A)True
B)False
Q4) Substantive due process limits what the government can do in its legislative and executive capacities.
A)True
B)False
Q5) The First Amendment protects commercial speech more extensively than noncommercial speech.
A)True
B)False
Q6) The term police power encompasses just the enforcement of criminal laws.
A)True
B)False
Page 6
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Chapter 5: Business Ethics
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Q1) The concept of corporate social responsibility is imposed on corporations by law.
A)True
B)False
Q2) Managers must apply the same ethical standards to their employees as they do to themselves.
A)True
B)False
Q3) In a corporation, managers are often faced with ethical trade-offs when a certain decision will benefit one group, but harm another.
A)True
B)False
Q4) The legality of an action is always clear.
A)True
B)False
Q5) Adhering strictly to all business laws is all that is necessary to fulfill all business ethics obligations.
A)True
B)False
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Chapter 6: Tort Law
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Q1) For fraud to occur, seller's talk must be involved.
A)True
B)False
Q2) Tort law provides remedies for acts that cause damage to property.
A)True
B)False
Q3) A Georgia state statute requires commercial vehicle drivers to "fully attend to the operation of the vehicle." Hale, a driver for Interstate Trucking, Inc., is driving and talking on his cell phone when his rig collides with Jocelyn's car, injuring her. Jocelyn's best theory for recovery against Hale and Interstate Trucking is
A) a Good Samaritan statute.
B) negligence per se.
C) res ipsa loquitur.
D) the "danger invites rescue" doctrine.
Q4) Harm must be foreseeable to be considered the proximate cause of an injury in negligence.
A)True
B)False
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Chapter 7: Strict Liability and Product Liability
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Q1) Grass Green Company makes and sells hedge trimmers, which are designed to be safe if used properly. Hazel buys a Grass Green trimmer and lends it to her neighbor Izak. In his garage, Izak is using the trimmer as a prod to dislodge a box from a high shelf when the trimmer suddenly engages. Startled, Izak drops the trimmer, which swings around and cuts his leg. Izak files a product liability suit against Grass Green, on the ground of negligence. On what basis could the manufacturer prevail?
Q2) Eco Products, Inc., makes espresso machines and sells one to Fresh Roast Café. Gus, a café' employee, is injured when the machine malfunctions. If the injury occurred as a result of a misrepresentation about the product, Eco is most likely liable for A) negligence.
B) fraud.
C) privity.
D) puffery.
Q3) A statute of repose places outer time limits on product liability actions.
A)True
B)False
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Chapter 8: Intellectual Property Rights
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Q1) A service mark distinguishes products used by those in public service.
A)True
B)False
Q2) Gro, Inc., makes genetically modified seeds with properties that are identical to Harvest Corporation's patented seeds, without Harvest's permission. This is most likely
A) copyright infringement.
B) patent infringement.
C) trademark infringement.
D) not infringement.
Q3) From Southeast Asia, Tai Ltd. exports genuine trademarked goods to the United States. Tai also makes labels bearing another firm's trademark, ships the labels to another location, and then affixes them to an inferior product. Tai sells these goods to retailers who are unaware that the marks are counterfeit. It is a crime to A) import genuine trademarked goods.
B) traffic in counterfeit packaging.
C) sell counterfeit versions of brand-name products in foreign countries.
D) unknowingly buy goods with a counterfeit mark.
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Chapter 9: Internet Law, Social Media, and Privacy
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Q1) InfoFree Inc. makes and sells devices and services for the circumvention of encryption software. Under the Digital Millennium Copyright Act, this is
A) a violation of copyright law.
B) prohibited but not a violation of copyright law.
C) a "fair use" exception to the provisions of the act.
D) permitted for reconsideration every three years.
Q2) Sonya and other employees of TransGlobal Inc. maintain a password-protected social media page on which they post comments on work-related issues. The posts range from positive to negative, supporting the page's purpose to "vent about work." When TransGlobal learns of the page, the company intimidates Sonya into revealing the password, and after reviewing the posts, fires her and the other participants. Which federal law discussed in thisChapter most likely applies to this situation? Has this law been violated? Discuss.
Q3) Cybersquatting occurs when key words are inserted into a Web site's keywords coding to tell Internet browsers specific information about a Web page.
A)True
B)False
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Chapter 10: Criminal Law and Cyber Crime
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Q1) Sun-Hi, who operates a Pan-Asian restaurant in her apartment, is charged with criminal violations of the local health and building codes, state license regulations, and federal environmental statutes. The standard of proof to find a defendant who has been charged with a crime guilty is
A) a preponderance of the evidence.
B) a unanimous verdict.
C) beyond a reasonable doubt.
D) clear and convincing evidence.
Q2) A company takes a risk by storing its online customers' credit-card numbers.
A)True
B)False
Q3) A misdemeanor is a crime punishable only by a fine.
A)True
B)False
Q4) Racketeering is a single crime-engaging in financial transactions to conceal the identity, source, or destination of illegally gained funds.
A)True
B)False
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Page 12
Chapter 11: Nature and Terminology
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Q1) A contract that has been fully performed by the parties is an executory contract.
A)True
B)False
Q2) Sales Corporation and Real Properties, Inc., agree to the payment of a commission for the sale of certain property. If this deal has all of the elements necessary for one of the parties to enforce it in court, it is
A) a valid contract.
B) a voidable contract.
C) A voidable contract.
D) an unenforceable contract.
Q3) On May 1, Ramona and Santonio orally agree that Santonio will guide a party from the base of Mount McKinley to its summit and from the summit to a return to the base. Under the agreement, Ramona will pay for the service after the completion of the climb on June 1. On May 1, is this contract express or implied? On May 31, after the climb has been made but before payment is paid, is the contract executed or executory?
Q4) Some promises are not legally binding.
A)True
B)False
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Page 13
Chapter 12: Agreement in Traditional and E-Contracts
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Q1) An option contract is created when an offeror promises to hold an offer open for a specified period of time in return for a payment given by the offeree.
A)True
B)False
Q2) Corporate Code, Inc., sells business software-accounting and book-keeping 2, blank business forms, inventory control functions, and the like-in different combinations, in different packages, at different prices. Each package includes a shrink-wrap agreement that limits warranties and remedies. Developmental Research Corporation (DRC) buys a Corporate Code package and uses the product. Later, DRC files a suit against the software seller, claiming that the product was flawed and that the flaws caused DRC to suffer business losses. DRC asks for relief that exceeds the limits in the shrink-wrap agreement. What is a shrink-wrap agreement? Are such agreements always enforced? Under what circumstances is a court likely to enforce this agreement?
Q3) Rhonda asks Steve, "Do you want to buy me to repair your fishing net?" This is
A) a valid offer.
B) not a valid offer because the terms are not definite.
C) not a valid offer because Rhonda did not express an intent.
D) not a valid offer because Steve did not respond.
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Chapter 13: Consideration
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Q1) Legally sufficient consideration is something of value in the eyes of the law.
A)True
B)False
Q2) Refer to Fact Pattern 13-2. "Adequacy" of consideration refers to
A) "how much" consideration is given.
B) legally sufficient value in the eyes of the law.
C) the intangible value to a contracting party of a thing exchanged.
D) the substantiality of the consideration exchanged.
Q3) A covenant not to sue is against public policy.
A)True
B)False
Q4) Rory questions whether there is consideration for his contract with Silver Spurs Club to exchange his performance of country music on certain dates for Silver's payment of a certain amount. To constitute consideration, the value of whatever is exchanged must be
A) objectively worthy.
B) precisely adequate.
C) legally sufficient.
D) practically sound.
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Chapter 14: Capacity and Legality
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Q1) Even in states that permit certain types of gambling, courts find that gambling contracts are illegal.
A)True
B)False
Q2) If a minor disaffirms a contract, he or she must disaffirm the entire contract.
A)True
B)False
Q3) Jake and Kline make an illegal contract that unjustly enriches Jake at the expense of Kline. A court will
A) not be concerned with the unjust enrichment of Jake.
B) award damages to Kline.
C) reform the contract to prevent undue burdens.
D) enforce the contract as it was originally written.
Q4) Shannon signs a contract with Tevin, an unlicensed contractor, to build a deck and gazebo at the rear of her house. This contract is enforceable by A) Shannon.
B) any supplier of tools and materials with whom Tevin deals.
C) Tevin.
D) no one.
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Chapter 15: Mistakes, Fraud, and Voluntary Consent
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Q1) Ken, a real estate agent, assures Lily that a certain parcel of commercial property fronts on the most highly trafficked street in Metro City. Lily buys the property and then discovers that the street has no more traffic than any other in its vicinity. Lily is most likely a victim of A) opinion.
B) fraud.
C) mistake.
D) an adhesion contract.
Q2) For a party to a contract to receive relief from a mistake, the mistake must involve a material fact.
A)True
B)False
Q3) Refer to Fact Pattern 15-4. On learning the truth, Sam confronts Riley, who says he was not trying to fool Sam-he was only trying to make a sale. This is A) a mistake of value.
B) a valid defense to a charge of fraud.
C) misrepresentation.
D) unconscionable.
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Chapter 16: The Writing Requirement in Our Digital World
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Q1) Under the Statute of Frauds, land includes physical objects permanently attached to it, such as buildings, fences, trees, and soil.
A)True
B)False
Q2) Refer to Fact Pattern 16-1. Between Grain and Hearty, this contract is most likely enforceable against
A) neither party.
B) Grain only.
C) Hearty only.
D) Grain and Hearty, at least to the extent of the performance.
Q3) To be enforceable, a writing evidencing an oral contract must have been signed by the party who seeks to enforce it.
A)True
B)False
Q4) A contract in which a party assumes a primary obligation normally must be in writing to be enforceable.
A)True
B)False
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Chapter 17: Third Party Rights
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Q1) Lestor and MaryElise enter into a contract. Lestor agrees to mow MaryElise's yard every week for the summer. MaryElise is
A) the obligor.
B) the obligee.
C) the assignee.
D) the assignor.
Q2) The rights of a third party beneficiary under a contract do not vest if the third party materially changes his or her position in justifiable reliance on the promise.
A)True
B)False
Q3) Mai is a third party beneficiary under a contract between Novia and Opie. Novia and Opie can modify or rescind their contract without Mai's consent
A) at any time.
B) at no time.
C) after Mai's rights have vested.
D) before Mai's rights have vested.
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Chapter 18: Performance and Discharge
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Q1) Quinn contracts to provide ten tons of scrap steel at $500 per ton to Rendered Materials, Inc. An unforeseen shortage of scrap steel suddenly develops, making it impossible for Quinn to fulfill the contract for less than $5,000 per ton. Quinn's best defense against performing the contract would be that
A) performance of the contract is commercially impracticable.
B) procuring the steel would force Quinn into bankruptcy.
C) the law has rendered performance of the contract illegal.
D) the specific subject matter of the contract has been destroyed.
Q2) Barbara and Johann are parties to a contract. They agree on a novation. The novation requires
A) the existence of a previous, valid obligation.
B) consideration greater than $5,000.
C) performance of the original contract by all of the parties.
D) an accord and satisfaction.
Q3) To rescind a contract, the parties must make a second agreement that satisfies the legal requirements for a contract.
A)True
B)False
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Page 20
Chapter 19: Breach of Contract and Remedies
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Q1) Courts order reformation most often when fraud or mutual mistake is present.
A)True
B)False
Q2) The measure of compensatory damages often varies by type of contract.
A)True
B)False
Q3) Meatpackers, Inc., enters into a contract with Nevada Ranch for the delivery of a certain number of beef cattle on a set schedule. The ranch delays the first delivery for five days, aware that Meatpackers loses a certain percentage of profit each day. An award to Meatpackers of consequential damages would
A) establish, as a matter of principle, that the seller acted wrongfully.
B) provide the buyer with funds for a foreseeable loss beyond the contract.
C) provide the buyer with funds for its loss of the bargain.
D) punish the seller and deter others from similar acts.
Q4) Whether a contract's limitation-of-liability clause will be enforced depends on the type of breach that is excused by the provision.
A)True
B)False
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Page 21
Chapter 20: The Formation of Sales and Lease Contracts
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Q1) A course of performance is the conduct that occurs under the terms of a particular agreement.
A)True
B)False
Q2) Stitches Corporation enters into a contract to sell denim clothing to Trend Fashion Company, which in turn sells the clothing to consumers. In contrast to standards that apply to consumers, the UCC imposes on merchants
A) less strict legal standards.
B) special business standards.
C) stricter ethical standards.
D) the same overall standards.
Q3) Key of G Products, Inc., offers to sell to Harmony Company one hundred MP3 players at $50 a piece, subject to certain specific delivery dates. Harmony replies with a signed purchase order that reads, "Accept your offer for 100 I-appliances at $50 each. Must be delivered to our warehouse." Key of G does not respond or deliver the goods. Harmony files a suit for breach of contract, to which Key of G answers that there is no contract because Harmony's purchase order contained additional terms and is not signed by Key of G. Can Harmony recover? Explain.
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Chapter 21: Title, Risk, and Insurable Interest
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Q1) Home Appliance Corporation contracts with Instate Trucking Company to take a selection of appliance repair parts to Journey Airlines, Inc., with Journey to transport the goods to a KeepSafe Company warehouse. Instate Trucking, Journey Airlines, and KeepSafe each acknowledge possession of the goods by a document of title. Instate Trucking, Journey Airlines, and KeepSafe are
A) bailees.
B) buyers.
C) lessees.
D) none of the choices.
Q2) If a sale involves crops that are to be harvested within twelve months, identification takes place when the crops are harvested.
A)True
B)False
Q3) In contracts involving a sale of unborn animals to be born within twelve months, identification takes place when the animals are born.
A)True
B)False
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Chapter 22: Performance and Breach of Sales and Lease Contracts
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Q1) With an installment contract, a buyer or lessee can reject a single installment on any pretext.
A)True
B)False
Q2) Under the UCC, if a contract does not designate the place of delivery for the goods, the place of delivery is a location halfway between the seller's place of business and the buyer's place of business.
A)True
B)False
Q3) If goods in every respect conform to a contract, the buyer or lessee does not have a right to reject the goods.
A)True
B)False
Q4) The term cure refers to the right of the buyer to reject, adjust, or replace nonconforming goods.
A)True B)False
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Chapter 23: Warranties
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Q1) To specifically disclaim an implied warranty of fitness for a particular purpose, a seller or lessor must mention the word fitness.
A)True
B)False
Q2) To specifically disclaim an implied warranty of merchantability, a seller or lessor must mention the word merchantability.
A)True
B)False
Q3) Chord Guitars Inc. sells guitars to consumers. A Chord salesperson says to a potential customer, "This Chord is the best guitar you'll find anywhere." This statement is A) an implied warranty of fitness for a particular purpose. B) an implied warranty of merchantability. C) an express warranty. D) puffery.
Q4) Merchants are absolute insurers against all accidents arising in connection with the goods.
A)True B)False
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Page 25
Chapter 24: International and Space Law
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Q1) Mont Blanc S.A., a French firm, imports its goods into the United States and offers those goods for sale at "less than fair value." "Fair value" is the price of Mont Blanc's goods in
A) the European market.
B) France.
C) the United States.
D) the world market.
Q2) The United States taxes each barrel of imported oil at a flat rate. This is
A) an antidumping duty.
B) a dumping duty.
C) a quota.
D) a tariff.
Q3) The government of Korea sets a limit on the amount of rice that can be imported from the United States. This is A) a dumping duty.
B) an antidumping duty.
C) a quota.
D) a tariff.
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Chapter 25: Negotiable Instruments
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Q1) Refer to Fact Pattern 25-2. On this instrument, Mid-state is
A) the drawee.
B) the drawer.
C) the maker.
D) the trader.
Q2) Theo signs a check payable to the order of Urban Bank, filling in the blanks for the amount with the figures "$100" and "One thousand and 00/100 dollars." This check is payable in the amount of
A) $0.
B) $100.
C) $1,000.
D) $1,100.
Q3) To be negotiable, an instrument must be on material that lends itself to permanence.
A)True
B)False
Q4) A time draft is payable at a definite future time.
A)True
B)False
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Chapter 26: Transferability and Holder in Due Course
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Q1) A holder does not take an instrument for value if he or she gives a negotiable instrument as payment.
A)True
B)False
Q2) The good faith requirement applies to both the holder and the transferor.
A)True
B)False
Q3) A purchaser can become an HDC of an instrument even if it is so incomplete that an element of negotiability is lacking.
A)True
B)False
Q4) Sergio makes a gift of a check to Todd who takes it in good faith and without notice of any claim, defense, or defect. With respect to this check, Todd is
A) none of the choices.
B) an assignee.
C) an ordinary holder.
D) an ordinary holder in due course.
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Chapter 27: Liability, Defenses, and Discharge
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Q1) Presentment warranties can be disclaimed only with respect to checks.
A)True
B)False
Q2) The completion of an originally incomplete instrument in an unauthorized manner is not a defense against payment on the instrument to an HDC.
A)True
B)False
Q3) One of the transfer warranties is that the instrument has not been altered.
A)True
B)False
Q4) Nan, an accountant for Outdoor Outfitters, Inc., issues company checks payable to nonexistent persons drawn on Outdoor's account at Peerless Bank. Nan indorses the checks and deposits them in her account. Outdoor discovers the theft and demands that Peerless recredit its account. Peerless's best defense is that
A) Nan was not authorized to issue the checks.
B) Outdoor was in a better position than Peerless to prevent the theft.
C) Peerless did not know that the checks were not to be paid.
D) the checks were the property of Outdoor, not Peerless.
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Chapter 28: Banking in the Digital Age
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Q1) A drawer is liable to the holder of a check in a civil suit if the check is dishonored for insufficient funds.
A)True
B)False
Q2) Commercial banking practices consider a check that has been outstanding for three months to be a stale check.
A)True
B)False
Q3) A written stop payment order is only valid for thirty days.
A)True
B)False
Q4) On Monday, Ellery deposits in her account at Fiscal Bank a local check for $500. After 5:00 p.m. on Friday, from these funds, Ellery can withdraw no more than A) $100.
B) $400.
C) $500.
D) $600.
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Chapter 29: Creditors Rights and Remedies
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Q1) Raoul is a surety for Suzie's loan from Turnkey Credit, Inc. Raoul's right to "step into the shoes" of Turnkey, after paying Suzie's debt, and exercise any of the Turnkey's rights against Suzie is the right of A) contribution.
B) redemption.
C) reimbursement.
D) subrogation.
Q2) A guarantor is secondarily liable on an obligation. A)True B)False
Q3) Refer to Fact Pattern 29-1. If Tina signs the application only after language is included that requires Petro to exhaust its legal remedies against Slick before looking to her, then Tina is A) a surety.
B) a lienor.
C) a guarantor.
D) a creditor.
Q4) A debtor's vehicle is never exempt from satisfaction of a judgment debt. A)True B)False
31
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Chapter 30: Secured Transactions
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Q1) A financing statement is effective for five years from the date of filing.
A)True
B)False
Q2) Lena borrows from Mac and Nicole, using the same collateral for both loans. Only Nicole has a perfected security interest. Lena defaults on both loans. The party with first rights to the collateral is
A) Lena.
B) Mac and Nicole, in proportion to Lena's debt to each.
C) Mac only.
D) Nicole only.
Q3) The payment of Mo's debt to Neil is guaranteed by Mo's personal property. This is governed by
A) the Uniform Commercial Code.
B) the Federal Trade Commission.
C) the U.S. Constitution's commerce clause.
D) the Bankruptcy Reform Act of 2005.
Q4) A purchase-money security interest in consumer goods is created when a person buys the goods on credit.
A)True
B)False
Page 32
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Chapter 31: Bankruptcy Law
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Q1) Spicy Pizza, Inc., files for bankruptcy underChapter 11. Spicy's reorganization plan must contain
A) a plan to turn over its future income to the trustee.
B) a certificate proving attendance at a credit-counseling briefing.
C) a provision of adequate means for the plan's execution.
D) a statement of preference for one creditor over another.
Q2) CreditLine Inc. joins with other creditors to force Deli Sandwich Shop, a debtor, into bankruptcy. One of the goals of bankruptcy law with respect to creditors is to
A) ensure that creditors will continue to lend to insolvent debtors.
B) protect creditor assets from diminution in value.
C) provide equitable treatment in the competition for debtor assets.
D) make all debtor property available for creditor claims.
Q3) One goal of bankruptcy law is to ensure equitable treatment of creditors who are competing for a debtor's assets.
A)True
B)False
Q4) All debts are dischargeable in bankruptcy.
A)True
B)False
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Chapter 32: Agency Formation and Duties
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Q1) Spicy Wonder Hot Dog Vendors, Inc., grants its agent Teona an exclusive territory in which to sell Spicy Wonder Hot Dog products. Spicy Wonder Hot Dog cannot compete with Teona in that territory under the principal's duty of A) compensation.
B) cooperation.
C) indemnification.
D) reimbursement.
Q2) Largo is an agent for MaryElise. MaryElise gives Largo clear instructions to enter into contracts on her behalf only on Mondays, Wednesdays, or Fridays. Largo enters into a contract on her behalf on Tuesday. Largo has breached
A) the duty of performance.
B) the duty of loyalty.
C) no duty.
D) the duty of obedience.
Q3) Generally, the law assumes that the principal is aware of any information acquired by the agent that is relevant to the agency.
A)True
B)False
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Chapter 33: Agency Liability and Termination
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Q1) An agency can terminate once its purpose is achieved.
A)True
B)False
Q2) Chuck hires Danielle, a real estate broker, to act as his agent to sell his land for $150,000. Oil is discovered beneath the land, causing its market value to increase considerably. The agency agreement is likely
A) continued with a proportionate increase in Danielle's sales commission.
B) continued until Danielle tells prospective buyers of the discovery.
C) terminated by act of the parties.
D) terminated by operation of law.
Q3) Mirena serves in a representative capacity for Netanya. Orla is injured through Mirena's negligence. Netanya may be liable to Orla if Mirena's conduct occurred
A) due to a propensity Netanya was not and could not have been aware of.
B) during normal working hours.
C) in the course and scope of Mirena's employment.
D) outside the parties' employment relationship.
Q4) Implied authority is authority declared in clear, direct, definite terms.
A)True
B)False
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Chapter 34: Employment, Immigration, and Labor Law
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Q1) Livia takes temporary family leave from her job at Manufacturers Corporation to care for a new baby. On Livia's return from the leave, Manufacturers must
A) restore Livia to her same position or a comparable position.
B) reimburse Livia for her expenses while on leave.
C) promote Livia to the status of a key employee.
D) do nothing.
Q2) After a union election campaign among the employees of Frozen Foods Packaging Company, the Food Packagers International Union does not obtain a majority vote in the election. This violates
A) federal labor law.
B) state right-to-work laws.
C) federal wage-and-hour laws.
D) no federal or state law.
Q3) Children aged fourteen and fifteen are allowed to work in hazardous occupations.
A)True
B)False
Q4) Medicare is funded by contributions from the employer and the employee.
A)True
B)False
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Chapter 35: Employment Discrimination
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Q1) Title VII of the Civil Rights Act applies to employers with fifteen or more employees.
A)True
B)False
Q2) Women affected by pregnancy must be treated the same as other persons not so affected but similar in ability to work.
A)True
B)False
Q3) Holly files an employment discrimination suit against Industrial Corporation under Title VII of the Civil Rights Act on a disparate-impact theory. To succeed, the plaintiff must show that as a member of a protected class, she was adversely affected by any of the following except the employer's A) practices.
B) procedures.
C) tests.
D) seniority system.
Q4) Race can be a bona fide occupational qualification.
A)True
B)False
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Page 37
Chapter 36: Small Businesses and Franchises
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Q1) Diane organized, and owns and operates, Reliable Roofing, a construction outfit, in the simplest form of business organization. This is
A) a limited partnership.
B) a limited liability company.
C) a corporation.
D) a sole proprietorship.
Q2) In determining whether a franchisor acted in good faith when terminating a franchise agreement, a court will attempt to balance the rights of both parties.
A)True
B)False
Q3) Paradise Footwear buys a franchise from Quad Shoes Inc. This relationship, like all other franchise relationships, is governed by A) contract law.
B) no law.
C) the Franchise Disclosure Document, or FDD.
D) the Automobile Dealers' Day in Court Act.
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Chapter 37: All Forms of Partnerships
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Q1) Refer to Fact Pattern 37-3. The partners decide to dissolve Equity Lending. Duke collects and distributes the firm's assets. This results in
A) nothing with respect to the firm's existence.
B) the continuation of the firm's business.
C) the termination of the firm's legal existence.
D) the temporary suspension of the firm's business.
Q2) In a limited partnership, a general partner's dissociation from the firm normally will lead to dissolution unless all partners agree to continue the business.
A)True
B)False
Q3) Ed, a partner in Farm Equipment Sales, applies for a loan with Growers Bank allegedly on Farm Equipment's behalf but without the authorization of the other partners. The bank knows that Ed is not authorized to take out the loan. Liability in the event of default will be imposed on A) none of the choices.
B) Ed.
C) Farm Equipment.
D) Growers Bank.
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Chapter 38: Limited Liability Companies and Special Business Forms
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Q1) Rogue Art Gallery and Sequoia Exhibitions form a joint venture. When a dispute arises, Rogue files a suit against Sequoia. The court is most likely to apply the same principles to this joint venture as it applies to
A) business trusts.
B) limited liability companies.
C) corporations.
D) partnerships.
Q2) Lightning Corporation and Mind, Inc., two game creators, wish to combine their capabilities to make and market Nano, a special limited-edition game. The appropriate legal entity for this project is most likely
A) a business trust.
B) a joint stock company.
C) a joint venture.
D) a syndicate.
Q3) ost states apply to a limited liability company (LLC) formed in another state the law of the state where the LLC currently does business.
A)True
B)False
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Chapter 39: Corporate Formation and Financing
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Q1) If a corporation has S corporation status, it must pay income taxes at the corporate level.
A)True
B)False
Q2) The true ownership of a corporation is represented by common stock.
A)True
B)False
Q3) Ida and Jay are the shareholders and the directors of Keystone Property Management Inc. Lily and Mike are Keystone officers. The responsibility for the overall management of this firm rests with
A) Ida and Jay, as the directors.
B) Lily and Mike, as the officers.
C) Ida and Jay, as the shareholders.
D) all of the parties.
Q4) A court will pierce the corporate veil of a corporation when the corporate privilege is abused for personal benefit.
A)True
B)False
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Chapter 40: Corporate Directors, Officers, and Shareholders
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Q1) The initial board of directors of a corporation is normally elected at the first annual shareholders' meeting by a majority vote of the shareholders.
A)True
B)False
Q2) Pat owns one share of stock in Quik-Stop Stores, Inc., as evidenced by a stock certificate. Because stock is intangible personal property, Pat's ownership of the stock A) exists independently of the stock certificate.
B) cannot exist without a tangible stock certificate.
C) cannot exist without the original stock certificate.
D) cannot be transferred without the stock certificate.
Q3) Ron is a director of Start-Up Inc. He is also a chief corporate officer in the firm and receives compensation for both positions. He is A) an inside director.
B) an outside director.
C) a well-rounded participant.
D) in violation of the law.
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Chapter 41: Mergers and Takeovers
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Q1) Doris wants to form a new firm-eBeats-to market a new app. Fees are required to form all of the following business organizations except A) a sole proprietorship.
B) a corporation.
C) a limited partnership.
D) a limited liability company.
Q2) To resist a takeover, a target company may make a self-tender.
A)True
B)False
Q3) Beth is a shareholder of Cotton Clothes, Inc., whose management is considering extending its operations through some type of combination or acquisition with Denim Jeans Corporation. Beth could normally exercise appraisal rights if Cotton participates in A) a sale of substantially all of the corporate assets.
B) a termination.
C) a tender offer.
D) none of the choices.
Q4) Shareholders cannot lose their appraisal rights under any circumstances.
A)True
B)False
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Chapter 42: Investor Protection, Insider Trading, and Corporate Governance
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Q1) Refer to Fact Pattern 42-3. Under the Securities Exchange Act of 1934, Fay is most likely
A) liable for insider trading.
B) not liable because Fay did not prevent others from profiting.
C) not liable because Fay did not misappropriate any information.
D) not liable because Fay does not work for Eureka!
Q2) Cattle Ranch Company offers its stock for sale only in a single state. The law in the company's state is like the law in most states. Thus, the firm's offer is subject to state securities statutes that include
A) antifraud and disclosure provisions.
B) antifraud provisions only.
C) disclosure provisions only.
D) neither antifraud nor disclosure provisions.
Q3) Issuers of securities offerings must comply with either federal or state securities laws, but not both.
A)True
B)False
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Page 44
Chapter 43: Administrative Agencies
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Q1) A subpoena duces tecum is an order compelling a witness to appear at an agency hearing.
A)True
B)False
Q2) Under what is known as the exhaustion doctrine, an agency must exhaustively regulate every aspect of every activity subject to its rule.
A)True
B)False
Q3) A federal administrative agency may exercise powers beyond those that Congress delegates to it.
A)True
B)False
Q4) Pure Water Company is subject to a decision by the Environmental Protection Agency. Pure Water appeals the decision, arguing that it is arbitrary and capricious. This could mean that the decision
A) changed the agency's prior policy without justification.
B) followed a consideration of all relevant factors.
C) was accompanied by a rational explanation.
D) was plainly warranted by the evidence.
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Chapter 44: Consumer Law
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Q1) Logan's application to Metro Bank for a credit card is denied. Logan can obtain information on his credit history in a credit agency's files under A) no federal law.
B) the Equal Credit Opportunity Act.
C) the Fair Credit Reporting Act.
D) the Fair Debt Collection Practices Act.
Q2) Mac n' Cheese Company wants to make and market new processed pasta and sauce products. On each product's label, standard nutrition facts are
A) prohibited.
B) required.
C) voluntary.
D) arbitrary.
Q3) Vague generalities are permissible in advertising.
A)True
B)False
Q4) Food products are required to bear labels detailing the nutritional content.
A)True
B)False
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Page 46
Chapter 45: Environmental Protection
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Q1) Hi-Yield, Inc., makes a pesticide with a one-in-a-million risk to people of developing cancer from exposure. This substance must be
A) disposed of before anyone develops cancer.
B) registered before it is sold.
C) taken off the market and placed in temporary storage.
D) used only in a way that avoids exposure to people.
Q2) Smelting, Inc., operates a plant-a "major source"-that emits hazardous air pollutants for which the Environmental Protection Agency has set maximum levels of emission. The plant does not use equipment to reduce its emissions. Under the Clean Air Act, this is most likely
A) a violation.
B) not a violation because a "major source" is exempt.
C) not a violation because the plant does not use any equipment.
D) not a violation because the plant is not a mobile source.
Q3) Wetlands may be filled or dredged without a permit from the U.S. Army Corps of Engineers.
A)True
B)False
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Chapter 46: Antitrust Law
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Q1) To prevent its competitors from obtaining sufficient supplies to make their products, Continental Steel, Inc., uses its market power to increase the prices of those supplies. This is
A) price discrimination.
B) business judgment.
C) predatory bidding.
D) predatory pricing.
Q2) The primary measure of monopoly power is a competitor's assessment of the acts of a firm under review.
A)True
B)False
Q3) Price discrimination occurs when a seller charges different prices to competing buyers for identical goods or services.
A)True
B)False
Q4) Monopoly power is an extreme amount of market power.
A)True
B)False
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Page 48
Chapter 47: Professional Liability and Accountability
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Q1) Randi, an accountant, includes a false statement in a report for Social Media Marketing, Inc., that is filed with the Securities and Exchange Commission. When Theo buys stock in Social Media and loses money on the investment, he files a suit against Randi, alleging fraud under the 1934 Securities Exchange Act. To avoid liability, Randi can show that she
A) intended to defraud Social Media, not Theo.
B) intended to profit on stock trades generally, not only Theo's.
C) is an otherwise competent accountant.
D) had no knowledge that her statement was false.
Q2) An accountant is not liable for a false statement that affects the price of a security if the buyer or seller of the security knew the statement was false.
A)True
B)False
Q3) In an opinion, an auditor can include a general statement disclaiming any liability for false or misleading financial statements.
A)True
B)False
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Chapter 48: Personal Property and Bailments
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Q1) Yogi loans his laptop to Zoey. This is A) a bailment.
B) acquiring ownership by possession. C) a gift.
D) accession.
Q2) Mallory's brother Nate gives her a leather working kit. She uses it to make a saddle. Her acquisition of the saddle is by A) gift.
B) accession.
C) confusion.
D) production.
Q3) Nan asks Otto if she can store her car in his garage while she serves in the U.S. Army. He agrees. This is A) a bailment.
B) accession.
C) a gift.
D) abandoned property.
Q4) Tangible personal property has physical substance. A)True
B)False
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Chapter 49: Real Property and Landlord-Tenant Law
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Q1) Rod possesses five hundred acres of forested property. He has the right to use the land, including cutting its timber, for life. He also has the right to lease the land for a period not to exceed his life. This ownership interest is
A) a fee simple absolute.
B) a leasehold estate.
C) a life estate.
D) an easement.
Q2) Frank owns GuestHouse Hotel. His ownership rights include the right to sell or give away the property without restriction, as well as the right to commit waste, if he chooses. Frank's ownership interest is
A) a fee simple absolute.
B) a profit.
C) a life estate.
D) the power of eminent domain.
Q3) Except for ordinary wear and tear, a tenant is responsible for all damage that he or she causes, intentionally or negligently.
A)True
B)False
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Chapter 50: Insurance
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Q1) Kailyn obtains an insurance policy that protects her against liability for property damage resulting from the operation of her vehicle. This is
A) disability insurance.
B) liability insurance.
C) malpractice insurance.
D) automobile insurance.
Q2) An applicant for an insurance policy is called an underwriter.
A)True
B)False
Q3) Mena applies for a homeowners' insurance policy on her house with Neighbors Insurance Company through Obie, an agent who works for Neighbors. In this transaction, Obie is
A) an agent for both parties.
B) Mena's agent, and not Neighbors's agent.
C) Neighbors's agent, and not Mena's agent.
D) not an agent.
Q4) Misstatements or misrepresentations in an application for insurance can void a policy.
A)True B)False
Page 52
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Chapter 51: Wills and Trusts
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Q1) A legacy is a gift of personal property by will.
A)True
B)False
Q2) To "publish" a will means to record it in the appropriate county office.
A)True
B)False
Q3) Jack's will states, "I leave my red sports car to Kayla." This is
A) a specific legacy.
B) a devise.
C) an execution.
D) a general legacy.
Q4) A lapsed legacy will occur if the testator predeceases the gift.
A)True
B)False
Q5) A testator may revoke a will by intentionally tearing it.
A)True
B)False
Q6) A decedent is a person who has died.
A)True
B)False
Page 53
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Chapter 52: The Legal Environment of Business
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Q1) Regional Sales Company expects its sales staff to constantly check their e-mail for work-related messages outside normal working hours. Employees' constant online connectivity with their work raises an issue about A) the definition of work.
B) work-related stress.
C) the quality of workers' lives.
D) overburdened company servers.
Q2) Salma wishes to file a suit in a Texas state court against Ubi. Texas allows for service of process via social media if Salma can authenticate Ubi's social media account. Allowing service of process only by means of social media raises a question whether that service comports with A) due process.
B) the Federal Rules of Civil Procedure.
C) the freedom to contract.
D) the rules of evidence.
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Chapter 53: Torts and Crimes
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Q1) Pay-to-Buy.com, Inc. obtains a patent on an online payment system. The patent is vaguely worded and overly broad. In evaluating the patent, a court is most likely to A) have difficulty, resulting in Pay-to-Buy being targeted by patent trolls.
B) apply the patent broadly.
C) issue a vaguely worded protection order.
D) hold that Pay-to-Buy's business practices are illegal.
Q2) Money2Play Corporation does not make or sell products or services but buys a patent and asserts it against New Functions, Inc., a start-up applications company, demanding licensing fees and threatening an infringement suit. Because of these threats, New Functions is most likely to
A) have difficulty in attracting investors.
B) target other firms with patent litigation to obtain investment capital.
C) cease and desist.
D) collect more capital to fund its operations than without the threats.
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Chapter 54: Contracts and E-Contracts
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Q1) Mainstay, Inc., sponsors NowUCMe, a social-networking, video- and photo-sharing site. To use NowUCMe, Mainstay requires users to accept terms of service associated with the site. By clicking on "accept," users enter into a contract A) after thirty days.
B) as soon as they begin to use the service.
C) when a court declares that a contract exists.
D) under no circumstances.
Q2) SportsMaster operates a daily fantasy sports Web site. The state of Texas orders SportsMaster to stop accepting "bets" from Texas residents. In the best interest of its owners and its games' participants, SportsMaster may arguably have an ethical duty to A) challenge the order. B) comply with order.
C) defy the order.
D) any of the choices.
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Chapter 55: Domestic and International Sales and Lease Contracts
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Q1) Global Enterprise Inc. does business throughout the world. As an international corporation, Global can be subject to conventions issued by the United Nations Commission on International Trade Law. Conventions are
A) designed to establish binding legal obligations.
B) recommendations for individual nations to adopt as part of their national law.
C) non-binding guidelines of suggested commercial norms.
D) none of the choices.
Q2) Fleet Feet, an online travel company, buys blocks of rooms from Grande Hotel, a hotel in Harbor City, at a wholesale rate. Fleet Feet resells the rooms to consumers at a retail rate. One recent effort by cities to collect taxes from e-commerce has focused on A) hotels that sell blocks of rooms at wholesale rates.
B) non-resident consumers who reserve rooms in in-state hotels.
C) online travel companies.
D) the dire financial straits of the cities during the latest recession.
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Chapter 56: Negotiable Instruments
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Q1) Transactions in virtual currency do not require financial institutions, and can be conducted anonymously. With these features of virtual currency in mind, the most ethical action a user can take is to
A) protect himself or herself.
B) avoid the use of virtual currency entirely.
C) use virtual currency exclusively.
D) take advantage of those who are not aware of how virtual currency is used.
Q2) Virtual currency has legitimate uses. Laws that apply to virtual currency include all of the following except
A) federal registration requirements.
B) state licensing requirements.
C) the proposed uniform Regulation of Virtual Currencies Act.
D) the Federal Deposit Insurance Corporation regulations.
Q3) Apple Pay and other phone-based payment systems enable mobile devices to
A) link from a digital wallet to another app within a single phone.
B) entail more security risks than carrying a physical wallet.
C) communicate wirelessly with point-of-sale systems.
D) work with existing magnetic-strip credit-card machines.
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Chapter 57: Creditors Rights and Bankruptcy
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Q1) Rita borrows $20,000 from the U.S. Department of Education to help pay for her education at State University. She signs a note payable to DOE for the amount of the loan plus interest. The loan may be discharged if
A) Rita does not graduate from State University within six years of the loan.
B) Rita does not find employment in her program of study after graduation.
C) in bankruptcy, repayment would cause Rita undue hardship.
D) any of the choices.
Q2) Olivia borrows $25,000 from the U.S. Department of Education to help pay for her education at Public University. She signs a note payable to DOE for the amount of the loan plus interest. The loan may be canceled if she is A) a teacher in a certain school or subject area.
B) a military serviceperson.
C) a medical technician.
D) any of the choices.
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Chapter 58: Agency and Employment
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Q1) Business Sales Company and other employers routinely check job applicants' social media posts when deciding whom to hire. According to the results of at least one study, online disclosures of personal traits
A) results in widespread hiring discrimination.
B) may lead to job offers for which the applicants are not qualified.
C) has no meaningful effect on hiring decisions by any employer.
D) can significantly influence the hiring decisions of some employers.
Q2) Nadia, an employee of Omar in Saudi Arabia, engages in a wrongful act without Omar's knowledge or consent. Under the principles of sharia law, responsibility for Nadia's act lies with
A) only Nadia.
B) only Omar.
C) Nadia and vicariously-by extension-to Omar.
D) neither Nadia nor Omar.
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Chapter 59: Business Organizations
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14 Verified Questions
14 Flashcards
Source URL: https://quizplus.com/quiz/22621
Sample Questions
Q1) Personnel Resources Company considers using software to analyze employee behavior with the goal of predicting wrongdoing. In this situation, the ethical focus is on
A) the success of the software.
B) sanctions for something yet to be done.
C) questions of privacy.
D) whether data mining should occur only online.
Q2) Predictive analytics in the digital realm focuses on
A) predicting certain behavior based on certain data.
B) analyzing certain data to predict digital developments.
C) analyzing certain predictions to monitor certain results.
D) predicting certain digital data based on reasoned analysis.
Q3) Rick forms Study Groups Inc. to start a social media site online. He selects Takeaway as the domain name. Responsible for coordinating databases related to namespaces online
A) are the Web hosts of online businesses.
B) is the U.S. Copyright Office.
C) is the U.S. Patent and Trademark Office.
D) is the Internet Corporation for Assigned Names and Numbers.
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Chapter 60: Government Regulation
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12 Verified Questions
12 Flashcards
Source URL: https://quizplus.com/quiz/22622
Sample Questions
Q1) A business that acts to take advantage of the economic and political opportunities offered by the climate change is acting
A) legally and ethically.
B) legally, but unethically.
C) illegally, but not unethically.
D) illegally and unethically.
Q2) Don, like many attorneys, is storing his firm's confidential client information on the cloud. Like other professionals, Don should assume that
A) he does not need to be concerned with keeping the information secure.
B) the cloud provider will take precautions to keep the information secure.
C) he is ultimately responsible for the information.
D) privacy notification requirements are being complied with.
Q3) In response to the growth in native advertising, the Federal Trade Commission has issued guidelines for those who use the ads. The focus of the guidelines is whether consumers are able to
A) differentiate advertising from other content.
B) block traditional online ads.
C) access the ads on small screens, such as those on phones.
D) click a widget to be taken to a different site.
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Page 62
Chapter 61: Property and Its Protection
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8 Verified Questions
8 Flashcards
Source URL: https://quizplus.com/quiz/22623
Sample Questions
Q1) Bob owns a virtual asteroid near the virtual planet Cosmo in the virtual DeepSpace universe. Property consists of a bundle of rights in anything that has an ascertainable value and is subject to ownership. This definition encompasses
A) intangible objects used in virtual worlds like DeepSpace.
B) digital books, music libraries, and movie downloads.
C) all of the choices.
D) domain names and expensively created Web sites.
Q2) Carrie starts Dance & Diet Nutrition, a weight-loss products enterprise, before marrying Edgar. To legitimat4ely protect Carrie's business assets from Edgar's claims if the spouses divorce, Carrie could use
A) a prenuptial agreement preceded by fully disclosing the business assets.
B) a postnuptial agreement without fully disclosing the business assets.
C) conceal the business assets.
D) all of the choices.
Q3) According to the United States Supreme Court,
A) Metro City can take a parking lot for a privately owned sports stadium.
B) all of the choices.
C) Laborville can condemn a vacant field for a private manufacturing plant.
D) Sleepyton can take residential property for a private corporate complex.
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