Advanced Business Law Practice Exam
Course Introduction
Advanced Business Law delves into the complex legal frameworks that govern contemporary business transactions and corporate activities. The course explores topics such as mergers and acquisitions, securities regulation, antitrust laws, international commercial law, intellectual property rights, and the legal aspects of corporate finance. Students will analyze real-world case studies to understand legal decision-making processes and risk mitigation strategies. Emphasis is placed on understanding how legal considerations impact business operations, corporate governance, and strategic business planning in both domestic and international contexts.
Recommended Textbook Business Law Today Comprehensive 9th Edition by
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Page 2
Roger LeRoy Miller
Chapter 1: The Legal Environment
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Sample Questions
Q1) Network Corporation files a suit against Omega,Inc.,alleging that Omega breached a contract to sell Network a computer system.Network is
A)the appellant.
B)the appellee.
C)the defendant.
D)the plaintiff.
Answer: D
Q2) The title of a case appears as "Duck Sales Corp.v.Egret Supply Co." The party in whose favor the case was decided
A)could be either party.
B)must be neither party.
C)must be Duck.
D)must be Egret.
Answer: A
Q3) International law is the law of a foreign nation and varies from country to country.
A)True
B)False
Answer: False
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Chapter 2: Constitutional Law
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Q1) Savers Mart,Inc.,distributes its merchandise to retail outlets on an interstate basis.Under the commerce clause,Congress has the power to regulate
A)any commercial activity in the United States.
B)only activities that are in intrastate commerce.
C)only activities that are in local commerce.
D)only activities that are not in commerce.
Answer: A
Q2) Congress enacts the Tight Money Act (TMA)of 2010 to ban "major business entities" from making political contributions that individuals can make.A court would likely hold the TMA to be
A)an unconstitutional restriction of speech.
B)constitutional under the First Amendment.
C)justified by the need to protect individual rights.
D)necessary to protect national interests.
Answer: A
Q3) The First Amendment requires a complete separation of church and state.
A)True
B)False
Answer: False
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Page 4
Chapter 3: Courts and Alternative Dispute Resolution
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Q1) For purposes of diversity of citizenship,a corporation is a citizen only of the state in which it is incorporated.
A)True
B)False
Answer: False
Q2) In Ed's suit against First National Bank,the discovery phase would include all of the following except
A)Ed's complaint.
B)Ed's deposition.
C)Ed's requests for First National's admissions.
D)First National's replies to Ed's interrogatories.
Answer: A
Q3) Transnational Corporation and United Shipping,Inc.,agree to a contract that includes an arbitration clause.If a dispute arises,a court having jurisdiction may
A)monitor any arbitration until it concludes.
B)order an arbitrator to rule in a particular way.
C)order a party to bring the dispute to court.
D)order a party to submit to arbitration.
Answer: D
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Page 5
Chapter 4: Torts and Cyber Torts
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Q1) If an actor's conduct creates no risk,there is no negligence.
A)True
B)False
Q2) An Internet service provider cannot be held liable for disseminating defamatory remarks under any circumstances.
A)True
B)False
Q3) Consent is a defense to an allegation of assault,but not battery.
A)True
B)False
Q4) The purpose of tort law is to provide remedies when various protected interests have been invaded.
A)True
B)False
Q5) Joy invites Ken into her apartment.Ken commits trespass to land if he A)enters the apartment with fraudulent intent.
B)harms the apartment in any way.
C)makes disparaging remarks about Joy to others.
D)refuses to leave when Joy asks him to go.
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Chapter 5: Intellectual Property and Internet Law
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Q1) Ross e-mails Super Snowboard Company's marketing campaign to Winter Sports Corporation,Super's competitor,without its permission.This is A)copyright infringement.
B)patent infringement.
C)trademark infringement.
D)a theft of trade secrets.
Q2) Bubbly Cola features Sparkly Cola's trademark without its owner's permission.Bubbly's use of the mark is actionable provided A)consumers are confused.
B)Bubbly's use is intentional.
C)Bubbly's use reduces the value of Sparkly's mark.
D)Sparkly's mark is registered.
Q3) Kay and Leo copy and exchange MP3 music files over the Internet without anyone's permission.With respect to songs owned by Natural Recording Company,this is A)copyright infringement.
B)fair use.
C)licensing.
D)protected expression.
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Chapter 6: Criminal Law
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Q1) Yvon is charged with the crime of theft for taking Zach's briefcase,which Yvon mistakenly thought was hers.A mistake of fact is a defense
A)if the fact was not reasonably made known to the public.
B)if the mistake negates the mental state necessary to commit a crime.
C)if the perpetrator was intoxicated.
D)under any circumstances.
Q2) Les is indicted.Madge,the arresting officer,advises Les of his right to counsel.Les waives the right and confesses to the crime.Later,Les claims that his confession should be excluded as evidence from his trial.The statement will most likely be
A)admitted because Les knew he did the crime and confessed.
B)admitted because Les made it after being advised of his rights.
C)excluded because a confession is not admissible in a criminal trial.
D)excluded because it was elicited before Les was advised of his rights.
Q3) A misdemeanor is a crime punishable only by a fine.
A)True
B)False
Q4) Corporations,unlike persons,cannot be liable for crimes.
A)True
B)False
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Chapter 7: Cyber Crime
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Q1) Through a series of e-mail messages,Hudson convinces Gwen to transfer funds to Hudson to invest in Fried Critter Company stock on Gwen's behalf.Fired Critter stock does not exist.This is computer crime in which the computer is
A)the object of the crime.
B)the subject of the crime.
C)the instrument of the crime.
D)irrelevant to the crime.
Q2) Jean sends e-mail to Irwin promising a percentage of the amount in an African bank account for assistance in transferring the funds to a U.S.bank account.Irwin forwards his account number,but the funds are never sent.Instead,Jean quickly withdraws the funds in Irwin's account.This is
A)online greed but not fraud.
B)an online "fool-me-once,shame on you" occurrence but not fraud.
C)online gambling but not fraud.
D)online fraud.
Q3) Any crime committed with a computer is a computer crime.
A)True
B)False
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Chapter 8: Ethics and Business Decision Making
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Q1) One guideline to evaluating the ethics of a particular action is to "let your conscience be your guide."
A)True
B)False
Q2) To be ethical is to "do the right thing" but it does not otherwise "pay."
A)True
B)False
Q3) John is sales manager for Kleen 'N Brite Products,Inc.Compared to John's personal activities,his business activities most likely involve
A)more complex ethical issues.
B)no ethical issues.
C)simpler ethical issues.
D)the same ethical issues.
Q4) Olaf,an executive with Pharma Product Distribution,Inc.,has to decide whether to market a product that might have undesirable side effects for a small percentage of users.How should Olaf decide whether to sell the product How does the standard of ethics that is applied affect this answer
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10
Chapter 9: Nature and Classification
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Sample Questions
Q1) There are no exceptions to the rule that contracts voluntarily entered into will be enforced.
A)True
B)False
Q2) An express contract must be in writing.
A)True
B)False
Q3) Cody signs and returns a letter from Dora,referring to Dora's Double-D Ranch and its price.When Cody attempts to complete the deal,Dora refuses,claiming that they have no contract.Cody claims they do.What standard determines whether these parties have a contract
Q4) Lana applies for a firefighter's job with Metro City,which responds with a letter setting an appointment for a medical exam.The letter also states that it is "an employment offer conditioned on the applicant passing the exam." This letter is
A)a bilateral contract that Lana accepted by applying for the job.
B)a quasi contract on which Lana can rely for employment.
C)a unilateral contract that Lana can accept by passing the exam.
D)no contract.
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Chapter 10: Agreement in Traditional and E-Contracts
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Sample Questions
Q1) A record does not require a signature to have legal effect under the UETA.
A)True
B)False
Q2) An electronic symbol,adopted by a person with the intent to sign an e-record,is an e-signature.
A)True
B)False
Q3) An e-contract must meet the same basic requirements as a paper contract.
A)True
B)False
Q4) An offer must be communicated to the offeree to be effective.
A)True
B)False
Q5) An offer may invite an acceptance to be worded in such specific terms that the contract is made definite.
A)True
B)False
Q6) Most advertisements-"this property for sale"-are offers.
A)True
B)False
Page 12
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Chapter 11: Consideration
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Sample Questions
Q1) An obligation is enforceable only if it is supported by past consideration.
A)True
B)False
Q2) Real Estate Investments,Inc.,owns and manages an office building.Secure Insurance Company agrees to lease the building for five years.Under the lease,Secure is obligated to pay all of the utility costs.Two years into the term,Secure asks Real Estate to modify the lease to provide that the utility costs be split equally between them.Real Estate agrees,but later decides it does not want to share the costs and refuses to pay.Is the landlord bound to its agreement to share the utility costs Why or why not
Q3) Milo files a suit against Neighbors Insurance Corporation under the doctrine of promissory estoppel.Milo must show that
A)Milo justifiably refused to fulfill a promise to Neighbors.
B)Milo justifiably relied on Neighbors's promise to his detriment.
C)Neighbors justifiably refused to fulfill a promise to Milo.
D)Neighbors justifiably relied on Milo's promise to its detriment.
Q4) Use of the word consideration in an agreement means that consideration has been given.
A)True
B)False
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Chapter 12: Capacity and Legality
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Q1) An adult may disaffirm a contract entered into with a minor.
A)True
B)False
Q2) First National Bank signs an agreement not to compete with City Bank that will bar City Bank from continuing to operate in the state in which both banks do almost all of their business.The agreement is likely
A)an unreasonable restraint of trade.
B)enforceable.
C)enforceable if it is ancillary to an agreement by the First National Bank to purchase all of the assets of the City Bank.
D)none of the choices.
Q3) A contract with an unlicensed professional is never enforceable.
A)True
B)False
Q4) An exculpatory clause on a ticket to a ride in an amusement park is never enforceable.
A)True
B)False
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Page 14
Chapter 13: Voluntary Consent
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Q1) An expert's false statement to a naive buyer about a technical detail may entitle the buyer to rescind a contract.
A)True
B)False
Q2) Leyte believes an old comic book he owns has little value,but Milo is convinced it is a valuable collector's item.Leyte sells it to Milo for $10 before learning it is worth $1,000.Leyte can
A)not rescind the contract.
B)rescind the contract on the basis of fraud.
C)rescind the contract on the basis of mistake.
D)rescind the contract on the basis of puffery.
Q3) In negotiating a contract with Mikayla for the use of an empty bottling plant to bottle and market natural spring water,Nero makes a statement that he believes not to be true with respect to a material fact in the deal.Nero is guilty of A)a mistake.
B)fraud.
C)puffery.
D)nothing.
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Page 15
Chapter 14: The Statute of Fraudswriting Requirement
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Q1) Oral evidence of the meaning of a contract with incomplete terms can be introduced at a trial.
A)True
B)False
Q2) Nori files a suit against Mica to enforce an oral contract for the sale of lakeshore property that would otherwise be unenforceable under the Statute of Frauds.The court could enforce the deal if
A)Nori foreseeably and justifiably relied on Mica's promise to her detriment.
B)Mica denies the existence of any contract.
C)neither party has begun to perform.
D)the deal does not involve customized goods.
Q3) Sid induces Ty to enter into a contract for the sale of a warehouse about which Sid fraudulently misrepresents a number of material facts.Sid also tells Ty that his commission is 6 percent,but their signed,written contract states "12 percent." The parol evidence rule governs
A)contracts that are induced by fraud.
B)contracts that must be in writing to be enforceable.
C)the admissibility in court of oral evidence.
D)the reformation of oral and written statements into one contract.
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Page 16
Chapter 15: Performance and Discharge
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Questions
Q1) Sam contracts to harvest Tina's crop on August 1.Due to an unexpected regional fuel shortage,Sam cannot perform on the specified date.This A)breaches the contract.
B)discharges the contract.
C)has no effect on the contract.
D)suspends the contract.
Q2) If a contract requires performance to the personal satisfaction of a party,the party must in all cases be personally satisfied.
A)True
B)False
Q3) Candy enters into a contract under which she agrees to pay Dino for a business survey and review of her competitors.Dino agrees to deliver the survey by July 1.Candy's offer,on July 1,to pay Dino is A)complete.
B)substantial.
C)tender.
D)tough.
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Chapter 16: Breach and Remedies
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Q1) A contract between E-Debits,Inc.,and First Credit Corporation includes a provision excluding liability as a result of fraud.This provision is
A)enforceable because the parties are protected from liability.
B)enforceable because the parties consented to it.
C)enforceable if the parties have equal bargaining power.
D)not enforceable.
Q2) Punitive damages are almost never available in contract disputes.
A)True
B)False
Q3) Specific performance is the remedy customarily used when one party has breached a contract for a sale of land.
A)True
B)False
Q4) Punitive damages are never awarded in breach of contract actions.
A)True
B)False
Q5) A breach of contract may entitle the innocent party to rescind the contract.
A)True
B)False
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Chapter 17: Third Party Rights
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Q1) The rights under a contract for personal service normally can be assigned.
A)True
B)False
Q2) Heather and Genice agree that Genice can satisfy her debt to Heather by paying the money directly to Fava (to whom Heather owes a debt).The designation of this contract as a third party beneficiary contract is determined by the intent to benefit A)all of the parties.
B)Heather only.
C)Genice only.
D)Fava only.
Q3) A third party's right to control the details of performance of a contract indicates that the third party is an intended beneficiary.
A)True
B)False
Q4) An obligor is a person to whom a duty is owed.
A)True
B)False
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Chapter 18: The Formation of Sales and Lease Contracts
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Q1) A sale of "things attached" to realty is always considered a sale of goods.
A)True
B)False
Q2) Variety Goods,Inc.,and Worldly Sales Corporation enter into a contract that does not specify the payment terms.Payment may be made in
A)any commercially acceptable means except cash.
B)cash only.
C)cash or any commercially acceptable substitute.
D)cash or check only.
Q3) A lessor is a party who acquires a right to the possession and use of goods under a lease.
A)True
B)False
Q4) A sale of growing crops is a sale of goods.
A)True
B)False
Q5) Article 2 of the UCC governs contracts for sales of goods.
A)True
B)False
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Chapter 19: Title and Risk of Loss
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Q1) In a sale on approval,title and risk of loss pass only when the buyer accepts the goods.
A)True
B)False
Q2) Dirk steals Effie's necklace and sells it to Fiona.Effie can recover the necklace from Fiona
A)only if Fiona did not know that the necklace was stolen.
B)only if Fiona gave legally sufficient consideration for the necklace.
C)only if Fiona knew that the necklace was stolen.
D)under any circumstances.
Q3) If a seller is not a merchant,and the seller holds the goods,the risk of loss cannot pass to a buyer.
A)True B)False
Q4) C.I.F.stands for "cost,insurance,freight."
A)True
B)False
Q5) Unless a contract provides otherwise,it is assumed to be a destination contract. A)True
B)False
21
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Chapter 20: Performance Breach of Sales Lease Contracts
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Q1) If goods identified to a contract are destroyed through no fault of either party,both parties are excused from performance.
A)True
B)False
Q2) A seller can terminate a contract on the basis of commercial impracticability if increases in the seller's costs threaten to undercut its profits.
A)True
B)False
Q3) If a buyer breaches a contract while the seller is still in possession of the goods,the seller can resell the goods and hold the buyer liable for any loss.
A)True
B)False
Q4) If a buyer wrongfully refuses to accept goods that conform to a contract,the seller can maintain an action to recover the damages sustained.
A)True
B)False
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Chapter 21: Warranties and Product Liability
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Q1) Parker,a salesperson for Quality Textiles,Inc.,shows Rosa,a fabric buyer for Style Clothing Company,samples of cloth,stating that any shipment will match the samples.This statement is
A)an express warranty.
B)an implied warranty.
C)a warranty of title.
D)puffing.
Q2) Only the manufacturer of a defective product can be strictly liable for an injury or damage caused by the product.
A)True
B)False
Q3) In sales law,a warranty is an assurance by one party of the existence of a fact on which the other party can rely.
A)True
B)False
Q4) A manufacturer's duty of care does not extend to the inspection and testing of products bought to incorporate in the final product.
A)True
B)False
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Chapter 22: Negotiable Instruments: Transferability Liability
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Q1) A conditional promise to pay is not a negotiable instrument.
A)True
B)False
Q2) Tyrone draws a check payable to "Cash" and presents it to United Bank for payment.This instrument is A)a bearer instrument.
B)an order instrument.
C)valid but nonnegotiable. D)void.
Q3) Ray signs a promissory note for $10,000 in favor of State University (SU).The note does not specify the date of its payment.Ray defaults.In SU's suit to collect on the note,the court will most likely rule in favor of
A)Ray,because SU assumed the risk that the note would not be paid.
B)Ray,because the note is not payable at a definite time or on demand.
C)SU,because the note is an unconditional promise to pay the holder.
D)SU,because there is a uniform "default time" for repayment when a date is not specified.
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Chapter 23: Checks and Banking in the Digital Age
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Q1) Rikki signs a check "pay to the order of Scholar University" drawn on Rikki's account in State Bank to pay her tuition.Rikki is
A)the certifier.
B)the drawee.
C)the drawer.
D)the payee.
Q2) A bank cannot recover from a holder who cashes a check bearing a forged indorsement once the bank has accepted and paid the item.
A)True
B)False
Q3) Dru signs a check "pay to the order of Eppie" drawn on Dru's account in First Federal Bank.Greta forges Eppie's indorsement.First Federal pays the check.Most likely
A)Dru will be liable for the amount.
B)Eppie will have to pay Dru for the amount.
C)First Federal will have to recredit Dru's account.
D)the Federal Reserve will reimburse all parties for their costs.
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Chapter 24: Security Interests in Personal Property
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Q1) County Bank wants to perfect its security interest in collateral owned by Direct Sales Company.Most likely,a financing statement should be filed with A)the local chamber of commerce.
B)the county clerk.
C)the federal loan officer.
D)the secretary of state's office.
Q2) Prime Property Investments,Inc.,files a financing statement to provide notice of its security interest in the property of Qwik Breakfast Restaurant.The initial effective term of a financing statement is a period of A)five days.
B)five months.
C)five weeks.
D)five years.
Q3) A security interest that provides for a security interest in proceeds is a floating lien. A)True
B)False
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26
Chapter 25: Other Creditors Remedies and Suretyship
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Q1) If a debtor will not pay a judgment,a creditor can only resort to "self-help" to collect.
A)True
B)False
Q2) Refer to Fact Pattern 25-3.If Evermore insists that Dayna sign the loan application,making her personally liable for payment whether or not Chocolate! Chocolate! defaults,Dayna will be
A)a surety.
B)a lienor.
C)a garnishee.
D)a guarantor.
Q3) To use attachment as a remedy,a creditor must have possession (be "attached" to)of a debtor's property.
A)True
B)False
Q4) An attachment is a court-ordered seizure and taking into custody of property before the securing of a judgment for a past-due debt.
A)True
B)False
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Chapter 26: Bankruptcy
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Q1) Mia's voluntary petition for bankruptcy is found to be proper.The order for relief is effective as soon as
A)Mia files the petition.
B)Mia posts a bond to cover the costs of the proceedings.
C)Mia's creditors agree to the terms.
D)the trustee collects and distributes the property of Mia's estate.
Q2) Kipper files a petition in bankruptcy.Kipper's dischargeable debts include
A)domestic-support obligations.
B)student loans unless the lender would suffer undue hardship.
C)unpaid state and federal taxes.
D)unsecured credit-card debt.
Q3) In the distribution of the debtor's estate,secured creditors take priority over unsecured creditors.
A)True
B)False
Q4) Ollie files a petition in bankruptcy.At the moment of filing
A)an automatic stay goes into effect.
B)Ollie's debts are discharged.
C)Ollie's petition is dismissed.
D)Ollie's property is distributed to his creditors.
Page 28
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Chapter 27: International Law in a Global Economy
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Q1) A party to a licensing agreement generally agrees to pay royalties on some basis.
A)True
B)False
Q2) The doctrine of sovereign immunity can immunize a foreign nation from the jurisdiction of U.S.courts.
A)True
B)False
Q3) Chiang Ltd.,a Chinese firm,imports its goods into the United States and offers those goods for sale at "less than fair value." This is
A)confiscation.
B)defalcation.
C)dumping.
D)expropriation.
Q4) Tariffs are taxes on imports.
A)True
B)False
Q5) Restrictions on exports may include tariffs.
A)True
B)False
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Chapter 28: Agency Relationships in Business
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Q1) Miklos grants an ordinary power of attorney to Nathalie to handle a list of financial transactions on Miklos's behalf.This power will terminate on A)any transaction causing a loss to Miklos.
B)Miklos's death or incapacity.
C)Miklos's sixty-fifth birthday.
D)Nathalie's handling of one of each stipulated transaction.
Q2) Elle is an agent for Fine Cosmetics,Inc.Elle owes Fine Cosmetics the duty of A)avoidance.
B)compensation.
C)indemnification.
D)performance.
Q3) For an agent's implied authority to be effective,a principal must confirm it in writing. A)True B)False
Q4) A corporate officer is not an agent for the corporation. A)True
B)False
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Chapter 29: Employment, immigration, and Labor Law
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Q1) Generally,an employer's monitoring of electronic communications in the workplace does not violate employees' privacy rights.
A)True
B)False
Q2) General Packaging Corporation,a U.S.employer,may hire Hilo,a noncitizen,if Hilo is
A)a lawful permanent resident of the United States.
B)an unlawful but hopefully permanent resident in the United States.
C)an unlawful but only temporary resident in the United States.
D)any of the choices.
Q3) Eduardo is an employee of Free-Flo Plumbing Corporation.With respect to the workplace,under federal health and safety statutes,Free-Flo has
A)a general duty to keep it safe and to meet specific standards.
B)no general duty to keep it safe but must meet specific standards.
C)no general duty to keep it safe or to meet specific standards.
D)only a general duty to keep it safe.
Q4) Non-workers do not have a right to picket an employer during a strike.
A)True
B)False
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Chapter 30: Employment Discrimination
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Q1) Lee is seventy years old and Mira is gay.Based on this information,members of protected classes include
A)Lee and Mira.
B)Lee only.
C)Mira only.
D)neither Lee nor Mira.
Q2) United Industrial Corporation gives preferential treatment in hiring and promotion to the members of all protected classes.This treatment results in discrimination against members of the majority.This is
A)a bona fide occupational practice.
B)a business necessity.
C)constructive discharge.
D)reverse discrimination.
Q3) To bring an action against an employer based on intentional discrimination,a person must show that he or she is a member of a protected class.
A)True
B)False
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Page 32
Chapter 31: Sole Proprietorships and Private Franchises
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Q1) Roller Rinks,Inc.(RRI)grants a franchise to Sven to operate an RRI rink.RRI may require Sven to pay a percentage of his
A)annual sales only.
B)annual sales or annual volume of business.
C)annual volume of business only.
D)neither annual sales nor annual volume of business.
Q2) An owner's license of a formula to make a certain product to an outside party is a franchise.
A)True
B)False
Q3) CheezBurger Heaven,Inc.,conducts a chain-style franchise.This involves the transfer to Clive,one of its franchisees,of
A)a license.
B)a trade name.
C)the formula to make a product.
D)the ownership of the business.
Q4) Most fast-food chains are distributorships.
A)True
B)False
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Chapter 32: All Forms of Partnerships
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Q1) Any limit on a partner's capacity to act on the partnership's behalf does not affect a third party who does not know about it.
A)True
B)False
Q2) Dave and Eiger are partners in First-Place Athletic Supplies,which sells sports equipment.Dave manages the business.Unless the partnership agreement states otherwise,Dave is
A)entitled to compensation in proportion to its effect on the business.
B)entitled to compensation in proportion to the effort expended.
C)entitled to compensation in proportion to the effort required.
D)not entitled to compensation for his effort.
Q3) A partner's fiduciary duties may be waived or eliminated in the partnership agreement.
A)True B)False
Q4) A partner owes a partnership and its partners a duty of gross negligence and reckless conduct.
A)True
B)False
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Chapter 33: Limited Liability Companies Special Business
Forms
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Q1) The owners of a joint stock company are personally liable for its obligations.
A)True
B)False
Q2) High Pointe LLC's members include Irvin.For purposes of holding title to property,High Pointe is
A)an aggregate of Irvin and the other members.
B)a natural person in the members' "family."
C)a legal entity apart from the owners.
D)a non-participating third party.
Q3) QuizBooks LLC is a limited liability company.Like any other LLC,unless QuizBooks chooses otherwise,the firm will be taxed as
A)a corporation.
B)a joint venture.
C)a partnership.
D)a sole proprietorship.
Q4) Federal law dictates the requirements for the formation of a limited liability company.
A)True
B)False
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Chapter 34: Corporate Formation and Financing
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Q1) Common stock provides a proportionate interest in the corporation with regard to net assets.
A)True
B)False
Q2) A close corporation cannot operate as an S corporation.
A)True
B)False
Q3) Financial Innovations,Inc.,issues bonds,which are also known as
A)cumulative investments.
B)debt securities.
C)equity securities.
D)preferred stock.
Q4) Lita is a holder of preferred stock in Mighty Clean Detergents,Inc.Lita has priority over holders of Mighty common stock as to A)nothing.
B)payments of dividends.
C)the date on which Mighty must repurchase the shares.
D)upward changes in the market price of the shares.
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Chapter 35: Corporate Directors,officers, Shareholders
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Q1) Cumulative voting refers to the accumulation of proposals presented annually for a shareholders' vote.
A)True
B)False
Q2) Sol is chairman of the board of Tasty Foods Corporation.Uma,a consumer,falls sick after eating a Tasty product.Uma sues Tasty,and Sol individually.Tasty may pay Sal's legal fees
A)only if Sol wins the suit.
B)only if Tasty wins the suit.
C)only if Uma wins the suit.
D)regardless of the outcome.
Q3) Directors are rarely compensated,but when they are,they cannot set their own compensation.
A)True
B)False
Q4) An individual director does not act as an agent to bind the corporation.
A)True
B)False
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Chapter 36: Corporate Acquisitions, takeovers, Termination
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Q1) A target corporation's attempted takeover of an acquiring corporation is referred to as the Pac-Man defense.
A)True
B)False
Q2) Dissolution is the legal death of the artificial "person" of a corporation.
A)True
B)False
Q3) Ridgeway Sand & Gravel Corporation and Quick-Set Paving Company combine so that all that remains after the papers have been signed is Ridgeway.This is
A)a consolidation.
B)a merger.
C)a purchase of assets.
D)a share exchange.
Q4) Dissolution can be brought about voluntarily by the directors and shareholders of a corporation.
A)True
B)False
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Chapter 37: Investor Protection,insider Trading, Corp Gov
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Q1) Section 10(b)of the Securities Exchange Act of 1934 covers only corporate officers and directors.
A)True
B)False
Q2) Securities of charitable organizations are exempt from the registration requirement of the 1933 Securities Act.
A)True
B)False
Q3) Private parties cannot sue violators of Section 10(b)and Rule 10b-5.
A)True
B)False
Q4) Refer to Fact Pattern 37-2.Under SEC Rule l0b-5,Sid would not be liable if he had waited to buy Tech stock until
A)after Sid told Uri of the new game.
B)after Uri bought Tech stock.
C)after the public release of the game.
D)just before the game was released.
Q5) Private parties cannot sue violators of the Securities Act of 1933.
A)True
B)False
39
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Chapter 38: Administrative Law
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Q1) Often,an administrative agency enforces it own rules.
A)True
B)False
Q2) Independent regulatory agencies include the cabinet departments of the executive branch.
A)True
B)False
Q3) The federal government must disclose certain records to any person or entity on written request only if there is a rational reason for the request.
A)True
B)False
Q4) The Securities and Exchange Commission decides to create a new rule relating to the dissemination of material nonpublic information through corporate Web sites.The first step is
A)compile the rule with others in the Code of Federal Regulations.
B)conduct an on-site inspection.
C)publish a notice of the proposed rulemaking.
D)solicit public comment.
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Page 40
Chapter 39: Promoting Competition
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Q1) Tasty Eatin' Corporation merges with Hasty Burgers,Inc.This merger between firms that compete with each other in the same market is
A)a horizontal merger.
B)an interlocking directorate.
C)a tying arrangement.
D)a vertical merger.
Q2) The Association of Software Makers,which does not include all software producers,refuses to deal with any parties who do not carry the products of its members.Under the Sherman Act,this is
A)a per se violation if it eliminates competition or prevents entry into a given market.
B)a per se violation under all circumstances.
C)subject to the rule of reason.
D)not a violation.
Q3) Cooperative research by small-business firms is exempt from antitrust law.
A)True
B)False
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Chapter 40: Consumer Law
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Q1) A credit-card company is not required to provide advance notice to consumers before changing credit-card terms.
A)True
B)False
Q2) A consumer may be denied credit on the basis of a credit report.
A)True
B)False
Q3) Creditors are required to provide consumers with copies of records that can help the consumer prove that an account or transaction is fraudulent.
A)True
B)False
Q4) To generate sales,Yakkity-Yak,Inc.,uses phone solicitation.Under federal law and Federal Trade Commission regulations,in soliciting business,Yakkity-Yak's telemarketers must
A)disclose all material facts related to a sale.
B)identify the seller's name (only if asked).
C)refrain from calling consumers who have not requested a call.
D)speak clearly and conspicuously.
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Chapter 41: Environmental Law
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Q1) Remote Disposal Company operates a hazardous waste storage facility.Concerned that there may be a release of chemicals from the site,Remote sells the property to Serene Developers,Inc.If there is a release,Remote is most likely A)liable.
B)not liable because the site was sold before the release.
C)not liable because Remote was concerned about the release.
D)not liable because Remote no longer operates the facility.
Q2) Hi-Yield Agriculture,Inc.,makes a pesticide with a risk to people of developing cancer from exposure of one in a million.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.
Q3) States may restrict emissions from motor vehicles.
A)True
B)False
Q4) Cities and counties may not restrict emissions from motor vehicles.
A)True
B)False
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Chapter 42: Liability of Accountants Other Professionals
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Q1) Under rules of professional misconduct,an attorney should not engage in conduct involving deceit.
A)True
B)False
Q2) An accountant's liability under the Securities Act of 1933 requires privity of contract with the purchaser of a security.
A)True
B)False
Q3) Each state establishes rules that govern the conduct of attorneys
A)True
B)False
Q4) Traditionally,a professional owed a duty only to those with whom the professional had a direct contractual relationship.
A)True
B)False
Q5) Generally accepted accounting principles represent guidelines rather than a standard of care.
A)True
B)False
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Chapter 43: Personal Property and Bailments
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Q1) An unlimited number of persons can hold property as joint tenants.
A)True
B)False
Q2) Only two persons can hold property as tenants in common.
A)True
B)False
Q3) A gift causa mortis is effective only if the donor dies and the donee lives.
A)True
B)False
Q4) A joint tenant's sale of his or her interest terminates the joint tenancy.
A)True
B)False
Q5) In an ordinary bailment,a bailee has the right to limit his or her liability.
A)True
B)False
Q6) Constructive delivery does not satisfy the delivery requirement for an effective bailment.
A)True
B)False
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Chapter 44: Real Property and Landlord-Tenant Law
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Q1) Elsa,the owner of Fertile Farm,sells Gina a right to camp on Fertile land overnight.Gina's right is
A)a leasehold estate.
B)a license.
C)an easement.
D)a profit.
Q2) Oak Grove Residences,Inc.,owns apartment buildings.Pedro leases one of Oak Grove's apartments.Pedro's transfer of his interest in the lease to Quito for a period shorter than the lease term is
A)an assignment.
B)an eviction.
C)a right of entry.
D)a sublease.
Q3) For a party to take by adverse possession,the party's possession must not be hostile to the true owner's rights.
A)True
B)False
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Chapter 45: Insurance,wills,and Trusts
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Q1) Misstatements or misrepresentations in an application for insurance can void a policy.
A)True
B)False
Q2) An insured's lack of an insurable interest is an absolute defense against payment.
A)True
B)False
Q3) A nuncupative will is an oral will.
A)True
B)False
Q4) The word "Mom" can qualify as a signature on a will.
A)True
B)False
Q5) Undue influence can occur when a named beneficiary is in a position to influence the making of a will.
A)True
B)False
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