Business Administration Law
Textbook Exam Questions
Course Introduction
Business Administration Law provides students with an in-depth understanding of the legal environment in which businesses operate. The course covers fundamental principles of contract law, business organizations, employment law, intellectual property, and regulatory compliance. Students explore how these legal frameworks influence managerial decision-making, risk management, and strategy formulation. Through case studies and real-world scenarios, learners gain practical skills in identifying legal issues, understanding their implications, and applying sound legal reasoning to support business operations and achieve organizational objectives.
Recommended Textbook
Business Law 17th Edition by Arlen W Langvardt
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Page 2
Chapter 1: The Nature of Law
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Q1) What type of law do administrative agencies create?
A)Statutes
B)Uniform acts
C)Common law
D)Agency decisions
Answer: D
Q2) It is unimportant for the court,whether the interpretation of a statute is consistent with its legislative purpose;it is the actual language (plain or ambiguous)of the statute that needs to be analyzed.
A)True
B)False
Answer: False
Q3) Which of the following terms stands for the philosophy of law?
A)Canon
B)Jurisprudence
C)Equity
D)Mandate
Answer: B
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3
Chapter 2: The Resolution of Private Disputes
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Q1) Where concurrent jurisdiction exists and the plaintiff opts for a state court,the defendant has the option to ________ the case to an appropriate federal district court.
A)redirect
B)remove
C)dismiss
D)dissolve
Answer: B
Q2) A(n)________ must state the remedy requested in the case.
A)summons
B)interrogatory
C)affirmative defense
D)complaint
Answer: D
Q3) In general,a court has venue if it is a territorially fair and convenient forum for both parties to litigate the case in that court.
A)True
B)False
Answer: True
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Chapter 3: Business and the Constitution
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Q1) Government action that discriminates on the basis of illegitimacy receives full strict scrutiny.
A)True
B)False
Answer: False
Q2) ________ of the Constitution gives the President the power to execute or enforce the laws passed by Congress.
A)Article III
B)Article IV
C)Article V
D)Article II
Answer: D
Q3) Federal legislation may be found to be constitutional even if it is not based on a power specifically stated in the Constitution.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Business Ethics, Corporate Social Responsibility,
Corporate Governance, and Critical Thinking
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Q1) ________ protects the rights of those who are less privileged in society.
A)Rights theory
B)Justice theory
C)Rule utilitarianism theory
D)Profit maximization theory
Q2) ________ requires a decision maker to ensure the maximum good for the maximum number.
A)Profit maximization
B)Rights theory
C)Stakeholder theory
D)Utilitarianism
Q3) Jack flipped a coin five times and each time it came up heads.His friend Atmel saw this and bet Jack that the next flip would come up tails.Atmel figured that it was overdue for a tails and so tails was a more likely outcome in the next flip.Atmel has fallen prey to:
A)sunk cost fallacy.
B)reductio ad absurdum.
C)argumentum ad hominem.
D)gambler's fallacy.
Q4) What is confirmation bias and how can it be detrimental? How can it be avoided?
Page 6
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Chapter 5: Criminal Law and Procedure
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Q1) As demonstrated by United States v.SDI Future Health,Inc. ,the case in the text,a defendant must have ________ to challenge a search under the Fourth Amendment.
A)an injury
B)standing
C)a vested interest
D)legal representation
Q2) The Eighth Amendment forbids cruel and unusual punishments.
A)True
B)False
Q3) Which of the following statements about computer crime is true?
A)On the federal level,computer crime has been prosecuted with great success under existing federal statutes.
B)Successful prosecution depends on a narrow interpretation of the statutory prerequisites.
C)Only a few states have enacted criminal statutes outlawing certain abuses of computers.
D)The technical nature of computer crime complicates its detection and prosecution.
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Chapter 6: Intentional Torts
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Q1) To prove actual malice in a defamation claim,the plaintiff must show that the defendant either had knowledge of the falsity of the statement or reckless disregard for the truth.
A)True
B)False
Q2) Humorous or satirical accounts ordinarily are not considered to be defamation unless:
A)a reasonable reader believes them to be real events.
B)they are political in nature.
C)the plaintiff can prove that they are about him/her.
D)they expressly state so.
Q3) Generally speaking,statements made during judicial proceedings are absolutely privileged and,therefore,shield the speaker against defamation liability.
A)True
B)False
Q4) Punitive damages are not meant to compensate victims for their injuries.
A)True
B)False
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Page 8
Chapter 7: Negligence and Strict Liability
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Q1) In the case in the text,Black v.William Insulation Co. ,the court held that:
A)WIC owed a duty to Black because it was aware of its employees' state of exhaustion and still required them work extensive hours and drive to and from the worksite.
B)WIC owed a duty to Black because the harm to Black's decedent was a foreseeable consequence of WIC's actions (or inactions).
C)WIC did not owe a duty to Black because the decedent's injuries were not the "natural and probable consequence of" any acts of negligence by WIC in the course of Ibarra-Viernes's employment.
D)WIC did not owe a duty to Black under the impact test.
Q2) Today,a tort reformer is someone who wants to:
A)help more injured plaintiffs recover more money.
B)make tort law more clear,coherent,and rational through uniform legislation.
C)deal with the "insurance crisis" by limiting plaintiffs' ability to recover damages.
D)get rid of negligence law and replace it with strict liability.
Q3) In some states,social guests are classified as licensees.
A)True
B)False
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Chapter 8: Intellectual Property and Unfair Competition
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Q1) Which of the following statements about the Anticybersquatting Consumer Protection Act (ACPA)is true?
A)The ACPA authorizes a criminal action in favor of the trademark owner.
B)Many cases in which a trademark owner complains about another party's registration of a domain name have been submitted to arbitration,rather than to a court,in recent years.
C)Under the ACPA,the trademark owner's only remedy is to recover his/her actual damages.
D)The World Intellectual Property Organization is a leading provider of litigators for actions under the ACPA.
Q2) The damages recoverable in a patent infringement case cannot be less than:
A)court costs and interests.
B)reasonable royalty for the invention by the creator.
C)reasonable royalty for the use of the invention by the infringer.
D)three times the damages actually suffered,and to be decided by the court.
Q3) A patent can be viewed as a contract between the inventor and who?
A)The federal government
B)The state government
C)The consumer
D)The International Office of Intellectual Property
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Chapter 9: Introduction to Contracts
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Q1) Which of the following is a doctrine by which courts imply,as a matter of law,a promise to pay the reasonable value of goods or services when the party receiving such goods or services has knowingly done so under circumstances that make it unfair to retain them without paying for them?
A)Quasi-contract
B)Freedom of contract
C)Promissory estoppel
D)Implied in law contract
Q2) The UCC imposes a duty of good faith in the performance and enforcement of every contract it covers.
A)True
B)False
Q3) Article 2 of the UCC never applies to mixed goods-services contracts.
A)True
B)False
Q4) Which of the following is NOT a basic element of a contract?
A)Offer
B)Consideration
C)Capacity
D)Goods
Page 11
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Chapter 10: The Agreement: Offer
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Q1) A revocation is effective at the time it is dispatched by the offeror.
A)True
B)False
Q2) An offer is the first step in the contract formation process.
A)True
B)False
Q3) A firm offer differs from an option in that,a firm offer:
A)is a separate contract by itself.
B)is irrevocable for a certain period of time.
C)does not require consideration in exchange for the offer.
D)is not covered under the UCC.
Q4) A newspaper advertisement made to the general public:
A)usually is an offer.
B)can be revoked by using a similar newspaper advertisement.
C)can only be rejected by using a similar newspaper advertisement.
D)is a firm offer that cannot be revoked.
Q5) To meet the requirements to form a contract,the parties must have future intent to agree and form a contract.
A)True
B)False
Page 12
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Chapter 11: The Agreement: Acceptance
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Q1) Which section of the UCC states that an order to a manufacturer requesting shipment of goods may be accepted by a prompt shipment of the goods?
A)2-206
B)9-301
C)1-105
D)2-345
Q2) Why does the Code provide for "accommodation" in cases of acceptance by shipment of nonconforming goods?
Q3) Which of the following considers a properly dispatched acceptance sent by any reasonable means of communication within a reasonable time to be effective on dispatch?
A)Traditional contract laws
B)UCC
C)CISG
D)Restatement (SeconD)
Q4) When determining the presence of the intent to accept,a subjective standard is used.
A)True
B)False
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Chapter 12: Consideration
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Q1) Jack went to the ABC Casino to gamble.ABC offers its customers one free spin of the Million Dollar Wheel if they fill out an application form.Jack filled out the form,spun the Million Dollar Wheel,and won.However,now ABC refuses to pay,claiming that because Jack did not purchase his chance at the Million Dollar Wheel,Jack gave no consideration and therefore,no contract was formed.Identify the accurate statement.
A)No contract was formed because Jack paid no money for his chance at the Million Dollar Wheel.
B)No contract was formed because ABC did not sign any written contract as an obligation to do so.
C)A contract was formed because filling out an application can constitute legal consideration.
D)A contract was formed because no consideration is needed when a customer takes advantage of a "free" offer.
Q2) Consideration can be a(n)________ in the case of a bilateral contract.
A)act
B)promise
C)exchange
D)gift
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Page 14
Chapter 13: Reality of Consent
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Q1) Assuming that the economic condition of the country is progressing,Peter entered into a contract with John for the sale of substantial amount of shares of his company for consideration of $1,000,000.However,due to a slump in the market in the next few months,Peter lost heavily.This would lead to:
A)avoidance of the contract.
B)enforcement of the contract.
C)rescission of the contract.
D)reformation of the contract.
Q2) Which of the following is not required to prove innocent representation?
A)The fact asserted was material.
B)The complaining party entered the contract because of his reliance on the fact asserted.
C)The complaining party's reliance was reasonable.
D)The fact asserted constituted a mistake of law.
Q3) A person who rescinds a contract must:
A)offer to return everything that he received from the other party.
B)return 50% of the items that he received from the other party.
C)return everything that he received from the other party.
D)return nothing.
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Page 15
Chapter 14: Capacity to Contract
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Q1) Shelly,aged 15,sells a car to Fiona,aged 25.Fiona in turn sells the car to Raphael.Under section 2-403 of the Uniform Commercial Code,if Shelly chooses to disaffirm the contract with Fiona:
A)Shelly can get the car back from Raphael.
B)Raphael will have to sell it back to Shelly.
C)Shelly can do so,since she is a minor.
D)Shelly needs to file a breach of contract against both Fiona and Raphael.
Q2) In the case in the text,J.T.ex rel Thode v.Monster Mountain,LLC,why did the court deny the defendant's motion for summary judgment?
A)The pre-injury waiver did not contemplate the circumstances of the minor's injuries. B)The minor did not sign the pre-injury waiver.
C)The pre-injury waiver that was signed by the minor's coach cannot bind the minor because the waiver was in favor of a for-profit entity.
D)The pre-injury waiver was invalid because the minor's coach instead of his parent or legal guardian signed it.
Q3) Courts may sometimes be sympathetic to an adult who has suffered losses due to a minor who misrepresented his age.How so?
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Chapter 15: Illegality
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Q1) Which of the following is true regarding an exculpatory clause?
A)It is illegal in nature.
B)It is also termed a "release."
C)It is invalid in negligence cases.
D)It imposes strict liability on the guilty party.
Q2) Where no separate consideration is exchanged for the legal and illegal parts of an agreement,the agreement is said to be ________.
A)unconscionable
B)rescind
C)indivisible
D)adhesive
Q3) If a statute is considered to be ________,the purpose of the legislation is to protect the public against dishonest or incompetent practitioners.
A)regulatory
B)enforceable
C)adhesive
D)ancillary
Q4) Describe the three criteria that need to be fulfilled to enforce a noncompetition clause.
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Chapter 16: Writing
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Q1) Which of the following is a uniform state law designed to "remove barriers to electronic commerce by validating and effectuating electronic records and signatures"?
A)Uniform Electronic Transactions Act (UETA)
B)Electronic Signatures in Global and National Commerce Act (E-Sign)
C)Electronic Communications Privacy Act (ECPA)
D)Graham-Leach-Bliley Act (GLBA)
Q2) In order to satisfy the statute of frauds,the parties' writing must be:
A)signed by both parties.
B)in legalese.
C)signed by the "party to be charged."
D)compressed into a single document.
Q3) Guy and Boyd make an oral contract whereby Guy agrees to sell Boyd 480 widgets (goods)at a price of $480.Later,the parties want to modify the contract so that the price would become $520.This modification:
A)must be in writing.
B)must be oral because the first contract was oral.
C)can be oral but need not be.
D)is unenforceable because the first contract is unenforceable.
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Page 18
Chapter 17: Rights of Third Parties
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Q1) On August 1,Neptune Fisheries contracted in writing with West Markets to deliver to West 3,000 pounds of lobsters at $4 a pound.Delivery of the lobsters was due October 1 with payment due November 1.On August 4,Neptune entered into a contract with Deep Sea Lobster Farms which provided as follows: "Neptune Fisheries assigns all the rights under the contract with West Markets dated August 1 to Deep Sea Lobster Farms." The best interpretation of the August 4 contract would be that it was:
A)only an assignment of rights by Neptune.
B)only a delegation of duties by Neptune.
C)an assignment of rights and a delegation of duties by Neptune.
D)an unenforceable third-party beneficiary contract.
Q2) As discussed in the case in the text,Wallis v.Brainerd Baptist Church,a third party seeking to recover under a contract bears the burden of proving he was the intended third-party beneficiary of the contract at the time:
A)he brought his suit.
B)he was made aware of the contract.
C)of contracting.
D)he relied on the contract.
Q3) What is the purpose of vesting?
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Chapter 18: Performance and Remedies
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Q1) Which of the following is generally taken to mean neither party to a contract will do anything to prevent the other from obtaining the benefits that she has the right to expect from the parties' agreement or their contractual relationship?
A)Implied covenant of candor
B)Implied covenant of fairness
C)Implied covenant of good faith and fair dealing
D)Implied covenant of loyalty
Q2) Which of the following compensate for reasonable costs that the injured party incurs after the breach in an effort to avoid further loss?
A)Nominal damages
B)Consequential damages
C)Liquidated damages
D)Incidental damages
Q3) A ________ occurs when the contract calls for the parties to perform at the same time.
A)concurrent condition
B)condition subsequent
C)condition precedent
D)constructive condition
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Page 20
Chapter 19: Formation and Terms of Sales Contracts
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Q1) Which of the following is most important in determining who bears the risk of loss in a sale of goods contract?
A)The shipping terms
B)The agreement of the parties
C)One who has title to the goods
D)One who has possession of the goods
Q2) An exception to the general rule on buyer receiving better title than seller is that if goods are entrusted to a merchant who deals in goods of that kind,the merchant has:
A)the power to keep rights to the goods,even if the goods are sold to a buyer.
B)the power to transfer all rights of the entruster to a buyer in the ordinary course of business.
C)no power to sell the goods without the physical presence of the entruster.
D)the power to deprive the entruster from any benefit so caused by the transaction.
Q3) Isaac contracts to sell Boyd all of his requirements of coal.In the past,Boyd has required between 1,000 and 1,500 tons of coal per year,but the contract contains no estimate of Boyd's needs.Now,Boyd's needs increase dramatically,and it demands 10,000 tons of coal from Isaac.Is Isaac obligated to sell Boyd this amount?
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Chapter 20: Product Liability
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Q1) Which of the following factors will be most important in determining whether an express warranty has been created concerning goods sold?
A)The seller's description of the goods formed the basis of the bargain.
B)The buyer or seller is a merchant with respect to the goods being sold.
C)The seller intended to create the express warranty.
D)The buyer relied on the seller's statements.
Q2) A remedy limitation is more likely to be declared unconscionable in consumer cases involving personal injury.
A)True
B)False
Q3) Punitive damages are awarded to compensate for the losses a person has suffered.
A)True
B)False
Q4) Which of the following is most important for imposing strict liability?
A)Unavoidable circumstances
B)Unreasonably unsafe
C)Unreasonably expensive
D)Unavoidably protected
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Chapter 21: Performance of Sales Contracts
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Q1) Anticipatory repudiation is disallowed under the UCC.
A)True
B)False
Q2) If the goods required for the performance of a contract are destroyed without fault of either party prior to the time that the risk of loss passed to the buyer,the contract is voided.
A)True B)False
Q3) List a few scenarios under which sellers may be excused from performing contractual obligations.
Q4) Section 2-608 of the UCC gives the buyer what right in sales contracts?
A)The right to revoke a sales contract within a reasonable period for nonconformity
B)The right to accept fewer units from the seller in order to make the agreement profitable
C)The right to place sales agreement on hold until new credit can be obtained
D)The right to pay less than agreed upon price if the agreement is not profitable
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Page 23
Chapter 22: Remedies for Breach of Sales Contracts
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Q1) If the buyer has misrepresented his solvency to the seller in writing within three months before the delivery of the goods:
A)the 10-day limitation on the seller's right to reclaim the goods does not apply.
B)the seller should actually repossess the goods within the 10-day period.
C)the seller's right to reclaim the goods is not subject to the rights of prior purchasers in the ordinary course of the buyer's business.
D)the seller's right to reclaim the goods is not subject to the rights of creditors with a perfected lien on the buyer's inventory.
Q2) On May 1,S sells B 100 widgets on credit at a price of $1 per widget.S did so based on an April 10 letter from B asserting B's solvency.On May 7,B learns that S was insolvent when it received the widgets on May 1.On May 13,S demands the return of the goods from B.Is B obligated to return the goods to S?
Q3) Under the UCC,if a liquidated damages clause in a contract turns out to be unenforceable,the injured party can sue for special damages. A)True B)False
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Chapter 23: Personal Property and Bailments
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Q1) Which of the following characterizes common carriers?
A)They have the same degree of responsibility as private carriers.
B)They are near-absolute insurers of the goods they carry.
C)They do not have a government license.
D)They are not allowed to carry perishable goods.
Q2) Karen parked her car in a parking lot.She paid the $2 fee and left for several hours.She kept her keys and had access to her car during that time.When Karen returned,she saw that her car had been damaged.Has a bailment been created here?
A)This is a bailment,because Karen paid a fee to park in the lot.
B)This is a bailment,because the car is personal property.
C)This is not a bailment,because there was no transfer of exclusive possession to a bailee.
D)This is not a bailment,because there is no contract here.
Q3) Under tariff rules,a common carrier may limit her liability to a shipper's declaration of value,provided that the rates are:
A)not on a take-it-or-leave-it basis.
B)in writing.
C)are determined by what is reasonable in the trade.
D)dependent on value.
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Page 25
Chapter 24: Real Property
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Q1) To "run with the land," a restrictive covenant must essentially:
A)be related to any disputed property.
B)have a number of claimants to an estate.
C)be binding on the original parties and their successors.
D)be a joint tenancy.
Q2) An easement by necessity is created when real property once held in common ownership is subdivided in such a fashion that the only reasonable way a new owner can gain access to her land is through passage over another's land that was once part of the same tract.
A)True
B)False
Q3) To create an easement by prescription a person must,in addition to fulfilling other requirements,have:
A)recorded the easement immediately upon its creation.
B)received the express or implied consent of the true owner.
C)used the land of another out of necessity.
D)used the land of another openly,continuously,and adverse to the owner's rights.
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Chapter 25: Landlord and Tenant
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Q1) An implied warranty of habitability in the leased property makes the landlord the insurer of the tenant's safety.
A)True
B)False
Q2) As in the case of an assignee,the sublessee also acquires similar rights and duties under the lease between the landlord and the tenant.
A)True
B)False
Q3) Paul,an East State University physics major,rented an apartment from Jayvee Villas,Inc.for one year,beginning September 1,1999.The lease contained a term giving Paul the right to renew his lease for an additional year,at a rent increase of $25 per month by giving notice to the landlord of his intent to renew at least 30 days before the termination of the lease.After the fall semester,Paul had an opportunity to study in Spain,so he assigned his lease to Joel for the remainder of the months covered by the lease (January 2000 through August 2000).If Joel failed to pay the rent for the month of August 2000,is Paul liable for the unpaid rent? Why or why not? Assuming now that Joel is not in arrears on the rent as of July and August 2000,would he (Joel)have the right to renew the lease under its renewal term? Discuss.
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Chapter 26: Estates and Trusts
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Q1) A(n)________ is a document executed with specific legal formalities by a testator that contains her instructions about the way her property will be disposed of at her death.
A)trust
B)will
C)advance directive
D)res
Q2) A distinguishing feature between the making of an inter vivos gift and the creation of a trust is that:
A)a gift may be made orally whereas a trust must be in a signed writing.
B)a gift is irrevocable whereas a trust may be revoked in certain cases.
C)to create a valid trust,the creator must receive some form of consideration.
D)the beneficiary of a trust must be notified of the trust's creation.
Q3) A Totten trust is created when a person:
A)deposits money in a bank for the benefit of another.
B)directs in his will that a trust be created upon that person's death.
C)executes a trust using a holographic will.
D)opens a trust only for the benefit of the indigent.
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Chapter 27: Insurance Law
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Q1) Acme,Inc.owned a warehouse that was insured under a property insurance policy issued by Feelsafe Insurance Co.The warehouse was heavily damaged when a fire that was negligently started by a hotdog stand worker (an employee of Funfoods Corp. )went out of control and engulfed portions of the building.Since fire was a covered peril,Feelsafe paid the claim submitted by Acme.What rights,if any,does Feelsafe acquire? Explain.
Q2) The person who receives the insurance proceeds in a life insurance is the: A)insurer.
B)insured.
C)trustee. D)beneficiary.
Q3) Punitive damages are allowed when the insurer's breach of contract consisted of a good faith but erroneous denial of the insured's claim.
A)True
B)False
Q4) The term for the person who receives insurance proceeds paid to them is the beneficiary.
A)True
B)False
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Chapter 28: Introduction to Credit and Secured Transactions
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Q1) When a borrower deeds property that is to be put up as security to a trustee,this is called a ________.
A)mortgage
B)land contract
C)strict foreclosure
D)deed of trust
Q2) Tracy contracted with Stanley to pay 2 installments of $1000 over a two-month period to buy a new laptop from Stanley.Juan co-signed the note for Tracy.Tracy could not make the second payment on time and Stanley extended the repayment period to three months.Is Juan still responsible as a surety?
A)Yes because sureties never have to consent to a change in a principal's obligation.
B)Yes,because the extension of time was for less than one month.
C)Yes,because if the creditor merely allows the principal more time without the surety's consent,this does not relieve the surety of responsibility.
D)No,because a change was made to the principal's obligation without the consent of the surety.
Q3) Who are party to a deed of trust?
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Page 30
Chapter 29: Security Interests in Personal Property
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Q1) Safeco Corporation manufactures toys for distribution to retailers.In Safeco's hands,the toys are consumer goods.
A)True
B)False
Q2) Which of the following statements about a buyer's right to redeem is false?
A)The buyer must tender fulfillment of all obligations secured by the collateral.
B)The buyer must pay any expenses the secured party incurred in holding the collateral.
C)The buyer must pay any expenses the secured party incurred in preparing the collateral for disposition.
D)The buyer can redeem the property even after the creditor disposes of it.
Q3) In Woven Treasures,Inc.v.Hudson Capital,L.L.C. ,the case in the text,the court held that Woven Treasures' security interest was unperfected because:
A)it did not pay value.
B)it never possessed the collateral.
C)it never filed a financing statement asserting its interest in the rugs.
D)the rugs were not consumer goods.
Q4) What is the general priority rule established by the Uniform Commercial Code?
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Chapter 30: Bankruptcy
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Q1) Creditors wishing to obtain funds from a bankrupt estate must typically file proof of a claim with the estate within a certain time.
A)True
B)False
Q2) ________ refers to a situation whereby the court forces dissenting creditors to accept a reorganization plan when the court finds that it is fair and equitable.
A)Cram down
B)Make one whole
C)Divestiture
D)Restitution
Q3) Under Chapter 12 of the Bankruptcy Code:
A)only farms with an aggregate debt exceeding $5 million are covered.
B)the debtor must cease to operate the farm.
C)no trustee is appointed.
D)the debtor is usually permitted to remain in possession to operate the farm.
Q4) Chapter 12 is available only for family farmers and fishermen with regular income.
A)True
B)False
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Chapter 31: Negotiable Instruments
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Q1) A check drawn by a credit union on its account at a federally insured bank would be an example of a:
A)cashier's check.
B)teller's check.
C)counter check.
D)traveler's check.
Q2) A person creates a handwritten instrument in pencil on a piece of wrapping paper.The instrument is:
A)negotiable even though it is handwritten.
B)nonnegotiable because it is handwritten.
C)nonnegotiable since it is written on a piece of wrapping paper.
D)void.
Q3) Which of the following is a negotiable instrument?
A)"I owe you $100."
B)"I promise to repay the loan of $3,000 only if I succeed in my business."
C)"I promise to pay you the sum of $300 in the next week."
D)"Please pay the bearer the amount of $500."
Q4) A check payable "to cash" is an example of bearer paper.
A)True
B)False
Page 33
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Chapter 32: Negotiation and Holder in Due Course
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Q1) Rachel's father gave her a check drawn on his checking account marked "payable to the order of Rachel Stern." This instrument is order paper,because:
A)the instrument uses the word "order."
B)the instrument names a specific payee.
C)the instrument was properly negotiated to Rachel.
D)the instrument was an order to pay cash.
Q2) When a holder makes a blank indorsement of a negotiable instrument that is bearer paper,what legal effect does this have?
A)There is no effect-bearer paper does not need to be indorsed.
B)The bearer negotiates it by transfer alone and no further indorsement is necessary for negotiation.
C)The instrument is no longer negotiable,as it has been altered.
D)The instrument is converted into order paper.
Q3) A ________ indorsement can be used with either a blank indorsement or a special indorsement.
A)rebuttal
B)conditional
C)qualified
D)restrictive
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Chapter 33: Liability of Parties
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Q1) A person who is ________ pays the negotiable instrument only if a person who is primarily liable defaults on that obligation:
A)the bank has converted the check by wrongfully paying it.
B)the person whose indorsement was forged has converted the check.
C)the person whose indorsement was forged is liable to the bank.
D)the forger is liable to the person whose indorsement was forged.
Q2) In Victory Clothing Co.v.Wachovia Bank,N.A. ,the case in the text,which of the following principles did the court use to split the loss between the parties?
A)Market share liability
B)Joint and several liability
C)Contributory negligence
D)Comparative negligence
Q3) A(n)________ is a person who signs a negotiable instrument for the purpose of adding his or her name and liability to another party to the instrument.
A)fiduciary
B)indorser
C)accommodation party
D)drawee
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Chapter 34: Checks and Electronic Transfers
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Q1) Which of the following is most true about stop-payment orders?
A)Their validity is only for 14 days.
B)Their validity is only for six months.
C)They must give the bank 14 days to act on the order.
D)They can be oral or written.
Q2) What section of the UCC mandates that a bank's signature must appear on a certified check?
A)1-103
B)3-409
C)3-223
D)6-105
Q3) A drawer's written stop-payment order is valid for:
A)six months,unless the drawer extends it in writing.
B)only 14 days,and can be extended if the drawer sends a written order.
C)one year,unless it is renewed in writing.
D)a check of $500 and above.
Q4) "Check 21" is the popular name for a federal law that enables banks to process checks electronically.
A)True
B)False
Page 36
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Chapter 35: The Agency Relationship
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Q1) Why is agency important to sole proprietors?
A)Without agency,a sole proprietor's ability to engage in trade would be limited by the need to make purchases and contracts in person.
B)Without agency,which vests a sole proprietor with authority,a sole proprietor would not be able to enter into contracts.
C)Without agency,a sole proprietor's business would die with the proprietor.
D)Agency is not important to sole proprietors because sole proprietors cannot create an agency relationship
Q2) Under the Restatement (Third)of Agency,the principal's death automatically terminates an agent's apparent authority.
A)True
B)False
Q3) Andrew appoints Matthew to be his agent for a period of 2 years.After 6 months,Andrew is involved in an accident,after which he permanently losses his capacity to understand things going on around him.This terminates the contract automatically.But Matthew is demanding damages for breach of contract.Is Andrew liable to pay damages?
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Chapter 36: Third-Party Relations of the Principal and the Agent
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Q1) In which of the following cases is the agent,but not the principal,liable?
A)An agent with no authority contracts for a disclosed principal.
B)An agent with actual authority contracts for an unidentified principal.
C)An agent with apparent authority contracts for an unidentified principal.
D)An agent with apparent authority contracts for a disclosed principal.
Q2) Tim has the authority to use force to protect the property in his warehouse.He authorizes a security guard he hires to protect the warehouse.The security guard uses force to stop a thief.Is the security guard liable if the thief sues him for causing injury?
A)No,because Tim was privileged to act in defense of his property and he authorized his agent to do the same.
B)It depends on whether Tim delegated express authority to the security guard or whether the authority was implied.
C)Only if the security guard used excessive force.
D)Yes,the security guard is liable.
Q3) Express authority is usually created by detailed language.
A)True
B)False
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Page 38
Chapter 37: Introduction to Forms of Business and Formation of Partnerships
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Q1) As demonstrated in the case in the text,Finch v.Raymer,the presumption is very strong that:
A)property purchased with partnership funds belongs to the partners on a pro rata basis.
B)property purchased with partnership funds and used in the partnership belongs to the partnership.
C)property purchased with partnership funds and used in the partnership belongs to the partner that initiated the transaction.
D)property purchased with partnership funds and used in the partnership belongs to the partnership,as long as the property is titled to the partnership.
Q2) If a third party deals with a person who appears to be the partner of another person,and the third party is harmed,it may recover damages under:
A)the doctrine of purported partners.
B)the general law for joint ventures.
C)the doctrine of direct liability.
D)the doctrine of respondeat superior.
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Chapter 38: Operation of Partnerships and Related Forms
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Q1) Which of the following statements regarding lawsuits and partnerships is false?
A)A partnership may sue in its own name.
B)Any partner has authority to initiate a lawsuit.
C)A partnership may be sued in its own name.
D)Partners cannot be sued individually on partnership obligations.
Q2) The standards and principles of agency law's respondeat superior are applied in determining the liability of the partnership and of the other partners for the torts of a partner and other partnership employees.
A)True
B)False
Q3) Under the Revised Uniform Partnership Act partners owe each other loyalty.
A)True
B)False
Q4) A partner of a partnership firm should make every effort to make decisions that are in the best interest of the firm.This is related to the concept of ________.
A)duty to serve
B)duty to act within actual authority
C)duty of care
D)duty to account
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Chapter 39: Partners Dissociation and Partnerships
Dissolution and Winding up
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Q1) A novation is said to take place when continuing partners release a dissociated partner from liability but creditors do not release him.
A)True
B)False
Q2) While partnership creditors still have a priority over a partner's creditors with regard to partnership assets,partnership and partners' creditors share ________ in the assets of individual partners.
A)one-third
B)two-thirds
C)equally
D)pro rata
Q3) A heated disagreement is grounds for dissociation of a partner with the business.
A)True
B)False
Q4) An individual who leaves a partnership by nonwrongful dissociation is entitled to receive their value of the partnership.
A)True
B)False
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Chapter 40: Limited Liability Companies, limited
Partnerships, and Limited Liability Limited Partnerships
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Q1) A certificate of limited partnership must state the capital contributions of the limited partners.
A)True
B)False
Q2) Which of the following statements about LLLPs is false?
A)It may be created only in accordance with a statute.
B)A general partner has no right to manage the business or to act as its agent.
C)Limited and general partners share the profits in relation to their capital contributions.
D)General partners are fiduciaries of the business.
Q3) Marc and Sonia were the only members of the MS Limited Liability Company.Marc then sold all his rights in the LLC to Gertrude.As a result:
A)Gertrude becomes a member of the LLC.
B)Gertrude gains the right to receive Marc's share of distributions.
C)Marc ceases to be a member of the LLC.
D)the LLC becomes a sole proprietorship of Sonia.
Q4) A majority of the members of an LLC must agree to the plan of merger.
A)True
B)False
Page 42
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Chapter 41: History and Nature of Corporations
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Q1) Jim created a shoe-manufacturing corporation by contributing $1,000.He stayed as the sole shareholder and director of the corporation.To inject further capital into the corporation,he loaned the corporation $100,000 and secured the loan in exchange for all the corporation's assets.Five years into operations,the corporation has still failed to make profits and consequently filed for bankruptcy.Who has been defrauded?
A)Ordinary shareholders
B)Preferred shareholders
C)Nonshareholder-creditors
D)Board of directors
Q2) What is the number of events considered sufficient under the minimum contacts test to confer jurisdiction on a state's courts?
A)10
B)20
C)1
D)5
Q3) It is possible to create a corporation without a government's permission.
A)True
B)False
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Chapter 42: Organization and Financial Structure of Corporations
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Q1) Consent restraints and provisions disqualifying purchasers may be used as long as:
A)they are not manifestly unreasonable.
B)at least one party consented to the provision.
C)the limitation is not unfair under prevailing professional norms.
D)the provision has a legitimate business interest.
Q2) Corporations are generally liable on preincorporation contracts signed by their promoters.
A)True
B)False
Q3) John is the promoter of Wheelies Corp. ,an automotive wheel manufacturing business.To escape personal liability on preincorporation contracts,John planned to make only nonbinding preincorporation contracts.He made one such contract in March 2011 with his friend David for supplying Wheelies with auto parts.After getting payment for the contract,David refused to make the supply.Wheelies has not been incorporated yet.Is David liable?
A)No,David is not liable because John is not liable on the contract.
B)No,David is not liable because Wheelies has not been formed yet.
C)Yes,David is liable to Wheelies but not to John.
D)Yes,David is liable to both John and Wheelies.
Page 44
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Chapter 43: Management of Corporations
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Q1) Generally,under the doctrine of respondeat superior,a corporation is liable for an employee's tort that is reasonably connected to the authorized conduct of the employee.
A)True
B)False
Q2) Raider Corporation (RC)attempted to take over Targetnorth Corporation (TC)using a tender offer.The tender offer price was twice the market price for TC shares.As a defense to this,TC proposed to buy its shares owned by RC at triple the market price provided RC agreed not to purchase any more TC shares for the next five years.This kind of tender offer defense is called:
A)greenmail.
B)the lock-up option.
C)white knight.
D)Pac-Man.
Q3) The traditional view was that a corporation is not liable for a crime because criminal guilt requires the presence of intent.
A)True
B)False
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Chapter 44: Shareholders Rights and Liabilities
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Q1) Shareholders who hold at least ________ percent of the shares entitled to vote at the meeting may call a special meeting.
A)10
B)50
C)30
D)25
Q2) The Model Business Corporation Act (MBCA)does not recognize:
A)mergers.
B)acquisitions.
C)consolidations.
D)joint ventures.
Q3) ________ voting allows a majority shareholder to elect the entire board of directors.
A)Preference
B)Cumulative
C)Ranked
D)Straight
Q4) Under what circumstances can a shareholder have liability for corporate debts?
Q5) Atria Corporation wishes to dissolve.How can it do so?
Q6) What are the various ways through which a corporation can be dissolved?
Page 46
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Chapter 45: Securities Regulation
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Q1) The SEC does NOT have the power to:
A)direct a defendant to stop violating the securities laws.
B)impose fines for violation of securities laws.
C)desist a defendant from future violations of securities laws.
D)issue injunctions against alleged violators of securities laws.
Q2) Section 404 of the Sarbanes-Oxley Act of 2002 is considered controversial because:
A)sensitive corporate information has to be published,which may be detrimental to a company.
B)a company has to significantly increase its budget to comply with Section 404.
C)the procedure for complying with Section 404 is lengthy,complicated,and time consuming.
D)Section 404 results in diminished corporate responsibility of the officers of a company.
Q3) Which of the following demonstrates the timeline of decision makers from the initial SEC hearing to the final appeal?
A)Administrative law judge,U.S.District Court,U.S.Court of Appeals
B)Commissioners of the SEC,U.S.Court of Appeals,U.S.Supreme Court
C)Commissioners of the SEC,U.S.District Court,U.S.Court of Appeals
D)Administrative law judge,commissioners of the SEC,U.S.Court of Appeals
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Chapter 46: Legal and Professional Responsibilities of
Auditors, Consultants, and Securities Professionals
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Q1) Which of the following professional liabilities is based on the common law concepts of negligence?
A)Penal liability
B)Tort liability
C)Primary liability
D)Contractual liability
Q2) An accountant performing an audit of a client has a specific duty to uncover an employee's embezzlement from the client.
A)True
B)False
Q3) Under Section 11 of the Securities Act of 1933,an auditor may escape liability by proving he/she had no reason to believe and did not believe that there were any misstatements or omissions of material fact in the financial statements he/she audited.
A)True
B)False
Q4) The duty of trust requires a professional to maintain confidentiality.
A)True
B)False
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Chapter 47: Administrative Law
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Q1) How are agencies created?
A)By the courts
B)By enabling legislation
C)By the executive
D)By popular vote
Q2) The ________ is vested with law-interpreting power.
A)executive branch
B)legislative branch
C)judicial branch
D)administrative branch
Q3) ________ rules specify how the agency will conduct itself.
A)Procedural
B)Interpretive
C)Legislative
D)Associative
Q4) The courts exercise the greatest control over agency behavior because all agency actions are subject to judicial review.
A)True
B)False
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Chapter 48: The Federal Trade Commission Act and Consumer
Protection Laws
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Q1) Section 5 of the FTC Act normally is NOT violated when sellers make:
A)deceptive omissions from their advertisements.
B)exaggerated sales talk in their advertisements.
C)false or misleading claims of an implied nature.
D)unfair claims,even if they are substantial.
Q2) The FTC commissioners serve for:
A)fixed five-year terms.
B)staggered five-year terms.
C)fixed seven-year terms.
D)staggered seven-year terms.
Q3) The Magnuson-Moss Warranty Act of 1975 mainly applies to:
A)presale agreements for products used for commercial purposes.
B)written warranties for products used for consumer purposes.
C)presale agreements for products used for consumer purposes.
D)written warranties for products used for commercial purposes.
Q4) According to the Magnuson-Moss Warranty Act of 1975,a consumer is a buyer or transferee who either uses the product himself or sells it to another consumer.
A)True
B)False
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Chapter 49: Antitrust: the Sherman Act
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Q1) In 1978,Frieda Stayel opened a donut shop in the town of Fort Garth,Indiana.Her shop,called "Stayel Donuts," was the first of its kind in the community.Over the years,Stayel Donuts acquired a wide following,not only in Fort Garth but also throughout Indiana and even in surrounding states.Persons traveling through Indiana on their way to another state often would go out of their way to stop at Stayel Donuts because of what they had heard about the high quality of the baked goods sold there.Various competing donut shops opened in Fort Garth and in nearby communities during the years following 1978,but all had failed to acquire enough of a following to enable them to stay in business for very long.As of mid-2003,approximately 95 percent of the donuts sold in Fort Garth were from Stayel Donuts.The latest of Stayel's competitors whose business failed was Duane Duncan,the former operator of "Duncan Donuts." Duncan's attorney has advised him that Stayel has a monopoly on the donut business and that Duncan therefore has a good antitrust claim against Stayel under Section 2 of the Sherman Act? Is the attorney's advice legally sound? Why or why not?
Q2) The level of criminal intent required for a Sherman Act violation is:
A)knowledge.
B)recklessness.
C)negligence.
D)specific intent.
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Chapter 50: The Clayton Act, the Robinsonpatman Act, and Antitrust Exemptions and Immunities
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Q1) Technoco,Inc. ,a manufacturer of computers and related equipment,has been requiring wholesalers and retailers who purchase computers from it to also purchase printers as a condition of buying computers.One of Technoco's customers has challenged the legality of this practice.Which of the following factors would weigh against the illegality of this practice?
A)Evidence that Technoco's computers are generally considered to be inferior to those of its competitors
B)Evidence that many other computer manufacturers will sell computers without requiring purchases of printers
C)Evidence that Technoco is a small company whose total printer sales in the period in question amounted to $19,000
D)Evidence that Technoco's computers are generally considered to be superior to those of its competitors
Q2) The Noerr-Pennington doctrine provides an exception to the Clayton Act.
A)True
B)False
Q3) The Robinson-Patman Act outlawed secondary and tertiary price discrimination. A)True B)False
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Chapter 51: Employment Law
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Q1) Agnes,a waitress at a restaurant,suffers severe anxiety attacks when business gets really busy at her job.As a result,she is a very ineffective waitress when the restaurant is crowded.For this reason,she is fired.Maybe her employer could have assigned Agnes to shifts when the restaurant is not busy,but this would have irritated the other waitresses,caused significant scheduling difficulties,and appreciably increased expenses.If Agnes sues the restaurant under the Americans with Disabilities Act (ADA),the restaurant's best argument would be:
A)that Agnes's anxiety attacks are not a disability under the ADA.
B)that the ADA doesn't require employers to accommodate such disabilities.
C)that accommodating Agnes would cause the restaurant undue hardship.
D)that the ability to handle stress is a BFOQ for the job of being a waitress.
Q2) The 1967 Age Discrimination in Employment Act (ADEA)prohibits age-based employment discrimination against employees who are at least ________ years of age.
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Chapter 52: Environmental Regulation
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Q1) The Clean Water Act establishes a program governing the injection of wastes into wells.
A)True
B)False
Q2) Which of the following is an essential responsibility of EPA under the Marine Protection,Research,and Sanctuaries Act?
A)Designating sites for disposal into oceans
B)Regulating disposal of dredge spoils
C)Overseeing dumping of sewage sludge
D)Conducting the dredging of harbors
Q3) United States v.Hopkins,the case in the text,is an example of:
A)civil penalties for violating the Clean Water Act.
B)criminal penalties for violating the Clean Water Act.
C)the mistake of law defense.
D)the mistake of fact defense.
Q4) NEPA is what type of law?
A)Federal law that affects all federal agencies and federal action
B)State law affecting state agencies across all 50 states
C)International law impacting state action
D)Municipal law that impacts federal action
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