Business and Commercial Transactions
Final Test Solutions
Course Introduction
Business and Commercial Transactions is a course that explores the legal foundations and practical aspects of business dealings and commercial exchanges. Students learn about the formation and operation of contracts, principles governing the sale of goods, secured transactions, negotiable instruments, and debtor-creditor relationships. The course also examines the regulatory frameworks that influence commercial behavior, such as relevant provisions of the Uniform Commercial Code (UCC) and other statutory regulations. Through case analysis and real-world scenarios, students develop the skills necessary to identify potential legal issues, draft transaction documents, and navigate the complexities of the modern business environment.
Recommended Textbook
Business Law 16th Edition by Jane Mallor
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Chapter 1: The Nature of Law
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Q1) The doctrine of standing to sue implies that:
A) the lawsuit must benefit the public in general.
B) the plaintiff have a substantial stake in the litigation.
C) cases must be genuine controversies.
D) courts must not issue any advisory opinions in cases.
Answer: B
Q2) What is substantive law?
A) The laws that govern the rights and duties of people as they act in society.
B) The code of conduct of government bodies.
C) The procedures followed by Congress to make statutes.
D) The procedures followed by state legislatures in creating ordinances.
Answer: A
Q3) Which of the following is false about the power of courts?
A) Courts are not absolutely bound to favor one technique of statutory interpretation over another.
B) Courts can distinguish prior decisions in common law cases.
C) State Supreme Courts can overrule their own prior decisions.
D) Courts can make or interpret law in the absence of a case.
Answer: D
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Page 3
Chapter 2: The Resolution of Private Disputes
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Q1) Minor criminal cases and civil disputes are decided in the appellate courts.
A)True
B)False
Answer: False
Q2) Which of the following helps a plaintiff to seize the property that belongs to the defendant but is in the hands of a third party?
A) Class action
B) Garnishment
C) Non obstante veredicto
D) Settlement
Answer: B
Q3) Abby gets a state court civil judgment against Casey,but Casey does not pay.Which of the following is one of the tools available to Abby to enforce the judgment against Casey?
A) Mediation
B) Long-arm jurisdiction
C) Writ of execution
D) In rem jurisdiction
Answer: C
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Page 4
Chapter 3: Business and the Constitution
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Sample Questions
Q1) The Commerce Clause has become a federal power with an extensive regulatory reach.This is largely due to judicial decisions regulating:
A) the channels of interstate commerce.
B) and protecting the instrumentalities of interstate commerce.
C) persons or things in interstate commerce.
D) activities that substantially affect interstate commerce.
Answer: D
Q2) Both Congress and state legislatures can make laws within areas covered under the concurrent powers,unless Congress preempts state regulation under the:
A) supremacy clause.
B) Takings clause.
C) "checks and balances" system.
D) regulatory clause.
Answer: A
Q3) The First Amendment prohibits state regulation of deceptive commercial advertising.
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) "Begging the question" is also known as the slippery slope fallacy.
A)True
B)False
Q2) A justice theorist would choose the alternative that allocates society's benefits and burden most fairly.
A)True
B)False
Q3) The last tactic to adopt in resisting a request to act unethically is to:
A) buy time to think about a solution.
B) find a mentor and peer group.
C) prepare to leave the job.
D) find win-win solutions.
Q4) _____ categorizes using or manipulating others as an unethical action.
A) Utilitarianism
B) Teleological ethics
C) Consequentialism
D) Kantianism
Q5) What three things are seen in the corporate scandals of 2002,such as Enron and WorldCom?
Q6) What two conditions must be met if profit-maximization is to maximize utility? Page 6
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Page 7
Chapter 5: Criminal Law and Procedure
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Q1) What occurs during an arraignment of a criminal defendant?
A) Defendant is informed of charges against them and pleads guilty or not guilty.
B) Both the prosecutor and defense select a jury for trial.
C) The prosecutor and defense argue over the admissibility of key evidence.
D) The jury delivers its verdict of the case.
Q2) Infractions:
A) involve significant moral culpability on the offender's part.
B) are not punishable by fines.
C) are a serious crime.
D) are not punishable by confinement in jail.
Q3) The ____ Amendment forbids cruel and unusual punishments.
A) First
B) Eighth
C) Fourteenth
D) Fifteenth
Q4) During a 'Terry Stop' officers may not conduct a pat down search of an individual without a warrant.
A)True
B)False
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Chapter 6: Intentional Torts
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Q1) Which of the following can recover damages for proven actual injury,but not presumed or punitive damages,by proving only fault?
A) A public official plaintiff involved in a subject of public concern
B) A public figure plaintiff involved in a subject of private concern
C) A private figure plaintiff involved in a subject of public concern
D) A private figure plaintiff involved in a subject of private concern
Q2) Which of the following is NOT one of the four distinct torts that make up the invasion of privacy cause of action?
A) Intrusion on Solitude
B) Breach of Contract
C) Public Disclosure of Private Facts
D) False Light Publicity
Q3) Store owners' "conditional privilege" defense against intentional tort claims brought by detained shoplifting suspects,recognized by most states,usually:
A) requires that the store owner act with police consent.
B) requires that the store owner act with written consent of suspects.
C) requires that the store owner act on evidence against suspect.
D) requires that the store owner act with reasonable cause.
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Chapter 7: Negligence and Strict Liability
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Q1) Questions of proximate cause assume the existence of _____.
A) intervening cause
B) strict liability
C) actual cause
D) comparative fault
Q2) Attendees of free public lectures and church services would be called:
A) trespassers
B) licensees
C) invitees
D) business visitors
Q3) What is the term to describe a plaintiff's failure to exercise reasonable care for her own safety?
A) Premises liability
B) Strict liability
C) Contributory negligence
D) Assumption of risk
Q4) The "modified impact rule" does not require an element of direct physical contact.
A)True
B)False
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Chapter 8: Intellectual Property and Unfair Competition
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Q1) In a case of intentional interference,a defendant generally escapes liability when his contract interference:
A) was guided by public interest.
B) was defamatory in nature.
C) was regarding prospective competitive advantage.
D) was guided by a void bargain.
Q2) Patent _____ occurs when a defendant,without authorization from the patentee,usurps the patentee's rights by making,using,or selling the patented invention.
A) assignment
B) licensing
C) infringement
D) violation
Q3) A trademark is any word or symbol used by a seller to identify its products from the competition.
A)True
B)False
Q4) What is patent infringement?
Q5) Why are noncompetition agreements disfavored by the law?
Q6) What is the first-to-invent rule?
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Chapter 9: Introduction to Contracts
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Q1) A fundamental difference between a promissory estoppel and traditional contract principles is that a promissory estoppel protects:
A) reliance.
B) bargains.
C) agreements.
D) consideration.
Q2) Why do the Restatements of Contracts not have the force of law?
A) It was the product of a private organization.
B) It had conflicting perspectives.
C) It was deemed significantly inferior to the common law.
D) It was deemed significantly inferior to the UCC.
Q3) The rules promulgated by the Restatement (Second)of Contracts often resemble the rules created by Article 2 of the UCC.
A)True
B)False
Q4) The UCC imposes a duty of good faith on the performance and enforcement of every contract it covers.
A)True
B)False
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Chapter 10: The Agreement: Offer
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Q1) 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.
Q2) In which of the following circumstances are offerors free to revoke their offers?
A) In case of common law rule on revocation.
B) In case of unilateral contracts.
C) In case of the availability of an option.
D) In case of a promissory estoppel.
Q3) Which of the following conditions characterizes a firm offer regarding the sale of goods?
A) It must be verbally communicated.
B) It can be revoked by the offeror prior to acceptance.
C) It must be made in the presence of a government official.
D) It must be made by an offeror who is a merchant.
Q4) An offer is the first step in the contract formation process.
A)True
B)False
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Chapter 11: The Agreement: Acceptance
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Q1) What does the term 'grumbling acceptance' mean?
A) Accepting the offer by maintaining one's silence
B) Making material changes to a contract when accepting it
C) Inquiring about the terms of the offer without rejecting it
D) Accepting an offer while complaining about the terms
Q2) Why does traditional contract law view any kind of an attempt by offerees to change terms as constituting a counteroffer?
A) A material change to an original offer is disfavored by traditional contract law.
B) It changes the degree of the offeror's interest to contract.
C) Such an action implies a rejection of the offer by the offeree.
D) It puts the offeree in a dominant position which is contrary to traditional contract laws.
Q3) Which of the following describes a stipulation?
A) An offeror's right to determine the manner of acceptance
B) An offeree's right to determine who to contract with
C) The court's right to provide gap-fillers in a contract
D) Additional terms in a contract in order to make it binding
Q4) Why is the mirror image rule not strictly applied to modern commercial transactions?
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Chapter 12: Consideration
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Q1) According to the provisions of UCC,an exclusive dealing contract imposes a duty only on the distributor to use his/her best efforts to sell the goods.
A)True
B)False
Q2) Unlike the UCC,the CISG requires new consideration to modify a contract.
A)True
B)False
Q3) X and Y have a contract which obligated X to sell Y 100 boxes of screws for $100.The parties orally modify the contract so that X will sell Y the same 100 boxes of screws for $125.The second agreement is:
A) binding because it is due to unforeseeable situation.
B) binding by virtue of being mutually agreed on.
C) not binding because it is an outputs contract.
D) not binding due to the promise of performing a preexisting legal obligation.
Q4) In general,settlements of liquidated debts are not binding due to the absence of consideration,while settlements of unliquidated debts are a binding accord and satisfaction.As a matter of technical consideration law,what justifies this distinction?
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Chapter 13: Reality of Consent
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Q1) Bob's threat to breach an existing contract unless Lauren makes another contract with Bob is considered:
A) an element of duress,because breach of an existing contract violates a criminal statute.
B) an element of duress,depending mainly on the coerciveness of the threat.
C) not an element of duress,because it does not involve physical force.
D) not an element of duress,because breaking a contract normally does not violate a criminal statute.
Q2) Which of the following ends the right to rescind a voidable contract?
A) Acquiescence
B) Ratification
C) Concealment
D) Assertion
Q3) Nick,a real estate agent,decided to purchase a house for $300,000 after hiring architects,decorators,and electricians to examine it.However,Nick did not get the property appraised.After executing the sale contract with the homeowner,Kurt,Nick discovered that the house was actually worth only $150,000.Will Nick be entitled to rescind his contract with Kurt? Explain.
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Chapter 14: Capacity to Contract
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Q1) A minor entered into a contract with GAM & Co.On attaining majority,he wishes to enforce the contract.The adult party must:
A) perform the contract.
B) rescind the contract.
C) abandon the contract.
D) ratify the contract.
Q2) Marlene,a self-employed 16-year-old whose parents are dead,buys a dress on credit for $50.After receiving the dress and discovering that its reasonable value is only $25,Marlene tries to disaffirm the deal before paying the $50.In this case:
A) Marlene can disaffirm,and she is bound to pay the full $50.
B) Marlene can disaffirm,but she is only bound to pay $25.
C) Marlene can disaffirm,and she can return the dress without paying for it.
D) Marlene can disaffirm,and she can keep the dress without paying for it.
Q3) A minor's contract for necessaries makes the minor liable for the reasonable value of the necessaries furnished to him.
A)True
B)False
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Page 17
Chapter 15: Illegality
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Q1) _____ is generally taken to mean the absence of meaningful choice together with terms unreasonably advantageous to one of the parties.
A) Unconscionability
B) Illegality
C) Adhesion
D) Rescission
Q2) An agreement can be illegal even if no statute specifically states that such an agreement is illegal.
A)True
B)False
Q3) Courts may decline to enforce unconscionable terms or contracts.This provision has been laid down in:
A) Section 12 of UCC.
B) Section 208 of UCC.
C) Section 4 of UCC.
D) Section 208 of Restatement (Second)of Contracts.
Q4) A contract to commit a serious crime is a legal contract.
A)True
B)False
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Chapter 16: Writing
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Q1) Whose signatures are needed in order to satisfy the statute of frauds?
A) Only the signatures of witnesses to the agreement are required.
B) Only the signature of the party,attempting to enforce the contract,is required.
C) Only the signature of the party against whom enforcement is being sought.
D) Only the signature of the third party to the contract,the beneficiary,is required.
Q2) A mortgage does not have to be written.
A)True
B)False
Q3) The marriage provision in the statute of frauds is inapplicable in agreements that involve:
A) post-nuptial promises.
B) oral one-sided promises of marriage.
C) mutual promises to marry.
D) pre-nuptial promises.
Q4) The statute of frauds applies exclusively to executory contracts.
A)True
B)False
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19
Chapter 17: Rights of Third Parties
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Q1) Courts have held that a beneficiary's rights cannot be lost by modification or discharge.This is known as:
A) assignment.
B) dissociation.
C) malfeasance.
D) vesting.
Q2) Mr.Green contracts with Mr.Brown for $500 to landscape the home of Roy who is Mr.Green's son.What is Roy's status in the contract with Mr.Green and Mr.Brown?
A) Donee beneficiary
B) Incidental beneficiary
C) Corporate beneficiary
D) International beneficiary
Q3) What is the purpose of vesting?
Q4) The transfer of a right under a contract is called a(n):
A) assignment.
B) delegation.
C) affidavit.
D) bilateral contract.
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Chapter 18: Performance and Remedies
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Q1) Damages that are agreed upon at the time the contract is entered into are called
A) compensatory damages
B) consequential damages
C) liquidated damages
D) mitigation of damages
Q2) There is prescribed formal language that must be used to create an express condition as part of a contract.
A)True
B)False
Q3) Which form of damages can have the effect of reducing the liability of the party guilty of a breach of contract?
A) Incidental damages
B) Consequential damages
C) Liquidated damages
D) Mitigated damages
Q4) The term condition means an event that may affect a party's duty to perform under a contract.
A)True
B)False
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Chapter 19: Formation and Terms of Sales Contracts
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Q1) In determining the quantity of goods to be produced or taken pursuant to an output or needs contract,the rule of _____ applies.
A) good faith
B) demand
C) supply
D) performance
Q2) Article 2 of the UCC mandates that the parties to a sales contract state in specific and unambiguous language the exact terms of the contract.Otherwise,courts will declare the contract unenforceable.
A)True
B)False
Q3) In Exclusive Dealing Contracts under the UCC,sellers have an obligation to use their best efforts to supply the goods to the buyers.
A)True
B)False
Q4) A sale or return contract is a contract for goods that are primarily for buyer's use. A)True
B)False
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Page 22
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) Strict liability was first promulgated in the Restatement (Second)of Torts in section 402A.
A)True
B)False
Q3) Several firms within an industry are involved in manufacturing a harmful product.It is impossible to prove which firm produced the product and caused injury.Identify the type of liability that would arise in these circumstances.
A) Industrywide Liability
B) Strict Liability
C) No-privity determination
D) Breach of expresses warranty
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Chapter 21: Performance of Sales Contracts
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Q1) 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.In this case,
A) the contract cannot be cancelled.
B) the contract is voided.
C) the seller will not be excused.
D) the seller has to make good for the loss.
Q2) If all or part of the price of goods is payable in real property,then:
A) only the transfer of goods is covered by the law of sales of goods.
B) both the transfer of goods and the real property is covered by the law of real property.
C) both the transfer of goods and the real property is covered by the law of sales of goods.
D) only the transfer of the real property is covered by the law of real property.
Q3) Generally,the UCC uses the test of impossibility to determine if a person can be excused from performing his contractual obligations.
A)True
B)False
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Chapter 22: Remedies for Breach of Sales Contracts
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Q1) When would the amount of liquidated damages agreed to by both parties in a contract be considered unconscionable?
A) If the amount is reasonable.
B) If the amount of losses was easy to estimate while drafting the contract.
C) If the amount were too small compared to the possible losses.
D) If the amount were too big to be considered penal.
Q2) Ace Computers (AC)is a manufacturer.It entered into a contract with a retailer,Reliable Computer (RC)for the sale of 100 new XYZ model computers at $1,000 each,for delivery in 6 months.AC would thus make a profit of $50,000.Six months later however,the XYZ model has become almost obsolete;its market price is only $100 at that time.RC refuses to accept or pay for those computers.If AC sues,how much should it be entitled to in damages? (Ignore any incidental expenses or cost savings to AC. )
A) Nothing;when the XYZ model became almost obsolete,this excused RC from the contract.
B) $50,000,the profit AC would have made had RC not breached the contract.
C) $90,000,the difference between market price and contract price.
D) $140,000,the lost profit plus the difference between market price and contract price.
Q3) Explain the concept of buyer's right to cover.
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25
Chapter 23: Personal Property and Bailments
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Q1) Watley took his old bicycle to the municipal dump.Vandelay retrieved it from the dump and repaired it.Newman stole the bicycle from Vandelay's garage,made substantial improvements to it (the bicycle),and then sold it to Banya.Banya did not know that the bicycle had been stolen.Who owns the bicycle? Explain your reasoning.
Q2) An involuntary bailee has the right to use or destroy the property.
A)True
B)False
Q3) Which of the following is an example of a gift inter vivos?
A) Tom is promised a watch by his uncle in case he dies during an operation.
B) Eva receives a car as a birthday gift from her father.
C) Casey inherits a huge mansion according to his late grandfather's will.
D) A charity home receives a huge grant from its dead benefactor's trust.
Q4) The finder of lost property has better rights to the property than anyone,including the original owner.
A)True
B)False
Q5) Property means something that can be titled or owned.
A)True
B)False
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Chapter 24: Real Property
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Q1) In the sale of a home,which of the following would likely be treated as a fixture?
A) A couch to match the upholstery
B) A ceiling fan
C) A lawn mower
D) A new console table
Q2) Any land owner can bring an action for a public nuisance.
A)True
B)False
Q3) Which of the following is true of a joint tenancy?
A) It is created by a corporation or a group of persons.
B) It requires that the tenants be married to each other.
C) Selling of property by a joint tenant leads to creation of a tenancy in common.
D) A joint tenant can sell but not gift his part of the property.
Q4) In order 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.
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Chapter 25: Landlord and Tenant
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Q1) Which of the following is true in the case of a lease for a term of more than one year to be enforceable?
A) It should be in writing only.
B) It cannot be subleased.
C) It cannot be assigned.
D) It can be oral or in writing.
Q2) Tanya,a tenant gave Lou,her landlord,a $1,000 security deposit when she moved in.When she moved out four years later,Lou withheld $500 from Tanya's deposit because the carpet was 50% worn out.This was the only damage in the apartment.The carpet has a normal useful life of eight years,and it costs $1,000.How much of the security deposit was Lou entitled to withhold?
A) $500,because wear and tear is the responsibility of the tenant.
B) Nothing;Tanya should replace the carpet before moving out.
C) Nothing,because the wear and tear here was ordinary and reasonable.
D) The entire value of the carpet,i.e. ,$1000.
Q3) Under a tenancy at will,property is leased for an indefinite period with an agreement to pay rent regularly.
A)True
B)False
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Page 28
Chapter 26: Estates and Trusts
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Q1) Anna wants to create a will indicating that her favorite grandchild,Jesse,will inherit her house.Anna takes an ordinary sheet of paper and,in her own handwriting,states that it is her intent to leave her house to Jesse when she dies.She dates and signs the will,but there are no witnesses to it.Anna then tells her entire family about the will.Anna lives in a state where holographic wills are recognized,but nuncupative wills are not.Will Anna's will be recognized and followed?
A) Yes,because Anna's will is entirely in her handwriting.
B) No,because there were no witnesses present when Anna made her will.
C) No,because a will must always be witnessed.
D) Yes,because Anna's will has been already disclosed.
Q2) Under the doctrine of cy pres,the trust will not fail if the settlor indicated a general intention to devote the property to charitable purposes.
A)True
B)False
Q3) The probate process involves collecting the decedent's property,paying off debts,and distributing the remaining property to others.
A)True
B)False
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Chapter 27: Insurance Law
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Q1) A reservation of rights is issued by an insurance company when?
A) When it needs to defend the insured but wants to have an opportunity later to decide if the accident is beyond coverage of insurance policy
B) When the amount of injury exceed the policy limit
C) When there is a third party involved from a different state
D) When an insured misses payment on a premium
Q2) The insurable interest requirement with regard to property insurance:
A) may be waived by a writing signed by the insured and insurer.
B) may be satisfied by a person other than the legal owner of the property.
C) must be satisfied at the time the policy is issued.
D) must be satisfied by the insured's legal title to the property at the time of loss.
Q3) Homeowners policy typically will cover damage to real property and to personal property by a peril.
A)True
B)False
Q4) Property insurance policies are indemnity contracts.
A)True
B)False
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Chapter 28: Introduction to Credit and Secured Transactions
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Q1) A surety has a right of _____,which is the right of the surety or guarantor to require the debtor to make good on his commitment to the creditor when he (1)is able to do so and (2)does not have a valid defense against payment.
A) reimbursement
B) exoneration
C) contribution
D) subrogation
Q2) The principal debtor's lack of capacity is a defense for both the principal debtor and the surety if they are sued by the creditor.
A)True
B)False
Q3) A surety is a person who is liable for the payment of another person's debt.
A)True
B)False
Q4) The notice of lien typically must be filed within what period of time?
A) Within 24 hours
B) 30 to 90 days after the last work is performed
C) 136 days from when the last work is performed
D) 365 days from when the last work is performed
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Chapter 29: Security Interests in Personal Property
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Q1) On July 1,Acledes Bank attaches and perfects a security interest in all of the Playo Inc.'s present and after-acquired equipment.On July 15,Richard sells and delivers to a new toy manufacturing machine to Playo Inc.Richard attaches a security interest in the machine on July 16 and perfects it by filing on July 17.Which security interest has priority and why?
Q2) A typewriter,which was subject to a prior UCC security interest,was delivered to Ed Fogel for repair.Fogel,who is engaged in the business of repairing typewriters,repaired the typewriter.However,the owner of the typewriter now refuses to pay for the services performed by Fogel.The state in which Fogel operates his business has a statute which gives Fogel a mechanics lien on the typewriter.Fogel's mechanics lien:
A) takes priority over a prior perfected security interest under all circumstances.
B) is subject to a prior perfected purchase money security interest under all circumstances.
C) is subject to a prior unperfected security interest where the statute is silent as to priority.
D) takes priority over a prior perfected security interest unless the statute expressly provides otherwise.
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Chapter 30: Bankruptcy
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Q1) Unsecured creditors,to the extent that the Bankruptcy estate is solvent,share in proportion to what?
A) Amount paid in legal fees
B) Claims against the debtor
C) Based on size of the creditors
D) Based on the geographic locations of creditors
Q2) The priority claims to a Bankruptcy Estate are pain after the secured claims but before the unsecured claims.
A)True
B)False
Q3) The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 has retrospective application and even applies to cases filed before 17<sup>th</sup> October 2005.
A)True
B)False
Q4) A bankruptcy petition under Chapter 7:
A) can only be filed by the debtor.
B) can only be filed by the debtor's creditors.
C) can only be filed by the trustee.
D) can be filed either by the debtor or his creditors.
Page 33
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Chapter 31: Negotiable Instruments
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Q1) Which of the following is nonnegotiable?
A) A check written "Pay James Watson."
B) A note written "I promise to pay James Watson."
C) A note written "I promise to pay James Watson or bearer."
D) A draft payable "to the order of bearer."
Q2) If an instrument is negotiable,the general rules of contract law control.
A)True
B)False
Q3) If a bank maintains an electronic deposit and provides the customer with a statement indicating the amount of principal held on a certificate of deposit (CD),such a CD is negotiable.
A)True
B)False
Q4) Which of the following would be a nonnegotiable instrument?
A) "Payment is subject to the terms of a mortgage dated August 12,2011."
B) A statement in the instrument that it was given in payment of last month's rent.
C) A statement in the instrument that it was given in payment of the purchase price of goods.
D) "This note is secured by a mortgage dated January 13,2011."
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Chapter 32: Negotiation and Holder in Due Course
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Q1) Order paper that is indorsed in blank becomes bearer paper.
A)True
B)False
Q2) _____ is defined to mean "a signature (other than that of a maker,drawer or acceptor)that alone or accompanied by other words,is made on an instrument for purpose of (i)negotiating the instrument, (ii)restricting payment of the instrument,or (iii)incurring indorser's liability on the instrument."
A) Indemnification
B) Recoupment
C) Indorsement
D) Ratification
Q3) What are the four categories of claims listed in Revised Article 3?
Q4) What is the term for when law renders an obligation to pay an instrument void.
A) Forgery
B) Comity
C) Illegality
D) Duress
Q5) What are the general requirements to become a holder in due course?
Q6) What are the three significant effects resulting from the indorsement of a negotiable instrument?
Page 35
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Chapter 33: Liability of Parties
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Q1) The maker of a promissory note is the person who is secondarily liable on the note.
A)True
B)False
Q2) A transferor of a negotiable instrument for consideration warrants to his transferee that the negotiable instrument has not been altered.
A)True
B)False
Q3) Susie Q.signs a promissory note with her typical signature,a X.Susie's mark will be sufficient to be considered a signature and establish liability in the instrument.
A)True
B)False
Q4) Jason has knowledge of the fact that the check given to him bears Julie's forged signature.Despite the said fact,he presents the check to ABC Bank.ABC Bank pays Jason,under a mistaken belief that the signature on the check is authentic.Bank cannot recover that payment from Jason.
A)True
B)False
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Chapter 34: Checks and Electronic Transfers
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Q1) Hailey wrote a check for Marsha,her landlady,on July 7 and dated it for August 1.Hailey notified her bank to not honor the check before August 1.However,the bank honored the check when Marsha presented it on July 29.Due to insufficient funds,the bank turned down the check and charged $50 to Hailey's account.Marsha terminated Hailey's rental contract for writing her a bad check.Which of the following is true of this situation?
A) The bank is not liable for any damages to Hailey since it has the right to honor a postdated check if presented earlier.
B) Hailey can file a lawsuit against Marsha for presenting a postdated check earlier than instructed and causing her loss.
C) Hailey is liable to pay damages to Marsha,in addition to the rent,and a $50 fine to the bank for lack of funds.
D) The bank is liable to pay Hailey damages for honoring the check before the date mentioned in the notice.
Q2) The Federal Reserve operates a domestic wire transfer system known as Fedwire. A)True B)False
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Page 37
Chapter 35: The Agency Relationship
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Q1) Which of the following represents an agency coupled with an interest?
A) A contingent fee arrangement in which a plaintiff's attorney will receive 20% of any recovery she achieves.
B) A professional sports contract in which a team owner agrees to pay a player insurance premiums on a policy that compensates the player should he suffer a career-ending injury.
C) A loan agreement in which the borrower pledges collateral to the lender and gives the lender the power to take the collateral should the borrower default on the loan.
D) A contract in which a sales agent is hired for three years at a salary of $80,000 plus 5% of sales.
Q2) Which of the following is true of revocation and renunciation?
A) Revocation is conducted by the agent and renunciation by the principal.
B) Both result in the termination of agency.
C) A party cannot revoke or renounce if doing so violates the agency agreement.
D) No,because there is no contract in writing.
Q3) A subagent is an agent of an agent.
A)True
B)False
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Chapter 36: Third-Party Relations of the Principal and the Agent
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Q1) The state of Indiana hires the Reliable Construction Company to do some excavation work on an interstate highway.The state lays out the general objectives that Reliable has to achieve,but the details of the job are up to Reliable.The job involves digging holes ten feet deep,the whole way,across the highway.Given the nature of the job,it's important that Reliable be especially careful in putting up flashers and warning signs to steer oncoming motorists onto a detour.Reliable,however,does not do an adequate job in this regard and motorists are continually driving their cars into the construction area at high speed.One of these drivers,Tim,is unable to stop in time,and drives his car into the hole,suffering severe personal injury and damage to his car.Tim sues Reliable and the state for Reliable's negligence.In this case:
A) the state is liable under the doctrine of respondeat superior.
B) the state is not liable because Reliable is an independent contractor.
C) the state is liable for Reliable's failure to take requisite special precautions.
D) the state is not liable because it was not negligent.
Q2) Direct liability is also known as respondeat superior liability.
A)True
B)False
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Page 39
Chapter 37: Introduction to Forms of Business and Formation of Partnerships
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Q1) In a limited partnership,general partners:
A) have the right to manage the business.
B) are not liable for the firm's debts.
C) are nonparticipating investors.
D) cannot transfer their ownership interest.
Q2) A written agreement to the effect that the parties do not intend to form a partnership is not conclusive if their actions provide evidence of their intent to form a relationship that meets the RUPA partnership test.
A)True
B)False
Q3) A joint venture is a(n):
A) association limited to no more than two persons in business for profit.
B) enterprise of numerous co-owners in a nonprofit undertaking.
C) corporate enterprise for undertaking multiple projects of various durations.
D) association of persons engaged as co-owners in a single undertaking for profit.
Q4) As an association,a partnership is a voluntary and consensual relationship.
A)True
B)False
Page 40
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Chapter 38: Operation of Partnerships and Related Forms
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Q1) Vernon and Josh are partners in an accounting firm.They agree that only Josh has authority to make contracts to perform audits of clients,an agreement known by Mantron Company.Nonetheless,Vernon and Mantron contract for the partnership to audit Mantron's financial statements.Vernon takes the contract to Josh,who reads it and says,"OK,we can perform the audit." In this situation,Josh has _____ the contract.
A) nullified
B) modified
C) ratified
D) transferred
Q2) According to the RUPA,a partner:
A) is entitled to a salary or wages.
B) is entitled to compensation based upon his capital contribution. C) is entitled to an equal share of the profits.
D) is entitled to compensation based on the amount of time he contributes to the business.
Q3) Any notice given to a partner is deemed to be a notice given to the partnership firm. A)True
B)False
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Chapter 39: Partners Dissociation and Partnerships
Dissolution and Winding up
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Q1) Which of the following is true about buyout of nonwrongfully dissociated partners?
A) The partnership may wait to buy out the partner until the end of the partnership's term.
B) The buyout price must deduct the interest from the date of dissociation.
C) The dissociated partner cannot ask the court to determine the buyout price.
D) The partner must be paid in cash within 120 days.
Q2) Which of the following is true about the effect of partnership agreement?
A) The dissociations listed in the RUPA are merely default rules.
B) The partners cannot change the definition of wrongful dissociations.
C) Partners cannot require dissociation if a partner transfers his transferable partnership interest.
D) The effects of nonwrongful dissociation cannot be changed.
Q3) Under RUPA,a new partner just joining a partnership has no liability for past debts of the business.
A)True
B)False
Q4) Termination occurs after all partnership assets have been distributed.
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) How are limited liability companies (LLCs)taxed?
A) They are always taxed the same as general partnerships.
B) They are always taxed the same as corporations.
C) They are taxed either as partnerships or as corporations,at the option of the LLC.
D) They are taxed either as partnerships or sole proprietorships,at the option of the LLC.
Q2) 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.
Q3) A dissociating member will be liable to the LLC for damages caused by the dissociation due to:
A) the member being a debtor in a bankruptcy.
B) the member's death due to a motor vehicle accident.
C) a guardian being appointed over affairs of an Alzheimer-inflicted member.
D) the member withdrawing from the LLC after its term has expired.
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Page 43
Chapter 41: History and Nature of Corporations
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Q1) The directors and officers of a corporation need to be its shareholders.
A)True
B)False
Q2) The maximum number of shareholders that are allowed in a Subchapter S corporation is:
A) 50.
B) 75.
C) 100.
D) 500
Q3) A state law regulating the activities of a foreign corporation does not unduly burden interstate commerce if:
A) the law serves both the state's and the foreign corporation's legitimate interest.
B) the foreign corporation has chosen the least burdensome means of promoting that interest.
C) the legitimate state interest outweighs the statute's burden on interstate commerce.
D) a foreign corporation enters interstate commerce to do intrastate business in a state.
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Chapter 42: Organization and Financial Structure of Corporations
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Q1) A corporation is required to reimburse a promoter for his reasonable expenses incurred on behalf of the corporation prior to incorporation.
A)True
B)False
Q2) If the secretary of state's office approves a company's articles of incorporation then it is return with a stamp indicated 'filed' and with a receipt for the fees paid.
A)True
B)False
Q3) Which of the following occurs at a corporation's organization meeting?
A) Adoption of preincorporation contracts.
B) Authentication of the articles of incorporation.
C) Adoption of bylaws to supplement the articles of incorporation.
D) Creation of preincorporation contracts.
Q4) Pamela is a corporate promoter for Nulla Corporation,a corporation yet to be formed.Pamela determines that Nulla will need to lease a building in which to conduct its business.Pamela owns an office building that is suitable for Nulla.What should Pamela do if she wants to make a contract for Nulla to lease the building from her?
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Chapter 43: Management of Corporations
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Q1) The board of directors of a nonprofit corporation must have at least _____ director(s).
A) one
B) three
C) eight
D) five
Q2) The _____ rule has been criticized frequently as providing too much protection for the managers of corporations.
A) co-determination
B) vicarious liability
C) Wall Street
D) business judgment
Q3) The person who is designated to vote on behalf of the shareholder is called a(n): A) sharebroker.
B) agent.
C) voter.
D) proxy.
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Page 46
Chapter 44: Shareholders Rights and Liabilities
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Q1) Under the Model Business Corporation Act (MBCA),dissenters' rights apply only if the shareholders' shares are not traded on a national securities exchange.
A)True
B)False
Q2) Minutes of the meetings are usually kept by the board of directors.
A)True
B)False
Q3) A share split within the same class of shares generally:
A) increases the net value of the shares following the split.
B) decreases the net value of the shares following the split.
C) has no effect on the net value of the shares following the split.
D) reduces the capital surplus and increases the number of shares authorized.
Q4) What is the term for a shareholders' right to offer resolutions,to speak for and against ideas at a shareholders meeting?
A) The right of full participation
B) The right to proxy
C) The right to profit
D) The right to incorporate
Q5) What are the various ways through which a corporation can be dissolved?
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Chapter 45: Securities Regulation
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Q1) Under the 1933 Act,which of the following is allowed to state the price at which the securities will be offered?
A) A notice about a prospective offering published during the pre-filing period
B) A tombstone ad
C) A free-writing prospectus
D) A preliminary prospectus
Q2) Which of the following instruments is NOT considered as security?
A) Mortgage notes
B) Treasury stock
C) Certificate of interest
D) Investment contract
Q3) Harmer Company has filed a registration statement under the 1933 Act for purposes of issuing $5,000,000 of debentures.The registration statement has not been declared effective.Harmer wants to issue a press release concerning its plans to expand its operations.It also wants to telephone several large investors and tell them why they should buy the debentures.Will these activities cause Harmer to violate Section 5 of the Securities Act?
Q4) State securities laws are known as "blue sky laws".
A)True
B)False
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Chapter 46: Legal and Professional Responsibilities of Auditors,
Consultants, and Securities Professionals
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Q1) Kaye Piper buys 1,000 common shares of Sullivan Corp.in an offering of shares made pursuant to a Rule 506 exemption from the registration provisions of the Securities Act.For this purchase,Kaye relied on financial statements audited by Armer & Lander LLP (AL),a CPA firm.The statements materially overstated Sullivan's inventory and earnings because AL's staff auditors counted inventory boxes and still did not confirm whether any of the boxes have inventory in them.Thirty percent of those boxes were empty.Does AL have potential liability to Kaye under Section 10(b)and Rule 10b-5 of the Securities Exchange Act of 1934 or Section 12(a)(2)of the Securities Act of 1933?
Q2) Tuff Ruff LLP,a CPA firm,is engaged to audit the financial statements of Stuvver Company.During the audit,Tuff Ruff discovers that Stuvver has been illegally dumping toxic chemicals on a 40-acre plot of land behind its main manufacturing plant.What is Tuff Ruff's public duty regarding Stuvver's illegal dumping?
Q3) A client may receive _____ damages for a breach of contract or negligence.
A) only consequential
B) only punitive
C) consequential and punitive
D) only compensatory
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Page 49
Chapter 47: Administrative Law
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Q1) In recent years,courts have often struck down as unconstitutional,broad Congressional delegations of power to administrative agencies.
A)True
B)False
Q2) In order for a party to successfully bring a lawsuit in federal court challenging a federal administrative agency decision,that party must first:
A) sue in state court,and only then in federal court.
B) exhaust all necessary administrative remedies.
C) obtain a writ of certiorari.
D) submit the challenge to the Inspector General's office for review.
Q3) Which of the following is true about an agency's informal power?
A) An agency's informal powers enjoy the full force and effect of law.
B) An agency's informal powers have the same legal force of formal agency regulations.
C) An agency's informal powers and its formal actions are subject to similar constraints.
D) An agency's informal powers play a major role in shaping the behavior of regulated industries.
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Chapter 48: The Federal Trade Commission Act and Consumer Protection Laws
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Q1) Pesky,Inc.employs numerous sales representatives who attempt to sell the company's products door-to-door.All of the products sold in this manner are designed for use in the home.They range in price from $29.95 to $149.95.Each Pesky sales representative has been instructed to provide customers the address from which warranty information about Pesky's products may be obtained.The sales representatives give customers this address before the sale of any product takes place.The FTC has sued Pesky in federal court,requesting appropriate injunctive relief on the theory that Pesky's practices (as just described)do not comply with the Magnuson-Moss Act and its implementing regulations.Is the FTC's position correct? Explain.
Q2) Supermart Inc. ,a manufacturer of lawn furniture,is ordered by the FTC to place a warning on their TV advertisements that the price shown does not include everything that is shown,some items are additional costs.This remedy by the FTC is called what?
A) Affirmative disclosure
B) Fair Credit Monitoring
C) Imprisonment
D) Hybrid order
Q3) Describe the similarities between the United States' approach to advertising regulation and that taken by other countries.
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Chapter 49: Antitrust: the Sherman Act
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Q1) The following statements pertain to alleged violations of Section 1 of the Sherman Act.Which statement is accurate?
A) Although tying agreements are classified as per se violations of Section 1,the judicial treatment given to them differs from pure per se treatment.
B) Because vertical restraints on distribution necessarily harm intrabrand competition,they are considered per se violations of Section 1.
C) Because group boycotts amount to reprehensible conduct that cannot have competitive justification,all such agreements are considered per se violations of Section 1.
D) Although concerted action ordinarily has been required in order for there to have been a violation of Section 1,the Supreme Court recently dispensed with the requirement in price-fixing cases.
Q2) Resale price maintenance is also known as:
A) horizontal price-fixing.
B) vertical divisions of market.
C) horizontal divisions of market.
D) vertical price-fixing.
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Q1) Which of the following is an accurate statement about exclusive dealing agreements?
A) The qualitative substantiality test for gauging the legality of exclusive dealing agreements has prompted much criticism.
B) Exclusive dealing agreements are unlawful even when they have minimal effect on competition or monopolization.
C) The preventive nature of the Clayton Act does not allow it to cover exclusive dealing agreements.
D) Historically,exclusive dealing agreements involving a "not insubstantial" amount of commerce have been declared illegal.
Q2) The courts in determining if a merger is anticompetitive will look at the area that will have effects that are direct and immediate.What is the term for this analysis?
A) Relevant Geographic Market
B) International Risks Test
C) Irrelevant Geographic Means
D) Domestic Risk Analysis
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53
Chapter 51: Employment Law
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Q1) The Employee Polygraph Protection Act makes it illegal for an employer to require a prospective employee to take a lie detector test.
A)True
B)False
Q2) The principle of employment at will says that either party can terminate an employment contract of indefinite duration.
A)True
B)False
Q3) Social security basically is a social compromise.
A)True B)False
Q4) Unemployment compensation is provided entirely at the federal level,and the states have no role to play in this matter.
A)True
B)False
Q5) The Equal Pay Act (EPA)prohibits discrimination in pay based on gender.
A)True B)False
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Chapter 52: Environmental Regulation
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Q1) The EPA has set national ambient air quality standards for:
A) chlorofluorocarbons.
B) sulfur oxide.
C) carbon dioxide.
D) methane.
Q2) Which of the following is an essential responsibility of the 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) What are the essential constituents of an environmental impact statement (EIS)? How are business people affected by the EIS requirement?
Q4) The Clean Water Act sets up a permit system for any dredging or filling activity in wetlands that is administered by the Army Corps of Engineers.
A)True
B)False
Q5) What is meant by the term "National Priority List"?
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