Business and Society
Chapter Exam Questions
Course Introduction
Business and Society explores the complex and evolving relationship between commercial enterprises and the broader social environment in which they operate. The course examines the ethical, legal, and social responsibilities of businesses, considering issues such as corporate social responsibility, stakeholder management, environmental sustainability, and the impact of globalization. Through case studies and theoretical frameworks, students analyze how businesses influence and are influenced by social values, cultural norms, government policies, and global trends. Emphasis is placed on the role of business in addressing key societal challenges, balancing profit objectives with social good, and fostering sustainable practices that benefit both organizations and the communities they serve.
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) Sociological jurisprudence has a tendency to say that,when interpreting and applying the law,courts should pay attention to changing social values and let the law reflect those new values.How is this different from the natural law approach,which also discusses values?
Answer: The difference is that this kind of sociological jurisprudence is indifferent to whether these new values are "good" or "bad." They examine law within its social context.Recall the "right or wrong" at the end of Holmes's statement on the subject.To make the contrast clear,imagine that Country X is becoming worse in a moral sense.Sociological jurisprudence at issue here might counsel that courts follow the new values (or anti-values)anyway-possibly because law that does not fit with a society's dominant values cannot be enforced or obeyed and will not last.But natural law would reject this stance,because it would mean the creation of unjust laws,which according to them,are not law at all.
Q2) Some legal positivists believe that:
A)an unjust law is not law.
B)the validly of enacted laws should be obeyed,just or not.
C)the law should keep up with changing times.
D)justice is what the judge ate for breakfast.
Answer: B
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Chapter 2: The Resolution of Private Disputes
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Q1) In the case in the text Daimler AG v.Bauman,why did the Court conclude the district court did not have jurisdiction over the defendant?
A)The defendant received inadequate service of process under the rules for foreign defendants.
B)The defendant only sold products and services in California but was not incorporated there.
C)The defendant's affiliations with California were not so continuous and systematic as to render it essentially at home.
D)Based on the allegations in the plaintiffs' complaint,the defendant did not harm any citizen in California.
Answer: C
Q2) ________ jurisdiction exists when the case arises under the Constitution,laws,or treaties of the United States.
A)Original
B)Federal question
C)Diversity
D)Exclusive
Answer: B
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Page 4
Chapter 3: Business and the Constitution
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Q1) Which of the following is a governmental power whereby the government can take or condemn private property for a public purpose on the payment of just compensation?
A)Eminent domain
B)Police power
C)Spending power
D)Enumerated power
Answer: A
Q2) In the context of commercial speech,the Supreme Court developed the ________ test,which amounts to intermediate scrutiny.
A)means-ends
B)still-controlling
C)proximate cause
D)rational basis
Answer: B
Q3) Congress cannot invalidate state laws that are passed pursuant to the state's police power.
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) Which of the following ethical theories focuses on decisions or action alone,irrespective of the result it produces?
A)Deontological theory
B)Teleological theory
C)Profit maximization theory
D)Utilitarian theory
Q2) A "non sequitur" used in an argument is a wrong conclusion:
A)that does not follow from the facts or premises set out.
B)based on a false analogy.
C)that relies on the idea that a popular belief is true.
D)based on an attack against the speaker,not his/her reasoning.
Q3) "Begging the question" is also known as the slippery slope fallacy.
A)True
B)False
Q4) "Studies show that humans need to drink 10 glasses of water a day" is an example of a(n):
A)argument from authority.
B)appeal to popularity.
C)red herring fallacy
D)false dichotomy.
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Chapter 5: Criminal Law and Procedure
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Q1) Special deterrence occurs when punishment of a wrongdoer deters other persons from committing similar offenses.
A)True
B)False
Q2) Nigel is the sole proprietor of a construction contracting business.As part of an investigation into bid-rigging allegations,a grand jury issued a subpoena directing Nigel to turn over various records relating to his sole proprietorship.Nigel voluntarily prepared the subpoenaed records.The government had long known that these records probably existed,but of course,did not know of their contents.Nigel resisted the subpoena on Fifth Amendment grounds,arguing that being forced to comply would violate his privilege against self-incrimination.Should Nigel be required to comply with the subpoena? Why or why not?
Q3) The expansion of corporate criminal liability in imputing the criminal intent of employees to the corporation falls under the scope of:
A)mens rea.
B)presumption of innocence.
C)double jeopardy.
D)respondeat superior.
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Chapter 6: Intentional Torts
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Q1) Generally speaking,statements made during judicial proceedings are absolutely privileged and,therefore,shield the speaker against defamation liability.
A)True
B)False
Q2) Pam,a public figure,sues a newspaper for defamation based on statements regarding her stance on a public issue.Pam must prove the newspaper had actual malice in order to recover any damage.
A)True
B)False
Q3) Ken,a car mechanic,agreed to repair the bumper of Anne's car after it was destroyed in a fender-bender.Ken and Anne have been friends for a number of years.When Ken finishes the repair,he calls Anne to let her know her car is ready to be picked up and to ask her out on a date.Anne is excited that her car is finished but politely declines Ken's date invitation.Ken is upset and refuses to return Anne's car.If Anne sues Ken,he may be liable for:
A)trespass to chattels.
B)trespass to personal property.
C)conversion.
D)theft.
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Page 8
Chapter 7: Negligence and Strict Liability
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Q1) The owner of a theatre negligently failed to install the requisite number of emergency exits. During a showing of Shakespeare's Macbeth,one of the intoxicated viewers got carried away and burned himself.The entire hall was ablaze.There was only one emergency exit.Thus,many people were killed in the stampede.Will the theatre owner be liable for negligence?
A)No,because the intervening cause of an intoxicated viewer burning himself absolves the theatre owner's liability.
B)No,because the viewer's reaction was completely unforeseeable by any reasonable man of ordinary prudence.
C)Yes,because the harm was foreseeable and the owner cannot escape his liability.
D)Yes,because though the harm was unforeseeable,the owner still cannot escape his breach of duty.
Q2) Which of the following refers to a bodily injury that can be recovered in a negligence action?
A)Personal Injury
B)Contract Injury
C)Future damages
D)Consequential damages
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Chapter 8: Intellectual Property and Unfair Competition
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Q1) Which of the following allows a defendant to be held liable for infringement even though the subject matter he used contained elements that were not identical to those described in the patentee's claims of invention,but nonetheless,may be seen as equivalent to those of the patented invention?
A)Literal infringement
B)Double jeopardy clause
C)Strict liability
D)Doctrine of equivalents
Q2) Any word,name,symbol,device,or combination thereof used by a manufacturer or seller to identify its products and distinguish them from the products of competitors is called a:
A)copyright.
B)trademark.
C)signature.
D)patent.
Q3) Which of the following is protected by copyright laws in computer programs?
A)Organization
B)Structure
C)Source code
D)Presentation of information
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Chapter 9: Introduction to Contracts
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Q1) The rules promulgated by the Restatement (Second)of Contracts often resemble the rules created by Article 2 of the UCC.
A)True
B)False
Q2) Generally,the terms of a standardized contract are negotiable.
A)True
B)False
Q3) Why was the emergence of large corporations so important in shaping the 20th century contract law?
Q4) Ms.White hired Mr.Blue to steal from Ms.Yellow.Ms.White is upset with how everything turned out and wants to sue Mr.Blue for breach of contract.But the court will refuse to recognize the contract and subsequently a breach of it because the contract is void.
A)True
B)False
Q5) The Uniform Commercial Code sufficiently addresses the concerns that parties have when contracts are made to create or distribute information.
A)True
B)False
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Chapter 10: The Agreement: Offer
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Q1) In Kolodziej v.Mason,the case in the text,the court held that Mason's Dateline statement:
A)was an offer because its terms were definite and specific.
B)was an offer because there were no terms left to negotiate.
C)was an offer because Mason created an escrow account for the funds in anticipation of acceptance.
D)was not an offer because he did not have the intent to create an offer.
Q2) The case in the text,Domingo v.Mitchell,demonstrates that:
A)if certain terms are left out of an offer,any subsequent contract is unenforceable.
B)important terms of a contract can be implied under certain circumstances.
C)omitted terms in a contract are construed against the drafter.
D)price must be included in an offer to form a valid contract.
Q3) Strictly speaking,a contract has nothing to do with the subjective intent of the parties.
A)True
B)False
Q4) A revocation is effective at the time it is dispatched by the offeror.
A)True
B)False
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Chapter 11: The Agreement: Acceptance
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Q1) UCC section 2-207 allows a contract to be formed even though the terms of the offer and the terms of the acceptance differ.
A)True
B)False
Q2) A bilateral contract is accepted when the offeree:
A)performs the requested act.
B)makes the promise requested by the offer.
C)accepts the offer in silence without prior indication.
D)makes additional inquiries regarding the terms.
Q3) Grace offers to sell Misti her car for $5,000.Grace tells Misti,"If I don't hear from you in three days,I'll assume you're buying the car." Four days go by and Grace has not heard from Misti.Does Misti's silence amount to acceptance?
A)No,because acceptance must be oral or written.
B)No,because an offeror cannot impose on the offeree a duty to respond to the offer.
C)Yes,because Misti did not reject to the term.
D)Yes,because Misti failed to notify Grace of any rejection within three days.
Q4) Why is the mirror image rule not strictly applied to modern commercial transactions?
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Page 13
Chapter 12: Consideration
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Q1) An agreement in which a party promises to supply all the other party's needs for a particular commodity is called a(n):
A)requirements contract.
B)composition agreement.
C)output contract.
D)nominal consideration.
Q2) Sigmund enters into a contract with Carl.The terms are that Sigmund will purchase all the gasoline that he wants to purchase in 2011 at a price of $2.50 per gallon,and Carl agrees to sell on those terms.This is an example of a(n):
A)valid contract.
B)illusory contract.
C)voidable contract.
D)implied contract.
Q3) Why are "disguised gift" promises involving nominal consideration nonbinding because of the absence of consideration? Explain with one example.
Q4) Unlike the UCC,the CISG requires new consideration to modify a contract.
A)True
B)False
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14
Chapter 13: Reality of Consent
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Q1) A party to a contract who seeks to rescind the contract because of that party's reliance on the unintentional but materially false statements of the other party will assert:
A)reformation.
B)actual fraud.
C)misrepresentation.
D)constructive fraud.
Q2) A fact is considered to be material in a misrepresentation case when:
A)the misrepresentation is considered to be innocent.
B)it plays a significant role in inducing a person to enter into a contract.
C)it is relied upon by a person,even though it could not possibly be true.
D)it is similar to an opinion or promise about some future happening.
Q3) Which of the following ends the right to rescind a voidable contract?
A)Acquiescence
B)Ratification
C)Concealment
D)Assertion
Q4) A mistake of law will not justify a recession in a contract.
A)True
B)False
Page 15
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Chapter 14: Capacity to Contract
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Q1) What is the term for a person who candidly paid valuable consideration without any notice of another's claim or any defects in the seller's ability to sell?
A)Good faith purchaser
B)Holder in due course
C)Bona fide buyer
D)Value buyer
Q2) What is the term for affirming a contract and surrendering the right to avoid a contract made while being a minor?
A)Ratification
B)Emancipation
C)Impairment
D)Duress
Q3) When a minor enters into a contract,who can disaffirm the contract?
A)Neither party
B)Either party
C)The minor only
D)A court
Q4) 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) Generally,statutes that require proof of character and skill and impose penalties for violation are considered to be ________ in nature.
A)remedial
B)revenue-raising
C)regulatory
D)enabling
Q2) An agreement to divorce one's spouse is considered to be illegal.
A)True
B)False
Q3) Paul is hired by Soprano as a security guard.At the time of hiring,Paul signs an agreement that relieves Soprano from workers' compensation liability.This agreement is most likely:
A)enforceable because Paul and Soprano have equal bargaining power.
B)unenforceable because it includes intentional torts.
C)enforceable so long as the terms of the agreement are conspicuously disclosed.
D)unenforceable as a violation of public policy.
Q4) A noncompetition clause is also known as a "liability waiver."
A)True
B)False
Q5) What is an exculpatory clause?
Page 17
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Chapter 16: Writing
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Q1) A mortgage does not have to be writing.
A)True
B)False
Q2) In the case in the text,Yung-Kai Lu v.Univ.of Utah,the court held that:
A)Lu's claim satisfied the statute of frauds but under Utah's parol evidence rule,he could not testify to any pre-contract verbal agreement.
B)Lu's claim satisfied the statute of frauds and under Utah's parol evidence rule,he could testify to any pre-contract verbal agreement.
C)Lu's claim was barred by the statute of frauds and under Utah's parol evidence rule,he could not testify to any pre-contract verbal agreement.
D)Lu's claim was barred by the statute of frauds and under Utah's parol evidence rule,he could testify to any pre-contract verbal agreement.
Q3) Parol evidence can be used to resolve ambiguities in a completely integrated written contract.
A)True
B)False
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Chapter 17: Rights of Third Parties
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Q1) Which of the following statements about the vesting of a beneficiary's rights is false?
A)Courts have held that there is a point at which the rights of the beneficiary vest.
B)A modification or discharge that occurs after the beneficiary's rights have vested cannot be asserted as a defense to a suit brought by the beneficiary.
C)A provision of the contract between the promisor and the promisee stating that the duty to the beneficiary cannot be modified would be effective to prevent modification.
D)The exact time at which the beneficiary's rights vests is identical in every jurisdiction.
Q2) Barry and Andrew contract for the sale of 100 widgets (goods)from Barry to Andrew for $1,000.The contract contains a clause prohibiting assignment of "the contract." Nonetheless,Andrew assigns "the contract" to Smith.Is there a valid assignment of contract rights here? Is there a delegation of duties?
Q3) An assignee can notify the obligor of the assignment whenever he/she desires.
A)True
B)False
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Page 19
Chapter 18: Performance and Remedies
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Q1) Stacey wanted someone to paint her house.Jessica offered to do it for $300 while Nancy offered to do it for $250.A few days after Stacey entered into a contract with Nancy,Nancy increased her fee to $400.By this time,Jessica was not interested in entering into a contract with Stacey anymore.Stacey can seek to be compensated on the basis of a ________.
A)quasi-contract
B)part performance
C)reliance interest
D)compensatory damages
Q2) On May 2,1972,Mix,an accountant,entered into an oral contract with Dell to provide certain accounting services to Dell.The contract was fully performed by both parties in 1974.On April 25,1988,Dell commenced a breach of contract action against Mix claiming that Mix improperly performed the accounting services.Mix's best defense to the action would likely be:
A)Parol evidence rule
B)Statute of limitations
C)Statute of frauds
D)Lack of consideration
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Chapter 19: Formation and Terms of Sales Contracts
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Q1) Which of the following does the UCC define as "honesty in fact in the conduct or transaction concerned?"
A)Good faith
B)Value
C)Bona fide
D)Pure
Q2) Press Publishers sold 100 copies of a new hardback book entitled "Business Law to Boardwalk Books." The contract between Press and Boardwalk Books provides,in relevant part,that Boardwalk may return to Press any unused copies of the book within six months.During the six-month period,Boardwalk sold only five copies of these books.However,twenty copies were damaged from sitting on the bookshelf for six months and having customers rip pages and spill coffee on them.Boardwalk wants to return all ninety-five copies to Press.Does Boardwalk have the right to return the remaining copies?
Q3) The importance of the terms FOB and FAS in contracts for the sale of goods is that they obligate the buyer to pay immediately upon delivery of the goods.
A)True
B)False
Q4) What is the UCC approach to the risk of loss of goods during transportation?
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Chapter 20: Product Liability
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Q1) In the case in the text,Branham v.Ford Motor Co. ,the court stated that the plaintiff was required to prove three things at trial for his product liability design defect action.Which of the following is not one of the three requirements?
A)Evidence of a reasonable alternative design
B)The defendant knew the product was dangerous
C)A design flaw in the product
D)How an alterative design would have prevented the product from being unreasonably dangerous
Q2) 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
Q3) A disclaimer is a clause attempting to block recovery of certain damages.
A)True
B)False
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Chapter 21: Performance of Sales Contracts
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Q1) Coasters,Inc.notifies Big Box that it does not intend to perform under their contract.Which of the following statements is false?
A)Big Box may suspend its performance.
B)Big Box must wait for performance for a reasonable time.
C)Big Box only needs to await for performance for a reasonable time,if it chooses to wait.
D)Big Box may sue for damages for breach of contract.
Q2) If there is a conflict between the express terms of the contract and the past course of dealing between the parties,the express terms of the contract prevail.
A)True
B)False
Q3) If the goods are covered by a negotiable warehouse receipt,then the seller must:
A)notify the bailee about the buyer.
B)endorse the receipt and give it to the buyer.
C)obtain bailee's consent before selling his goods.
D)release the goods to the buyer.
Q4) Explain the term usage of trade.What happens if there is a conflict between the express terms of the contract and trade usage?
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Chapter 22: Remedies for Breach of Sales Contracts
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Q1) Bart agreed to deliver fruits worth $1,000 to a retail store.Bart and the store owner agree that if delivery is not made on time,Bart will pay the store some amount as liquidated damages,for the lost sales.Which of the following amounts would most likely be considered penal if they settle for it?
A)$200
B)$25,000
C)$10
D)$650
Q2) Which of the following is true about the seller's right to reclaim goods from an insolvent buyer?
A)This right is superior to the rights of a good faith purchaser for value of the goods.
B)The seller must make a demand for the goods within ten days of their receipt by the buyer.
C)The seller must physically repossess the goods within ten days of their receipt by the buyer.
D)The buyer must have misrepresented his solvency to the seller in writing within three months before delivery of the goods.
Q3) Explain the concept of a buyer's right to cover.
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24
Chapter 23: Personal Property and Bailments
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Q1) You need to drive to Spokane to pick up your parents.Your car is being repaired and is therefore unavailable.You ask your good friend Ed if he will lend you his car.You take Ed's car and drive to Spokane.This is:
A)a mutual benefit bailment.
B)a bailment exclusively for the benefit of the bailee.
C)a bailment exclusively for the benefit of the bailor.
D)no bailment because no consideration was paid to Ed.
Q2) If the bailee returns the goods in a damaged condition,there is a rebuttable presumption of negligence on the part of the bailee.
A)True
B)False
Q3) Wilma,who thought she had a terminal disease,signed over the title to her new Cadillac to her cousin,Kenny,and told him that she wanted him to have the car "after I'm gone." Kenny took the keys and began to use the car.A week later,Wilma was told that her diagnosis had been an error and that she was not terminally ill.Wilma wants her car back.Can she recover it from Kenny? Why or why not?
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Chapter 24: Real Property
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Q1) One requirement of a joint tenancy is that the co-owners must be married.
A)True
B)False
Q2) Lisa lives next to a vacant plot that belongs to Carol.Carol has never visited the plot in the last 20 years during which period,Lisa has taken care of it by fencing the plot and mowing the grass.If this continues,Lisa will be able to claim ownership of land based on:
A)easement.
B)a quitclaim deed.
C)adverse possession.
D)fee simple absolute.
Q3) What is the term for a temporary right to enter another person's land for a specific purpose?
A)License
B)Profit
C)Conveyance
D)Estate
Q4) Typically,landowners bring public nuisance actions.
A)True
B)False
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Chapter 25: Landlord and Tenant
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Q1) Which of the following means to deprive the tenant of the possession of leased premises?
A)Waste
B)Holdover
C)Eviction
D)Surrender
Q2) The common law held that landlords:
A)did not have the right to evict tenants for nonpayment of rent.
B)needed to make necessary repairs of their leased premises.
C)were responsible for the injuries caused to the tenant due to their negligence.
D)made no implied warranties about the quality of the leased premises.
Q3) What is the term for when a tenant unjustifiably and permanently vacates the leased premises before the lease term and defaults on payment of rent?
A)Foreclosure
B)Sublease
C)Abandonment
D)Eviction
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Chapter 26: Estates and Trusts
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Q1) A codicil is an amendment to a will.
A)True
B)False
Q2) As part of creating an estate plan,an attorney will likely do all of the following,except:
A)distribute property to beneficiaries.
B)take an inventory of the client's assets.
C)learn the client's objectives.
D)draft the instruments necessary to carry out the plan.
Q3) Property held in joint tenancy or tenancy by the entirety is not controlled by a will.
A)True
B)False
Q4) If an ambiguity or conflict arises when people read and/or interpret a will,courts will:
A)look for evidence of the intent of the testator within the will.
B)ask the family members or beneficiaries for their preference(s).
C)appoint a probate referee to decide the future of the will.
D)declare the will void or invalidate it due to its ambiguity.
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Chapter 27: Insurance Law
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Q1) Which of the following is true of the coinsurance feature of property insurance?
A)It prevents the insured from insuring for a minimal amount and recovering in full for such losses.
B)It precludes the insured from insuring for less than the coinsurance percentage.
C)It is an additional refinement of the insurable interest requirement.
D)It helps the insured to recover full damages for any loss.
Q2) Martha had a property insurance policy on her home with a subrogation clause.A fire started because of a faulty stove.Martha made a claim and received $100,000 from her homeowners' insurer for fire damages totaling $100,000.The stove manufacturer was clearly responsible for the fire starting and has admitted its stove was faulty.Can the stove manufacturer be sued?
A)Yes,by Martha.
B)Yes,by the insurance company.
C)No,because the insurance company already covered losses.
D)No,because Martha chose to make an insurance claim and thus waived the right to sue.
Q3) The insurance relationship is contractual.
A)True
B)False
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Page 29
Chapter 28: Introduction to Credit and Secured Transactions
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Q1) Sarah,age 17,buys a car on credit from Lora.Sarah signs a promissory note,agreeing to pay $1000 a month on the note until the note is paid in full.Lora has Sarah's father cosign the note.Under these circumstances,Sarah's father is:
A)a surety.
B)secondarily liable on this contract.
C)a guarantor of payment on this contract.
D)not liable on this contract because Sarah is a minor.
Q2) Jose purchases a refrigerator on credit with a one-year guarantee,but it is defective and the dealer refuses to repair it.His fiancé is a surety on his promise to pay.If Jose refuses to make further payments and the dealer tries to collect from Jose's fiancé,what defense can his fiancé use for not paying the creditor?
A)None.A surety cannot use any defenses.
B)Inducement of the contract by fraud or duress.
C)Lack of capacity.
D)Breach of warranty.
Q3) A surety is a person who is liable for the payment of another person's debt.
A)True
B)False
Q4) Explain the difference between an accommodation surety and a compensated surety.
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Chapter 29: Security Interests in Personal Property
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Q1) Under the UCC,for a security interest to attach,the:
A)debtor must agree to the creation of the security interest or the secured party must have possession of the property.
B)creditor must properly file a financing statement.
C)debtor must be denied of all rights in the collateral.
D)creditor must take and hold the collateral.
Q2) Which of the following statements about a creditor's right to repossess collateral is false?
A)The Code authorizes a creditor to repossess collateral when the debtor defaults.
B)The creditor can obtain the collateral through self-help if she can obtain possession peacefully.
C)If the collateral cannot be obtained without disturbing the peace,the creditor must go through the courts to repossess the collateral.
D)If the collateral is intangible,the secured party can get payments made to her,even if performance has not been rendered to the debtor.
Q3) What is the general priority rule established by the Uniform Commercial Code?
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Chapter 30: Bankruptcy
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Q1) Under Chapter 7,a debtor is denied discharge of all debts when:
A)the debtor has transferred property in order to defraud creditors.
B)the debtor has unpaid tax liabilities.
C)the debtor has made a preferential transfer to a creditor.
D)the debtor has made a fraudulent transfer.
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) The debtor is permitted to void ________ liens against exempt properties that impair her exemptions.
A)medical
B)tax
C)attorney
D)judicial
Q4) Describe the different approaches taken to transnational insolvencies.What is the approach taken currently?
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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) Which of the following statements will cause an instrument to be nonnegotiable?
A)"Payment is subject to the terms of a mortgage dated August 30,2005."
B)"Payment is secured by a mortgage dated August 30,2005."
C)"Payment is in consideration of two months' rent."
D)"Payment to be made 30 days after date,for a note dated August 30,2005."
Q3) In 1990,Revised Article 3 of the UCC was developed,which has now been adopted by all 50 states.
A)True
B)False
Q4) A check is a draft that is payable on demand.
A)True
B)False
Q5) Alice writes a check "Pay to the order of Caleb." The check is drawn on the Berkley's Bank.Who are the drawer,the drawee,and the payee on this instrument? Why is this check called order paper?
Page 33
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Chapter 32: Negotiation and Holder in Due Course
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Q1) When a customer deposits a check to her account without an indorsement,the bank:
A)puts the sign of the manager under the typed name of the customer.
B)signs the customer's name.
C)stamps the name of the bank on the check to cover for the customer's signature.
D)stamps on it that it was deposited by the customer.
Q2) A person cannot be a holder in due course of a negotiable instrument if,when she takes it,the instrument is irregular or some important or material term is blank.
A)True
B)False
Q3) Which of the following is an example of restrictive endorsements recognized under Article 3?
A)"Pay to Bruce Zucker in Trust for Jay Zucker."
B)"Pay to Bruce Zucker Only."
C)"Pay to Jay Zucker on the condition that he completes construction on my house by November 1,2012."
D)"Pay to the order of my account."
Q4) What are the three significant effects resulting from the indorsement of a negotiable instrument?
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Page 34
Chapter 33: Liability of Parties
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Q1) Brian signs a promissory note for $500 payable to Harwich.Harwich indorses the note "Pay to order of Stephen,Harwich" and negotiates it to Stephen.Stephen fraudulently changes the $500 to $5,000.Under these circumstances,Brian is discharged from his liability as maker of note because:
A)Brian has not forged the signature.
B)the instrument is not negotiable.
C)the amount for which he was liable was altered.
D)Stephen is insolvent.
Q2) A transfers a negotiable note to B,who in turn transfers it to C.Under what conditions has A made a transfer warranty to C?
Q3) National bank is reluctant to lend money to James because of his shaky financial condition.However,the bank is willing to lend money to James if he signs the note and a friend also signs the note.Here,the friend serves as the:
A)deponent.
B)accommodation party.
C)fiduciary.
D)non-joinder.
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Page 35
Chapter 34: Checks and Electronic Transfers
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Q1) Which of the following defeats a bank's liability for failing to observe a stop-payment order?
A)That the order was oral rather than written.
B)That the bank was not given 14 days to obey the order.
C)That the bank paid a person against whom the customer did not have a defense.
D)That the bank has the customer sign a disclaimer holding the bank harmless for its failure to exercise ordinary care and good faith regarding its handling of stop-payment orders.
Q2) A ________ is a request made by a customer of a drawee bank instructing it not to pay or certify a specific check.
A)cut-off request
B)canceled check
C)stop-payment order
D)void check
Q3) Wire transfer is used for transfer of funds across the country or around the world.This service is generally used by large business and financial institutions.
A)True
B)False
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Chapter 35: The Agency Relationship
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Q1) Joe is the personnel manager for the BFG Corporation.Joe hires employees for BFG.Joe hires Suzy as a management trainee.Suzy is BFG's subagent.
A)True
B)False
Q2) Termination of agency by the principal is known as renunciation and termination by agent is known as revocation.
A)True
B)False
Q3) Authority is an agent's ability to affect the principal's legal relations and affairs.
A)True
B)False
Q4) Which of the following is an example of actual notification of termination of agency to third parties?
A)Posting a notice in a public place
B)Displaying a notice on the company website
C)A writing delivered to the third party's place of business
D)Advertising the agency's termination in a newspaper of general circulation
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Chapter 36: Third-Party Relations of the Principal and the Agent
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Q1) Tara,an agent,enters into a contract on behalf of Sue to buy 100 pencils for $1 each and 100 pens for $2 each.Sue determines that Tara got a good price for pencils but made a poor deal on pens.Sue indicates she wishes to ratify only the agreement to buy pencils.Has Sue acted properly?
A)Yes,because Sue is free to ratify or not ratify any part of the contract.
B)Yes,but only if Tara had legal capacity at the time of contracting
C)No,because a principal must ratify an entire contract,not just the favorable parts.
D)No,unless Tara had express authority to bind Sara to both contract terms.
Q2) Which of the following is true regarding the requirements of ratification?
A)An agent's illegal contract cannot be made binding by the principal's subsequent ratification.
B)An agent should disclose the principal's identity when entering into a contract with a third party.
C)A principal without legal capacity can ratify the unauthorized acts of the agent.
D)An agent's beneficial acts can be ratified by the principal while the detrimental ones can be rejected.
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Chapter 37: Introduction to Forms of Business and Formation of Partnerships
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Q1) The equity of a partnership is called partnership capital.
A)True
B)False
Q2) Which of the following statements about the history of partnerships is false?
A)Partnerships were known in ancient Babylonia,ancient Greece,and the Roman Empire.
B)During the Middle Ages,much trade between nations was carried on by partnerships.
C)The definition of a partnership in the 6th-century Justinian Code of the Roman Empire varies greatly from that in our laws today.
D)English common law recognized the partnership by the close of the 17th century.
Q3) Which of the following is not essential to the formation of a mining partnership?
A)Joint operation of the property
B)Joint ownership of a mineral interest
C)Active physical participation in operations
D)Sharing of profits and losses
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Chapter 38: Operation of Partnerships and Related Forms
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Q1) Which of the following statements about silent partners is false?
A)Silent partners are responsible for the cost of hiring a person to do their work.
B)Silent partners merely contribute capital to the partnership.
C)Silent partners do not have the duty to serve.
D)Silent partners have the same liability for partnership debts as any other partner.
Q2) A partner may personally profit from a partnership transaction when he or she deals in good faith with the partnership.
A)True
B)False
Q3) Partners of a partnership cannot turn over sole authority to one partner to run the business.
A)True
B)False
Q4) A partner of a trading partnership ordinarily has implied authority to borrow money for the partnership.
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 causes a dissociation of a partnership?
A)Withdrawal of a partner from a partnership at will
B)Three partners disagreeing on a matter in the ordinary course of business
C)A partner being provided his partnership interest
D)Addition of a partner to the partnership
Q2) Dissociation is the term for adding new members to an existing partnership.
A)True
B)False
Q3) Andrew,being a partner,has appointed a custodian for his property.Therefore,he has committed a wrongful dissociation.
A)True
B)False
Q4) Which of the following would be within a winding-up partner's implied authority to borrow money?
A)Taking a new loan to consolidate the partnership's existing loans to make payments more convenient.
B)Taking a new loan to buy more assets.
C)Refinancing a loan to preserve a valuable asset.
D)Refinancing a loan to buy more time.
Q5) Discuss the rules of dissociation and dissolution for mining partnerships.
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Chapter
Partnerships, and Limited Liability
Limited Partnerships
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Q1) The ULPA makes it harder for a limited partnership to dissolve and provides few rights for partners who dissociate from the limited partnership before the partners expect because:
A)the partners receive tax benefits.
B)they typically are used for high risk businesses.
C)they are intended for long-term businesses.
D)courts want to enforce agreements to support freedom of contract.
Q2) Losses of the business allocated to a limited partner in a limited partnership or an LLLP offset his income from any other sources.
A)True
B)False
Q3) A (n)________ may be the sole general partner of a limited partnership.
A)association
B)natural person
C)corporation
D)trust
Q4) A majority of the members of an LLC must agree to the plan of merger.
A)True
B)False
42
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Chapter 41: History and Nature of Corporations
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Q1) A corporation that is incorporated in one country that is doing business in another country is called a(n):
A)international;corporation
B)domestic corporation
C)foreign corporation
D)alien corporation
Q2) An S corporation election requires the consent of ________ of its shareholders.
A)none
B)all
C)the majority
D)two-thirds
Q3) What was the name of the document given to early American corporations by state legislatures that permitted them to operate as a corporation?
A)Certificate of Corporation
B)Organization Agreement
C)Special Charter
D)Domestic Treaty
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43
Chapter 42: Organization and Financial Structure of Corporations
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Q1) 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.
Q2) A promoter owes a fiduciary duty to the corporation and to its prospective investors.This implies that:
A)a promoter is an agent of the prospective corporation.
B)prospective investors in the business can control actions of a promoter.
C)a promoter may engage in intrinsically fair transactions with the corporation.
D)a promoter is an agent of the prospective investors in the business.
Q3) A ________ exists when the incorporators fail in some material respect to comply with all the mandatory provisions of the incorporation statute yet comply with most mandatory provisions.
A)de facto corporation
B)corporation by estoppel
C)de jure corporation
D)false corporation
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Chapter 43: Management of Corporations
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Q1) What is meant by rational basis?
A)A decision has the consent of all board members.
B)A decision has been taken after protracted negotiations.
C)A decision has a logical connection to the facts.
D)A decision has been taken after a long discussion.
Q2) Tim and Julia are the majority shareholders of Eduventures,Inc.Together they own 800 of the company's shares.The remaining 200 shares are held by passive shareholders.The profits of Eduventures dwindled to just 8 percent last year.Furthermore,Tim and Julia realized that as much as 3 percent of profits are being spent in complying with the rules of public ownership.Suggest a way for them to "go private" without forming a new corporation.
Q3) A court does not have the power to remove a director when:
A)petitioned by shareholders.
B)it finds that the director engaged in fraudulent conduct.
C)it finds that the director intentionally inflicted harm on the corporation.
D)it believes removal would help the corporation operate more globally responsibly.
Q4) Officers of a corporation are also agents of the corporation.
A)True
B)False
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Chapter 44: Shareholders Rights and Liabilities
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Q1) Minutes of the meetings are usually kept by the board of directors.
A)True
B)False
Q2) What are the various ways through which a corporation can be dissolved?
Q3) Which of the following corporate decisions requires an approval vote of the shareholders?
A)Merger
B)Share trading
C)Purchasing land for office
D)Joint venture
Q4) According to the Statutory Close Corporation Supplement to the MBCA,who does a shareholder have a fiduciary responsibility to?
A)To all the other shareholders of the corporation
B)To the Secretary of State
C)To individual citizens in the state the corporation is incorporated
D)To the CEO of the corporation
Q5) Shareholders have a right of full participation in board of directors' meetings.
A)True
B)False
Q6) Atria Corporation wishes to dissolve.How can it do so?
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Chapter 45: Securities Regulation
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Q1) The offering price of a tender offer is usually:
A)equal to the market price of the shares.
B)well below the market price of the shares.
C)slightly above the market price of the shares.
D)well above the market price of the shares.
Q2) The Securities Act of 1933 regulates the sale of securities when they are sold from the issuer to a public purchaser.
A)True
B)False
Q3) Eastern Company wants to make an offering of securities exempt from registration under Rule 504 of the Securities Act of 1933.Which of the following is a requirement of Rule 504?
A)Eastern may sell to no more than 35 unaccredited purchasers.
B)Eastern must sell only to investors who are able to protect themselves by making informed investment decisions.
C)Eastern must be a nonpublic issuer under the Securities Exchange Act.
D)Eastern may not make any general solicitations of investors.
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Chapter 46: Legal and Professional Responsibilities of
Auditors, Consultants, and Securities Professionals
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Q1) Hamish invested in the securities of the ABC Corporation (ABC).He lost a great deal of money on those securities after ABC's president admitted that financial statements about the profitability of ABC had been materially exaggerated.Andy Accountant had audited those statements and had issued an unqualified opinion that they complied with GAAS and GAAP.Hamish has sued Andy using Section 10(b)of the Securities Exchange Act of 1934 as the legal basis of his suit.To succeed,Hamish must prove that:
A)AA acted with scienter.
B)Hamish was in privity of contract with ABC or AA.
C)AA acted negligently.
D)AA's actions have a connection with intrastate commerce.
Q2) An individual may be fined up to ________ and imprisoned for up to ________ for a criminal violation of the 1934 Act.
A)$15 million;10 years
B)$5 million;10 years
C)$15 million;20 years
D)$5 million;20 years
Q3) A professional may delegate his/her duty without the consent of the client.
A)True
B)False
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Chapter 47: Administrative Law
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Q1) Which of the following agencies is an executive agency?
A)The Environmental Protection Agency
B)The Consumer Product Safety Commission
C)The National Labor Relations Board
D)The Internal Revenue Service
Q2) The term ripeness in reference to a lawsuit arising out of administrative decisions means:
A)The plaintiff has been victorious in their actions against the agency
B)The plaintiff has exhausted all necessary administrative remedies before engaging in judicial remedies
C)The plaintiff is pro-se,meaning they have no attorney and represent themselves
D)The action is against an international agency
Q3) The ________ is the branch given lawmaking power.
A)executive branch
B)legislative branch
C)judicial branch
D)administrative branch
Q4) Administrative action is subject to basic constitutional tests.
A)True
B)False
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Chapter 48: The Federal Trade Commission Act and Consumer
Protection Laws
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Q1) A(n)________ is an order approving a negotiated agreement in which the respondent promises to cease certain activities.
A)advisory opinion
B)consent order
C)cease-and-desist order
D)industry guide
Q2) Violations of the Magnuson-Moss Warranty Act of 1975 are violations of:
A)FTC Act Section 5.
B)FTC Act Section 10.
C)Section 43(a)of the Lanham Act.
D)Section 41 of the Lanham Act.
Q3) The FDCPA requires a collector to give a debtor certain information about the debt:
A)within ten days of the collector's first communication with the debtor.
B)within ten days of the debtor receiving the credit amount.
C)within five days of the collector's first communication with the debtor.
D)within five days of the debtor receiving the credit amount.
Q4) Describe the similarities between the United States' approach to advertising regulation and that taken by other countries.
Page 50
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Chapter 49: Antitrust: the Sherman Act
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Q1) Foreign firms that are ________ in the U.S.domestic commerce are subject to federal antitrust jurisdiction.
A)"occasionally engaged"
B)"continuously engaged"
C)"even rarely engaged"
D)"engaged even once"
Q2) It is per se illegal for competitors to make an agreement to split up a geographical area and not to directly compete against each other.
A)True
B)False
Q3) A common variation of a(n)________ agreement is the requirements contract.
A)exclusive dealing
B)joint venture
C)reciprocal dealing
D)formal written
Q4) Horizontal price-fixing is not covered under antitrust legislation and is lawful.
A)True
B)False
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Exemptions and Immunities
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Q1) Big Corp.(BC)operated in all 50 states.In all of the states except Oregon,BC was the dominant firm in its industry.Small Corp.(SC)operated only in Oregon,but was the dominant firm in that state.BC decided it wanted to destroy SC so that it would become dominant in Oregon.BC cut its prices and sold below cost in Oregon,while maintaining regular prices everywhere else.This is an example of:
A)first-line price discrimination.
B)secondary level price discrimination.
C)tertiary level price discrimination.
D)super-tertiary level price discrimination.
Q2) ________ of the Robinson-Patman Act prevents large buyers,either directly or through subsidiary brokerage agents,from receiving phony commissions or brokerage payments from their suppliers.
A)Section 2(f)
B)Section 2(c)
C)Section 2(a)
D)Section 2(e)
Q3) The Robinson-Patman Act outlawed secondary and tertiary price discrimination.
A)True
B)False
Page 52
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Chapter 51: Employment Law
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Q1) Recovery for occupational diseases is usually allowed under the workers' compensation system.
A)True
B)False
Q2) Which of the following is generally true regarding sexual harassment suits under Title VII?
A)Employers are vicariously liable for sexual harassment by supervisory and nonsupervisory employees of the organization.
B)The employee must show a tangible job detriment such as a firing or the denial of a promotion,or she will lose the case.
C)In all sexual harassment cases,the alleged harassment must be unwelcome or the employee will not recover.
D)All the courts agree that same-sex sexual harassment violates Title VII.
Q3) Title VII disparate impact suits involve situations in which an employer has treated an individual differently because of the person's race,sex,color,religion or national origin.
A)True B)False
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Page 53
Chapter 52: Environmental Regulation
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Q1) In the case in the text,United States v.Ohio Edison Company,why did the court hold that the updates on the utility's equipment were subject to preconstruction review?
A)The projects were intended to increase hours of operation.
B)Even though the projects consisted of routine maintenance,there would be a substantial increase in emissions.
C)The projects cost $136.4 million.
D)The projects were not routine and they would result in a substantial increase in emissions.
Q2) The preconstruction review process required under the Clean Air Act applies to new facilities as well as existing facilities that undergo major modifications.
A)True
B)False
Q3) The permit program for any dredging or filling activity in a wetland is administered by the:
A)Army Corps of Engineers.
B)Wetland Preservation Board.
C)Environmental Protection Agency.
D)National Institute of Health.
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