Business and Society Exam Bank
Course Introduction
Business and Society explores the complex relationship between the world of commerce and the broader social environment in which it operates. The course examines how businesses influence and are influenced by societal values, ethical concerns, government regulations, and global challenges. Students will analyze topics such as corporate social responsibility, sustainable development, stakeholder theory, and the ethical dilemmas faced by organizations. Through case studies and real-world examples, the course encourages critical thinking about the roles and responsibilities of businesses in shaping society and addressing pressing social issues.
Recommended Textbook
Business Law Today Standard Text and Summarized Cases 11th Edition by Roger LeRoy Miller
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Page 2
Chapter 1: The Legal Environment
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Q1) Congress enacts a statute, the Federal Deposit Insurance Corporation (an administrative agency) issues rules, the Southeast Financial Institutions Association (a private organizations) issues instructions, South Valley Bank posts a memo with orders for its employees, and Tina tells her co-worker about a recent news story. Sources of law include
A) the instructions issued by private associations.
B) the orders posted by employers.
C) the rules issued by federal administrative agencies.
D) the stories released by news agencies.
Answer: C
Q2) A small business owner is likely to face legal questions when determining ways to reduce his small business's taxes.
A)True
B)False
Answer: True
Q3) Administrative law includes only state regulations.
A)True
B)False
Answer: False
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Chapter 2: Constitutional Law
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Q1) Procedural due process requires that any government decision to take a person's property must be made fairly.
A)True
B)False
Answer: True
Q2) A law that prohibits or inhibits only some persons from exercising a fundamental right will be subject to "strict scrutiny" under the equal protection clause.
A)True
B)False
Answer: True
Q3) Sustainable Crops Corporation regularly expresses opinions on political issues, including whether to ban the use of genetically modified organisms (GMOs). Under the First Amendment, corporate political speech is
A) discouraged.
B) forbidden.
C) protected.
D) required.
Answer: C
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Chapter 3: Courts and Alternative Dispute Resolution
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Q1) Before a trial, the plaintiff can file a motion to dismiss.
A)True
B)False
Answer: True
Q2) Sofia files a suit against Turista Airlines, Inc. Turista responds that it appears from the pleadings that the parties do not dispute the facts and the only question is how the law applies to those facts. Turista supports this response with witnesses' sworn statements. This is a
A) counterclaim.
B) motion for judgment on the pleadings.
C) motion for summary judgment.
D) motion to dismiss.
Answer: C
Q3) Only a defendant may file a motion for summary judgment.
A)True
B)False
Answer: False
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Chapter 4: Tort Law
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Q1) Under the doctrine of strict liability, liability is imposed only if a person fails to use all reasonable care.
A)if Ike intended to push Joan.
B)only if Ike did not intend to break Joans arm.
C)only if Ike had a bad motive for pushing Joan.
D)only if Ike intended to break Joans arm.
Q2) The taking of electronic records and data can form the basis of a conversion claim.
A)True
B)False
Q3) Jess, an accountant, distributes a handbill to her business clients and potential customers accusing her competitor Kelly of being a convicted thief. The statement is defamatory if
A) a recipient of one of the handbills repeats it.
B) Kelly suffers emotional distress.
C) the statement is true.
D) the statement is false.
Q4) To commit an intentional tort, a person must have an evil or harmful motive.
A)True B)False
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Chapter 5: Product Liability
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Q1) Recovery in a product liability case may be limited when it can be shown that the plaintiff misused the product.
A)True
B)False
Q2) Grass Green Company makes and sells hedge trimmers, which are designed to be safe if used properly. Hazel buys a Grass Green trimmer and lends it to her neighbor Izak. In his garage, Izak is using the trimmer as a prod to dislodge a box from a high shelf when the trimmer suddenly engages. Startled, Izak drops the trimmer, which swings around and cuts his leg. Izak files a product liability suit against Grass Green, on the ground of negligence. On what basis could the manufacturer prevail?
Q3) Downhill Racer Company makes and sells a pair of skis to Elinor. Downhill fails to exercise due care to make the skis safe, and Elinor is injured as a result. Downhill Racer is most likely liable for
A)any alteration of the skis after Downhill sold them.
B)misrepresentation.
C)negligence.
D)nothing.
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Page 7
Chapter 6: Intellectual Property Rights
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Q1) Copyright protection is automatic-registration is not required.
A)True
B)False
Q2) Trade names have the same legal protection as trademarks.
A)True
B)False
Q3) Hua plots a new Iron Man adventure and carefully and skillfully imitates the art of Marvel Comics to create an authentic-looking Iron Man graphic novel. Hua is not affiliated with the owners of the copyright to Iron Man. Can Hua pub-lish the novel as his own work without infringing on the owners' copyright?
Q4) James buys a copy of the book Kangaroo Down, Sport. Later, after reading the book, James sells the book to his sister. James's sale of the book is A) legal.
B) legal only if the copyright has expired.
C) legal only if he sells it for less than he paid for it. D) illegal.
Q5) Production techniques are not trade secrets.
A)True
B)False
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Chapter 7: Internet Law, Social Media, and Privacy
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Q1) Using a domain name that is identical or similar to the trademark of another is legal.
A)True
B)False
Q2) Penalties exist for anyone who circumvents encryption software or other technological antipiracy protection.
A)True
B)False
Q3) The employees of The Car Company share company-related resources among multiple computers without requiring a central network server. This is
A) digital sampling.
B) cybersquatting.
C) cloud computing.
D) peer-to-peer (P2P) networking.
Q4) Federal law prevents a provider of communication services-such as a cell phone company-from divulging private communications to certain entities and individuals.
A)True
B)False
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9
Chapter 8: Criminal Law and Cyber Crime
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Q1) Mae is granted immunity after she agrees to testify about a crime. Mae has an absolute privilege against self-incrimination and can
A) be prosecuted only for a crime about which she agreed to testify.
B) not be prosecuted for any crime.
C) not refuse to testify.
D) refuse to testify.
Q2) Domino causes a disturbance at El Nino Cafe. He is arrested and charged with disorderly conduct, a misdemeanor. A misdemeanor is a crime punish-able by A)a fine only.
B)imprisonment up to one year.
C)imprisonment up to six months.
D)imprisonment up to ten days.
Q3) One purpose of criminal sanctions is to deter others from committing similar crimes in the future.
A)True
B)False
Q4) A misdemeanor is a crime punishable only by a fine.
A)True
B)False
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Chapter 9: Business Ethics
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Q1) Major Construction & Manufacturing Corporation makes a side payment to a govern-ment official in India. Under the Foreign Corrupt Practices Act, this is permitted
A) under no circumstances.
B) if the purpose is to secure a favorable contract.
C) under the dictum "When in Rome, do as the Romans do."
D) if the official is not a U.S. citizen.
Q2) Steaks n' Fries Restaurant Company's decision makers view a particular risk in the consumption of Steaks n' Fries' products as open and obvious. Continuing to market the products without explicitly telling consumers of the risk could be justified from a perspective of
A) duty-based ethics.
B) corporate social responsibility.
C) religious ethical principles.
D) outcome-based ethics.
Q3) Acting in good faith gives a business firm a better chance of defending its actions in court.
A)True
B)False
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Chapter 10: Nature and Classification
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Q1) Lucy agrees to work for Mung Manufacturing, Ltd., as a Chinese/ English/ French translator. In determining whether a contract has been formed, an element of prime importance is
A) the parties' intent.
B) Mung's base of operations.
C) the duration of the work.
D) Lucy's language capabilities.
Q2) All contracts include an implied covenant of good faith and fair dealing. A)True
B)False
Q3) Peter offers to pay Quik Delivery (QD) $50 if it picks up and delivers to him a package of business documents from Rico within 30 minutes. QD can ac-cept the offer only by meeting the deadline. If QD performs as directed, these parties will have A) a bilateral contract.
B) a trilateral contract.
C) a unilateral contract.
D) no contract.
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Chapter 11: Agreement
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Q1) A price list is treated as an invitation to negotiate.
A)True
B)False
Q2) Barney offers to sell his Call Marketing Center business to Domino for $100,000. Domino replies, "The price is too high. I will offer to buy it for $90,000." Domino has A) accepted the offer.
B) made a counteroffer without rejecting the offer.
C) rejected the offer and made a counteroffer.
D) rejected the offer without making a counteroffer.
Q3) Archway Architects, Inc., makes travel arrangements online and stores the confirming documents and receipts on its servers. Under the UETA, "information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form" is
A) an e-contract.
B) a shrink-wrap agreement.
C) a partnering agreement.
D) a record.
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13
Chapter 12: Consideration, Capacity, and Legality
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Q1) Disaffirmance is the legal avoidance, or setting aside, of a contractual obligation. A)True
B)False
Q2) Through fraudulent means, Finlay induces Ethel to sign a contract to in-vest with him the profits from her business. When Ethel learns the truth, she may A) only enforce the contract.
B) only recover what she invested with Finlay.
C) enforce the contract or recover what she invested with Finlay. D) do nothing.
Q3) Marketing Solutions Inc. promises to employ Niki as a software engineer. In reliance on the promise, Niki quits her job with Online Ad Company, but Marketing Solutions does not hire her. Most likely, Marketing Solutions is
A) liable to Niki under the concept of rescission and new contract.
B) liable to Niki under the doctrine of promissory estoppel.
C) liable to Niki under the preexisting duty rule.
D) not liable to Niki.
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Page 14
Chapter 13: Defenses to Contract Enforceability
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Q1) Refer to Fact Pattern 13-1.The writing that Odell and Paula signed is a contract that is
A) completely integrated.
B) conditionally integrated.
C) partially integrated.
D) supplementally integrated.
Q2) A written contract that is intended to be the final statement of the terms of an agreement is an integrated contract.
A)True
B)False
Q3) Kari, a real estate agent, assures Linc that a certain parcel of commercial property fronts on the most highly trafficked street in Metro City. Linc buys the property and then discovers that the street has no more traffic than any other in its vicinity. Linc is most likely a victim of
A) opinion.
B) fraud.
C) mistake.
D) nothing.
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Page 15
Chapter 14: Third Party Rights and Discharge
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Q1) Subjective impossibility of performance can discharge a contract.
A)True
B)False
Q2) D'Alemberte contracts with Elias to render personal nursing services for the benefit of Federica. This is
A) a delegation.
B) an assignment.
C) a third party beneficiary contract.
D) an alienation.
Q3) Leon contracts to install automatic watering troughs in Kendall's dairy barn. Leon then becomes seriously ill and contracts with Jake to install the troughs. Jake is unreliable and never shows up to install the troughs. Kendall can sue
A) no one.
B) Jake only.
C) Leon only.
D) Jake or Leon.
Q4) A transfer of contract rights to a third party is an assignment.
A)True
B)False
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Chapter 15: Breach and Remedies
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Q1) Expenses that are caused directly by a breach of a contract are known as primary damages.
A)True
B)False
Q2) Global Enterprise Corporation enters into a contract with HealthCare Insurance Company to obtain insurance for Global employees. If HealthCare breaches the contract and Global is awarded compensatory damages, the purpose would be to A)establish, as a matter of principle, that HealthCare acted wrongfully.
B)provide Global with funds for a foreseeable loss beyond the contract.
C)provide Global with funds for its loss of the bargain.
D)punish HealthCare and deter others from similar acts.
Q3) Nogales Ceramics pays Omar $15,000 to propose an online marketing campaign. Two days later, Omar tells Nogales that he has accepted a job in Silicon Valley and cannot plan the campaign. As compensatory damages, Nogales can recover
A)$150,000.
B)$15,000.
C)$1,500.
D)$0.
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17
Chapter 16: International Law in a Global Economy
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Q1) The act of state doctrine provides that the executive branch of one country will not examine the validity of public acts committed by a recognized foreign government within its own territory.
A)True
B)False
Q2) The Foreign Sovereign Immunities Act spells out what a "foreign state" includes.
A)True
B)False
Q3) World Metals, Inc., a U.S. firm, wants to file a suit in the United States against a Venezuela government agency, alleging a violation of certain international laws. Under the Foreign Sovereign Immunities Act, the agency is
A) not immune from the jurisdiction of U.S. courts.
B) immune from the jurisdiction of U.S. courts.
C) not subject to a suit by any private foreign firm.
D) subject to a suit by a private firm only in Venezuela.
Q4) Few countries guarantee compensation to foreign investors if their property is taken.
A)True
B)False
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Page 18
Chapter 17: The Formation of Sales and Lease Contracts
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Q1) Olivia contracts to buy a refrigerator from a Prairie State Appliance store with the price to be paid in monthly installments. Later, Olivia files a suit against Prairie State, claiming that their contract is so unfair and one-sided that it would be unreasonable to enforce it. Olivia is asserting
A) the concept of good faith.
B) the entrustment rule.
C) the mirror image rule.
D) the doctrine of unconscionability.
Q2) The UCC requires a contract modification to be supported by new consideration.
A)True
B)False
Q3) When a buyer breaches a contract, the risk of loss immediately shifts to the buyer.
A)True
B)False
Q4) Under the UCC, if a contract for a sale of goods does not specify the quantity, a court will objectively determine what is a reasonable quantity.
A)True
B)False
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19
Chapter 18: Performance and Breach of Sales and Lease Contracts
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Q1) Band Instruments, Inc., sells seventy-six trombones to Community & School Band Source, Inc. To avoid liability for most implied warranties, Band Instruments should state in writing that the trombones are sold
A) as is.
B) by a merchant.
C) in perfect condition.
D) with no known defects.
Q2) Beef Burgers, Inc. contracts to buy five hundred head of cattle from Calf & Cow Farms. Before Calf & Cow delivers, an outbreak of disease causes a quarantine of the farm. In this circumstance, the perfect tender rule
A) applies to both parties.
B) no longer applies.
C) applies only to Beef Burgers.
D) applies only to Calf & Cow.
Q3) Every sale or lease by a merchant who deals in goods of the kind sold or leased automatically gives rise to an implied warranty of merchantability.
A)True
B)False
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Chapter 19: Negotiable Instruments
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Q1) Refer to Fact Pattern 19-3. With respect to this instrument, Union Bank is
A) the drawee.
B) theindorser.
C) themaker.
D) the payee.
Q2) Refer to Fact Pattern 19-1. Erins check is most likely
A)a certificate of deposit.
B)an order to pay.
C)a promise to pay.
D)a promissory note.
Q3) Gwen deposits $5,000 with Home State Bank on July 1, 2016. Home State Bank promises to repay Gwen the $5,000 plus 3 percent annual interest on July 1, 2021. Home State Bank issued to Gwen
A) a certificate of deposit.
B) a check.
C) a nonnegotiable instrument.
D) a trade acceptance.
Q4) An instrument is not defective simply because it is overdue.
A)True
B)False
21
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Chapter 20: Banking in the Digital Age
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Q1) On an automated teller machine (ATM) belonging to USA Bank, Sven placed a card-skimming device to pull information from the magnetic strips of users' debit cards. The device then transmitted the stolen data to thieves who used it to gain access to, and empty, the bank accounts of the users, including Megan. Megan learned of the theft the next day and promptly notified USA. Is Megan entitled to a recredit of her account for the most of the loss due to the theft? Explain.
Q2) Drew signs a check pay to the order of Eastern State University drawn on Drews account in Fidelity Bank to pay her tuition. Drew is A)none of the choices.
B)the drawee.
C)the drawer.
D)the payee.
Q3) Jackie inserts a debit card issued by her bank into a machine and keys in her personal identification number. She is then able to withdraw $500 in cash. Jackie is using A) an automated teller machine.
B) a point-of-sale system.
C) a direct deposit system.
D) an Internet payment system.
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Page 22
Chapter 21: Security Interests and Creditors Rights
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Q1) Any breach of the terms of the security agreement can constitute default.
A)True
B)False
Q2) Olaf is the creditor in a transaction with Phil. Once certain requirements are met, Olafs rights will attach, which means that Olaf will have
A)an indivisible ownership right to Phils property.
B)an enforceable security interest in Phils property.
C)a notice affixed to Phils property.
D)the permission of a court to seize Phils property.
Q3) A defaulting debtor cannot redeem nonexempt property before a sale under a writ of execution.
A)True
B)False
Q4) An employee can be discharged due to a garnishment order.
A)True
B)False
Q5) An artisan's lien is possessory.
A)True
B)False
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Chapter 22: Bankruptcy
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Q1) One goal of bankruptcy law is to ensure equitable treatment of creditors who are competing for a debtor's assets.
A)True
B)False
Q2) Kofi files a petition for bankruptcy. Kofi must include with the petition
A) a plan to turn over his future income to the trustee.
B) a certificate proving attendance at a credit-counseling briefing.
C) a provision of adequate means for the petition's execution.
D) a statement of preference for one creditor over another.
Q3) A trustee has the power to avoid preferences.
A)True
B)False
Q4) Beatrix defaults on a debt to Credit Union Corporation. As a creditor, Credit Union can place liens on all of Beatrix's property except
A) motor vehicles used to commute to work.
B) stock in various corporations.
C) items that the debtor selects.
D) vacant commercial property.
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24
Chapter 23: Agency Relationships in Business
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Q1) Refer to Fact Pattern 23-2. Liability to Désean for nonperformance of the contract may be imposed on
A) none of the choices.
B) Berry and Cuisine Catering.
C) Berry only.
D) Cuisine Catering only.
Q2) A power of attorney can permit an agent to transact all business for a principal.
A)True
B)False
Q3) For an agent's implied authority to be effective, a principal must confirm it in writing.
A)True
B)False
Q4) Agency relationships only exist between employers and employees.
A)True
B)False
Q5) Vicarious liability is direct liability.
A)True
B)False
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Chapter 24: Employment, Immigration, and Labor Law
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Q1) Workers who have been fired for misconduct or who have voluntarily left their jobs are not eligible for unemployment compensation.
A)True
B)False
Q2) U.S. employers face serious penalties if they hire undocumented immigrants.
A)True
B)False
Q3) Only employers contribute under federal law to help pay for benefits that will partially make up for their employees' loss of income on retirement.
A)True
B)False
Q4) Children under fourteen years of age are not allowed to work.
A)True
B)False
Q5) Whistleblowing occurs when an employer signals the end of a workday by sounding a buzzer, ringing a bell, or otherwise "blowing the whistle "
A)True
B)False
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Chapter 25: Employment Discrimination
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Q1) Inez files an employment discrimination suit against Jiffy Delivery Service, Inc., under the Civil Rights Act, based on Jiffy's discharge of Inez. Possible relief includes
A) imprisonment.
B) reinstatement.
C) fines.
D) an order to shutdown the employer's business.
Q2) Title VII of the Civil Rights Act applies to employers with fifteen or less employees.
A)True
B)False
Q3) Free-Flo Pipes & Plumbing Corporation is a private employer involved in an employment discrimination suit under the Civil Rights Act. Punitive damages may be recovered against Free-Flo only if the employer
A) acted with malice or reckless indifference.
B) can easily afford to pay the amount.
C) has one hundred or more employees.
D) consents.
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Chapter 26: Sole Proprietorships and Private Franchises
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Q1) A franchisee is generally economically independent of the franchisor's integrated business system.
A)True B)False
Q2) The day-to-day operation of the franchise business normally is under the control of the franchisor.
A)True B)False
Q3) A franchisee can operate as an independent businessperson but still obtain the advantages of a national organization.
A)True
B)False
Q4) Level Fencing Company wants to present information in "disclosure documents" via the Internet to prospective franchisees. Among other legal requirements with which Level Fencing must comply, prospective franchisees must
A) agree to settle any lawsuits that may arise over the documents.
B) be able to download or save all electronic documents.
C) provide e-mail addresses for Level Fencing to verify users' authenticity.
D) register with the Federal Trade Commission via Level Fencing's Web site.
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Chapter 27: All Forms of Partnership
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Q1) Refer to Fact Pattern 27-2. Lindsey dissociates from Mobile. Kristin signs a contract with Organic Olives, a food seller, apparently on Mobile's behalf. Organic Olives does not know of Lindsey's dissociation. The contract is binding on
A) Kristin, Lindsey, and Mobile.
B) Kristin only.
C) Mobile only.
D) Organic Olives only.
Q2) Jim and Kyle are partners in J&K Sales, which exports technical equipment under a three-year partnership agreement. One year into the term, Congress declares that the equipment can no longer be exported. J&K
A) can continue its business until the end of the three-year term.
B) can continue its business indefinitely.
C) dissolves immediately unless the partners change its business.
D) is immediately subject to criminal prosecution and penalties.
Q3) In winding up a general partnership, creditors are paid before partners receive their capital contributions.
A)True
B)False
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Chapter 28: Limited Liability Companies and Special Business Forms
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Q1) Jeremy is considering forms of business organization, including the limited liability company (LLC), for his concessions business-Kettle Popt-Korn. Most states require that an LLC have
A) an alter ego, but no minimum number of participants.
B) at least one member.
C) at least two members.
D) at least one non-member manager.
Q2) Unless a limited liability company indicates otherwise, the Internal Revenue Service automatically taxes it as a partnership.
A)True
B)False
Q3) Qatar Global Investments is a foreign entity-a firm owned and operated by investors in a foreign country. With respect to a limited liability company in the United States, Qatar Global can
A) act as a creditor, but cannot otherwise invest or participate.
B) become a member.
C) not become a member, but can participate in its operations.
D) not become a member or otherwise participate in its operations.
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Chapter 29: Corporations
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Q1) Dollars & Sense, Inc., is incorporated in the state of New Jersey and is doing business in the state of New York. In New York, Dollars & Sense is properly referred to as A)a domestic corporation.
B)a foreign corporation.
C)an alien corporation.
D)a public corporation.
Q2) Stocks represent the borrowing of funds by firms.
A)True
B)False
Q3) Nora is a director of Outback Outfitters, Inc. Under the standard of due care owed by directors of a corporation, Nora's decisions must be informed and A) reasonable.
B) unquestionable.
C) indefensible.
D) perfect.
Q4) Guy is Hot Java Company's majority shareholder. Guy decides to sell his Hot Java stock. The sale will be an effective transfer of the control of the company. Does Guy owe a duty to Hot Java or its minority shareholders in this situation?
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Chapter 30: Investor Protection, Insider Trading, and Corporate Governance
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Q1) The Securities and Exchange Commission does not regulate the content of proxy statements.
A)True
B)False
Q2) Grain Mills Corporation is required to register its securities under Section 12 of the Securities Exchange Act of 1934. Section 14(a) of the act regulates
A) the declaration of dividends by Grain Mills's board of directors.
B) the later re-registration of Grain Mills's securities.
C) the short-swing activities of Grain Mills's insiders.
D) the solicitation of proxies from Grain Mills's shareholders.
Q3) Space Trips Inc. files a registration statement with the SEC before making an offering to the general public. The registration contains false, immaterial statements of which the investors are unaware. Space Trips is charged with violating the Securities Act of 1933. Space Trips's best defense is
A) the investors were not aware of the misrepresentations.
B) the issuer reasonably believed the misstatements were true.
C) the offering was made available to the general public.
D) the untrue statements were not material.
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Chapter 31: Antitrust Law and Promoting Competition
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Q1) The Clayton Act prohibits price discrimination.
A)True
B)False
Q2) By contract, Oil Shale Corporation forbids Petro Refining, Inc., a wholesale buyer of Oil Shale's products, from purchasing the products of its competitors. This exclusive-dealing contract is not permitted
A) under any circumstances.
B) if its effect is to cause a competitor a loss of any business.
C) if its effect is to substantially lessen competition.
D) unless there is no effect on a competitor.
Q3) Joint refusals to deal are not subject to scrutiny under the Sherman Act.
A)True
B)False
Q4) Refer to Fact Pattern 31-1. A court would most likely rule that the agreement between Bodycare and Deja Vu is
A) a deal that neither restrains trade or harms competition.
B) a legal restraint of trade.
C) a per se violation of the Sherman Act.
D) subject to analysis under the rule of reason.
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Chapter 32: Consumer and Environmental Law
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Q1) It is a violation of federal law to sell a pesticide or herbicide that has a chemical strength different from the concentration declared on the label.
A)True
B)False
Q2) Teri borrows $10,000 from USA National Bank to remodel a room in her home. This transaction is subject to
A) no federal law.
B) the Consumer Leasing Act.
C) the Consumer Product Safety Act.
D) the Truth-in-Lending Act.
Q3) The government can recover the cost to clean up a hazardous waste disposal site from the persons who were even remotely responsible.
A)True
B)False
Q4) Deceptive advertising occurs if a reasonable consumer would be misled by the advertising claim.
A)True
B)False
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Chapter 33: Liability of Accountants and Other Professionals
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Q1) An accountant is not liable for a false statement that affects the price of a security if the buyer or seller of the security knew the statement was false. A)True B)False
Q2) To obtain damages for fraud, an innocent party does notneed to have been injured. A)True
B)False
Q3) An accountant normally will notbe held liable to the client for incorrect judgment. A)True
B)False
Q4) Root & Branch is a Registered Public Accounting Firm. Root & Branch performs auditing services for Sales & Service Company. Under the Sarbanes-Oxley Act, at the same time, for the same company, Root & Branch can also perform
A) bookkeeping.
B) none of the choices.
C) appraisal services.
D) financial systems design.
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Chapter 34: Personal Property and Bailments
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Q1) Earth's Bounty Farms arranges to have Fresh Express, Inc., a common carrier, transport a load of almonds from California to Delaware. Greg is Fresh Express's driver. Fresh Express will not be liable to Earth's Bounty for failing to deliver the almonds on time if
A) authorities are stopping and searching all trucks leaving California.
B) Fresh Express's dispatcher mistakenly delays Greg's departure.
C) Fresh Express's truck is broken into and the almonds are stolen.
D) Greg has to wait two days in Sacramento for the truck to be repaired.
Q2) Common carriers can contract away their liability for damaged goods.
A)True
B)False
Q3) A gift is effective whether or not it is accepted.
A)True
B)False
Q4) Nancy asks Octavio if she can store her car in his garage while she serves in the U.S. Peace Corps. Octavio agrees. This is
A) a bailment.
B) accession.
C) a gift.
D) abandoned property.
Page 36
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Chapter 35: Real Property and Landlord-Tenant Law
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Q1) Eminent domain is the right of an owner of property in fee simple absolute to use the property as he or she sees fit.
A)True
B)False
Q2) Grey rents an apartment to Hugh, who retains possession of the apartment after the lease expires without making any payments of rent. This is
A) a periodic tenancy.
B) a tenancy at sufferance.
C) a tenancy at will.
D) a fixed-term tenancy.
Q3) Under the covenant of quiet enjoyment, a landlord promises that a tenant's use and enjoyment of the property will not be disturbed by someone with superior title.
A)True
B)False
Q4) Nora orally agrees to rent an apartment to Owen for a six-month term. Is this lease enforceable if it is not in writing?
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Chapter 36: Insurance, Wills, and Trusts
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Q1) A valid will is one that represents the maker's intention to transfer and distribute his or her property.
A)True
B)False
Q2) Portia is the beneficiary of a life insurance policy on Quentins life obtained from Renewall Insurance Company through Stan, an insurance broker. The insured of this policy is
A)Portia.
B)Quentin.
C)Renewall.
D)Stan.
Q3) Graham's will leaves $100,000 to his two children, Harry and Ida. When Graham dies, he only has $80,000 to honor his bequests. Harry and Ida each receive $40,000. This is A) a legacy.
B) an abatement.
C) intestacy.
D) a devise.
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