Business and Society Study Guide
Questions
Course Introduction
Business and Society explores the complex relationship between commercial enterprises and the broader social, ethical, and environmental contexts in which they operate. This course examines how businesses impact and are influenced by societal values, cultural norms, government regulations, and stakeholder interests. Topics include corporate social responsibility, ethical decision-making, stakeholder management, globalization, and the sustainable development goals. Through case studies, discussions, and analytical frameworks, students gain insights into how businesses can balance profitability with social good, address public concerns, and contribute to positive societal change.
Recommended Textbook Managers and the Legal Environment Strategies for the 21st Century 7th Edition by Constance E.
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Chapter 1: law, value creation, and risk management
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Q1) A legally astute manager understands that legal analysis is often ambiguous.
A)True
B)False
Answer: True
Q2) Discuss ways in which laws and regulations promote economic growth.
Answer: Laws and regulations promote economic growth by protecting private property rights; enforcing private agreements; allocating risks; facilitating the raising of capital; creating incentives to innovate; promoting liquid and skilled labor markets; providing subsidies,tax incentives,and infrastructure; and promoting free trade in global markets.
Q3) Managers can make their own "public" law.
A)True
B)False
Answer: False
Q4) Laws enacted in response to corporate misdeeds often impose fewer restrictions and costs on business than would have been imposed had firms as a whole acted more responsibly at the outset.
A)True
B)False
Answer: False
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Chapter 2: Ethics ant the law
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Q1) If an action does not maximize shareholder value,and the firm has no ethical reason to act,the action should not be taken.
A)True
B)False
Answer: True
Q2) Refer to fact pattern 2-2.Upon which of the following would Peggy most likely rely to support her contention?
A) Rawlsian moral theory
B) Teleological theory
C) Artificial person application
D) Deontological theory
Answer: B
Q3) Which of the following allows rights-based moral theories to be compared to other theories such as a utilitarian framework?
A. Deontology
B. Teleological theory
C. Comparative justice
D. Rawlsian moral theory
Answer: C
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Page 4
Chapter 3: Courts, sources of law, and dispute resolution
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Q1) Which of the following is true regarding age and citizenship requirements of federal judges?
A) There are no age requirements nor is there any requirement that a federal judge be a naturally born citizen.
B) There are no age requirements but there is a requirement that a federal judge be a naturally born citizen.
C) A federal judge must be at least 45, but there is no requirement that a federal judge be a naturally born citizen.
D) A federal judge must be at least 45 and also a natural born citizen.
Answer: A
Q2) A ______ action is brought by a representative of many people suffering the same harm.
A) Conglomerate
B) Group
C) Representative
D) Class
Answer: D
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Chapter 4: Constitutional bases for business regulation
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Q1) Obscene material does not enjoy any protection under the First Amendment.
A)True
B)False
Q2) In order to hold a media defendant liable for statements made about a public figure,_____ must be established on the part of the media defendant.
A) actual malice
B) negligence
C) only inaccuracy
D) intent to inflict monetary harm
Q3) State X passes a law restricting the right of citizens to vacation in foreign countries because the state prefers that its citizens spend their vacation dollars in the U.S. A group of state citizens challenge the law. Set forth the standard a court would apply in reviewing the law and the likely outcome of the case.
Q4) The U.S.Supreme Court has original jurisdiction over cases affecting ambassadors and cases in which a state is a party.
A)True
B)False
Q5) Under what circumstances is state law preempted in favor of federal law?
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Chapter 5: Agency
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Q1) Which of the following was the result in EBC I,Inc.v.Goldman,Sachs,& Co.,the case in the text in which it was claimed that Goldman Sachs breached a fiduciary duty in acting as an underwriter and in providing advice to eToys,the plaintiff's predecessor,in regard to an initial public offering of stock?
A) The court dismissed the case on the basis that Goldman Sachs as an underwriter could not be considered a fiduciary based on its role in the transactions at issue.
B) The court refused to order a dismissal of the plaintiff's claim and found that Goldman Sachs' failure to disclose a material conflict of interest established a claim for breach of fiduciary duty.
C) The court dismissed the case because Goldman Sachs had every right to make a profit out of the transaction so long as no actual misrepresentations were made to the plaintiffs.
D) The court refused to order a dismissal of the plaintiff's claim and found that Goldman Sachs' could be held liable based on material misrepresentations made to the plaintiffs regarding the value of the stock involved in the initial public offering.
Q2) What is considered in determining the scope of an agent's implied authority?
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Chapter 6: Administrative Law
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Q1) Federal administrative agencies are normally created by
A) Congress
B) the President
C) the Supreme Court
D) the United States Constitution
Q2) ________ by administrative agencies provide a practical decision-making process for repetitive,frequent actions that are inappropriate to litigate in courts.
A) De novo decisions
B) Informal discretionary actions
C) Formal rule making
D) Informal rule making
Q3) A final agency rule is codified and added to the ____________.
A) Code of Federal Regulations
B) Code of Uniform Regulations
C) Code of Legislative Regulations
D) Code of Federal Reporting
Q4) Agencies lack the authority to conduct formal adjudications.
A)True
B)False
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Chapter 7: Contracts
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Q1) .Whether a contract is a bilateral or unilateral contract depends upon whether the sale of goods is involved.
A)True
B)False
Q2) Ann promises to give Carlos $50 if he promises to sell her a business law book. This is an example of a[n] ______ contract.
A) Unilateral
B) Bilateral
C) Void
D) Conditional
Q3) Describe the three standard measures as listed in the text that courts have developed to measure monetary damages in contract cases.Explain how each would be measured.
Q4) Void means the same thing as voidable in contract law.
A)True
B)False
Q5) In a unilateral contract,a promise is given in exchange for another promise.
A)True
B)False
Q6) What are the four basic elements necessary for a valid contract?
Page 9
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Chapter 8: sales,licensing,and e-commerce
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Q1) Under the UCC,the implied warranty of merchantability guarantees that the goods are reasonably fit for the general purposes for which they are sold,and that they are properly packaged and labeled.
A)True
B)False
Q2) Most states have adopted the Uniform Electronic Transactions Act.
A)True
B)False
Q3) A product liability action brought in tort generally permits recovery of economic damages suffered by a purchaser of an inferior or defective product whereas a breach of warranty action would not allow such a claim.
A)True
B)False
Q4) Under the UCC,a firm offer only applies to
A) merchants
B) merchants and non-merchants
C) non-merchants
D) option contracts
Q5) Explain the different types of warranties that exist under the UCC.
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Chapter 9: Torts and Privacy protection
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Q1) Minerva told Prudence that Prudence could park her farm tractor on Minerva's land but only for one month. Two months later,Minerva is annoyed because the farm tractor is still on her land; and Prudence refuses to move it. Which of the following causes of action,if any,would Minerva have against Prudence?
A) Trespass
B) Nuisance
C) Negligence
D) Trespass and nuisance, but not negligence
Q2) Which of the following is true regarding assault?
A) Assault is an intentional, nonconsensual act that gives rise to the apprehension that a harmful or offensive contact is imminent.
B) Assault is an intentional, nonconsensual act that gives rise to the fear that a harmful or offensive contact is imminent.
C) Assault is a negligent, nonconsensual act that gives rise to the apprehension that a harmful or offensive contact is imminent.
D) Assault is a negligent, nonconsensual act that gives rise to the fear that a harmful or offensive contact is imminent.
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Chapter 10: product liability
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Q1) Which of the following is true regarding computer software is considered a product subject to state product liability law?
A) Courts examining the issue have ruled that computer software is a product subject to state product liability law.?
B) Courts examining the issue have ruled that computer software is not a product subject to state product liability law.
C) Courts examining the issue have reached varying results regarding whether computer software is a product subject to state product liability law.
D) Courts examining the issue have found that computer software is a product subject to state product liability law only if the software is marketed to children.
Q2) Under the doctrine of _________,when a person voluntarily and unreasonably assumes the risk of a known danger,the manufacturer is not liable for any resulting injury.
A) assumption of risk
B) comparative negligence
C) contributory negligence
D) assumption of harm
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Chapter 11: Intellectual property
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Q1) The practice of _________ occurs when an individual registers a famous trademark as an Internet domain name and then offer to sell the domain name to the trademark owner for a ransom.
A) Internet trademark abuse
B) domain misuse
C) domain / trademark harassment
D) cybersquatting
Q2) The Uniform Trade Secrets Act is a federal law.
A)True
B)False
Q3) Jill invented a new type of device to control dog barking without harming the dog. A month later,Sam independently invented an almost identical type of device. Sam filed for a patent immediately. When Jill became aware of his filing,she also filed for patent protection. Assuming that there is no statutory bar,between Jill and Sam,who should be awarded the patent prior to September 16,2003 and why? What about after September 16,2013? What law affects the result after September 16,2013? What would the result be in most other countries?
Q4) Discuss in detail common law rights,if any,in a trademark in the U.S.
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Page 13
Chapter 12: The employment agreement
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Q1) Around half the states originally followed the employment-at-will rule.
A)True
B)False
Q2) Courts in a minority of states have recognized a bad-faith exception to the at-will employment relationship called the ______.
A) Implied covenant of good faith and fair dealing
B) Imposed contract of fair treatment
C) Imposed contract of fair treatment and ethical conduct
D) Implied obligation of fairness and ethics
Q3) The Patient Protection and Affordable Care Act prohibits insurers from denying health-care coverage or charging higher premiums due to preexisting conditions.
A)True
B)False
Q4) The majority of states have refused to adopt the doctrine of self-publication to support a cause of action for defamation.
A)True
B)False
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Chapter 13: civil rights and employment discrimination
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Q1) Which of the following does Executive Order 11246 require that federal contractors include in every nonexempt government contract?
A) An agreement not to discriminate in employment on the basis of race, color, religion, sex, or national origin.
B) An agreement to hire a certain quota of minorities.
C) An agreement to perform audits of discriminatory practices.
D) An agreement to hire a certain quota of minorities and an agreement to perform audits of discriminatory practices.
Q2) Under the Family and Medical Leave Act,eligible employees are entitled to ____ weeks of leave per year.
A) 10
B) 20
C) 12
D) 5
Q3) It is not necessary to prove intentional discrimination to prevail in a disparate impact case.
A)True
B)False
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Page 15
Chapter 14: Criminal law
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Q1) Refer to fact pattern 14-1. Can Beatrice be tried again for the same crime?
A) No, because of the double jeopardy bar.
B) Only if at least five of the jurors voted in her favor to acquit her.
C) Only if at least six of the jurors voted in her favor to acquit her.
D) Yes.
Q2) Which of the following is true of the death penalty in China?
A) More than 60 crimes carry the death penalty including tax fraud and bribery.
B) Less than 5 crimes carry the death penalty because it is limited to crimes involving the most serious offenses such as murder.
C) While it is currently in effect for some crimes, it is outlawed beginning in 2015.
D) The death penalty is currently outlawed.
Q3) Evidence found as the result of an illegal search may be characterized as
A) irrelevant.
B) the fruit of the poisonous tree.
C) prosecutorial misconduct.
D) tainted goods
Q4) The Fifth Amendment grants the criminal defendant a right to a trial by jury.
A)True
B)False
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Chapter 15: Environmental law
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Q1) The principal goal of the Clean Water act is to eliminate the discharge of pollutants into the non-navigable waters of the United States.
A)True
B)False
Q2) Contractual arrangements to shift environmental liability between companies are binding on federal and state governments.
A)True
B)False
Q3) The EPA is a cabinet-level department
A)True
B)False
Q4) Under CERCLA the Superfund money is spent
A) on a first come first served basis.
B) based in part on a national priorities list.
C) in chronological order from the date of the discovery.
D) according to the allocation voted by Congress.
Q5) Policy statements issued by the EPA have the force of law. A)True B)False
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Chapter 16: Antitrust
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Q1) Local municipalities may not be held liable for antitrust damages and are not subject to equitable remedies such as injunctions.
A)True
B)False
Q2) For a monopoly to be found illegal,which of the following is relevant after market power is established?
A) Single brand market.
B) Multiple brand market.
C) Collusion.
D) Monopolistic intent.
Q3) Which of the following refers to the principle that unless barriers to entry or other factors make a market structurally conducive to monopolization,pricing below cost is not a Sherman Act violation,regardless of whether the defendant had monopolistic intent?
A) The principle of certainty
B) The principle of uncertainty
C) The rule of improbability
D) The rule of impossibility
Q4) What types of price-fixing agreements are considered horizontal price-fixing?
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Chapter 17: Consumer Protection
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Q1) Under the Magnuson-Moss Warranty Act,a seller who offers a written warranty on goods must provide a full warranty.
A)True
B)False
Q2) The Truth-in-Lending Act limits credit card liability to $50 per card for unauthorized charges made before a card issuer is notified of a lost or stolen card.
A)True
B)False
Q3) Which of the following is true regarding USDA standards for organic food?
A) Neither pesticides, genetic engineering, growth hormones, nor irradiation may be used.
B) Pesticides may be used, but genetic engineering and the use of growth hormones is disallowed.
C) Pesticides and irradiation may not be used, but genetic engineering and the use of growth hormones is allowed.
D) The USDA has no standards for organic food.
Q4) Set forth the four main provisions of the CAN-SPAM Act.
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19
Chapter 18: real property and land use
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Q1) Describe in detail the three basic types of deeds including any warranties or guarantees the deeds provide.
Q2) Refer to fact pattern 18-1. Which of the following is a term used for the dump in which Prudence is interested?
A) Black area
B) Brownfield
C) Red zone
D) Danger zone
Q3) A sublease is legally the same thing as an assignment of a lease.
A)True
B)False
Q4) Which of the following sell beneficial shares that are traded in the stock markets and thereby permit small investors to invest in a diversified portfolio of real estate?
A) Real estate investment trusts
B) Real estate mutual funds
C) Land diversification trusts
D) Investment land diversifications
Q5) What must a person do to acquire a parcel of land by adverse possession?
Q6) Compare and contrast joint tenancy and tenancy by the entirety.
Page 20
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Chapter 19: Forms of business organizations
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Q1) In a[n] ________ a stock purchase is financed by debt.
A) cash out merger
B) freeze out acquisition
C) leveraged buyout
D) illegal purchase
Q2) If a business is operated by a partnership,LLC,or S corporation,then operating losses will be passed through to the individual partners or shareholders.
A)True
B)False
Q3) Cumulative voting allows a greater control by the management interests of a corporation.
A)True
B)False
Q4) Which of the following statements is not true regarding the characteristics of a corporation?
A) A corporation is a legal entity distinct from its owners.
B) A corporation is owned by shareholders.
C) The corporation itself is responsible for its liabilities.
D) The board of directors implements the decisions of the officers.
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Chapter 20: Directors, Officers, and Controlling
Shareholders
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Q1) The Delaware Corporation Code allows the certificate of incorporation to include a provision limiting or eliminating the personal liability of directors to the corporation or to its shareholders for monetary damages for breach of the duty of loyalty.
A)True
B)False
Q2) Refer to fact pattern 20-1. Did Tonya violate any duties owed to the corporation?
A) Yes, by buying the land for herself without disclosure to the corporation, she violated the corporate opportunity doctrine.
B) Yes, by buying the land for herself without disclosure to the corporation, she violated the duty of responsible decision making.
C) Only if the land involved was worth over $50,000 did she violate any duties because any smaller amount would be considered de minimus.
D) No.
Q3) Maurice is a fairly new director at ABC Corp. Peg,another director,tells him that she believes that the company is in Revlon mode and that the directors should act accordingly. What is Peg referencing?
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Page 22
Chapter 21: Public and Private Offerings of Securities
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Q1) Mere promotion of a security makes a person a seller and,therefore,liable under section 5 of the 1933 Act based upon the sale of a security without an effective registration statement or by means of a noncomplying prospectus.
A)True
B)False
Q2) Investment banking firms are prohibited by federal law from underwriting public offerings of securities.
A)True
B)False
Q3) A key step in preparing the registration statement is the process of ________,whereby the company,the underwriters,and their respective counsel assemble and review the information about the company in the registration statement. A) due diligence
B) reasonable review
C) strict scrutiny
D) proofing
Q4) Discuss when a promissory note will be considered a security including a detailed discussion of the family resemblance test.
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Chapter 22: Securities Fraud and insider trading
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Q1) Which of the following is true regarding remedies available under Rule 10b-5?
A) The measure of damages is typically out-of-pocket loss, or an investor may elect to rescind the transaction; and the court may award prejudgment interest; but punitive damages are unavailable.
B) The measure of damages is typically out-of-pocket loss with no right on the part of an investor to elect to rescind the transaction, and the court may award prejudgment interest; but punitive damages are unavailable.
C) The measure of damages is typically out-of-pocket loss, or an investor may elect to rescind the transaction; the court may award prejudgment interest; and punitive damages are available in appropriate cases.
D) The measure of damages is typically out-of-pocket loss with no right on the part of an investor to elect to rescind the transaction, the court may award prejudgment interest, and punitive damages are available in appropriate cases.
Q2) The safe harbor provision applies to forward-looking statements in connection with an initial public offering.
A)True
B)False
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Page 24
Chapter 23: Debtor-Creditor Relations and Bankruptcy
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Q1) A bank's ________ rate is the lowest published rate of interest at which the bank lends to its best and most creditworthy commercial customers.
A) lien
B) term
C) prime
D) secured
Q2) Refer to fact pattern 23-1. Which of the following is true regarding the repayment of the loans from Jack and Susan?
A) The payment to Susan would be considered a preference because it was made within 30 days of the filing for bankruptcy, but the payment to Jack would not be considered a preference because it was made more than 30 days prior to the bankruptcy filing.
B) Payments to both Jack and Susan would be considered preferences because they were made within 90 days of the filing for bankruptcy.
C) Payments to both Jack and Susan would be considered preferences because Jack and Susan are insiders, and the payments were made within one year of the bankruptcy filing.
D) The payments would not be considered preferences.
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Chapter 24: International Business
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Q1) Some countries require employers to fund employee benefits that are not expected in the U.S.
A)True
B)False
Q2) In the United States,the value of an article for customs purposes is normally the ________ value,which is the price indicated on the sales invoice.
A) customs
B) transaction
C) domestic
D) international
Q3) The members of the European Parliament are elected by the ________ of the member states.
A) legislative branch
B) executive branch
C) citizens
D) Council of Ministers
Q4) Civil law systems are found in areas besides Europe.
A)True
B)False
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