Business and the Legal Environment
Chapter Exam Questions
Course Introduction
This course provides an overview of the legal environment in which businesses operate, emphasizing the fundamental principles of law that affect commercial activities. Topics include the structure and function of the legal system, contracts, torts, property, intellectual property, employment law, and government regulation. The course explores how legal considerations impact business decision-making, risk management, and corporate responsibility, preparing students to identify legal issues and work effectively with legal professionals in a business context.
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The Legal Environment of Business A Managerial Approach 1st Edition by Sean P. Melvin
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Page 2
Chapter 1: Legal Foundations
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Q1) Iowa has just passed a law mandating a 30 day jail sentence for those convicted of harassing a bicyclist on any Iowa road.This law would be best described as:
A) an ordinance.
B) a public law.
C) a common law.
D) a private law
Answer: B
Q2) For private law to be applied,there must be a statute or ordinance enacted that provides for the rights of the parties.
A)True
B)False
Answer: False
Q3) Legal Realism is the oldest form of American jurisprudence and was founded during the American Revolution and forms the basis for the United States Constitution.
A)True
B)False
Answer: False
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Chapter 2: Business and the Constitution
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Q1) Commerce which is wholly contained within a state and which has no effect on other states or foreign countries is called ________ commerce.
Answer: Intrastate
Q2) Veto power is a power granted to the ________ branch of government.
Answer: Executive
Q3) Both commercial speech and corporate political speech are subject to intermediate scrutiny.
A)True
B)False
Answer: False
Q4) Commercial speech has always been afforded protection under the First Amendment.
A)True
B)False
Answer: False
Q5) Under the Constitution,Congress has the enumerated power to appoint federal officers and judges.
A)True
B)False
Answer: False
Page 4
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Chapter 3: The American Judicial System,Jurisdiction,and Venue
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Q1) Name the three instances where a federal court may establish subject matter jurisdiction over a defendant.
Answer: A federal court can establish subject matter jurisdiction over a defendant by finding,(1)federal question jurisdiction; (2)Diversity jurisdiction; or (3)that the U.S.is a plaintiff or defendant in the law suit.
Q2) Once a federal judge is confirmed and sworn in,they may only be removed by death,retirement or _______.
Answer: Impeachment
Q3) Diversity jurisdiction requires citizens of two different states:
A) or a controversy of $50,000 or more.
B) and a controversy of $50,000 or more.
C) or a controversy of $75,000 or more.
D) and a controversy of $75,000 or more
Answer: D
Q4) All American tax payers are allowed to bring any case they want to in federal court at any time.
A)True
B)False
Answer: False
Page 5
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Chapter 4: Resolving Disputes: Litigation and Alternative
Dispute Resolution Options
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Q1) In order to successfully pursue a law suit,the plaintiff must evidence standing to sue.What must the plaintiff prove in order to establish standing to sue?
Q2) A ________ is a document filed by one party that requests court action in a matter pertaining to the litigation.
Q3) A motion for a court to issue a ruling declaring that no trial is necessary because there are no essential facts in dispute is called a:
A) motion for a summary judgment.
B) motion to dismiss for mistrial.
C) motion for a judgment as a matter of law.
D) motion to dismiss
Q4) The last time an attorney addresses a jury is during the:
A) closing argument.
B) jury instructions.
C) deliberations.
D) making of a Motion for a Judgment as a Matter of Law
Q5) ADR has some advantages for a company that makes it a better alternative than litigation in many situations.Name and explain the various methods of ODR and what are the advantages that ODR has over ADR for some companies?
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Chapter 5: Business,Societal,and Ethical Contexts of Law
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Q1) In Arthur Andersen LLP v United States,Andersen's appeal of their previous conviction was overturned by the Supreme Court because:
A) it was determined that the trial court's jury instructions were defective.
B) it was determined that the government had not met its burden of proof.
C) it was determined that Andersen was acting solely on Enron's directions and that only Enron could be held responsible.
D) it was determined that no law existed at the time that Andersen acted that prohibited the shredding of corporate documents and such law was passed after the scandal and could not be enforced retroactively
Q2) One of the major reasons that Enron failed was because they did not have an articulated Code of Ethics to guide them.
A)True
B)False
Q3) Tom's company has a code of ethics and a separate code of conduct.If he would like to find out about the company's expectations or requirements regarding community service,he would reference the code of ethics.
A)True
B)False
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Chapter 6: Overview and Formation of Contracts
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Q1) If the offer specifies no time limit in which to accept:
A) the offeree has 10 days to accept.
B) the offeree has 30 days to accept.
C) the offeree has an unlimited time to accept as long as a revocation has not been made.
D) the offeree has a reasonable time to accept
Q2) When Maria comes home from work she finds that her yard has been mowed and trimmed.An hour later a man comes to her door to collect payment for the yard work.Maria refuses to pay him because she has never seen him before nor had she hired him to do the work.Which of the following is accurate?
A) this is an implied, unilateral contract so she must pay
B) Maria has received unjust enrichment so a quasi contract is formed so she must pay
C) the court would make Maria pay the reasonable cost of the work to be fair to both parties
D) Maria would not have to pay anything
Q3) Duress must be based on a physical threat and not an economic one.
A)True
B)False
Q4) What does the parole evidence rule say and how does it affect contracts?
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Chapter 7: Contract Performance: Conditions, Breach, and
Remedies
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Q1) Which of the following will not allow for an anticipatory repudiation to occur?
A) Tom calls Dick and says that he can't find the raw materials to complete performance and doubts he can meet the contract's performance deadline
B) Sally is buying Jane's car with the money and car to be exchanged in a week, however, Sally sees Betty who tells her she just bought Jane's car
C) Mary Beth is scheduled for knee surgery next month with Dr. Slice but reads in the paper that Dr. Slice has lost his license to practice medicine
D) Manny calls Moe and tells him that the sculpture he's creating for him is coming along slower than anticipated but he's pretty sure he'll be done by the contract deadline
Q2) Kathy and Tom have entered into a contract in which Mike has been named and included as an intended beneficiary by Kathy.Should Tom or Kathy breach the contract,Mike may sue both Tom and Kathy for breach of contract.
A)True
B)False
Q3) When one party has failed to perform his or her duties under a contract that party is said to be in total _______.
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Page 9
Chapter 8: Contracts for the Sale of Goods
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Q1) Lon's GPS,Inc.orders 500 Class A widgets to be installed in GPS units they are manufacturing.When delivery is made on Monday,the widgets delivered are Class B. Lon's signs a receipt accepting the nonconforming shipment. The next day, Lon's installs some of the Class B widgets and finds that the Class B widgets perform with half the accuracy of the Class A widgets. What if any options does Lon's have?
In most cases when a shipment of nonconforming goods is accepted, the buyer may seek to adjust the price if applicable but they forfeit the right to subsequently reject the goods. In this situation however, the UCC provides that if nonconforming goods are accepted and the nonconformity is found to substantially impair the value of the goods, the buyer may in fact revoke acceptance if done within a reasonable time.
Q2) A party holds title to goods when the goods have come into existence and the goods are identified to the contract.
A)True
B)False
Q3) Article 2 rules for acceptance of offers are more rigid than common law rules.
A)True
B)False
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Page 10
Chapter 9: Torts and Product Liability
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Q1) Alan drives drunk and causes a collision killing Toni.When Toni's grandmother hears the news she has a heart attack and dies.Can Alan be successfully sued for negligence in causing the grandmother's death?
Q2) Bill has shoplifted at a local store stealing three mobile phones.The theft is not detected until store camera videos are examined later that afternoon.Store management has the right to go to Bill's home and detain him until police arrive.
A)True
B)False
Q3) Your professor is in the middle of her lecture when the dean from a competing school walks into class and offers her a position at his school at double her present salary.When she asks when the position will start,he says tomorrow.Your professor looks at the class,says goodbye and walks out to start cleaning out her office.Your school can sue your professor for tortious interference with an existing contractual relationship. A)True B)False
Q4) When a seller makes a representation of fact about a product this is known as an ________ warranty.
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11
Chapter 10: Agency and Employment Relationships
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Q1) An agent may work for two principals at the same time if the agent deals fairly with both.
A)True
B)False
Q2) One significant benefit of an employer completing an IRS Form SS-8 is that even if the employer does in fact misclassify a worker,the proper completion of the form may evidence a good faith effort by the employer reducing or even eliminating IRS penalties for misclassification.
A)True
B)False
Q3) If a principal would like to keep her identity secret,she would use a/an:
A) disclosed agency.
B) partially disclosed agency.
C) undisclosed agency.
D) independent agency
Q4) Rob agrees to act as an agent for Diane in selling her car.Diane has a duty of loyalty to Rob.
A)True
B)False
Q5) Expressly firing someone for whistle-blowing constitutes the act of ______.
Page 12
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Chapter 11: Employment Regulation and Labor Law
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Q1) The Fair Labor Standards Act requires that all workers be paid a minimum wage.
A)True
B)False
Q2) Most state workers' compensation statutes exempt each of the following except:
A) Marie is a maid who injures her back while vacuuming a rug.
B) Tom is a full time custodial worker employed at a local store.
C) Fred is a college student who regularly works part time for a florist after classes and is injured making a delivery to a customer.
D) Mike is a college student who works two months a year during his summer vacation as a life guard at a pool and is injured saving a woman
Q3) The Fair Labor Standards Act is administered and enforced by the:
A) Equal Employment Opportunity Commission.
B) U.S. Department of Labor.
C) individual states through state departments of labor.
D) Senate Labor Committee
Q4) If an employee in a unionized company believes that the employer is violating the collective bargaining agreement,he or she may file a ________ and the union will arbitrate the matter on behalf of the employee.
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Page 13
Chapter 12: Employment Discrimination
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Q1) Emmanuelle has been the subject of intense and continuous hostile environment sexual harassment over a period of months.If she quits before filing a complaint with the EEOC,she forfeits the right to file the complaint and seek damages.
A)True
B)False
Q2) A plaintiff need not be in a minority of a protected class to be covered under Title VII.
A)True
B)False
Q3) Affirmative action sets and requires quotas in order to meet racial and sexual equality.
A)True
B)False
Q4) Mixed motives discrimination is analyzed using the ________ standard.
Q5) The Equal Pay Act was written to prohibit racial discrimination in pay.
A)True
B)False
Q6) Disparate treatment is analyzed using the ________ standard.
Q7) Disparate impact is analyzed using the ________ standard.
Page 14
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Chapter 13: Choice of Business Entity, Sole Proprietorships, and Partnerships
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Q1) General partnerships are not created by filing a form with a government agency.
A)True
B)False
Q2) In United States v.Morton,Morton was declared a general partner despite all paperwork including tax returns naming her as a limited partner because of her conduct.
A)True
B)False
Q3) The Revised Uniform Partnership Act mandates that with regard to partnership debts and liabilities,general partners are:
A) not personally liable for non-debt liabilities which may only be charged to the partnership but personally liable for debts.
B) personally jointly liable for unpaid debts and liabilities.
C) personally jointly and severally liable for unpaid debts and liabilities.
D) not personally liable for debts or liabilities which may only be charged to the partnership
Q4) Under the Revised Uniform Limited Partnership Act,the act of leaving a limited partnership and ceasing to be a principal is called _______.
Page 15
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Chapter 14: Limited Liability Partnerships, limited Liability
Companies, and Other Business Arrangements
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Q1) An LLC:
A) offers principals the same liability coverage as principals in corporations with taxation at the business entity level.
B) offers principals the same liability coverage as principals in corporations with pass through taxation.
C) offers principals the same liability coverage as general partners in a partnership with taxation at the business entity level.
D) offers principals the same liability coverage as limited partners in a partnership with pass through taxation
Q2) All states require LLPs to have a written partnership agreement.
A)True
B)False
Q3) How do member-managed and manager-managed LLC management structures differ?
Q4) The management structure of a member-managed LLC is similar to that of a general partnership.
A)True
B)False
Q5) Corporate tax structures result in ________ taxation.
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Chapter 15: Corporations
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Q1) Each of the following is a factor used by courts to determine whether to pierce the corporate veil except:
A) poor management and decision making performed by inadequately trained or educated manager.
B) inadequate capitalization.
C) evidence of fraud or willful misconduct.
D) failure to follow necessary corporate formalities
Q2) Kathy is the president of a corporation.She has just made the news by being discovered with a male prostitute while at a conference.Mike,a shareholder,may successfully present a proposal at the next shareholder meeting calling for a shareholder vote to have her removed from office.
A)True
B)False
Q3) An enterprise may not be a Subchapter S corporation if it owns more than ________ of the stock of a subsidiary corporation.
A) 50%
B) 60%
C) 70%
D) 80%
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Page 17
Chapter 16: Regulation of Securities, corporate Governance, and Financial Markets
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Q1) The SEC is comprised of ________ commissioners.
A) three
B) five
C) seven
D) nine
Q2) The corporate counsel's opinion verifying the business ventures adherence to corporate formalities and compliance and opinion of the corporation's accounting firm is contained in the:
A) prospectus.
B) letters of intent.
C) supplemental information.
D) comfort letters
Q3) Which of the following is not a component in the definition of a security?
A) an investment
B) an expectation of profit
C) secured by tangible collateral
D) efforts of a third party create expected profit
Q4) Debentures are unsecured equity instruments that are issued by a corporation.
A)True
B)False
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Chapter 17: Administrative Law
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Q1) The Sunshine Act requires agencies to announce their meetings at least ______ in advance.
A) three days
B) seven days
C) fourteen days
D) thirty days
Q2) Citizen suits may be brought against an agency,but may not be brought against a private party.
A)True
B)False
Q3) Administrative agencies at the state level do not issue licenses.
A)True
B)False
Q4) The substantial evidence test is applied by the courts to determine whether or not the agency's actions were lawful with regard to investigations and licensing.
A)True
B)False
Q5) What are the four primary functions of administrative agencies?
Q6) Name and discuss the four sources administrative law.
Page 19
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Chapter 18: Environmental Law
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Q1) The Toxic Substance Control Act (TSCA)does which of the following:
A) gives the FDA broad jurisdiction in controlling risks from manufacturing, processing, use, and disposal of chemical compounds.
B) gives the state legislatures broad jurisdiction in controlling risks from manufacturing, processing, use, and disposal of chemical compounds.
C) gives the EPA broad jurisdiction in controlling risks from manufacturing, processing, use, and disposal of chemical compounds.
D) gives the EPA limited jurisdiction in controlling risks from manufacturing, processing, use, and disposal of chemical compounds
Q2) Who sets the water quality standards for the navigable waters in a state under the Clean Water Act (CWA)?
A) states
B) Congress
C) the Waterways Protection Agency
D) the U.S. Army Corps of Engineers
Q3) Short-term contamination sites are not placed under the Superfund laws.
A)True
B)False
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20
Chapter 19: Antitrust and Regulation of Competition
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Q1) The CEO of a major computer technology firm wants to form an organization for computer firms in order to share data,information,and ideas.Depending on what was shared at the meetings the organization may violate antitrust laws.What standard should be used to analyze the organization?
Q2) Which act was designed to prevent monopolies from being created through mergers?
A) Clayton Act
B) Celler-Kefauver Antimerger Act
C) Sherman Act
D) Federal Trade Commission Act
Q3) An agreement between the government and a party that details conditions and compliance measures that a party will follow in exchange for the government not filing suit is called a _____.
Q4) Vertical restraints are agreements between:
A) business and government.
B) noncompetitors.
C) competitors.
D) consumers and government
Q5) The Clayton Act was enacted to limit the provisions of the Sherman Act.
A)True
B)False
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Chapter 20: Creditors Rights and Bankruptcy
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Q1) Debtors may keep certain assets after they have filed for liquidation.
A)True
B)False
Q2) Unsecured creditors may seize any asset of the borrower once they have a debt collection judgment.
A)True
B)False
Q3) In Chapter 11,creditors file a reorganization plan which articulates a specific strategy and financial plan for emerging from financial distress.
A)True
B)False
Q4) Bankruptcy is primarily governed by what type of law?
A) federal statutes
B) state statutes
C) blend of state and federal statutes
D) administrative regulations
Q5) A ________ is a third party who agrees to only be liable to pay a loan if the debtor actually defaults.
Q6) Give four examples of nondischargeable debt in bankruptcy.
Page 22
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Chapter 21: Consumer Protection Law
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Q1) A manufacturer of cars advertises that the windshield is shatter proof and would not break even when hit with a strong impact.While an owner was driving home one day,a small rock hit the windshield and the windshield broke,cutting the driver.What type of warranty was breached?
A) an implied warranty
B) an express warranty
C) Magnuson-Moss warranty
D) the warranty of fitness for a particular purpose
Q2) Which part of the Truth in Lending Act requires that certain disclosures be made before a credit transaction is consummated?
A) Regulation Y
B) Regulation Z
C) Creditors' Disclosure Regulation
D) Disclosure of Key Terms Regulation
Q3) Gus owes a lot of money to his creditors.Recently one of the creditors turned over his account to a collection agency.The agency continually calls Gus to try to recover the debt he owes.They have started calling him at work several times a day.May the collection agency do this?
Q4) What is the primary purpose of the Truth in Lending Act?
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Chapter 22: Criminal Law and Procedure in Business
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Q1) Murder is the killing of a human being with malice aforethought.Malice aforethought is the premeditation and planning of the crime.Malice aforethought shows that one considered the consequences of their actions and knowingly committed the crime.The killing would be the:
A) actus reas.
B) mens rea.
C) voir dire.
D) indictment
Q2) Jonathan is a junior in college and has started dating a secretary who works in the college president's office.She is madly in love with him and when he asks for the passwords to access the school's main computers she gladly gives them to him.He uses the passwords to change his grades.Jonathan has violated the Patriot Act.
A)True
B)False
Q3) Jan is on trial for arson.To be found guilty,her guilt must be proven:
A) beyond a reasonable doubt.
B) beyond a preponderance of the evidence.
C) by a preponderance of the evidence.
D) by a reasonable preponderance of the evidence
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Page 24
Chapter 23: Personal Property, Real Property, and Land Use Law
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Q1) A tenancy for years will automatically renew if no notice is given by the tenant or landlord of their intention to terminate the lease.
A)True
B)False
Q2) In 2006,Martin purchased a home in a residential development and in 2010 he sold it in fee simple to Richard.A week after Richard moved in the local cable company came to his door to inform him that they would start digging up his yard to install underground cable for the neighborhood.When Richard objected he was told that they had a right to do it and he should check with his lawyer.A call to the lawyer confirmed the right of the cable company to enter his land and dig.Which of the following would have given the cable company this right?
A) an easement by grant
B) an easement by prescription
C) an easement by necessity
D) an easement by implication
Q3) An exception to zoning ordinances is called a ______.
Q4) Money being held by a neutral third party,to be paid out once a dispute is settled is money being held in ______.
Page 25
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Chapter 24: Intellectual Property
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Q1) A professor at your school has discovered that if certain music is played in the background during lectures,the room is lit to a particular level,the temperature is maintained at a particular level and the professor speaks within a particular tonal range,students understand and retain the information presented at an astonishing 84% higher rate than students hearing the same lecture without these conditions.The professor has even created a machine that converts the professor's voice to the tonal range required.The school is advertising that this process will be implemented in all classrooms and freshman applications have more than tripled.Is this process protectable as a trade secret and if so,how effective will the protection be?
Q2) The rule of omission applies when someone creates something exactly like an item already patented but deletes a feature included in the original product.The new product will not be considered a patent infringement if the deleted feature was a significant element of the original.
A)True
B)False
Q3) Since a trademark can gain protection by using it in commerce,what would the advantages be to registering the trademark with the U.S.Patent and Trademark Office?
Q4) "Computer City" is an example of a ________ trademark.
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Chapter 25: International Law and Global Commerce
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Q1) Under the concept of sovereign immunity,a foreign country is exempt from jurisdiction in the U.S.courts.
A)True
B)False
Q2) The right of a buyer for a seller to cure any problems with the goods ends when the performance period is through under UNCISG.
A)True
B)False
Q3) What is the purpose of the International Chamber of Commerce Terms?
A) to standardize contractual terms and avoid confusion due to language barriers
B) to provide basic contract law for international sales of goods
C) to standardize the monetary units used in international contracts
D) to provide a forum for arbitration of UNCISG contracts
Q4) U.N.Commission on International ________ provides arbitration rules for parties who do not wish to spend money on the services of arbitration services but would like a standard procedure.
Q5) Mediation and conciliation both involve a ________ process.
Q6) UNCISG provisions do not apply to transactions where one party is a _______.
Q7) What are the four major differences between the UCC and the UNCISG?
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