Business Ethics and Law Exam Materials
Course Introduction
Business Ethics and Law explores the intersection of ethical principles and legal frameworks as they apply to the business environment. This course examines the moral challenges and legal obligations that organizations face, including topics such as corporate social responsibility, ethical decision-making, employment law, consumer protection, environmental regulations, and compliance with national and international legal standards. Through case studies and critical discussions, students will develop the ability to analyze complex scenarios, understand the consequences of business actions, and recommend ethically and legally sound solutions in the corporate world.
Recommended Textbook
Business Law Text and Exercises 8th Edition by Roger LeRoy Miller
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42 Chapters
3023 Verified Questions
3023 Flashcards
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Page 2
Chapter 1: Introduction to the Law and Our Legal System
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Sample Questions
Q1) Administrative law includes only state regulations.
A)True
B)False
Answer: False
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) Café Espresso is a coffee shop subject to the laws of Illinois.In Illinois,the highest-ranking (superior)law is
A) a case decided by the Illinois Supreme Court.
B) a rule created by a Illinois state administrative agency.
C) a provision in the Illinois constitution.
D) a statute enacted by the Illinois legislature.
Answer: C
Q4) The term common law refers to law that is common throughout the world.
A)True
B)False
Answer: False
Page 3
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Chapter 2: Ethics in Business
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Sample Questions
Q1) Managers must apply the same ethical standards to themselves as they do to their employees.
A)True
B)False
Answer: True
Q2) In making business decisions,Glenda,personnel manager for HVAC Maintenance,Inc.,applies her belief that all persons have fundamental rights.This is
A) a religious rule.
B) the categorical imperative.
C) the principle of rights.
D) utilitarianism.
Answer: C
Q3) Ethical reasoning is the process through which an individual links his or her moral convictions or ethical standards to the particular situation at hand.
A)True
B)False
Answer: True
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Chapter 3: The Courts and Alternative Dispute Resolution
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Sample Questions
Q1) A federal case typically originates in a state court.
A)True
B)False
Answer: False
Q2) Gabrielle files a suit against Hard 'n Fast Adhesives,Inc.Hard 'n Fast responds that even if Gabrielle's statement of the facts is true,according to the law Hard n' Fast is not liable.This is a
A) counterclaim.
B) motion for judgment on the pleadings.
C) motion for summary judgment.
D) motion to dismiss.
Answer: D
Q3) Only a defendant may file a motion for summary judgment.
A)True
B)False
Answer: False
Q4) A court's review of an arbitrator's award may be restricted.
A)True
B)False
Answer: True
Page 5
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Chapter 4: Constitutional Law
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Sample Questions
Q1) The First Amendment protects defamatory speech.
A)True
B)False
Q2) Serenity City enacts an ordinance that bans the use of "sound amplifying systems" on public streets.Tyler wants to campaign for a seat on the city council by broadcasting his message through speakers mounted on a truck.In Tyler's suit against the city,a court would likely hold the ordinance to be
A) an unconstitutional restriction of speech.
B) constitutional under the First Amendment.
C) justified by the need to protect individual rights.
D) necessary to protect national interests.
Q3) A law that has any impact on religion is unconstitutional.
A)True
B)False
Q4) The establishment clause requires a complete separation of church and state.
A)True
B)False
Q5) The Fourteenth Amendment guarantees a right to due process of law.
A)True
B)False
Page 6
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Chapter 5: Tort Law
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Sample Questions
Q1) False imprisonment occurs when a person restrains another intentionally and without justification.
A)True
B)False
Q2) Basil,a clerk at Cycle World,takes a bicycle from the store without the owner's permission.Basil is liable for conversion
A) if he damages the bicycle.
B) if he does not have a good reason for taking the bicycle.
C) if he fails to prevent a theft of the bicycle from his possession.
D) under any circumstances.
Q3) Under the theory of negligence,the duty of care requires an intentional act.
A)True
B)False
Q4) If no harm results from an allegedly negligent act,there is no liability.
A)True
B)False
Q5) Failure to live up to a standard of care may be an act or an omission.
A)True
B)False
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Chapter 6: Intellectual Property
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Sample Questions
Q1) Theft of confidential data by industrial espionage is a theft of trade secrets.
A)True
B)False
Q2) College Copy Shop (CCS)compiles,copies,and sells reading materials to students on the instructions of their professors,who indicate which parts of which publications should be included.These include texts published by Deep Topics,Inc.CCS does not obtain the permission of Deep Topics,or any of the other original publishers of the copied materials,and does not pay royalties on the sales of the compilations.Deep Topics and others file a suit against CCS,alleging infringement of the plaintiffs' intellectual property rights.Which type of intellectual property is involved in this situation? What is CCS's likely defense? How is a court most likely to rule? Explain.
Q3) Wendy works as a weather announcer for a TV station under the character name
Weather Wendy.Wendy can register her name as a
A) a certification mark.
B) a collective mark.
C) a service mark.
D) a trade name.
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Page 8
Chapter 7: Internet Law, social Media, and Privacy
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Sample Questions
Q1) "Dawn" is a song included in the sound track of "eDay," a movie produced and distributed by FasTrac Corporation.The song features a digital sampling of a few seconds of the guitar solo of one of George Harrison's copyrighted sound recordings without permission.Does this digital sampling constitute copyright infringement on the part of FasTrac? Explain.
Q2) Using a domain name that is identical or similar to the trademark of another is legal.
A)True
B)False
Q3) Employees' posts on social media may be protected by their right to free expression.
A)True
B)False
Q4) Stig includes in his song "Sneaky" a few seconds of Wily's copyrighted sound recording "Wits" without permission.Some federal courts have found that such digital sampling is
A) a violation of copyright law.
B) a "fair use" exception to the provisions of the act.
C) not a "fair use" exception to the provisions of the act.
D) all of the choices.
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Page 9
Chapter 8: Criminal Law and Cyber Crime
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Sample Questions
Q1) Using radio transmissions to defraud is a federal crime.
A)True
B)False
Q2) Bruno is a businessperson with investments in legal and illegal opera-tions.Bruno may be subject to penalties under RICO
A) for making an unprofitable, but legal, investment.
B) for the commission of any business fraud.
C) only in a case involving a "racket."
D) only in a case involving organized crime.
Q3) Cameron is an accountant in the accounting department of Data Analytics Company.Cameron's son's college tuition is due within a week,or he cannot continue taking classes.To meet the due date,Cameron transfers funds from Data Analytics to a fictitious bank account,planning to repay the firm within one month.The transfer is discovered before the firm is re-paid,and Cameron is arrested.What crime,or crimes,if any,has Cameron committed?
Q4) One element that normally must exist for a person to be convicted of a crime is the performance of a prohibited act.
A)True
B)False
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Chapter 9: Introduction to Contracts
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Sample Questions
Q1) Some promises are not legally binding.
A)True
B)False
Q2) When a contract's writing is not clear,a court will enforce it according to its obvious terms.
A)True
B)False
Q3) GR8 Marketing Company and Brainfreeze Tunes,Inc.,sign a document that states GR8 agrees to create a marketing campaign for Brainfreeze,which agrees to pay GR8 for the service.GR8 and Brainfreeze have
A) an executed contract.
B) an express contract.
C) an implied contract.
D) a quasi contract.
Q4) A contract is valid only if both of the parties entering into it have the capacity to do so.
A)True
B)False
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Chapter 10: Offer and Acceptance
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Sample Questions
Q1) Barney offers to sell his Call Marketing Center 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.
Q2) An acceptance can impose new conditions or change the terms of the original offer without rejecting it.
A)True
B)False
Q3) In an auction,a bidder is an offeree.
A)True
B)False
Q4) A price list is a form of invitation to negotiate or trade.
A)True
B)False
Q5) An offer must be practical to be effective.
A)True
B)False
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Chapter 11: Consideration
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Sample Questions
Q1) Performance that creates a legally binding contract may consist of an act.
A)True
B)False
Q2) Sparky offers Teodora $1,000 for her collection of rare coins.She accepts.If a dispute arises,a court would likely
A) enforce the deal after questioning the adequacy of consideration.
B) not question the adequacy of the consideration.
C) rewrite the deal after questioning the adequacy of consideration.
D) set aside the deal after questioning the adequacy of consideration.
Q3) A covenant not to sue is against public policy.
A)True
B)False
Q4) Promissory estoppel requires that justice will be better served by the enforcement of the promise.
A)True
B)False
Q5) Rescission is the remaking of a contract so as to enrich one party at the expense of the other.
A)True
B)False
Page 13
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Chapter 12: Capacity
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Sample Questions
Q1) James is sixteen years old.Legally,James is considered
A) an adult.
B) an infant.
C) insane.
D) incompetent.
Q2) Rosie,a minor subject to her parents' care and control,signs a contract to rent a lake cabin from Sinclair for one year.Before the end of the term,Rosie moves out.Sinclair sues for the rent for the rest of the term.Rosie can
A) avoid liability for the rent but not disaffirm the contract.
B) disaffirm the contract and avoid liability for the rent.
C) disaffirm the contract but not avoid liability for the rent.
D) neither disaffirm the contract nor avoid liability for the rent.
Q3) Rita,a minor,signs a contract to buy a sport utility vehicle (SUV)by misrepresenting her age to be twenty-one.In most states,Rita may
A) disaffirm the contract.
B) disaffirm the contract only if she makes full payment.
C) disaffirm the contract only if she returns the SUV in good condition.
D) not disaffirm the contract.
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Chapter 13: The Legality of Agreements
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Sample Questions
Q1) At Glamour Mattress Store,Robbie signs a contract to buy a suite of bedroom furniture.The contract sets a schedule of $500 monthly payments,subject to a late fee of 150 percent.Glamour's salesperson hurries Robbie through the deal,giving her no opportunity to read the contract.This is most likely
A) an adhesion contract.
B) procedural unconscionability.
C) substantive unconscionability.
D) an enforceable contract.
Q2) A contract between Kim and Larry to lease residential property contains an exculpatory clause.This clause is
A) enforceable as a matter of public policy.
B) enforceable if either party is in a business important to the public.
C) enforceable if an event occurs to which the clause applies.
D) generally unenforceable.
Q3) In states that permit certain types of gambling,all gambling contracts are legal.
A)True
B)False
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Page 15
Chapter 14: Voluntary Consent
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Sample Questions
Q1) Refer to Fact Pattern 14-2.Any contract with Agri Co-op that includes the mistake may be rescinded
A) if the error was made inadvertently and without gross negligence.
B) if the error was made intentionally or negligently.
C) if the error was made intelligently but distractedly.
D) under no circumstances.
Q2) Scienter clearly exists if a party knows a fact is not as stated.
A)True
B)False
Q3) Morris threatens physical harm to force Barb to contract to pay him for protecting her store-Barb's Baubles-against vandalism and destruction.Barb may
A) rescind the contract or refuse to comply with its terms.
B) do nothing once she has agreed to pay.
C) recover from her insurer for the cost.
D) recover from the local police for their failure to protect her store.
Q4) An innocent party can rescind a fraudulent contract and be restored to his or her original position.
A)True
B)False
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Chapter 15: Written Contracts
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Sample
Questions
Q1) Donald and Etta orally agree on the sale of Donald's Electrical Supplies Company to Etta and jot down the terms on the back of one of Donald's blank invoices,which they both sign.A written memorandum evidencing an oral contract that would otherwise be unenforceable must contain
A) every term.
B) the essential terms.
C) the preliminary terms.
D) the qualitative terms.
Q2) There are exceptions to the Statute of Frauds.
A)True
B)False
Q3) Under the Statute of Frauds,all contracts must be in writing to be enforceable.
A)True
B)False
Q4) Evermore Corporation and Trendy Goods,Inc.,enter into a contract.To be enforceable,the contract must include
A) no particular signatures.
B) the signatures of all parties to the deal.
C) the signature of the party against whom enforcement is sought.
D) the signature of the party who is seeking enforcement.
Page 17
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Chapter 16: Third Party Rights
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Sample Questions
Q1) A-One Landscapers,Inc.,owes Friendly Finance Company $5,000.A-One enters into a contract with Suburban Office Park under which A-One promises to maintain the landscaping on Suburban's property.Under the contract,Suburban promises to pay Friendly Finance the amount that will be due A-One until A-One's debt to Friendly Finance is paid.A-One performs as promised,but Suburban does not pay Friendly Finance.Can Friendly Finance succeed in a suit against Suburban? Why or why not?
Q2) A transfer of contract rights to a third party is an assignment.
A)True
B)False
Q3) A right can be assigned even if the assignment will significantly alter the risks or duties of the obligor.
A)True
B)False
Q4) Bea takes out a life insurance policy with Vida Insurance Corporation that names her spouse Wendell as the beneficiary.This is
A) a delegation.
B) an assignment.
C) a third party incidental beneficiary contract.
D) a third party intended beneficiary contract.
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Chapter 17: Contract Discharge and Remedies
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Sample Questions
Q1) Even-Bilt Construction contracts to build a warehouse for Discount E-Sales Company.Even-Bilt completely performs.Discount E-Sales is entitled to A) damages.
B) nothing more.
C) to be excused from performance.
D) suspend performance.
Q2) Rescission is an equitable remedy used when the parties have imperfectly expressed their agreement in writing.
A)True
B)False
Q3) Most contracts need to be performed only to the satisfaction of a reasonable person unless they expressly state otherwise.
A)True
B)False
Q4) Subjective impossibility of performance can discharge a contract.
A)True
B)False
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19
Chapter 18: Introduction to Sales and Lease Contracts
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Sample Questions
Q1) Mary owns a small real estate company that arranges apartment leases for college students.She leases an apartment for nine months to Sara,a new undergraduate in the area.On her son's eighteenth birthday,Mary gives him a gift of a car.On her daughter's sixteenth birthday,Mary gives her a gift of $500.Mary sells her home gym to her neighbor for $1,000.Article 2 of the UCC covers Mary's
A) lease.
B) gift of the car.
C) gift of $500.
D) sale of the gym.
Q2) In interpreting a commercial agreement,a court will assume that the usage of trade was taken into account when the agreement was phrased.
A)True
B)False
Q3) The UCC requires that the mirror image rule be followed for all acceptances.
A)True
B)False
Q4) Intangible property has conceptual existence and thus comes under Article 2.
A)True
B)False
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Chapter 19: Title and Risk of Loss
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Sample Questions
Q1) In a sale on approval,a buyer takes goods primarily for resale,with a right to return any goods that fail to sell.
A)True
B)False
Q2) In the following situations,two parties claim the same goods.Who is most likely to prevail in each circumstance? Explain.(a)Olan steals Phil's television set and sells it to Quincy,an innocent purchaser,for value.Phil learns Quincy has the set and demands its return.(b)Riley takes his television set for repair to Slick,a merchant who sells new and used television sets.By accident,one of Slick's employees sells the set to Tuna,an innocent purchaser-customer,who takes possession.Riley wants his set back from Tuna.
Q3) Outdoor Outfitters Store contracts to buy fifty tents from Pitched Camp,Inc.Unless the contract states otherwise,it is assumed to be
A) none of the choices.
B) a destination contract.
C) a shipment contract.
D) a delivery ex-ship.
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Page 21
Chapter 20: Performance and Breach
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Sample Questions
Q1) Under the perfect tender rule,if tender is not perfect,the seller is obligated to try again.
A)True
B)False
Q2) Levi's Toy Store orders one hundred board games from Big Board Games Warehouse.When the games are delivered,they are all missing pieces.Levi's Toy Store rejects the shipment.Big Board Games wants to cure.Big Board Games must
A) promptly notify Levi's Toy Store of the intent to cure.
B) pay Levi's Toy store a cure fee.
C) send a truck to pick up the nonconforming goods before the end of the business day.
D) create a new contract with Levi's Toy Store.
Q3) Commercial Leasing Corporation and Quarry Construction Company enter into a contract for a lease of three excavators.Under the perfect tender rule,Commercial Leasing must ship or tender goods to the lessee that
A) approximately conform to the contract description.
B) entirely conform to the contract description in most ways.
C) conform to the contract description in every way.
D) substantially conform to the contract description.
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Chapter 21: Warranties and Product Liability
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Q1) Only a statement made after a contract is entered into can be an express warranty.
A)True
B)False
Q2) 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.
Q3) Chord Guitars Inc.sells guitars and other stringed instruments to consumers.A Chord salesperson says to a potential customer,"This Chord is the best guitar you'll find anywhere,even online." This statement is
A) an implied warranty of fitness for a particular purpose.
B) an implied warranty of merchantability.
C) an express warranty.
D) puffery.
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Chapter 22: Consumer Protection
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Q1) The Truth-in-Lending Act applies to persons who,in the ordinary course of their business,lend money,sell on credit,or arrange for the extension of credit.
A)True
B)False
Q2) A credit-cardholder is liable for all unauthorized charges made before the creditor is notified that the card has been lost.
A)True
B)False
Q3) Creditors attempting to collect debts are generally considered to be debt-collection agencies.
A)True
B)False
Q4) The Federal Reserve Board of Governors has issued a regulation that governs credit provisions associated with sales contracts-Regulation Z.
A)True
B)False
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Chapter 23: The Essentials of Negotiability
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Q1) To be negotiable,an instrument must be payable in money.
A)True
B)False
Q2) A demand instrument is payable immediately after it is issued.
A)True
B)False
Q3) Petra signs a check payable to Quincy,who indorses the back,gives it to Regional Credit Union,and receives cash.The transfer of the check from Quincy to the credit union is
A) an assignment.
B) a negotiation.
C) a payment.
D) a sale.
Q4) Ryan negotiates an order instrument to Selina by
A) delivery with an assignment of its rights under a contract.
B) delivery with any necessary indorsement.
C) delivery alone.
D) presenting it in response to a demand by Selina.
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Chapter 24: Transferability and Liability
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Q1) Jill,in good faith and for value,gets from Kiley a negotiable bearer instrument.Jill does not know that Kiley stole the instrument.Jill is
A) an HDC.
B) not an HDC, because Kiley did not acquire the instrument for value.
C) not an HDC, because Kiley did not acquire the instrument in good faith.
D) not an HDC, because the instrument is a bearer instrument.
Q2) For a check,a "reasonable time" is ninety days after the date of the check.
A)True
B)False
Q3) Fanny signs a note "payable to the order of Guaranty Bank." Guaranty indorses the note in blank and negotiates it to Haji,who sells it to Iona.Liability associated with the transfer of the note from Haji to Iona is
A) fitness liability.
B) contractual liability.
C) signature liability.
D) warranty liability.
Q4) A maker is primarily liable on an instrument.
A)True
B)False
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Chapter 25: Checks and Banking in the Digital Age
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Q1) Elton presents an uncertified check for payment more than six months after its date.The check was drawn by Dakota on her account in First Community Bank.The usual banking practice in such a case is to
A) cash the check.
B) consult the customer.
C) refuse to cash the check.
D) ask the payee what he or she would prefer.
Q2) The rights and duties of a bank and its customer are contractual.
A)True
B)False
Q3) Ian buys a cell phone in Jiffy Mart,using the means that accounts for more retail payments than any other.This means of payment is
A) a commercial check.
B) a debit card.
C) a personal check.
D) a cash.
Q4) A check is a special type of draft.
A)True
B)False
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Chapter 26: Agency
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Q1) Picabo drives a truck as an employee for Quik Delivery,Inc.Picabo would most likely be considered acting outside the scope of her employment if she
A) crashed into a car at the airport while off duty.
B) hit a pedestrian in a parking lot during a "working" lunch.
C) ran over an attendant at Quik's gas station while refueling the truck.
D) smashed into a store-front while intoxicated on-duty.
Q2) Kelvin is an agent for Lookout Mountain Accountants,Inc.On Lookout's behalf and at its request,Kelvin pays Nerdlinger for custom software designed for the management of Lookout's services.Kelvin's right to obtain the amount of those payments from Lookout arises under the principal's duty of
A) compensation.
B) cooperation.
C) indemnification.
D) reimbursement.
Q3) Implied authority is authority declared in clear,direct,definite terms.
A)True
B)False
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Page 28
Chapter 27: Employment, immigration, and Labor Law
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Q1) A proposed union must represent an appropriate bargaining unit of an employer's employees or it will not be certified as a bargaining representative.
A)True
B)False
Q2) Geno's Italiano Ristorantes,Inc.,employs three hundred workers at four locations in two states.Under federal law,Geno's must provide each employee,during any twelve-month period,family or medical leave of
A) up to twelve days.
B) up to twelve weeks.
C) up to twelve pay periods.
D) no limited duration.
Q3) To recover workers' compensation,an employee must prove that an injury did not occur on the job or in the course of employment.
A)True
B)False
Q4) Children under fourteen years of age are not allowed to work.
A)True
B)False
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29
Chapter 28: Employment Discrimination
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Q1) Destination Resort Hotel Company replaces Estee,a forty-five-year-old employee,with Francesca.Estee files a suit against the employer under the Age Discrimination in Employment Act.To establish a prima facie case,Estee must show,among other things,that she is
A) deserving of higher pay than Francesca.
B) generally more dependable than Francesca.
C) older than Francesca.
D) qualified for the position.
Q2) Title VII of the Civil Rights Act prohibits only intentional discrimination.
A)True
B)False
Q3) The Age Discrimination in Employment Act prohibits mandatory retirement for nonmanagerial workers.
A)True
B)False
Q4) The distribution of promotions and other job benefits according to a seniority system is not normally a good defense to a suit for employment discrimination.
A)True
B)False
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Chapter 29: Sole Proprietorships, partnerships, and Limited Liability Companies
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Q1) Delany and Efron want to form a limited partnership to do general business bookkeeping with an emphasis on tax accounting.In most states,a limited partnership will be created when Delaney and Efron
A) file a certificate of limited partnership.
B) execute a partnership agreement.
C) accept their first client.
D) make their capital contributions.
Q2) In winding up a general partnership,creditors are paid before partners receive their capital contributions.
A)True
B)False
Q3) Kelly,the owner of Llama Farms,a sole proprietorship,wants to obtain additional business capital but to maintain control.This can best be accomplished by
A) borrowing funds.
B) bringing in partners.
C) issuing stock.
D) selling the business.
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Page 31
Chapter 30: Formation and Termination of a Corporation
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Q1) Natural Food Corporation proposes to combine with Organic Produce,Inc.,and asks Natural Food shareholders to vote on the proposal.Phoebe,a Natural Food shareholder,votes against it,but is outvoted by the other shareholders.Is there an action that Phoebe can take to avoid being forced to go along with the transaction? If so,what can she do? After the combination,Organic Produce ceases to exist.Natural Food is the surviving firm.What type of combination is this?
Q2) Finn and Glenda want to form and do business as Hobby Crafts Corporation.A corporation is
A) a natural person.
B) a tangible thing.
C) an artificial being.
D) a visible radiance.
Q3) Express powers of a corporation can be found in the U.S.Constitution.
A)True
B)False
Q4) The U.S.Postal Service is a public corporation.
A)True
B)False
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Chapter 31: Management and Ownership of a Corporation
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Q1) Ida,Jerzy,and Kit are the directors of Liberty Convenience Stores,Inc.Liberty has nine officers and forty-six shareholders.Dividends are ordered by the firm's
A) officers.
B) majority shareholders.
C) board of directors.
D) minority shareholders.
Q2) RayAnn is a corporate officer for Timmy's Trees,Inc.As a corporate officer,RayAnn is
A) the head of the board of directors.
B) involved in the day-to-day operations of Timmy's Trees.
C) in charge of selecting members of the board of directors.
D) not involved in the day-to-day operations of Timmy's Trees.
Q3) As a general rule,shareholders make daily business decisions for a corporation.
A)True
B)False
Q4) In certain instances of fraud,a court may "pierce the corporate veil" to hold the shareholders individually liable.
A)True
B)False
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Page 33
Chapter 32: Secured Transactions
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Q1) The first security interest to be perfected is the last in priority over any other perfected security interests.
A)True
B)False
Q2) On default,a secured party who chooses not to retain the collateral must dispose of it in a commercially reasonable manner.
A)True
B)False
Q3) Quotient Financial Corporation is a secured party with a security interest in property owned by Retail Sales Company.Perfection of this security interest may not protect Quotient Financial against the claim of
A) a bank.
B) a buyer in the ordinary course of business.
C) a subsequent lien creditor.
D) a trustee in bankruptcy.
Q4) In most situations,a termination statement must be filed or sent within twenty days after the debt is paid.
A)True
B)False
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Chapter 33: Creditors Rights and Remedies
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Q1) Vito borrows $110,000 from Watershed Bank to buy a home.If he fails to make payments on the mortgage,the bank has the right to repossess and auction off the property securing the loan.This is
A) attachment.
B) execution.
C) foreclosure.
D) redemption.
Q2) A debtor's vehicle is never exempt from satisfaction of a judgment debt.
A)True
B)False
Q3) Jessie's debt to Kayla is past due.Kayla brings a legal action against Jessie to collect the debt.Kayla asks the court to order Liberty Bank,in which Jessie has an account,to pay a portion of the funds to Kayla.This is a request for
A) a writ of execution.
B) an order of garnishment.
C) an order that would violate most state laws.
D) a composition agreement.
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Chapter 34: Bankruptcy
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Q1) For individual debtors,the plan in a reorganization case must be completed before discharge will be granted.
A)True
B)False
Q2) Umiko files a petition for bankruptcy.Her creditors must file with the court their proof of claims against her assets within
A) fifteen days of the order for relief.
B) thirty days of the filing of the petition.
C) sixty days of the automatic stay.
D) ninety days of the creditors' meeting.
Q3) Lionel files a voluntary petition for bankruptcy underChapter 7.The court will likely deny a discharge of Lionel's debts if he
A) conceals records of his financial condition to defraud a creditor.
B) does not have sufficient assets to pay all his secured creditors.
C) filed for bankruptcy 12 years ago.
D) has a criminal record.
Q4) Rulings from bankruptcy courts are final-they cannot be appealed.
A)True
B)False
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Chapter 35: Insurance
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Q1) Estimable Credit Company loans funds to Farmland Granaries,LLC,to buy a silo.Estimable obtains an insurance policy from Grangers Insurance,Inc.,to cover the silo.Farmland also obtains a policy from Grangers to cover the silo.Later,Farmland sells the silo to Hi-Yield Harvest Company but keeps the policy.Hi-Yield also obtains a policy from Grangers to cover the silo.Estimable agrees to finance Hi-Yield's purchase of the property.A fire totally destroys the silo.Who can recover for the loss?
Q2) Trial Lawyers,P.A.,obtains an insurance policy that protects its members against negligence claims by their clients.This is
A) liability insurance.
B) fidelity or guaranty insurance.
C) malpractice insurance.
D) workers' compensation insurance.
Q3) Property insurance cannot be canceled for nonpayment of premiums.
A)True
B)False
Q4) There is little state regulation for the insurance industry.
A)True
B)False
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Page 37
Chapter 36: Personal Property and Bailments
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Q1) A joint tenant's sale of his or her interest terminates the joint tenancy.
A)True
B)False
Q2) Simply finding something and holding onto it gives the finder legal rights in the property.
A)True
B)False
Q3) Writers acquire ownership of their work through production.
A)True
B)False
Q4) A finder of lost property who knows the true owner and fails to return the property is guilty of the tort of conversion.
A)True
B)False
Q5) Constructive delivery satisfies the delivery requirement for an effective bailment.
A)True
B)False
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Chapter 37: Real Property
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Q1) Barlow owns the surface rights for Canyon Ranch,but does not own the subsurface rights.Dusty owns the subsurface rights.Canyon Ranch includes a house,a bunkhouse,and two barns,which are damaged when Dusty is excavating for minerals under the surface.Most likely responsible for the damage is
A) Dusty.
B) Barlow.
C) Dusty and Barlow.
D) no one.
Q2) A conveyance creating a fee simple defeasible transfers all ownership rights in the property.
A)True
B)False
Q3) Franz owns GuestHouse Hotel.His ownership rights include the right to sell or give away the property without restriction,as well as the right to commit waste,if he chooses.Franz's ownership interest is
A) a fee simple absolute.
B) a profit.
C) a life estate.
D) the power of eminent domain.
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Page 39
Chapter 38: Landlord and Tenant Law
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Q1) Javier owns a duplex that he leases to Yvon and Zach.Javier may sell
A) the duplex at any time.
B) the duplex, but only after the lease expires and the tenants move out.
C) the duplex, but only with the tenants' permission.
D) the lease, but not the duplex.
Q2) A landlord is usually required to give some period of notice to terminate a periodic tenancy.
A)True
B)False
Q3) Lee leases a house from Megan for a two-year term.To ensure the validity of their lease,it should include
A) a provision for the landlord's future interest.
B) a due date for the payment of the property taxes.
C) a requirement that Dora perform structural repairs to the house.
D) a requirement that Evan carry liability insurance.
Q4) A property owner can legally discriminate against prospective tenants on the basis of gender.
A)True
B)False
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Chapter 39: Wills and Trusts
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Q1) A divorce does not necessarily revoke an entire will.
A)True
B)False
Q2) Ross makes out a will in which Steve is appointed to administer the will.After Ross dies,Steve cannot administer the will,and a court appoints Terry to handle the probate of Ross's estate.In this situation,the executor is
A) Ross.
B) Steve.
C) Terry.
D) the court.
Q3) When a person dies without a valid will,and no heirs exist,the state will assume ownership of the property.
A)True
B)False
Q4) Kim is asked to serve as a witness to Lian's will.To qualify,Kim must be
A) a collateral heir.
B) a lineal descendant.
C) at least eighteen years old.
D) mentally competent.
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Chapter 40: Administrative Law
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Q1) Once an agency has been created,it cannot be abolished.
A)True
B)False
Q2) A federal administrative agency may exercise only those powers that Congress delegates to it.
A)True
B)False
Q3) The Food and Drug Administration (FDA)wants Big Pharma,Inc.to produce certain records for review.The FDA can gain access to the records through
A) agency coercion.
B) infiltrating Big's computers without the firm's knowledge.
C) public comment.
D) Big's voluntary compliance.
Q4) Executive control over the Federal Aviation Administration,and other agencies,may be exercised through a presidential veto of
A) Congress's attempt to modify the agency's authority.
B) the agency's final rules.
C) the agency's final orders.
D) none of the choices.
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Chapter 41: Antitrust Law
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Q1) Thermo Gas,Inc.,and Uno Oil Corporation refine and sell gasoline and other petroleum products.To limit the supply of gas on the market and thereby raise prices,Thermo Gas and Uno Oil agree to buy "excess" supplies from dealers and "dispose" of it.This is
A) a deal that neither restrains trade or harms competition.
B) a legal restraint of trade.
C) aper se violation of the Sherman Act.
D) subject to analysis under the rule of reason.
Q2) In determining the legality of a merger,a crucial consideration is market concentration.
A)True
B)False
Q3) Healthcare Device,Inc.,has exclusive control over the market for its product.Healthcare Device's market power is most likely
A) "an unfair or deceptive act or practice."
B) aper se violation.
C) not a violation.
D) subject to further evaluation.
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Chapter 42: International Law
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Q1) AgriWorld,a U.S.firm,owns property in Kenya.The government of Kenya seizes the property.AgriWorld claims that this is confiscation.The government of Kenya claims that it is expropriation.The burden of proof lies with
A) the U.S. government.
B) the government of Kenya.
C) AgriWorld.
D) none of the choices.
Q2) When a contract contains a forum selection clause,a lawsuit arising from a dispute under the contract will be heard by a court in the specified forum.
A)True
B)False
Q3) Quotas are limits on the amounts of goods that can be exported.
A)True
B)False
Q4) Expropriation occurs when a government seizes private property for a proper purpose and awards just compensation.
A)True
B)False
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