Business Ethics and Law
Final Exam Questions
Course Introduction
Business Ethics and Law explores the intersection of ethical principles and legal frameworks within the business world. The course examines theories of ethical decision-making, the role of personal and organizational values, and the obligations businesses have to their stakeholders. Students analyze real-world cases covering topics such as corporate social responsibility, consumer protection, employment law, environmental regulation, and intellectual property rights. Through critical discussion and applied assignments, students gain the skills to identify, assess, and address ethical and legal challenges in diverse business contexts, preparing them to lead with integrity in a complex global environment.
Recommended Textbook
Business Law Principles for Todays Commercial Environment 4th Edition by David P. Twomey
Available Study Resources on Quizplus
52 Chapters
2754 Verified Questions
2754 Flashcards
Source URL: https://quizplus.com/study-set/2052 Page 2
Chapter 1: The Nature and Sources of Law
Available Study Resources on Quizplus for this Chatper
60 Verified Questions
60 Flashcards
Source URL: https://quizplus.com/quiz/40818
Sample Questions
Q1) The right of privacy does not apply to intrusions into our privacy by means of new technology.
A)True
B)False
Answer: False
Q2) Treaties made by the United States are not deemed part of the law.
A)True
B)False
Answer: False
Q3) The right of privacy consists of:
A)the right to be secure against unreasonable searches by the government only.
B)the right to protection against intrusions by others only.
C)both the right to be secure against unreasonable searches by the government and the right to protection against intrusions by others.
D)none of the above.
Answer: C
Q4) The law works to cause our society to operate in an inefficient manner.
A)True
B)False
Answer: False
Page 3
To view all questions and flashcards with answers, click on the resource link above.
Chapter 2: The Court System and Dispute Resolution
Available Study Resources on Quizplus for this Chatper
57 Verified Questions
57 Flashcards
Source URL: https://quizplus.com/quiz/40819
Sample Questions
Q1) The United States Supreme Court was created by:
A)Congress.
B)the President.
C)the Uniform State Law Commission.
D)none of the above.
Answer: D
Q2) Judicial Triage:
A)is a court management tool.
B)results in some cases being expedited.
C)results in some cases being postponed.
D)all of the above.
Answer: D
Q3) The defendant in a civil case is the party who is suing.
A)True
B)False
Answer: False
Q4) All courts have original jurisdiction.
A)True
B)False
Answer: False
Page 4
To view all questions and flashcards with answers, click on the resource link above.
Chapter 3: Business Ethics, social Forces, and the Law
Available Study Resources on Quizplus for this Chatper
52 Verified Questions
52 Flashcards
Source URL: https://quizplus.com/quiz/40820
Sample Questions
Q1) Companies with 100 years of consistent dividends:
A)use positive laws as a guide for ethical decisions.
B)have a goal of profitability no matter what the cost.
C)have a strong commitment to values.
D)all of the above.
Answer: C
Q2) Laws that prohibit defamation,invasions of privacy,and reputation exist primarily:
A)for protection of the person.
B)for protection of public health,safety,and morals.
C)for protection of property.
D)for protection of the state.
Answer: A
Q3) Kant's theory understood that sometimes you have to use someone to achieve a one-sided benefit.
A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above. Page 5
Chapter 4: The Constitution As the Foundation of the Legal Environment
Available Study Resources on Quizplus for this Chatper
59 Verified Questions
59 Flashcards
Source URL: https://quizplus.com/quiz/40821
Sample Questions
Q1) Administrative agencies are,in effect,a fourth branch of the government.
A)True
B)False
Q2) Which of the following is not protected under the privileges and immunities clause?
A)right to go to another state and make a contract
B)right to go to another state and vote in local elections
C)right to go to another state and purchase property
D)right to go to another state and open a business
Q3) Silence of Congress indicates that Congress is unwilling to make changes to an existing law.
A)True
B)False
Q4) The greatest changes to the written Constitution have been brought about by:
A)departure by treaty.
B)judicial interpretation.
C)constitutional amendment.
D)amendment by practice.
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Government Regulation of Competition and Prices
Available Study Resources on Quizplus for this Chatper
47 Verified Questions
47 Flashcards
Source URL: https://quizplus.com/quiz/40822
Sample Questions
Q1) Governments may regulate prices but not credit terms.
A)True
B)False
Q2) When the effect of an antitrust violation is to raise prices:
A)damages are automatically considered doubled.
B)each plaintiff must sue individually.
C)imprisonment for the guilty is mandatory.
D)the state attorney general may bring a class action suit for damages.
Q3) The Sherman Act applies to:
A)buying activities.
B)selling activities.
C)production activities.
D)all of the above.
Q4) A person or enterprise harmed by a Sherman Act violation may bring an action for:
A)punitive damages only.
B)treble damages.
C)quadruple damages.
D)actual damages only.
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Administrative Agencies
Available Study Resources on Quizplus for this Chatper
58 Verified Questions
58 Flashcards
Source URL: https://quizplus.com/quiz/40823
Sample Questions
Q1) The most recent addition to the American governmental structure is the:
A)executive branch.
B)administrative agency.
C)judicial branch.
D)legislative branch.
Q2) A(n)__________ is a negotiated disposition of a matter before an administrative agency,generally without public sanctions.
A)formal settlement
B)informal settlement
C)judicial verdict
D)quasi-judicial verdict
Q3) Agency investigations of possible violations of agency rules are handled through independent enforcement agencies.
A)True
B)False
Q4) Modern administrators cannot make laws,but they can argue persuasively before Congress for the passage of needed legislation.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: The Legal Environment of International Trade
Available Study Resources on Quizplus for this Chatper
57 Verified Questions
57 Flashcards
Source URL: https://quizplus.com/quiz/40824
Sample Questions
Q1) The jurisdictional rule of reason addresses the problems that arise when a foreign country has a significant interest in regulating conduct taking place within the United States.
A)True
B)False
Q2) One reason the U.S.controls the export of goods and technology is:
A)for national security reason.
B)foreign policy.
C)short supply of domestic goods.
D)All of the above are reasons the U.S.controls the export of goods and techonolgy.
Q3) The use of import quotas represents the most common form of tariff barrier.
A)True
B)False
Q4) A societé anonyme is the European counterpart of a U.S.corporation.
A)True
B)False
Q5) The Export-Import Bank (EX-IM Bank)is an international agency.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 9
Chapter 8: Crimes
Available Study Resources on Quizplus for this Chatper
60 Verified Questions
60 Flashcards
Source URL: https://quizplus.com/quiz/40825
Sample Questions
Q1) When a defendant is convicted of a crime,the court may also declare that the defendant's rights in any property used or gained from the crime be confiscated. This is known as __________.
A)forfeiture
B)reversion
C)subversion
D)divestiture
Q2) The Fourth Amendment to the United States Constitution's protection against unreasonable searches applies to:
A)personal homes only.
B)businesses only.
C)both homes and businesses.
D)none of the above.
Q3) For business crimes,managers cannot be held criminally responsible for the conduct of their employees.
A)True
B)False
Q4) A person may be held criminally liable for acts committed by another.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 10
Chapter 9: Torts
Available Study Resources on Quizplus for this Chatper
58 Verified Questions
58 Flashcards
Source URL: https://quizplus.com/quiz/40826
Sample Questions
Q1) John was driving his car in a careless way,failing to drive as a reasonably prudent person would under the driving conditions.Ramona was crossing the street in a careless way,failing to cross as a reasonably prudent person would.John struck and injured Ramona with the car John was driving.At trial,it was determined that John was 80 percent at fault and that Ramona was 20 percent at fault.The injuries sustained amounted to $100,000.Explain how much,if any,recovery Ramona would receive in a state that applies the contributory negligence rule.Do the same thing for a state that applies the comparative negligence rule.
Q2) The tort of false imprisonment requires the detention of a person without his or her consent.
A)True
B)False
Q3) Slander of title and trade libel are collectively known as product __________.
A)Divestiture
B)Disparagement
C)Dilution
D)Diversion
Q4) Plaintiffs are typically awarded punitive damages in negligence cases.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: Intellectual Property Rights
Available Study Resources on Quizplus for this Chatper
52 Verified Questions
52 Flashcards
Source URL: https://quizplus.com/quiz/40827
Sample Questions
Q1) Trademarks or service marks may be registered if they utilize terms that are:
A)suggestive of characteristics of the product or service to which they relate.
B)fanciful,arbitrary,or coined.
C)descriptive and have acquired a known secondary meaning linked to a product.
D)all of the above.
Q2) A showing that an invention as a whole would have been obvious to a person of ordinary skill in the art when the invention was patented is called subsequent art.
A)True
B)False
Q3) Although processes and machines are eligible for patent protection,manufactures and compositions of matter are not.
A)True
B)False
Q4) Under the United States Supreme Court's "doctrine of equivalents," infringers may not avoid liability for patent infringement by substituting insubstantial differences for some of the elements of the patented product or process.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 11: Cyberlaw
Available Study Resources on Quizplus for this Chatper
42 Verified Questions
42 Flashcards
Source URL: https://quizplus.com/quiz/40828
Sample Questions
Q1) Roxy is employed as a manager at "com.com," an Internet-based company attempting to compete successfully in the highly competitive software development industry.Roxy is concerned that one of her employees,Randy,is not performing at an acceptable level.While Roxy has noticed that Randy spends considerable time using the computer at his workstation,his productivity is lacking.Roxy suspects Randy is using the company's e-mail system for personal use instead of working on company business.Is Roxy permitted to monitor Randy's email?
Q2) The formation of contracts in cyberspace is governed today largely by:
A)international contract law principles.
B)traditional contract law principles.
C)federal contract law principles.
D)uniform state laws.
Q3) Misrepresentation and fraud on the Internet raises a variety of new legal issues.
A)True
B)False
Q4) The formation of contracts in cyberspace is always governed by the law of the United States.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 12: Nature and Classes of Contracts: Contracting on the Internet
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40829
Sample Questions
Q1) A contract for an amount greater than $1 million must be made under seal or it is not binding.
A)True
B)False
Q2) A contract never can be both executory and unilateral.
A)True
B)False
Q3) An offer of a reward for the arrest and conviction of a criminal is an example of a:
A)unilateral contract.
B)bilateral contract.
C)quasi contract.
D)formal contract.
Q4) The main thrust of the quasi contract is to:
A)encourage the making of written contracts.
B)prevent enrichment.
C)compensate those who voluntarily help others.
D)prevent unjust enrichment.
To view all questions and flashcards with answers, click on the resource link above. Page 14
Chapter 13: Formation of Contracts: Offer and Acceptance
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40830
Sample Questions
Q1) In general,an acceptance occurs when:
A)a particular form of words is stated to the offeror.
B)a particular mode of expression is made to the offeror.
C)the offeree reserves the right to reject the offer.
D)a clear expression of the offeree's agreement to be bound by the terms of the offer occurs.
Q2) To make an offer,the offeror must appear to intend to create a binding obligation.
A)True
B)False
Q3) If not an offer,the first statement made by one of two persons is most properly termed a(n):
A)option.
B)acceptance.
C)invitation to negotiate.
D)contract.
Q4) A "best efforts" clause is always deemed too indefinite to be enforceable.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
15
Chapter 14: Capacity and Genuine Assent
Available Study Resources on Quizplus for this Chatper
44 Verified Questions
44 Flashcards
Source URL: https://quizplus.com/quiz/40831
Sample Questions
Q1) A factual incapacity may exist when,because of a mental condition caused by medication,drugs,alcohol,illness,or age,a person does not understand that a contract is being made or understand its general nature.
A)True
B)False
Q2) Ratification consists of any words or conduct of a former minor manifesting an intent to be bound by the terms of a contract made while a minor.
A)True
B)False
Q3) As a general rule,the nondisclosure of information that is not asked for does not impose fraud liability or impair the validity of a contract.
A)True
B)False
Q4) A claim of undue influence will be unsuccessful unless the contracting parties have a close relationship of trust.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 16
Chapter 15: Consideration
Available Study Resources on Quizplus for this Chatper
49 Verified Questions
49 Flashcards
Source URL: https://quizplus.com/quiz/40832
Sample Questions
Q1) A cancellation provision:
A)makes a promise illusory.
B)gives a person a free way out.
C)is limited to the terms set forth by the provision.
D)none of the above.
Q2) A second promise to pay a contractor a higher amount on the original contract may be enforceable.
A)True
B)False
Q3) Examples of illusory promises include:
A)cancellation provisions.
B)apparent promises.
C)conditional obligations.
D)real obligations.
Q4) Consideration is the bargained-for exchange between the parties to a contract. A)True B)False
Q5) Consideration always must be an act or the promise to perform an act.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 17
Chapter 16: Legality and Public Policy
Available Study Resources on Quizplus for this Chatper
49 Verified Questions
49 Flashcards
Source URL: https://quizplus.com/quiz/40833
Sample Questions
Q1) In an employment contract,agreements not to compete are:
A)illegal
B)uniformly held to be in the public interest and therefore legal
C)valid only if the restriction protects the employee
D)valid,if the restriction is reasonable and necessary for the protection of the former employer
Q2) An illegal provision in a contract:
A)causes the entire contract to be voidable.
B)causes the entire contract to be rescinded.
C)can be ignored by the parties in their performance of the remaining provisions of the contract,assuming that the remaining portions of the contract can stand on their own. D)can be ignored by the parties,because an illegal provision in a contract is not deemed substantial.
Q3) An agreement between Jim and his 18-year-old daughter,Betty,provides that he will give her $25,000 if she does not marry until after her 22nd birthday.One month after reaching the age of 22,Betty,still unmarried,claims the $25,000.
Jim refuses to pay,claiming that the agreement was illegal.Is Jim correct?
To view all questions and flashcards with answers, click on the resource link above.
Page 18
Chapter 17: Writing, electronic Forms, and Interpretation of Contracts
Available Study Resources on Quizplus for this Chatper
60 Verified Questions
60 Flashcards
Source URL: https://quizplus.com/quiz/40834
Sample Questions
Q1) The past performance of the parties under a continuing contract is important in determining what the contract means.
A)True
B)False
Q2) A contract is created by which the terms are stated to be for consideration in the amount of $3,000.If typewritten in the contract is the term "four thousand dollars," while the amount of $3,000 is printed within the form:
A)the contract will be interpreted to be for $3,000.
B)the contract will be interpreted to be for $4,000.
C)there is a contract but the courts will not specify the dollar amount,as a conflict exists.
D)a compromise settlement amount of $3,500 will be used.
Q3) A writing required by the statute of frauds may be a signed note or memorandum.
A)True
B)False
Q4) A promise to grant a mortgage on real property does not require written proof because it is not a transfer of land.
A)True
B)False
Page 19
To view all questions and flashcards with answers, click on the resource link above.
Chapter 18: Third Persons and Contracts
Available Study Resources on Quizplus for this Chatper
51 Verified Questions
51 Flashcards
Source URL: https://quizplus.com/quiz/40835
Sample Questions
Q1) An obligor may delegate his or her duties to perform under a contract when the: A)performance of the duty is standardized and nonpersonal.
B)obligor is unable to perform his or her duties.
C)contract is silent as to the right of assignment.
D)obligor is an expert in his or her specialized duties under the contract.
Q2) If the obligor is notified in any manner that there has been an assignment and that any money due must be paid to the assignee,the obligor's obligation can be discharged only by making payment to the assignee.
A)True
B)False
Q3) Janet Jones sold the assets and liabilities of her coin-operated laundry to Kevin Katz for $10,000.The assets of the business included all of the washers and dryers.The liabilities included the amounts still owing on seven new dryers,which had been purchased recently from Dryer Company under an installment contract.Katz agreed to make the installment payments on the new dryers as they came due.After Katz failed to make an installment payment when it was due,Dryer Company sued Jones.Jones claimed she no longer was liable.How will the court decide?
To view all questions and flashcards with answers, click on the resource link above.
Page 20
Chapter 19: Discharge of Contracts
Available Study Resources on Quizplus for this Chatper
57 Verified Questions
57 Flashcards
Source URL: https://quizplus.com/quiz/40836
Sample Questions
Q1) The phrase "time is of the essence" means that:
A)the court is in a hurry to dispose of the case.
B)performance under the contract at the times specified in the contract is vital or essential.
C)the contract expressly states that time is of the essence.
D)the price stated in the contract is subject to change without notice.
Q2) If the parties to a contract agree to undo the agreement and return any consideration involved,the contract is discharged by:
A)mutual cancellation
B)mutual rescission.
C)novation
D)accord and satisfaction
Q3) The time for performance is typically essential in a contract for the sale of perishable property.
A)True
B)False
Q4) A condition subsequent can alter but not terminate a contract.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 21
Chapter 20: Breach of Contract and Remedies
Available Study Resources on Quizplus for this Chatper
58 Verified Questions
58 Flashcards
Source URL: https://quizplus.com/quiz/40837
Sample Questions
Q1) The rule of mitigation of damages requires that a party injured by a breach of contract must:
A)take any and all steps possible to reduce the damages that will be sustained because of the breach.
B)discharge the contract before filing suit for breach.
C)hire someone else to perform the contract.
D)take reasonable steps to reduce the damages that would otherwise be sustained because of the breach.
Q2) The failure to act or perform in the manner called for by a contract is a:
A)waiver.
B)breach.
C)forbearance.
D)reservation of right.
Q3) The measure of monetary damages when there has been a breach of contract is the sum of money that will place the injured party in the same position that would have been attained if the contract had been performed.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
22
Chapter 21: Personal Property and Bailments
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40838
Sample Questions
Q1) The Uniform Anatomical Gift Act permits persons sixteen (16)years of age or older to make gifts of their bodies or any parts thereof.
A)True
B)False
Q2) The finder of lost property is usually entitled to a judicially-determined reward for finding and caring for the property until the rightful owner reclaims it.
A)True
B)False
Q3) Bailments may be:
A)created orally or through a writing.
B)created for either real or personal property.
C)created for nonpossessory personal property.
D)made only after delivery to the bailor is accomplished.
Q4) At common law,a tenancy by entirety or a tenancy by the entireties is created when property is transferred to both husband and wife.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 23
Chapter 22: Legal Aspects of Supply Chain Management
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40839
Sample Questions
Q1) A bill of lading that consigns the goods "to bearer" is called a:
A)nonnegotiable bill of lading.
B)straight bill of lading.
C)negotiable bill of lading.
D)common bill of lading.
Q2) The rights of a holder of a duly negotiated warehouse receipt are extinguished by the warehouser's surrender of goods to the depositor.
A)True
B)False
Q3) Which is not a true statement about a warehouser?
A)A warehouser is a bailee.
B)A warehouser may issue a negotiable or nonnegotiable receipt.
C)A warehouser is an insurer of the goods.
D)A warehouser is liable for damaged goods if damage is caused by the warehouser's negligence.
Q4) A contract carrier holds itself out as willing to furnish transportation for compensation without discrimination to all members of the public who apply.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 24
Chapter 23: Nature and Form of Sales
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40840
Sample Questions
Q1) A contract of indefinite duration may be terminated by notice from either party to the other party.
A)True
B)False
Q2) With regard to transactions between merchants,failure to repudiate a confirming letter within ten (10)days after receipt binds the non-signing merchant,just as if he had signed the letter or a contract.
A)True
B)False
Q3) Article 2 of the Uniform Commercial Code applies to the sale of:
A)corporate stocks.
B)U.S.Treasury bonds.
C)goods.
D)insurance policies.
Q4) A transfer of possession,but not title,is called:
A)a bailment.
B)an option to purchase.
C)a gift
D)all of the above.
To view all questions and flashcards with answers, click on the resource link above. Page 25
Chapter 24: Title and Risk of Loss
Available Study Resources on Quizplus for this Chatper
45 Verified Questions
45 Flashcards
Source URL: https://quizplus.com/quiz/40841
Sample Questions
Q1) If shipped goods are damaged or destroyed after risk of loss passes:
A)the contract is avoided
B)the seller has breached the contract
C)the buyer has the option to accept or not accept the goods
D)it is the buyer's loss
Q2) __________reserve auctions are those that give the auctioneer the right to withdraw the goods from the sale process if the bids are not high enough.
A)Qualified
B)Restricted
C)With
D)Without
Q3) In a sale or return transaction,until the actual return of the goods is made,title and risk of loss remain with the buyer.
A)True
B)False
Q4) In a self-service store a sale cannot occur until the goods are paid for.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 26
Chapter 25: Product Liability: Warranties and Torts
Available Study Resources on Quizplus for this Chatper
54 Verified Questions
54 Flashcards
Source URL: https://quizplus.com/quiz/40842
Sample Questions
Q1) The defendant in a defective product suit may be:
A)the seller.
B)the manufacturer.
C)the manufacturer of a component part.
D)all of the above.
Q2) Unless otherwise agreed,every merchant seller warrants that goods are sold free of any rightful claim by any third party.
A)True
B)False
Q3) A seller who makes a written express warranty for consumer goods costing more than $50 must conform to FTC regulations.
A)True
B)False
Q4) In applying the "foreign substance/natural substance" liability test in the sale of food or drink,courts hold that there is liability if the seller does not deliver to the buyer goods of the character that the buyer reasonably expected.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Chapter 26: Obligations and Performance
Available Study Resources on Quizplus for this Chatper
43 Verified Questions
43 Flashcards
Source URL: https://quizplus.com/quiz/40843
Sample Questions
Q1) When goods are shipped COD:
A)the buyer always has the right to examine them before making payment.
B)the underlying contract must specify when the buyer may inspect the goods.
C)the buyer has no right to examine the goods until payment is made.
D)the buyer gives up all rights to inspection of the goods.
Q2) The obligations of the parties to a sales contract include:
A)the seller's duty to deliver the goods to the buyer's place of business.
B)the buyer's duty to always accept the goods.
C)the seller's duty to arrange for appropriate transport.
D)the buyer's duty to pay for the goods.
Q3) In a cash sale that does not require the physical moving of the goods,the:
A)parties are required to perform concurrently.
B)seller is required to tender the goods before the buyer must pay for them.
C)buyer must pay for the goods in advance.
D)buyer must actually receive the goods before he or she is required to pay for them.
Q4) When a party refuses to perform a contract at the time of performance,a repudiation has occurred.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 28
Chapter 27: Remedies for Breach of Sales Contracts
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40844
Sample Questions
Q1) A buyer may reject a tender of delivery:
A)if the goods do not conform to the contract in some way .
B)only if the goods have a substantial defect.
C)unless the seller promises to cure the defective tender.
D)unless the goods have been sold on credit.
Q2) When a sales contract is broken by the buyer,the seller has only the remedies of lien and resale available.
A)True
B)False
Q3) Rejection of an improper tender of goods constitutes a revocation of acceptance on the part of the buyer.
A)True
B)False
Q4) Consumer defenses:
A)are preserved by a FTC regulation.
B)are provided for by the CISG.
C)are contained in UCC Article 2.
D)none of the above.
To view all questions and flashcards with answers, click on the resource link above.
Chapter 28: Kinds of Instruments, parties, and Negotiability
Available Study Resources on Quizplus for this Chatper
52 Verified Questions
52 Flashcards
Source URL: https://quizplus.com/quiz/40845
Sample Questions
Q1) Conville signed a note as an officer of the Hughesville Manufacturing Corporation,but she did not name the corporation in the note or indicate that she was acting as an officer for it.Later,she was sued by the Grange National Bank,the holder of the note.She raised the defense that the corporation was liable on the note.Who was liable?
Q2) If instrument is negotiable,it can be:
A)paid on demand.
B)cancelled by the maker.
C)assigned by contract.
D)transferred by negotiation.
Q3) The signature requirement,as an element of negotiability,can be met by:
A)the use of initials.
B)a mark.
C)a trade name.
D)all of the above.
Q4) An instrument is order paper if:
A)it is payable to bearer or the order of bearer.
B)it is payable to cash.
C)the last or only indorsement is a blank indorsement.
D)none of the above.
To view all questions and flashcards with answers, click on the resource link above. Page 30
Chapter 29: Transfers of Negotiable Instruments and
Warranties of Parties
Available Study Resources on Quizplus for this Chatper
55 Verified Questions
55 Flashcards
Source URL: https://quizplus.com/quiz/40846
Sample Questions
Q1) Negotiation of bearer paper requires:
A)delivery only.
B)indorsement only.
C)both indorsement and delivery.
D)neither indorsement nor delivery.
Q2) The transfer and collection of negotiable instruments between banks requires specific indorsements.
A)True
B)False
Q3) An unqualified indorser who receives consideration for the indorsement impliedly warrants that:
A)the warrantor is a person entitled to enforce the instrument.
B)all signatures on the instrument are authentic and authorized.
C)the instrument has not been altered.
D)all of the above.
Q4) Under the UCC,a negotiation is not effective when it is made by a minor or any other person lacking capacity.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Chapter 30: Liability of the Parties Under Negotiable Instruments
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40847
Sample Questions
Q1) An altered instrument can be enforced according to its original terms.
A)True
B)False
Q2) When the primary party refuses to pay an instrument according to its terms,said party is required to give:
A)notice of nonpayment.
B)notice of dishonor.
C)notice of denial.
D)secondary party notice.
Q3) A holder through a holder in due course is subject to limited defenses.
A)True
B)False
Q4) Drawers are secondary parties on a note.
A)True
B)False
Q5) A universal defense will defeat a holder in due course and a holder through a holder in due course.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 32
Chapter 31: Checks and Funds Transfers
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40848
Sample Questions
Q1) The EFTA is concerned with the:
A)elimination of foreign terrorists
B)eradication of foreign tribunals
C)electronic transfers of funds
D)eleemosynary,or charitable,transfers of funds
Q2) Stop payment orders:
A)may be issued if a payee has failed to perform under a contract.
B)do not prevent a holder in due course from demanding payment.
C)are invalid for some forms of checks .
D)all of the above.
Q3) A bank is not required to pay a check presented more than six months after its date. A)True
B)False
Q4) A check is drawn on the assumption that the bank has sufficient funds in the drawer's account for payment.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Chapter 32: Nature of the Debtor-Creditor Relationship
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40849
Sample Questions
Q1) Which of the following is correct concerning suretyship and guaranty?
A)A surety is always liable from the moment the principal is in default.
B)A guarantor is always liable from the moment the principal is in default
C)Both a.and b.
D)None of the above.
Q2) The issuer of a letter of credit:
A)is obligated to honor drafts drawn under the letter if the conditions specified in the letter have been met.
B)has no duty to verify that the papers are properly supported by facts.
C)has no duty to verify that the underlying transaction has been performed.
D)all of the above.
Q3) Bailment given as security for the payment of a debt is a(n):
A)pledge
B)contribution
C)guaranty
D)indemnity
Q4) The use of letters of credit arose in international trade.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 34
Chapter 33: Consumer Protection
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40850
Sample Questions
Q1) If you allow another person to use your credit card but the person uses the card for a purpose other than the one you specified:
A)an unauthorized usage has occurred.
B)an authorized usage has occurred.
C)you will not be responsible for more than $50 of the amount charged.
D) both a and
Q2) An auto dealer who does not actually know of a roll-back can use lack of knowledge as a defense against odometer fraud,regardless of the condition of the car.
A)True
B)False
Q3) An unsolicited distribution of credit cards to persons who have not applied for them is:
A)always allowed.
B)voidable.
C)illegal.
D)only allowed if the recipient is at least 21 years old .
Q4) A consumer may waive all defenses otherwise provided for by law.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 35
Chapter 34: Secured Transactions in Personal Property
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40851
Sample Questions
Q1) A security agreement must:
A)identify the parties involved.
B)contain a reasonable description of the collateral.
C)demonstrate that the parties intended for the creditor intends to have a security interest.
D)all of the above.
Q2) A debtor must have rights in the collateral for a security interest to attach.
A)True
B)False
Q3) Which is not an element of attachment?
A)the filing of a financing statement
B)a security agreement
C)value received by the debtor
D)the debtor has rights in the collateral
Q4) The property that is subject to the security interest is called collateral.
A)True
B)False
Q5) Attachment provides creditors with rights. A)True
B)False
36
To view all questions and flashcards with answers, click on the resource link above.
Chapter 35: Bankruptcy
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40852
Sample Questions
Q1) A creditor must only file a proof of claim if the bankruptcy trustee does not know of the existence of the claim.
A)True
B)False
Q2) By operation of law,the trustee automatically becomes the owner of all of the debtor's property in excess of the property to which the debtor is entitled under exemption laws.
A)True
B)False
Q3) An involuntary bankruptcy case is commenced by creditors filing a petition with a bankruptcy court.
A)True
B)False
Q4) The status of a trustee in a bankruptcy proceeding is best described as the:
A)prosecutor of the debtor.
B)successor to the debtor.
C)defender of the debtor.
D)protector of the debtor.
To view all questions and flashcards with answers, click on the resource link above. Page 37
Chapter 36: Insurance
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40853
Sample Questions
Q1) Generally,the terms broker and agent are synonymous because both work directly for the insurer.
A)True
B)False
Q2) A person who would suffer a direct pecuniary loss if a particular piece of property were destroyed has a(n):
A)contractual risk.
B)hazard.
C)underwriting.
D)insurable interest.
Q3) A person who obtains life insurance generally can only name a beneficiary that has an insurable interest in the life of the insured.
A)True
B)False
Q4) Any false statement in an application binds the insured.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
38
Chapter 37: Agency
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40854
Sample Questions
Q1) A third person who deals with a person claiming to be an agent:
A)can rely on the statements made by the agent regarding the extent of the authority.
B)cannot ignore any knowledge regarding a limitation of the agent's authority.
C)is not required to take notice of any acts clearly adverse to the interest of the principal.
D)all of the above.
Q2) An agent's duties must be expressly stated in the agency agreement and may not be implied from the principal's words or conduct.
A)True
B)False
Q3) A __________ agent is authorized by the principal to handle a definite business transaction or to do a specific act.
A)special
B)general
C)secret
D)universal
To view all questions and flashcards with answers, click on the resource link above.
Chapter 38: Third Persons in Agency
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40855
Sample Questions
Q1) In general,a principal is liable for crimes of the agent committed while acting within the scope of the agency,even if the principal did not authorize commission of the crimes.
A)True
B)False
Q2) Apparent authority has the same effect as:
A)undisclosed authority.
B)actual authority.
C)partially disclosed authority.
D)none of the above.
Q3) The liability of an agent to a third person depends on the existence of authority and the manner of executing the contract.
A)True
B)False
Q4) When a third person makes payment to an authorized agent,such payment is deemed made to the principal at the time the agent remits the payment to the principal.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Chapter 39: Regulation of Employment
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40856
Sample Questions
Q1) Workers' compensation statutes do not typically provide for:
A)immediate medical benefits.
B)prompt periodic wage replacement.
C)a death benefit.
D)punitive damages.
Q2) The Immigration and Naturalization Act (INA)sets forth criminal and civil penalties against employers who knowingly hire illegal aliens.
A)True
B)False
Q3) An employment contract always will state a time or duration for the contract's applicability.
A)True
B)False
Q4) An employer has a "shop right" to use an invention of an employee without payment to the employee if the invention was made during working hours with the employer's material and equipment.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 41
Chapter 40: Equal Employment Opportunity Law
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40857
Sample Questions
Q1) Under Title VII,whites are not protected against discrimination because of race and color.
A)True
B)False
Q2) To successfully pursue a Title VII lawsuit,the plaintiff generally must belong to a protected class.
A)True
B)False
Q3) A seniority system is unlawful if:
A)workers with longer years of service are laid off last.
B)a union did not agree to the policy.
C)it results from an intention to discriminate.
D)workers with longer years of service are predominantly from one race.
Q4) Employment testing and educational requirements must be "job-related"; that is,employers must prove that employment testing and educational requirements bear a relationship to job performance.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 42
Chapter 41: Types of Business Organizations
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40858
Sample Questions
Q1) A limited liability company is treated like a partnership under federal tax law and has the limited liability feature of corporations.
A)True
B)False
Q2) Business corporations exist to make a profit.
A)True
B)False
Q3) The Federal Trade Commission has adopted a franchise disclosure rule that requires franchisors to give prospective franchisees a full disclosure statement thirty (30)days before a franchisee signs a contract or pays any money for a franchise.
A)True
B)False
Q4) A cooperative consists of a group of two (2)or more independent persons or enterprises that cooperate for a common objective or function.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 43
Chapter 42: Partnerships
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40859
Sample Questions
Q1) A partner has the authority to do those acts that are customary for a member of a partnership conducting the particular business of that partnership.
A)True
B)False
Q2) A third person should recognize that a partner has limited or no authority if:
A)the partner seeks to act for the partnership concerning a matter not within the usual business of the firm.
B)the third person knows that the partnership has been terminated.
C)the partner seeks to pay a personal obligation by issuing a promissory note in the name of the firm.
D)all of the above.
Q3) A partner cannot make a general assignment of firm property for the benefit of creditors unless authorized by the other partners or unless they have abandoned the business.
A)True
B)False
Q4) Each partner is an agent of the partnership.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 44
Chapter 43: LPs, LLCs, and LLPs
Available Study Resources on Quizplus for this Chatper
52 Verified Questions
52 Flashcards
Source URL: https://quizplus.com/quiz/40860
Sample Questions
Q1) Most limited liability company statutes provide that a LLC will dissolve:
A)by the consent of the members.
B)upon the death of a member.
C)upon the expulsion of a member.
D)all of the above.
Q2) Limited liability is not a feature of general partnership law.
A)True
B)False
Q3) Under the Revised Uniform Limited Partnership Act,a limited partner may contribute:
A)cash only.
B)property only.
C)services only.
D)cash,property,and services.
Q4) Members of a limited liability company share profits:
A)according to their status (general or limited)in the firm.
B)in proportion to their contribution of services.
C)in proportion to their capital contribution.
D)according to the terms of the operating agreement.
To view all questions and flashcards with answers, click on the resource link above.
45
Chapter 44: Corporate Formation
Available Study Resources on Quizplus for this Chatper
52 Verified Questions
52 Flashcards
Source URL: https://quizplus.com/quiz/40861
Sample Questions
Q1) Osvaldo was attempting to promote a corporation to be named Xavier,Inc.In that capacity,Osvaldo signed a lease in the name of Xavier and ordered furniture in the company's name.The corporation was in fact formed and the board of directors,knowing of the actions of Osvaldo,moved into the space Osvaldo had leased.Upon delivery and inspection of the furniture Osvaldo ordered,numerous defects were discovered,and the furniture was accordingly rejected and returned to the seller.The corporation was not successful,and as a result,the rent was not paid.Osvaldo was sued for the unpaid rent and for breach of contract concerning the furniture.The corporation was sued on the same grounds.Decide the cases against Osvaldo and Xavier,Inc.
Q2) If a wire manufacturing company owned a mill to produce the metal used in making the wire,this relationship between the companies would be best be described as:
A)a conglomerate.
B)a holding company.
C)an integrated industry.
D)a merger.
Q3) A merger is subject to antitrust law,while a consolidation is not.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 46
Chapter 45: Shareholder Rights in Corporations
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40862
Sample Questions
Q1) Shares of stock that have been issued to stockholders in a corporation are said to be outstanding.
A)True
B)False
Q2) Ordinarily,each shareholder is entitled to one vote for each voting share.
A)True
B)False
Q3) Delivering stock to a creditor as security for a debt owed by the shareholder:
A)transfers ownership rights.
B)gives rise to a perfected security interest.
C)makes the creditor a perfected party after filing.
D)makes the debtor a perfected party after filing.
Q4) Shares can exist for only as long as the shareholder is alive.
A)True
B)False
Q5) Dividends are payable in:
A)money.
B)products manufactured by the corporation.
C)shares of other corporations held by the corporation.
D)all of the above.
To view all questions and flashcards with answers, click on the resource link above.
Chapter 46: Securities Regulation
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40863
Sample Questions
Q1) A corporation or group of investors may seek to acquire control of another corporation by offering cash for all of its shares made available for sale by a certain date.This action is called a(n):
A)cash tender offer.
B)stock redemption offer.
C)stock reclamation offer.
D)offer for value.
Q2) The registration process under Section 5 of the 1933 act is divided into three time periods.In order,they are:
A)waiting,prefiling,and posteffective.
B)waiting,prefiling,and executory.
C)prefiling,waiting,and posteffective.
D)prefiling,executory,and posteffective.
Q3) Under SEC Rule 504 of Regulation D,an issuer can offer and sell up to $2 million in securities within a 12 month period without registration and without most of the restrictions contained in Rules 505 and 506.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 48
Chapter 47: Accountants Liability and Malpractice
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40864
Sample Questions
Q1) In some states an exculpatory clause protects the accountant from a malpractice suit brought by a third party but now from a suit brought by a client.
A)True
B)False
Q2) Sara and Sally rely on the statements of Alice,an accountant.In a lawsuit brought by Sara and Sally against Alice for fraud,Alice seeks to avoid liability based on the fact that neither Sara nor Sally was in privity of contract with Alice.Alice knew Sara might rely on the financial information provided,but Alice did not know of Sally or anyone in her position.Can Sara and Sally recover against Alice?
Q3) A disclaimer that protects an accountant from liability for inaccurate reporting of certain specified financial information will be held valid if the accountant had no means of examining the information.
A)True B)False
Q4) Malpractice is both a form of negligence and a tort.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Chapter 48: Management of Corporations
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40865
Sample Questions
Q1) Most states permit action to be taken by the board of directors without holding an actual meeting.
A)True
B)False
Q2) Officers and directors are not personally responsible for crimes they have committed when it can be demonstrated that in carrying out such crimes,they acted on behalf of the corporation.
A)True
B)False
Q3) Ordinarily,the management of a corporation is not liable to third persons if the managerial policies cause loss to such third persons.
A)True
B)False
Q4) Shareholder control is generally limited to voting at shareholders' meetings to elect directors.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 50
Chapter 49: Real Property
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40866
Sample Questions
Q1) An easement is a right to use another's property that belongs to the land that is benefited.
A)True
B)False
Q2) Tucker and Hankey were adjoining property owners.Tucker claimed that the fence separating their properties was not located properly and that it should be moved back onto Hankey's land.Hankey claimed that he owned the strip between the fence and the alleged boundary line by adverse possession.He proved that for forty (40)years there had been on the strip in question a barn with a cement floor,which had been built by the person from whom he purchased his land,and that he had been told by the former owner that the fence was the boundary line.The fence consisted of five-foot-high barbed wire set in cement.Did Hankey own the strip by adverse possession?
Q3) The general view is that the owner of land owns the space above the land,subject to the rights of flying aircraft,even if the aircraft interferes with the use of the land and represent a danger to persons or property on the land.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 51
Chapter 50: Environmental Law and Land Use Controls
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40867
Sample Questions
Q1) States that do not meet federal standards under The Clean Air Act are known as nonattainment areas.
A)True
B)False
Q2) Planting trees or erecting a fence,although otherwise lawful,constitutes a public nuisance when it creates a traffic hazard by obscuring an intersection.
A)True
B)False
Q3) Under the Clean Water Act,the EPA has developed effluent guidelines,which are ranges for discharges organized according to industrial groups and for specific plants in each of these groups.
A)True
B)False
Q4) The zoning power permits any regulation that is conducive to advancing public health,welfare,and safety.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Chapter 51: Leases
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40868
Sample Questions
Q1) A tenant in possession has control of the property and is therefore liable when the tenant's failure to use due care under the circumstances causes harm to licensees or invitees.
A)True
B)False
Q2) Renewal provisions in a lease are strictly construed against the tenant.
A)True
B)False
Q3) Roberts leased a duplex from Hughes.Later,without Hughes' knowledge,Roberts sublet half of the duplex to Carrera.Carrera did not take proper care of the premises and her part of the duplex was substantially damaged as a result of her negligent use and abuse.Upon discovering the situation,Hughes notified Roberts that he was holding him responsible for any and all damages to Carrera's portion of the duplex,and that Roberts was to bear the costs of returning the premises to the original state of repair.Roberts replied that he had sublet to Carrera in good faith,had no further dealings with Carrera after the sublet agreement,had no knowledge of negligence,and could not be held liable for damages caused by another.Can Roberts be held liable?
To view all questions and flashcards with answers, click on the resource link above.
Page 53
Chapter 52: Decedents Estates and Trusts
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/40869
Sample Questions
Q1) Unless statutory requirements are met,a will is invalid and the testator:
A)is considered to have died testate.
B)is considered to have died intestate.
C)is subject to federal law.
D)has provided guidelines of distribution.
Q2) A bequest of a pearl necklace is a:
A)general legacy.
B)specific legacy.
C)specific ademption.
D)residuary ademption.
Q3) A trustee cannot make decisions on matters that could not be foreseen by the settlor.
A)True
B)False
Q4) Under the Uniform Simultaneous Death Act,if survivorship cannot be established,the property of each person is disposed of as though each had survived the other.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 54