Business Ethics and Law Practice Exam
Course Introduction
Business Ethics and Law explores the interplay between ethical principles and legal frameworks in the business environment. The course examines foundational theories of ethics, corporate social responsibility, and the impact of legal regulations on business decision-making. Students analyze real-world cases to understand how ethical dilemmas and legal constraints shape organizational behavior, stakeholder relationships, and strategies for sustainable growth. Topics include employee rights, consumer protection, environmental laws, anti-corruption policies, and globalization's influence on ethical standards in business. Through critical discussion and case studies, students gain the tools to navigate complex ethical and legal challenges in todays global marketplace.
Recommended Textbook
Business Law and the Legal Environment Standard Edition 6th Edition by Jeffrey
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Page 2
F. Beatty
Chapter 1: Introduction To Law
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Q1) The case citation Pereda v.Parajon,957 So.2d 1194 (2007)reveals that Pereda is the plaintiff.
A)True
B)False
Answer: False
Q2) Congress passed a law imposing penalties for displaying "indecent" material online where children could see it.If the U.S.Supreme Court subsequently rules that the statute conflicts with the First Amendment of the U.S.Constitution,the statute is void.
A)True
B)False
Answer: True
Q3) The doctrine of stare decisis:
A) makes the legal process more expensive.
B) is an equitable remedy.
C) makes the law more predictable.
D) is unimportant to the common law.
Answer: C
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Page 3
Chapter 2: Business Ethics And Social Responsibility
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Sample Questions
Q1) Unethical behavior in an organization can create:
A) a cynical workforce.
B) a resentful workforce.
C) an unproductive workforce.
D) All of the above.
Answer: D
Q2) Kent needed to reduce his workforce by five people.Before notifying them,he thought about how he would feel if he were the one receiving the news and he tried to find ways to help the employees in their transition.Kent was exercising the value of:
A) courage.
B) compassion.
C) fairness.
D) responsibility.
Answer: B
Q3) There are values,such as integrity,that are generally considered universal.
A)True
B)False
Answer: True
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4
Chapter 3: Dispute Resolution
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Q1) Judge Zellar was asked to decide if a plaintiff could see the interrogatories procured by the defendant.The judge viewed the documents alone and decided that they should be made available to the plaintiff.The judge made:
A) an in camera inspection.
B) a motion to compel answers to interrogatories.
C) a request for admission.
D) a request for the production of documents.
Answer: A
Q2) If Lorenzo is seeking an injunction against Brenda to prevent her from selling materials that infringe his copyright,he is entitled to a jury trial if the value of the materials is over $100.
A)True
B)False
Answer: False
Q3) In a civil case,the plaintiff must prove the case beyond a reasonable doubt.
A)True
B)False
Answer: False
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Chapter 4: Common Law,Statutory Law,And Administrative Law
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Q1) Bert had his driver's license suspended by the state department of transportation.He believes his constitutional due process rights were violated by the administrative agency.Can he immediately file a court action to have agency's actions reviewed?
A) Yes. A court has the jurisdiction to immediately review an agency's alleged unconstitutional action.
B) Yes. Bert must specifically allege his constitutional rights have been violated and file a court action in federal court - not a state court.
C) No. Bert must first utilize the administrative agency's procedures to review the suspension before he seeks judicial review by a court.
D) No. A court of law does not have jurisdiction to review an administrative agency's actions.
Q2) Discuss the two federal statutes that give Americans the power to aquire or protect personal information.
Q3) Actual hearings are required in formal administrative agency rulemaking.
A)True
B)False
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6
Chapter 5: Constitutional Law
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Q1) Gadberry lives in a "common interest development" (CID)and has parked his new pickup truck in his driveway.The Neighborhood Association informs him that,according to their regulations,he may not have a truck in the sight of passersby.The Association has made an unconstitutional restriction of the property rights of residents of the CID.
A)True
B)False
Q2) Assume that the state of Ohio passed a hazardous waste statute,seeking to protect the general public and workers.The state statute did not violate the Commerce Clause because it imposed no restriction on interstate commerce.Both the state statute and the federal Occupational Safety and Health Act established job safety standards and specified worker training and employer licensing,but the requirements differed.Discuss which statute(s)Ohio corporations had to obey,and identify the source of the answer.
Q3) Congress passed the federal OSHA establishing job safety standards.Illinois passed its own statute,which had slightly more lenient standards.Illinois workers are only held to the state standards unless they are involved in interstate commerce.
A)True
B)False
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Page 7
Chapter 6: Intentional Torts And Business Torts
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Q1) Trein,Inc.entered into a one-year,$1 million contract with Mia,a sports celebrity,to promote Trein's products.E-presto Inc.,a competitor of Trein,was interested in having Mia promote its products but knew of her contract with Trein.E-presto offered Mia a three-year,$5 million contract.Mia left Trein and signed with E-presto.If Trein sues E-presto for tortious interference with a contract,E-presto:
A) will be able to establish a justification since E-presto was acting to protect an existing economic interest.
B) will be able to establish a justification because, in talking to Mia, E-presto was exercising its First Amendment freedom of speech.
C) will be able to establish a justification because to decide otherwise would subject Mia to involuntary servitude.
D) will not be able to establish a justification.
Q2) Working out some frustrations after a bad game,Jessica angrily hits a baseball and then sees it is flying toward the umpire.She yells,"Watch out!" The umpire ducks and the ball misses him.Since there was no physical contact,no assault or battery occurred.
A)True
B)False
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Chapter 7: Negligence And Strict Liability
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Sample Questions
Q1) A sports fan,injured by a hockey puck that flew into the stands during an NHL game,would be subject to the defense of assumption of the risk in a suit to recover for her injuries.
A)True
B)False
Q2) A landowner's highest duty is owed to licensees.
A)True
B)False
Q3) A customer in a restaurant would be considered ________ to whom the restaurant owner owes a duty ________.
A) a licensee; to warn of known dangers.
B) an invitee; of reasonable care.
C) a social guest; only to avoid intentionally injuring him.
D) none of the above.
Q4) Punitive damages are awarded:
A) for past and future medical expenses.
B) to repay the victim for losses suffered.
C) to punish the defendant.
D) for past and future pain and suffering.
Q5) Discuss the concepts of contributory negligence and comparative negligence.
Page 9
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Chapter 8: Crime
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Q1) The fraudulent conversion of property which is already in the defendant's possession is:
A) money laundering.
B) exclusion.
C) embezzlement.
D) trespassory taking.
Q2) Jeff picks up a piece of metal pipe and swings it around,hitting Gary across the back of the head.What factor would be required for Jeff's employer to be liable to Gary?
A) Jeff was at the factory when it happened.
B) Jeff voluntarily hit Gary.
C) Jeff was moving the pipe as part of his work responsiblities when he hit Gary.
D) Gary cannot be an employee of the same company as Jeff.
Q3) A crime is a violation of statutory law.
A)True
B)False
Q4) Entrapment can be a valid defense to a criminal act.
A)True
B)False
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Chapter 9: International Law
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Sample Questions
Q1) The two principal requirements of the Foreign Corrupt Practices Act involve bribes and grease payments.
A)True
B)False
Q2) Yount,Inc.is interested in expanding its business to include exporting its products to several other countries.Discuss two federal statutes that should be considered before making the decision to export.
Q3) What is a major argument against the GATT Treaty?
A) The United States will have to compete against countries with unlimited pools of exploited labor.
B) The United States will lose millions of jobs involving low-end employment and these types of workers are least capable of finding other employment.
C) Both a and b above are major arguments against GATT.
D) Neither a nor b above is a major argument against GATT.
Q4) The United States has agreed to which of the following?
A) GATT.
B) NAFTA.
C) CISG.
D) All of the above.
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Chapter 10: Introduction To Contracts
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Sample Questions
Q1) Discuss the requirements of promissory estoppel.
Q2) Alex promises to pay $100 to anyone who finds his lost watch.Kate finds and returns the watch to Alex after hearing of the reward money.Alex and Kate have an enforceable unilateral contract.
A)True
B)False
Q3) Which of the following types of property would be goods under the Uniform Commercial Code?
A) A promissory note.
B) A stock.
C) A patent.
D) A computer.
Q4) Courts may award damages called "quantum meruit":
A) which means "as much as he deserved."
B) which is money the court believes the plaintiff morally ought to have.
C) even though there was no valid contract entitling the plaintiff to it.
D) All of the above.
Q5) A valid contract can legally be voided by either party.
A)True
B)False
12
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Chapter 11: Agreement
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Sample Questions
Q1) Acme Co.offers to buy 1000 widgets from Widget World Co.The written offer provides for 1000 at $10 per widget,to be delivered May 1.The offer has no other provisions.Widget World sends a written acceptance.However,the acceptance also states that if any claim arises under this contract,Widget World must be notified within 10 days.Acme does not object to this provision.Both parties are merchants.Which of the following best describes this situation?
A) No contract exists. The purported acceptance contains additional terms, so it is a counteroffer, which has not been accepted.
B) No contract exists if the additional terms are construed to be material terms.
C) A contract exists. If the additional terms are construed to be material, they are not part of the contract. If the additional terms are not material, they are part of the contract.
D) A contract exists, but the additional terms are not part of the contract no matter what.
Q2) Briefly discuss how an offer can be accepted.Include offers for both bilateral and unilateral contracts.
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Chapter 12: Consideration
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Q1) In January,Alex promised to pay Y-K Inc.$5,000 if it would refrain from filing suit against him on a breach of contract action.Y-K agreed and accepted a $5,000 check from Alex.Which of the following statements is correct?
A) Y-K's promise to refrain from suing Alex was not supported by legal consideration.
B) Y-K's promise to refrain from suing Alex was supported by legal consideration and is enforceable.
C) This is an accord and satisfaction, and Y-K cannot sue.
D) The courts would apply promissory estoppel in this situation.
Q2) Billy owes a liquidated debt of $3000 to Rayna,his personal weight trainer.Billy sends Rayna a check for $300 on which he has marked,"Payment in Full." If Rayna cashes the check she will not be able to successfully sue Billy for the remainder of the debt.
A)True
B)False
Q3) Discuss the concept of consideration.
Q4) Agreeing not to open a competing business could be consideration.
A)True
B)False
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Page 14
Chapter 13: Legality
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Sample Questions
Q1) Which of the following exculpatory clauses will most likely be enforceable?
A) An exculpatory clause that relieves a riding stable of negligence.
B) An exculpatory clause that relieves a riding stable of gross negligence.
C) An exculpatory clause that relieves a riding stable from intentional torts.
D) A riding stable's exculpatory clause that is hidden in an eight-page document that all riders are required to sign.
Q2) A gambling contract is legal unless it is specifically prohibited by state statute. A)True B)False
Q3) To be valid,an agreement not to compete must be ancillary to a legitimate bargain. A)True B)False
Q4) If a court finds as a matter of law that a clause of a contract was unconscionable at the time the contract was made,the court must refuse to enforce the contract.
A)True B)False
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Chapter 14: Capacity And Consent
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Q1) Mentally infirmed Sasha contracts to purchase a piano for $2,500 in 60 monthly installment payments.Six months later she tries to void the contract on grounds of mental impairment.A court will:
A) normally void the contract without requiring anything further on Sasha's part.
B) normally void the contract but will require Sasha to return the piano.
C) ordinarily not void the contract unless Sasha had a court-appointed guardian at the time she entered into the contract.
D) not void the contract unless Sasha agrees to have the court appoint a guardian for her.
Q2) If Jane persuades Linda to buy her horse by telling Linda that the horse runs "like the wind," then Jane's statement is:
A) fraud.
B) misrepresentation.
C) a unilateral mistake.
D) puffery.
Q3) Discuss the concept of a "material fact" in fraud situations.
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Chapter 15: Written Contracts
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Q1) Scott is trying to introduce oral evidence in court to alter the terms of a written contract he had with Bonnie.Bonnie has raised the parol evidence rule as an objection to Scott's testimony.In which of the following circumstances will Scott not be able to introduce the oral evidence?
A) The contract has an integration clause in it and Scott's point of contention is covered in detail in the contract, although not to his favor.
B) There was a mutual mistake of a material fact when the contract was entered into.
C) The oral evidence is introduced to clarify the meaning of an ambiguous term used in the written contract.
D) Scott claims that he was defrauded into entering into the contract and wants to testify about the intentional misrepresentations of material facts.
Q2) Which of the following promises ordinarily must be in writing to be enforceable?
A) Promises made as a part of a prenuptial agreement.
B) The agreement to sell a car for $1500.
C) The promise by an executor of an estate to pay a debt of the decedent.
D) All of the above.
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Page 17
Chapter 16: Third Parties
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Q1) A spouse who is named the beneficiary of a life insurance policy would ordinarily be:
A) a creditor beneficiary.
B) an incidental beneficiary.
C) a donee beneficiary.
D) a debtor beneficiary.
Q2) Kirk purchases a sailboat on credit from Lakefront Sales,and Lakefront keeps a security interest in the boat.Lakefront then assigns the security interest to First Finance Co.Explain what having a security interest means.Under the UCC,what defenses can Kirk assert against First Finance?
Q3) A party may make either an assignment or a delegation,but cannot make both an assignment and a delegation simultaneously.
A)True
B)False
Q4) The status of a third party is determined by:
A) the type of contract.
B) whether the third party gave consideration.
C) the reasonable expectations of the third party.
D) the intent of the contracting parties.
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Chapter 17: Performance And Discharge
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Q1) Which of the following events would probably excuse performance of a contract based on commercial impracticability?
A) The price of a raw material increases slightly so that the contract will not be as profitable.
B) An unforeseeable trade embargo causes prices to triple.
C) The promisor of personal services dies.
D) The subject matter of the contract is destroyed.
Q2) Melody is a recent graduate of State Law School.She lands an impressive employment contract with the firm of Dewey,Cheathem,and Howe,Attorneys at Law,on the stated provision that she pass the upcoming bar exam.This provision in the employment agreement is a(n):
A) condition precedent.
B) condition subsequent.
C) implied condition.
D) concurrent condition.
Q3) What does the term "substantial performance" mean? What factors are generally considered when determining whether one of the parties has substantially performed?
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Chapter 18: Remedies
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Q1) Reformation is:
A) a type of restitution
B) a form of quantum meruit.
C) a form of quasi-contract.
D) uncommon.
Q2) Identify and describe the four principal contract interests a court may seek to protect.
Q3) The Milicic v.Basketball Marketing Company,Inc.case illustrated the proper use of a preliminary injunction.
A)True
B)False
Q4) Damages must be estimated with reasonable certainty.
A)True
B)False
Q5) Liquidated damages are awarded to parties who have experienced an injury to their legal rights but have no actual loss.
A)True
B)False
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Chapter 19: Practical Contracts
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Q1) Which of the following is NOT a standard provision frequently found in contracts?
A) choice of forum.
B) choice of law.
C) choice of compensation..
D) arbitration.
Q2) A force majeure event is:
A) anything that makes the contract unprofitable for either party.
B) a natural disaster that claims human life or leads to the declaration of a state of emergency.
C) a disruptive, unexpected occurrence for which neither party is to blame that prevents one or both parties from complying with the contract.
D) any happening that fulfills one of the conditions in the contract, making it enforceable.
Q3) "Scrivener's error" is another (fancier)name for a typo.
A)True
B)False
Q4) Identify and explain at least four situations where a written contract is either necessary or recommended.
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21
Chapter 20: Introduction To Sales
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Q1) Jones contracts to buy a computer from Martin for $1500.The contract calls for Martin to service the computer quarterly for the first year and to tutor Jones on how to use the software.Is this contract covered by the UCC or common law?
Q2) By definition,a sale under Article 2 of the UCC requires:
A) that the parties involved be merchants.
B) that the product involved be goods, services, or a mixture; that the sale be between or among merchants; and that the sale take place in the normal course of business for that industry.
C) that title to the goods pass between the seller and the buyer and that a price be paid for the goods.
D) that the service being sold cannot be a gift or a bailment.
Q3) Which of the following is true regarding an open price term?
A) It makes the contract unenforceable.
B) The price may be fixed by the seller.
C) The price is the "reasonable" price at the time of delivery.
D) The price is set by the buyer.
Q4) The UCC imposes a duty of good faith in the performance of all contracts.
A)True
B)False
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Chapter 21: Ownership And Risk
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Q1) Marco sells goods to Byron for his personal use on the basis that the goods may be returned if Byron is not satisfied with them.The sale is:
A) a "sale or return."
B) a "sale on approval."
C) a consignment.
D) outside the UCC.
Q2) Angela uses fraudulent means to induce Walter to enter a sales contract.Angela obtains a voidable title to the goods.
A)True
B)False
Q3) Rayco Ski Shop purchased 500 pairs of skis from Skitron.Rayco is located in Colorado.Skitron's business is in Tennessee.The purchase order included the following term: "F.O.B.Colorado." The contract makes no mention of risk of loss or title.The contract can be described as a:
A) shipment contract.
B) destination contract.
C) bulk transfer.
D) sale on approval.
Q4) Discuss the concept of insurable interests.
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Chapter 22: Warranties And Product Liability
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Q1) Express warranties must be in writing so they can be proven in court.
A)True
B)False
Q2) Many states prohibit a seller from disclaiming implied warranties in the sale of consumer goods.
A)True
B)False
Q3) Under which of the following warranties must the seller be a merchant?
A) Express warranties.
B) Implied warranty of merchantability.
C) Implied warranty of fitness for a particular purpose.
D) Both b and c
Q4) A product liability case may be brought in warranty,negligence,or strict liability,but it must have the element that a person or business has been hurt by goods.
A)True
B)False
Q5) How do the tort theories of negligent product liability and strict product liability differ from each other? List and describe the elements an injured party must establish for recovery under each cause of action.
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Chapter 23: Performance And Remedies
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Q1) Discuss the UCC rules on the limitation of damages in a contract.
Q2) "Course of dealing" refers to prior commercial transactions between the same parties.
A)True
B)False
Q3) Matson agrees to purchase 500 wooden chairs from Woodcarvers,Inc.After Woodcarvers sets the chairs aside in its warehouse,but before the risk of loss passes to Matson,the chairs are destroyed in a fire,which was not the fault of Woodcarvers.The contract between Matson and Woodcarvers is void.
A)True
B)False
Q4) If a seller cures within a reasonable amount of time,the contract: A) has been performed. B) is breached. C) is void. D) is voidable.
Q5) Identify six possible remedies for a seller when the buyer breaches a contract.
Q6) Liquidated damages are not permitted under the UCC.
A)True
B)False
Page 25
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Chapter 24: Secured Transactions
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Q1) If repossessed collateral is sold or otherwise disposed of by the creditor,the time,place,manner,and method of disposal must be:
A) commercially reasonable.
B) scheduled with the debtor so that the debtor is able to attend.
C) court ordered.
D) perfected.
Q2) Which of the following may not be used as collateral within the scope of UCC Article 9?
A) Certificates of deposit.
B) Accounts receivable.
C) Goodwill.
D) A 250-acre farm.
Q3) The initial term for which a financing statement will be effective is:
A) one year.
B) five years.
C) ten years.
D) two years.
Q4) For a security interest to attach,there must be an agreement.
A)True
B)False
Page 26
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Chapter 25: Creating A Negotiable Instrument
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Q1) Tim buys a high-powered tool from Binford Tools to use on the construction of his own garage.Binford Tools provides a full warranty on the tool for the first six months.To pay for the tool,Tim signs a negotiable promissory note which contains the FTC Notice.Binford properly negotiates the note to First Finance.Within three weeks,the tool stops working and Binford refuses to repair or replace it.In the meantime,First Finance demands payment from Tim.Under the Federal Trade Commission rules,this consumer credit situation means First Finance can:
A) collect if it is a holder in due course.
B) collect if it is not a holder in due course.
C) collect whether or not it is a holder in due course.
D) not collect.
Q2) To be negotiated,bearer paper must simply be delivered to the recipient.
A)True
B)False
Q3) Matt wrote a $500 check to Alistar for some yard work that Alistar had done.What will Alistar have to do negotiate this instrument to Totally Tough,Inc.in payment for some yard equipment Alistar had bought?
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Page 27
Chapter 26: Liability For Negotiable Instruments
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Q1) Check kiting is defined as:
A) indorsing a check while knowing that the check is a stolen check.
B) carelessly paying an unauthorized instrument.
C) a scheme of overdrawing account A by depositing a check in account B, then overdrawing account B to cover the insufficient funds in account A.
D) issuing an instrument to an impostor who negotiates the instrument to a bank that is unaware of the fraud.
Q2) The UCC requires that anyone wishing to cash a check must provide:
A) a picture I.D.
B) a major credit card.
C) thumbprint proof of identity.
D) reasonable identification.
Q3) The Gulf States Section,PGA,Inc.v.Whitney National Bank of New Orleans case addressed liability on a negotiable instrument:
A) based on fraud.
B) based on negligence.
C) as an accommodation party.
D) as a signer.
Q4) List the warranties a transferor of a negotiable instrument makes.
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Chapter 27: Accountants' Liability
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Q1) If a plaintiff is successful in proving that an auditor has violated Section 10(b)of the 1934 Act,the auditor has:
A) primary liability.
B) secondary liability.
C) contingent liability.
D) rebuttable liability.
Q2) Which of the following is not a provision of the Sarbanes-Oxley Act of 2002?
A) Congress established the Public Company Accounting Oversight Board, which has the authority to regulate public accounting firms, establishing audit rules and ethics guidelines.
B) After five years with a client, the lead audit partner must rotate off the account for at least five years.
C) Congress established the American Institute of Certified Public Accountants to develop ethical guidelines in a Code of Professional Conduct.
D) Auditors must communicate regularly and completely with audit committees of their clients and must describe options the firm considers in preparing financial statements.
Q3) Discuss the advantages and disadvantages of using IFRS.
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Chapter 28: Agency Law
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Q1) If Denise is hired to work as a cashier,she has the implied authority to do acts reasonably necessary to carry out her job.
A)True
B)False
Q2) A principal must indemnify an agent for any expenses incurred in carrying out agency responsibilities,but the principal will not be responsible for indemnifying an agent for any unauthorized purchases.
A)True
B)False
Q3) Andrew has been hired to do some work for Rossi Enterprises.What factors would a court consider in determining if Andrew is an employee or an independent contractor? Why does the designation matter?
Q4) An agent is always liable for his or her own torts committed within the scope of the agency relationship.
A)True B)False
Q5) An agent must obey all instructions of the principal. A)True B)False
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Chapter 29: Employment Law
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Q1) Explain the Title VII requirements on affirmative action,and identify three sources of affirmative action programs.
Q2) Under the federal legislation known as OSHA:
A) employers must keep records of all workplace injuries.
B) employers must keep records of positive results of workplace drug tests.
C) employees must keep their work area free from recognized hazards.
D) employers may monitor workers' e-mail messages if the monitoring is done in the ordinary course of business and the employer provides the e-mail system.
Q3) Maude was denied employment with Trucks R Us as a warehouse worker because she didn't meet the weight requirement of 160 pounds.Trucks argued the weight requirement was reasonable because warehouse workers often have to lift things weighing up to 100 pounds.If she sues Trucks,she will probably:
A) lose, as the weight requirement seems like a reasonable occupational requirement.
B) lose, as the 160-pound requirement doesn't discriminate.
C) win, as the weight requirement is discriminatory and doesn't appear necessary for the requirement of lifting 100 pounds.
D) win, as the employer specifically cannot have a weight requirement.
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Chapter 30: Labor Law
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Q1) Jenna works for Mega Corp as a production employee.She is paid an hourly wage.She wishes to negotiate her own employment contract with management since she does not agree with the terms of her union's collective bargaining agreement.Can Jenna negotiate her own contract? Explain.
Q2) The NLRA requires the union and the employer to reach an agreement through good-faith collective bargaining.
A)True
B)False
Q3) Secondary boycotts:
A) are generally legal provided the boycott is peaceful.
B) are generally legal provided the boycott does not involve public employees such as nurses or school teachers.
C) are not expressly permitted nor prohibited under federal law.
D) are generally illegal.
Q4) If employees wish to organize a union,the employer is prohibited from distributing written notices to employees stating it is opposed to union activity within the company.
A)True
B)False
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Chapter 31: Starting A Business
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Q1) The corporate form of business:
A) was first known and used by the Greeks and then spread through the Romans to England.
B) was not known until about 1737 when Sir Francis LaRue developed the concept.
C) was first allowed in the State of New York around 1811 and is considered to be an American creation.
D) None of the above.
Q2) Andy wants to start his own business.He has decided to rent space in a "strip mall" and open a pet shop.Additionally,he will provide dog grooming services.He figures he can do almost everything himself,though he will need to hire a part-time employee on an "as needed" basis.His friend,Lacy,has agreed to work when needed.
Andy is considering operating his business as a sole proprietorship.What are the primary legal advantages and disadvantages to this form of business ownership for Andy's pet shop?
Q3) A limited liability company,unlike a Subchapter S corporation,can have members that are corporations,partnerships,or nonresident aliens.
A)True
B)False
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Chapter 32: Partnerships
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Q1) In the case of Hooper v.Hooper,the court found:
A) when the partnership was dissolved, one partner was entitled to property in kind in an amount by which his services had enhanced the value of the partnership.
B) when one partner unexpectedly became unable to contribute services and time to the partnership, there was an implied agreement that the other partner would be paid for the extra services he performed for the partnership.
C) the fact that one partner contributes greater skill and takes over management of a partnership business does not give rise to a right to extra compensation.
D) although the partners had an express agreement to pay one partner for extra services rendered to the partnership, such an agreement is unenforceable.
Q2) A partnership is liable for both the negligent and intentional acts of a partner if the acts were committed within the ordinary course of the partnership's business.
A)True
B)False
Q3) Identify and briefly discuss the management rights and duties of a partner.
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Chapter 33: Life And Death Of A Corporation
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Q1) Incorporators of Maizey Co.signed and delivered the corporate charter to the proper office,but due to inefficiencies in the government office,the filing was delayed.During the period between the delivery of the charter and the filing,a promoter of Maizey Co.entered a contract for the delivery of goods using the corporate name.The supplier,if it finds out the filing had not been completed when the contract was entered,may hold the promoter personally liable on the contract.
A)True
B)False
Q2) Fashions,Inc.has 12 shareholders.The company is subject to the Model Act.What officers is Fashions,Inc.required to have?
A) A president, secretary, and treasurer.
B) A president and a secretary, and they can be the same person.
C) A president, at least one vice-president, a secretary, and a chief financial officer.
D) Whatever officers are described in the corporate bylaws.
Q3) What are some of the advantages for a business to incorporate in Delaware?
Q4) Discuss how a corporation is terminated.
Q5) Identify four circumstances that might persuade a court to pierce the corporate veil.
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Chapter 34: Corporate Management
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Q1) Management's duty to have a rational business purpose,avoid illegal behavior,and make informed decisions refers to its:
A) duty of care.
B) duty of loyalty.
C) duty of openness.
D) duty of fairness.
Q2) Which of the following must be approved by the shareholders if a company is attempting to avoid a hostile takeover bid?
A) White knights.
B) Staggered board of directors.
C) Supermajority voting.
D) All the above.
Q3) When establishing takeover defenses,shareholder welfare must be the board's primary concern.
A)True
B)False
Q4) Corporate responses to takeover attempts are largely governed by federal law.
A)True
B)False
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Chapter 35: Shareholders
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Q1) Discuss how the Sarbanes-Oxley Act affects Haletronne Co.,a publicly traded corporation.
Q2) Larry has owned $5,000 of stock in E-prise,Inc.for the past 18 months.Under SEC rules,Larry can require that one proposal be placed in the company's proxy statement to be voted on at the shareholder meeting.
A)True
B)False
Q3) A "fundamental change" in a corporation would be illustrated by:
A) E-prise, Inc. merging with Vitta Corporation.
B) the voluntary dissolution of Oldtry, Inc.
C) the amendment to bylaws of Chaney Company.
D) All of the above.
Q4) A corporation's obligation to provide shareholders with financial information:
A) depends on whether the company is publicly or privately held.
B) depends on the requirements of the Model Business Corporation Act, which is widely followed in regard to the shareholders' right to information.
C) is extensive and is carefully regulated by the SEC if the company is privately held.
D) All the above.
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Chapter 36: Securities Regulation
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Q1) If the final registration statement contains a material misstatement or omission,the purchaser of the security can recover damages from:
A) everyone who signed the registration statement..
B) the company's directors, but not the chief officers.
C) the experts who signed the registration statement, but not any other parties.
D) the issuer of the security, but not the company's directors or chief officers.
Q2) A control security is stock which gives the owner a controlling interest in the company.
A)True
B)False
Q3) An individual engaged in illegal insider trading could be: A) fined.
B) given a prison sentence.
C) required to pay the SEC three times the profit made.
D) All the above are correct.
Q4) The Fallwater Partnership wants to incorporate and is considering using a DPO.Explain what a DPO is and discuss the advantages and disadvantages of this course of action.
Q5) What information must be contained in a registration statement?
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Chapter 37: Bankruptcy
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Q1) Forever Yours,Inc.has a secured and perfected security interest in Sally's big-screen TV.On the filing date of Sally's Chapter 7 petition,the balance of the debt owed to Forever Yours is $2,000.The value of the TV is estimated at $1,500.This means that Forever Yours: A) is secured for the entire debt, $2,000.
B) is unsecured for $500, the excess of the debt over the value of the TV.
C) has a high priority claim of $500. This means that Forever Yours, Inc. will be allowed $500 worth of other unsecured property before other unsecured creditors get anything. D) is unsecured for the entire debt.
Q2) The start of the bankruptcy process is:
A) the submission of a plan of repayment.
B) the bankruptcy court's issuance of an order for relief.
C) a meeting of creditors.
D) the appointment of a trustee.
Q3) Chapters 11 and 13 are liquidation chapters.
A)True
B)False
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Chapter 38: Antitrust
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Q1) The most accurate statement about the Robinson-Patman Act is:
A) It has rarely been enforced in recent years.
B) The U.S. government has stepped up its enforcement during the last decade.
C) It has been declared unconstitutional.
D) It was repealed by Congress in 1998.
Q2) When the per se standard applies,the plaintiff:
A) needs only to prove the existence of the conduct.
B) must prove that the activity was an unreasonable restraint of trade.
C) must show that there was an anti-competitive impact.
D) None of the above.
Q3) The chain of Mega Hardware stores agreed with Lock Tight Manufacturing not to carry any brand of locks and door handles other than those manufactured by Lock Tight.Mighty Lock threatened to sue for antitrust violations.On what basis and under what statute(s)would Mighty Lock sue? What factors would a court consider in deciding the case?
Q4) Violations of antitrust law are either per se violations or rule of reason violations.What are the differences between these two types of violations? Give examples of each.
Q5) Explain horizontal price-fixing and vertical minimum and maximum price-fixing.Discuss their status under antitrust laws.
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Chapter 39: Consumer Law
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Q1) In 30-year mortgages,the finance charge typically exceeds the amount of the principal.
A)True
B)False
Q2) The Truth-in-Lending Act applies to private individuals who loan money.
A)True
B)False
Q3) A company advertised a pain relief ointment called "Aspercreme." The package stated "the strong relief of aspirin right where you hurt." The product did not contain any aspirin.The FTC ruled that:
A) the advertising was not deceptive since the benefit of the product outweighed any harm caused by potentially misleading claims.
B) the advertising was misleading, and the company would have to change the name of the product or add aspirin to its formula.
C) the advertising was deceptive, and the FTC required the company to specifically state in its promotions that the product did not contain aspirin.
D) None of the above
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Chapter 40: Environmental Law
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Q1) A person who violates the Clean Water Act can face possible imprisonment in addition to other penalties.
A)True
B)False
Q2) James owned real estate.He leased the building to two tenants.An insurance agent leased the first floor and a law firm leased the second floor.James later sold the land to Mary,who used the entire building for her business.She discovered that there were underground storage tanks buried in the land.She had to remove the tanks and then sued James and the former tenants for the cost of removing the tanks,even though none of them knew the tanks had been there.
A) James and the two tenants are liable.
B) James is liable to Mary, but the tenants are not.
C) The tenants are liable to Mary, but James is not.
D) Neither James nor the tenants are liable to Mary.
Q3) Discuss the purpose of and problems with the Kyoto Protocol from the perspective of the United States.
Q4) Discuss the four major provisions of the Clean Air Act.
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Chapter 41: Cyberlaw
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Q1) The Computer Fraud and Abuse Act prohibits all but which of the following?
A) Computer trespass.
B) Sending spam.
C) Negligent damage to a computer attached to the Internet.
D) Trafficking in computer passwords.
Q2) The European Union prohibits the transfer of personal customer information to countries that lack adequate privacy protection.
A)True
B)False
Q3) Daniel went onto an Internet message board and found that his ex-wife,Faye,had posted a message calling him a fat,insensitive jerk who only cared about watching sports on TV.Does Daniel have any protection against Faye's making such statements to a potentially large number of readers,some of whom may know Daniel and some of whom may not?
Q4) The Electronic Communications Privacy Act covers:
A) e-mail communications.
B) transmissions from cellular phones.
C) transmissions from pagers.
D) All of the above.
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Chapter 42: Intellectual Property
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Q1) In hopes of speeding up the approval process and making it more accurate,the Patent and Trademark Office has begun a pilot program which allows anyone to participate in the patent approval process.
A)True
B)False
Q2) The advantages of trademark registration include all EXCEPT:
A) potential damages are higher.
B) after five years the mark becomes almost impossible to challenge.
C) it allows the trademark owner to use the TM symbol to put others on notice of the protection.
D) the mark is valid nationally.
Q3) A design patent protects the appearance of an item and is valid for 14 years.
A)True
B)False
Q4) Under the "fair use doctrine," instructors cannot be liable for copyright violations.
A)True
B)False
Q5) Briefly discuss a patent,copyright,and trademark.
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Chapter 43: Real Property And Tenant-landlord Law
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Q1) Which of the following is a possessory interest in land?
A) Fee simple absolute.
B) Easement.
C) Profit.
D) License.
Q2) Discuss the tenant's and the landlord's basic duties under a landlord-tenant relationship.
Q3) A general warranty deed is different from a quitclaim deed because:
A) a general warranty deed is more limited in the number of warranties made by the seller to the buyer than the warranties made in a quitclaim deed.
B) a general warranty deed makes five warranties or promises, whereas a quitclaim deed does not contain any promises.
C) a quitclaim deed does not require the seller's signature, but a general warranty deed does require the seller's signature.
D) None of the above are correct.
Q4) The city of Richmond needs land owned by the Neelans to expand a middle school.The Neelans do not want to sell.Discuss what course of action the city can take and the basis for this action.
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Chapter 44: Personal Property And Bailment
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Q1) Jeannie carelessly packed her grandmother's antique glassware and had it shipped to her 30-year-old daughter,Abby,via Common Freight Carriers.When the china arrived at Abby's house,most of the pieces were broken.As between Jeannie and Common Freight Carriers,who will bear the loss?
A) Under the Carmack Amendment, Jeannie is liable for the loss if Common Freight Carriers shows it was not negligent and that the loss was caused by Jeannie's failure to wrap and pack the glassware properly.
B) Under the Carmack Amendment, Common Freight Carriers is liable. A common carrier is strictly liable.
C) Under the Carmack Amendment, Common Freight Carriers is liable because of its negligence in not inspecting Jeannie's packing job.
D) Liability is governed by state statute and will depend on which state law will control.
Q2) Distinguish between a contract and a gift.Give an example of each.
Q3) If one party makes accessions without agreement and the improvements can be "undone" without damaging the property,the improver must undo them.
A)True
B)False
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Chapter 45: Planning For The Future: Wills,Trusts,And
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Q1) Per capita means each heir gets an equal share of an estate.
A)True
B)False
Q2) Which of the following is generally covered under casualty insurance?
A) Employee theft or embezzlement.
B) Disability.
C) Transportation insurance.
D) Vandalism.
Q3) Parents may not disinherit their minor children without good reason.
A)True
B)False
Q4) The percentage of people dying without a will is approximately:
A) 5%.
B) 25%.
C) 60%.
D) 90%.
Q5) Discuss the differences between a will and a trust.
Q6) A spouse is entitled to a forced share of a decedent's estate.
A)True
B)False Page 47
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