Business Ethics and Law Test Preparation
Course Introduction
Business Ethics and Law provides a foundational understanding of the legal and ethical frameworks that govern contemporary business practices. The course explores key topics such as corporate social responsibility, ethical decision-making, contracts, intellectual property, and employment law. By examining real-world case studies, students learn how to navigate complex legal environments and apply ethical principles in diverse business contexts. Emphasis is placed on the impact of regulations, ethical codes, and global standards, equipping students with the analytical skills necessary to identify, assess, and resolve ethical dilemmas in professional settings.
Recommended Textbook
Dynamic Business Law 4th Edition by
Nancy K. Kubasek
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52 Chapters
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Chapter 1: An Introduction to Dynamic Business Law
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Sample Questions
Q1) Which of the following is reported in the Code of Federal Regulations?
A)Statutes
B)Executive orders
C)Congressional orders
D)Common law
E)Administrative law
Answer: E
Q2) The text references two ways in which a treaty between the U.S.and a foreign country is similar to a contract.Discuss these two ways.
Answer: Both treaties and contracts are attempts by parties to determine rights and obligations among themselves.Additionally,when a party fails to obey a treaty or contract,law imposes liability on the party who failed to obey the agreement.
Q3) Define the meaning of the term "stare decisis," and discuss how it is applied.
Answer: The term "stare decisis" means standing by a decision.When courts rely on precedent,they are obeying the principle of stare decisis in which rulings made in higher courts become binding precedent for lower courts.
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Chapter 2: Business Ethics
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Sample Questions
Q1) A company has to dispose of bio-hazardous waste products.Dropping them in the landfill anonymously would be the cheapest solution,but the company does not do this because it is frightened of the bad publicity which could result if it was found out.In considering the possible complicity,the company's decision was shaped by the:
A)Golden rule
B)Public disclosure test
C)Universalization
D)Profit Motive
E)WPH Method
Answer: B
Q2) Ethical relativism and situational ethics mean the same thing.
A)True
B)False
Answer: False
Q3) Business ethics results in a set of correct decisions.
A)True
B)False
Answer: False
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Chapter 3: The Uslegal System
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Q1) Laws which enable the court to serve a defendant outside the state as long as the defendant has sufficient minimum contacts within the state and it seems fair to assert jurisdiction are called ________.
A)In rem statutes
B)Quasi in rem statutes
C)Minimum contact statutes
D)Significant contact statutes
E)Long-arm statutes
Answer: E
Q2) Before a case can be heard,it must meet the threshold requirements of standing,case or controversy,and matter of public interest.
A)True
B)False Answer: False
Q3) Subject-matter jurisdiction is a court's power to hear certain kinds of cases.
A)True
B)False
Answer: True
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Chapter 4: Alternative Dispute Resolution
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Q1) A clause in which the terms are "manifestly unfair or oppressive and are dictated by a dominant party" is called a[n] clause.
A)Outrageous
B)Unsupportable
C)Prohibitive
D)Unconscionable
E)Unreasonable
Q2) In which situation would an arbitrator's decision be called an "award"?
A)Always.
B)Only if a money award is involved.
C)Only if both parties had lawyers because that terminology makes it easier for the lawyers to be paid.
D)Never.
E)Only if one party completely wins and there is no split decision.
Q3) How is arbitration preferable to litigation,and what are criticisms of arbitration as compared to litigation?
Q4) Courts are generally critical and unsupportive of ADR methods.
A)True
B)False
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Chapter 5: Constitutional Principles
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Q1) The U.S.Constitution establishes a system of government based on the principle of federalism.
A)True
B)False
Q2) Under the authority of the commerce clause,Congress can pass laws as long as what criteria are met?
A)As long as the law is not objected to by any state affected within six months of its passage,it is constitutional.
B)As long as the law is approved by any state affected,it is constitutional.
C)The law will only be constitutional if it affects taxation in some way.
D)As long as the law involves in some way a right guaranteed by the Bill of Rights,it is constitutional.
E)As long as the law affects commerce among the states,or interstate commerce,in some way,the regulation is generally constitutional.
Q3) The Third Amendment protects citizens from unreasonable search and seizure.
A)True
B)False
Q4) Set forth the Central Hudson Test for Commercial Speech.
Q5) What is the system of checks and balances,and how does it work?
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Chapter 6: International and Comparative Law
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Sample Questions
Q1) Is Sonya correct in saying that the UCC applies to all contracts and as long as she has a written contract,she is covered?
A)She is incorrect,because the UCC only applies to the sale of goods.
B)She is correct.
C)She is incorrect.Even though the UCC applies to all contracts,the CISG applies to this situation.
D)She is incorrect.
E)She is incorrect,because the UCC applies when the value of the contract is over $500.
Q2) The European Union is an example of a customs union.
A)True
B)False
Q3) A franchise agreement and a joint venture are the same thing.
A)True
B)False
Q4) The United States is not a party to the Central American Free Trade Agreement. A)True
B)False
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Chapter 7: Crime and the Business Community
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Q1) The offense of grand larceny is the theft of larger items,rather than smaller items that can be hidden,for example,in a purse.
A)True
B)False
Q2) Government inspectors may never legally enter a business to conduct an inspection without a warrant.
A)True
B)False
Q3) A hacker who intends to exploit a target computer or network to create a serious impact is called a .
A)Embezzler
B)Cyber terrorist
C)Scammer
D)Slammer
E)Crammer
Q4) Corporations cannot be held criminally accountable for strict-liability offenses under current law.
A)True
B)False
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Chapter 8: Tort Law
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Questions
Q1) A defendant is found liable for causing cancer for dumping toxins into the river.The court awards a plaintiff who was sick $5 million in damages,in addition to compensating the plaintiff for all medical costs,lost wages,pain and suffering,and actual losses.The $5 million award is intended to ensure the company never dumps toxins again.The $5 million is an example of what type of damages?
A)Compensatory
B)Punitive
C)Retaliatory
D)Revenge
E)Nominal
Q2) Tort law is primarily state law.
A)True
B)False
Q3) Which of these is a tort?
A)A civil or criminal action in state court or federal court.
B)A wrong or injury to another,other than a breach of contract.
C)A civil or criminal action in state court.
D)A breach of contract.
E)A wrong or injury to another,including a breach of contract.
Q4) List and explain the four different types of privacy torts.
Page 10
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Chapter 9: Negligence and Strict Liability
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Q1) When a plaintiff uses res ipsa loquitor,the plaintiff must show direct evidence of the defendant's lack of due care to prove the defendant's negligence was the cause of harm.
A)True
B)False
Q2) When negligence per se applies,the plaintiff is required to show that a reasonable person would exercise a heightened duty of care toward the plaintiff.
A)True
B)False
Q3) Implied assumption of the risk occurs when the plaintiff expressly agrees,usually in a written contract,to assume the risk posed by the defendant's behavior.
A)True
B)False
Q4) Identify and discuss the two separate elements of causation and how they are applied.
Q5) Identify and explain the elements of negligence.
Q6) What does "res ipsa loquitur" mean? What must a plaintiff demonstrate in order rely upon that doctrine?
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Chapter 10: Product Liability
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Q1) In a state that allows the contributory negligence defense,the plaintiff can recover for only that portion of the harm attributable to the defendant's negligence.
A)True
B)False
Q2) Which of the following arises when a consumer knows that a defect exists but still proceeds unreasonably to make use of the product,creating a situation where the consumer has voluntarily assumed the risk of injury from the defect and thus cannot recover?
A)Last-clear-chance.
B)Contributory negligence.
C)Assumption of the risk.
D)Pure comparative fault.
E)Strict behavior.
Q3) The lack of a feasible way to make a safer product prevents liability based upon an alleged defective product as a matter of law.
A)True
B)False
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Page 12
Chapter 11: Liability of Accountants and Other Professionals
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Sample Questions
Q1) Could Abe be liable for the contents of the financial statements?
A)No,because accountants are not liable for the contents of unaudited financial statements.
B)Yes because he was negligent.
C)No,if he inserted a broad and general disclaimer on the financial statements
D)Yes,because he did not follow GAAP.
E)Yes,but only for the areas of the document that did not include GAAP.
Q2) What is Norah's contract with Joel to do audit work for him called?
A)Audit affirmation letter
B)Absolute contract
C)Retention contract
D)Preview contract
E)Engagement letter
Q3) For which of the following does the Securities Exchange Act impose liability?
A)Negligence in performing an audit or in the construction of a financial statement.
B)Fraudulent statements made to courts.
C)Fraudulent statements made to a client in connection with performing an audit.
D)Fraudulent statements made to the SEC.
E)Fraud in performing an audit.
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Page 13
Chapter 12: Intellectual Property
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Questions
Q1) Identify where a trademark is registered,what one should do when requesting registration,and what the governmental office involved would then do.Identify circumstances under which a trademark will not be accepted for registration.
Q2) A person who applies for a domain name on the Internet must state in the application that the name will not infringe on anyone else's intellectual property rights.
A)True
B)False
Q3) When must a trademark be renewed for the first time once a trademark is registered?
A)Between the fourth and fifth year.
B)Between the second and third year.
C)Between the fifth and sixth year.
D)Between the third and fourth year.
E)Between the first and second year.
Q4) In order to succeed on a claim of trade-dress infringement,what must a party prove?
Q5) What four criteria must be satisfied in order to obtain a patent on a product,process,invention,or machine?
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Chapter 13: Introduction to Contracts
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Sample Questions
Q1) Which of the following would describe Yasmeen's role in the transaction?
A)She was the assentor.
B)She was the offeree and the assentee.
C)She was the offeree.
D)She was the offeror.
E)She was the assentee.
Q2) Which of the following may represent a lack of genuine assent?
A)Acceptance secured through fraud,dress,or undue influence,but not through misrepresentation.
B)Acceptance secured through undue influence,misrepresentation,or duress,but not through fraud.
C)Acceptance secured through fraud or duress,but not through misrepresentation or undue influence.
D)Acceptance secured through fraud,duress,undue influence,or misrepresentation.
E)Acceptance secured through fraud,duress,or misrepresentation,but not acceptance through undue influence.
Q3) Contracts do not have to fall under the common law or the Uniform Commercial Code.
A)True
B)False
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Chapter 14: Agreement
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Q1) As a general rule,when is revocation effective?
A)When it is received by the offeree.
B)Two days after it is made.
C)Three days after it is made.
D)When it is mailed by the offeror.
E)One day after it is made.
Q2) Courts interpret contracts using an objective standard.
A)True
B)False
Q3) What standard do courts use to interpret a contract?
A)An objective standard.
B)A negligence standard.
C)A common law reasonableness standard.
D)A subjective standard.
E)A subjective reasonableness standard.
Q4) If an offer authorizes certain means of acceptance,use of an unauthorized means of acceptance is acceptable but the contract is not formed until the acceptance is received by the offeror.
A)True
B)False
Page 16
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Chapter 15: Consideration
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Q1) When an accord and satisfaction is at issue,what is the debtor's payment of the reduced amount called?
A)Satisfaction
B)Accord
C)Seal
D)Written acknowledgement
E)Written compromise
Q2) When determining whether consideration is sufficient to support a contract for the sale of goods under the UCC,one relevant factor is whether both parties received a good deal under UCC rules and principles.
A)True
B)False
Q3) For a court to enforce a promise,who must offer consideration?
A)The offeree but not the offeror
B)Parties on both sides of the contract
C)The acceptee but not the acceptor
D)The offeror but not the offeree
E)The acceptor but not the acceptee
Q4) Define and discuss promissory estoppel,and give an example of when it would be applied.
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Chapter 16: Capacity and Legality
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Q1) Which of the following statements is true about the legality of contracts?
A)To be enforceable,contracts must have legal subject matter,they must be able to be performed legally,or they cannot violate either state or federal law.
B)To be enforceable,contracts must have legal subject matter or they must be able to be performed legally.
C)Agreements against generally accepted public policy are usually illegal,but are enforceable as long as they do not violate either a state or federal statute.
D)To be illegal,a contract must violate either a state or federal statute.
E)To be enforceable,contracts must have legal subject matter,they must be able to be performed legally,and they cannot violate either state or federal law.
Q2) If a contract contains an illegal part,courts will sever the illegal part and enforce only the legal part.
A)True B)False
Q3) All exculpatory clauses are unlawful.
A)True
B)False
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Chapter 17: Legal Assent
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Q1) Which of the following refers to special relationships in which one person has taken advantage of his or her dominant position in a relationship to unduly persuade the other person?
A)Fraudulent misrepresentation
B)Pressing dominance
C)Relationship dominance
D)Undue influence
E)Pressing persuasion
Q2) Angela is Piper's business law professor.Angela wants to enter into a contract with Piper for Piper to serve as her personal assistant.To avoid any potential claim of undue influence,what would be the best advice for Angela?
A)Make sure that Piper has independent advice before entering into the contract.
B)Make sure Piper is qualified for the job.
C)Make sure Piper is paid fairly.
D)Do a background check on Piper.
E)Make sure the contract does not contain any mistakes.
Q3) Set forth the exceptions that would permit a court to invalidate a contract on grounds of unilateral mistake.
Q4) What is the purpose of the concept of legal assent?
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Chapter 18: Contracts in Writing
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Q1) Which of the following is false regarding the statute of frauds provision relating to an interest in land?
A)No leases are within the statute of frauds.
B)The statute requires a writing as evidence of a contract to sell land.
C)A claim to an oral contract for the sale of land is not enough to prove a contract of sale existed.
D)The statute is intended to prevent oral claims to the existence of a contract for the sale of land.
E)Mortgages on land are within the statute of frauds.
Q2) The Uniform Electronic Transactions Act reflects the decision that electronic transactions do not constitute a written copy because the electronic transaction is not technically a written document.
A)True
B)False
Q3) What are the eight exceptions to the parol evidence rule?
Q4) Describe the three main purposes of the statute of frauds,as discussed in the text.
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Chapter 19: Third-Party Rights to Contracts
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Q1) What tests do the courts use to determine whether a party is an intended or incidental beneficiary?
Q2) Which of the following is a contractual party who agrees to do something for the other party?
A)Assignee
B)Assignor
C)Obligee
D)Boundee
E)Obligor
Q3) What is the term for the third party who receives an assignment of contract rights?
A)Assignor
B)Assignee
C)Transferor
D)Relator
E)Transferee
Q4) A donee beneficiary is a type of incidental beneficiary.
A)True
B)False
Q5) List and discuss two reasons why notice of assignment should be given.
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Chapter 20: Discharge and Remedies
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Questions
Q1) Contractual conditions may be expressly inserted into the contract by the parties but may not be implied by law.
A)True
B)False
Q2) A contractual condition of satisfaction may be judged by either a[n] ________ or ________ standard.
A)Objective;absolute
B)Objective;subjective
C)Subjective;express
D)Objective;express
E)Absolute;express
Q3) The court may award the plaintiff nominal damages in a case where no actual damages result from the breach of a contract.
A)True
B)False
Q4) Restitution is the return of any property given up under the contract.
A)True
B)False
Q5) List the ways by which a party's contractual obligations can be terminated.
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Chapter 21: Introduction to Sales and Lease Contracts
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Q1) Regarding the "Case Opener," which of the following best represents the decision on whether the cell towers at issue constituted goods?
A)That the contract involving the purchase of the cell towers was predominantly for the sale of goods for reasons including that the towers had physical property and could be moved.
B)That the contract involving the purchase of the cell towers predominately involved cellular telephone service and that the towers were,therefore,not goods.
C)That the contract involving the purchase of the cell towers was predominately for the purchase of real estate and that the towers were,therefore,not goods.
D)That the contract involving the purchase of the cell towers was predominately for goods because common law was applied by contract.
E)That the contract involving the purchase of the cell towers was not for goods because the towers were not easily movable.
Q2) Land and service contracts are governed by common law,not the UCC.
A)True
B)False
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Chapter 22: Title,risk of Loss,and Insurable Interest
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Q1) The absence of the words "to the order of" indicates which of the following,in a goods-in-bailment contract?
A)A shipment contract
B)An origin contract
C)A negotiable document
D)A nonnegotiable document
E)Nothing,there is no such thing as a goods-in-bailment contract
Q2) With a simple delivery contract,when does title transfer to the buyer?
A)When the buyer takes possession
B)One day after goods are identified to the contract
C)When money is transferred
D)When the items are delivered
E)When goods are identified to the contract
Q3) Most buyer breaches occur when a buyer changes his or her mind about the price of the goods.
A)True
B)False
Q4) The terms FOB and FAS mean the same thing.
A)True
B)False
24
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Chapter 23: Performance and Obligations Under Sales and Leases
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Q1) How often is the right to inspection waived?
A)The right to inspect is frequently waived by the buyer's conduct.
B)The right to inspect is seldom waived or held by courts to have been waived unless the buyer expressly waives the right.
C)The right to inspect is often waived by the buyer's conduct and frequently held by courts to have been waived by the buyer's conduct.
D)The right to inspect is often held by courts to have been waived.
E)Buyers often expressly waive their right to inspect.
Q2) Assuming the berries are nonconforming,can Zelda simply cancel the contract?
A)No,although a buyer has a right to cancel a contract,Zelda must provide the seller a chance to cure.
B)No,even though the goods are nonconforming,Zelda may not cancel the contract.
C)Yes,a buyer has the right to cancel the contract.
D)No,a buyer has no right to cancel a contract without giving the seller a chance to cure.
E)Yes,when goods are nonconforming,a buyer may reject goods and cancel the contract if a condition such as time being of the essence is present.
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Chapter 24: Remedies for Breach of Sales and Lease Contracts
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Q1) List the various options discussed in the text that may be available to a buyer/lessee when the seller/lessor is in breach.
Q2) The term "cover" refers to buyers' or lessees' substitution of goods for those due under a sales or lease agreement.
A)True
B)False
Q3) Which of the following is NOT something the buyer must do in obtaining cover?
A)Act without unreasonable delay in purchasing the substitute goods
B)Pay a reasonable amount for the substitute goods
C)Ensure the goods are identical to the original goods
D)Demonstrate good faith in obtaining the substitute goods.
E)Purchase goods that are reasonable substitutes
Q4) What may a buyer/lessee do if the seller/lessor delivers nonconforming goods?
A)Reject the goods and obtain cover,but the buyer may not cancel the contract
B)Cancel the contract only
C)Reject the goods only
D)Reject the goods,and then obtain cover or cancel the contract
E)Obtain cover only
Q5) What a buyer must do in obtaining cover?
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Chapter 25: Warranties
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Q1) A salesman selling sneakers says "These are the coolest kicks I've ever sold!" Does this statement create an express warranty?
A)No because this statement is an example of puffing.
B)No because oral statements by sales people never create warranties.
C)Yes if the salesmen made the statement in an attempt to make the sale.
D)Yes,under all circumstances.
E)No because it is impossible to objectively measure coolness.
Q2) A seller may disclaim an implied warranty successfully even if the disclaimer in the contract is confusing.
A)True
B)False
Q3) A brochure for a knife states: "This knife can cut through a phone book.Guaranteed!".This statement is an example of
A)A consequential warranty
B)Puffing
C)A claimed warranty
D)An express warranty
E)An implied warranty
Q4) According to the UCC,what needs to be shown for goods to be found merchantable?
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Chapter 26: Negotiable Instruments: Negotiability and Transferability
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Q1) Which is the correct term for a promise made by a bank to pay a payee a certain amount of money at a future time?
A)A certificate of deposit
B)A check
C)A novation
D)A note
E)A draft
Q2) If an instrument fails to qualify as a negotiable instrument,it means the instrument fails to be an enforceable contract.
A)True
B)False
Q3) For an instrument to be negotiable,the instrument must indicate that it was created for the purpose of being ________.
A)Transferred
B)Retained
C)Paid
D)Banked
E)Maintained
Q4) Provide the definition of a traveler's check.
28
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Chapter 27: Negotiation, holder in Due Course, and Defenses
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Q1) An endorsement that is the endorser's signature followed by a named endorsee,who then becomes the holder of the instrument,is what type of endorsement?
A)Special unqualified.
B)Conditional.
C)Blank unqualified.
D)Blank qualified.
E)Special qualified.
Q2) One who possesses a cashier's check payable from him to someone else is which of the following?
A)Endorser.
B)Bearer.
C)Holder in due course.
D)Holder.
E)Possessor.
Q3) Negotiability can be destroyed by a conditional endorsement.
A)True
B)False
Q4) List the five conditions under which a holder may take an instrument for value.
Page 29
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Chapter 28: Liability, defenses, and Discharge
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Q1) A party who signs a negotiable instrument without knowing that it is,in fact,a negotiable instrument,can claim fraud in the execution as a defense.
A)True
B)False
Q2) Which of the following is a party who has authority to act on behalf of and bind another party?
A)A principal
B)A real endorser
C)An agent
D)A transferor
E)A warrantor
Q3) When a party's liability for a negotiable instrument is terminated,this party's liability has been ________.
A)Discharged
B)Delivered
C)Released
D)Abrogated
E)Terminated
Q4) For a holder to turn to secondarily liable parties,what are the requirements?
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Chapter 29: Checks and Electronic Fund Transfers
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Q1) Which statement is true regarding Pedro's statement that once the check had been dishonored,it could not be presented again?
A)He was incorrect.The check may be presented again for payment only if notice has been given both to endorsers and the drawer.
B)He was correct.
C)He was incorrect.The holder may attempt to resubmit the check at a later date only if all endorsers of the check have been notified of the dishonor.
D)He was incorrect.The holder can attempt to resubmit the check at a later date.
E)He was incorrect.The holder may resubmit the check only if notice is given to the drawer.
Q2) Which of the following is defined by the UCC as a change,without consent,that nullifies the obligation of a party to the instrument?
A)A reformation.
B)A transformation.
C)An alteration.
D)A defacement.
E)A material addition.
Q3) A stop payment order should list which five items?
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Chapter 30: Secured Transactions
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Q1) Which of the following is the agreement by which the debtor gives the secured interest to the secured party?
A)Secured interest.
B)Secured transaction.
C)Debtor agreement.
D)Security agreement.
E)Collateral agreement.
Q2) Which of the following is a writing that indicates both a monetary obligation and a security interest in specific goods?
A)Transactional paper.
B)Specific interest paper.
C)Chattel paper.
D)Combined paper.
E)Monetary and secured paper.
Q3) The property that is subject to a security interest is called collateral.
A)True
B)False
Q4) The UCC defines default as when a debtor fails to make payments on a loan.
A)True
B)False
Page 32
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Chapter 31: Other Creditors Remedies and Suretyship
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Q1) Which of the following is a court-ordered judgment permitting a local court officer,such as a sheriff,to seize a debtor's property before the entry of a final judgment in an underlying case?
A)Fixture
B)Law enforcement lien
C)Attachment
D)Garnishment
E)Contempt
Q2) When considering whether a secured party or a claimant holding a mechanic's lien has priority to a good,how does a court make the determination?
Q3) By which of the following is a mechanic's lien created?
A)Acknowledgement
B)Mortgage
C)Consent
D)Statute
E)Foreclosure
Q4) Discuss why a creditor would want to attach property as well as whether attachment is more often sought by secured or unsecured creditors and why.
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Chapter 32: Bankruptcy and Reorganization
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Q1) Creditors can attempt to force a debtor into bankruptcy by filing a[n] ________ petition under Chapter 7.
A)Involuntary
B)Complaint
C)Dispute
D)Voluntary
E)Accusatory
Q2) Which of the following is false regarding bankruptcy cases?
A)Bankruptcy cases are referred to bankruptcy judges,under the authority of the district courts.
B)A jury is not allowed in a bankruptcy proceeding.
C)The Bankruptcy Rules set forth procedures for bankruptcy cases.
D)Bankruptcy cases are filed in federal district courts.
E)An appeal of a bankruptcy ruling goes to the district court judge.
Q3) Which of the following are permitted to file under Chapter 11 reorganization?
A)Commodities brokers
B)Stockbrokers
C)Savings and loan companies
D)Banks
E)Corporate debtors
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Chapter 33: Agency Formation and Duties
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Q1) In the text case Uber v.Berwick,a driver for a car service argued she was an employee and not an independent contractor,and sought overtime pay and reimbursement for on-the-job expenses.Which of the following was the result?
A)Drivers were employees because the car service was involved in every aspect of the operation.
B)Drivers were independent contractors because they could work hours of their choosing.
C)Drivers were independent contractors because they drove their own vehicles.
D)Drivers were independent contractors because they can choose which clients to serve.
E)The court declined to determine whether drivers were employees or independent contractors.
Q2) All employees are agents of their employers,and all agents are employees. A)True B)False
Q3) Not only must a principal agree to have a person act as an agent,but the agent must also agree to act for the principal.
A)True
B)False
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Chapter 34: Liability to Third Parties and Termination
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Q1) Which of the following is true regarding whether Greg has any right of recovery against Lea for his injured foot?
A)Greg has a right of recovery against Lea.
B)Greg has a right of recovery against Lea only if Simone cannot be located for service of process.
C)Greg has no right of recovery against Lea because of her status as an employee.
D)Greg has a right of recovery against Lea only if Simone is bankrupt.
E)Greg has no right of recovery against Lea because she did not intentionally harm him.
Q2) How long does an agent's apparent authority continue once an agency relationship is terminated?
A)24 hours
B)7 days
C)Until the principal notifies third parties that the agency relationship has ended.
D)30 days
E)It ends immediately
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Chapter 35: Forms of Business Organization
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Q1) Which of the following statements is true regarding Rashi's inspections of franchisees' kitchens?
A)Franchise law prohibits such inspections because a franchisee is seen as a separate corporation.
B)Rashi had the right to do so only if she can establish the existence of customer complaints.
C)Franchise law prohibits such inspections because a franchisee is seen as a separate partnership.
D)Rashi had the right to do so only if workers' compensation claims had been filed against the franchisees involved.
E)Rashi had the right to inspect the kitchens.
Q2) What type of arrangement did André propose when he suggested that they share control of the business and split profits equally,not bothering with a written agreement?
A)A corporation
B)A joint sole proprietorship
C)A partnership
D)A limited partnership
E)An S corporation
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Chapter 36: Partnerships: Nature, formation, and Operation
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Q1) Which of the following statements is false regarding duties of partners to one another?
A)They must disclose any material facts affecting the business to one another.
B)They may engage in a competing business only if the competing business does not result in significant losses to the partnership.
C)They have a duty to be loyal to one another.
D)They should not take any kind of action that will undermine the partnership.
E)They have a fiduciary duty to one another.
Q2) Partnership by estoppel is not recognized by federal law.
A)True
B)False
Q3) The partnership is taxed as a legal entity,thus the partners are not double taxed. A)True B)False
Q4) Describe the liability,if any,of incoming partners.
Q5) List the five items of information that articles of partnership usually include,as set forth in the text.
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Chapter 37: Partnerships: Termination and Limited Partnerships
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Q1) A general partner has unlimited personal liability for the debts of the limited partnership.
A)True
B)False
Q2) In Spain,the term "full dissolution" of a partnership means what?
A)That the partnership ends because the purposes of the partnership have been satisfied.
B)That the partnership ends because it has been wound up and liquidated.
C)That the partnership ends without litigation and without a waiting period.
D)That the partnership ends because all partners have requested its end.
E)That the partnership ends because a majority of the partnership has requested its end.
Q3) A partner being expelled from the partnership in accordance with the partnership agreement is not a reason for rightful dissolution of the partnership.
A)True
B)False
Q4) Set forth the circumstances under which a partnership may be dissolved by act of the court.
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Chapter 38: Corporations: Formation and Financing
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Q1) In states in which it conducts business but is not incorporated,a corporation is a[n] ________ corporation.
A)Interstate
B)Approved
C)Foreign
D)Visiting
E)Intrastate
Q2) What,if any,is Amy's best theory in order to hold Rick personally liable to her,assuming XYZ's corporate status is in place?
A)That the corporate veil should be pierced because Rick committed fraud through the corporation.
B)Because of XYZ's corporate status and her responsibility to investigate the situation,she will not be able to hold Rick personally liable to her.
C)That in equity Rick should be held personally liable.
D)That Rick should be personally liable because of his status as a shareholder.
E)That Rick should be personally liable because he acted on behalf of the corporation in soliciting the funds.
Q3) What are the six express corporate powers,as set forth in the text?
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Chapter 39: Corporations: Directors, officers, and Shareholders
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Q1) If a director makes a decision that inadvertently harms the company,shareholders can hold the director liable for the bad decision under all circumstances.
A)True
B)False
Q2) There is no minimum number of directors who must be present at a directors meeting in order for decisions to be valid.
A)True
B)False
Q3) There are four rights of directors explained in the text.Please list and describe each of these four rights.
Q4) Which term describes the owners of a corporation?
A)Officers
B)The State
C)Directors
D)Affiliates
E)Shareholders
Q5) In most states,a corporation's bylaws can negate preemptive rights.
A)True
B)False
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Chapter 40: Corporations: Mergers,
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Q1) In response to Jude and Rostan's plan,can the corporation issue statements to its shareholders to educate them on the disadvantages of a takeover?
A)No,unless the statement also educates shareholders on the advantages of a takeover.
B)Yes,as long as corporate funds are not used and the statement also educates shareholders on the advantages of a takeover.
C)Yes,and corporate funds may be used for this purpose.
D)No,a corporation is prohibited from making these types of statements during a takeover.
E)Yes,as long as corporate funds are not used.
Q2) By offering to give shareholders in Grassroots Corporation stock in Grow True Corporation in return for shares of stock in Grassroots Corporation,Grow True Corporation made a[n] ________.
A)Illegal offer
B)Stock tender offer
C)Hostile offer
D)Exchange offer
E)Control tender offer
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Chapter 41: Corporations: Securities and Investor Protection
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Q1) If a company has consistently satisfied registration requirements,do they receive any benefit for future registrations?
A)Yes,the registration requirements are waived for any company that has satisfied the requirements in the past.
B)No,the SEC does not monitor past registrations.
C)No,they are subject to the same strict requirements.
D)Yes,the filing fees are waived.
E)Yes,the registration requirements are more relaxed.
Q2) By purchasing the shares after she found out about the merger,in which of the following prohibited practices,if any,was Aurelia engaged?
A)Officer profiting
B)Presidential trading
C)Outlaw trading
D)Insider trading
E)She did not engage in any prohibited practices because as president,she had the legal right to profit from the upcoming sale.
Q3) What is a proxy solicitation and how is it regulated by the SEC?
Q4) Describe what a registration statement filed with the SEC generally contains.
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Chapter 42: Employment and Labor Law
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Q1) Which is the correct term for the negotiations between an employer and a group of employees that are meant to determine the conditions of employment?
A)Collusive dealings
B)Mediation
C)Arbitration
D)Mandatory negotiations
E)Collective bargaining
Q2) In regard to holidays,which of the following is required by law in the United Kingdom?
A)That employees be allowed to either be off or be paid double for 3 holidays per year.
B)Employees are not guaranteed any holidays off or any extra pay for working holidays under national law.
C)That employees be allowed to either be off or be paid double for 1 holiday per year.
D)That employees be allowed to either be off or be paid double for 4 holidays per year.
E)That employees be allowed to either be off or be paid double for 2 holidays per year.
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Chapter 43: Employment Discrimination
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Q1) Disparate treatment is regarded as intentional discrimination and disparate impact is regarded as unintentional discrimination.
A)True
B)False
Q2) Gavin and Abby worked for Mega Grocery,a chain of grocery stores.Gavin was a manager,and Abby was a cashier.Gavin was angry with Abby because she would not go on a date with him.Mega Grocery set up,maintained,and allowed employees to use an online forum to post suggestions and complaints.Gavin and some other employees posted derogatory comments regarding Abby,criticized her for refusing to go out with Gavin,and poked fun at her appearance.Abby complained to Mega Grocery's human resource manager who told her that the forum was open to all employees,that Mega Grocery had a policy of not interfering,and that Abby should just post a reply.Discuss whether Mega Grocery should be required to intervene or whether Mega Grocery is allowed to have an open forum.Also,discuss what you ethically believe the law should be in this area.
Q3) Set forth the definition of sexual harassment stated by the EEOC and accepted by the U.S.Supreme Court.
Q4) Describe the circumstances under which a seniority system would be a defense to a charge of discrimination under Title VII.
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Chapter 44: Administrative Law
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Q1) ________ rules are rules regarding the internal operations of an agency.
A)Procedural
B)Interpretive
C)Adjudicative
D)Legislative
E)Executive
Q2) ________ is an act passed by Congress and serves as a major limitation on how federal agencies are run.
A)The Regulatory Restriction Act
B)The Agency Restriction Act
C)The Agency Regulation Act
D)The Administrative Procedures Act
E)The Regulatory Agency Act
Q3) Under the federal Privacy Act of 1974,a federal agency may not disclose information about an individual to other agencies or organizations without that individual's written consent.
A)True
B)False
Q4) Set forth the stages of hybrid rule making.
Q5) Set forth the steps involved in formal rule making.
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Chapter 45: Consumer Law
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Q1) Under the FTA,the existence of deceptive advertisements is enough alone to prove damages for recovery when individual civil suits are filed for deceptive practices.
A)True
B)False
Q2) What is the FTC's next step if a company refuses to enter into a consent agreement and the FTC wants to move forward?
A)Protecting meetings
B)Issuing a command order
C)A negotiated settlement
D)A federal court appeal
E)A formal administrative complaint
Q3) What does the Funeral Rule require of funeral home operators?
A)They must inform consumers of the option of cremation
B)They must provide itemized price information
C)They must disclose profits to the FTC
D)They must not charge above market price
E)They must disclose profits to consumers
Q4) What is required by the Telemarketing Sales Rule of 1995?
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Chapter 46: Environmental Law
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Q1) Establishing the procedures that must be followed whenever a new chemical is about to be introduced into the market is the primary goal of which of the following acts?
A)The Illegal Toxic Substances Act
B)The Toxic Substances Control Act
C)The Federal Insecticide,Fungicide,and Rodenticide Act
D)The Health and Environment Control Act
E)The Hazardous Chemical Act
Q2) Glue-off is a popular chemical for removing glue,but it could present a significant risk to human health if it is used or disposed of improperly.What laws or regulations would Glue-off be regulated under?
A)The Health and Environment Control Act
B)The Hazardous Chemical Act
C)The Federal Insecticide,Fungicide,and Rodenticide Act
D)The Illegal Toxic Substances Act
E)The Toxic Substances Control Act
Q3) Under the Comprehensive Environmental Response,Compensation and Liability act CERCLA),who are the potentially responsible parties?
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Chapter 47: Antitrust Law
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Q1) The action taken by PWP Guitars in the previous question will be permitted if PWP Guitars can show which of the following?
A)Their competitors have acquiesced to the acquisition.
B)Their business will fail without the acquisition.
C)Their business will become more efficient with the acquisition.
D)Competition will be helped by their acquisition.
E)Competition will not be harmed by their acquisition.
Q2) Katie's requirement that before she will sell scuba gear to a business,the business must carry her line of wet suits is a ________ arrangement.
A)Requirements
B)Combination
C)Joinder
D)Tying
E)Complementary
Q3) The Federal Trade Commission has been eliminated.
A)True
B)False
Q4) What does a judge consider when conducting a rule-of-reason analysis?
Q5) Please list what constitutes a violation of Section 1 of the Sherman Act.
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Chapter 48: The Nature of Property, personal Property, and Bailments
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Q1) Fixtures are treated like ________ property.
A)Appraised
B)Personal
C)Valued
D)Real
E)Substantive
Q2) Which of the following statements is true in terms of the person to benefit from a bailment?
A)A bailment may only benefit a bailor.
B)A bailment may benefit either a bailor or a bailee,or both.
C)A bailment may only benefit a bailee.
D)A bailment may benefit a either a bailor or a bailee,but never both.
E)A bailment may benefit a bailee only if the bailee owed a preexisting debt to the bailor.
Q3) A promise to make a gift is generally enforceable.
A)True
B)False
Q4) Mislaid property and lost property legally have the same status.
A)True
B)False
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Chapter 49: Real Property
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Q1) Sam openly used a trail on Kathy's farm to go fishing at the river for 30 years.Kathy knew that he did so.She became angry at him over an event at the Senior Citizen's Center and told him that he could no longer cut across her farm.What legal recourse,if any,would Sam have,and why?
Q2) Which of the following statements is false regarding a condominium interest?
A)The holder has tenancy in common with the other condominium owners over the buildings and improvements of the common areas of the development.
B)The condominium association has the power to levy assessments against the unit owners for maintenance of common areas.
C)The architecture and use of common areas are regulated by a condominium association.
D)The holder has exclusive ownership rights of a unit within the condominium.
E)The holder shares joint tenancy with the other condominium owners over the land.
Q3) A buyer is protected from losses resulting from a defect in the title of property by title insurance.
A)True
B)False
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Chapter 50: Landlord-Tenant Law
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Q1) Regarding evictions in Japan,which statement is false?
A)Before the year 2000,evictions were extremely uncommon in Japan because of laws intended to protect tenants.These laws provided automatic renewals of leases for tenants.
B)Because most homes are rented without a fixed termination date,it is less common for landlords in Japan to engage in eviction.
C)In 2000,with the passing of the Law on the Promotion of Supply of Good Quality Housing,automatic renewals of lease agreements became less common.
D)When there is a conflict between a landlord and tenant,the landlord is likely to sue the tenant and take the tenant to court because Japanese courts tend to find in favor of landlords rather than tenants.
E)Most homes are still rented using what is called futsu shakuya keiyaku,which is a type of lease that does not have a fixed termination date.
Q2) When may a landlord be found guilty of negligence per se for code violations under the Uniform Building Code?
Q3) List the five elements required for the existence of a landlord-tenant relationship.
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Chapter 51: Insurance Law
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Q1) If a person has an insurable interest in property,which of the following is required for the person to collect the beneficiary payment when there is a loss?
A)The person must make a claim to the insurer within 14 days of the loss.
B)The person must make a claim to the insurer within 30 days of the loss.
C)The person must have had an interest in the property at the time of the loss.
D)The person must have had an interest in the property at anytime during coverage.
E)The person must have had an interest in the property before the loss.
Q2) What type of insurance is purchased by neither the insured party nor the insurer?
A)Individual
B)Casualty
C)Group
D)Personal
E)Commercial
Q3) A commercial general liability policy provides protection against intentional wrongful acts committed by an insured.
A)True
B)False
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Chapter 52: Wills and Trusts
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Q1) An)________ trust is created by a court to hold property in trust for its rightful owner.
A)Actual
B)Validating
C)Resulting
D)Real
E)Constructive
Q2) Which of the following is not one of the reasons suggested by the text as to why people create trusts?
A)Protect an animal.
B)Prevent individuals from gaining access to certain assets.
C)Protect another person.
D)Avoid paying taxes.
E)Hide assets from creditors.
Q3) ________ is the process of settling an estate.
A)Granting
B)Devise
C)Settleme nt
D)Review
E)Probate
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