Business Law and Ethics
Test
Preparation
Course Introduction
Business Law and Ethics introduces students to the fundamental principles of law and ethical frameworks relevant to the world of business. The course covers key topics such as contracts, torts, agency, employment law, and the legal structures of business organizations, while emphasizing the importance of ethical decision-making in corporate environments. Through the examination of case studies and contemporary issues, students will develop the ability to identify and resolve legal and ethical challenges, understand the implications of laws and regulations, and appreciate the role of ethics in fostering responsible business practices.
Recommended Textbook
Business Law Today Comprehensive 9th Edition by Roger LeRoy Miller
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45 Chapters
3172 Verified Questions
3172 Flashcards
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Page 2
Chapter 1: The Legal Environment
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Sample Questions
Q1) No state has adopted the Uniform Commercial Code in its entirety.
A)True
B)False
Answer: False
Q2) Sam is a judge hearing the case of Local Co.v.National Corp.Applying the relevant rule of law to the facts of the case requires Sam to find previously decided cases that,in relation to the case under consideration,are
A)as different as possible.
B)as similar as possible.
C)at odds.
D)exactly identical.
Answer: B
Q3) In Sales Distribution Corp.v.Consumer Products Co.,the court decides that a precedent is incorrect or inapplicable.The court
A)may rule contrary to the precedent.
B)must apply the precedent.
C)must ask a higher court to rule on the case.
D)must refuse to decide the case.
Answer: A
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Page 3
Chapter 2: Constitutional Law
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Sample Questions
Q1) In 2010,Congress enacts the Act to Restrict Commercial Speech (ARCS).The ARCS will be considered valid
A)if it directly advances a substantial government interest but goes no further than necessary.
B)if it directly advances a substantial government interest regard?less of how "far" it goes.
C)under any circumstances.
D)under no circumstances.
Answer: A
Q2) Political speech that would otherwise be protected by the First Amendment is prohibited if its source is a corporation.
A)True
B)False Answer: False
Q3) The Bill of Rights protects individuals against types of interference by the federal government.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Courts and Alternative Dispute Resolution
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Sample Questions
Q1) Concurrent jurisdiction exists when both federal and state courts have the power to hear a particular case.
A)True
B)False
Answer: True
Q2) Service of process is the process of obtaining information from an opposing party before trial.
A)True
B)False
Answer: False
Q3) Jim files a suit against Kay.Before going to trial,the parties meet,with their attorneys to represent them,to present their dispute to a third party who is not a judge but who renders a legally binding decision.This is A)arbitration.
B)litigation.
C)mediation.
D)negotiation.
Answer: A
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Chapter 4: Torts and Cyber Torts
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Sample Questions
Q1) The doctrine of negligence per se applies if an event causing harm does not normally occur in the absence of negligence.
A)True
B)False
Q2) As a joke,Jem takes Kyla's business law textbook and hides it so that Kyla cannot find it during the week before the exam.Jem may have committed
A)appropriation.
B)conversion.
C)intentional infliction of emotional distress.
D)trespass to personal property.
Q3) The public disclosure of private facts about a person is not an invasion of privacy if it is done without the person's knowledge or consent.
A)True
B)False
Q4) Under a dram shop act,liability can be imposed without proof of negligence.
A)True
B)False
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Chapter 5: Intellectual Property and Internet Law
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Sample Questions
Q1) A marketing technique can be a trade secret.
A)True
B)False
Q2) Fiona invents a new deep-sea fishing net,which she names "Great Catch." She also writes the operating manual to be included with each net.Fiona could obtain copyright protection for
A)the net.
B)the "newness" of the net.
C)the name.
D)the operating manual.
Q3) Bubbly Cola features Sparkly Cola's trademark without its owner's permission.Bubbly's use of the mark is actionable provided
A)consumers are confused.
B)Bubbly's use is intentional.
C)Bubbly's use reduces the value of Sparkly's mark.
D)Sparkly's mark is registered.
Q4) A trade name cannot be registered with the federal government if it is also a trademark.
A)True
B)False
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Chapter 6: Criminal Law
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Sample Questions
Q1) Only private attorneys prosecute criminal defendants.
A)True
B)False
Q2) Jeri is indicted.Before she is arrested,she confesses to the crime in a conversation with Kelly,the arresting officer.Kelly then arrests Jeri and advises her of the right to counsel.Later,Jeri claims that her statement should be excluded as evidence from her trial.The statement will most likely be
A)admitted because Jeri knew she did the crime and confessed.
B)admitted because Jeri made it before being advised of her rights.
C)excluded because a confession is not admissible in a criminal trial.
D)excluded because it was elicited before Jeri was advised of her rights.
Q3) Ludwig receives from Milo a marimba stolen from Nadine.To be criminally liable,Ludwig must know A)Milo.
B)Nadine.
C)that the marimba is stolen.
D)what a marimba is.
Q4) Divestiture of a business interest is a possible penalty under RICO.
A)True
B)False
Page 8
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Chapter 7: Cyber Crime
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Sample Questions
Q1) Iggy uses his computer to break into Hye Technology Company's computer.Iggy is A)a hacker.
B)a bot.
C)a botnet.
D)a worm.
Q2) Unlike stalking in the "real" world,cyberstalking requires an "incredible threat."
A)True
B)False
Q3) Ollie transmits unsolicited ads to millions of virtual mailboxes,using misleading and deceptive information,including false return addresses.Under federal law,this is A)a crime only if the recipients previously asked to be "opted out."
B)a crime only if HHH and the recipients are in foreign jurisdictions.
C)not a crime.
D)a crime.
Q4) Many Web sites use "cookies" to collect data on those who visit their sites. A)True
B)False
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9
Chapter 8: Ethics and Business Decision Making
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Sample Questions
Q1) In business deals,Felipe,the chief executive officer of Glazed Donuts,Inc.,follows duty-based ethical standards.These are most likely derived from A)a corporate ethics code.
B)a cost-benefit analysis.
C)philosophical reasoning.
D)the law.
Q2) In making business decisions,Glenda,personnel manager for HVAC Maintenance,Inc.,applies his belief that all persons have fundamental rights.This is A)a religious rule.
B)the categorical imperative.
C)the principle of rights.
D)utilitarianism.
Q3) Peak & Vale Accountants provides other firms with accounting services.Questions of what is ethical involve the extent to which Peak & Vale has A)a legal duty beyond those duties mandated by ethics.
B)an ethical duty beyond those duties mandated by law.
C)any duty beyond those mandated by both ethics and the law.
D)any duty when it is uncertain whether a legal duty exists.
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Chapter 9: Nature and Classification
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Sample Questions
Q1) A check,like other negotiable instruments,is a formal contract.
A)True
B)False
Q2) Peter offers to pay Quik Delivery (QD)$50 if it picks up and delivers to him a package from Rico within 30 minutes.QD can accept the offer only by meeting the deadline.If QD performs as directed,these parties will have
A)a bilateral contract.
B)a trilateral contract.
C)a unilateral contract.
D)no contract.
Q3) Cody signs and returns a letter from Dora,referring to Dora's Double-D Ranch and its price.When Cody attempts to complete the deal,Dora refuses,claiming that they have no contract.Cody claims they do.What standard determines whether these parties have a contract
Q4) A quasi contract arises from a mutual agreement between two parties.
A)True
B)False
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Chapter 10: Agreement in Traditional and E-Contracts
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Sample Questions
Q1) An offer must be practical to be effective.
A)True
B)False
Q2) Elin decides to try to sell her collection of celebrity memorabilia in an auction "with reserve." If Elin changes her mind,she can withdraw her collection
A)only before the auctioneer announces that the items are sold.
B)only before the auctioneer delivers the items to the buyers.
C)under no circumstances.
D)within thirty days after the auction.
Q3) There are no revocable offers.
A)True
B)False
Q4) A "sale" of software generally involves a right to use the software and a passage of ownership rights in the software to the buyer.
A)True
B)False
Q5) The UETA applies to an e-transaction unless the parties "opt out."
A)True
B)False
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Chapter 11: Consideration
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Sample Questions
Q1) A contract that one party retains the exclusive right to cancel at any time is unenforceable.
A)True B)False
Q2) A covenant not to sue is an agreement to substitute a contractual obligation for a legal action.
A)True B)False
Q3) Refer to Fact Pattern 11-3.If CCC offers,as a reason for the extra $100,000,that ordinary business expenses have increased,the agreement is
A)enforceable as an accord and satisfaction.
B)enforceable because of unforeseen difficulties.
C)unenforceable as an illusory promise.
D)unenforceable due to the preexisting duty rule.
Q4) An accord and satisfaction is used to discharge an unliquidated debt. A)True B)False
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Chapter 12: Capacity and Legality
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Sample Questions
Q1) Clay,a minor,signs a contract to buy a car from Delta Motors by misrepresenting his age as twenty-one.Clay fails to make the payments.Delta sues.In most states,Clay can
A)not return the car nor avoid further liability.
B)not return the car but can avoid further liability.
C)return the car and avoid further liability.
D)return the car but cannot avoid further liability.
Q2) An unconscionable contract is a contract entered into unconsciously. A)True
B)False
Q3) Delia enters into,and fails to disaffirm soon after reaching the age of majority,a contract with Electronics Stores,Inc.(ESI).Later Delia attempts to disaffirm the contract.ESI files a suit against her.The court will most likely consider the contract ratified if it is A)executed.
B)exculpatory.
C)disaffirmed.
D)rescinded.
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Page 14
Chapter 13: Voluntary Consent
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Sample Questions
Q1) A contract entered into under undue influence is unavoidable.
A)True
B)False
Q2) Refer to Fact Pattern 13-2.Because of the parties' belief about the adjacency of the property,their contract is
A)unavoidable.
B)unconscionable.
C)unenforceable.
D)voidable.
Q3) Misrepresentation of a material fact cannot occur through conduct alone.
A)True
B)False
Q4) Gina induces Hugh to enter into a contract for the purchase of a condominium about which Gina knowingly misrepresents a number of material features.When Hugh discovers the truth,he can
A)not rescind the contract.
B)rescind the contract on the basis of fraud.
C)rescind the contract on the basis of mistake.
D)rescind the contract on the basis of undue influence.
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Chapter 14: The Statute of Fraudswriting Requirement
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Sample Questions
Q1) Kirk Custodial Service and Green Energy Company enter into an oral contract under which Kirk agrees to provide custodial service for Green's facilities for two years.This contract is enforceable by A)Kirk.
B)Green.
C)any interested third party,such as a janitorial supplies provider. D)none of the choices.
Q2) Downspout Drainage Company hires Earl to design a Web page for Downspout for $400.Before the project is started,Downspout asks Earl to trouble-shoot Downspout's computer operating system software for an additional $400.Earl agrees.The entire contract is oral.Earl completes the work,but Downspout refuses to pay.Earl files a suit against Downspout,which raises the Statute of Frauds as a defense.Can Earl recover from Downspout If so,how much,and on what basis
Q3) A contract involving a sale is the only contract relating to an interest in land that must be in writing to be enforceable.
A)True
B)False
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Page 16
Chapter 15: Performance and Discharge
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Sample Questions
Q1) An intentional variation from a contract prevents substantial performance.
A)True
B)False
Q2) A party who substantially performs his or her duties under a contract can enforce the contract against the other party.
A)True
B)False
Q3) A condition precedent must be met before a party's performance can be required.
A)True
B)False
Q4) Xavier enters into a contract to operate a Yummy Yogurt franchise,which Yummy agrees to support as long as Xavier maintains his business license.Yummy's duty to perform is
A)absolute.
B)conditional.
C)licentious.
D)operational.
Q5) Contracts that are executory on both sides can be rescinded by agreement. A)True
B)False
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Chapter 16: Breach and Remedies
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Sample Questions
Q1) Consequential damages are awarded to cover all of the remote consequences of whatever injury a nonbreaching party suffers.
A)True
B)False
Q2) The duty owed under the mitigation of damages doctrine depends on the situation.
A)True
B)False
Q3) Refer to Fact Pattern 16-1.If Desmond breaches the contract,Estelle's remedy would most likely be
A)a certain ratio of the amount that Desmond has in liquid funds.
B)a percentage of Desmond's unrealized profit.
C)the difference between the land's contract and market prices.
D)specific performance.
Q4) In a contract for a sale of goods,the usual measure of compensatory damages is the difference between the contract price and the market price.
A)True
B)False
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Chapter 17: Third Party Rights
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Sample Questions
Q1) Esther and Faisal agree that Esther will fix Faisal's car in exchange for his paying a preexisting debt owed by Esther to Gladys.Gladys is
A)an assignee.
B)an intended beneficiary.
C)an incidental beneficiary.
D)a delegatee.
Q2) Any third party beneficiary to a contract who is not an intended beneficiary is incidental.
A)True
B)False
Q3) An incidental beneficiary can sue directly to enforce a promisee's promise.
A)True
B)False
Q4) No special form is required to create a delegation of duties.
A)True
B)False
Q5) An intended beneficiary can sue directly to enforce a promisor's promise. A)True
B)False
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Chapter 18: The Formation of Sales and Lease Contracts
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Q1) Under the UCC,a sale occurs when title passes from a seller to a buyer for a price.
A)True
B)False
Q2) Timber Products,Inc.,and Walt,a consumer,enter into a contract for a sale of plywood.If the contract includes a clause that is perceived as grossly unfair to Walt,its enforcement may be challenged under the doctrine of
A)good faith.
B)square dealing.
C)the mirror image rule.
D)unconscionability.
Q3) Variety Goods,Inc.,and Worldly Sales Corporation enter into a contract that does not specify the payment terms.Payment may be made in A)any commercially acceptable means except cash.
B)cash only.
C)cash or any commercially acceptable substitute.
D)cash or check only.
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Chapter 19: Title and Risk of Loss
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Q1) Silky Material Corporation in New Jersey sells fifty tons of fabric to Tattered Clothing,Inc.,in Ohio,"F.O.B.New Jersey." The cost of transporting the fabric to Ohio will be paid by
A)Silky Material.
B)Tattered Clothing.
C)New Jersey.
D)Ohio.
Q2) Identification takes place when specific goods are designated as the subject matter of a sales or lease contract.
A)True
B)False
Q3) The UCC treats a consignment as a sale on approval.
A)True
B)False
Q4) Under the UCC,title determines all of the rights and remedies of the parties to a sales contract.
A)True
B)False
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Chapter 20: Performance Breach of Sales Lease Contracts
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Q1) Clear Day Company,which is based in Delaware,agrees to sell fifty windows,currently stored in Florida,to Great Vu,Inc.,which is based in Hawaii.Absent an agreement to the contrary,the place of delivery is in A)California.
B)Delaware.
C)Florida.
D)Hawaii.
Q2) A lessee's breach of a contract will usually give the lessor the right to cancel the contract.
A)True
B)False
Q3) If,before the time for performance,a buyer communicates an intent not to perform,the seller can consider the buyer in breach and pursue a remedy.
A)True
B)False
Q4) The term cure refers to the right of the seller to reject,adjust,or replace nonconforming goods.
A)True
B)False
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Chapter 21: Warranties and Product Liability
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Sample Questions
Q1) Merchants are required to warrant that the goods they sell are fit for their ordinary purpose.
A)True
B)False
Q2) Parker,a salesperson for Quality Textiles,Inc.,shows Rosa,a fabric buyer for Style Clothing Company,samples of cloth,stating that any shipment will match the samples.This statement is
A)an express warranty.
B)an implied warranty.
C)a warranty of title.
D)puffing.
Q3) A public policy underlying the imposition of strict product liability is that a manufacturer who makes an unsafe product should be put out of business.
A)True
B)False
Q4) In many states,the plaintiff's negligence is a defense that may be raised in a product liability suit based on strict liability.
A)True
B)False
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Chapter 22: Negotiable Instruments: Transferability Liability
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Q1) EZ Credit Company signs an instrument payable to the order of Flem that states,"The maker of this note at the date of maturity,May 1,2013,can extend the time of payment,but for no more than a reasonable time." This instrument is A)negotiable.
B)nonnegotiable,because it includes an extension clause.
C)nonnegotiable,because it is not payable within a definite time.
D)nonnegotiable,because it is payable to a specific payee.
Q2) An order stating "I wish you would pay" is sufficient to create a negotiable instrument.
A)True
B)False
Q3) Presentment warranties protect the person who presents an instrument for payment.
A)True
B)False
Q4) Nina wants to transfer a check to Opie.The check is not defective if it
A)has an obvious irregularity on its face.
B)has been previously honored.
C)is incomplete so that an element of negotiability is lacking.
D)is overdue.
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Chapter 23: Checks and Banking in the Digital Age
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Q1) Refer to Fact Pattern 23-1.Capital Bank
A)is liable to Fix-It for the amount of the check.
B)must stop payment if Capital has a reasonable time to act.
C)need not stop payment unless Echo had a valid reason to act.
D)need not follow Echo's order unless the check was certified.
Q2) A forged signature is effective as the signature of a drawer to the extent that is resembles the drawer's actual signature.
A)True
B)False
Q3) The death of a customer revokes a bank's authority to pay an item.
A)True
B)False
Q4) Kip writes a check for $1,000 drawn on Local Bank and presents it to Mira.Mira presents the check for payment to Local Bank,which dishonors it.The party most likely liable to Mira is
A)Kip in a civil suit.
B)Kip in a criminal prosecution.
C)Local Bank in an administrative proceeding.
D)neither Kip nor Local Bank.
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Chapter 24: Security Interests in Personal Property
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Q1) The payment of Hu's debt to Ian is guaranteed by Hu's personal property.To give public notice of his interest in Hu's property,Ian is most likely to
A)attach a bright label to Hu's property.
B)e-mail other potential creditors.
C)file a financing statement with the appropriate authority.
D)publish a collection notice in local newspapers.
Q2) Summit Credit Corporation lends funds to Toby,a consumer,to apply to the cost of a sport utility vehicle (SUV),which is the collateral for the loan.An enforceable security interest also requires
A)a written agreement and Summit's possession of the SUV.
B)a written agreement or Summit's possession of the SUV.
C)the vehicle seller's acknowledgement of the loan in writing.
D)Toby's possession of the SUV.
Q3) The payment of Frida's debt to Gianini is guaranteed by Frida's personal property.Gianini is
A)a debtor.
B)a secured party.
C)a secured transaction.
D)a security interest.
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Page 26
Chapter 25: Other Creditors Remedies and Suretyship
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Q1) Urbana performs a contract with Virgil to add a sun porch to Virgil's house,but Virgil does not pay.In most states,Urbana can create a lien and place it on Virgil's property by filing
A)a written guaranty contract.
B)a writ of attachment.
C)a writ of execution.
D)a written notice of lien.
Q2) To use attachment as a remedy,a creditor must have possession (be "attached" to)of a debtor's property.
A)True B)False
Q3) A debtor's car may be exempt from satisfaction of a judgment debt. A)True B)False
Q4) A contract of suretyship must be in writing to be enforceable. A)True B)False
Q5) A guarantor is primarily liable on an obligation. A)True B)False
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Chapter 26: Bankruptcy
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Q1) Mabel files a petition in bankruptcy.The initial proceeding on this petition will be in
A)a federal bankruptcy court.
B)a state bankruptcy court.
C)the highest court in the state in which Mabel lives.
D)the United States Supreme Court.
Q2) Mia's voluntary petition for bankruptcy is found to be proper.The order for relief is effective as soon as
A)Mia files the petition.
B)Mia posts a bond to cover the costs of the proceedings.
C)Mia's creditors agree to the terms.
D)the trustee collects and distributes the property of Mia's estate.
Q3) A trustee has the power to set aside a sale of the debtor's property.
A)True
B)False
Q4) Kipper files a petition in bankruptcy.Kipper's dischargeable debts include
A)domestic-support obligations.
B)student loans unless the lender would suffer undue hardship.
C)unpaid state and federal taxes.
D)unsecured credit-card debt.
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Chapter 27: International Law in a Global Economy
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Q1) Quotas are limits on the amounts of goods that can be imported.
A)True
B)False
Q2) Tariffs are imposed only on exports.
A)True
B)False
Q3) Secure Investments,Inc.,a U.S.firm,expands into international markets through a joint venture.In this situation,Secure owns
A)all of the operation,and its profits and liabilities.
B)all of the operation,and none of its profits and liabilities.
C)none of the operation,and none of its profits and liabilities.
D)part of the operation,and shares its profits and liabilities.
Q4) Antidumping duties are the responsibilities of international environmental polluters.
A)True
B)False
Q5) A party to a licensing agreement generally agrees to pay royalties on some basis.
A)True
B)False
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Chapter 28: Agency Relationships in Business
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Q1) Before a principal can ratify a contract,the agent must withdraw from the deal.
A)True
B)False
Q2) If a principal does not ratify an unauthorized contract,the principal is not bound.
A)True
B)False
Q3) Miklos grants an ordinary power of attorney to Nathalie to handle a list of financial transactions on Miklos's behalf.This power will terminate on A)any transaction causing a loss to Miklos.
B)Miklos's death or incapacity.
C)Miklos's sixty-fifth birthday.
D)Nathalie's handling of one of each stipulated transaction.
Q4) A principal is not liable for an agent's fraud unless the agent has the apparent authority to commit torts.
A)True
B)False
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Chapter 29: Employment, immigration, and Labor Law
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Q1) Whistleblower statutes protect employers who retaliate against their employees for "blowing the whistle."
A)True
B)False
Q2) Emma,Frick,Glenda,and Huey are employees of different-sized employers in different industries.A minimum wage must be paid to employees in
A)all industries.
B)covered industries only.
C)no industries.
D)small-business industries only.
Q3) No employee has a reasonable expectation of privacy in the workplace.
A)True
B)False
Q4) Firing a worker who refuses to perform an illegal act violates public policy.
A)True
B)False
Q5) The employment-at-will doctrine is little used today.
A)True
B)False
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Chapter 30: Employment Discrimination
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Q1) The Civil Rights Act of 1964 prohibits job discrimination on the basis of experience.
A)True
B)False
Q2) Under current law,an employer cannot adopt an affirmative action plan.
A)True
B)False
Q3) An employer who hires and fires workers according to a fair seniority system may have a good defense to an employment discrimination suit.
A)True
B)False
Q4) Research Statistics Corporation uses a merit system to pay its employees according to their job performance.Suki,a female,and Troy,a male,are Research employees with comparable jobs.Due to superior performance,Suki is paid more than Troy.This is
A)disparate-impact discrimination.
B)gender discrimination.
C)not discrimination.
D)reverse discrimination.
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Page 32
Chapter 31: Sole Proprietorships and Private Franchises
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Q1) A sole proprietorship is a separate legal entity for tax purposes.
A)True
B)False
Q2) A manufacturer's license to an outside dealer to sell a product is a distributorship.
A)True
B)False
Q3) Bret buys a franchise from Comida Mexicano Ltd.If their agreement is like most franchise agreements,it will specify that Comida can terminate the franchise
A)at will.
B)for any reason.
C)for cause only.
D)for no reason.
Q4) Events Promotion Corporation licenses trademarks to Fandom Souvenirs,Inc.,to use in selling caps,sweatshirts,and similar goods.This is
A)a franchise.
B)an entrepreneur.
C)a principal-agent relationship.
D)a sole proprietorship.
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Chapter 32: All Forms of Partnerships
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Q1) Tundi is a partner in YooHoo! Amusement,a new partnership.A YooHoo! debt comes due.Tundi is
A)not liable for the debt.
B)only liable for the debt up to the amount of his capital contribution.
C)personally liable only to the extent the other partners do not pay.
D)personally liable to the full extent of the debt.
Q2) A partner may not pursue his or her own interest without violating the fiduciary duties that he or she owes to the firm.
A)True
B)False
Q3) In a limited partnership,the liability of a general partner is limited to the amount of capital he or she has invested in the partnership.
A)True B)False
Q4) The Uniform Partnership Act has done much to reduce controversies in the law relating to partnerships.
A)True
B)False
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34
Chapter 33: Limited Liability Companies Special Business
Forms
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Q1) National Capital Corporation and International Investments,Inc.,form a joint stock company.The ownership of a joint stock company is represented by
A)partnership certificates.
B)shares of stock.
C)title documents.
D)trust certificates.
Q2) A syndicate may exist in the form of a partnership but not a corporation.
A)True
B)False
Q3) Most limited liability company (LLC)statutes provide that unless the members agree otherwise,all profits of the LLC will be divided equally.
A)True
B)False
Q4) The owners of an incorporated cooperative are personally liable for its obligations.
A)True
B)False
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Page 35
Chapter 34: Corporate Formation and Financing
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Q1) Skyla and Terry want to form and do business as Unique Boutique Corporation.The state statute governing the formation and operation of their corporation is most likely guided by
A)city or county corporate codes.
B)the Entrepreneur's Corporate Handbook.
C)the federal Administrative Procedure Act.
D)the Revised Model Business Corporation Act.
Q2) Stan incorporates his scientific products business as Tech Supply,Inc.Unless the articles of incorporation state otherwise,Tech Supply most likely has
A)a finite,yet-to-be-determined existence.
B)a one-year,nonrenewable existence.
C)a one-year,renewable existence.
D)perpetual existence.
Q3) Gelato Ice,Inc.,is incorporated in the state of New Jersey and is doing business in the state of New York.In New York,Gelato is properly referred to as
A)a domestic corporation.
B)a foreign corporation.
C)an alien corporation.
D)a de jure corporation.
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Page 36
Chapter 35: Corporate Directors,officers, Shareholders
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Q1) Officers are required to exercise a reasonable amount of supervision over the corporate directors.
A)True B)False
Q2) A preemptive right is a preference over other shareholders to cast the determining vote on fundamental changes affecting the corporation.
A)True B)False
Q3) Guy is Hot Java Company's majority shareholder.Guy decides to sell his Hot Java stock.The sale will be an effective transfer of the control of the company.Does Guy owe a duty to Hot Java or its minority shareholders in this situation
Q4) Niche Stores,Inc.,must hold a shareholders' meeting
A)once a month.
B)once a year.
C)once every two years.
D)only when it is called by the board of directors.
Q5) Corporate shareholders are the ultimate authority in every corporation.
A)True B)False
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Chapter 36: Corporate Acquisitions, takeovers, Termination
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Q1) A corporation that is selling all of its assets must obtain approval only from its shareholders.
A)True
B)False
Q2) Vision Optical Company and Wide Eyes Open,Inc.decide to combine.Xavier,a Wide Eyes shareholder,is dissatisfied with the price that he will receive for his stock.In the absence of fraud or other illegal conduct,Xavier's exclusive remedy is to
A)exercise an appraisal right.
B)file a suit to delay the process.
C)refuse to agree to the deal,which cannot then proceed.
D)urge other shareholders to insist on a higher price.
Q3) Giant Lift Corporation purchases all of the assets of Heavy Hydraulics Corporation.With respect to Heavy Hydraulics's liabilities,Giant Lift is A)automatically responsible.
B)not responsible under any circumstances.
C)responsible if Heavy Hydraulics is a competitor of Giant Lift. D)responsible if the sale is actually a merger or consolidation.
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Chapter 37: Investor Protection,insider Trading, Corp Gov
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Q1) Cotton Products Corporation is a public company whose shares are traded in the public securities markets.The Securities Act of 1933 requires Cotton to disclose financial and other significant information concerning its securities in order to
A)increase corporate accountability by imposing responsibility on chief corporate executives.
B)prevent insiders from trading among themselves.
C)protect investors.
D)provide a "safe harbor" for companies that make forward-looking statements.
Q2) Celfone Corporation is required to file a registration statement with the Securities and Exchange Commission.This statement must contain
A)a copy of prospectuses to be provided to investors.
B)a description of securities being offered for sale.
C)a record of pre-registration sales in securities.
D)a sample of advertising to be used to attract investments in Celfone.
Q3) The Securities Exchange Act of 1934 provides for continuous,periodic disclosures by publicly held corporations.
A)True
B)False
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Chapter 38: Administrative Law
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Q1) Often,an administrative agency enforces it own rules.
A)True
B)False
Q2) After notice-and-comment rulemaking,the U.S.Bureau of Land Management (BLM)issues a new rule and applies it to Clearcut Timber Company.Clearcut appeals the application to a federal court.The court will most likely defer to the BLM's interpretation of A)the facts and the law.
B)the agency's authority.
C)procedural requirements.
D)the Constitution.
Q3) The U.S.Fish and Wildlife Service utilizes notice-and-comment rulemaking.This involves a period during which
A)judges,legislators,and the president are asked about a proposed rule.
B)potential violators of a proposed rule are notified and publicized.
C)the administrators "notice" a problem and "comment" on it.
D)the public is asked to comment on a proposed rule.
Q4) Only experts can submit comments on a proposed administrative rule.
A)True
B)False
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Chapter 39: Promoting Competition
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Q1) An act must have a substantial impact on interstate commerce to violate antitrust law.
A)True
B)False
Q2) Monopoly power may be proved by evidence that a firm used its power to control prices.
A)True
B)False
Q3) Rally Speedboat Corporation refuses to sell its products to Super Weekends,Inc.,a recreational water products dealership.This is
A)an exclusive-dealing contract.
B)a horizontal market division.
C)attempted monopolization.
D)a unilateral refusal to deal.
Q4) A firm that is attempting to meet the competition's price may have a defense to liability for price discrimination.
A)True
B)False
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Chapter 40: Consumer Law
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Q1) Paychex Loan Company extends credit in the ordinary course of its business.Under the Truth-in-Lending Act,Paychex must inform potential borrowers of
A)credit terms offered by other lenders and its own credit terms.
B)no credit terms.
C)only its own credit terms.
D)only the credit terms that will convince borrowers to "close the deal."
Q2) Va-Va-Voom Products,Inc.,engages in deceptive advertising when it markets its product Weight-No-More as able to help consumers lose weight in their sleep.Va-Va-Voom is ordered to include in all future advertising of Weight-No-More the statement,"This product will not cause anyone to lose weight while sleeping." This is
A)a counteradvertising order.
B)a multiple product order.
C)a "cooling-off" law.
D)a validation notice.
Q3) A consumer who receives unsolicited merchandise must return it within three business days.
A)True
B)False
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Chapter 41: Environmental Law
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Q1) Cozy City lies on the shore of a bay that empties into the Atlantic Ocean.Downcycler Waste Company picks up garbage and trash from local businesses.Further inland,Eschew Corporation collects radioactive waste from the local utility's nuclear power plant.On the other side of the bay,Fort Cozy Military Base stores chemical warfare supplies for disposal.Can Downcycler,Eschew,or Fort Cozy dump their waste in the ocean
Q2) Verna makes a living by commercial fishing in a river allegedly polluted by Wall Paint Company.To bring a suit against Wall Paint on the ground of private nuisance,Verna must allege that she suffers from
A)a distinct harm separate from that affecting the general public.
B)a lesser harm than an injunction would impose on Wall Paint.
C)Wall Paint's failure to use reasonable care to avert herm to Verna.
D)the same harm as that affecting the general public.
Q3) The Environmental Protection Agency periodically updates the pollution standards. A)True B)False
Q4) Those who knowingly violate the Clean Air Act are exempt from liability. A)True B)False
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Page 43
Chapter 42: Liability of Accountants Other Professionals
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Q1) Bryce's accountant is Caleb and his attorney is Delilah.All states protect,as privileged information,Bryce's communications with
A)Caleb and Delilah.
B)Caleb only.
C)Delilah only.
D)neither Caleb nor Delilah.
Q2) Lebron,an attorney,allows a statute of limitations to lapse on a claim by Midwest Metal Fabrication Company,a client.Lebron
A)can be held liable for malpractice.
B)has violated an ethical standard but cannot be held liable.
C)is subject to criminal penalties under the statute of limitations.
D)will be automatically disbarred.
Q3) Grover Nut Company files a suit against Hud,its former accountant,alleging actual fraud.Grover must prove
A)intent to deceive.
B)misrepresentation of a non-material fact.
C)the lack of an injury.
D)unjustifiable reliance.
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Chapter 43: Personal Property and Bailments
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Q1) A deceased joint tenant's interest in jointly held property passes to his or her heirs.
A)True
B)False
Q2) A person acquires title to fungible goods by mixing them.
A)True
B)False
Q3) In a gratuitous bailment,a bailee has a right to be compensated for costs incurred in keeping bailed property.
A)True
B)False
Q4) It is presumed that a co-tenancy is a tenancy in common unless there is a clear intention to establish a joint tenancy.
A)True
B)False
Q5) If property is owned as community property,each spouse owns an undivided one-half interest in it.
A)True
B)False
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Chapter 44: Real Property and Landlord-Tenant Law
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Q1) Kailin owns a farm near Manhattan,Kansas,with a farmhouse,barn,and other structures permanently attached.Kailin grows soybeans on the property.A pond lies within the boundaries.Land includes
A)the pond,the soil,and the structures.
B)the pond and the soil only.
C)the soil only.
D)the structures and the soil only.
Q2) Xavier owns a duplex that he leases to Yvon and Zack.Xavier may sell
A)the duplex at any time.
B)the duplex,but only after the lease expires and the tenants move out.
C)the duplex,but only with the tenants' permission.
D)the lease,but not the duplex.
Q3) Orin owns Pilot's Landing Office Park.His ownership rights include the right to sell or give away the property without restriction,as well as the right to commit waste,if she chooses.Orin's ownership interest is
A)a fee simple absolute.
B)a leasehold estate.
C)a life estate.
D)the power of eminent domain.
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Page 46
Chapter 45: Insurance,wills,and Trusts
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Q1) The trustee is the person for whose benefit a trust is held.
A)True
B)False
Q2) Undue influence can occur when a named beneficiary is in a position to influence the making of a will.
A)True
B)False
Q3) Bret obtains a fire insurance policy on his rental house with Continental Insurance Company.Like all insurance,this policy is an arrangement for
A)avoiding the assumption of responsibility.
B)predicting a potential loss based on unknown factors.
C)shifting the imposition of liability.
D)transferring and allocating risk.
Q4) A coinsurance clause provides that two or more people will be covered by the same life insurance policy.
A)True
B)False
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