Course Introduction
Business Law
Chapter Exam Questions
Business Law provides students with a comprehensive overview of the legal principles and frameworks that govern commercial transactions and the operation of businesses. The course covers fundamental topics such as contract law, agency, partnership and corporation law, as well as the rights and responsibilities of parties engaged in business. Students will also examine topics like intellectual property, employment law, and the regulation of business practices. Through case studies and real-world examples, the course emphasizes practical application and develops students ability to recognize and navigate legal issues in the business environment.
Recommended Textbook
Dynamic Business Law The Essentials 3rd Edition by Nancy Kubasek
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Page 2
Chapter 1: An Introduction to Dynamic Business Law
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Q1) Which of the following would be relevant areas of business law to a human resource manager?
A) Contracts, employment and labor law, and employment discrimination
B) Contracts only
C) Contracts and labor law, but not employment discrimination
D) Employment and labor law, but not contracts
E) Human resource managers hold administrative positions and are not concerned with areas of business law
Answer: A
Q2) The term ______ involves the use of past decisions to guide future decisions.
A) Commonality
B) Precedent
C) Restatement
D) Uniformity
E) Modeling
Answer: B
Q3) The term "natural law" is another word for "legal positivism."
A)True
B)False
Answer: False
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Chapter 2: Business Ethics
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Q1) Which of the following theories most accurately fits the advice given by Bruce?
A) Deontology
B) Act utilitarianism
C) Rule utilitarianism
D) Ethical relativism
E) Virtue ethics
Answer: D
Q2) Positive abstractions that capture our sense of what is good or desirable are called
A) Ethical ideas
B) Values
C) Conscience demands
D) Desirable principles
E) Action goals
Answer: B
Q3) In some countries,businesses must pay bribes in order to receive legitimate supplies.
A)True
B)False
Answer: True
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Page 4
Chapter 3: The Uslegal System
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Sample Questions
Q1) How many circuits does the U.S.Court of Appeals have?
A) 6
B) 50
C) 12
D) 10
E) 13
Answer: C
Q2) A person who has the legal right to bring an action in court has standing.
A)True
B)False
Answer: True
Q3) Which of the following is a court's power to hear certain kinds of cases?
A) Subject-matter jurisdiction
B) In kind jurisdiction
C) In personam jurisdiction
D) In loco jurisdiction
E) In area jurisdiction
Answer: A
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Chapter 4: Alternative Dispute Resolution
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Sample Questions
Q1) According to the text,which of the following are criticisms of arbitration?
A) That arbitration is more expensive than court litigation.
B) That companies can more easily hide misdoing.
C) That it is too easy to get an arbitration award reversed by a judge.
D) That parties have less control through the arbitration process than through a judicial action.
E) That arbitration actions are less private than judicial actions.
Q2) According to the text,positive points of arbitration involve(s)which of the following?
A) Arbitrators are assigned so parties do not have to pick them.
B) Arbitration is generally less expensive than litigation.
C) Arbitrators are bound by the same rules as judges in applying precedent.
D) Arbitrations can be set aside on appeal for the same reasons as court judgments.
E) Arbitrations prohibit the use of legal counsel.
Q3) A summary jury trial leads to a binding jury verdict.
A)True
B)False
Q4) How is arbitration preferable to litigation,and what are criticisms of arbitration as compared to litigation?
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Page 6
Chapter 5: Constitutional Principles
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Q1) When is a strict-scrutiny standard used to examine laws,how is this standard applied,and what presumption do courts apply,if any,in cases involving this standard?
Q2) Which of the following was the result at the U.S.Supreme Court level in United States v.Lopez,the case in which the Court addressed the constitutionality of the Gun-Free School Zone Act?
A) The Court ruled that the law was a valid exercise of congressional authority under the full faith and credit clause.
B) The Court ruled that the law was a valid exercise of congressional authority contained within the Bill of Rights.
C) The Court ruled that Congress exceeded its power under the Bill of Rights when it passed the act.
D) The Court ruled that Congress exceeded its commerce clause authority when it passed the act.
E) The Court ruled that the law was a valid exercise of the Court's authority under the commerce clause.
Q3) Set forth the Central Hudson Test for Commercial Speech.
Q4) Explain the system of checks and balances and how it works.
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Chapter 6: International and Comparative Law
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Q1) Which of the following references a standard meaning that either the employer or the employee may terminate the employment relationship at any time?
A) Employment-at-will
B) Unconnected employment
C) Nachfrist
D) Reasonable employment
E) Unreasonable employment
Q2) Which of the following best describes the term "comparative law?"
A) It is the study of the legal systems of different states.
B) It is the study of the laws governing the conduct of states and international organizations and their relationships with one another.
C) It is the study of the difference between public and private law in the United States.
D) It is the study of the difference between constitutions and administrative rules and regulations within the United States.
E) It is the study of international organizations and their structure.
Q3) Identify and describe a franchise agreement,a joint venture,and an affiliate business in relation to international business.
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8
Chapter 7: Crime and the Business Community
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Sample Questions
Q1) Which amendment provides the right to a speedy and public trial?
A) The Second Amendment.
B) The Third Amendment.
C) The Fourth Amendment.
D) The Fifth Amendment.
E) The Sixth Amendment.
Q2) Which of the following is true regarding an arrest without a warrant?
A) A law enforcement agent can arrest a suspect without a warrant if the officer believes there is probable cause but not enough time to obtain a warrant.
B) A law enforcement officer may not arrest a suspect without a warrant even if the officer believes there is probable cause but insufficient time to obtain a warrant.
C) A law enforcement agent can arrest a suspect without a warrant only if a felony is involved.
D) A law enforcement officer can arrest a suspect without a warrant only if a violent crime is involved.
E) A law enforcement officer can arrest a suspect without a warrant only if the suspect is a repeat offender.
Q3) List the elements necessary to establish bribery of a public official.
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Chapter 8: Tort Law
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Q1) Which of the following is true regarding the intent needed for an intentional tort?
A) The intent at issue is not intent to harm but, rather, is intent to engage in a specific act, which ultimately results in an injury, physical or economic, to another.
B) The intent at issue is not intent to harm but, rather, is intent to engage in a specific act, which ultimately results in a physical injury to another. Economic injury is insufficient.
C) The intent at issue is intent to harm that results in an injury, physical or economic, to another.
D) The intent at issue is intent to harm that results in physical injury to another. Economic injury is insufficient.
E) The intent at issue is not intent to harm and is not intent to engage in a specific act. Instead, negligence will suffice.
Q2) Subjective opinions are subject to an action for defamation in the same way as statements of alleged fact.
A)True
B)False
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Chapter 9: Negligence and Strict Liability
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Q1) Which of the following is true regarding the bank's claim that it should be able to recover under the res ipsa loquitur doctrine?
A) The bank is correct because under that doctrine defendants are liable for any harm caused.
B) The bank is correct only if Holly has sufficient insurance to cover the bank burning.
C) The bank is correct only if it can be established that Holly was a repeat driving offender.
D) The bank is incorrect because the issue here is causation, not whether there was a lack of due care.
E) The bank is incorrect because res ipsa loquitur is a defense.
Q2) Assume a jurisdiction has a law that all residential swimming pools must have a fence that is at least six feet tall surrounding the swimming pool.Cindy has a pool in her backyard; but it was built only a few months ago,and Cindy has not had the extra money with which to build the fence.Unfortunately,one of the neighborhood children goes swimming in the pool and drowns.The parents of the child sue Cindy.Discuss how they would likely go about proving their case and the elements that would be required.
Q3) Identify and explain the elements of negligence.
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Chapter 10: Product Liability
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Sample Questions
Q1) Which of the following defenses is an argument that harm was caused not by the defendant's negligence but by the plaintiff's failure to properly use the product?
A) Assumption of the risk.
B) Product misuse.
C) Pure comparative fault.
D) Last-clear-chance.
E) Misapplication.
Q2) For his birthday,Paul's family purchased for Paul,who tips the scales at over 250 pounds,an exercise bicycle from a popular sports retailer in his community.The first time that Paul hopped on the bike,it collapsed,throwing him to the floor and severely bruising his ankle.Paul wants to sue for his injuries.He has an expert in exercise equipment examine the bicycle.The expert tells him that the bike was properly manufactured.It was not,however,designed for individuals weighing over 250 pounds.There was a warning to that effect in the brochure that came with the bicycle,but Paul's family threw that away along with the packaging; and Paul never saw it.Is there any negligence theory under which Paul can recover? If so,what is it,and what must Paul demonstrate to win?
Q3) Courts using the market share theory generally require that the plaintiff prove which of the following?
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12
Chapter 11: Liability of Accountants and Other Professionals
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Q1) What is Rhonda's contract with Greg to do audit work for him called?
A) Absolute contract
B) Engagement letter
C) Retention contract
D) Audit affirmation letter
E) Preview contract
Q2) The Sarbanes-Oxley Act prohibits registered public accounting firms from engaging in non-auditing acts for their auditing clients.List any six such non-auditing acts currently prohibited.
Q3) GAAS was established by which of the following?
A) The American Institute of Certified Public Accountants
B) The American Institute of Auditors
C) The Financial Accounting Standards Board
D) The American Accounting and Auditing Standards Board
E) The Federal Accounting Standards Board
Q4) When can an accountant be held liable to his or her client for fraud?
Q5) When a federal law is at issue,state protection of an accountant-client privilege does not apply.
A)True
B)False
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Chapter 12: Intellectual Property
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Q1) A teacher cannot be held liable for copyright infringement under the Fair Use Doctrine so long as copies are used only for educational purposes.
A)True
B)False
Q2) If a trademark is unregistered,which of the following may the holder recover when an infringer uses the mark to pass off goods as being those of the mark owner?
A) Only damages.
B) Only an injunction prohibiting the infringer from using the mark.
C) An additional amount of damages computed as a multiplier of 5 times the original damages.
D) Damages, an injunction prohibiting the infringer from using the mark, and additional damages based on a multiplier of 5 times the original damages.
E) Damages and an injunction prohibiting the infringer from using the mark.
Q3) A service mark is a mark licensed by a group that has established certain criteria for use of the mark such as "U.L.Tested" or "Good Housekeeping Seal of Approval."
A)True
B)False
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Chapter 13: Introduction to Contracts
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Sample Questions
Q1) Which of the following contracts are usually voidable?
A) Contracts entered into as a result of fraud, but not duress or undue influence.
B) Contracts entered into as a result of duress or undue influence, but not fraud.
C) Contracts entered into as a result of undue influence or fraud, but not duress.
D) Contracts entered into as a result of fraud or duress, but not undue influence.
E) Contracts entered into as a result of fraud, duress, or undue influence.
Q2) Which of the following states that if a writing,or term in question,appears to be plain and unambiguous on its face,its meaning must be determined from the four corners of the instrument without resort to outside evidence,with the words being given their ordinary meaning?
A) The Interpretation Rule
B) The Simple Rule
C) The Understandable Rule
D) The Plain Meaning Rule
E) The Comprehensive Rule
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15
Chapter 14: Agreement
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Q1) Which doctrine may courts use to estop,or prevent,an offeror from revoking an offer based on a party's taking steps in reasonable reliance on an offer?
A) Promissory estoppel
B) Consideration reliance
C) Contract enforcement
D) Ethical reasoning
E) True to form
Q2) What is the likely result in the lawsuit Barry brought against Chris?
A) Chris will win because he properly revoked his bid before it was accepted.
B) Chris will win because bids made at an auction may be revoked at anytime within ten days after the auction.
C) Chris will win because bids made at an auction may be revoked at anytime within five days after the auction.
D) Chris will win because bids made at an auction may be revoked at anytime within one day after the auction.
E) Barry will win because Chris had no right to revoke the bid.
Q3) List the ways in which an offer can terminate.
Q4) Set forth the elements of an offer under the common law.
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Page 16
Chapter 15: Consideration
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Q1) In a lawsuit between the bank and Ted regarding the reward funds,who is likely to prevail and why?
A) The bank is likely to prevail because Ted only provided past consideration.
B) The bank is likely to prevail because Ted had a preexisting duty to catch Victor.
C) The bank is likely to prevail because Ted's promise to catch Victor was illusory.
D) Ted is likely to prevail because his promise to catch Victor resulted in a binding bilateral contract.
E) Ted is likely to prevail because an enforceable unilateral contract exists based on his performance.
Q2) In a bilateral contract,the consideration for each promise is ____.
A) A completed act
B) The beginning of action in acceptance, even if it is not complete
C) An acknowledgement
D) A return promise
E) An agreement
Q3) A liquidated debt may be the subject of an accord and satisfaction.
A)True
B)False
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Chapter 16: Capacity and Illegality
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Q1) Both a minor and the adult with whom the minor contracted may disaffirm a contract based upon the minor's lack of majority.
A)True
B)False
Q2) As a general rule,most states will not allow a minor to disaffirm contracts for which of the following?
A) Life insurance, health insurance, and psychological counseling
B) Health insurance and psychological counseling, but not life insurance
C) Psychological counseling, but not health insurance or life insurance
D) Health insurance, but not life insurance or psychological counseling
E) Education loan contracts and psychological counseling, but not life insurance or health insurance
Q3) How many states engage in at least some regulation of gambling?
A) 50
B) 47
C) 40
D) 35
E) 10
Q4) Discuss in detail the age of majority in Great Britain.
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Chapter 17: Reality of Assent
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Q1) Set forth the exceptions that would permit a court to invalidate a contract on grounds of unilateral mistake.
Q2) Threatening physical harm or extortion to gain consent to a contract is classified as undue influence.
A)True
B)False
Q3) Constance was buying a used personal watercraft from Ralph.He told her that the engine on the watercraft was in good shape.Constance agreed to pay Ralph $4,000 for the watercraft.She was going to be out of town on vacation,so Ralph and Constance agreed that when she returned in a week,she would bring over the money and pick up the watercraft.During that week,Ralph was notified by the manufacturer that the watercraft was being recalled because it had a faulty engine that needed repair.Ralph said nothing about the condition of the engine or the recall when Constance came to pick up the watercraft.They chatted about other matters; she gave him the $4,000,and took the watercraft.Later,Constance started having problems with the watercraft and found out that Ralph and other initial purchasers had been notified of the issue with the engine.She asked for a refund accusing Ralph of fraud.Ralph refused on the basis that he did not make any misrepresentation.Who is correct and why? For purposes of this question,assume that sales talk or puffery is not at issue.
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Page 19
Chapter 18: Contracts in Writing
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Q1) Richard has insurance with ABC Insurer.Richard has a wreck with Susie.The adjuster for ABC Insurer orally agrees to pay Susie $1,000 for the damage to her car.The adjuster,however,gets in trouble with his boss for agreeing to pay too much.He tells Susie that he is backing out of the deal because the agreement is unenforceable on the basis that the statute of frauds requires that a contract to pay the debt of another be in writing.Is the adjuster correct? Why or why not?
Q2) In order for the statute of frauds to be satisfied,all parties to a contract must sign the writing.
A)True
B)False
Q3) Which of the following is false regarding international treatment of evidentiary matters?
A) German law does not have a parol evidence rule.
B) France has a limited parol evidence rule.
C) The parol evidence rule in France does not apply to commercial contracts.
D) England requires that promises to pay for the debt of others be in writing.
E) England has significantly increased the number of contracts falling within the statute of frauds since the original act was passed.
Q4) Set forth the eight exceptions to the parol evidence rule.
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Chapter 19: Third Party Rights to Contracts
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Q1) The state of New York does not grant a donee beneficiary the right to enforce a contract unless the promisee is connected to the donee through a ______ relationship.
A) Valid
B) Recognized
C) Substantial
D) Familial
E) Marital
Q2) A[n] ______ beneficiary is one who unintentionally gains a benefit from a contract between other parties.
A) Incidental
B) Creditor
C) Donee
D) Vested
E) Accidental
Q3) Assignment of personal duties is generally permitted.
A)True
B)False
Q4) List and discuss two reasons why notice of assignment should be given.
Q5) Lists four situations under which contractual rights cannot be assigned.
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Chapter 20: Performance,Breach of Contract,discharge,and Remedies
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Q1) Which of the following types of damages are designed to punish the defendant and deter him and others from engaging in similar behavior in the future?
A) Consequential
B) Punitive
C) Liquidated
D) Nominal
E) Repugnant
Q2) The obligation to use reasonable efforts to minimize damage resulting from a breach is referred as the duty to ______ one's damages.
A) Reduce
B) Remit
C) Reform
D) Mitigate
E) Migrate
Q3) Restitution is the return of any property given up under the contract.
A)True
B)False
Q4) Set forth the three main situations in which the courts find objective impossibility.
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Chapter 21: Introduction to Sales and Lease Contracts
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Q1) Which of the following is true regarding what meets the UCC definition of a good?
A) Real estate, corporate stocks, copyrights, and trade fixtures all meet the definition of a good under the UCC.
B) Corporate stocks, real estate, and copyrights meet the definition of a good under the UCC, but trade fixtures do not.
C) Trade fixtures meet the definition of a good under the UCC, but real estate, corporate stocks, and copyrights do not.
D) Copyrights meet the definition of a good under the UCC, but real estate, corporate stocks, and trade fixtures do not.
E) Real estate, trade fixtures, and corporate stocks meet the definition of a good under the UCC, but copyrights do not.
Q2) Federal law is the primary method by which to interpret sales contracts.
A)True
B)False
Q3) A consumer lease is the same thing as a finance lease.
A)True
B)False
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Page 23
Chapter 22: Title,Risk of Loss,and Insurable Interest
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Q1) What does the term CIF when used as a shipping term represent?
A) Cost, insurance, and freight
B) Collateral, insurance, and freight
C) Commerce, insurance, and freight
D) Cost, indemnity, and freight
E) Cost, insurance, and flight
Q2) Which of the following occurs when the purchased goods are transferred to the buyer from the seller at either the time of the sale or some time later by the seller's delivery?
A) A voidable delivery contract
B) An average delivery contract
C) A simple delivery contract
D) A complex delivery contract
E) An acknowledged sale
Q3) Which of the following occurs when the sale itself is contingent on approval?
A) A transferable contract
B) An unapproved contract
C) An average delivery contract
D) A conditional sales contract
E) A goods-in-transfer contract
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Chapter 23: Performance and Obligations Under Sales and Lease Contracts
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Q1) Considering only the issue involving the time set for delivery,what is the likely effect of Bobby delivering the trophies after the agreed upon time?
A) Bruce has the right to rely on the failure of Bobby to deliver the trophies in a timely manner and will likely prevail.
B) Bruce's payment for the trophies without inspection and after the time called for by the contract likely waived the performance provisions of the contract regarding the time for delivery.
C) Bruce did not waive the performance provisions of the contract regarding the time for delivery because he paid by check.
D) Bruce did not waive the performance provisions of the contract regarding the time for delivery only because he canceled the check before it was cashed by Bobby.
E) Bruce cannot rely upon the performance provisions of the contract regarding the time for delivery because he did not object within 24 hours of the delivery of the trophies and, therefore, did not meet the UCC 24-hour rule.
Q2) Set forth what the UCC requires in the way of good faith and the duty imposed on both nonmerchants and merchants.
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Page 25
Chapter 24: Remedies for Breach of Sales and Lease Contracts
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Q1) Contract actions are created to enforce the intentions of the parties to the agreement,while tort law is primarily designed to vindicate social policy.
A)True
B)False
Q2) Which of the following includes lost profits so long as those damages are not too speculative?
A) Punitive damages
B) Consequential damages
C) Remedial damages
D) Nominal damages
E) Control damages
Q3) Which of the following are damages identified before the breach occurs?
A) Nominal damages
B) Compensatory damages
C) Reliance damages
D) Liquidated damages
E) Consequential damages
Q4) Which of the following must a buyer do in obtaining cover?
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Chapter 25: Warranties
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Q1) List the exceptions to title warranties.
Q2) Set forth when an implied warranty of fitness for a particular purpose will be found.
Q3) When was the Magnuson-Moss Act passed?
A) 1950
B) 1955
C) 1970
D) 1975
E) 2000
Q4) A salespersons' exaggerations that would not be classified as a warranty are known as ______.
A) Puffing
B) Falsehood
C) Innocent misrepresentation
D) Fraudulent misrepresentation
E) Improper inducement
Q5) What options does the UCC give states in regard to warranties extending to third-party beneficiaries of warranties,and which option have most states adopted?
Q6) What needs to be shown under the UCC for goods to be found merchantable?
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Chapter 26: Negotiable Instruments: Negotiability and Transferability
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Q1) Which of the following is false regarding the UCC's signature requirement for a negotiable instrument?
A) The signature may be an assumed name.
B) A signature may be made by means of a device or machine.
C) A signature may be made manually.
D) The signature of an agent on behalf of the principal binds the principal and satisfies the signature requirement.
E) The UCC prohibits an "X" from being used as a signature.
Q2) In order to satisfy the requirement of negotiability that payment be at a time certain or on demand,acceleration of payment is not allowable.
A)True
B)False
Q3) Documents used as payments to facilitate commercial transactions were labeled as ______ under article 3 of the UCC.
A) Commerce paper
B) Commercial paper
C) Commerce notes
D) Negotiable instruments
E) Payment notes
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Chapter 27: Negotiation, Holder in Due Course, and Defenses
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Q1) In Russia a transaction involving a promissory note is a legitimate documentary transaction.
A)True
B)False
Q2) In the event of a misspelled name,how may the holder endorse the document?
A) Only with the misspelled name.
B) Only with the holder's actual name or the misspelled name.
C) Only with the misspelled name followed by the actual name.
D) With the holder's actual name, with the misspelled name, or with the misspelled name followed by the actual name.
E) Endorsement is impossible in such a situation.
Q3) A payee may not be a holder in due course.
A)True
B)False
Q4) Receiving an instrument as a gift satisfies the requirement of taking an instrument for value.
A)True
B)False
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Q5) Set forth the requirements a party must meet in order to be considered a holder in due course.
Chapter 28: Liability,defenses,and Discharge
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Q1) Carl,without Eddie's knowledge,impersonates Eddie and thereby convinces Connie,who has never seen Eddie,to write a check to Eddie for upcoming yard work.Carl then forges Eddie's name and deposits the check into his,Carl's,account.Which of the following is true regarding whether Connie will be liable for the amount of the check?
A) Under the forgery rule, Connie will be held liable.
B) Under the transferor rule, Connie will be held liable.
C) Under the payee rule, Connie will be held liable.
D) Under the imposter rule, Connie will be held liable.
E) Under the fictitious payee rule, Connie will not be held liable.
Q2) Which of the following is false regarding means by which an instrument may be cancelled by a person entitled to enforce it?
A) Consideration is necessary before a cancellation, a form of contractual agreement, is effective.
B) A party may cancel an instrument by simply writing "paid" on the instrument.
C) A party may cancel an instrument by intentionally destroying the instrument.
D) A party may cancel an instrument by intentionally mutilating the instrument.
E) A party may cancel an instrument by giving the instrument to the obliged party.
Q3) What are the requirements for a holder to turn to secondarily liable parties?
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Chapter 29: Checks and Electronic Fund Transfers
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Q1) A substitute check is a check that is substituted for a lost check.
A)True
B)False
Q2) Which of the following allows a consumer to directly transfer funds from a banking account to a merchant?
A) An electronic authorized system.
B) A direct pay system.
C) An authorized direct pay system.
D) A point-of-sale system.
E) A pay-by-electronics system.
Q3) Which of the following governs the transfer of checks between banks?
A) Article 1 of the UCC.
B) Article 2 of the UCC.
C) Article 3 of the UCC.
D) Article 4 of the UCC.
E) Article 5 of the UCC.
Q4) Set forth the characteristics that a traveler's check must have.
Q5) The customer cannot order a stop payment on an electronic fund transfer.
A)True
B)False
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Chapter 30: Secured Transactions
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Q1) A security interest may apply to personal property that is not yet in the debtor's possession.
A)True
B)False
Q2) Which of the following is true regarding Tina's belief that her only option was to take possession of the collateral?
A) Tina was correct regardless of whether a vehicle or another type of good was involved.
B) Tina was correct, but only because a vehicle was involved.
C) Tina was incorrect, because only when a vehicle is involved, a party must disregard the collateral and proceed to judgment.
D) Tina was incorrect because regardless of whether a vehicle or another type of good was involved, Tina only had the right to ignore the collateral and proceed to judgment.
E) Tina was incorrect because regardless of whether a vehicle or another type of good was involved, Tina had the right to either take possession of the collateral or ignore rights in the collateral and proceed to judgment.
Q3) Set forth the steps that a creditor must take to become a secured party.
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Chapter 31: Other Creditors Remedies and Suretyship
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Q1) Which of the following is a term for a lien that has priority over other types of liens?
A) An excess lien
B) A super-priority lien
C) A top lien
D) A novation lien
E) A priority lien
Q2) Which of the following is the lien of a judgment that arises when a motion for a new trial has been denied?
A) Attorney's lien
B) Common law lien
C) Consummate lien
D) Possessory lien
E) Denial lien
Q3) Discuss the rights of a surety and a guarantor including rights when multiple co-sureties or guarantors owe the debtor's obligation to a creditor.
Q4) A surety is secondarily liable to the creditor for a debtor's debt.
A)True
B)False
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Chapter 32: Bankruptcy and Reorganization
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Q1) Assuming the business partner received more than would have been received through bankruptcy proceedings,which of the following is the most likely result of a claim of preferential payment based on the payment to the business partner?
A) The payment was not preferential because it was made over 90 days before the filing of the bankruptcy petition.
B) The payment was not preferential because it was made over 120 days before the filing of the bankruptcy petition.
C) The payment was not preferential because it was made over 180 days before the filing of the bankruptcy petition.
D) The payment was preferential because it was made to a business partner and made within two years of the filing of the bankruptcy petition unless Mindy can establish that she was not insolvent when the payment was made.
E) The payment was preferential on the basis that it was made to a business partner within two years of the filing of the bankruptcy petition only if the trustee is able to demonstrate that Mindy was insolvent when she made the payment.
Q2) What are the two general goals of bankruptcy laws as set forth in the text?
Q3) Set forth the set of procedures that must be taken in every bankruptcy case.
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Chapter 33: Agency Formation and Duties
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Q1) According to the text,what is required by the duty of accounting an agent owes to a principal?
Q2) Which of the following is the term used to identify the duty of an agent to perform specified duties with reasonable skill and care?
A) Duty of action
B) Duty of contract
C) Express duty of action
D) Duty of performance
E) Duty of obedience
Q3) Which of the following is false regarding the employer-employee relationship?
A) The employee is subject to the control of the employer.
B) Generally, all employees are considered to be agents of the employer.
C) Employees who are not legally authorized to enter into contracts binding their employer are nevertheless generally considered agents of the employer.
D) In an employer-employee relationship, the employee is subject to the employer's control.
E) Independent contractors fall under the employer-employee relationship.
Q4) When must agency agreements be in writing?
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Chapter 34: Liability to Third Parties and Termination
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Q1) Which of the following is true regarding any liability John has to Sandy?
A) John has no liability to Sandy.
B) John has liability to Sandy under the theory of misrepresentation but only if Connie is insolvent.
C) John is liable to Sandy under the theory of negligence.
D) John is liable to Sandy for only 50% of any damages she can prove.
E) John is liable to Sandy under the theory of misrepresentation.
Q2) Which of the following is false regarding termination of agency in the Netherlands?
A) The agent is entitled to compensation if his or her duties are concluded within a reasonable time after termination.
B) Compensation is due if the agent received the orders for a certain action before the termination of the contract.
C) The agent is entitled to goodwill compensation in certain situations.
D) An agent is not entitled to additional compensation based on bringing the principal new customers or because agreements with clients obtained by the agent remain profitable.
E) There are requirements on the agent in regard to time limits in filing for certain compensation.
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Chapter 35: Forms of Business Organizations
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Q1) The joint venture is not automatically terminated when one of the members dies.
A)True
B)False
Q2) Which of the following is false regarding a limited partnership?
A) There must be at least one general partner.
B) There must be at least two limited partners.
C) The partnership must use the word "limited" in its title.
D) The parties must file a certificate of partnership with a state office to create it.
E) If a limited partner dies, the limited partnership is usually unaffected.
Q3) List the advantages and disadvantages of a sole proprietorship form of business.
Q4) The Mexican limited liability company is derived from the model in which of the following countries?
A) The United States
B) Canada
C) Italy
D) Spain
E) Germany
Q5) Describe a franchise that is a distributorship and give an example of a distributorship.
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Chapter 36: Partnerships: Nature, Formation, and Operation
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Q1) Which of the following is true regarding the duty of care,if any,that one partner owes to another?
A) The duty of care is not involved in the law of partnership.
B) The duty of care is owed by each partner to the partnership itself, but partners do not owe a duty of care among themselves.
C) Partners owe a duty of care among themselves, but only in regard to transactions involving over $5,000.
D) While partners owe a duty of care to each other, a partner who makes an honest mistake in fulfilling responsibilities to the partnership will not be held liable for the mistake.
E) Partners owe a duty of care to each other, and a partner is liable to other partners on a strict liability basis for any mistakes or errors made.
Q2) Which of the following may be a "person" under the Uniform Partnership Act?
A) Individuals only
B) Partnerships and individuals
C) Partnerships, individuals, and corporations
D) Partnerships, individuals, corporations, and other associations
E) Corporations only
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Chapter 37: Partnerships: Termination and Limited
Partnerships
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Q1) When is the winding-up stage in the termination of a partnership complete?
A) When account is taken of the assets of a partner who left the partnership and redistributed among the other partners.
B) When all assets of the partnership are sold.
C) When all partners sign releases terminating the partnership.
D) When the partnership is dissolved.
E) When all claims against the partnership by third parties are either settled or resolved in court.
Q2) In India dissolution of ______ refers to the dissolving of all partners' relationships and the termination of the partnership business while dissolution of ______ refers to the termination of the relationship between certain partners but the continuation of the partnership's business.
A) Partnership; the firm
B) Interests; partnership
C) The firm; interests
D) The firm; partnership
E) Interests; the firm
Q3) Set forth the circumstances under which a partnership may be dissolved by act of the court.
Page 39
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Chapter 38: Corporations: Formation and Financing
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Q1) A corporation must be incorporated in the state in which it has its principal place of business.
A)True
B)False
Q2) Which of the following is the likely result of Helen's attempt to hold the shareholders primarily liable for her debt?
A) She will likely be successful.
B) She will be successful only if ABC Corporation proceeds to file for bankruptcy protection.
C) She will be successful only if ABC Corporation is insolvent and remains so for at least six months.
D) She will be successful only if ABC Corporation is insolvent and remains so for at least one year.
E) She will likely be unsuccessful.
Q3) Corporations have implied powers.
A)True B)False
Q4) In what two ways do courts interpret subscription agreements?
Q5) List the six express corporate powers set forth in the text.
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Chapter 39: Corporations: Directors, Officers, and Shareholders
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Q1) How is the number of corporate directors determined?
A) In the discretion of the president of the corporation.
B) By vote of the stockholders.
C) According to the corporate articles or bylaws.
D) According to the number of shares issued.
E) According to the amount of profit projected by incorporators for the first year.
Q2) If a corporation has fewer than _____ shareholders,the Revised Model Business Corporation Act allows companies to eliminate the board of directors entirely.
A) 100
B) 50
C) 30
D) 25
E) 10
Q3) In most states,a corporation's bylaws can negate preemptive rights.
A)True
B)False
Q4) Set forth and describe the two types of self-dealing in which officers and directors might engage and the penalty for doing so.
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Chapter 40: Corporations: Mergers, Consolidations, and Termination
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Q1) In which of the following are two or more corporations combined with neither of the original corporations continuing to exist legally?
A) A merger
B) A consolidation
C) A combination
D) An alteration
E) A reorganization
Q2) By offering to purchase the stock of Tree Corporation at a price above its current market value,Green Corporation made a[n] ____.
A) Cash purchase offer
B) Above market offer
C) Substantial offer
D) Hostile offer
E) Tender offer
Q3) What is generally the next step for an aggressor after acquiring a substantial number of the target corporation's shares and why?
Q4) Consolidation does not require shareholder approval.
A)True
B)False
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Chapter 41: Corporations: Securities and Investor Protection
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Q1) Set forth the Howey three-part test for determining if a security exists.
Q2) Banks themselves oversee the issuance of shares and bonds in Sweden.
A)True
B)False
Q3) What is a proxy solicitation and how is it regulated by the SEC?
Q4) Once an issuer files a registration statement and prospectus,the ______ period begins.
A) Advertising
B) Post-filing
C) Waiting
D) Approval
E) Prospectus
Q5) The average investor does not have to register securities when he or she wants to sell.
A)True
B)False
Q6) The SEC issues opinions regarding the worth of securities.
A)True
B)False
Q7) Set forth the four major responsibilities of the SEC as set forth in the text.
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Chapter 42: Employment and Labor Law
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Q1) Which of the following is false regarding workers' compensation?
A) Before workers' compensation, an injured employee's only recourse was to sue the employer for negligence.
B) For administrative convenience, most states exclude certain types of businesses and small firms from coverage under workers' compensation laws.
C) Workers retain the option to sue their employers for negligence for work-related injuries.
D) Some states allow businesses with sufficient resources to be self-insured, rather than participating in the state program.
E) Workers' compensation laws ensure that covered workers injured on the job can receive financial compensation through an administrative procedure, rather than having to sue their employer.
Q2) The Taft-Hartley Act was passed to further strengthen restrictions on employers regarding unionization.
A)True
B)False
Q3) Set forth the circumstances under which leave is available under the Family and Medical Leave Act.
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Chapter 43: Employment Discrimination
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Q1) Which of the following are sometimes called "unintentional-discrimination" cases?
A) Disparate-treatment cases
B) Disparate-impact cases
C) Sexual harassment cases
D) All of these
E) Disparate-treatment cases and disparate-impact cases, but not sexual harassment cases.
Q2) Which of the following is not available as a remedy under Title VII?
A) Up to three years of back pay
B) Attorney fees
C) Remedial seniority
D) Court costs
E) Reinstatement
Q3) The definition of disabled individuals under the Americans with Disabilities Act includes an individual with a record of a physical or mental impairment that substantially limits one or more of the major life activities of such individual.
A)True
B)False
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Chapter 44: Administrative Law
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Q1) Why are administrative agencies at times referred to as the "fourth branch of government," and are administrative agencies in fact a fourth branch of government?
Q2) Which of the following is the appropriate agency classification for the Accounting Commission?
A) Executive
B) Independent
C) Administrative
D) Legislative
E) Judicial
Q3) Which of the following is a federal independent agency?
A) The Federal Trade Commission
B) The Federal Aviation Agency
C) The Food and Drug Administration
D) The Federal Deposit Insurance Corporation
E) The National Science Foundation
Q4) When is the exemption from rule-making procedures known as "impracticable,unnecessary,or contrary to the public interest" most commonly used and what must the agency do if this avenue is chosen?
Q5) Set forth the stages of informal rule making.
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Chapter 45: Consumer Law
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Q1) A consumer law is a statute or administrative rule serving to protect consumer interests.
A)True
B)False
Q2) Which of the following does the Federal Trade Commission require if a company wishes to claim that its products are "Made in the U.S.A."?
A) That the claim not be used unless all, or virtually all, of the product's components and labor are of U.S. origin.
B) That the claim not be used unless absolutely all of the components and labor of the product are of U.S. origin.
C) That the claim not be used unless at least 75% of the product's components and labor are of U.S. origin.
D) That the claim not be used unless at least 50% of the product's components and labor are of U.S. origin.
E) That the claim not be used unless at least 55% of the product's labor and components are from Canada, Mexico, or the United States.
Q3) What is required by the Telemarketing Sales Rule of 1995?
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Chapter 46: Environmental Law
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Q1) Under the ______ program,generators of hazardous waste must maintain records that list the amount and type of all hazardous waste produced,how it is to be transported,and how it will ultimately be disposed.
A) Permit
B) Hazardous
C) Waste
D) Manifest
E) Specific
Q2) Would there be any action under common law that would likely provide an avenue of some relief for Paula?
A) Yes, an action for nuisance.
B) Yes, an action for trespass.
C) Yes, an action for annoyance.
D) A common law action for environmental assault would be available but only if Paula could establish personal injury.
E) A common law action for environmental assault would be available but only if Paula could establish personal injury and also reduced property value.
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Chapter 47: Antitrust Law
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Q1) Which analysis,if any,is applied to territorial and customer restrictions imposed by a manufacturer on a retailer?
A) Both territorial and customer restrictions are generally analyzed under the rule-of-reason test.
B) Both territorial and customer restrictions are generally analyzed on a per se basis.
C) Territorial restrictions are analyzed under the rule-of-reason test, while customer restrictions are analyzed on a per se basis.
D) Customer restrictions are analyzed under the rule-of-reason test, while territorial restrictions are analyzed on a per se basis.
E) Neither territorial nor customer restrictions are analyzed on any basis because both have been ruled legal in all cases.
Q2) What does a judge consider when conducting a rule-of-reason analysis?
Q3) Set forth and describe the three specific types of injuries under the Robinson-Patman Act.
Q4) Contrast traditional antitrust theories with the Chicago School theories.
Q5) What must be shown in order to establish 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) The ______ is the person who transfers possession of personality in a bailment situation.
A) Transferor
B) Transferee
C) Novator
D) Bailor
E) Bailee
Q2) A person who finds abandoned property becomes its owner.
A)True
B)False
Q3) Which of the following describes the statement Frank made to Bubbles prior to surgery regarding the lottery ticket?
A) A gift causa mortis.
B) A gift inter vivos.
C) A gift inter mortis.
D) A gift causa vivos.
E) It was meaningless because of the condition of death placed on the gift.
Q4) Describe how e-commerce has inspired improvements in Internet postal technology.
Q5) List and describe the three types of documents of title governing bailments.
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Chapter 49: Real Property
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Q1) The ______ deed carries no warranties,and the grantor simply conveys whatever interests he or she holds.
A) Quitclaim
B) Special warranty
C) Approved
D) General warranty
E) Specific
Q2) Patricia buys a house from Jake but does not record her ownership interest.Later,Jake dishonestly sells the same house to Paula who had checked ownership at the courthouse but saw no mention of Patricia.After she paid Jake,Paula recorded her property interest at the courthouse.Paula,who thought that Patricia was renting the house from Jake,then wrote to Patricia asking her to move.Who is entitled to the house? Who do you believe that ethically should be done assuming Jake cannot be found?
Q3) A license is a right to use another's property that is temporary but not revocable.
A)True
B)False
Q4) Set forth what a deed must contain in order to be properly drafted.
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Chapter 50: Landlord-Tenant Law
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Q1) In the landlord-tenant relationship,the party who assumes temporary ownership of the property is the _____.
A) Tenant or lessor
B) Lessor or lessee
C) Holder or lessor
D) Holder or lessee
E) Tenant or lessee
Q2) A[n] ______ lease automatically expires at the end of the specified term,and the landlord is not required to give any notification of termination.
A) Allowable-term
B) Periodic-tenancy
C) Tenancy-at-will
D) Tenancy-at-sufferance
E) Definite-term
Q3) Rent can be defined as the compensation paid to the landlord for the tenant's right to possession and exclusive use of the premises.
A)True
B)False
Q4) When may a landlord be found guilty of negligence per se for code violations?
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Chapter 51: Insurance Law
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Q1) A policy of title insurance is an example of which of the following types of insurance?
A) Business loss
B) Profit loss
C) Commercial
D) Economy
E) Economic
Q2) A[n] ______ clause states that after an insurance policy has existed for a specified period of time,the insurance company cannot contest any statements made in the insurance application.
A) Antilapse
B) Incontestability
C) Assurance
D) Approval
E) Waiver
Q3) Federal law is the primary law addressing when an insurance company can cancel a policy of insurance.
A)True
B)False
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Chapter 52: Wills and Trusts
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Q1) As set forth in the case of Beckwith v.Dahl,which of the following is not an element to the tort of intentional interference with the expectation of inheritance?
A) Plaintiff's expectation of receiving an inheritance evidenced by writing.
B) An intentional interference with the expectation by a third party.
C) Proof the interference was wrongful.
D) But for the interference, the plaintiff would have received the inheritance.
E) Damages.
Q2) Which of the following is a will that two or more testators execute in which they leave property to each other as long as the survivor agrees that when he or she dies,the remaining property will be distributed according to a plan created by all testators?
A) A planned will
B) An estate will
C) A mutual will
D) A co-will
E) A presumptive will
Q3) List four reasons discussed in the text as to why individuals engage in estate planning.
Q4) What are the four requirements needed for a valid will?
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