Business Law
Exam Materials
Course Introduction
Business Law provides an overview of the legal principles and frameworks that govern commercial activities and business organizations. This course examines essential topics such as contract law, torts, agency relationships, sales, negotiable instruments, and the formation and operation of various business entities, including sole proprietorships, partnerships, and corporations. Students will gain an understanding of regulatory environments, dispute resolution mechanisms, and ethical considerations in business. Through case studies and real-world examples, the course equips learners with foundational knowledge for making informed business decisions and managing legal risks in a dynamic marketplace.
Recommended Textbook
Essentials of the Legal Environment Today 5th Edition by Roger LeRoy Miller
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20 Chapters
1440 Verified Questions
1440 Flashcards
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Page 2
Chapter 1: Business and Its Legal Environment
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72 Verified Questions
72 Flashcards
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Sample Questions
Q1) Administrative law consists of the rules,orders,and decisions of administrative agencies.
A)True
B)False
Answer: True
Q2) Being a small-business owner means that you will never have to take on the role of finance manager,marketing manager or accountant.
A)True
B)False
Answer: False
Q3) Administrative law is a source of American law that is comprised of statutes. A)True
B)False
Answer: False
Q4) A state law that conflicts with the U.S.Constitution will be deemed unconstitutional. A)True
B)False
Answer: True
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Page 3
Chapter 2: Courts and Alternative Dispute Resolution
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72 Verified Questions
72 Flashcards
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Sample Questions
Q1) Negotiation is the most complex form of alternative dispute resolution.
A)True
B)False
Answer: False
Q2) The amount in controversy in a diversity of citizenship case must be more than $1 million before a federal court can take jurisdiction.
A)True
B)False
Answer: False
Q3) A motion for a new trial will be granted only if a constitutional issue is involved.
A)True
B)False
Answer: False
Q4) There is at least one federal district court in every state.
A)True
B)False
Answer: True
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4
Chapter 3: Business Ethics
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72 Verified Questions
72 Flashcards
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Sample Questions
Q1) Straitway Company encourages its managers to behave ethically,reasoning that the employees will take their cues from management.One of the most important ways to create and maintain an ethical behavior workplace is for management to
A)demonstrate a commitment to ethical decision making.
B)discreetly engage in unethical or illegal acts.
C)look the other way when an employee engages in an unethical act.
D)direct employees to "do as we say,not as we do."
Answer: A
Q2) According to German philosopher Immanuel Kant,individuals should evaluate their actions in light of the consequences that would follow if they were the only members of society that acted in that way.
A)True
B)False
Answer: False
Q3) Business ethics focuses on ethical behavior in the business world.
A)True
B)False
Answer: True
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Chapter 4: Business and the Constitution
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72 Flashcards
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Sample Questions
Q1) A law that limits only some persons' exercise of a fundamental right is valid under any circumstances.
A)True
B)False
Q2) Congress enacts a law that sets out a rigorous medical-device premarket approval process for the U.S.Food and Drug Administration to follow.The law includes a preemption provision.Moe is injured by a device that underwent the process and files a claim under New Hampshire state law to recover for the injury.The court will most likely rule that
A)Moe's state law claim preempts the federal law.
B)the federal law and state law claim are concurrent.
C)the federal and state law claim cancel each other out.
D)the federal law preempts Moe's state law claim.
Q3) Adult Shoppe in Bay City sells a variety of publications,including child pornography.Bay City enacts an ordinance prohibiting the sale of such materials.This ordinance is most likely
A)an invalid restriction of individuals' privacy.
B)an unconstitutional restriction of speech.
C)a violation of adults' rights to enjoy certain privileges.
D)constitutional under the First Amendment.
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Chapter 5: Powers and Functions of Administrative Agencies
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Sample Questions
Q1) The Nuclear Regulatory Commission (NRC)files a complaint against General Construction Corporation (GCC).GCC may want to settle the dispute,before formal adjudicatory proceedings begin,to avoid
A)appearing uncooperative.
B)eliminating the need for additional proceedings.
C)rectifying the problem to the NRC's satisfaction.
D)saving the expense of formal proceedings and later appeals.
Q2) The U.S.Citizenship and Immigration Service issues a rule.Like the rules of other federal administrative agencies,this rule is compiled in
A)the Administrative Register of the Federal Government.
B)the Code of Federal Regulations.
C)the Federal Rules of Civil Procedure.
D)the United States Code.
Q3) Administrative agencies-like the Securities and Exchange Commission,the Federal Trade Commission,and the Food and Drug Administration-make rules.What are the two basic types of rules called,and how binding are they? What must an administrative rule NOT do?
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Page 7
Chapter 6: Tort Law
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72 Flashcards
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Sample Questions
Q1) The use of a person's likeness for commercial purposes without permission is an invasion of privacy.
A)True
B)False
Q2) Under the theory of negligence,the duty of care requires a careless act.
A)True
B)False
Q3) After two years of research and the investment of considerable funds,Coast-to-Coast Company (CC)develops a new product that it hopes will produce substantial profits.CC learns that a competitor,National Sales,Inc.,has made and begun to sell a nearly identical prod-uct.CC learns from a reliable source that National paid a CC employee to obtain the plans for CC's product while it was in development.What legal re-course does CC have against National?
Q4) The courts do not consider legitimate competitive behavior permissible if it results in the breaking of a contract.
A)True
B)False
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Chapter 7: Criminal Law and Cyber Crime
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Sample Questions
Q1) Herb,a computer programmer for Inventory Control Corporation,is arrested in his employer's parking lot on suspicion of larceny.Herb must be informed of his right to A) a trial by jury.
B)punishment.
C)question witnesses.
D)remain silent.
Q2) Bribing foreign officials to obtain favorable business contracts is not a crime. A)True
B)False
Q3) All persons who are arrested have the constitutional right to remain silent. A)True
B)False
Q4) Jackson is accused of a crime.Jackson can refuse to provide information about his allegedly criminal activities
A)if he suspects the information will be used to prosecute him.
B) if the police do not promise to keep the information confidential.
C)if the information is "fruit of the poisonous tree."
D)under no circumstances.
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Chapter 8: Intellectual Property Rights
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72 Verified Questions
72 Flashcards
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Sample Questions
Q1) A customer list is not a trade secret.
A)True
B)False
Q2) It is possible to copyright an idea.
A)True
B)False
Q3) New Apps Company develops "Browser Lite" software,which speeds the display of graphics on Web sites.Browser "Lite" has the most copyright protection under A)the Berne Convention.
B)the Paris Convention
C)the TRIPS Agreement.
D)the Madrid Protocol.
Q4) Sights Unseen,Inc.,(SUI)sells telescopes with distinctively designed lenses and mirrors.Later,without SUI's permission,Telescopes Etc.Corporation begins to sell scopes with identical structures of lenses and mirrors.This is most likely
A)copyright infringement.
B)patent infringement.
C)trademark infringement.
D)not infringement.
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Chapter 9: Internet Law, social Media, and Privacy
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72 Verified Questions
72 Flashcards
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Sample Questions
Q1) To maintain a suit for the invasion of privacy,a person must have a reasonable expectation of privacy in the particular situation.
A)True
B)False
Q2) Refer to Fact Pattern 9-1.Sound Financials and Instable Investments are subject to the laws of the states in which they are located and do business.Thirty-six states
A)prohibit or regulates the use of spam.
B)require the use of spam by business entities.
C)ban the use of spam altogether.
D)preempt the application of state law to commercial e-mail.
Q3) Law enforcement uses social media to detect and prosecute criminals.
A)True
B)False
Q4) Federal law permits the intentional accessing of stored electronic communication even if the accessing is unauthorized.
A)True
B)False
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11
Chapter 10: International Law in a Global Economy
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72 Verified Questions
72 Flashcards
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Sample Questions
Q1) A U.S.citizen can bring a civil suit in a U.S.court against a U.S.entity for a tort allegedly committed overseas.
A)True
B)False
Q2) Under the principle of comity,one nation may defer and give effect to the laws and judicial decrees of another country.
A)True
B)False
Q3) Sam,or any U.S.citizen,can bring a civil suit in a U.S.court against a foreign entity for
A)a tort allegedly committed in the United States only.
B)a tort allegedly committed in the United States or overseas.
C)a tort allegedly committed overseas only.
D)no purpose.
Q4) When a U.S.firm wishes to increase its involvement in an international market,it normally establishes an agency relationship with a foreign firm.
A)True
B)False
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Chapter 11: Business Organizations
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72 Flashcards
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Sample Questions
Q1) Reale Properties,LP,is a limited partnership.Its limited partners include more than sixty sophisticated investors and investment professionals.Each Reale limited partner
A)must participate in the firm's management.
B)has no right to participate in the firm's management.
C)is personally liable for all partnership debts.
D)has no liability for any partnership debts.
Q2) Shareholders' meetings need not occur at any certain interval.
A)True
B)False
Q3) Officers hire the directors and other executive employees.
A)True
B)False
Q4) Tumble Gymnastics & Karate,Inc.,grants a franchise to Stefan to operate a Tumble gym.Tumble may require Stefan to pay the franchisor a percentage of the business's A)annual sales or volume.
B)weekly payroll expense.
C)monthly overhead savings.
D)none of the choices.
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13
Chapter 12: The Formation of Traditional and E-Contracts
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Sample Questions
Q1) Chicken & Egg Farms promises to pay Dex $500 to install a sump pump in its warehouse.Dex completes the installation.The act of installing the pump
A)imposes a moral obligation on Chicken & Egg to pay Dex.
B)imposes no obligation on Chicken & Egg unless it is satisfied with the job.
C)is not sufficient consideration because it is not goods or money.
D)is the consideration that creates Chicken & Egg's obligation to pay Dex.
Q2) Signe offers to sell Thomas her textbook but conditions the sale on Thomas ac-cepting the offer by March 1.Signe may revoke the offer
A)before Thomas accepts the offer.
B)before March 1,whether or not Thomas has accepted the offer.
C)only after Thomas accepts the offer.
D)only after March 1.
Q3) The only requirement for a valid contract is that the parties voluntarily entered into it.
A)True
B)False
Q4) The element of bargained-for exchange distinguishes contracts from gifts.
A)True
B)False
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Page 14
Chapter 13: Contract Performance, breach, and Remedies
Voluntary Consent
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72 Flashcards
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Sample Questions
Q1) Lucy contracts to buy six cases of vintage wine from Mountainside Vineyards for $1,200.The contract states that delivery is to be made at Lucy's residence "on or before June 1,to be used for niece's wedding reception on June 2." On June 1,Mountainside's delivery vehicle is involved in an accident,and no wine is delivered to Lucy.On the morning of June 2,Lucy buys the wine from Nature's Vintner.That afternoon,just before the reception,Mountainside tenders delivery of the wine at Lucy's residence.Lucy refuses tender.Mountainside sues Lucy for breach of contract.How is the court most likely to rule?
Q2) Duress is a defense to the enforcement of a contract,but not a ground for rescission of a contract.
A)True
B)False
Q3) If no time for performance is stated in a contract,any time is acceptable.
A)True
B)False
Q4) A party who knowingly accepts defective performance of a contract waives the breach.
A)True
B)False
Page 15
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Chapter 14: Sales, leases, and Product Liability
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72 Flashcards
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Sample Questions
Q1) If either the goods or their tender fails to conform to the contract in any respect,the buyer or lessee must reject all of the goods.
A)True
B)False
Q2) The parties to sales or lease contracts are free to agree to terms different from those stated in the UCC.
A)True
B)False
Q3) Acceptance of an offer to buy,sell,or lease goods generally may be made in any reasonable manner and by any reasonable means.
A)True
B)False
Q4) Sellers or lessors are liable only for products that are reasonably dangerous. A)True
B)False
Q5) Real estate is included within the scope of UCC Article 2.
A)True B)False
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Chapter 15: Creditors Rights and Bankruptcy
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Sample Questions
Q1) Charise files a petition in bankruptcy in a liquidation proceeding.If the court administers the means test and concludes that Charise is abusing the bankruptcy process by filing for a liquidation,most likely
A)Charise will be forced to file for relief through an individual repayment plan.
B)the court will discharge Charise's debts.
C)the court will distribute Charise's property to her creditors.
D)the court will issue an automatic stay against any actions by Charise's creditors.
Q2) An involuntary bankruptcy occurs when the debtor forces his or her creditors into bankruptcy proceedings.
A)True
B)False
Q3) If a debtor does not pay a mechanic's lien,the debtor's property can be sold to sat-isfy the debt.
A)True
B)False
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17
Chapter 16: Employment, immigration, and Labor Law
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Sample Questions
Q1) The employee union at Top Tech Toys decides to go on strike.Their strike will be legal if
A)the strikers form a picket line.
B)the strikers form a massed barrier and deny management and nonunion workers access to Top Tech Toys' plant.
C)the strikers stay in Top Tech Toys' plant without working.
D)the strikers violently attack management.
Q2) Mineral Mining Corporation is a U.S.employer.Mineral,and other U.S.employers,must perform I-9 verifications for
A) a random selection of new hires.
B)every other new hire.
C)only new hires with certain characteristics.
D)each new hire.
Q3) Generally,an employer's monitoring of electronic communications in the workplace does not violate employees' privacy rights.
A)True
B)False
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18
Chapter 17: Employment Discrimination
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Sample Questions
Q1) A plaintiff who proves unlawful discrimination may be awarded reinstatement,back pay,but not retroactive promotions.
A)True
B)False
Q2) Section 1981-a federal statute that prohibits discrimination on the basis of race or ethnicity in the formation or enforcement of contracts-can provide a basis for a plaintiff's employment-discrimination action.
A)True
B)False
Q3) Ruth is a supervisor for Subs & Suds,a restaurant.Tim is a Subs employee.The owner announces that some em-ployees will be discharged.Ruth tells Tim that if he has sex with her,he can keep his job.This is
A)harassment on the basis of sexual orientation.
B)not harassment.
C)quid pro quo harassment.
D)same-gender harassment.
Q4) Federal law prohibits employers from classifying jobs as male or female.
A)True
B)False
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Chapter 18: Environmental Law
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Sample Questions
Q1) It is a violation of federal law to destroy or deface any labeling required on a pesticide or herbicide.
A)True
B)False
Q2) Under the Safe Drinking Water Act,each supplier of drinking water is required to send every household that it supplies with water an annual statement describing the source.
A)True
B)False
Q3) Nashville,Tennessee,passes an ordinance to regulate waste disposal.The disposal of waste may also be regulated by
A)all other levels of government.
B)no other levels of government.
C)the federal government only . D)the Tennessee state government only.
Q4) Under the Clean Water Act,criminal penalties apply whether a violation was intentional or unintentional.
A)True
B)False
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Chapter 19: Antitrust Law and Promoting Competition
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Sample Questions
Q1) Listen Up! Corporation books and promotes concerts and other entertainment events,for which Listen Up! also sells tickets.In weighing a challenge to Listen Up!'s "monopolistic" ticket prices,a court looks at the relevant geographic market.This encompasses
A)only areas in which Listen Up! does not have monopoly power.
B)only areas in which Listen Up! has monopoly power.
C)the area in which Listen Up! and its competitors sell,and their customers buy,the tickets.
D)entire United States in all cases.
Q2) Holiday Baskets,Inc.,refuses to buy products from GMO Farms.This can violate antitrust laws if the refusal
A)is likely to have an anticompetitive effect on a particular market.
B)results in lower prices for consumers.
C)provides no economic benefits for consumers.
D)is likely to increase competition.
Q3) No person may be a director for two competing corporations at the same time.
A)True
B)False
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21
Chapter 20: Investor Protection and Corporate Governance
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Sample
Questions
Q1) Frothy Beverage Corporation is a public company whose shares are traded in the public securities markets.Under the Securities Act of 1933,Frothy is required to A)contribute to the operations of national stock exchanges. B)disclose financial and other information about its securities. C)engage in market surveillance to deter undesirable practices. D)solicit proxies for voting.
Q2) A registration statement must include a financial statement certified by an independent public accounting firm.
A)True
B)False
Q3) The Securities Exchange Act of 1934 is a "one-time" disclosure law.
A)True
B)False
Q4) The antifraud provisions of the securities laws apply in the online environment.
A)True
B)False
Q5) Exemptions from federal securities law are not exemptions from state laws.
A)True
B)False
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