Business Law
Exam Materials
Course Introduction
Business Law provides an introduction to the legal principles and regulations that govern commercial transactions and the operations of businesses. This course explores key topics such as contract law, agency, sales, negotiable instruments, business organizations, employment law, and intellectual property. Students will learn to identify legal risks, understand their rights and responsibilities, and apply legal reasoning to real-world business scenarios, enabling them to make informed decisions in the dynamic environment of commerce.
Recommended Textbook Essentials of Business Law 5th Edition by
Jeffrey F. Beatty
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34 Chapters
1589 Verified Questions
1589 Flashcards
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Chapter 1: Introduction to Law
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Sample Questions
Q1) In 1992,the North Carolina Supreme Court ruled in a case entitled Goodman v.Wenco Foods,Inc. ,that when a substance in food causes injury to a consumer of the food,it is not a bar to recovery against the seller that the substance was natural to the food.If,in a 2008 case involving a consumer's injury caused by a fish bone in a bowl of fish chowder,the court followed the decision in Goodman v.Wenco Foods,Inc. ,the court's action in the second case is an example of:
A)stare decisis.
B)statutory law.
C)public law.
D)criminal law.
Answer: A
Q2) In 1994,the Arizona Supreme Court decided the case of Hernandez v.Arizona Board of Regents and found a duty of care to avoid furnishing alcohol to underage consumers.If in 2008 a Flagstaff,Arizona plaintiff brings a lawsuit against an Arizona university fraternity for providing alcohol to members under the legal drinking age,the Hernandez v.Arizona Board of Regents case will serve as precedent.
A)True
B)False
Answer: True
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Page 3
Chapter 2: Business Ethics and Social Responsibility
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Sample Questions
Q1) Nortron Corporation wants to create an ethical environment in its company.Which of the following has been found to help foster a sense of ethics within an organization?
A)The company may develop a formal,written ethics code.
B)The company may institute a formal ethics training program for the employees.
C)The top executives may provide good examples by behaving ethically themselves.
D)All of these alternatives have been used by U.S.companies to create an ethical environment in their organizations.
Answer: D
Q2) Zeno,Inc.is considering relocating its manufacturing facility from Illinois to Mexico City.The stakeholders in this decision might include:
A)Zeno's shareholders.
B)customers.
C)the Illinois community in which Zeno operates.
D)All of these.
Answer: D
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4
Chapter 3: Dispute Resolution
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Q1) Define discovery,and identify and explain five of the most important forms of discovery.
Answer: Discovery is the pre-trial opportunity for both parties to learn the strengths and weaknesses of the opponent's case.Discovery is aimed at aiding the parties in reaching a negotiated settlement of the case prior to trial or,if the case proceeds to trial,to make the trial more efficient and fair.The five most important forms of discovery are interrogatories,depositions,production of documents and things,physical and mental examinations,and electronic discovery.Interrogatories are written questions that an opposing party must answer in writing,under oath.Depositions are sessions of live questioning of opposing parties or potential witnesses under oath with lawyers for both parties present.Each side may ask the other for relevant documents for inspection or copying,for physical objects,or for permission to enter on land to inspect.A party may request that the court order a physical or mental examination of the other party if that is relevant to the case.Electronic discovery involves requests for furnishing relevant,nonconfidential emails and their attachments,as well as other electronically stored information.
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Page 5
Chapter 4: Common Law, Statutory Law, and Administrative Law
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Q1) The U.S.Supreme Court's holding in Ward's Cove Packing v.Atonio:
A)differed from the holding in Griggs v.Duke Power Co.partly because the Court was more conservative at the time Ward's Cove was decided.
B)upheld the ruling in Griggs v.Duke Power Co.
C)found that overt racial discrimination existed.
D)set forth a "business necessity" requirement for employment hiring practices.
Q2) Tina wishes to learn what records the IRS has about her.Under the Freedom of Information Act (FOIA),
A)Tina can only obtain copies of declassified information.
B)Tina is entitled to all information the IRS has about her.
C)Tina can only obtain information about the IRS,not records concerning herself.
D)Tina cannot obtain any information since the IRS is exempt from the FOIA.
Q3) Administrative agency rules consist of:
A)executive and independent rules.
B)legislative and interpretive rules.
C)informal and "notice and comment" rules.
D)promulgated and unpromulgated rules.
Q4) Discuss the two federal statutes that give Americans the power to acquire or protect personal information.
Page 6
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Chapter 5: Constitutional Law
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Q1) The Supreme Court's approach during the period from the 1950s through the 1970s in deciding cases on constitutional grounds is described as:
A)judicial restraint.
B)judicial activism.
C)judicial review.
D)the dormant aspect of its judicial power.
Q2) Adam moved into an apartment complex.The rules of the complex prohibit unmarried men and women from living together in the same apartment.When Adam's friend,Diane,moved into the apartment he was served with eviction papers.Adam claims the apartment complex is violating his constitutional rights since it allows married couples to live together.Is Adam right?
A)Yes.His equal protection rights have been violated.
B)No.His fundamental right of cohabitation has not been violated.
C)Yes.He and Diane are being treated differently than married couples.
D)No.Constitutional protections do not extend to privately owned apartment complexes.
Q3) Identify the basic job of a President of the United States,the source of executive power,and three key powers associated with the position of President.
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Page 7
Chapter 6: Torts and Product Liability
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Sample Questions
Q1) Don was standing in a cafeteria line holding a plate.Tim was upset with Don.Tim turned Don around and grabbed the plate,jerking it out of Don's hand.Tim then held the plate up and threatened to break it over Don's head.Tim has committed:
A)a battery,but not an assault.
B)an assault,but not a battery.
C)both an assault and a battery.
D)neither an assault nor a battery.
Q2) Dewayne sold a space heater to Vivian,telling her it would heat a 200-square-foot area,even though he knew it would effectively heat only about one third of that space.Dewayne is liable for the intentional tort of fraud.
A)True
B)False
Q3) Under Section 230 of the Communications Decency Act,Internet service providers are held responsible for defamatory postings by their members or users.
A)True
B)False
Q4) List and discuss the elements necessary to establish negligence.
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8
Chapter 7: Crime
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Sample Questions
Q1) Miguel reprogrammed a cellular telephone so that it intercepted electronic funds transfers and rerouted them to Miguel's bank account.What crime has he committed?
A)Insurance fraud,since the bank's insurance will have to cover the misdirected funds.
B)Wire fraud.
C)Mail fraud.
D)Embezzlement
Q2) Important steps in the criminal process,in the proper order,include:
A)probable cause hearing,search,arrest,indictment,arraignment,plea bargain,and trial.
B)arraignment,booking,bail hearing,trial,and grand jury indictment.
C)arrest,probable cause hearing,motion to suppress,booking,and trial.
D)indictment,arrest,probable cause hearing,plea bargain,arraignment,trial,and appeal.
Q3) The primary purpose of RICO was:
A)to be a tool against organized crime.
B)to raise revenue.
C)to prosecute non-citizens.
D)to prosecute those engaged in tax fraud.
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Chapter 8: International Law
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Sample Questions
Q1) The Australian government has opened a for-profit tourist information center in New York City.If a dispute arises over the lease of the storefront,may the landlord sue the Australian government in the United States courts?
A)Yes,because the Australian government was engaged in a commercial activity.
B)No,because of the Foreign Sovereign Immunities Act which forbids U.S.courts from hearing any cases involving foreign governments.
C)It depends.The Australian government can only be sued if it signed a written waiver giving up its immunity.
D)It depends.The Australian government can only be sued if it is a signatory on the CISG.
Q2) Notren,Inc. ,a U.S.company,and SWT,a Singapore company,entered into a contract under which SWT is to ship party supplies to Notren.One of the terms of the contract states,"Any disputes that arise under this contract will be resolved in the courts of Singapore." This contract term is a:
A)letter of credit.
B)choice of language clause.
C)choice of forum clause.
D)draft clause.
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Page 10
Chapter 9: Introduction to Contracts
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Sample Questions
Q1) One purpose of contract law is to make business matters more predictable.
A)True
B)False
Q2) Upon the recommendation of a friend,Hope hires Joey to rewire her kitchen and he completes the work within the time agreed.Then Hope finds out that Joey is not a licensed electrician,and she refuses to pay him for the work.A court will enforce the agreement because otherwise Hope would be unjustly enriched.
A)True
B)False
Q3) Jennifer has offered to sell her laptop computer for $750 to Jack.She tells Jack that the computer is only six months old but,in fact,it is three years old,and Jennifer wants to unload the lemon.Jack agrees to buy the computer based on Jennifer's representations.This contract is:
A)a void agreement because of the fraud involved.
B)a voidable contract,one that Jack can void.
C)a voidable contract,one that Jennifer can void.
D)a void contract because of the UCC.
Q4) List and briefly describe the basic elements of a contract.
Q5) Discuss the requirements of promissory estoppel.
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Chapter 10: Agreement
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Sample Questions
Q1) You have placed an antique sofa up for auction and the auctioneer has not made any special announcements about the sale.You can withdraw the sofa at any time before the auctioneer closes the sale by announcement or by the fall of the hammer.
A)True
B)False
Q2) A seller's form clearly states no warranty is included.The buyer's form states that the seller warrants the goods for one year.In this case:
A)no contract can be created.
B)the warranty term is a "different term," and the majority of states hold that a contract can be formed but the contradictory terms cancel each other out.
C)the warranty term is an "additional term" that becomes part of the contract in most states.
D)the warranty term is a "different term," which in most states becomes part of the contract unless the seller promptly objects.
Q3) Revocation is the withdrawal of an offer by the offeror.
A)True
B)False
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Chapter 11: Consideration
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Q1) Billy owes a liquidated debt of $3000 to Rayna,his personal weight trainer.Billy sends Rayna a check for $300 on which he has marked,"Payment in Full." If Rayna cashes the check she will not be able to successfully sue Billy for the remainder of the debt.
A)True
B)False
Q2) Mary owes $3,800 on her credit card.She sends the credit card company a check for $800 with the notation "payment in full" on the check.If the credit card issuer cashes the check:
A)Mary's balance will automatically be paid in full if the $3,800 amount was a liquidated debt.
B)Mary's balance will automatically be paid in full regardless of whether the amount of $3,800 was liquidated or unliquidated.
C)the check may be subject to a UCC exception to the general rules for accord and satisfaction cases involving checks.
D)Mary's balance will automatically be paid in full if the $3,800 amount was an unliquidated debt.
Q3) Discuss the concept of consideration.
Q4) What two exceptions did the UCC create for accord and satisfaction check cases?
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Page 13
Chapter 12: Legality
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Sample Questions
Q1) Cynthia and Brian were friends.Brian was a dare devil.Because of his antics,Cynthia thought that Brian wasn't long for this life.Cynthia purchased a life insurance policy on Brian's life.Subsequently,Brian was killed in a car accident.Since Cynthia and Brian were friends,Cynthia had an insurable interest in his life and will be entitled to the insurance proceeds.
A)True
B)False
Q2) Wendell,new to the area,selects a doctor from the telephone book and visits that doctor to have a splinter extracted.Unbeknownst to Wendell,the doctor has never passed the state licensing exams.Later,when Wendell discovers the truth,he refuses to pay his bill.If the doctor sues for recovery of the fee,will the court support the doctor's claim?
A)Yes,it was up to Wendell to verify the doctor's qualifications prior to having the splinter extracted.
B)No,the court is likely to take the position that it is not in the public's best interests to enforce contracts with unlicensed doctors.
C)It depends on whether Wendell's injury healed properly.
D)No,but the doctor could probably recover under quasi-contract.
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Chapter 13: Capacity and Consent
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Q1) Generally,a seller has no duty to disclose facts.However,there is a duty to disclose information or facts if the disclosure is necessary to:
A)correct a previous assertion.
B)correct a basic mistaken assumption on which the other party is relying.
C)report a latent defect that the buyer would not be expected to discover.
D)All of the above are true.
Q2) When courts consider economic duress,they consider all the following factors EXCEPT:
A)relative bargaining power.
B)financial distress.
C)legitimate business actions.
D)relative size of the contract.
Q3) Discuss the concept of a "material fact" in fraud situations.
Q4) When a party to a contract makes a unilateral mistake,the contract:
A)generally can be rescinded by the mistaken party.
B)is void.
C)can be rescinded by either party.
D)generally cannot be rescinded by the mistaken party unless the contract is unconscionable or it is proven that the nonmistaken party knew of the error.
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Chapter 14: Written Contracts
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Sample Questions
Q1) Renita,a merchant,has received a signed,written confirmation from Merchants,Inc.referring to goods she had not ordered.Renita should:
A)ignore the confirmation.
B)call the seller and object to the confirmation as soon as she gets back from her two-week vacation.
C)object to the confirmation in writing within 10 days.
D)return the goods within two weeks of their delivery with a note attached saying she will not pay for the goods.
Q2) The Uniform Electronic Transmission Act (UETA):
A)declares that a contract or signature may not be denied enforceability just because it is in electronic form.
B)was passed by Congress in 2002.
C)creates a safe cyberspace environment in which business communications cannot be intercepted or fraudulently altered.
D)All of the above.
Q3) Explain the reason behind having a statute of frauds and give arguments for and against having such a statute.
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Chapter 15: Third parties
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Q1) Linda assigns to Ben a right to receive rent payments.The law implies the following warranty on Linda's part:
A)the tenant is solvent.
B)Linda actually has a right to the rental payments.
C)the tenant will actually pay.
D)No warranties are implied by law in an assignment.
Q2) First Bank has agreed to loan Teresa $10,000 for use in her cosmetics business.If Teresa sells the business to Melissa before the loan is disbursed,Teresa can assign her right to the loan to Melissa.
A)True
B)False
Q3) Contract prohibitions against assignments are invalid as a matter of public policy.
A)True
B)False
Q4) If Casey assigns her rights to receive income from rental property to Errol,then Errol will legally acquire any rights to the income previously held by Casey.
A)True
B)False
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Chapter 16: Performance and Discharge
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Q1) The legal right to sue for a breach of contract is subject to a statute of limitations.
A)True
B)False
Q2) If a condition does not occur:
A)public policy will require only substantial performance by the party for whom the condition failed.
B)the requirement of good faith will be eliminated.
C)one party will probably be discharged without performance being required.
D)it is considered an anticipatory breach.
Q3) M & E contracted to sell 500 music stands to Coda,Inc.M & E shipped the stands in accordance with the agreement.Coda paid for the stands as promised.The contract between M & E and Coda is discharged by:
A)full performance.
B)agreement.
C)rescission.
D)accord and satisfaction.
Q4) A court may,at times,discharge a party who has not performed.
A)True
B)False
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Chapter 17: Remedies
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Q1) Tess,a tenant,moves from her apartment in breach of the lease agreement.The landlord,Lenny,may not attempt to rent the apartment until the date of the lease expiration,and so has no recourse to minimize damages.
A)True
B)False
Q2) The first step a court takes in choosing a remedy is to determine:
A)what interest it is trying to protect.
B)if the damages can be quantified with reasonable certainty.
C)if punitive damages should be awarded.
D)whether the injured party mitigated its damages.
Q3) Which of the following is an example of incidental damages you might be awarded if you are wrongfully terminated from your job?
A)The costs of psychological counseling.
B)The costs of mailing resumes to prospective employers.
C)The costs of a new wardrobe for future interviews.
D)The costs of cosmetic surgery.
Q4) Identify and describe the four principal contract interests a court may seek to protect.
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Page 19
Chapter 18: practical Contracts
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Q1) In a contract modification,the phrase,"charged with such amendment" means:
A)the party who suggested the change.
B)the party who will benefit from the change.
C)the party who will be adversely affected by the change.
D)the party who did NOT suggest the change.
Q2) Identify and explain at least four situations where a written contract is either necessary or recommended.
Q3) Compare and contrast the perspectives of a lawyer and a client when approaching the negotiation of a contract.
Q4) A+ Modeling Agency signs a contract with Sandi to do a photo shoot for the local used car dealer's advertising.The contract was probably written by:
A)The owner of A+ Modeling Agency.
B)Sandi.
C)A+ Modeling Agency's lawyer.
D)Sandi's lawyer.
Q5) Contracts must begin with the word,"whereas" in order to be legal.
A)True
B)False
Q6) Define and compare the terms "vagueness" and "ambiguity."
Page 20
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Chapter 19: Introduction to Sales
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Q1) Long's Department Store contracted to buy 1,000 drop-waist velour dresses in heather gray from Durham.Subsequently,Durham called and asked to ship mink-colored dresses instead of heather gray.Long agreed,in writing,to the change.Which statement is correct?
A)The modification is not enforceable since there was no consideration for the change.
B)The modification is not enforceable since the parties are merchants.
C)The modification is enforceable.
D)Whether the modification is enforceable depends on the gap-filler rule.
Q2) Which of the following contracts requires a writing under the UCC,Article 2?
A)Jeremy,a full-time student,sold his snow blower to a friend for $450.
B)Jeremy,a full-time student,purchased a used computer from Office Plus for $300.
C)A toy manufacturer contracted to sell dolls valued at $10,000 to a department store.
D)Tobias Department Store contracted to sell Jenny a $400 doll.
Q3) The UCC does not apply to a contract for the sale of goods if the value of the goods is less than $500.
A)True
B)False
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Chapter 20: Ownership and Warranties
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Q1) In a tort case,the statute of limitations runs from the time the defect was discovered.
A)True
B)False
Q2) An express warranty can be created by which of the following?
A)An affirmation of fact or promise.
B)A description.
C)A model.
D)All of the above.
Q3) Sanco contracted to sell 1,000 cases of oil to AMF.The oil is located in a public warehouse,which has issued a warehouse receipt for it.Which of the following is correct?
A)The risk of loss passes to the buyer when the contract is made.
B)The risk of loss passes to the buyer when the goods are tendered to him.
C)The risk of loss passes to the buyer when the warehouse receipt is delivered to the buyer.
D)The risk of loss passes to the buyer when the buyer gets the oil to its final destination.
Q4) Discuss the concept of insurable interests.
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Chapter 21: Performance and Remedies
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Q1) If a contract does not provide for a time for inspection,the UCC allows inspection:
A)in a reasonable time.
B)the same day as delivery.
C)within 3 days of delivery.
D)within 10 days of delivery.
Q2) The common law requirement that the seller make a tender of delivery that conforms in all respects to the contract requirements was retained by drafters of the UCC,although the Code includes sections that limit the rule's effect.
A)True
B)False
Q3) A buyer may revoke an acceptance of goods if:
A)the nonconformity does not impair the value of the goods.
B)the buyer had a legitimate reason for the initial acceptance.
C)the buyer knew the nonconformity could not be cured.
D)the buyer thought they could easily cover.
Q4) Identify six possible remedies for a seller when the buyer breaches a contract.
Q5) Identify seven possible remedies for a buyer when the seller breaches a contract.
Q6) Define these terms:usage of trade;course of dealing;and course of performance.
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Chapter 22: Negotiable Instruments
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Q1) Hammer bought a tool set from Weekend Projects,Inc.and signed a consumer credit contract promising to pay for the tool set in 12 monthly installments.Weekend promptly negotiated the instrument to its affiliate Easy Finance Co.in exchange for a discounted payment.Easy Finance gave value for the instrument,in good faith,and without knowledge of any defects or claims against the instrument.The tool set was defective and therefore Hammer stopped making the monthly payments.Easy Finance sues Hammer for the balance due on the instrument.Can Hammer raise this personal defense (breach of implied warranty of merchantability)against Easy Finance? Discuss.
Q2) Charlene Brown has possession of a check made out to the order of Charlene Brown (herself)which she received in payment for writing a manuscript for her publisher.Charlene is a holder in due course and the publisher cannot claim any "real" defenses to payment.Charlene has an unconditional right to be paid for the check.
A)True B)False
Q3) To be negotiated,bearer paper must simply be delivered to the recipient. A)True B)False
Q4) List the warranties a transferor of a negotiable instrument makes.
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Page 24
Chapter 23: Secured Transactions
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Q1) A PMSI can be created only in goods and software.
A)True
B)False
Q2) Micky,a mechanic,repaired Daphane's Dodge.Daphane failed to pay the repair bill of $595.Since Micky was still storing the car,he could therefore claim a landlord's lien on the car.
A)True
B)False
Q3) If repossessed collateral is sold or otherwise disposed of by the creditor,the time,place,manner,and method of disposal must be:
A)commercially reasonable.
B)scheduled with the debtor so that the debtor is able to attend.
C)court ordered.
D)perfected.
Q4) Faith owns a copyright in a book she recently wrote.She applies for a $10,000 loan through Cumberland Bank and wants to use the copyright as collateral.Explain if and how the bank can perfect a security interest in such collateral.
Q5) Explain the difference between attachment and perfection.
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Chapter 24: Bankruptcy
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Q1) Grand Lighting Co.has filed a petition for voluntary bankruptcy under Chapter 7 of the Code.The following property will be exempt from the bankruptcy process:
A)work tools.
B)up to three company cars.
C)up to $20,200 in the value of the company's real property.
D)All of the above.
E)None of the above.
Q2) Generally,filing bankruptcy stops the collection activity of creditors. A)True B)False
Q3) Karen has filed for bankruptcy.Who has the authority to confirm or reject a plan of payment,and what factors will be considered when deciding whether to approve a repayment plan under Chapter 13?
Q4) Mark and Cynthia work for Bryson Supply Co.If the company files for Chapter 7 bankruptcy before paying their last month of wages and benefits,will they be able to recover anything from the company?
Q5) In Chapter 11 only the debtor may propose plans of reorganization. A)True B)False
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Chapter 25: Agency
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Q1) Grant is a delivery person for Watkins Furniture.One day,after delivering a chair to Nadine's house,he stopped at a fast food restaurant to get a sandwich at the drive-through window.As he was leaving the parking lot,he accidentally hit the rear of Blanche's car.Discuss the possible liability of Watkins for Grant's accident.Would there be any difference in the potential liability of Watkins if Grant had the accident after driving 30 miles away to visit a friend?
Q2) The bankruptcy of an agent automatically terminates an agency relationship. A)True
B)False
Q3) An agent may not engage in inappropriate behavior that reflects badly on the principal.This rule applies to conduct:
A)during working hours.
B)during off-duty time.
C)during both working hours and off-duty time.
D)only by public officials.
Q4) As a general rule,an agent is liable on contracts entered into on behalf of a fully disclosed principal.
A)True B)False
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Chapter 26: Employment and Labor Law
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Q1) Prior to the Industrial Revolution,the primary law of employment was that,absent an agreement otherwise,a worker was hired for a year at a time.
A)True
B)False
Q2) If a whistleblower successfully brings suit against a company that defrauds the government,the whistleblower can receive 30 percent of the damages awarded to the government.
A)True
B)False
Q3) The management and union representatives of Prime Manufacturing are bargaining a new CBA.Management:
A)may use a lockout at any time to pressure the union into compromise.
B)may never use a lockout as a tactic to pressure the union.
C)may use a lockout if the parties have reached an impasse in their bargaining and management notifies the union before locking the employees out.
D)may use a lockout only as a retaliatory measure if and when the union has threatened a strike.
Q4) Discuss the requirements of the Family and Medical Leave Act.
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Chapter 27: Employment and Discrimination
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Q1) Which of the following is NOT considered a major life activity for the purpose of determining if a person has a disability?
A)eating
B)reading
C)sexual activity
D)sleeping
Q2) Which of the following is TRUE in cases based on claims of disparate treatment?
A)The plaintiff must prove that the defendant intentionally discriminated.
B)The defendant must have made a disparaging remark about the plaintiff.
C)The defendant must prove that the plaintiff is not qualified for the position.
D)The plaintiff must prove that he or she was discriminated against because of his or her education level.
Q3) Which of the following is NOT a protected category under Title VII?
A)Unattractiveness
B)Race
C)National origin
D)Sex
Q4) What are three general defenses an employer can raise if sued for violating Title VII of the Civil Rights Act?
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Chapter 28: Starting a Business
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Q1) The business form that is taxed as a partnership and gives all owners limited liability,is:
A)a close corporation.
B)a limited partnership.
C)a limited liability company.
D)a general partnership.
Q2) The corporate form of business:
A)was first known and used by the Greeks and then spread through the Romans to England.
B)was not known until about 1737 when Sir Francis LaRue developed the concept.
C)was first allowed in the State of New York around 1811 and is considered to be an American creation.
D)None of the above.
Q3) E.I.James is a writer with a best selling novel.He wishes to create a corporation called "James,Inc." He will be the only shareholder.Can James incorporate his business of writing?
A)Yes,this would be the incorporation of a sole proprietorship.
B)No,the law requires at least two people to be shareholders of a corporation.
C)No,the law does not permit a person to,in effect,incorporate himself.
D)Only if he forms an S Corporation.
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Chapter 29: Corporations
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Q1) Directors have the authority to manage the corporate business.
A)True
B)False
Q2) MegaCorp purchased 10,000 shares of its own stock that had previously been owned by private investors.The stock MegaCorp repurchased is called:
A)authorized and unissued.
B)authorized and issued.
C)treasury stock.
D)repurchased stock.
Q3) Zach decided to incorporate his business under the name of "Zamm." In addition to "Zamm," the Model Act requires that Zach include one of the following words:"corporation," "incorporated," "limited," or "company" or an abbreviation thereof.
A)True
B)False
Q4) What is the definition of the business judgment rule? Discuss its purposes.
Q5) Discuss how a corporation is terminated.Identify four circumstances that might persuade a court to pierce the corporate veil.
Q6) What are some of the advantages for a business to incorporate in Delaware?
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Chapter 30: Government Regulations:Securities and Antitrust
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Q1) When the per se standard applies,the plaintiff: A)needs only to prove the existence of the conduct. B)must prove that the activity was an unreasonable restraint of trade. C)must show that there was an anti-competitive impact. D)None of the above.
Q2) The Clayton Act prohibits anti-competitive mergers.
A)True
B)False
Q3) Companies with substantial assets must notify the FTC before consummating a merger.
A)True
B)False
Q4) Smalltown has two family-owned hardware stores that have been in business for years.Major Hardware decides that Smalltown would be a good place to build one of its superstores.Major opens,advertising unbelievably low prices;in fact,at below cost.Because Major owns stores nationally,it is able to keep prices extremely low until both of the family-owned stores have to go out of business because they cannot compete.After Major is the only hardware store in town,it raises its prices enough to make up for its former losses and to make some additional profit.Discuss this behavior in relation to antitrust law.
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Chapter 31: Consumer Protection
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Q1) "Bait and switch" is:
A)advertising a product for sale and then giving a rain check.
B)placing the store brand and the national brand side-by-side in a store.
C)selling the store brand at a lower price than the national brand.
D)the act of advertising certain goods and then pressuring the customer to buy different,more expensive goods.
Q2) Under the TILA,for subprime mortgage loans,a lender:
A)may charge a prepayment penalty any time the loan is paid off before its due date.
B)must collect property taxes and homeowner's insurance for all first mortgages.
C)may not change the amount of the monthly payment during the period of the loan.
D)may consider the value of the home in determining the borrower's ability to repay the loan.
Q3) The Federal Trade Commission Act considers the terms "deceptive" and "unfair" to be synonymous when determining what practices should be prohibited.
A)True
B)False
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Chapter 32: Cyberlaw
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Q1) The Internet was started in the 1960s as a project to link military contractors and universities.The World Wide Web was created in 1991 as a subnetwork of the Internet.
A)True
B)False
Q2) Maria,who lives in the United States,gains unauthorized access to a bank's computer system and steals financial information about customers.Of what is Maria guilty,and under what statute(s)could she be prosecuted?
Q3) The Identity Theft and Assumption Deterrence Act of 1998 does all but which of the following:
A)prohibits the use of false identification to commit fraud.
B)limits liability on a stolen credit card to $50.
C)permits a victim to seek restitution in court.
D)It does all of the above.
Q4) Stuart is vying for a promotion,but faces competition from a co-worker,Brenda.Without authorization,Stuart accesses stored company records and discovers an unfavorable e-mail message Brenda had written about the company.Stuart sends the message to his supervisor in hopes of keeping Brenda from getting the promotion.Discuss whether Stuart has violated any statute and,if so,what sanctions he may face.
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Chapter 33: Intellectual Property
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Q1) A patent is available for an idea as well as a tangible application.
A)True
B)False
Q2) Jack goes to Fast Copy Center and pays to have 40 copies of a textbook made.Jack then sells the photocopied versions of the book to fellow students for $60 a copy (as opposed to the $95 textbook price).The textbook author learns of this and sues Jack and the copy center.Which statement is correct?
A)Jack and the copy center are both liable to the author.
B)Jack is liable to the author but the copy center is not.
C)The copy center is liable to the author but Jack is not.
D)Neither the copy center nor Jack is liable to the author.
Q3) A color cannot be trademarked since it cannot be kept from use by other businesses.
A)True
B)False
Q4) Which of the following words could be registered as a trademark?
A)Crunchy peanut butter.
B)Low-fat peanut butter.
C)Green peas.
D)yStar peanuts.
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Chapter 34: Real and Personal Property
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Q1) Percival is a tenant in a high rise apartment building.He has duties to his landlord,including:
A)duty not to damage premises.
B)duty to call a repairman when an appliance is broken.
C)duty to regularly clean stray marks off walls.
D)all of the above.
Q2) Mitch takes his two best suits to Quality Cleaners and receives a ticket as a receipt.Quality tells Mitch his suits will be cleaned and will be ready to be picked up on Monday.Another customer overhears the exchange and early on Monday goes to Quality,convinces the worker he is Mitch but that he has lost his receipt.He identifies and retrieves the suits,which happen to fit him perfectly,too.Quality Cleaners:
A)is strictly liable to Mitch for the suits.
B)is liable to Mitch only if Mitch can prove Quality was grossly negligent.
C)has no liability unless Mitch proves Quality did not use ordinary care.
D)will avoid liability if the receipt contained an exculpatory clause excluding gross negligence.
Q3) Sandra and Joe own a hobby farm as tenants in common.They also own a vacation home as joint tenants.What is the difference between the tenancy in common and joint tenancy?
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