Business Law
Exam Preparation Guide
Course Introduction
Business Law provides a comprehensive overview of the legal environment in which businesses operate. The course covers fundamental legal principles relevant to commercial transactions, including contract law, agency, sales, negotiable instruments, business organizations, and property law. Students will learn how laws and regulations affect business decision-making, the rights and responsibilities of parties in various business relationships, and how to identify and manage legal risks. Emphasis is placed on real-world case studies and practical applications, equipping students with the legal knowledge essential for effective participation in the modern business world.
Recommended Textbook Business Law 7th Edition by
Henry R. Cheeseman
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54 Chapters
4195 Verified Questions
4195 Flashcards
Source URL: https://quizplus.com/study-set/622
Page 2
Chapter 1: Legal Heritage and the Information Age
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71 Verified Questions
71 Flashcards
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Sample Questions
Q1) Which of the following is a distinguishing feature of a common law legal system?
A) requiring guilt to be proven beyond a reasonable doubt
B) the sole source of law is a comprehensive civil code
C) the making of law by the judges and the following of precedent
D) having an appeal process
E) providing remedies to aggrieved parties
Answer: C
Q2) Which court was eventually combined with the regular court system?
A) law courts
B) equity courts
C) criminal courts
D) merchant courts
Answer: D
Q3) Codes consist of statutes that have been organized by topic.
A)True
B)False
Answer: True
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Page 3
Chapter 2: Court Systems and Jurisdiction
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52 Verified Questions
52 Flashcards
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Sample Questions
Q1) The concept of standing requires that the plaintiff have a stake in the outcome of the case that is filed.
A)True
B)False
Answer: True
Q2) Which federal court or courts is directly established by the United States Constitution?
A) The Supreme Court only
B) Federal trial courts only
C) The Supreme Court and federal trial courts
D) The Supreme Court and federal courts of appeal
E) The Supreme Court,federal courts of appeal,and federal trial courts
Answer: A
Q3) Courts generally frown upon forum shopping.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Judicial, Alternative, and Online Dispute Resolution
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82 Verified Questions
82 Flashcards
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Sample Questions
Q1) Which of the following pleadings could typically be filed by a defendant in a lawsuit?
A) answer and complaint
B) complaint and cross-complaint
C) motion to intervene and complaint
D) answer and cross-complaint
E) cross-complaint and reply
Answer: D
Q2) Which form of alternative dispute resolution occurs when the parties choose an impartial third party to hear and decide their dispute?
A) arbitration
B) mediation
C) minitrial
D) conciliation
Answer: A
Q3) Motions for summary judgment are supported by evidence outside of the pleadings.
A)True
B)False
Answer: True
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Chapter 4: Constitutional Law for Business and
E-Commerce
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71 Verified Questions
71 Flashcards
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Sample Questions
Q1) Which of the following is true about how courts address equal protection cases?
A) If a law treats different groups differently,the court determines whether the difference in treatment is justified using one of three different levels of scrutiny.
B) If a law treats different groups differently,the law will be invalidated.
C) If a law treats different groups differently,it will be acceptable so long as there is adequate notice to the persons affected.
D) Laws that affect persons differently based on race,gender,or age will be invalidated; laws that affect persons differently based on other factors will be deemed acceptable.
E) If a law treats a particular group more favorably than others,it will be acceptable,but if a law treats a particular group less favorably than others,it will be invalidated.
Q2) The Due Process Clause of the Fourteenth Amendment made most of the guarantees contained in the Bill of Rights applicable to the federal government.
A)True
B)False
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Chapter 5: Intentional Torts and Negligence
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Sample Questions
Q1) A plaintiff can generally recover for negligent infliction of emotional distress for any unintentional conduct of the defendant that causes the plaintiff to suffer emotional distress.
A)True
B)False
Q2) Taking pictures on an all-phone camera in a men's or women's locker room of a celebrity and then selling them may give rise to a cause of action based on appropriation.
A)True
B)False
Q3) What is the definition of a tort?
A) any violation of an ethical duty
B) any crime or misdemeanor
C) any action done in violation of a prior agreement that allows the victim to recover damages
D) any civil wrong that allows the injured person to recover damages
E) any conduct by one party that is objected to by another
Q4) Strict liability is liability without fault.
A)True
B)False
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Chapter 6: Strict Liability and Product Liability
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Sample Questions
Q1) A seller who conceals a defect in a product,but who does not affirmatively misrepresent the quality of the product,cannot be sued for intentional misrepresentation.
A)True
B)False
Q2) Strict liability applies only to products,not services.
A)True
B)False
Q3) Under the judicial philosophies developed in the area of product liability:
A) it does not pay to sue because of the high cost of legal expenses
B) the doctrine of privity of contract will prevent liability
C) the doctrine of privity of contract has been greatly reduced in importance
D) most consumers cannot recover because the UCC has been written to protect merchants
Q4) Which of the following is not a defect in manufacture?
A) failure to properly assemble the product
B) failure to properly package the product
C) failure to properly test the product
D) failure to properly check the quality of the product
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Chapter 7: Intellectual Property and Cyber Piracy
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76 Verified Questions
76 Flashcards
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Sample Questions
Q1) A patent holder may recover damages and receive an injunction against an infringer in a patent infringement action.
A)True
B)False
Q2) Will someone who uses a short section of a copyrighted work in a critical review be subject to copyright infringement?
A) No,because of the fair use doctrine.
B) No,if he obtained the original copyrighted work through legitimate means.
C) Yes,if he did not pay the author for his use of the material.
D) Yes,if he did not obtain permission from the author for his use of the material.
Q3) Business models used for commerce on the Internet can be patented.
A)True
B)False
Q4) Trademarks are protected for a nonrenewable 10-year period.
A)True
B)False
Q5) The granting of a patent terminates the ability to challenge its validity.
A)True
B)False
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Chapter 8: Criminal Law and Cyber Crimes
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86 Verified Questions
86 Flashcards
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Sample Questions
Q1) What is a "penal code?"
A) the classification of a particular crime
B) a series of statutes that define precisely the conduct that is considered criminal
C) the list of sentences for particular crimes
D) the unwritten code of conduct among prison personnel
E) another term used to describe a crime's degree,such as first degree or second degree
Q2) A person charged with a crime in the United States is presumed innocent until proven guilty.
A)True
B)False
Q3) A corporate director can be held individually liable for a crime the director committed on the behalf of a corporation,but cannot be held liable for crimes committed by his or her subordinates.
A)True
B)False
Q4) Armed robbery carries no harsher penalty than robbery without a deadly weapon.
A)True
B)False
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Page 10
Chapter 9: Nature of Traditional and E-Contracts
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Sample Questions
Q1) Under the objective theory of contracts,a contract could result from an offer made:
A) in jest
B) in anger
C) due to a need to sell an item quickly
D) due to undue excitement
Q2) A contract is created regardless of the offer being accepted or not.
A)True
B)False
Q3) Which of the following is NOT characteristic of a valid contract?
A) It can be viewed as private law between the parties.
B) The parties must have the contract's terms approved by the appropriate court.
C) A court will enforce its terms if the parties do not voluntarily perform.
D) It will have at least two parties.
Q4) Equity courts,whether separate or merged into law courts,can decide contract disputes.
A)True
B)False
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Chapter 10: Agreement
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Sample Questions
Q1) Silence will operate as acceptance in the following circumstances EXCEPT:
A) when the offeree indicates that silence will operate as acceptance
B) when the offeror indicates that silence will operate as acceptance
C) when prior dealings between the parties indicate that silence is acceptance
D) when the offeree signs an agreement that future shipments would be accepted until further notification
Q2) Supervening illegality of the object of a contract occurs in which of the following circumstances?
A) The illegality existed when the offer was made.
B) The object of the contract is illegal where made,but would be legal in another location.
C) The object of the contract is illegal to be performed by the offeree,but could be legally performed by a different party.
D) The object of the contract was legal when the offer was made,but has subsequently become illegal.
E) The offeror had an honest and reasonable belief that the object of the contract was legal when the offer was made,but later learned that the offer was illegal.
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Page 12
Chapter 11: Consideration and Promissory Estoppel
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67 Flashcards
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Sample Questions
Q1) Worldwide Motor Company promised to buy all its needs,"taking into account tires purchased from other tire companies," for automobile tires from Good Tire Co.,and Good promised to sell these tires.The contract also provided that Worldwide could cancel the contract at any time,without penalty,and could buy tires from other manufacturers if it so desired.This contract is:
A) valid and fully enforceable
B) unenforceable,because requirement contracts are generally unenforceable
C) unenforceable,because Worldwide's promise is illusory and there is no mutuality of obligation
D) unenforceable,because output contracts are generally unenforceable
Q2) A contract in which the seller agrees to sell all of its production to a single buyer is known as an "output contract."
A)True
B)False
Q3) In order to meet the consideration requirement,the legal detriment suffered by each party must have been given in exchange for that of the other party.
A)True
B)False
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Chapter 12: Capacity and Legality
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90 Verified Questions
90 Flashcards
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Sample Questions
Q1) When Harry met Sally last month,he fell in love.Unfortunately Sally did not.He has appeared at her door twice daily since then to ask her to go on a sailing vacation.Sally has repeatedly told Harry to leave her alone,but he ignores that.Finally,Sally said,"I'll give you $100 if you never come here again." Harry left Sally alone for two months and then demanded the $100,which Sally refuses to pay.Which is true?
A) This is an illegal contract because it requires the parties to violate a statute.
B) Sally is obligated to pay because Harry has lived up to his end of the deal.
C) To be paid,Harry must prove beyond a reasonable doubt that he has left Sally alone.
D) A court would likely find that no contract exists between Harry and Sally.
E) Harry cannot collect from Sally because they said "never" and only 2 months have passed.
Q2) A minor may not ratify a contract,as any attempt to do so can be disaffirmed by the minor.
A)True
B)False
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Page 14
Chapter 13: Genuineness of Assent and Undue Influence
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Sample Questions
Q1) Bob sees a used car advertised as having 65,000 miles on it,the same as the odometer shows.Bob has the car inspected by a mechanic who says,"I think this car actually has about 100,000 miles on it,but it is in excellent condition." Frank buys the car and the engine fails a month later.Based on this,Frank:
A) cannot avoid the contract on the basis of fraud
B) can avoid the contract on the basis of unilateral mistake
C) can avoid the contract on the basis of undue influence due to the incorrect mileage D) can recover from the mechanic on the basis of fraud
Q2) When only one party to a contract is mistaken about a material fact that is the subject matter of the contract,that party will not be permitted to rescind the contract.
A)True
B)False
Q3) A misrepresentation of law is actionable if one party to the contract is a professional and should know what the law is and intentionally misrepresents the law to a less sophisticated contracting party.
A)True
B)False
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Page 15
Chapter 14: Statute of Frauds and Equitable Exceptions
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87 Verified Questions
87 Flashcards
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Sample Questions
Q1) The part performance exception to the Statute of Frauds applies only to guaranty contracts.
A)True
B)False
Q2) The Statute of Frauds does not apply to mortgage contracts.
A)True
B)False
Q3) The physical attachment of several documents to form one contract may be allowed as long as the attachment indicates a party's intent to show integration.
A)True
B)False
Q4) Under the doctrine of promissory estoppel,the promisor is prevented from asserting the Statute of Frauds as a defense to the enforcement of an oral contract.
A)True
B)False
Q5) How should an e-mail message be evaluated for meeting the Statute of Frauds requirements for a writing? How should the signature requirement be interpreted?
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Page 16
Chapter 15: Third-Party Rights and Discharge
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Sample Questions
Q1) Ralph Co.enters into an agreement to sell 500 computers to Buyer.Ralph decides that it cannot fulfill its contract so it transfers all its rights and duties under the contract to George Co.Which of the following is true?
A) The contract is unenforceable because this type of contract cannot be assigned.
B) This is an assignment.
C) This is a delegation.
D) This is an assignment and a delegation.
E) This is a novation.
Q2) Which of the following events would probably excuse performance of a contract because of commercial impracticability?
A) The price of the commodity increases slightly so that the contract will not be as profitable.
B) There is an unforeseeable trade embargo causing commodity prices to triple.
C) The promisor of a personal service contract dies.
D) The subject matter of the contract is destroyed by fire.
E) The contract contains a time-is-of-the-essence clause.
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Chapter 16: Remedies for Breach of Traditional and E-Contracts
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82 Verified Questions
82 Flashcards
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Sample Questions
Q1) When one party materially breaches a contract,the other nonbreaching party is discharged from any further performance.
A)True
B)False
Q2) Mitigation of damages is no longer necessary in the area of employment law.
A)True
B)False
Q3) The Smiths hire a contractor to build a home for them.The total cost of the contract is for $110,000.Some of the building materials are delivered,and the contractor refuses to build the house.An alternate contractor agrees to build the house using the same materials for $125,000.Are the Smiths entitled to damages? If so,how much?
A) No; the contract was terminated before construction began and the house was still built.
B) Yes; they are entitled to contract damages in the amount of $15,000.
C) Yes; they are entitled to contract damages in the amount of $110,000.
D) Yes; they are entitled to contract damages in the amount of $125,000.
Q4) Cases involving nominal damages are generally brought on "principle."
A)True
B)False
Page 18
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Chapter 17: Internet Law and E-Commerce
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Sample Questions
Q1) Ed Smith purchases the domain name "bradpitt.com." He believes that he may be able to sell the web-site to the actor at a significant profit.The famous actor wants the domain name.What will most likely happen?
A) Pitt may have the domain if he pays what Smith wants for it.
B) Pitt may have the domain because it is his name.
C) Pitt may have the domain because Smith registered it in bad faith.
D) Smith may keep the domain because the name "Brad Pitt" is generic.
Q2) Under the Electronic Communications Privacy Act,an employer cannot access any stored e-mail of an employee without that employee's consent.
A)True
B)False
Q3) Ingrid works for a large wholesale operation in the finance department.In connection with the investigation of suspected embezzlement,her employer looked at her saved e-mail at work.Then,from some forwarded messages,discovered her home e-mail address,and convinced the Internet service provider to allow them access to that as well.Apparently she has become a suspect in the embezzlement investigation.The police have become involved.Discuss this situation.
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Chapter 18: Formation of Sales and Lease Contracts
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Sample Questions
Q1) JetRed Airlines wants a new plane that is manufactured by the Boeing Corporation.A local bank agrees to purchase the plane from Boeing,and lease the aircraft to JetRed.The plane is delivered directly to JetRed.Who is the lessor in this arrangement?
A) Boeing Corporation
B) the bank
C) JetRed Airlines
D) none of the above
Q2) Article 2A of the UCC directly addresses personal property leases.
A)True
B)False
Q3) A sporting goods dealer is a merchant with respect to golf clubs but not if he sells a wheelbarrow to a neighbor.
A)True
B)False
Q4) Under the UCC,courts will frequently enforce a contract that does not state a price.
A)True
B)False
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Chapter 19: Title to Goods and Risk of Loss
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Sample Questions
Q1) A seller contracted to sell goods to the buyer.The goods were to be held by the seller until the buyer could pick them up.The seller informed the buyer that the goods were ready to be picked up.Several days later,before the buyer could pick up the goods,the goods were destroyed by fire.The seller is a merchant.Which of the following statements best describes this situation?
A) The risk of loss passed to the buyer when the contract was made.
B) The risk of loss passed to the buyer when the goods were tendered to the buyer.
C) The risk of loss has not yet passed to the buyer.
D) The risk of loss remains on the seller until a document of title is delivered to the buyer.
Q2) Title for goods cannot pass before the goods are identified to the contract.
A)True
B)False
Q3) Acceptance of a sale on approval can occur if the buyer uses the goods inconsistently with the purpose of the trial.
A)True
B)False
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21
Chapter 20: Remedies for Breach of Sales and Lease Contracts
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Sample Questions
Q1) If goods are already in transit when a buyer breaches,the seller may stop their delivery.
A)True
B)False
Q2) A ski shop orders 500 pairs of downhill ski boots from a ski equipment manufacturer to be delivered to the ski shop on November 1.Late in the day on November 1,the ski shop receives a delivery.After the shop closes for the day,shop employees notice that the shipment consists of 500 pairs of skis,not ski boots.Which is true regarding the manufacturer's right to cure?
A) The manufacturer has a reasonable time to cure.
B) There is no right to cure because this breach was substantial.
C) There is no right to cure because the time for performance has passed.
D) The manufacturer has a right to cure,but only if the value of the skis received is at least as great as the value of the ski boots that were ordered.
Q3) When goods named in a contract are held by a bailee,tender of delivery occurs when the buyer receives the goods from the bailee.
A)True
B)False
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Chapter 21: Sales and Lease Warranties
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Sample Questions
Q1) Software licenses may not contain disclaimers that limit the licensor's liability if the software malfunctions.
A)True
B)False
Q2) Which of the following statements could create an express warranty?
A) "This is the best car available in town."
B) "This car is worth twice the price."
C) "This car was overhauled last year."
D) "This car is quite a bargain."
Q3) Is the Magnuson-Moss Warranty Act tilted too much in favor of the consumer? If you think so,how would you change it?
Q4) The statement "This car has an actual mileage of 25,000 miles" is an express warranty.
A)True
B)False
Q5) States apply two tests when deciding whether there has been a breach of the warranty of fitness for human consumption.What are these two tests and how do they differ? Which test is better? Should one or the other apply in all situations,or should one test apply in some situations and the other apply in other situations?
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Chapter 22: Creation of Negotiable Instruments
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Sample Questions
Q1) A note that requires the performance of services is negotiable so long as there is also a requirement for payment of a fixed amount of money.
A)True
B)False
Q2) A drawee is not liable on a draft until the drawee has accepted it.
A)True
B)False
Q3) In negotiable instruments,negotiation refers to the process of reaching agreement on the terms of a negotiable instrument.
A)True
B)False
Q4) To be unconditional,a promise to pay cannot refer to another document. A)True
B)False
Q5) What problems hinder any efforts to establish uniform international rules for negotiable instruments? What additional variables are there in trying to establish a uniform international set of rules for negotiable instruments compared to doing so solely within the United States?
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Chapter 23: Transferability and Holder In Due Course
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Sample Questions
Q1) In order to become a holder in due course,one must take a negotiable instrument without notice of the following EXCEPT:
A) that the instrument is overdue
B) that the instrument has been dishonored
C) that the instrument was signed by an agent
D) that there was a claim to it by another person
E) that there is a defense against it
Q2) According to the UCC,a qualified indorsement is one that disclaims or limits liability on the instrument.
A)True
B)False
Q3) A holder in due course takes an instrument free of which defenses?
A) personal only
B) real only
C) free of all defenses
D) free of no defenses
Q4) An assignment occurs when a nonnegotiable contract is transferred.
A)True
B)False
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Chapter 24: Liability,Defenses and Discharge
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Sample Questions
Q1) Alan guarantees Visa that he will pay for his daughter Florence's debt with Visa.If Alan fails to pay Visa,who is liable for Florence's debt?
A) Alan is primarily liable to Visa,the accommodation maker.
B) Florence is primarily liable to Visa,as she was the party who used the credit in the first place.
C) Both Alan and Florence are primarily liable to Visa for Florence's debt.
D) Neither is liable to Visa.
Q2) When a person transfers a negotiable instrument,to whom does this transferor make transfer warranties?
A) only parties to whom the transferor makes a written assertion in connection with the transfer
B) for all transfers,to the immediate transferee only
C) for all transfers,to the immediate transferee and all subsequent transferees
D) for transfers for consideration,to the immediate transferee,and if the transfer is by indorsement,to all subsequent transferees as well
Q3) Certification of a check by the drawee bank makes the bank primarily liable.
A)True
B)False
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Chapter
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Q1) If a bank does not honor funds when there is a sufficient amount of funds in a drawer's account to pay a properly payable check,it is liable for wrongful dishonor.
A)True
B)False
Q2) A stale check is a check that: A) has been dishonored by the bank B) has been indorsed too many times C) is postdated D) has been outstanding for more than 6 months E) is over 1 year old
Q3) The payee is the bank on which the check is drawn. A)True
B)False
Q4) Banks cannot charge interest on the overdrafts of its customers.
A)True B)False
Q5) A check that has been outstanding for more than 1 month is considered stale. A)True B)False
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Chapter 26: Creditor's and Debtor's Rights
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Sample Questions
Q1) Nora and Jed borrow $700,000 from Your Bank to purchase a house near the lake and they (Nora and Jed)give a mortgage to Your Bank as collateral in order to secure the loan.Nora and Jed prove to be poor money managers and thereafter default on their loan to Your Bank.Your Bank begins foreclosure proceedings and proceeds to sell the home at a judicial sale.Paul and Penelope fall in love with the house and purchase it for $850,000.What if anything must Your Bank remit to Nora and Jed?
Q2) The right to redeem foreclosed property can extend beyond the date of the foreclosure sale.
A)True
B)False
Q3) Mechanic's liens are usually subject to the debtor's right of redemption.
A)True
B)False
Q4) The recording of a mortgage does not affect the rights and duties of the borrower and lender with respect to one another.
A)True
B)False
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Chapter 27: Secured Transactions and Electronic Filing
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Sample Questions
Q1) After-acquired property is property that the debtor acquires after the security agreement is executed.
A)True
B)False
Q2) The filing requirements for security interests can be different in the various states,but the office of the secretary of state and the county clerk's office are often where the filing is to be made.
A)True
B)False
Q3) Article 9 of the UCC does not cover a security interest in the following:
A) land
B) inventory
C) equipment
D) patents and copyrights
Q4) If an affected secured party fails to file or send a termination statement as required,he or she is liable to the debtor for $1,000.
A)True
B)False
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Chapter 28: Bankruptcy and Reorganization
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Sample Questions
Q1) Why would an individual debtor use a Chapter 13 Consumer Debt Adjustment when a Chapter 7 bankruptcy is available to forgive all indebtedness? Are there any other options that a consumer debtor should consider? What other concerns are there here?
Q2) The debtor's bankruptcy estate is limited to tangible items.
A)True
B)False
Q3) The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 makes it easier for debtors to escape from their debts under federal bankruptcy law.
A)True
B)False
Q4) Under the 2005 Act,a debtor may be given only a partial fresh start as he or she may have to pay more of his or her pre-petition bankruptcy debts out of post-petition earnings.
A)True
B)False
Q5) What is the purpose of allowing lawyers and accountants to have first claim on the assets of a bankruptcy estate? What are the risks and abuses that this rule could lead to?
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Chapter 29: Agency Formation and Termination
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Sample Questions
Q1) Principal has entered into a 6-month contract during which Agent will sell Principal's products on a commission basis.Although Agent is complying with all terms of the agreement,during the third month Principal tells Agent she is no longer going to sell his products and will receive no further commissions if she does.Which of the following is true?
A) Agent continues to have a duty to sell because the 6 months are not yet over.
B) Principal has the power,but not the right,to terminate the agency.
C) Principal has the right,but not the power,to terminate the agency.
D) Principal has both the right and the power to terminate the agency.
E) Principal has neither the right nor the power to terminate the agency.
Q2) An agency may be created even if a person misrepresents himself or herself as being another's agent when he or she really is not if the purported principal accepts the unauthorized act.
A)True
B)False
Q3) An agent may continue to represent the principal even after the agency relationship is terminated.
A)True
B)False
Q4) Why is capacity required for the principal,but not for the agent?
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Chapter 30: Liability of Principals, Agents, and Independent Contractors
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Sample Questions
Q1) An agent's competing with the principal is generally a breach of the duty of:
A) performance
B) loyalty
C) accounting
D) indemnification
E) obedience
Q2) A principal is not liable for injuries caused by independent contractors.
A)True
B)False
Q3) When is an agent liable for a tort committed by the principal?
A) when the agency is undisclosed
B) when the tort was committed with the scope of the agency
C) when the agent ratifies the action
D) when the agent has aided or abetted the principal's tortious conduct
E) both A and D
Q4) Generally,a principal is liable for the acts of her agents while on the way to and from work if the principal supplies a car to the agent.
A)True
B)False
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Chapter 31: Employment,Worker Protection,and Immigration Laws
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Q1) Which of the following statements best describes the workers' compensation rules?
A) The employer can avoid liability if the injured employee was contributorily negligent.
B) The employer is liable for employment related injuries only if negligent.
C) The employee will collect for all work-related injuries,and will not need to prove negligence on the part of the employer.
D) The employee has the choice to sue or proceed under the workers' compensation statute.
E) For most employers,participation in the workers' compensation program is voluntary.
Q2) Under the Occupational Safety and Health Act,which of the following is true?
A) Purchasers of a company's products are assured that they are safe for use in the home.
B) A company can be found to be in violation even if a specific safety regulation is not violated.
C) Complaints are handled by the Equal Employment Opportunity Commission.
D) Very few safety standards have actually been adopted.
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Chapter 32: Labor Law and Collective Bargaining
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Q1) A worker who chooses not to strike when a strike has been called is known as a crossover worker.
A)True
B)False
Q2) The Labor-Management Reporting and Disclosure Act establishes the rights of the employer.
A)True
B)False
Q3) An employee who does not honor a strike and works during the strike is a(n):
A) replacement worker
B) temporary worker
C) crossover worker
D) continuous worker
E) illegal worker
Q4) Courts usually tolerate a certain amount of isolated violence before deciding that the entire strike is illegal.
A)True
B)False
Q5) What practical problems are there with the notice requirements of the Plant Closing Act?
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Chapter 33: Equal Opportunity in Employment
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Sample Questions
Q1) If a qualified black person applied for a particular job and was rejected for that job just because he was black,and the employer kept the position open and hired an equally qualified white person,it would be a case of which of the following types of discrimination?
A) disparate treatment discrimination
B) pattern of practice of discrimination
C) disparate impact discrimination from a facially neutral rule
D) sex discrimination
E) It would not be illegal discrimination.
Q2) Martha is the coach of the female basketball team,and Aaron is the coach of the male basketball team at State University.Both Martha and Aaron have comparable knowledge of basketball,both have comparable skills,both work comparable hours,and both have comparable win-loss records.The male team is a revenue,generating sport,producing about $5 million dollars annually.The female team does not produce revenues.Martha is paid $30,000 per year for her job,but Aaron is paid $100,000 per year for his.Martha sued State University for a violation of the Equal Pay Act.Discuss the arguments on both sides of this case.
Q3) A successful plaintiff in a Title VII action may not recover attorneys' fees.
A)True
B)False
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Chapter 34: Small Businesses, Entrepreneurs, and General Partnerships
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Q1) The shareholders are the owners in a sole proprietorship.
A)True
B)False
Q2) The UPA provides that a partner is not entitled to remuneration for his or her performance in the partnership's business.
A)True
B)False
Q3) Partnerships are considered to be separate legal entities under the UPA.
A)True
B)False
Q4) Each partner has a privacy right whereby they need not provide information affecting the partnership.
A)True
B)False
Q5) A partner who withdraws from a partnership for a term before the expiration of the term does not have the right to dissolve the partnership.
A)True
B)False
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Chapter 35: Limited Partnerships and Limited Liability
Limited Partnerships
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Q1) Which of the following best describes who may be a partner in a limited partnership?
A) an individual only
B) an individual and a corporation only
C) an individual,corporation,and a limited partnership only
D) an individual,corporation,limited partnership,and an estate
E) an individual,corporation,and an estate only
Q2) Which of the following must occur upon the conclusion of the winding-up process of a limited partnership?
A) The general partners must post a bond to cover potential claims against the partnership.
B) A certificate of cancellation must be filed with the secretary of state in the state of organization.
C) To protect their limited liability,the limited partners must give notice of the termination of the partnership to those parties with whom the partnership has dealt.
D) The limited partners must receive their capital investment before the general partners receive theirs.
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Chapter 36: Corporate Formation and Financing
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Q1) Every corporation must have a registered office and registered agent and these must be identified in the articles of incorporation.
A)True
B)False
Q2) Which of the following would not be a typical item of business at the organizational meeting of a corporation?
A) adoption of bylaws
B) election of corporate officers
C) selection of promoters
D) authorizing the issuance of shares of stock
E) choosing an auditor
Q3) Donna formed a corporation several years ago by issuing 500 shares of stock.There are 10 shareholders,with the smallest shareholder owning 25 shares,and Donna holding the most at 100 shares.The corporation needs additional cash,but the current shareholders do not wish to have any additional shareholders.What are their options and what additional factors should the current shareholders consider in raising the additional cash?
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Chapter 37: Corporate Governance and the Sarbanes
Oxley Act
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Q1) Officers are not liable on an unauthorized contract regardless if the corporation ratifies it or not.
A)True
B)False
Q2) Shareholders can lose their limited liability if a corporation has been operated without the correct separateness between the owner and the corporation.
A)True
B)False
Q3) Bob and Rob each own 50 of the 100,000 issued and outstanding shares of Synapsegap Corporation.If Bob develops a product and starts a company that competes with the Synapsegap product,he:
A) has violated the duty of loyalty to Synapsegap by competing with Synapsegap
B) has violated the duty of loyalty to Synapsegap by self-dealing in a similar product
C) has not violated any duty,but must sell his shares of stock in Synapsegap
D) has not violated any duty so long as he has notified Synapsegap of his actions
E) has not violated any duty,and need not give notice nor sell his stock
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Chapter 38: Corporate Acquisitions and Multinational Corporations
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Sample Questions
Q1) The Williams Act requires that tender offers be open at least 20 days.
A)True
B)False
Q2) The pro-rata rule holds that the shares must be purchased on a pro-rata basis if too many shares are tendered.
A)True
B)False
Q3) In an ordinary merger,if the number of voting shares increases by 20 percent or less,this eliminates which needed approvals when compared to ordinary mergers where the number of shares increases by more than 20 percent?
A) shareholders of the surviving corporation
B) shareholders of both corporations
C) shareholders and the board of directors of the surviving corporations
D) shareholders and the board of the corporation that does not survive
E) The approval requirements are the same whether the increase in voting shares of the surviving corporation is more or less than 20 percent.
Q4) A proxy holder may be a director or officer of the corporation.
A)True
B)False
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Chapter 39: Limited Liability Companies and Limited Liability Partnerships
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Sample Questions
Q1) Under the Uniform Limited Liability Company Act,the withdrawal of a member from an LLC is known as:
A) disaffirmance
B) voiding the interest
C) disassociation
D) dissolution
Q2) Which of the following is not required to be set forth in an LLC's articles of organization?
A) the name and address of the LLC's agent for service of process
B) the name and address of each organizer
C) the process by which managers of the LLC are designated
D) whether the LLC is a term LLC
E) whether one or more of the members will be personally liable for the debts and obligations of the LLC
Q3) Limited liability companies are authorized by federal law.
A)True
B)False
Q4) The name of an LLC must indicate in some fashion that it is an LLC.
A)True
B)False
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Chapter 40: Franchises and Special Forms of Business
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Sample Questions
Q1) Franchises account for approximately what percent of total retail sales in the United States?
A) 15
B) 25
C) 40
D) 50
E) 65
Q2) Which statute would a franchisee be violating if she continued to use the trademark of a franchisor after the franchise had been terminated?
A) the Domestic Corrupt Practices Act
B) the Franchisor Trademark Protection Act
C) the Lanham Trademark Act
D) the Franchise Investment Law
Q3) The FTC mandates that franchisors make full presale disclosure nationwide to prospective franchisees.
A)True
B)False
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42
Chapter 41: Investor Protection and Online Securities Transactions
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Q1) Which of the following is true about Section 16(a)of the Securities Exchange Act of 1934 relating to short-swing profits?
A) It applies only to officers and directors of the corporation.
B) It provides for recovery from a statutory insider by the other party to the transaction.
C) It covers any trades occurring within 1 year of each other.
D) It provides that any profits on trades occurring within 6 months of each other made by a statutory insider belong to the corporation.
Q2) John operates a sailboat charter service in the U.S.Virgin Islands.He currently has a fleet of 10 boats and would like to have a larger fleet,but would have to obtain additional investors,which he does not want to do.He is considering having investors buy sailboats,which he would maintain and operate as part of his charter fleet.He would enter into a contract that would sell the boat to the investor and provide for the investor to pay John a monthly fee for the maintenance of the boat,and would provide for the sharing of profits between John and the investor.Discuss whether this investment is a security under the 1933 and 1934 Securities Acts.
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Chapter 42: Ethics and Social Responsibility of Business
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Sample Questions
Q1) Compare and contrast the views held by Milton Friedman regarding the ethical responsibility of a corporate business to that of someone following the stakeholder interest theory of social responsibility.
Q2) Under the traditional view of social responsibility,businesses owe a duty to take actions that maximize profits for shareholders.
A)True
B)False
Q3) Under the stakeholder interest theory of the social responsibility of business,a business has obligations to shareholders,employees,and other stakeholders.
A)True
B)False
Q4) If something is legal,it is also ethical.
A)True
B)False
Q5) One advantage of utilitarianism is that there is no need for measuring the good of an action for society.
A)True
B)False
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Chapter 43: Administrative Law and Regulatory Agencies
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Sample Questions
Q1) It is constitutional for an administrative agency to have powers of all three branches of the government.
A)True
B)False
Q2) Examples of federal government agencies include the following except:
A) the Securities and Exchange Commission
B) the National Labor Relations Board
C) the Private Transportation Protection Agency
D) the Federal Aviation Administration
E) the Interstate Commerce Commission
Q3) Why are there so many more administrative agencies today than in the early years of our nation?
Q4) Administrative agencies have been referred to as the fourth branch of government. A)True
B)False
Q5) The Administrative Procedure Act forbids judicial review of federal administrative agency actions.
A)True
B)False
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Chapter 44: Consumer Protection and Product Safety
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Q1) The basis of much of the federal government's regulation of food and drug products is the Federal Food,Drug,and Cosmetic Act of 1938.
A)True
B)False
Q2) Under what circumstances should the Food and Drug Administration speed up the approval process for new drugs? What are the risks of this and how might they be minimized?
Q3) Unfortunately there has been no law to date to regulate quack medical devices on the market.
A)True
B)False
Q4) The FDA has the power to prevent the sale of cosmetics posing dangers to users,but does not have the power to prohibit their sale solely on the basis that they make unsubstantiated claims,such as claims that they promote virility.
A)True
B)False
Q5) Cosmetics unlike drugs do not require warnings as to carcinogens.
A)True
B)False
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Chapter 45: Environmental Protection and Global Warming
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Q1) Under the Clean Air Act,existing sources of pollution must adopt the best available technology to reduce air pollution.
A)True
B)False
Q2) Which of the following is true about the Clean Air Act?
A) Congress set national ambient air quality standards for a number of pollutants.
B) Congress set goals,but not standards for a number of pollutants.
C) Congress directed the EPA to set ambient air quality standards for certain pollutants,but the EPA has not yet set the standards due to scientific uncertainty.
D) Congress directed the EPA to set ambient air quality standards for certain pollutants,and standards have been set thus far for carbon monoxide and sulfur oxide,among others.
E) Congress ordered the states to set ambient air quality standards,and most states have thus far set at least some ambient air quality standards.
Q3) The Environmental Protection Agency may remove toxic substances from commerce.
A)True
B)False
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Chapter 46: Antitrust Law and Unfair Trade Practices
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Sample Questions
Q1) If a paper manufacturer merged with a printing company,it would be a:
A) horizontal merger
B) vertical merger
C) market extension merger
D) product extension merger
E) conglomerate merger
Q2) Professional basketball and football have been found to be exempt from antitrust laws.
A)True
B)False
Q3) Which of the following theories is used to examine the legality of conglomerate mergers?
A) the market closure theory
B) the unfair advantage theory
C) the potential competition theory
D) the potential reciprocity theory
E) A and D are not used
Q4) Labor unions are exempt from antitrust laws.
A)True
B)False
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Chapter 47: Personal Property and Bailment
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Sample Questions
Q1) The most common method of acquiring title to property is by finding it.
A)True
B)False
Q2) The finder of lost property acquires the same rights as the finder of mislaid property.
A)True
B)False
Q3) Which of the following situations is not a bailment for mutual benefit?
A) Acme Moving Company agrees to haul Smith's furniture from Maine to California.
B) John's neighbor agrees to watch John's cat while John is on vacation.
C) Ajax Warehouse agrees to store Jane's piano in its warehouse.
D) Rocko's Dry Cleaners agrees to store Rachel's fur coat for the summer.
E) George's Rent-All rents Jack a floor sander.
Q4) If the owner of an automobile lends the automobile to a friend,a bailment has been created.
A)True
B)False
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Chapter 48: Real Property
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Sample Questions
Q1) A freehold estate is one in which the owner has a future interest in land.
A)True
B)False
Q2) Remainders and remnants are two types of future interests.
A)True
B)False
Q3) Sean decides to purchase some property in 50/50 ownership with one of the guys at work.They plan to build a vacation home on it.Sean wants to make sure that if he dies his wife and kids will get his share of the property.Sean and his friend should own the property as:
A) joint tenants
B) tenants in common
C) tenants by the entirety
D) tenants by the survivorship
E) tenants for life and death
Q4) A life estate cannot be transferred.
A)True
B)False
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Chapter 49: Landlord Tenant Law and Land Use Regulation
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Q1) An oral lease with a 6-month term is generally enforceable.
A)True
B)False
Q2) If a tenant transfers only some of his rights under a lease to another party,such that the original tenant is still liable on the lease,it is called a(n):
A) assignment
B) sublease
C) restrictive covenant
D) lease renewal
E) illegal action
Q3) The covenant of quiet enjoyment places responsibility on landlords for disturbances to the tenant from actions in the vicinity of the leased premises.
A)True
B)False
Q4) A tenancy for years terminates automatically,without notice,upon the expiration of the stated term.
A)True
B)False
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Chapter 50: Insurance
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Sample Questions
Q1) What type of clause in an insurance policy states that the insurer will pay for a covered loss only to the extent that it exceeds a certain stated amount that the insured pays toward that loss?
A) indemnity clause
B) coinsurance clause
C) endorsement clause
D) deductible clause
E) subrogation clause
Q2) The insured owes a duty to defend against any suit brought against him or her that involves a claim within the coverage of the policy.
A)True
B)False
Q3) Coinsurance clauses are not common in fire insurance policies.
A)True
B)False
Q4) With disability insurance,the payments are generally made to the insured even though the insured does not document actual expenses.
A)True
B)False
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Chapter 51: Accountants' Liability
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Sample Questions
Q1) An accountant's actions are his or her own and therefore are judged on a subjective basis.
A)True B)False
Q2) Under the Securities Exchange Act of 1934,fraud or reckless conduct must be shown in order to impose liability on the accountant under either Section 10(b)or Section 18(a).
A)True B)False
Q3) An accountant is liable for unintentional negligent misstatements in financial statements under which of the following?
A) Section 11 of the Securities Act of 1933
B) Section 10(b) of the Securities Exchange Act of 1934
C) Both A and B
D) Neither A nor B
Q4) There is no accountant-client privilege under federal law. A)True B)False
Q5) What is the ethical dilemma that an accountant often faces in the course of an audit engagement?
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Chapter 52: Wills, Trusts, and Elder Law
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Q1) A resulting trust is not valid because it is not in writing.
A)True
B)False
Q2) Is it better for the elderly to tell their children how they have left property in their will,or is it better to wait until after death for this information to be disclosed?
Q3) When assets are left to a beneficiary who has died before the testator,and that beneficiary's share is given to the descendants of that deceased beneficiary,what type of distribution is this?
A) per stirpes
B) contingent
C) per capita
D) intestate
E) per abatement
Q4) In a spendthrift trust,the beneficiaries are limited in their access to trust corpus.
A)True
B)False
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Chapter 53: Family Law
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Sample Questions
Q1) Which of the following may be allowed to marry one another?
A) a brother and his half-sister
B) a person who is already married to someone else
C) cousins
D) a father and his daughter
E) a mother and her son
Q2) David and Lisa were married for 9 years,during which time they had only one child named Chloe.Chloe,at the time of the couple's divorce,was 6 years old.Since Chloe was used to having only the best of everything,including a butler and a private attendant to help select which clothes she would wear for any given day,she had a lifestyle atypical of most children her age.Lisa wants David to pay the largest amount of child support allowed by law.What are some of the factors that the court will consider in determining the amount of child support to be paid?
Q3) What is considered when a court awards child support?
A) the net income of the parents
B) the net income of the children
C) any special medical or other needs of the children
D) A,B,and C
E) A and C only
Q4) Why are prenuptial agreements important in some relationships?
Page 55
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Chapter 54: International and World Trade Law
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Sample Questions
Q1) Which of the following is true about the European Union?
A) Member nations have not given up any sovereignty to the EU.
B) Customs tariffs have been eliminated between member nations and nonmember nations.
C) An EU central bank has been established.
D) The EU includes a couple of nations from Northern Africa with European ties.
E) Its primary purpose is military defense.
Q2) What is the purpose of a choice of forum clause in an international contract?
A) to give the parties a choice of nations in which to bring a lawsuit under the contract
B) to determine in advance where any lawsuits under the contract will be brought
C) to determine who will choose the location of any lawsuit which is brought under the contract
D) to determine which nation's law will apply in settling disputes that arise under the contract
Q3) Treaties address such issues as human rights and foreign aid.
A)True
B)False
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56