Business Law
Exam Review
Course Introduction
Business Law is a foundational course that explores the legal environment in which businesses operate, focusing on the laws and regulations that govern commercial transactions, contracts, and organizational structures. Students will examine key concepts such as the formation and enforcement of contracts, the legal implications of different business entities, intellectual property rights, consumer protection, and the resolution of business disputes. Through real-world case studies and legal analysis, learners will develop a practical understanding of how the law impacts business decisions and operations, enabling them to recognize legal risks and make informed choices in a business context.
Recommended Textbook
Business law 9th Edition by Henry Cheeseman
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54 Chapters
4463 Verified Questions
4463 Flashcards
Source URL: https://quizplus.com/study-set/1464
Page 2
Chapter 1: Legal Environment of Business and Online Commerce
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85 Verified Questions
85 Flashcards
Source URL: https://quizplus.com/quiz/29115
Sample Questions
Q1) Which school of jurisprudential thought emphasizes using law as a tool for market efficiency while solving legal disputes?
A)the Critical Legal Studies School of jurisprudence
B)the Command School of jurisprudence
C)the Sociological School of jurisprudence
D)the Law and Economics School of jurisprudence
Answer: D
Q2) Ordinances are codified laws that are issued by ________.
A)the president
B)the state legislature
C)the Supreme Court judges
D)local government bodies
Answer: D
Q3) Which of the following would be considered an example of shaping moral standards,as seen as a function of the law?
A)laws granting freedom of speech and religion
B)laws discouraging drug and alcohol abuse
C)laws providing rights to peaceful protest
D)laws preventing overthrow of a government
Answer: B
Page 3
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Chapter 2: Courts and Jurisdiction
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80 Verified Questions
80 Flashcards
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Sample Questions
Q1) In the United States,each state has only a single district court.
A)True
B)False
Answer: False
Q2) Pursuant to the power given to it by Article III of the U.S.Constitution,Congress has established the U.S.courts of appeals.
A)True
B)False
Answer: True
Q3) Which of the following is true about a plurality decision of the Supreme Court?
A)It settles a case but does not set the precedent for later cases.
B)It affirms the decision of the lower court.
C)It settles a case and sets the precedent for later cases.
D)It causes a case to be reviewed again at a later date.
Answer: A
Q4) A tie decision by the U.S.Supreme Court sets a precedent for later cases.
A)True
B)False
Answer: False
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Chapter 3: Judicial, alternative, and Online Dispute Resolution
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80 Verified Questions
80 Flashcards
Source URL: https://quizplus.com/quiz/29137
Sample Questions
Q1) If the defendant does not answer the complaint,a default judgment is entered against him or her.
A)True
B)False
Answer: True
Q2) Which of the following terms refer to the overturn of verdict when jury misconduct is detected?
A)remittitur
B)judgment notwithstanding the verdict
C)motion for summary judgment
D)motion for judgment on the pleadings
Answer: B
Q3) Despite their interest in a lawsuit,third parties may not become parties to the lawsuit.
A)True
B)False
Answer: False
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Chapter 4: Constitutional Law for Business and E-Commerce
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81 Verified Questions
81 Flashcards
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Sample Questions
Q1) E-commerce is not subject to the Commerce Clause of the Constitution as most businesses that conduct e-commerce over the Internet do not have any physical location.
A)True
B)False
Q2) Santo belongs to the Eliok tribe in an Indian reservation in southern Nevada.He wants to open a casino in the reservation.However,the state authority denies the tribe permission to open a casino in its own territory.Which of the following permits the tribe to bring suit in federal court and force the state to comply?
A)Establishment Clause
B)Indian Gaming Regulatory Act
C)Dormant Commerce Clause
D)Indian Reorganization Act
Q3) The lawfulness of government classifications based on a protected class other than a suspect class or a fundamental right,such as a classification based on gender,is examined using an intermediate scrutiny test.
A)True
B)False
Q4) How is power divided between the federal government and the state governments?
Page 6
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Chapter 5: Intentional Torts and Negligence
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82 Verified Questions
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Sample Questions
Q1) Martha is walking along a street with her son when he is hit by a passing car just as he steps off the pavement.He dies in his mother's arms,leaving her traumatized.The court hearing the case rules that Martha's son was "not responsible for the accident." Martha can sue the person who killed her son to recover damages for ________.
A)tort of outrage
B)breach of duty of care
C)negligent infliction of emotional distress
D)transfer of intent
Q2) John watched his brother die in a road accident.The perpetrator was driving under the influence of alcohol.John can recover damages for negligent infliction of emotional distress because of the mental trauma he suffered from watching his brother die.
A)True
B)False
Q3) A homeowner is liable for negligence per se if he or she fails to repair a damaged sidewalk in front of his or her home and a pedestrian who trips on the unrepaired sidewalk is injured.
A)True
B)False
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Chapter 6: Product and Strict Liability
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80 Verified Questions
80 Flashcards
Source URL: https://quizplus.com/quiz/29165
Sample Questions
Q1) ________ refers to all manufacturers,distributors,wholesalers,retailers,lessors,and subcomponent manufacturers involved in a transaction.
A)Demand chain
B)Chain of command
C)Chain of distribution
D)Value chain
Q2) Clive buys a rifle from Gun Manufacturing Company and goes hunting.During the hunting expedition,he accidentally shoots himself in the foot.Which of the following would be true of this case?
A)Clive can bring a strict liability lawsuit against the company for its failure to warn him about the possible dangers of firearms.
B)Clive can bring a strict liability lawsuit against the company for failure to provide adequate instructions on the use of the rifle.
C)Clive cannot take any action because the handling of firearms entails generally known dangers.
D)Clive cannot take any action against the company because he had abnormally misused the product.
Q3) What is the purpose of the crashworthiness doctrine?
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8
Chapter 7: Intellectual Property and Cyber Piracy
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79 Verified Questions
79 Flashcards
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Sample Questions
Q1) After the copyright period runs out,the work enters the public domain.
A)True
B)False
Q2) A ________ is a grant by the federal government upon the inventor of an invention for the exclusive right to use,sell,or license the invention for a limited amount of time.
A)copyright
B)patent
C)trade secret
D)trademark
Q3) A company slogan is an example of a trademark.
A)True
B)False
Q4) Non-patented inventions that have been in public use for over a year can still be patented.
A)True
B)False
Q5) The trademark symbol "TM" is used to indicate a registered mark.
A)True
B)False
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Chapter 8: Criminal Law and Cyber Crime
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86 Verified Questions
86 Flashcards
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Sample Questions
Q1) The Fifth Amendment to the U.S.Constitution provides that no person shall be compelled in any criminal case to be a witness against himself.
A)True
B)False
Q2) Mark and Jack work as clerks at the New Bank of North America,which they plan to rob.In order to plan and execute the robbery,Mark and Jack obtained the floor plans of the bank and studied the security arrangements and movements of security personnel.They even got weapons,in case force is required,as they plan to rob the bank during working hours.But the police got information about the plan and arrested Mark and Jack,and thus prevented the robbery from taking place.Which of the following crimes has been committed by Mark and Jack?
A)criminal conspiracy
B)extortion
C)money laundering
D)larceny
Q3) A person charged with a crime in the United States is presumed innocent until proven guilty.
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) Traditional contract rules do not apply to e-contracts.
A)True
B)False
Q2) A contract is ________ if the offeror's offer can be accepted only by the performance of an act by the offeree.
A)unilateral
B)bilateral
C)implied-in-law
D)executory
Q3) Which of the following is true of the UCC (Uniform Commercial Code)?
A)The UCC aims to create a uniform system of accounting among the 50 states.
B)The common law of contracts normally takes precedence over the provisions of the UCC.
C)Article 2 of the UCC prescribes a set of uniform rules for the creation and enforcement of rules of taxation.
D)Article 2A of the UCC prescribes a set of uniform rules for the creation and enforcement of contracts for the lease of goods.
Q4) What are the possible problems that can come up in a unilateral contract?
Q5) Explain the doctrine of equity with reference to contracts.
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Chapter 10: Agreement
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80 Verified Questions
80 Flashcards
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Sample Questions
Q1) The ________ states that an acceptance is effective when it is dispatched,even if it is lost in transmission.
A)rule of silence as acceptance
B)mirror image rule
C)mailbox rule
D)mutual assent rule
Q2) Which one of the following would constitute a reward?
A)a person buying a car after seeing an ad about it
B)a person returning a lost item after seeing an ad about it
C)a seller accepting a bid for an item
D)a seller making an invitation for offers
Q3) How can an offeror revoke an offer?
Q4) An offer terminates upon the expiration of a stated time in the offer.
A)True
B)False
Q5) Under the mailbox rule,an acceptance is only effective when it is received.
A)True
B)False
Q6) Explain the importance of "time of acceptance" of contracts.
Q7) Give an account of termination of offer due to lapse of time.
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Chapter 11: Consideration and Promissory Estoppel
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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) An out-of-court settlement in exchange for dropping a lawsuit is an example of consideration.
A)True
B)False
Q2) Forbearance of a legal right can be provided as consideration.
A)True
B)False
Q3) A gift promise is enforceable if the promisor withdraws from his promise.
A)True
B)False
Q4) Which of the following is true of a promissory estoppel?
A)It is invoked in cases having option contract infringements.
B)It permits a court to order enforcement of a contract that lacks consideration.
C)It allows for a party to claim goods, which were revoked, for which it has already paid consideration.
D)It is invoked in cases that involve a promissory note to pay considerations at a later time.
Q5) Give an account of the doctrine of promissory estoppel.
Q6) What is a best-efforts contract?
Page 13
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Chapter 12: Capacity and Legality
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Sample Questions
Q1) If the object of a contract becomes illegal after the contract is entered into,the parties are discharged from the contract.
A)True
B)False
Q2) ________ is the act of a minor after he or she has reached the age of majority,by which he or she accepts a contract entered into when he or she was a minor.
A)Exculpation
B)Restitution
C)Ratification
D)Emancipation
Q3) People below the age of majority are considered minors.
A)True
B)False
Q4) If a minor does not disaffirm a contract upon reaching the age of majority,the contract is considered as ratified.
A)True
B)False
Q5) What are gambling statutes?
Q6) What is the minor's duty of restoration in a disaffirmed contract?
Page 14
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Chapter 13: Genuineness of Assent and Undue Influence
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Sample Questions
Q1) For a situation to be considered "undue influence," the persuasion by the wrongdoer must overcome the free will of the innocent party.
A)True
B)False
Q2) In which of the following cases of assent is the rescission of a contract unenforceable?
A)mutual mistake of value
B)misrepresentation of a material fact
C)silence as misrepresentation
D)innocent misrepresentation
Q3) Harry finds an old stereo in his attic.He sells the stereo to Jake for $50 telling him that it is fully functional,which Jake thinks is true.However,it turns out to be broken.Which of the following statements is true in this context?
A)Jake can sue Harry for fraud in the inducement.
B)Jake cannot rescind the deal but can sue Harry for fraud by concealment.
C)Jake can sue Harry for innocent misrepresentation.
D)Jake can rescind the deal but cannot sue Harry for innocent misrepresentation.
Q4) What should be shown to prove fraud?
Q5) Explain fraud in the inducement with an example.
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Chapter 14: Statute of Frauds and Equitable Exceptions
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80 Verified Questions
80 Flashcards
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Sample Questions
Q1) The signature of the person who is enforcing the contract is necessary.
A)True
B)False
Q2) The doctrine of part performance allows the court to order an oral contract for the sale of land or transfer of another interest in real property to be specifically performed if performance is necessary to avoid injustice.
A)True
B)False
Q3) ________ refers to the integration made by express reference in one document that refers to and incorporates another document within it.
A)Implied integration
B)Incorporation by reference
C)Executory contract
D)Merger clause
Q4) Why is it a bad idea for Edward and his landlord to make an oral lease contract for $30,000? Suggest an alternative and explain how it is beneficial to an oral contract.
Q5) How are contract words and terms interpreted?
Q6) Explain the doctrine of equitable estoppel.
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Chapter 15: Third-Party Rights and Discharge
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80 Verified Questions
80 Flashcards
Source URL: https://quizplus.com/quiz/29121
Sample Questions
Q1) When is nonperformance by a contractual party excusable?
Q2) Which of the following rights is generally assignable in the United States?
A)personal service contract
B)a future right
C)legal action
D)recovery of debt
Q3) Harry's grandmother leaves him a house and a Rolls Royce in her will.What rights does Harry have,in the context of his new inheritance?
Q4) Nonperformance of a covenant is not considered a breach of contract because a covenant is an unconditional promise.
A)True
B)False
Q5) Where there is a valid delegation of duties but the delegatee has not assumed the duties under a contract,the delegation is called a(n)________.
A)condition precedent
B)declaration of duties
C)express condition
D)discharge
Q6) Distinguish between conditions and covenants.
Page 17
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Chapter 16: Remedies for Breach of Traditional and E-Contracts
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80 Verified Questions
80 Flashcards
Source URL: https://quizplus.com/quiz/29122
Sample Questions
Q1) An award of ________ orders the breaching party to perform the acts promised in a contract.
A)reformation
B)injunction
C)restitution
D)specific performance
Q2) When does a minor breach occur?
A)when a party rescinds the contract before actual work on the contract has commenced
B)when a party renders substantial performance of his or her contractual duties
C)when the party who is being offered goods or services rescinds the contract
D)when the party who is offering goods or services rescinds the contract
Q3) Consequential damages arise from circumstances outside a contract.
A)True
B)False
Q4) If an employer breaches an employment contract,the employee owes a duty to mitigate damages by trying to find substitute employment.
A)True
B)False
Q5) Distinguish minor breach from material breach.
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Chapter 17: Digital Law and E-Commerce
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80 Verified Questions
80 Flashcards
Source URL: https://quizplus.com/quiz/29123
Sample Questions
Q1) A ________ refers to a contract that transfers limited rights in intellectual property and informational rights.
A)lien
B)tender
C)license
D)trademark
Q2) A(n)________ is a detailed and comprehensive written agreement between a licensor and a licensee that sets forth the express terms of their agreement.
A)digital signature
B)electronic agent
C)license agreement
D)electronic signature
Q3) What measures has Congress taken to regulate spam e-mail?
Q4) Which of the following statements is true of e-mail contracts?
A)All e-mail contracts require consideration, capacity, and lawful object.
B)E-mail contracts are exempted from the requirements of the Statute of Frauds.
C)All e-mail contracts are enforceable even if they don't meet the requirements of a traditional contract.
D)Several e-mails cannot be integrated to determine the parties' agreement.
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Chapter 18: Formation of Sales and Lease Contracts
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Sample Questions
Q1) The ________ is a model act passed in 1949 that includes comprehensive laws that cover most aspects of commercial transactions.
A)Gramm-Leach Bliley Act
B)Social Security Amendment
C)Uniform Sales Act
D)Uniform Commercial Code
Q2) The formation of sales and lease contracts requires consideration.
A)True
B)False
Q3) Which of the following sales would be covered by Article 2 of the Uniform Commercial Code?
A)the sale of intangible goods
B)the sale of tangible goods
C)the sale of real estate
D)the sale of stocks
Q4) Under common law's mirror image rule,an offeree's acceptance must be on the same terms as the offer.
A)True
B)False
Q5) How does the Uniform Commercial Code (UCC)define a merchant?
Page 20
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Chapter 19: Title to Goods and Risk of Loss
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Sample Questions
Q1) Nebula Crystals,a firm in New York that manufactures crystal figurines,was contracted by Ruth from Florida to deliver a thousand such crystal figurines.The contract required the firm to deliver and tender the goods alongside the vessel SS Dew Express at the New York harbor.Which of the following shipment term expresses such conditions?
A)no-arrival, no-sale
B)ex-ship
C)F.A.S. port of shipment
D)C.I.F.
Q2) A person with voidable title to goods can transfer the goods title to a good faith purchaser for value.
A)True
B)False
Q3) In a lease transaction,title to the leased goods passes to the lessee.
A)True
B)False
Q4) What is the passage of title to goods?
Q5) Explain in detail the risk of loss in lease contracts.
Q6) What is the method of identification of goods specified under UCC guidelines?
Q7) When is a buyer in breach of a sales contract?
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Chapter 20: Remedies for Breach of Sales and Lease Contracts
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Source URL: https://quizplus.com/quiz/29127
Sample Questions
Q1) Under the perfect tender rule,the buyer can reject a whole shipment of nonconforming goods.
A)True
B)False
Q2) If the goods conform to the contract,the seller pays for the inspection.
A)True
B)False
Q3) Destination contracts are an example of noncarrier delivery.
A)True
B)False
Q4) Which of the following is a seller's remedy?
A)right to recover damages for nondelivery
B)right to dispose of goods
C)right to replevy goods
D)right to obtain specific performance
Q5) Which of the following would be considered a breach of contract?
A)acceptance of nonconforming goods by a buyer
B)nonacceptance of conforming goods by a buyer
C)delivery of conforming goods by a seller
D)nondelivery of goods to a buyer that has a document of title
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Chapter 21: Warranties
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Sample Questions
Q1) Unless properly disclaimed,a warranty is implied that sold or leased goods are fit for the ordinary purpose for which they are sold or leased,as well as other assurances,known as the implied warranty of ________.
A)volatility
B)cause of action
C)assertion
D)merchantability
Q2) An affirmation of the value of goods creates an express warranty.
A)True
B)False
Q3) A commendation of goods made by a seller or lessor that does not create an express warranty is referred to as a(n)________.
A)statement of opinion
B)implied warranty
C)guarantee
D)caveat emptor
Q4) What damages are recoverable for a breach of warranty?
Q5) What is the difference between a full warranty and a limited warranty?
Q6) Explain the different types of warranty disclaimers.
Page 23
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Chapter 22: Creation of Negotiable Instruments
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Sample Questions
Q1) A trade acceptance is legally a two-party transaction.
A)True
B)False
Q2) A bill of exchange is a type of sight draft.
A)True
B)False
Q3) In a certificate of deposit,the depositor is the payee.
A)True
B)False
Q4) An order instrument is payable to anyone in physical possession of the instrument and presents it for payment when it is due.
A)True
B)False
Q5) Which of the following is true of a trade acceptance?
A)The buyer is the payee.
B)The seller is both the drawer and payee.
C)The draft is countersigned by the drawee's bank.
D)The draft is only as good as the drawer's creditworthiness.
Q6) List and briefly explain the functions of a negotiable instrument.
Q7) Explain the requirement for a fixed amount in negotiable instruments?
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Chapter 23: Holder in Due Course and Transferability
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Sample Questions
Q1) Explain the requirement for a holder in due course (HD C)under the Uniform Commercial Code (UC C)that there be no evidence of forgery, alteration, or irregularity with respect to a negotiable instrument.
Q2) Explain,in as much detail as possible,how an indorsement is made.
Q3) Which of the following is true of an unqualified indorsement?
A)It does not limit or disclaim liability.
B)It obligates the indorser to pay for the instrument.
C)It guarantees payment of the instrument if the maker defaults.
D)It protects subsequent indorsees from liability.
Q4) ________ are required to negotiate order paper,but they are not required to negotiate bearer paper.
A)Securities
B)Collaterals
C)Indorsements
D)Warranties
Q5) Nonnegotiable instruments are negotiated by holders in due course.
A)True
B)False
Q6) Explain the transfer of nonnegotiable contracts by assignment.
Page 25
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Chapter 24: Liability, defenses, and Discharge
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Sample Questions
Q1) Jeane signs a promissory note to pay $5,000 to Naresh.Naresh negotiates the instrument and indorses it to Dolph.Dolph changes the payment amount to $50,000 and negotiates the note to Nicholas.Nicholas indorses the note and negotiates it to Mack.Nicholas and Mack are both unaware of Dolph's alteration.At this point,who has primary liability over the note?
A)Nicholas
B)Dolph
C)Naresh
D)Jeane
Q2) All parties are discharged from liability on a negotiable instrument when ________.
A)the instrument is presented for payment
B)the signature of the indorser is intentionally struck out
C)the instrument is accidentally destroyed or mutilated
D)a drawee in good faith pays an unaccepted instrument in full to the holder
Q3) If a universal defense is proven,the holder or HDC cannot recover on the negotiable instrument.
A)True
B)False
Q4) List the presentment warranties related to negotiable instruments.
Page 26
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Chapter 25: Banking System and Electronic Financial Transactions
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Sample Questions
Q1) Francis Jeffers purchased a cashier's check in the amount of $5,000 from Northern Star Bank.The check was made payable to Kyle Naughton and was delivered to him.Twelve months later,the Northern Star Bank branch manager informed Jeffers that the cashier's check was still outstanding.Jeffers subsequently signed a form requesting that payment be stopped and a replacement check be issued.Northern Star Bank issued a replacement check to Jeffers.Eight months later,Naughton deposited the original cashier's check in his bank,which was paid by Northern Star Bank.Northern Star Bank requested that Jeffers repay the bank $5,000.When he refused,Northern Star Bank sued Jeffers to recover this amount and the court awarded Northern Star Bank damages amounting to $5,500.In which of the following circumstances,if true,would the court have ruled in Jeffers' favor?
A)Jeffers cashed the replacement check before Naughton had presented the original check at his bank.
B)Jeffers paid Naughton the $5,000 in cash after obtaining the replacement check from Northern Star Bank.
C)Jeffers indemnified Northern Star Bank for potential damages arising from the issue of the replacement check.
D)Jeffers renewed the stop-payment order on the original check at the end of six months.
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Chapter 26: Credit, mortgages, and Debtors Rights
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Sample Questions
Q1) A ________ is a contractor's,laborer's,and material person's statutory lien that makes the real property to which services or materials have been provided security for the payment of the services and materials.
A)material lien
B)judgment lien
C)tax lien
D)mechanic's lien
Q2) A recording statute gives potential purchasers of real property the ability to determine whether there are existing liens on a property.
A)True
B)False
Q3) Which of the following federal statutes requires creditors to disclose finance charges,including interest,points,and other fees paid?
A)Fair Debt Collection Practices Act
B)Consumer Financial Protection Act of 2010
C)Mortgage Reform and Anti-Predatory Lending Act of 2010
D)Truth-in-Lending Act
Q4) What is an antideficiency statute?
Q5) Explain the procedure for obtaining a mechanic's lien.
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Chapter 27: Secured Transactions
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Sample Questions
Q1) What is a financing statement? What is its significance in perfecting a security interest?
Q2) Marcia buys a $3,000 high-definition plasma television for her home on credit extended by the seller,Current City.Current City requires Marcia to sign a security agreement.Current City has a ________ interest in the television that is automatically perfected at the time of the credit sale.
A)cumulative security
B)future advance monetary
C)default
D)purchase money security
Q3) Which of the following refers to the assets resulting from the exchange or disposal of collateral subject to a security agreement?
A)sale proceeds
B)future advances
C)floating lien
D)after-acquired property
Q4) Chattel paper is considered tangible personal property.
A)True
B)False
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Chapter 28: Bankruptcy and Reorganization
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Q1) Which of the following is true of the median income test?
A)If a family has median family income equal to the state's median family income, the debtor does not qualify for a Chapter 7 bankruptcy.
B)If a family has median family income below the state's median family income, the debtor is subject to the "means" test.
C)If a family has median family income below the state's median family income, the debtor automatically qualifies for a Chapter 7 bankruptcy.
D)A debtor's debts are not discharged if the family median income is more than the state's median family income.
Q2) How does a court order to discharge debts benefit the debtor? Under what circumstances do courts grant a discharge?
Q3) The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires that before an individual debtor receives a discharge in a Chapter 7 or Chapter 13 bankruptcy,the debtor must attend a personal financial management course approved by the U.S.Trustee.
A)True
B)False
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Chapter 29: Agency Formation and Termination
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Q1) A durable power of attorney remains effective even if the principal is incapacitated.
A)True
B)False
Q2) A power of attorney is an example of a(n)________ agreement.
A)agency by ratification
B)apparent agency
C)express agency
D)implied agency
Q3) An agent given a power of attorney is known as an attorney-in-fact.
A)True
B)False
Q4) If an agency terminates by operation of law,there is no duty to notify third parties about the termination.
A)True
B)False
Q5) A principal owes a duty to indemnify an agent for any losses the agent suffers because of the principal's conduct.
A)True
B)False
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Chapter 30: Liability of Principals, agents, and Independent Contractors
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Q1) A fully disclosed agency results if a third party entering into a contract knows the actual identity of the principal.
A)True
B)False
Q2) Briefly explain an undisclosed agency.What are the liabilities involved in such an agency?
Q3) The amount of time that an agent works for a principal is not one of the factors in determining independent contractor status.
A)True
B)False
Q4) Harrison hires an agent to look for a three-bedroom house in Atlanta.Elaine,the agent,finds a three-bedroom house in Harrison's budget but buys it herself without informing Harrison.This is an instance of the agent's ________.
A)self-dealing
B)conflict of interest with the principal
C)competing with the principal
D)usurping an opportunity
Q5) Briefly explain the liability for an independent contractor's torts.
Page 32
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Chapter 31: Employment, worker Protection, and Immigration Law
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Q1) Which of the following is true of the Occupational Safety and Health Administration's (OSHA's)general duty standard?
A)The standard needs to be established with each safety regulation.
B)It requires an employer to provide a working environment that does not result in mental stress of the employee.
C)An employer is obliged to provide a work environment that is free from recognized hazards.
D)OSHA has no say in safety violations of an employer as it is just a model act.
Q2) Executives who are compensated on a salary basis and engage in management duties are generally exempted from overtime pay.
A)True
B)False
Q3) H-1B visa holders are allowed to bring their immediate family to the United States under the H4 visa category.
A)True
B)False
Q4) Outline the minimum wage requirement established by the Fair Labor Standards Act.How are wages calculated for a tipped employee?
Page 33
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Chapter 32: Labor Law
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Q1) Enacted in 1932,the ________ is a federal statute which stipulates that it is legal for employees to organize.
A)National Labor Relations Act
B)Labor Management Relations Act
C)Taft-Hartley Act
D)Norris-LaGuardia Act
Q2) Labor unions use the approach of individual bargains with employers to obtain better working conditions.
A)True
B)False
Q3) Under an agency shop agreement,an employer may hire anyone whether she belongs to a union or not.
A)True
B)False
Q4) The National Labor Relations Act establishes the right of employers to terminate the employment of members of unions whose continued picketing hinders the progress of the business.
A)True
B)False
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Chapter 33: Equal Opportunity in Employment
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Q1) Disparate-treatment discrimination occurs when an employer treats a specific individual less favorably than others because of that person's race,color,national origin,sex,or religion.
A)True
B)False
Q2) The Bona Fide Occupational Qualification Agency (BFOQA)is the federal administrative agency that is responsible for enforcing most federal antidiscrimination laws.
A)True
B)False
Q3) ________ discrimination occurs when an employer treats a specific individual less favorably than others because of that person's race,color,national origin,sex,or religion.
A)Disparate-treatment
B)Disparate-impact
C)Favored-treatment
D)Unfair-impact
Q4) Federal workers are not covered under the Equal Pay Act.
A)True
B)False
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Chapter 34: Small Business, entrepreneurship, and General Partnerships
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Q1) A(n)________ is the obligation partners owe to use the same level of care and skill that a reasonable person in the same position would use in the same circumstances.
A)duty to perform
B)duty of care
C)duty to inform
D)duty of obedience
Q2) Which of the following must be in writing even if it is below the time stipulation of the Statute of Frauds?
A)businesses that have more than one commercial venture
B)partnerships authorized to deal real estate
C)businesses that are authorized to lend money
D)enterprises which deal with health and medicine
Q3) The ________ is a model act that codifies general partnership law.
A)Uniform Partnership Act (UPA)
B)Fair Employment Partnership Act (FEPA)
C)Americans with Disabilities Act (ADA)
D)Age Discrimination in Employment Act (AEDA)
Q4) Explain how a sole proprietorship is taxed.
Q5) How are assets distributed after the dissolution of a general partnership?
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Chapter 35: Limited Partnerships and Special Partnerships
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Q1) What are the constraints on the name of a limited partnership? How do they influence a limited partner?
Q2) Limited partners have unlimited personal liability for the debts and obligations of the limited partnership.
A)True
B)False
Q3) Under partnership law,________ have the right to manage the affairs of the limited partnership.
A)angel investors
B)sole proprietors
C)limited partners
D)general partners
Q4) A master limited partnership is a type of limited partnership that is listed on a stock exchange and is publicly traded to provide liquidity to investors.
A)True
B)False
Q5) Explain,with an example,the sharing of profits and losses in a limited partnership.
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Chapter 36: Corporate Formation and Financing
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Q1) ________ are corporations that have many shareholders and whose securities are often traded on national stock exchanges.
A)Closely held corporations
B)Non-profit corporations
C)Publicly held corporations
D)Shore-up corporations
Q2) Judicial dissolution of a corporation can be instituted by the attorney general of the state of incorporation if the corporation ________.
A)procured its articles of incorporation through fraud
B)did not pay its franchise fee
C)failed to file an annual report
D)failed for 60 days to maintain a registered agent in the state
Q3) Authorized shares that have not been sold by the corporation are known as ________.
A)issued shares
B)unissued shares
C)outstanding shares
D)liquidated shares
Q4) Explain how articles of incorporations may be amended.
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Chapter 37: Corporate Governance and the
Sarbanes-Oxley Act
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Q1) Owners of a corporation who elect the board of directors and vote on fundamental changes in the corporation are known as ________.
A)corporate officers
B)shareholders
C)registered agents
D)managing directors
Q2) Courts may pierce the corporate veil if ________.
A)the corporation has been formed without sufficient capital
B)the corporation has not revoked the dividends paid to shareholders
C)separateness has been maintained between the corporation and its shareholders
D)personal and corporate assets of shareholders have not been mingled
Q3) If a shareholder does not exercise his or her preemptive rights within the stated time,shares can then be sold to anyone.
A)True
B)False
Q4) A buy-and-sell agreement allows shareholders to sell their shares to people other than fellow shareholders or the corporation.
A)True
B)False
39
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Chapter 38: Corporate Acquisitions and Multinational Corporations
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Q1) Section 14(a)of the Securities Exchange Act prohibits omissions of material facts in proxy materials.
A)True
B)False
Q2) The approval of the surviving corporation's shareholders is not required if the merger or share exchange increases the number of voting shares of the surviving corporation by 20 percent or less.
A)True
B)False
Q3) Section 14(e)of the Williams Act is a(n)________ regarding tender offers.
A)antifraud provision
B)shareholders rights provision
C)merger provision
D)acquisition provision
Q4) Section 14(a)of the Securities Exchange Act prohibits the solicitation of proxies.
A)True
B)False
Q5) What is a proxy? State the federal rules that govern a proxy statement.
Q6) Explain the factors that lead to a proxy contest.What is its outcome?
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Chapter 39: Limited Liability Companies and Limited
Liability Partnerships
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Q1) Which of the following is true of compensation offered by an LLC (limited liability company)?
A)Managers of an LLC are entitled to compensation and not benefits.
B)Members are not entitled to compensation for their services toward the LLC.
C)Members are not indemnified for liabilities in the ordinary course of business.
D)A nonmember manager of an LLC is not entitled to compensation.
Q2) Managers of LLCs (limited liability companies)are not personally liable for the debts,obligations,and liabilities of the LLC they manage.
A)True
B)False
Q3) Which of the following is true of LLC (limited liability company)taxation?
A)An LLC is taxed as a corporation in all general cases.
B)Income or losses of an LLC do not flow through to the members' individual income tax returns.
C)Members of an LLC are subject to double taxation.
D)An LLC is not taxed at the entity level.
Q4) Distinguish between rightful and wrongful disassociation from an LLC (limited liability company).What are the consequences of disassociation?
Page 41
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Chapter 40: Franchises and Special Forms of Businesses
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Q1) Rio-Werner Corporation owns Rio's Sandwiches,a fast-food restaurant in New Jersey.It wants to operate in five cities on the west coast by means of franchisees which make and sell all menu items from Rio's Sandwiches.Which of the following would best suit Rio-Werner Corporation's franchise plan?
A)processing plant
B)area
C)distributorship
D)chain-style
Q2) Which of the following mandatorily requires a license to be operational and legal?
A)a general partnership
B)a conglomerate
C)a joint venture
D)a franchise
Q3) The Federal Trade Commission (FTC)does not require the registration of the disclosure document with the FTC prior to its use.
A)True
B)False
Q4) Explain the four basic types of franchises in brief.
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Chapter 41: Investor Protection, e-Securities, and Wall Street Reform
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Q1) The ________ is a federal statute primarily designed to prevent fraud in the trading of securities after they are issued.
A)Securities Act of 1933
B)Securities Exchange Act of 1934
C)Sarbanes-Oxley Act of 2002
D)Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
Q2) What is insider trading? How is it regulated in the United States?
Q3) A(n)________ is an exemption from registration that permits local businesses to raise capital from local investors to be used in the local economy without the need to register with the SEC.
A)intrastate offering exemption
B)regulation A offering
C)private placement exemption
D)nonissuer exemption
Q4) During the review of a registration statement,the SEC does not pass judgment on the merits of the securities offered.
A)True
B)False
Q5) List the securities exempt from registration with the SEC.
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Chapter 42: Ethics and Social Responsibility of Business
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Q1) According to Kantian ethics,one would be obligated to abide by a contract even if that contract turns out to be detrimental to the obligated party.
A)True
B)False
Q2) ________ is a social responsibility theory of business which says that a corporation must consider the effects its actions have on persons other than its shareholders.
A)Corporate citizenship
B)Maximizing profits
C)Moral minimum
D)Stakeholder interest
Q3) Which of the following moral theories would closely follow the categorical imperative "Do unto others as you would have them do unto you"?
A)Kantian ethics
B)moral relativism
C)utilitarianism
D)Rawls's social justice theory
Q4) What is ethical relativism?
Q5) Give an account of the relationship between ethics and law.
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Chapter 43: Administrative Law and Regulatory Agencies
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Q1) The Securities and Exchange Commission (SEC),which regulates the issuance and trading of securities,is an example of a federal independent agency.
A)True
B)False
Q2) Administrative subpoena refers to an order that directs the subject of the subpoena to disclose the requested information.
A)True
B)False
Q3) The delegation doctrine only allows executive and legislative powers to an administrative agency,and not judicial powers.
A)True
B)False
Q4) Federal administrative agencies are created by ________.
A)the U.S. President
B)the U.S. Congress
C)the U.S. people
D)the U.S. judiciary
Q5) How is the general public protected from harassment by administrative agencies?
Q6) When are searches by administrative agencies considered reasonable?
Page 45
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Chapter 44: Consumer Protection and Product Safety
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Q1) Section 5 of the Federal Trade Commission (FTC)Act gives FTC the authority to bring an administrative proceeding to attack a deceptive or unfair practice.
A)True
B)False
Q2) The Do-Not-Call Registry was provided by the ________ to protect consumers from unsolicited commercial telephone calls.
A)Federal Trade Commission
B)Food and Drug Administration
C)Consumer Product Safety Commission
D)Federal Communications Commission
Q3) The U.S.Department of Agriculture places mandatory and consistent labeling requirements on ________.
A)ready-to-eat meals
B)raw fruits and vegetables
C)raw seafood
D)meat and poultry products
Q4) What is the United Nation's Biosafety Protocol for genetically altered food?
Q5) Give an account of the regulation of medicinal devices in the United States.
Q6) Describe the Food,Drug,and Cosmetic Act.
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Chapter 45: Environmental Protection
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Q1) The Clean Air Act does not apply to stationary sources of pollution.
A)True
B)False
Q2) Describe any two legislations that have been implemented to minimize the damage caused by oil spills.
Q3) The Clear Water Act extends its protection to the oceans.
A)True
B)False
Q4) Taking is defined as an act intended to "harass,harm,pursue,hunt,shoot,wound,kill,trap,capture,or collect" an endangered animal.
A)True
B)False
Q5) The Environmental Protection Agency lacks adjudicative powers to hold hearings and order remedies for violation of environmental laws.
A)True
B)False
Q6) What are the measures taken to protect wetlands in the United States?
Q7) Give an account of the state environmental protection laws.
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Chapter 46: Antitrust Law and Unfair Trade Practices
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Q1) The ________ is a rule that is applicable to restraints of trade considered inherently anticompetitive.
A)consent decree
B)Noerr doctrine
C)per se rule
D)rule of reason
Q2) Section 1 of the Sherman Act allows for intangible properties to be sold in tying arrangements.
A)True
B)False
Q3) Treble damages cannot be sought by the government for the violation of antitrust laws.
A)True
B)False
Q4) Section 2 of the Sherman Act prohibits the act of monopolization.
A)True
B)False
Q5) Predatory pricing has been held to violate Section 2 of the Sherman Act.
A)True
B)False
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Chapter 47: Personal Property, real Property, and Insurance
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Q1) Ordinary bailments involve warehouse companies,common carriers,and innkeepers.
A)True
B)False
Q2) Tangible property,such as automobiles,furniture,and equipment,and intangible property,such as securities,patents,and copyrights,are collectively referred to as ________.
A)real property
B)immovable property
C)personal property
D)fixtures
Q3) ________ occurs if two or more persons commingle fungible goods.
A)Confusion
B)Accession
C)Bailment
D)Easement
Q4) Real property cannot be owned by more than one person.
A)True
B)False
Q5) Give an account of the different types of property that can be owned.
Q6) What is a warehouse receipt?
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Chapter 48: Real Property
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Q1) An easement appurtenant cannot be terminated upon change in ownership title of the dominant estate.
A)True
B)False
Q2) Plant life that is severed from the land is considered ________.
A)intangible property
B)immovable property
C)real property
D)personal property
Q3) A given or required right to make limited use of someone else's land without owning or leasing it is called a(n)________.
A)zoning ordinance
B)title insurance
C)easement
D)abstract of title
Q4) A ticket to a movie theater or sporting event is an example of a license.
A)True
B)False
Q5) Explain the role of recording statutes in real property contracts.
Q6) What is a general warranty deed?
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Chapter 49: Landlord-Tenant Law and Land Use Regulation
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Q1) Under this arrangement,________ is legally obliged to pay Donald for the damages caused to the kitchen.
A)only Pam
B)only Dave
C)only Chris
D)either Chris or Dave
Q2) A landlord-tenant relationship is characterized by the ________.
A)transfer of title to the tenant
B)receipt of a nonfreehold estate by the tenant
C)creation of a future interest for the tenant
D)free simple absolute ownership of the tenant
Q3) An arrangement in which a tenant transfers some of his or her rights under a lease to another party is known as a ________.
A)gross lease
B)net lease
C)sublease
D)triple lease
Q4) What is meant by the tenant's duty not to use leased premises for illegal or nonstipulated purposes?
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Chapter 50: Insurance
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Q1) An employee of a company that provides ________ insurance to its employees can receive payments,as provided by the policy,for injuries suffered by employees while working on the job.
A)disability
B)life
C)homeowner's
D)standard fire
Q2) A(n)________ is a clause in an insurance policy that provides that insurance proceeds are payable only after the insured has paid a specified amount toward the damage or loss.
A)incontestability clause
B)coinsurance clause
C)exclusions from coverage clause
D)deductible clause
Q3) A personal articles floater provides coverage for loss or damage to the articles while traveling.
A)True
B)False
Q4) What is a key-person life insurance? How does it influence a buy-sell agreement?
Q5) What is the importance of title insurance in real property?
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Chapter 51: Accountants Duties and Liability
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Q1) What prohibition does the Sarbanes-Oxley Act impose on an accounting firm providing audit and nonaudit services to the same company?
Q2) The legal theory that holds accountants liable to any member of a limited class of intended users for whose benefit the accountant has been employed is the Section 552 of the Restatement (Second)of Torts.
A)True
B)False
Q3) A rule that says that an accountant is liable for negligence to third parties who are projected users of the client's financial statements is known as ________.
A)the foreseeability standard
B)the Ultramares doctrine
C)the due diligence defense
D)the privity of contract
Q4) Limited partners are personally liable for the debts and obligations of the limited liability partnerships (LLP).
A)True
B)False
Q5) What is the accountant-client privilege?
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Chapter 52: Wills, trusts, and Estates
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Q1) A testamentary trust is created while the settlor is still alive.
A)True
B)False
Q2) What is the first step in videotaping the signing of a will?
A)The will is recited verbatim by the testator.
B)The will is attested by the witnesses after inspection.
C)The will is signed by the testator.
D)The will and its provisions are explained and justified by the testator for the benefit of surviving relatives.
Q3) A person who inherits property under a will or an intestacy statute takes the property subject to all the outstanding claims against it.
A)True
B)False
Q4) A gift of real estate by will is called a(n)________.
A)bequest
B)devise
C)abatement
D)general gift
Q5) What is intestate succession?
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Chapter 53: Family Law
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Q1) Upon the termination of a marriage,the separate property owned by spouses is
A)equally divided between the spouses
B)retained by the respective spouses who owned it
C)shared using a fair distribution method for marital assets
D)co-owned by both spouses
Q2) The law considers children born of a marriage that is annulled to be legitimate.
A)True
B)False
Q3) In all child custody cases,only the custodial parent has the right to make decisions on behalf of the child.
A)True
B)False
Q4) Rehabilitation alimony is terminated if the receiving individual remarries.
A)True
B)False
Q5) In a pro se divorce,the parties represent themselves in the divorce proceedings. A)True
B)False
Q6) What is an annulment? On what grounds are annulments provided?
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Chapter 54: International and World Trade Law
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Q1) The International Monetary Fund is an autonomous agency that is a part of the United Nations (UN).
A)True
B)False
Q2) The United Nations (UN)does not allow permanent membership of the Security Council to any member nation.
A)True
B)False
Q3) What is the role of the WTO dispute settlement body?
A)to hear appeals on decisions made on a dispute
B)to create panel reports on the findings of the dispute
C)to hear the dispute from the plaintiff
D)to review panel reports and adopt them if necessary
Q4) What is the World Bank? What is its function?
Q5) The secretary-general of the United Nations (UN)is elected by the Security Council. A)True
B)False
Q6) Explain the Treaty Clause of the U.S.Constitution.
Q7) What does the act of state doctrine assert?
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