Business Law
Exam Solutions
Course Introduction
Business Law provides an introduction to the legal principles and frameworks that govern commercial relationships and business transactions. The course examines key topics such as contract formation and enforcement, agency relationships, employment law, the structure and regulation of business organizations, intellectual property, and the rights and responsibilities of businesses and consumers. Through case studies and real-world examples, students gain an understanding of how legal considerations influence business decisions and learn to identify and address legal risks in a variety of business contexts.
Recommended Textbook
Essentials of Business Law 8th Edition by Anthony Liuzzo
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Chapter 1: Our System of Law
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Sample Questions
Q1) Many legal obligations are based on moral obligations,but not all moral obligations are legally enforceable.
A)True
B)False
Answer: True
Q2) The authority or power of a court to hear cases,as granted by a constitution or legislative act,is known as the court's:
A) jurisdiction.
B) ratio decidendi.
C) obiter dicta.
D) quotient.
Answer: A
Q3) Federal district courts have original jurisdiction in cases in which the parties are residents of different states and the amount involved in the dispute is greater than $75,000.
A)True
B)False
Answer: True
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Chapter 2: Ethics and the Law
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Sample Questions
Q1) The threat of legal prosecution and penalties:
A) does not eliminate all unethical practices.
B) helps to eliminate all unethical practices.
C) has caused an increase in unethical practices.
D) does not make any impact on unethical practices.
Answer: B
Q2) The actions of corporations that are intended to demonstrate their wish to behave responsively take many forms and are conducted under the banner of:
A) corporate liability.
B) national mandate.
C) patriotic duties.
D) corporate responsibility.
Answer: D
Q3) Businesses concerned with ethics usually focus on their corporate responsibility and the development of codes of conduct.
A)True
B)False
Answer: True
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Chapter 3: Criminal Law
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Sample Questions
Q1) Explain larceny.
Answer: Larceny is a broad term that includes most forms of theft such as,robbery,hijacking,embezzlement,and shoplifting.Larceny is often classified as petty or grand,depending upon the value of the stolen property.
Q2) A category of illegal activity that includes embezzlement,stock swindles,fraud against insurance companies,credit card fraud,computer fraud,and theft of computer programs is known as business-related crime.
A)True
B)False
Answer: False
Q3) The law assures each person certain rights and assigns each person certain duties. A)True
B)False
Answer: True
Q4) Treason is a major crime defined by the Constitution of the United States. A)True
B)False
Answer: True
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Chapter 4: Tort Law
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Sample Questions
Q1) Slander is the spreading of damaging words or ideas about a person,directly or indirectly,in all other forms not considered libel.
A)True
B)False
Q2) The term for this shifting of ?responsibility is vicarious liability,and it is related to vicarious negligence.
A)True
B)False
Q3) A tort,in contrast to a crime,is a violation of the rights of an identifiable individual or business that has been wronged either intentionally or by negligence.
A)True
B)False
Q4) The threat of a libel suit by former employees who are unhappy with the references given by the former employer has gotten so serious that many firms refuse to respond to any inquiry about former workers-even those who have good records.
A)True
B)False
Q5) Explain the phrase "tort of conversion."
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Chapter 5: Constitutional Law
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Sample Questions
Q1) The ______________ Amendment granted the federal government the power to impose and collect a tax on individuals' incomes.
A) Fourth
B) Eight
C) Fourteenth
D) Sixteenth
Q2) The Fourteenth Amendment provides that when states pass laws they must treat all individuals equally.
A)True
B)False
Q3) The strict scrutiny test is a standard that measures whether the legislature had a compelling interest for enacting a particular statute
A)True
B)False
Q4) Express powers are those that are specifically stated in a statute.
A)True
B)False
Q5) Identify and describe the process of deciding if a law is contrary to the Constitution.
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Page 7
Chapter 6: Administrative Law
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Q1) An administrative agency is a governmental body responsible for the control and supervision of a particular activity or area of public interest.
A)True
B)False
Q2) The hearings conducted by an administrative agency provide for a jury.
A)True
B)False
Q3) What services do administrative agencies typically provide?
Q4) After administrators are appointed and approved,it is generally difficult to remove them.
A)True
B)False
Q5) The executive branch of government sees that all legislation is:
A) approved.
B) enacted.
C) enforced.
D) dismissed.
Q6) Give a brief explanation of the role of administrative agencies as instruments of the government,and provide at least one example of an administrative agency.
Page 8
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Chapter 7: Introduction to Contracts
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Sample Questions
Q1) A contract may be extended and revised as needed to reflect the wishes of the parties.
A)True
B)False
Q2) The Uniform Commercial Code (UCC)defines a contract under the provision:
A) UCC 1-201(10).
B) UCC 1-201(11).
C) UCC 1-201(12).
D) UCC 1-201(13).
Q3) In the event of a dispute involving a sum of $500,contracted into for a period of one year through an oral agreement,how would the parties establish exactly what was agreed between them?
Q4) A legally enforceable contract:
A) must not violate the law.
B) can be void.
C) may contain a malafide intention.
D) need not be valid.
Q5) A simple contract is defined as an informal contract made under seal.
A)True
B)False
9
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Chapter 8: Offer and Acceptance
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Sample Questions
Q1) The offer and acceptance by the conduct of the parties is called as a(n):
A) express contract.
B) implied contract.
C) conduct contract.
D) social contract.
Q2) Even after an offer is rejected by the offeree,it can be revived or made into a counteroffer once the communication of the rejection has been received by the offeror.
A)True
B)False
Q3) A person can be compelled to speak or to write in order to avoid a binding agreement,and is under no obligation to reply to an offer.
A)True
B)False
Q4) As a general rule,if an offer is to be definite and certain,it should cover the same points as a good newspaper story.
A)True
B)False
Q5) What criteria make a valid offer?
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Chapter 9: Mutual Agreement
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Sample Questions
Q1) For the injured party to claim fraud,he or she must prove all of the following of the statement or act EXCEPT that it:
A) was a misstatement or nondisclosure of a material fact.
B) was made with no knowledge of its falsity or with reckless disregard of its truth.
C) was relied on by the injured party.
D) resulted in loss to the injured party.
Q2) Genuineness,or reality,of agreement is said to be present in a contract when there is: A) true meeting of minds.
B) knowledge of falsity.
C) puffing.
D) duress.
Q3) Contracts that are shockingly unfair and unjust are known as:
A) unconscionable contracts.
B) unrequited contracts.
C) inadequate contracts.
D) contracts of adhesion.
Q4) Explain how defective agreements can occur.
Q5) Explain what amounts to a "contract of adhesion."
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Chapter 10: Consideration
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Q1) With respect to pledges and subscriptions,courts have generally held that these promises are:
A) unenforceable.
B) enforceable.
C) enforceable only in cases involving amounts greater than $500.
D) unenforceable if it is not made for a reasonable period of time.
Q2) Identify four kinds of agreements that lack consideration.
Q3) A promise of an act by one party in exchange for the promise of an act by another is also considered a:
A) void contract.
B) valid offer and acceptance.
C) valid consideration.
D) voidable contract.
Q4) Statutes,in some states,have permitted a person who has a claim against another to give up,or release,his or her claim without an exchange of consideration by making a written statement to that effect.
A)True
B)False
Q5) What are the characteristics of a valid consideration?
Q6) Describe agreements supported by moral consideration.
Page 12
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Chapter 11: Competent Parties
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Sample Questions
Q1) If a reasonable period of time passes after a minor reaches legal age and he or she has said nothing about disaffirming the contract,then in the eyes of the law it is considered as:
A) disaffirmed.
B) ratified.
C) negligence.
D) a void contract.
Q2) A minor can be held liable for both crimes and torts.
A)True
B)False
Q3) The responsibility of ?determining whether a person is competent to contract rests on everyone who ?enters into a contract with such a person.
A)True
B)False
Q4) A person who has not yet reached the age of majority is considered a:
A) minor.
B) contractor.
C) competent party.
D) participant.
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Chapter 12: Legal Purpose of Contracts
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Q1) Monopoly power is the term used to describe a situation in which one or more people or firms control the market in a particular area or for a certain product.
A)True
B)False
Q2) Federal and state legislatures have enacted statutes to protect the ____________of the general population from the effects of pollution of the atmosphere and bodies of water.
A) health and welfare
B) movable property
C) immovable property
D) educational status
Q3) Describe "usurious agreements."
Q4) A community may designate certain areas as zones for such uses as light industrial,industrial,commercial,and residential.
A)True
B)False
Q5) What constitutes an "illegal restraint of trade?" Explain and provide an example.
Q6) What is the legal position of a franchisee in a private franchise agreement?
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Chapter 13: Form of Contracts
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Sample Questions
Q1) The parol evidence rule:
A) states that any spoken or written words that are in conflict with what the written contract states should be introduced as evidence in a court of law.
B) refers to supplementary evidence or conditions to be added to an existing written contract.
C) specifies that certain kinds of agreements must be in writing to be enforceable.
D) does not prohibit a person from legally entering into oral contracts for certain kinds of agreements.
Q2) The Statute of Frauds applies to executory contracts only.
A)True
B)False
Q3) When a person dies before settlement of his assets,the estate is settled by a:
A) court-appointed manager.
B) family-appointed administrator.
C) family-appointed manager.
D) court-appointed administrator.
Q4) How is a sale completed if it is made by telephone?
Q5) Give an example of a contract that does not need to be in writing.
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Chapter 14: Operation of Contracts
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Sample Questions
Q1) An incidental beneficiary is one who may benefit as an indirect consequence of a contract,although that was not the intent of the:
A) administrator.
B) contracting parties.
C) assignor.
D) deceased party.
Q2) Even employment contracts may be assigned if there is no relationship of trust or confidence,or any other circumstance that would create a materially greater burden on the party whose services are being assigned.
A)True
B)False
Q3) A life insurance policy is an example of a third-party contract.
A)True
B)False
Q4) A contract may prohibit just one party from assigning or delegating. A)True
B)False
Q5) What is the difference between a third-party beneficiary and an incidental beneficiary?
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Chapter 15: Discharge of Contracts
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Sample Questions
Q1) A court order of specific performance prohibits a party from performing a certain act.
A)True
B)False
Q2) Provide an example of a contract terminated by performance.
Q3) In a case of impossibility of performance,the contract is considered unenforceable and the parties are discharged.
A)True
B)False
Q4) If laws and regulations increase the cost of performance:
A) the contract is terminated by operation of law.
B) they do not absolve the parties from their contractual obligations.
C) the contract is declared null and void from the beginning.
D) the parties are in breach of contract.
Q5) An injunction is also called a(n):
A) exaction.
B) restraining order.
C) gag order.
D) anticipatory breach.
Q6) Explain the liquidated damages clause.
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Chapter 16: Transfer of Title
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Sample Questions
Q1) A salesperson of the titleholder of certain merchandise may sell the products of the titleholder because he has ___________ permission of the titleholder.
A) only the express
B) the express or implied
C) only the implied
D) neither express nor implied
Q2) Personal property includes real property such as land and all property attached to it.
A)True
B)False
Q3) What is the differentiating factor between the two kinds of properties?
Q4) When the owner of goods entrusts property to a person who sells the same type of goods and that person sells the property to an innocent third party,the owner cannot be estopped from recovering the goods from the third party.
A)True
B)False
Q5) An order bill of lading is not negotiable.
A)True
B)False
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Chapter 17: Sales
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Sample Questions
Q1) At an auction sale,the seller is the owner of the goods and the buyer is the party:
A) conducting the transaction.
B) making the offer.
C) giving the opinion.
D) abstaining from negotiation.
Q2) When the buyer refuses to pay the purchase price and the seller has the possession of the goods,the seller may:
A) resell the goods and sue the buyer.
B) get the buyer arrested.
C) destroy the goods and sue the buyer.
D) manhandle the buyer.
Q3) When the buyer refuses to accept delivery of the goods the seller may:
A) manhandle the buyer for rejection.
B) wait for the buyer to receive the goods.
C) destroy the goods and sue the buyer.
D) sue to recover the sales price.
Q4) Explain contract of sale with right of return.
Q5) Use an example to explain buyers' remedies for breach of a sales contract.
Q6) Describe the purpose and terms of a conditional sales contract.
Page 19
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Chapter 18: Warranties
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Q1) The Uniform Commercial Code states that the seller must use formal words such as "warrant" or "guarantee" in order to create an express warranty.
A)True
B)False
Q2) A seller or manufacturer has significant legal responsibility only to buyers and users of goods and services,but not to the third parties.
A)True
B)False
Q3) If a written warranty is vague and indefinite,the court may apply the custom of the marketplace or what such a warranty usually means in similar transactions.
A)True
B)False
Q4) In an effort to limit the effect of express warranties,some sellers put specific limitations in the warranty.
A)True
B)False
Q5) What does the "implied warranty of fitness for a particular purpose" require?
Q6) Differentiate between express and implied warranties.
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Chapter 19: Agency
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Q1) If an agent makes a fraudulent statement in a contract within the scope of his or her authority,then the:
A) principal is responsible.
B) agent is responsible.
C) principal is not responsible.
D) contracting party's agent is responsible.
Q2) It is not necessary for the agent to obey all of the principal's reasonable and lawful orders and instructions within the scope of the agency contract.
A)True
B)False
Q3) If the third party does not know the identity of the principal,the agent can be held personally responsible to the:
A) agency.
B) third party.
C) identified principal.
D) unidentified principal.
Q4) How is a contract of agency established?
Q5) What are the duties that are bestowed and owed to a guardian ad litem?
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Chapter 20: Business Organizations
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Q1) Many people in the United States have an entrepreneurial spirit that encourages them to pursue the "American Dream" of:
A) traveling throughout the world.
B) having employment security.
C) having a leisurely life.
D) owning and operating their own business.
Q2) The duty of loyalty means that a director has no legal or ethical obligation to administer to the affairs of the corporation with personal integrity,honesty,and candor.
A)True
B)False
Q3) A corporation drafts articles of incorporation that lists the liabilities of the company. A)True
B)False
Q4) An advantage to a sole proprietorship is that the owner has complete authority,within the boundaries of the law,for the running of the business.
A)True
B)False
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Chapter 21: Bankruptcy
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Q1) Chapter 13 bankruptcy is sometimes referred to as a ______________________:
A) reorganization bankruptcy.
B) realignment bankruptcy.
C) recharging bankruptcy.
D) revision bankruptcy.
Q2) Under Chapter 9 bankruptcy municipality is defined as the following type of entity EXCEPT:
A) a political subdivision
B) a public agency
C) an instrumentality of a state
D) a private agency
Q3) Under Chapter 7 of the bankruptcy law examples of exempt property under federal law include the following EXCEPT:
A) one motor vehicle.
B) appliances.
C) trade tools.
D) vacation home.
Q4) Define and give examples of secured debts.
Q5) Identify and define the two types of bankruptcy filings.
Q6) Define and give examples of secured debts.
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Chapter 22: Introduction to Commercial Paper
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Q1) A written order drawn on a bank by a depositor that requests the bank to pay,on demand and unconditionally,a definite sum of money to the bearer of the instrument or to the order of a specified person is called a:
A) price quotation.
B) promissory note.
C) check.
D) stop-payment order.
Q2) The promise in a note,or the order in a check or draft,must be conditional.
A)True
B)False
Q3) A person may not postdate a check for self-protection when some act is to be completed by the payee before the date of the check.
A)True
B)False
Q4) State the differences between commercial paper and an ordinary contract.
Q5) A certified check is one that the bank has promised to pay when it is presented for payment.
A)True
B)False
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Chapter 23: Transfer and Discharge of Commercial Paper
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Q1) All of the following are personal defenses against payment of commercial paper,EXCEPT:
A) lack of consideration.
B) fraud, duress, and undue influence.
C) material alteration.
D) non-delivery of an executed instrument.
Q2) In order to ensure negotiability,the Uniform Commercial Code assumes that the endorser is the true owner of the paper.If he or she found or stole the paper and transferred it to another by endorsement,the:
A) law provides jail term to endorser, but not compensation to endorsee.
B) endorser is liable for any loss suffered by the endorsee.
C) endorser is liable up to $500 for the loss suffered by the endorsee.
D) endorsee cannot seek any remedy from the endorser.
Q3) A defense against payment of commercial paper that may be used against any party EXCEPT a holder in due course is called:
A) specific defense.
B) personal defense.
C) special defense.
D) commercial defense.
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Page 25
Chapter 24: Real and Personal Property
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Q1) The evidence of ownership does not create title to personal property.To acquire a title to property,it is necessary to have actual:
A) patent.
B) possession.
C) ownership.
D) exclusive rights.
Q2) A person who finds property has a(n)_________ responsibility to make reasonable efforts to return the property to its rightful owner.
A) ethical
B) joint and several
C) religious
D) legal
Q3) Items of personal property added to real property are fixtures.
A)True
B)False
Q4) A person who finds property has no legal responsibility to make an effort to return the property to its rightful owner.
A)True
B)False
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Chapter 25: Bailments
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Q1) An agreement in which a suitcase is left with a railroad station checkroom is a:
A) bailment for the sole benefit of the bailee.
B) bailment for the sole benefit of the bailor.
C) mutual-benefit bailment.
D) constructive bailment.
Q2) A bailment is a special kind of contract that is widely used in business and in:
A) personal affairs.
B) cultural activities.
C) academic research.
D) charitable institutions.
Q3) A bailment in which both the bailee and bailor derive some benefit,and,as a result,each has rights and duties,is known as a:
A) bailment for the sole benefits of the bailor.
B) mutual-benefit bailment.
C) bailment for the sole benefits of the bailee.
D) constructive bailment.
Q4) List the four different kinds of bailments.
Q5) How is an agreement of bailment created?
Q6) Explain mutual-benefit bailments.
27
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Chapter 26: Landlord-Tenant Relations
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Q1) The tenant is not responsible for injuries occurring on his or her own leased premises.
A)True
B)False
Q2) A license gives a person the right of possession.
A)True
B)False
Q3) The law gives a tenant the right to make reasonable modifications to the leased property in order to make it suitable:
A) for sale.
B) for use.
C) to sublet.
D) to gift.
Q4) Making excessive noise,disturbing other tenants,or using residential premises for business purposes are considered to violate the provisions of:
A) actual eviction.
B) constructive eviction.
C) assignment of lease.
D) material lease.
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Chapter 27: Wills, Intestacy, and Trusts
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Q1) One of the benefits of a trust is that it allows the legal title of property to be separated from the benefits of:
A) partnership.
B) ownership.
C) perpetuity.
D) common seal.
Q2) A formal,printed will needs to be signed only by the testator.Witnesses are not required for this purpose.
A)True
B)False
Q3) The requirement that a testator must be of sound mind and legal age is known as:
A) testamentary intent.
B) restrictive covenant.
C) living will.
D) testamentary capacity.
Q4) A formal printed will must be signed by the testator and: A) executed.
B) scripted.
C) witnessed.
D) supplemented.
Page 29
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Chapter 28: Intellectual Property
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Q1) A distinctive,nonfunctional feature,which distinguishes a merchant's or manufacturer's goods or services from those of another,is known as a:
A) trademark.
B) trade dress.
C) design patent.
D) copyright.
Q2) An individual who copies another's works without permission may be found liable for infringement.
A)True
B)False
Q3) Producers of computer software have an incentive to treat their creations as trade secrets because there is no set time limit on the protection available for patents,copyrights and trademarks.
A)True
B)False
Q4) Computer programs and computer games may not be copyrighted under existing law.
A)True
B)False
Q5) What are the rights of a trade registrant?
Page 30
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Chapter 29: Computer Privacy and Speech
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Q1) It is a problematic issue as to how offshore gambling can be regulated,where ___________ laws generally do not apply.
A) consumer protection
B) human rights
C) constitutional
D) administrative
Q2) Unauthorized access to computers invites violation of: A) objectives.
B) duties.
C) rights.
D) goals.
Q3) The Electronic Communications Privacy Act (ECPA)makes it a federal crime to monitor e-mail during real time,that is,when it is being sent or received.
A)True
B)False
Q4) Spam is undesirable because it can drain an ISP's resources,strain network bandwidth,and clog a user's e-mail folders.
A)True
B)False
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Chapter 30: Conducting Business in Cyberspace
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Q1) The following are the advantages of alternative disputes resolution system,EXCEPT:
A) speedy disposal.
B) privacy.
C) finality.
D) publicity.
Q2) The illegal activity of using insider information for personal gain is considered a(n):
A) manipulative and deceptive practice.
B) honest approach.
C) practice of forgery.
D) mandatory civil rights encroachment.
Q3) The federal Digital Millennium Copyright Act of 1998 (DMCA)provides that Internet Service Providers are not liable for copyright infringements by their subscribers if they adopt and reasonably implement a(n):
A) purchase policy.
B) terminating policy.
C) sales policy.
D) insurance policy.
Q4) Describe the Digital Millennium Copyright Act.
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Chapter 31: The Employer-Employee Relationship
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Q1) The doctrine of _____________,states that,just as an employee may choose to terminate his or her employment at any time he or she wishes,so too an employer may terminate an employee's employment at any time for a good reason,a bad reason,or no reason at all.
A) res subjudice
B) res judicata
C) precedent
D) employment at will
Q2) Explain the concept and purpose of the Internal Revenue Service Test.
Q3) The acts of an employee committed while performing duties are considered:
A) his or her own responsibility alone.
B) the acts of the employer.
C) free of liability.
D) to be the court's responsibility.
Q4) The employer owes several duties to his or her employee.These duties are mostly:
A) legal in nature.
B) social in nature.
C) political in nature.
D) ethical in nature.
Q5) State and describe any three contents of an employee handbook.
Page 33
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Chapter 32: Employment Law
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Q1) A type of insurance that provides that employees may recover damages for work-related injuries and illnesses without having to prove negligence on the part of the employer is known as:
A) workers' compensation.
B) provident fund.
C) stipend.
D) gratuity.
Q2) Persons considered disabled under the Americans with Disabilities Act would include individuals who are sight impaired,or who are hearing impaired,or use a wheelchair.
A)True
B)False
Q3) There are numerous federal and state laws that serve to protect employees from accidents and sicknesses that are job-related.
A)True
B)False
Q4) State and describe the Family Medical Leave Act of 1993 (FMLA).
Q5) Explain the important provisions of the Occupational Safety and Health Act.
Q6) State and describe at least three rights of an employer.
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Chapter 33: Product Liability
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Q1) The federal agency responsible for the safety of food and drugs sold in the United States is the Food and Drug Administration.
A)True
B)False
Q2) Hazardous household cleaners and substances are consumer products that have restrictions imposed on them that are regulated by the:
A) Food and Drug Administration Commission.
B) Consumer Product Safety Commission.
C) Federal Administrative Commission.
D) Federal Trade Commission.
Q3) A pharmaceutical company earns most of its profits from the drug only during the time that the patent for the drug is effective.
A)True
B)False
Q4) Liability without the necessity of proving fault is a:
A) tortuous liability.
B) strict liability.
C) business liability.
D) vicarious liability.
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Chapter 34: Professionals Liability
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Q1) Discuss any two elements of malpractice.
Q2) A lawsuit against the financial planner's unreasonably excessive buying or selling of securities to generate commission is known as:
A) churning.
B) negligence.
C) misrepresentation.
D) fraud.
Q3) It is not a requirement for the plaintiff to show that the defendant owed him or her a duty to either perform an action or not perform an action.
A)True
B)False
Q4) The malpractice of a physician does not cause injury or loss to third parties,except in cases where the physician's negligence results in the patient's death or permanent disability.
A)True
B)False
Q5) Explain how professionals protect themselves against the losses that might result from being found liable for malpractice or negligence.
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Chapter 35: International Business Law
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Q1) The study of organizations that regulate personal and commercial activity and facilitate international trade is not within the scope of international law.
A)True
B)False
Q2) In 1994,12 countries in Europe formed an economic and political integration of the members into one entity which is expected to eventually become:
A) Greenland.
B) Euroland.
C) United Europe.
D) Trans-Europe.
Q3) The work of authors or creators of literary,artistic,or musical works and computer programs are protected under:
A) patents.
B) copyrights.
C) trademarks.
D) know-how.
Q4) What is the Doctrine of Comity?
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Chapter 36: Business and the Environment
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Q1) Numerous municipalities require that businesses and homeowners recycle the following,EXCEPT:
A) paper.
B) wood.
C) plastic.
D) glass.
Q2) What is problematic for policymakers is balancing the importance of allowing businesses to produce at optimal levels while,at the same time,maintaining a watchful eye over the:
A) environment.
B) members.
C) government.
D) citizens.
Q3) Define nuisance and describe the two categories of nuisance.
Q4) There has been a growing recognition that economic interests are causing the gradual destruction of the rain forests.
A)True
B)False
Q5) Describe the Greenhouse Effect,and discuss how it can impact the environment.
Page 38
Q6) Discuss the Clean Water Act,and how it relates to Superfund.
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