Business Law
Final Exam
Course Introduction
Business Law offers an in-depth introduction to the legal principles and frameworks that govern commercial activities and transactions. This course provides students with a foundational understanding of contract law, agency, sales, negotiable instruments, and the regulation of business organizations such as partnerships and corporations. It explores key legal concepts including liability, dispute resolution, and intellectual property rights, emphasizing real-world applications and ethical considerations in the business environment. Through case studies and practical scenarios, students will learn how laws affect business decision-making, risk management, and organizational compliance, preparing them for careers in business, entrepreneurship, and related fields.
Recommended Textbook
Introduction to Business Law 4th Edition by Jeffrey
F. Beatty
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32 Chapters
1437 Verified Questions
1437 Flashcards
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Chapter 1: Introduction to Law
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Sample Questions
Q1) The doctrine of stare decisis:
A) makes the legal process more expensive.
B) is an equitable remedy.
C) makes the law more predictable.
D) is unimportant to the common law.
Answer: C
Q2) The federal judicial branch of the U.S.government:
A) interprets statutes.
B) passes statutes.
C) issues executive orders.
D) creates administrative agencies.
Answer: A
Q3) A rule that establishes maximum length of work shifts for air traffic controllers is an example of an administrative regulation.
A)True
B)False
Answer: True
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Page 3
Chapter 2: Business Ethics and Social Responsibility
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Sample Questions
Q1) Li is the vice president of marketing for Felson,Inc.,a manufacturer of children's clothing Felson is considering building a factory in a developing country,where there are few restrictions on working conditions,wages,or maximum work hours. Which viewpoint: utilitarian or deontological would support this move? Why?
Answer: A utilitarian viewpoint would support building a factory in a developing country because: Felson would save money,enabling them to lower their prices to consumers. Workers in developing countries are willing to work,even under harsh conditions,because they need the money. Industrialization,even with sweatshops,leads to economic growth for a society. Without the factory,the workers in this country may even starve.
Q2) Charlie Sheen's drug use and violent behavior:
A) were bad enough that to warrant CBS's firing of him from a hit TV show.
B) have no impact on his job as an actor.
C) enhance his reputation as a "tough guy" and should be tolerated.
D) are false accusations.
Answer: A
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Page 4
Chapter 3: Courts,Litigation and Alterntive Dispute Resolution
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Sample Questions
Q1) What are the advantages and disadvantages of using arbitration rather than litigation?
Answer: The advantages of arbitration include using an impartial third party who often has expertise in the field to settle the dispute.The parties may have selected the arbitrator in advance or may have set forth a procedure to select a mutually agreeable arbitrator.Arbitration allows both sides to keep secret information that would have to be divulged in a court case.In most cases,use of an arbitrator will allow the case to be resolved much more quickly than utilizing traditional litigation techniques and it will probably be less expensive.
A disadvantage to arbitration is that the parties may be barred from using the court system.After the arbitrator's ruling,the court cannot correct a mistake of law made by the arbitrator.An arbitrator may issue a binding decision without giving reasons for the decision.Parties in arbitration give up many rights litigants retain,such as discovery and class action.
Q2) Generally,mandatory arbitration provisions in a contract are valid.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Constitutional, Statutory, Administrative, and Common Law
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Sample Questions
Q1) Administrative agency rules consist of:
A) executive and independent rules.
B) legislative and interpretive rules.
C) informal and "notice and comment" rules.
D) promulgated and unpromulgated rules.
Q2) Generally,constitutional protections do NOT apply to:
A) acts of the federal government.
B) acts of state government.
C) acts of administrative agencies.
D) acts of privately owned businesses.
Q3) The power to create laws regulating international commerce is given to Congress and the states concurrently under the U.S Constitution.
A)True
B)False
Q4) The primary source of federal power to regulate business is the:
A) Supremacy Clause.
B) Commerce Clause.
C) Contract Clause.
D) Privilege and Immunities Clause.
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Chapter 5: Intentional Torts and Business Torts
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Sample Questions
Q1) Jane Doe and Nancy Roe v Lynn Mills dealt with what issue?
A) fraud
B) defamation
C) intentional infliction of emotional distress
D) intrusion
Q2) A tort is a violation of a duty imposed by the civil law.
A)True
B)False
Q3) The single recovery system
A) requires a party to choose one source of damages to sue for.
B) Allow a party to sue one defendant and then apportion the judgement among all the defendants
C) Only lets a party sue one time for damages
D) requires a court to settle a matter once and for all.
Q4) False Imprisonment is the intentional restrain of a person for any reason. A)True
B)False
Q5) Identify and discuss two specific causes of action a plaintiff can allege that deal specifically with privacy rights.
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Chapter 6: Negligence and Strict Liability
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Sample Questions
Q1) While hunting,Roger enters Adele's property without permission and is injured by falling into a ditch that was obscured by the underbrush.Under the common law,Adele is liable for Roger's injuries.
A)True
B)False
Q2) Silas asks his friend Shelby to come to his property to go fishing at his pond.If he fails to warn her that the dock has a rotten spot and she falls through and is injured,Silas would be held liable in most states.
A)True
B)False
Q3) A customer in a restaurant would be considered ________ to whom the restaurant owner owes a duty ________.
A) a licensee; to warn of known dangers.
B) an invitee; of reasonable care.
C) a social guest; only to avoid intentionally injuring him.
D) none of the above.
Q4) List and discuss the elements necessary to establish negligence.
Q5) Discuss the concepts of contributory negligence and comparative negligence.
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Chapter 7: Crime
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Sample Questions
Q1) Miranda v.Arizona considered the intent requirement in an armed robbery case.
A)True
B)False
Q2) The criminal penalties under RICO include all EXCEPT:
A) imprisonment.
B) capital punishment.
C) confiscation of property acquired through the criminal activity.
D) fines.
Q3) The Miranda warning insures that the criminal suspects understand their constitutional rights relating to:
A) search and seizure.
B) self incrimination.
C) double jeopardy.
D) having a jury trial.
Q4) Although RICO was passes to deal with gansters it is often used against businessmen who break the law.
A)True
B)False
Q5) List and discuss the protections afforded criminal defendants by the Bill of Rights.
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Chapter 8: International Law
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Sample Questions
Q1) It is not a violation of United States law for a domestic company to pay money to a foreign governmental official in order to obtain a contract with the foreign government if this type of "commission" is commonly paid in that foreign country.
A)True
B)False
Q2) Zebra Toy Company,located in Chicago,sells $500,000 worth of toys to a London,England,wholesaler.This contract could be governed by:
A) Illinois's Uniform Commercial Code.
B) English law.
C) the CISG.
D) All the above are correct.
Q3) United States suffers trade deficits every year because the value of its imports exceeds that of its exports.
A)True
B)False
Q4) The two principal requirements of the Foreign Corrupt Practices Act involve bribes and grease payments.
A)True
B)False
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Chapter 9: Introduction to Contracts
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Sample Questions
Q1) Wally owns 200 acres of land.Wally offers to sell the land to Robert for $1,500 per acre.Robert replies that he does not need 200 acres of land but would like to buy 40 acres at $1,500 per acre.Wally agrees to sell but does not identify which 40 acres.Later,Wally refuses to sell any land to Robert.What is the result?
A) Robert wins; this is an enforceable contract with complete and definite terms.
B) Robert wins; the UCC will decide which 40 acres are to be sold.
C) Wally wins; the original offer was not intended to be an offer but merely an invitation to negotiate.
D) Wally wins; this agreement is too indefinite since it does not identify which 40 acres are to be sold.
Q2) Discuss the requirements of promissory estoppel.
Q3) Walter enters a dentist office and points to a damaged tooth.The dentist,Matt,treats the tooth.If Walter refused to pay and Matt sued:
A) Walter would win as there was no contract.
B) Walter would win because of the UCC.
C) Matt would win; this is an implied contract.
D) Matt would win in quantum meruit.
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Chapter 10: Contract Impediments
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Sample Questions
Q1) In January,Alex promised to pay Y-K Inc.$5,000 if it would refrain from filing suit against him on a breach of contract action.Y-K agreed and accepted a $5,000 check from Alex.Which of the following statements is correct?
A) Y-K's promise to refrain from suing Alex was not supported by legal consideration.
B) Y-K's promise to refrain from suing Alex was supported by legal consideration and is enforceable.
C) This is an accord and satisfaction,and Y-K cannot sue.
D) The courts would apply promissory estoppel in this situation.
Q2) Raul agrees to paint Mike's house for $1,000.Before finishing,Raul states it is too hot to finish,and Mike offers to pay $1,200 if Raul finishes.Mike's statement that he will pay $1,200 is unenforceable.
A)True
B)False
Q3) Any contract involving a sale of goods of $100 or more must be in writing.
A)True
B)False
Q4) What elements are necessary for an offer to be valid? Give two examples of nonoffers.
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Page 12
Chapter 11: Conclusion to Contracts
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Sample Questions
Q1) If Velma,as a birthday present,assigns to Jim her contractual right to collect $50 from Wood Co.,this would be a gratuitous assignment.
A)True
B)False
Q2) Brandon orally assigned his right to $100 to Will as a gift.This assignment is:
A) not valid because it was not in writing.
B) valid even though it was oral and there was no consideration from Will.
C) irrevocable once Brandon has told Will about the gift.
D) not valid because Will gave no consideration for the assignment.
Q3) A rock group assigns its payment under a performance contract to the Costume Shop,a business that has supplied the group with outrageous stage outfits,and to which the group owes a great sum of money.Under this arrangement the rock group is the:
A) assignor.
B) assignee.
C) delegator.
D) delegatee.
Q4) Discuss the potential liability differences between a delegation and a novation.
Q5) Briefly discuss the enforceability of contracts by third parties.
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Chapter 12: Practical Contracts
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Sample Questions
Q1) If you have an established relationship with a buyer,you can sell small tracts of land without a written contract.
A)True
B)False
Q2) Lucky,a contractor,enters into a contract with Penny,a homeowner,to remodel her kitchen.The contract provides a specific completion date,but does not specify what will happen if Lucky does not have the job finished by the date. So,Penny may deduct $100 per day from the contract price until the job is finished,because this is the industry norm.
A)True
B)False
Q3) Which of the following statements is incorrect concerning arbitration?
A) The losing party in an arbitration can file an appeal in a District Appellate Court.
B) Arbitration is almost always cheaper and faster than litigation.
C) Arbitrators may be biased toward the "larger" party who may be a repeat client.
D) Parties to a contract cannot be forced to arbitrate unless the contract specifies it.
Q4) Define and compare the terms "vagueness" and "ambiguity."
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Page 14
Chapter 13: Introduction to Sales
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Sample Questions
Q1) The most important warranty in the Code
A) Is an expressed warranty
B) Is a warranty for fitness for a particular purpose
C) Is a warranty that goods will meet a certain standard
D) Is an implied warranty of merchantability.
Q2) A sales representative at Oxtren,Inc orally told the purchasing agent at Wety,Inc.that its industrial saw is exceptional.Which statement is correct concerning the claim that the saw is exceptional?
A) The claim is an express warranty.
B) The claim is an implied warranty of merchantability.
C) The claim is not a warranty because it is not in writing.
D) The claim is not a warranty because it is sales puffery.
Q3) Rachel Retailer sends a preprinted purchase order offering to buy goods from Snidley Supplier.Snidley acknowledges Rachel's offer with a preprinted acceptance form.The terms of the two forms do not mirror each other.To analyze whether an enforceable contract exists,one must first determine whether the new language in the acceptance is an additional term or a different term.
A)True
B)False
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Page 15
Chapter 14: Negotiable Instruments
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Sample Questions
Q1) To be negotiated,bearer paper must simply be delivered to the recipient.
A)True
B)False
Q2) Under the UCC,a holder in due course is a holder who has given value for the instrument.Which of the following holders have given value for the instrument?
A) Beth promises to paint the neighbor's house in exchange for a promissory note as an advance payment for the job.
B) Steve gives a note and mortgage on his house to his attorney as a retainer to handle his pending divorce.
C) Todd,a newspaper carrier,accepts a properly indorsed two-party check for the past two months of deliveries.
D) All of the above are correct.
Q3) What are the requirement of Holders in Due Course?
A) Possession of the instrument
B) Must have given value for the instrument
C) Mist not have any notice of outstanding claims
D) All of these answers are correct.
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Chapter 15: Secured Transactions
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Sample Questions
Q1) For a security interest to attach,there must be an agreement.
A)True
B)False
Q2) Ken decided to open a retail boat dealership.He expects that many of his sales will be credit sales.What should Ken do to protect his interests in the collateral in the credit sales that he makes?
Q3) Fixtures are goods which are attached to real estate so they are not covered by article ( of the UCC.
A)True
B)False
Q4) Spicy & Hot,Inc.is interested in expanding its Mexican food restaurant into a Mexican food catering business.Spicy & Hot,Inc.buys a new delivery van from Van World.Spicy & Hot,Inc.is a buyer in the ordinary course of business when purchasing the van. A)True
B)False
Q5) Fowler Bros.has applied to Gibralter Bank for a $50,000 loan for its business expansion.If Fowler Bros.plans to use its account at Gibralter Bank as collateral,discuss what the bank needs to do for a security interest to attach.
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Chapter 16: Bankruptcy
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Q1) What are the three main purposes of the federal Bankruptcy Code? How are these purposes supported and fostered in the Code?
Q2) In a Chapter 13 bankruptcy,creditors cannot force a debtor into bankruptcy; nor can they vote to confirm or reject a plan of reorganization.
A)True B)False
Q3) When Dudley files his Chapter 7 petition,he lists the following debts:
a.$25,000 in back child support and alimony.
b.$15,000 for liabilities incurred after drinking and driving.
c.$10,000 for past-due student loans.
d.$5,000 for past-due rent to his landlord.
e.$550 for a past-due phone bill.
How will each of these debts be treated by the bankruptcy court.
Q4) Francesca cannot serve as a trustee in a bankruptcy case because she is not a lawyer.
A)True B)False
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Chapter 17: Agency Law
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Q1) A principal must indemnify an agent for any expenses incurred in carrying out agency responsibilities,but the principal will not be responsible for indemnifying an agent for any expenses not expressly authorized.
A)True
B)False
Q2) An agency relationship can be created:
A) by the conduct of the parties.
B) only by the meeting of all the standards of contract law.
C) only by a written agreement.
D) all of these answers are true
Q3) An agent is always liable for his or her own torts committed within the scope of the agency relationship.
A)True
B)False
Q4) Andrew has been hired to do some work for Rossi Enterprises.What factors would a court consider in determining if Andrew is an employee or an independent contractor? Why does the designation matter?
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Chapter 18: Employment Law
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Q1) Roxanne was fired from her job when her employer instituted a new policy that prohibited employees from smoking cigarettes.This requirement applied to off-duty time as well as job-related time.Roxanne claimed that she could not quit smoking and that she was wrongfully fired since she did not smoke in the workplace -- only when she was outside the building and during off-duty time.
A) The company has wrongfully fired Roxanne and is liable to her for damages.
B) The company would be liable to Roxanne only if there is a state statute prohibiting employers from passing such job-related requirements.
C) The company is not liable to Roxanne since the nonsmoking requirement is reasonable given the high cost of treating smoking-related illness.
D) The company is not liable to Roxanne since the United States Supreme Court has expressly ruled such a company policy does not violate the worker's right to privacy.
Q2) As a general rule,employers have a legal obligation to disclose information about former employees to potential future employers.
A)True
B)False
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Chapter 19: Employment Discrimination
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Q1) A company is not liable for sexual harassment committed by its employees if:
A) the victimized employee is still able to work
B) the victim was not another employee
C) the victimized employee has not been demoted or had a job-related detriment
D) it used reasonable care to prevent sexual harassment
Q2) Explain the Title VII requirements on affirmative action,and identify three sources of affirmative action programs.
Q3) Under the Equal Pay Act of 1963 an employee may not be paid at a lesser rate than employees of the opposite sex for tasks requiring equal skill,effort,and responsibility under similar working conditions.
A)True
B)False
Q4) Valid defenses to charges of discrimination include all of the following,except:
A) Merit
B) Seniority
C) Test scores
D) Bona fide occupational qualification
Q5) Discuss what considerations are made when determining what accommodations are reasonable?
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Chapter 20: Labor Law
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Q1) Mega Corp has decided to subcontract about 30 percent of its production work to a company located in Thailand.The subcontracting is designed to replace union workers with cheaper labor.The work that will be contracted away had previously been done in the company's main plant in New Jersey.The union representing the Mega Corp workers claims this is an issue subject to mandatory bargaining.Management claims it is a corporate organization decision and,thus,not subject to bargaining.Who is right?
Q2) Employees of Truan went on strike because Truan refused to bargain in good faith.After the strike,the striking workers are:
A) entitled to get their jobs back.
B) not entitled to get their jobs back.
C) entitled to get their jobs back but only as they become available.
D) fired.
Q3) At one point in American history,American courts regarded any coordinated effort by workers as a criminal conspiracy,and courts convicted workers merely for the act of joining together,even if no strike took place.
A)True
B)False
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Page 22
Chapter 21: Starting a Business: Llcs and Other Option
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Q1) Harold and Zack have pooled their money together to buy real estate but have filed no formal papers to form a business.Harold,a lawyer,handles all the legal matters and Zack,a real estate broker,finds buyers for the property they have subdivided.Harold and Zack are engaged in a:
A) partnership.
B) close corporation.
C) limited liability company.
D) business trust.
Q2) Which of the following would not be personally liable for the debts of the business?
A) A sole proprietor.
B) A partner in a general partnership.
C) A general partner in a limited liability limited partnership.
D) A general partner in a limited partnership.
Q3) Briefly discuss the limitations on a corporation electing Subchapter "S" status.
Q4) The form of business ownership that is the most easily transferable is the:
A) general partnership.
B) corporation.
C) limited liability company.
D) limited partnership.
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Chapter 22: Life and Death of a Corporation
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Q1) MegaCorp has five directors.The company has 1,050 shares of voting stock.Jessica would like to purchase enough stock to elect herself to the board of directors.The company allows for cumulative voting.Explain the concept of cumulative voting and also state how many shares of MegaCorp stock Jessica will need to own to assure herself a place on the board of directors.
Q2) Defining a corporation with such information as the corporate name,the number and type of authorized shares of stock,identification of the purpose and the agent,is done through the:
A) charter.
B) articles of incorporation.
C) certificate of organization.
D) All of the above.All of these terms are used to identify the same document.
Q3) Under Sarbanes Oxley what is true?
A) If a company restates its earnings the executive must reimburse its company for any profit they made based on those misstated earnings.
B) a company may not restate its earnings.
C) Executives may retain their bonus even if the earnings of the corporation are restated.
D) None of the above are correct.
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Chapter 23: Government Regulation: Securities and Antitrust
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Q1) Per se violations are subject to both civil and criminal penalties.
A)True
B)False
Q2) This agreement violates the:
A) Sherman Act.
B) Clayton Act.
C) Robinson-Patman Act.
D) None of the above.
Q3) Companies with substantial assets must notify the FTC before consummating a merger.
A)True
B)False
Q4) The following is a violation of the Sherman Abnti Trust Act.
A) Setting the minimum price for an item.
B) Lowering prices to put a competitor out of business.
C) Monopolize a market
D) all of the above
Q5) The Clayton Act prohibits anti-competitive mergers.
A)True
B)False
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Chapter 24: Accountants' Liability
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Q1) Manuel,in conducting an audit,must rely most heavily on rules found in generally accepted accounting principles (GAAP).
A)True
B)False
Q2) Criminal liability for accountants:
A) is not an option under securities law; there is only civil liability.
B) is possible under the Securities Act of 1933,the 1934 Act,state securities laws,and the Internal Revenue Code.
C) may result in fines but not imprisonment from violation of the federal securities laws.
D) will result from violation of the accountant-client privilege under federal law.
Q3) Adam claimed that N & A,its accounting firm,negligently prepared an audit.To hold the accounting firm liable,which of the following elements must be established?
A) Scienter or guilty knowledge.
B) A fiduciary relationship.
C) Failure to exercise due care.
D) An executed engagement letter.
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Chapter 25: Consumer Law
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Q1) "Bait and switch" tactics are not a violation of FTC rules if the consumer is given a choice of which product to buy.
A)True
B)False
Q2) Congress tightened oversight of credit card companies by enforcing the following::
A) cannot increase interest rates on pending balances
B) cannot charge late fees
C) cannot allow a consumer to exceed his or her credit limit.
D) cannot issue a credit card to someone under 21 unless the person is a student.
Q3) The Truth-in-Lending Act applies to private individuals who loan money.
A)True
B)False
Q4) What federal law applies to this particular situation?
A) Truth in Lending Act.
B) Fair Credit Billing Act.
C) Fair Credit Reporting Act.
D) Equal Credit Opportunity Act.
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Chapter 26: Environmental Law
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Questions
Q1) Under the prevention of significant deterioration (PSD)program:
A) no one may undertake a building project that will cause a major increase in pollution without first obtaining a permit from the EPA.
B) a successful permit applicant must demonstrate that its emissions will not cause an overall decline in air quality.
C) a successful permit applicant must demonstrate that it has installed the best available control technology for every pollutant.
D) All of the above.
Q2) In 2008,then-President George W.Bush reached an agreement with other world leaders to cut greenhouse gases in half by 2028.
A)True
B)False
Q3) Greenhouse effect is caused by
A) sulfur emissions from coal-burning utility plants.
B) automobile emissions,especially from large cities.
C) any fossil fuels being burned
D) all of these answers are correct
Q4) Discuss the major provisions of the Clean Air Act.
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Chapter 27: Cyberlaw
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Q1) Unsolicited commercial e-mail (UCE)or unsolicited bulk e-mail (UBE)messages:
A) are commonly known as "cookies."
B) constitute about 80 percent of all e-mail.
C) are estimated to be fraudulent either in content or packaging in approximately one-fourth of all cases.
D) although annoying,do lower the cost of connecting to the Internet.
Q2) Tom receives an e-mail from someone alleging to be a Nigerian government official who has stolen money from the government.He needs some place safe to keep the money for a short time.The official promises that,if Tom lets his bank account be used for this purpose,Tom will be allowed to keep a percentage of the stolen money.Tom gives in to the temptation and provides his account information.Instead of receiving money,Tom loses everything he had in the account to the scammer.In this situation:
A) prosecution can be under state law.
B) prosecution can be under the Computer Fraud and Abuse Act.
C) a civil action can be brought under Section 5 of the FTC Act.
D) All of the above.
Q3) U.S.A.v Warshak held that the 4th Amendment applied to Internet communications.
A)True
B)False
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Page 29
Chapter 28: Intellectual Property
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Sample Questions
Q1) Janice wrote a song called "Feelings of Love." She wrote the piano score and lyrics for a class she was taking at college and turned it into her professor.
A) Janice's song was automatically copyrighted when she wrote it down on paper.
B) If Janice wishes to enforce her copyright,she must first register her song with the Copyright Office.
C) Both of the above are correct.
D) Neither a nor b
Q2) A company's trade secret lasts for:
A) 20 years after the application is filed.
B) 70 years after the death of the creator.
C) 10 years,but it can be renewed for an unlimited number of terms as long as it is used.
D) as long as it is kept confidential.
Q3) Anyone has the right to submit evidence that a patent is not novel.
A)True
B)False
Q4) Derrick buys a CD,but after listening to it,decides he doesn't like the music.May he legally sell the CD to someone else? If he thinks his cousin would enjoy the music,may he legally copy the CD for her?
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Page 30
Chapter 29: Real Property and Tenant: Landlord Law
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Sample Questions
Q1) The purpose of recording a deed or other real estate transaction is to:
A) establish the rights between the grantor and the grantee.
B) assure the grantee that a transfer of real property is now complete.
C) establish the type of deed granted (i.e.warranty deed,special warranty deed,or quitclaim deed).
D) put the rest of the world on notice that the transaction occurred between the grantor and the grantee.
Q2) The Kelo v City of New London case dealt with the issue"
A) Whether the government could condemn private land for private developers.
B) Whether the government could condemn private land.
C) Whether the government had a right to an easement on private land.
D) Whether a fair price was being paid for Mrs.Kelo's land
Q3) Laverne went to visit her best friend and while climbing the front steps to the apartment building she falls because she was leaning on a loose hand rail. Who is liable?
A) Laverne. She should have looked where she was walking and been more careful
B) Both the tenant and landlord if the step are a common area
C) The landlord only.
D) The tenant as she should have reported the loose rail to the landlord.
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Page 31
Chapter 30: Personal Property and Bailment
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Q1) Jerry enters a restaurant and hangs his coat in an unattended cloakroom near the entrance of the restaurant.Even though no employee of the restaurant is present,the provision of the cloakroom makes Jerry think it will be safe.In this situation,the restaurant is a bailee of Jerry's coat.
A)True
B)False
Q2) Sarah works for a company that has offered a promotion if she was willing to relocate.Sarah accepted the position and prepared to move. She hired a common carrier "We Move It" to move her furniture. She entered into a written contract with "We Move It".The agreement included a clause excusing "We Move It" from any liability for loss or damage,even if the loss or damage resulted from "We Move It"'s negligent acts.Because of "We Move It"'s negligence,Sarah's furniture was damaged.Sarah claims that "We Move It" is liable for the full cost of the damage.Is Sarah correct?
A) Yes,because common carriers cannot limit their liability.
B) No,common carriers can limit their liability.
C) Yes,because exculpatory clauses are illegal and never enforceable.
D) No. common carriers are never liable for negligence.
Q3) Discuss a bailor's liability for defects in the bailed property.
Q4) Distinguish between a contract and a gift.Give an example of each.
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Chapter 31: Estate Planning
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Sample Questions
Q1) Parents may not disinherit their minor children without good reason.
A)True
B)False
Q2) When a testator wants to change or amend a limited portion of a will,he may use:
A) the process of probate
B) a codicil
C) power of attorney
D) nuncupative will
Q3) Through which of the following procedures can a person inherit?
A) Will
B) Trust
C) Intestacy
D) All of the above.
Q4) Which of the following is not required to create a valid trust:
A) mental capacity of the grantor.
B) witnesses.
C) a beneficiary(ies).
D) property transferred to the trust.
Q5) Discuss the differences between a will and a trust.
Q6) Identify four ways a trust can be terminated.
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Chapter 32: Insurance
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Sample Questions
Q1) Jose and Juanita are first cousins.Jose lives in San Francisco,California; Juanita lives in Toronto,Canada.The two have met only once in life,and may never meet again.Nonetheless,because they are blood relatives,Juanita has an insurable interest in Jose's life.
A)True
B)False
Q2) A policy that makes payments to the owner monthly for her entire life is called:
A) whole life insurance
B) universal life insurance
C) an annuity
D) disability insurance
Q3) Insurance experts recommend that workers carry disability insurance to replace of their income.
A) 50%
B) between 60% and 75%
C) 100%
D) between 75% and 95%
Q4) Discuss the rules for insurable interests.
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