Business Law for Accountants
Final Test Solutions
Course Introduction
Business Law for Accountants introduces students to the fundamental legal principles and frameworks that affect accounting practice and the business environment. The course covers key topics such as contracts, agency, torts, property law, business organizations, securities regulation, and the Uniform Commercial Code, with an emphasis on their implications for accountants. Special attention is given to ethical and legal responsibilities, professional liability, and the regulatory context within which accountants operate. Through case studies and practical examples, students develop the ability to identify, analyze, and resolve legal issues commonly encountered in accounting and business settings.
Recommended Textbook
Dynamic Business Law 4th Edition by
Nancy K. Kubasek
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52 Chapters
4658 Verified Questions
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Chapter 1: An Introduction to Dynamic Business Law
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Q1) A national restaurant chain must pay damages for breach of contract to a cooking oil supplier.What type of law is involved?
A)Private law and civil law
B)Civil law only
C)Private law only
D)Public,private,and civil law
E)Public law only
Answer: A
Q2) The law that lays out the rights and responsibilities implied in relationships between persons and their government is which type of law?
A)Civil
B)Positive
C)Criminal
D)Natural
E)Procedur al
Answer: A
Q3) The text discusses five factors suggested as a structure for critical thinking when reviewing case law.List and describe the five factors.
Answer: Students should list and discuss the following procedure:
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Page 3
Chapter 2: Business Ethics
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Q1) What is a reason why the principle of deontology may be difficult to apply?
A)People disagree about the ethics of care.
B)People disagree about what duties we owe to one another,whether consequences are positive or negative,and about the ethics of care.
C)People disagree about what duties we owe to one another and which duties are more important.
D)People disagree about what duties we owe to one another and also whether consequences are positive or negative.
E)People disagree about whether consequences are positive or negative.
Answer: C
Q2) What does the value of security mean?
A)To possess the capacity or resources to act as one wishes
B)To possess anything that someone is willing to grant you.
C)To possess a large enough supply of goods and services to meet basic needs
D)To maximize the amount of wealth in society
E)To treat all humans identically,regardless of race,class,gender,age and sexual preference.
Answer: C
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Chapter 3: The Uslegal System
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Sample Questions
Q1) If after reviewing the evidence in the case,there is no factual dispute and one party is entitled to judgment prior to trial,the court may grant which of the following?
A)Motion for production
B)Motion for summary judgment
C)Motion for sanctions
D)Motion for judgment on the pleadings
E)Motion for discovery
Answer: B
Q2) When lawyers choose a jury,it is called ________.
A)Ven dere
B)Shadowing
C)Voir dire
D)Jury review
E)Jury analysis
Answer: C
Q3) Discuss the items that should appear in a complaint.
Answer: The complaint states the names of the parties to the action,the basis for the court's subject-matter jurisdiction,the facts on which the plaintiff bases the claim,and the relief sought.
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Page 5
Chapter 4: Alternative Dispute Resolution
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Sample Questions
Q1) Which of the following is true regarding ADR in federal courts and agencies?
A)Federal courts and agencies may "opt in" to a federal mediation program.
B)Both federal district courts and federal agencies are required by law to have ADR programs.
C)Federal agencies are required to create internal ADR programs,but federal district courts may "opt out" of establishing these programs.
D)Federal district courts are required to have ADR programs,but such programs are not mandatory for federal agencies.
E)There is no requirement that federal courts or federal agencies have ADR programs.
Q2) Gordon advises that they seek mediation,and,if mediation is unsuccessful,then they should request arbitration or file a lawsuit.However,Sofia is concerned that any statements she makes at mediation could be used against her.What should Gordon tell her?
A)Statements made in mediation can be used in trial,but not in arbitration.
B)Statements made in mediation cannot be used in arbitration or trial.
C)Statements made in mediation can be used in arbitration,but not trial.
D)Statements made in mediation can be used in arbitration or trial.
Q3) How are arbitrations similar and dissimilar to a court trial?
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Chapter 5: Constitutional Principles
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Q1) Which of the following refers to the basic fairness of laws that may deprive an individual of her life,liberty,or property?
A)The prohibition against taking
B)The prohibition against pervasive regulation
C)Substantive due process
D)Procedural due process
E)Independent due process
Q2) Jaidyn,who just turned eighteen,is out with several friends.They decide to see a movie,but it is sold out.Jaidyn hides in the back of the theatre and yells "Fire" as loudly as she can.The theatre empties,allowing Jaidyn and her friends or so they think)to watch the movie.Unfortunately,a theatre employee saw Jaidyn yelling,called the police,and she is arrested.Jaidyn tells police officers that she's merely exercising her free speech rights.She adds that the employee is lying and that she personally saw him stealing popcorn.The theatre employee tells Jaidyn that he will sue her for defamation,to which her response is that she would win based on her right to free speech.Discuss whether or not Jaidyn is right on both counts and why.
Q3) Corporations are not protected by the First Amendment.
A)True
B)False
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Page 7
Chapter 6: International and Comparative Law
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Sample Questions
Q1) Many are derived from Roman law.
A)Case law legal systems
B)Common law systems
C)Civil law systems
D)Islamic legal systems
E)Socialist legal systems
Q2) Which of the following would support a claim of specific personal jurisdiction over DroneTek?
A)If all D2000s were found to have a product defect.
B)If DroneTek had a distributor in Illinois.
C)If Illinois were part of the D2000's chain of distribution.
D)If Illinois were part of DroneTek's stream of commerce.
E)If DroneTek's sales in Illinois were over $50,000.
Q3) Which of the following translates directly to "law of merchants?"
A)Lex Loci
B)Ad Merchandiso
C)Lex Mercatoria
D)Res Judicata
E)Lex Seller
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Page 8
Chapter 7: Crime and the Business Community
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Sample Questions
Q1) Trevor goes door-to-door selling magazine subscriptions.Trevor knows,however,that he is simply taking money for subscriptions and has absolutely no intention of ever arranging for the provision of magazines.Which of the following offenses,if any,has he committed?
A)Ponzi scheme
B)False pretenses
C)Defalcation
D)False entry
E)False token
Q2) Making threats for the purpose of obtaining money or property is which of the following?
A)Criminal Fraud
B)Importation
C)Larceny
D)Bribery
E)Extortion
Q3) Discuss the four alternative ways,in addition to fines,to punish white-collar criminals discussed in the text.Discuss the pros and cons of each.
Q4) What elements are necessary to establish bribery of a public official?
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Chapter 8: Tort Law
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Sample Questions
Q1) The primary type of damages in tort law is referred to as .
A)Compensatory damages
B)Accrual damages
C)Punitive damages
D)Perspective damages
E)Nominal damages
Q2) Which of the following may a person accused of defamation raise as a defense?
A)Need and truth.
B)Privilege but not truth.
C)Need,truth and privilege.
D)Truth but not privilege.
E)Truth and privilege.
Q3) What type of torts occur when the defendant takes an action that is inherently dangerous and cannot ever be undertaken safely,no matter what precautions the defendant takes?
A)Strict-liability
B)Criminal
C)Liability
D)Negligent
E)Intentional
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Chapter 9: Negligence and Strict Liability
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Q1) When a plaintiff uses res ipsa loquitor,the plaintiff must show direct evidence of the defendant's lack of due care to prove the defendant's negligence was the cause of harm.
A)True
B)False
Q2) Which of the following occurs when a plaintiff expressly agrees,usually in a written contract,to assume the risk posed by the defendant's behavior?
A)Express assumption of the last-clear-chance doctrine.
B)Implied assumption of the last-clear-chance doctrine.
C)Implied assumption of the risk.
D)Assumption by incident.
E)Express assumption of the risk.
Q3) Which theory will Pavel likely rely on to seek recovery for his damaged property against Naomie?
A)Stare decisis
B)Negligence per se
C)Res ipsa loquitur
D)A fortiori
E)Actus reus
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Chapter 10: Product Liability
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Sample Questions
Q1) In a state that allows the contributory negligence defense,the plaintiff can recover for only that portion of the harm attributable to the defendant's negligence.
A)True
B)False
Q2) Which of the following defenses identifies that the harm was caused by the plaintiff's failure to properly use the product rather than by the defendant's negligence?
A)Misapplication.
B)Assumption of the risk.
C)Pure comparative fault.
D)Last-clear-chance.
E)Product misuse.
Q3) No duty to warn exists for dangers arising from either unforeseeable misuses of the product or from obvious dangers.
A)True
B)False
Q4) What four factors did the U.S.Supreme Court identify in the case of Daubert v.Merrill Dow Pharmaceutical for courts to consider in addressing the relevance and reliability of expert opinions?
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Chapter 11: Liability of Accountants and Other Professionals
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Sample Questions
Q1) Which of the following is false regarding compliance with GAAP and GAAS?
A)In some circumstances,a reasonable,competent accountant would do more than that the GAAP or GAAS requires.
B)State statutes may not impose additional legal requirements on accountants beyond GAAP and GAAS.
C)Failure to comply with GAAP and GAAS will almost certainly constitute a breach of duty.
D)GAAP standards are established by the Financial Accounting Standards Board,and GAAS standards are established by the American Institute of Certified Public Accountants.
E)Compliance with GAAP and GAAS does not automatically mean that the duty of care has been met.
Q2) For which of the following does the Securities Exchange Act impose liability?
A)Negligence in performing an audit or in the construction of a financial statement.
B)Fraudulent statements made to courts.
C)Fraudulent statements made to a client in connection with performing an audit.
D)Fraudulent statements made to the SEC.
E)Fraud in performing an audit.
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Page 13
Chapter 12: Intellectual Property
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Sample
Questions
Q1) Which of the following statements,if true,would best support dismissal of the lawsuit against Saya?
A)Saya's product,which contained the same ideas as in Ramona's patent,was already in existence before Ramona filed her patent application
B)Saya's product functions more efficiently than Ramona's product.
C)Ramona sold her product before the patent was issued.
D)Ramona sold her product before filing her patent application
E)Saya had the idea for the product ten years ago,but did not have time to perfect it.
Q2) Copyrights protect the expression of creative ideas.
A)True
B)False
Q3) Which of the following is a mark affixed to a good,its packaging,or its labeling?
A)Collective mark
B)Service mark
C)Physical activity mark
D)Product trademark
E)Certification mark
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Chapter 13: Introduction to Contracts
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Sample Questions
Q1) A bond used as bail in a criminal case is a recognizance,which is an example of a formal contract.
A)True
B)False
Q2) The law of contracts is primarily ________ law.
A)Common
B)Restated
C)Comprehensive
D)Statutory
E)Modified
Q3) Would their contract be governed by common law or the UCC?
A)Common law.
B)Both common law and the UCC.
C)Common law,because the UCC specifically excludes biological substances.
D)The UCC.
E)Neither common law not the UCC.
Q4) Define a bilateral contract and a unilateral contract,and give an example of each.
Q5) There are four elements that are necessary for a contract to exist.Identify and describe each of those elements.
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Chapter 14: Agreement
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Q1) What was the result in the case in the text Lucy v.Zehmer involving whether allegations of joking prevented the formation of the contract involved?
A)The court ruled that the contract would not be enforced because one of the parties was joking,and a reasonable person should have known that.
B)The court ruled that the contract would be enforced because of what the parties verbally said regardless of whether an objective person would have thought joking was involved.
C)The court ruled that the contract would not be enforced because the parties had been drinking although they were not intoxicated.
D)The court ruled that the contract would not be enforced because one of the parties was subjectively joking.
E)The court ruled that the agreement would be enforced because under the applicable standard,it was not apparent that joking was involved.
Q2) Death or incapacity of an offeror immediately terminates the offer.
A)True
B)False
Q3) List the elements of an offer under the common law.
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Chapter 15: Consideration
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Q1) What must you prove in a successful promissory estoppel case?
A)The mutual exchange of promises.
B)The exchange of adequate consideration.
C)Intent of both parties to enter into a legally binding agreement
D)The existence of consideration.
E)Reasonable reliance on a promise to your detriment.
Q2) A promise to stop doing something in the future is not valid consideration.
A)True
B)False
Q3) Haruki's boss,Gabriel,tells him that because he has been such a valuable employee,he will receive an extra week of vacation.When Haruki decides to schedule the vacation,he reminds Gabriel of his statement.Gabriel says that he has changed his mind and that he really cannot afford to let Haruki have an extra week off.Haruki says that Gabriel has breached the contract he had with him for an extra vacation week.Assuming injustice cannot be established,who is right? Does a valid contract for an extra vacation week exist?
Q4) In a bilateral contract,consideration for a promise is a completed act.
A)True
B)False
Q5) What is the preexisting duty rule?
Page 17
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Chapter 16: Capacity and Legality
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Q1) Which of the following is true once a guardian has been appointed for a person who has been adjudicated insane?
A)If a person has been adjudicated insane and has a guardian appointed,that person has no capacity to enter into contracts and any contract he does attempt to enter into is void.
B)If a person has been adjudicated insane and has a guardian appointed,that person retains capacity to enter into contracts so long as the other party to the contract is aware of the insanity issue.
C)If a person has been adjudicated insane and has a guardian appointed,that person has no capacity to enter into contracts and any contract he does attempt to enter into is voidable.
D)If a person has been adjudicated insane and has a guardian appointed,that person retains capacity to enter into contracts so long as the other party to the contract is aware of the guardian's status.
E)If a person has been adjudicated insane and has a guardian appointed,that person retains capacity to enter into contracts so long as the other party to the contract is aware of the guardian's status and also the insanity issue.
Q2) Explain Great Britain's approach to the age of majority.
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Page 18
Chapter 17: Legal Assent
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Q1) Set forth the factors referenced in the text that enter into a finding of whether undue influence exists.
Q2) Which of the following involves the active hiding of the truth about a material fact?
A)Negligence
B)Masking
C)Concealment
D)Nondisclosure
E)Veiling
Q3) Which of the following theories involve scienter?
A)Fraudulent misrepresentation,intentional misrepresentation.
B)Mutual mistake only.
C)Fraudulent misrepresentation only.
D)Innocent misrepresentation,mutual mistake.
E)Innocent misrepresentation,fraudulent misrepresentation.
Q4) Set forth the exceptions that would permit a court to invalidate a contract on grounds of unilateral mistake.
Q5) The active hiding of the truth about a material fact is called nondisclosure.
A)True
B)False
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Chapter 18: Contracts in Writing
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Q1) What is the most likely result of Gabriel's attempt to avoid his agreement to pay creditors of the estate out of his own pocket?
A)He will be able to avoid the agreement because a promise to pay the debts of an estate would not come within the statute of frauds.
B)A promise to pay debts of an estate out of an executor's own funds would come within the statute of frauds,but the oral agreement Gabriel made will likely be enforceable under the main-purpose rule.
C)He will be able to avoid the agreement because it was not in writing.
D)A promise to pay debts of an estate out of an executor's own funds would come within the statute of frauds,but the oral agreement Gabriel made will likely be enforceable under the substantial-purpose rule.
E)A promise to pay debts of an estate out of an executor's own funds would come within the statute of frauds;but regardless of whether the debtors can establish reliance,the oral agreement Gabriel made will likely be enforceable because he admitted he had agreed to pay.
Q2) Describe the three main purposes of the statute of frauds,as discussed in the text.
Q3) What are the eight exceptions to the parol evidence rule?
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Page 20
Chapter 19: Third-Party Rights to Contracts
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Q1) The party who makes the promise that benefits the third party is the ________ in a third-party beneficiary contract.
A)Promisor
B)Obligee
C)Promisee
D)Assignor
E)Obligor
Q2) A creditor beneficiary is the third-party beneficiary who is in the strongest legal position to enforce a contract.
A)True
B)False
Q3) When a party to a contract transfers his or her rights to a contract to a third party,which of the following occurs?
A)Disgorgement
B)Privity
C)Transfer
D)Assignment
E)Referral
Q4) List four situations under which contractual rights cannot be assigned.
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Chapter 20: Discharge and Remedies
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Q1) Describe the elements of substantial performance of a contract and the effect of a finding of substantial performance on damages.
Q2) Michael's offer to put Ashton in the position she would have been in had the proper faucets and flooring been used is based on the measure used for what type of damages?
A)Consequential
B)Compensatory
C)Nominal
D)Liquidated
E)Punitive
Q3) When the parties substitute a new agreement in place of the original,instead of canceling a contract,the parties have a[n] ________.
A)Alteration
B)Accord and satisfaction
C)Substituted contract
D)Novation
E)Mutual rescission
Q4) List the ways by which a party's contractual obligations can be terminated.
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Chapter 21: Introduction to Sales and Lease Contracts
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Q1) Under Article 2A.of the UCC,what is the correct term for a person who acquires the right to possession and use of goods under a lease?
A)Acquirer
B)Lessor
C)Buyer
D)Seller
E)Lessee
Q2) The parol evidence rule aims to protect sales or lease contracts that the parties intend to be the final expression of their agreement.
A)True
B)False
Q3) What legal concept aims to protect sales or lease contracts that the parties involved intend to be the final expression of their agreement?
A)Statute of frauds
B)Final evidence regulation
C)Parol evidence rule
D)Anti-oral evidence rule
E)End evidence rule
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Chapter 22: Title,risk of Loss,and Insurable Interest
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Q1) A contract is a sale-or-return contract if the seller allows the buyer to take possession of the goods before deciding whether to complete the contract by making the purchase.
A)True
B)False
Q2) Ivan and Smith-Napa entered into which of the following contracts?
A)A conditional delivery contract
B)A common-carrier delivery contract
C)A trucking contract
D)A goods-in-bailment contract
E)A conditional sales contract
Q3) Who bears the risk of loss for the second delivery?
A)ScubaCo because in a destination contract,the risk remains with the seller.
B)The Dive Shop,because they had no right to refuse delivery of conforming goods
C)The Dive Shop,because the risk of loss transferred to the buyer on delivery
D)ScubaCo because it had previously delivered nonconforming goods
E)Both parties share the risk of loss equally
Q4) Title is the legal ownership of a good,but it does not require possession.
A)True
B)False
Page 24
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Chapter 23: Performance and Obligations Under Sales and Leases
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Q1) Which statement is correct regarding whether a buyer and lessee may make a partial acceptance?
A)The lessee may make a partial acceptance when goods are nonconforming and the lessor has failed to cure the defects,but a buyer may not make a partial acceptance.
B)The buyer or lessee may make a partial acceptance when goods are nonconforming and the seller or lessor has failed to cure the defects.
C)The buyer may make a partial acceptance when goods are nonconforming and the seller has failed to cure the defects,but a lessee may not make a partial acceptance.
D)Buyers and lessees may make partial acceptances at any time.
E)Neither buyers nor lessees may make partial acceptances because either the whole must be accepted or rejected.
Q2) Another term for course of performance is course of dealing.
A)True
B)False
Q3) As a matter of law,should the perfect tender rule be rejected and replaced with the concept of substantial performance?
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Chapter 24: Remedies for Breach of Sales and Lease Contracts
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Q1) What does the UCC say regarding a limitation of consequential damages for commercial losses?
A)A limitation of consequential damages for commercial losses is acceptable so long as both parties are represented by an attorney.
B)A limitation of consequential damages for commercial losses is analyzed in the same way as a limitation of consequential damages for personal injury.
C)A limitation of consequential damages for commercial losses is acceptable so long as any consumer was represented by an attorney.
D)A limitation of consequential damages for commercial losses is not prima facie unconscionable.
E)A limitation of consequential damages for commercial losses is prima facie unconscionable.
Q2) What may a buyer/lessee do if the seller/lessor delivers nonconforming goods?
A)Reject the goods and obtain cover,but the buyer may not cancel the contract
B)Cancel the contract only
C)Reject the goods only
D)Reject the goods,and then obtain cover or cancel the contract
E)Obtain cover only
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Chapter 25: Warranties
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Q1) In Kazakhstan,Western law's "warranty" is referred to as a[n] ________.
A)Agreement
B)Acknowledgment
C)Confirmation
D)Promise estopped
E)Pledge
Q2) If it is generally accepted in the trade that a certain product is always preassembled,the failure of the seller to deliver the goods in that condition would be a breach of the ________.
A)Implied warranty of trade usage
B)Implied warranty of quality
C)Implied warranty of merchantability
D)Express warranty of integrity
E)Implied warranty of fitness for a particular purpose
Q3) Gabby ordered T-shirts for her soccer team with the name of the school printed on the front.The seller requested that Gabby come in to inspect the first T-shirt before the others were made.Gabby refused because she was too busy and told the seller to go ahead and print the shirts.On receipt of the shirts,Gabby discovered that the school name was misspelled.Does Gabby have any rights against the seller,and why or why not?
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Chapter 26: Negotiable Instruments: Negotiability and Transferability
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Q1) Which of the following was the ruling of the court in the Case Opener regarding the gambler who wrote bad checks to a casino to purchase markers and then tried to avoid payment on the basis of an oral agreement by which a casino host told the gambler that he already had sufficient remaining casino credit to receive the markers?
A)The oral agreement established breach of contract;therefore,while another type of instrument would have been negotiable,the checks involved were not.
B)The oral agreement was relevant to the negotiability of the checks,and acted to excuse the gambler from liability on the checks.
C)The oral agreement established that the checks were not negotiable instruments.
D)The potential oral agreement as to the markers was irrelevant to the negotiability of the checks.
E)The oral agreement was relevant to the negotiability of the checks,but it did not affect the gambler's liability on the checks.
Q2) A note is a promise,by the maker of the note,to pay a payee.
A)True
B)False
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Page 28
Chapter 27: Negotiation, holder in Due Course, and Defenses
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Q1) The purpose of the Shelter Principle and Holder-in-Due-Course doctrine is:
A)To encourage free-market capitalism through competition.
B)To protect financial intermediaries by restricting the marketability of instruments.
C)To encourage the marketability of instruments and encourage financial intermediaries to engage in financial transactions.
D)To help people devise new ways to achieve financial success.
E)To remove as many restraints as possible from the marketability of instruments in order to facilitate commerce.
Q2) If an instrument has no room for an endorsement or if all the room has been taken by previous endorsements,what may be attached?
A)Allonge
B)Special endorsement
C)Acknowledgement
D)Codicil
E)Blank endorsement
Q3) List the five conditions under which a holder may take an instrument for value.
Q4) Set forth the requirements a party must meet in order to be considered a holder in due course.
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Chapter 28: Liability, defenses, and Discharge
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Q1) Which of the following was the result on appeal in Heartland State Bank v.American Bank & Trust,the case in the text involving whether the defending payor bank timely sent notice of dishonor of a check when it sent notice before midnight on April 11 for a check received on April 10?
A)That the defending bank had no right to return the check because by accepting the check,it became accountable for it.
B)That the bank had no right to return the check because the check was written by one of its customers.
C)That the defending bank had until midnight on April 10 to return the check and that it,therefore,did not act in a timely manner.
D)That the defending bank had until midnight on April 11 to return the check and that it,therefore,acted in a timely manner in doing so.
E)That the defending bank had no right to return the check because the check had already gone through the Federal Reserve System.
Q2) For a holder to turn to secondarily liable parties,what are the requirements?
Q3) Set forth the eight real defenses and explain their significance.
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Chapter 29: Checks and Electronic Fund Transfers
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Q1) In India,unlike in the United States,money orders may be issued only by the post office.
A)True
B)False
Q2) ________ is a deposit that is preauthorized and performed on a customer's account through an electronic terminal.
A)An authorized deposit
B)A direct deposit
C)A transferred deposit
D)A point-of-sale deposit
E)An approved deposit
Q3) A bank involved in the check collection process may only be classified as one type of bank during the entire process.
A)True
B)False
Q4) Today,banks rarely have accounts with the Federal Reserve.
A)True
B)False
Q5) A stop payment order should list which five items?
Q6) Set forth the characteristics that a traveler's check must have.
Page 31
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Chapter 30: Secured Transactions
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Q1) A person or party that has an obligation to the secured party is a ________.
A)Secured creditor.
B)Secured debtor.
C)Debtor.
D)Creditor.
E)Transaction debtor.
Q2) Which statement is correct regarding the effect of XYZ Electronics filing a financing statement?
A)The interest was perfected.
B)The interest was acknowledged.
C)The interest was secured.
D)The interest was guaranteed.
E)There was no effect because there can only be one security interest,and the bank already had that.
Q3) The party that perfects its interest in collateral has first claim,when two parties have an interest in the same collateral.
A)True
B)False
Q4) Set forth the steps that a creditor must take to become a secured party.
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Chapter 31: Other Creditors Remedies and Suretyship
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Q1) The agreement entered into between Sean and the bank is called what?
A)An acknowledged agreement
B)A certified agreement
C)A guaranty
D)A suretyship
E)An executory promise
Q2) Creating a mechanic's lien on property automatically ensures that the contractor who filed the lien will receive money.
A)True
B)False
Q3) A surety is secondarily liable to the creditor for a debtor's debt.
A)True
B)False
Q4) If a creditor brings legal action against a surety or guarantor,the surety or guarantor has no legal defenses available.
A)True
B)False
Q5) When considering whether a secured party or a claimant holding a mechanic's lien has priority to a good,how does a court make the determination?
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Chapter 32: Bankruptcy and Reorganization
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Q1) A bankruptcy trustee may,at times,take over a debtor's business during a Chapter 7 proceeding.
A)True
B)False
Q2) Liquidation may be voluntary,but not involuntary,under Chapter 7
A)True
B)False
Q3) Which of the following is required to file Chapter 12 bankruptcy?
A)At least half of the debt must be farm related?
B)At least 90 percent of the debt must be farm related
C)Total debt must be under $1 million
D)The farmer must be completely unable to pay any money towards creditors
E)The farmer must be 100 percent insolvent.
Q4) Legal actions against a debtor can continue after a bankruptcy petition is filed.
A)True
B)False
Q5) What are the two general goals of bankruptcy laws as set forth in the text?
Q6) In a Chapter 7 bankruptcy proceeding,which behaviors may cause a court to not discharge a debt?
Page 34
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Chapter 33: Agency Formation and Duties
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Q1) In the text case Glenn v.Gibbs,Glenn was injured and eventually died from his injuries as a direct result of trimming Gibbs' tree limbs.Glenn's wife sued Gibbs for negligence alleging Gibbs' actions and omissions caused Glenn's death.Which of the following was the result?
A)Gibbs was liable because Glenn was an employee.
B)Gibbs was liable because Glenn was an independent contractor.
C)Gibbs settled the lawsuit out of court and admitted fault.
D)Gibbs was not liable because Glenn was an independent contractor.
E)Gibbs was not liable because Glenn was an employee.
Q2) When an individual misrepresents himself or herself as another party's agent and the principal accepts the unauthorized act,which of the following has occurred?
A)Agency by implied authority
B)Agency by agreement
C)Agency by ratification
D)An expressed agency
E)Apparent agency
Q3) Agency law is primarily federal law.
A)True
B)False
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Page 35
Chapter 34: Liability to Third Parties and Termination
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Q1) In In re Estate of Kurrelmeyer,the case in the text in which the decedent's son sued the wife of the decedent,alleging that in violation of the power of attorney that she held,she invalidly transferred the decedent's home into a trust,which of the following was the result on appeal?
A)That based on extrinsic evidence showing the decedent's intent,the power of attorney included the power to transfer the property.
B)That because no extrinsic evidence existed to clarify the meaning of the power of attorney,the transfer was valid.
C)That because no extrinsic evidence existed to clarify the meaning of the power of attorney,the transfer was invalid.
D)That based on extrinsic evidence showing the decedent's intent,the power of attorney did not include the power to transfer the property.
E)That because the power of attorney did not specifically give the wife the power to transfer property into the trust,the transfer was invalid.
Q2) Provide the rationale behind the doctrine of respondeat superior and discuss whether ethically you believe this doctrine is an appropriate doctrine for our society.
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Chapter 35: Forms of Business Organization
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Q1) Which statement is true regarding S corporations?
A)They may be formed under federal law.
B)They are considered partnerships yet taxed like corporations as long as they follow regulations.
C)Shareholders do not report profit on their personal income tax forms.
D)They cannot have more than 80 shareholders.
E)Income is taxed only when distributed to the shareholders,who must not report the income on their personal income tax forms.
Q2) What is the correct term for the investor-owners of a corporation?
A)Shareholders
B)Limited partners
C)Profit owners
D)Profit and loss owners
E)Approved investors
Q3) What is the most popular form of business ownership in the U.S.?
A)Limited liability company
B)Limited liability partnership
C)Sole proprietorship
D)Limited partnership
E)Corporation
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Chapter 36: Partnerships: Nature, formation, and Operation
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Q1) Can a minor serve as a partner in a partnership?
A)No,individuals serving as partners must have legal capacity to be partners and must be at least 18 years of age.
B)Yes,but the partnership agreement is void.
C)Yes.
D)Yes,but the partnership agreement is voidable.
E)No,individuals serving as partners must be at least 18 years of age.
Q2) Does Leo have any obligation to tell Gordon about the BigBox deal?
A)Yes,partners must disclose any material facts affecting the business.
B)Yes,but Leo only has to tell Gordon about the BigBox deal if they are going to split up the business.
C)No,although partners must disclose any material facts affecting the business,Leo does not need to tell Gordon unless he signs an agreement to place SafeT Car in every BigBox store nationwide.
D)No,because Gordon breached his fiduciary duty.
E)No,because Gordon has chosen not to come to work and not to perform any duties.
Q3) List the five items of information that articles of partnership usually include,as set forth in the text.
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Chapter 37: Partnerships: Termination and Limited Partnerships
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Q1) Which of the following was the result in the case in the text,Jack A.Kahn and Denise W.Kahn v.Stewart Mesher and Lieselotte Mesher,the case in which it was claimed that in winding down a partnership,a defending partner wrongfully profited by failing to make appropriate disclosures to other partners regarding an offer to purchase property held by the partnership?
A)That the defending partner had no liability because his fiduciary obligations ended when the winding-up process started.
B)That the complaining partner had wrongfully caused dissolution of the partnership and was,therefore,estopped from complaining about actions of the defending partner.
C)That the complaining partner and defending partner were both guilty of breach of fiduciary obligation and were,therefore,estopped from suing each other.
D)That the defending partner breached his fiduciary duty.
E)That although the defending partner had fiduciary obligations,those obligations were not breached.
Q2) Name the five circumstances under which a partnership may be rightfully dissolved.
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Page 39
Chapter 38: Corporations: Formation and Financing
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Q1) A bond which allows shareholders to exchange the bond for shares of company stock is an) ________ bond?
A)Income
B)Convertible
C)Secured
D)Unsecured
E)Equity
Q2) What are the two implied corporate powers,as set forth in the text?
Q3) In the corporate formation process,which of the following provides basic information about the corporation?
A)The agreement to promote
B)The agreement to incorporate
C)The articles of incorporation
D)The articles of subscription
E)The agreement to subscribe
Q4) Corporations are not required to indicate in the name of the corporation that the business is incorporated.
A)True
B)False
Q5) What are the six express corporate powers,as set forth in the text?
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Chapter 39: Corporations: Directors, officers, and Shareholders
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Q1) If corporate directors fail to sue when the corporation has been harmed by an individual,another corporation,or a director,individual shareholders can file a[n] ________ on behalf of the corporation.
A)Shareholder's direct suit
B)Active allocation suit
C)Investigative action
D)Shareholder's derivative suit
E)Shareholder action suit
Q2) The requirement that a minimum number of directors be present at a meeting for decisions made at the meeting to be valid is which of the following?
A)Substantial assembly
B)Adequate assembly
C)A Quorum
D)Adequate group
E)Substantial group
Q3) Directors each have one vote.
A)True
B)False
Q4) What are the requirements for being a director?
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Chapter 40: Corporations: Mergers, consolidations, terminations
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Q1) In a consolidation,shareholders of the new corporation create new articles of incorporation called ________.
A)Revised articles of incorporation
B)Independent articles of combination
C)Merged articles of incorporation
D)Revised articles of consolidation
E)Articles of consolidation
Q2) According to the text,there are three circumstances under which a corporation acquiring assets assumes the liabilities of the selling corporation.Please list all three circumstances.
Q3) Assuming Calvin and Daniella properly exercise their appraisal rights,how is the value of their shares generally determined?
A)By the value of the shares on the day the merger is finalized.
B)By the value of the shares on the day of the shareholder vote.
C)By the value of the shares of similarly sized corporations.
D)By the value of the shares on the day before the shareholder vote.
E)By the value of the shares on the day following the shareholder vote.
Q4) What steps must a target corporation take once an aggressor has presented its offer to the target corporation's shareholders?
Page 42
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Chapter 41: Corporations: Securities and Investor Protection
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Q1) Noelle,a Montana resident,purchases Valley Vineyard securities in January.In July,after the restaurant opens,Noelle wants to sell the securities to a well-known investor from Idaho.Is the sale permissible?
A)No,Noelle cannot resell to a nonresident for at least nine months after the period of sale.
B)No,Noelle cannot resell to a nonresident for at least twelve months after the period of sale.
C)Yes,Noelle can resell after six months from the time of sale,regardless of the residency of the purchaser.
D)Yes,Noelle can resell to a nonresident after six months from the time of sale.
E)Yes,Noelle can resell to a nonresident after three months from the time of sale.
Q2) Which of the following is true regarding examples of securities?
A)Warrants and stocks are securities,but debentures and bonds are not.
B)Stocks,warrants,and debentures are securities,but bonds are not.
C)Debentures,warrants,bonds,and stocks are all securities.
D)Stocks and bonds are securities,but debentures and warrants are not.
E)Stocks,warrants,and bonds are securities,but debentures are not.
Q3) Describe what a registration statement filed with the SEC generally contains.
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Chapter 42: Employment and Labor Law
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Q1) Which of the following is the correct term for the type of picketing the employees engaged in when they carried picket signs informing the public that Amir refused a raise?
A)Strike picketing
B)Informational picketing
C)Boycott picketing
D)Documentary picketing
E)Signal picketing
Q2) Was Kayla required to mention the FMLA in her telephone call?
A)Yes,the employee must specifically state that the leave is requested under the "Family Medical Leave Act",though the use of "FMLA" is sufficient.
B)Yes,the FMLA will not be triggered unless the employee identifies the name of the Act.
C)Yes,the employee must provide enough information to identify the exact type of leave requested.
D)No,the employee does not need to provide notice under the FMLA.
E)No,the employee does not have to specifically mention the FMLA.
Q3) List the circumstances under which leave is available under the Family and Medical Leave Act.
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Chapter 43: Employment Discrimination
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Q1) are not a type of entity that may be covered by Title VII.
A)Private employers with 10 or fewer employees
B)Indian tribes
C)Unions
D)Employment agencies
E)Private clubs
Q2) After a charge is filed with the EEOC and the EEOC finds reasonable cause,it will first attempt to eliminate the discriminatory practice through which of the following methods?
A)Conciliation
B)Mediation
C)Litigation
D)Intervention
E)Arbitration
Q3) Title VII is not applicable to American firms' overseas operations.
A)True
B)False
Q4) Set forth the definition of sexual harassment stated by the EEOC and accepted by the U.S.Supreme Court.
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Chapter 44: Administrative Law
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Q1) Administrative agencies are located at the federal level only.
A)True
B)False
Q2) The APA requires informal rule making when an enabling statute or some other legislation requires that all regulations or rules be enacted by an agency as part of a formal hearing process that includes a complete transcript.
A)True
B)False
Q3) Which of the following is the appropriate agency classification for the Accounting Commission?
A)Legislative
B)Independent
C)Administrative
D)Executive
E)Judicial
Q4) The Government in Sunshine Act requires that federal agencies publish in the Federal Register places where the public can get information from the agency.
A)True
B)False
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Chapter 45: Consumer Law
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Q1) Which of the following authorities would have presided over the hearing involving the administrative complaint filed against Julia by the Federal Trade Commission?
A)A panel of commissioners of the Federal Trade Commission
B)All the commissioners of the Federal Trade Commission
C)A federal district court judge
D)An administrative law judge
E)A state circuit court judge
Q2) A telemarketer calls a consumer and fails to identify the call as a sales call.What law or regulation did the telemarketer violate?
A)The FTC Telephone Prohibition Act.
B)The Telephone and Fax Sales Prohibition act of 1991.
C)The Telemarketing Sales Rules of 1995.
D)The Anti-Telephone Sales Act.
E)The Telephone Consumer Protection Act.
Q3) What is required by federal law in regard to mail-order sales by the 1975 Mail-Order rule as amended by the Mail or Telephone Order Merchandise rule of 1993?
Q4) What is required by the Telemarketing Sales Rule of 1995?
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Chapter 46: Environmental Law
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Q1) Under what circumstances,if any,does the Environmental Protection Agency give a state the first opportunity to prosecute violators of the Resource Conservation and Recovery Act?
A)When the state has set up its own program for managing hazardous waste that is at least as stringent as the federal program.
B)When the state has reduced hazardous waste production at least 5% per year for each of the previous three years.
C)When the state has reduced hazardous waste production at least 10% per year for each of the previous three years.
D)When the state has stronger criminal penalties for violation of its hazardous waste laws than does the Resource Conservation and Recovery Act.
E)The Environmental Protection Agency never gives a state the first opportunity to prosecute violators of the Resource Conservation and Recovery Act.
Q2) Underground storage tanks are not regulated in the United States.
A)True
B)False
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Chapter 47: Antitrust Law
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Q1) A merger between two or more companies producing the same or similar products is a ________ merger.
A)Joining
B)Predatory
C)Vertical
D)Horizontal
E)Conglomerate
Q2) When a company prices one product below normal cost until competitors are eliminated and then sharply increases the price,the company is practicing _ pricing.
A)Secondary
B)Horizontal
C)Primary
D)Competitive
E)Predatory
Q3) Please list and describe the three specific types of injuries under the Robinson-Patman Act.
Q4) The Federal Trade Commission has been eliminated.
A)True
B)False
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Chapter 48: The Nature of Property, personal Property, and Bailments
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Q1) Which of the following statements is true regarding Jason's obligation to Sabrina?
A)He is liable for the theft of the bailed property caused by even the slightest lack of due care on his part.
B)He is liable for the theft of the bicycle arising out of his ordinary or gross negligence.
C)He is not liable for the theft of the bicycle because of the doctrine of assumption of the risk.
D)He is strictly liable for the theft of the bicycle.
E)He is liable for the theft of the bicycle arising out of his gross negligence.
Q2) What is a "fungible good?"
A)A good for which one unit of the good is essentially the same as every other unit of the good.
B)A good that is given as the subject of an inter vivos gift.
C)A good that has value but not actual,physical form,such as a stock or a bond.
D)A good that was once classified as mislaid property,but which was later transferred to the owner of the realty on which it was mislaid by operation of law.
E)A good which was once moveable but is now permanently attached to real property.
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Chapter 49: Real Property
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Q1) What does the term "caveat emptor" mean?
A)Title has passed.
B)Let the seller beware.
C)The buyer was negligent.
D)The buyer was unintelligent.
E)Let the buyer beware.
Q2) A ________ deed carries no warranties,and the grantor simply conveys whatever interests he or she holds.
A)General warranty
B)Approved
C)Quitclaim
D)Specific
E)Special warranty
Q3) Unreasonable zoning may constitute a constructive taking of property by the government.
A)True
B)False
Q4) A title which has a lien on it would not be a marketable title.
A)True
B)False
Page 51
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Chapter 50: Landlord-Tenant Law
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Q1) If Wu pays Matt,does she have any rights to receive reimbursement from DeAndre?
A)Yes,but she would only be entitled to recover one half of the amounts because she and DeAndre are jointly liable to Matt.
B)No,because only Wu is liable on the assignment.
C)Only if DeAndre specifically agreed by contract when he accepted the premises to reimburse her.
D)Yes,Wu would have a right of reimbursement from DeAndre.
E)No,because she has no legal liability and is acting as a volunteer.
Q2) Who is responsible for upkeep of common areas?
A)Both the lessor and the lessee on a 50-50 basis.
B)The lessees are responsible for the upkeep of all common areas except hallways.
C)The lessor.
D)The lessees.
E)The lessor is responsible for the upkeep of all common areas except hallways.
Q3) Surrender occurs when a landlord or tenant fails to perform a condition stated in the lease.
A)True
B)False
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Chapter 51: Insurance Law
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Q1) The type of life insurance provides coverage for a specified term.
A)Surrender-life
B)Entire-life
C)Whole-life
D)Term-life
E)Useful-life
Q2) Which of the following acts would not be covered under a commercial general liability policy?
A)A competitor's trademark claim
B)A competitor's copyright claim
C)A competitor's patent claim
D)An employee's intentional tortious act
E)A customer's personal injury claim
Q3) The insurer would likely attempt to deny coverage based on which of the following legal theories?
A)Breach of contract
B)Negligence
C)Recklessness
D)Illegality
E)Misrepresentation
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Chapter 52: Wills and Trusts
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Q1) Which of the following refers to all or part of an individual's body that the individual wishes to donate upon his or her death?
A)Donor gifts
B)Advance directives
C)Disposition of remains
D)Anatomical gifts
E)Organ donation
Q2) ________ is the process of settling an estate.
A)Granting
B)Devise
C)Settleme nt
D)Review
E)Probate
Q3) Regarding a trust,which of the following is a false statement?
A)A trust may be created to protect a pet.
B)Interest may be generated by a trust.
C)Income may be paid to a person identified as an income beneficiary.
D)A person entitled to income must be the person entitled to the trust corpus.
E)A trust may be created for tax reasons.
Q4) What are the four requirements needed for a valid will?
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