Business Law for Accountants
Practice Questions
Course Introduction
This course provides an in-depth exploration of legal concepts and issues that are essential for accounting professionals. Topics include the formation and interpretation of contracts, agency relationships, sales of goods, negotiable instruments, property law, business organizations, bankruptcy, and the regulatory environment governing accountants. Emphasis is placed on understanding the legal principles affecting business transactions and the ethical responsibilities of accountants. The course equips students with the legal knowledge necessary to identify and address legal risks in accounting practice, ensuring compliance and informed decision-making in various business contexts.
Recommended Textbook
Business Law Text and Exercises 7th Edition by
Roger LeRoy Miller
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Chapter 1: Introduction to the Law and Our Legal System
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Q1) Americans with a Better Cause (ABC),a nonprofit organization,files a suit against the U.S.Department of Justice (DOJ),claiming that a cer?tain federal statute the DOJ is empowered to enforce conflicts with the U.S.Constitution and with a state constitution.In each situation,which source of law has priority?
Answer: The U.S.Constitution is the supreme law of the land.A law in violation of the Constitution,no matter what its source,will be de?clared unconstitutional and will not be enforced.Thus,the federal statute does not have priority over the Constitution.The federal statute would have priority over the state constitution,however,because under the U.S.Constitution,when there is a conflict between a federal law and a state law,the state law is rendered invalid.
Q2) Criminal acts are prohibited only by federal government statutes.
A)True
B)False
Answer: False
Q3) State laws are supreme law of the United States.
A)True
B)False
Answer: False
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Chapter 2: Ethics in Business
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Q1) According to utilitarianism,an action that affects the majority adversely is morally wrong.
A)True
B)False
Answer: True
Q2) Fealty Credit Corporation asks its employees to evaluate their actions and get on the ethical business decision-making "bandwagon." Guidelines for judging indi?vidual actions most likely include all of the following except
A)an individual's conscience.
B)business rules and procedures.
C)loopholes in the law or company policies.
D)promises to others.
Answer: C
Q3) EthicsPoint is an organization through which employees can report unethical behavior as long as they are willing to identify themselves.
A)True
B)False
Answer: False
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Chapter 3: The Courts and Alternative Dispute Resolution
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Q1) Any relevant material,except information stored electronically,can be the object of a discovery request.
A)True
B)False
Answer: False
Q2) At every stage of a trial,either party can file a motion to dismiss the case.
A)True
B)False
Answer: True
Q3) Megan,a resident of Ohio,runs a red light in Texas and hits Sarah,a Texas resident.Sarah files suit against Megan.The statute that allows the Texas court to exercise jurisdiction over Megan is called a(n)
A)long arm statute.
B)in personam statute.
C)in rem statute.
D)out-of-state jurisdiction statute.
Answer: A
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Chapter 4: Constitutional Law
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Q1) The checks and balances in the U.S.Constitution prevent any one branch of government from exercising too much power.
A)True
B)False
Q2) Oklahoma enacts a law requiring all businesses in the state to donate 10 per?cent of their profits to Protestant churches that provide certain services to persons whose income is below the poverty level.PriceLess Stores files a suit to block the law's enforcement.The court would likely hold that this law violates
A)no clause in the U.S.Constitution.
B)the establishment clause.
C)the free exercise clause.
D)the supremacy clause.
Q3) Procedural due process requires that any government decision to take a person's property must be made fairly.
A)True
B)False
Q4) Substantive due process focuses on the substance of legislation.
A)True
B)False
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Chapter 5: Torts and Cyber Torts
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Q1) Jim is an appliance salesperson.To make a sale,he asserts that a certain model of a Kitchen Helper refrigerator is the "best one ever made." This is
A)fraud if the statement is the truth.
B)fraud if Jim believes that this statement is not true.
C)fraud if Jim is stating his opinion,not the facts.
D)not fraud.
Q2) Roger wants Andy to work late on a project.He tells Andy that the morally correct thing to do is to stay late at the office and work on the project.Andy feels obligated to stay and work late due to the moral pressure from Roger.Andy stays late at the office,even though he does not want to.Andy can sue Roger for A)false imprisonment.
B)battery.
C)defamation.
D)no tort.
Q3) Defense of others is a defense to an allegation of both battery and assault.
A)True B)False
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Chapter 6: Intellectual Property and Internet Law
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Q1) John Jones decides to use his personal name for a line of clothing he is developing.Whether or not the name John Jones acquires a secondary meaning will depend on
A)how extensively John markets his line of clothing.
B)the market for John's line of clothing.
C)the number of clothing sales John makes.
D)all of the choices are correct.
Q2) A trademark need not be registered to support a trademark infringement action. A)True
B)False
Q3) The idea for "On Your Mark," a computer game featuring racing cars,is protected by A)copyright law.
B)patent law.
C)trademark law.
D)trade secrets law.
Q4) A copyright owner must place a © or an ® on the work to have the work protected from copyright infringement.
A)True
B)False
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Chapter 7: Criminal Law and Cyber Crime
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Q1) Suzy works at a bank.Without authorization,Suzy accesses the bank's electronic fund transfer system.Her actions are a federal crime under the
A)Racketeer Influenced and Corrupt Organizations Act
B)Electronic Funds Transfer Act
C)National Stolen Property Act
D)Counterfeit Access Device and Computer Fraud and Abuse Act
Q2) William goes to Saddle Up Stables in the middle of the night when no one is around and takes five saddles.William's crime is
A)forgery.
B)larceny.
C)robbery.
D)embezzlement.
Q3) All persons who are arrested have the constitutional right to remain silent. A)True
B)False
Q4) The purpose of the exclusionary rule is to deter police from misconduct.
A)True
B)False
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Chapter 8: Introduction to Contracts
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Q1) The intention to enter into a con?tract is judged by objective facts as interpreted by a reasonable person.
A)True B)False
Q2) A voidable contract is a valid contract that can be avoided at the option of at least one of the parties to it.
A)True B)False
Q3) Informal contracts require a special form or method of creation. A)True B)False
Q4) An agreement is NOT one of the requirements of a valid contract. A)True B)False
Q5) The person who makes a promise is the promisee. A)True B)False
Q6) A quasi contract arises from a mutual agreement between two parties. A)True B)False
Page 10
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Chapter 9: Offer and Acceptance
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Q1) Fix-It-Quik,Inc.,offers Denise a job as a plumber.No time for acceptance is specified in the offer.The offer will terminate
A)after a reasonable period of time.
B)after a work week (five business days).
C)after a month (thirty calendar days).
D)never.
Q2) Shelby offers to make digital copies of Relay Company's business conference videotapes,CDs,DVDs,and other media for $500.Under the mailbox rule,Relay's acceptance by e-mail will be considered effective when A)received.
B)sent.
C)followed up by a confirmation letter sent by regular mail.
D)composed on a Relay computer.
Q3) An offer does NOT need to be communicated to the offeree to become effective.
A)True
B)False
Q4) A circular letter is NOT evidence of an intent to enter into a contract.
A)True
B)False
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Chapter 10: Consideration
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Q1) A promise to pay for an act that has already occurred is enforceable because the event is certain.
A)True
B)False
Q2) A release does not require consideration to be legally binding.
A)True
B)False
Q3) Legally sufficient consideration is something of value in the eyes of the law.
A)True
B)False
Q4) There are exceptions to the preexisting duty rule.
A)True
B)False
Q5) Unforeseen difficulties that justify a demand for additional compensa?tion in?clude risks not ordinarily assumed in business.
A)True
B)False
Q6) A covenant not to sue is against public policy.
A)True
B)False
Page 12
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Chapter 11: Capacity
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Q1) For a minor to disaffirm a contract,he or she must present the contract to a court.
A)True
B)False
Q2) Inventory Control Corporation (ICC) hires Jim,a minor,to create customized software for ICC's clients. Jim signs a contract that requires him to work for ICC for eighteen months. Before beginning work,Jim tells ICC that he will not work for ICC but is going to work for Kwik Kounts,Inc.,an ICC competitor. Is ICC's contract with Jim en?forceable? Why or why not?
Q3) Chris,a minor,signs a contract to purchase alcoholic beverages for Dine & Drink,his parents' restaurant. The contract is
A)valid but may be disaffirmed.
B)valid but may not be disaffirmed.
C)void as a matter of law.
D)void unless it is also signed by Edie,the manager of Dine & Drink.
Q4) If a contract is fully performed by all parties to it,then it is pre?sumed to have been ratified.
A)True
B)False
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Page 13
Chapter 12: The Legality of Agreements
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Q1) Only someone with an insurable interest can enter into an insurance contract.
A)True
B)False
Q2) A contract that is void from the outset can be enforced in some circumstances.
A)True
B)False
Q3) Nyoko signs a covenant not to compete with her employer,Midstate Distribu?tion,Inc.The covenant will be enforced if it
A)does not require either party to obtain a business license.
B)is reasonable with respect to geographic area and time.
C)relieves Midstate from liability for any injury to Nyoko due to simple negligence.
D)none of the choices.
Q4) Smitty enters into an illegal bargain with Taylor.Smitty can enforce the con?tract or re?cover its value if he has been induced to enter into the bar?gain as a result of A)duress.
B)his desire to obtain the object of the deal.
C)a persuasive "sell" by Taylor.
D)his belief that Taylor would do right by him.
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Page 14
Chapter 13: Mistakes and Other Contract Defects
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Q1) Beau sells a car to Cody without disclosing that the odometer,which reads 40,000 miles,was disconnected 80,000 miles ago.Beau is liable for A)duress.
B)fraud.
C)mistake.
D)undue influence.
Q2) Nero is an elderly man who lives with his nephew Mervyn.Nero is depend?ent on Mervyn for support.Mervyn advises Nero to "invest" in Mervyn's "profes?sional gambling" venture,or Mervyn will no longer support him.Nero liq?uidates his other investments and signs a contract with Mervyn,to whom Nero gives the funds.Can Nero set aside this contract?
Q3) Joy and Karl contract for the sale of Joy's prize-winning show dog for $1,000.Unknown to either party,the dog has died.Karl is A)entitled to another dog of equivalent value.
B)not required to pay due to the bilateral mistake.
C)not required to pay due to the unilateral mistake.
D)required to pay because he assumed the risk the dog might die.
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Chapter 14: Written Contracts
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Q1) To be enforceable,a writing evidencing an oral contract must have been signed by the party who is to be held liable.
A)True
B)False
Q2) Ted and Svetlana orally agree to several different oral contracts.The Statute of Frauds will bar enforcement of an oral contract for A)a deal that will be performed within a year.
B)a primary obligation.
C)a sale of goods for $100.
D)a sale of land.
Q3) A contract must be in writing to be enforceable if it makes performance possible only over a period of more than one year.
A)True
B)False
Q4) In a transaction for the sale of a warehouse,Standard Storage Company tells Tri-County Investment Corporation that the office furniture is in?cluded.The contract says nothing about office furniture,but does state,"This document supersedes all oral promises relating to the sale." Is the furniture part of the sale? Why or why not?
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Page 16
Chapter 15: Third Party Rights
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Q1) An assignment of rights in real estate often cannot be prohibited.
A)True
B)False
Q2) Refer to Fact Pattern 15-1.The value of Eatery's property will increase after Carol's store is remodeled.Eatery is
A)a delegatee.
B)an assignee.
C)an incidental beneficiary.
D)an intended beneficiary.
Q3) Esther and Faisal agree that Esther will fix Faisal's car in exchange for his paying a preexisting debt owed by Esther to Gladys.Gladys is
A)an assignee.
B)an intended beneficiary.
C)an incidental beneficiary.
D)a delegatee.
Q4) An incidental beneficiary can sue directly to enforce a promisor's promise.
A)True
B)False
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Chapter 16: Contract Discharge and Remedies
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Q1) A novation occurs when there is a substitution,by agreement,of a new contract for an old one,with the rights under the old one being terminated.
A)True
B)False
Q2) Phil enters into a contract to hire Bob's Building Business to build a warehouse for Phil.The contract specifies that the warehouse should be built with HighQual Bricks.When construction starts,HighQual Bricks cannot provide enough bricks for the warehouse.Bob's Building Business substitutes Big Red Bricks,which are comparable in quality and price to HighQual Bricks.This deviation from the contract
A)discharges Phil from the contract.
B)has no effect on the contract.
C)increases Bob's Building Business's duties under the contract.
D)suspends Bob's Building Business's duty to perform.
Q3) Normally,when a nonbreaching party has been damaged by a breach of contract,he or she does NOT have a duty to mitigate those damages.
A)True
B)False
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Chapter 17: E-Contracts
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Q1) The UETA does not apply to a transaction unless the parties "opt in."
A)True
B)False
Q2) A record is an interaction between two or more people relating to business,commercial,or governmental activities.
A)True
B)False
Q3) NOT all of the terms presented in shrink-wrap agreements have been enforced.
A)True
B)False
Q4) Under the Electronic Signatures in Global and National Commerce Act,a signature may NOT be denied legal effect solely because it is in electronic form.
A)True
B)False
Q5) A record does not have legal effect under the UETA unless someone signs it.
A)True
B)False
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Page 19
Chapter 18: Introduction to Sales and Lease Contracts
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Q1) A merchant is a person who deals in goods of the kind involved in the sales contract or who holds herself or himself out as having skill or knowledge peculiar to the practices or goods being purchased or sold.
A)True
B)False
Q2) A lease is NOT exempted from coverage under the UCC.
A)True
B)False
Q3) Under the UCC,an agreement modifying a contract needs no considera?tion to be binding.
A)True
B)False
Q4) Under the "partial performance" exception to the UCC,an oral contract for goods worth more than $500 is enforceable if the goods are specially manufactured for a particular buyer.
A)True
B)False
Q5) For an item to be characterized as a "good" under the UCC,it must be intangible.
A)True
B)False
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Chapter 19: Title and Risk of Loss
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Q1) Before a seller can have an insurable interest in goods,the goods must be identified to a contract.
A)True B)False
Q2) If a seller is not a merchant,and the goods are not to be moved,the risk of loss passes to a buyer on tender of delivery.
A)True B)False
Q3) A contract between Fresh Fruit Corporation and Green Grocer,Inc.,re?quires Fresh Fruit to deliver goods to Green Grocer's place of business.This is A)a bill of lading.
B)a destination contract.
C)a shipment contract.
D)a warehouse receipt.
Q4) A buyer and a seller cannot normally have an insurable interest in iden?tical goods at the same time.
A)True B)False
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Chapter 20: Performance and Breach
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Q1) Unless otherwise agreed,inspection of goods can take place at any reasonable place and time and in any reasonable manner.
A)True B)False
Q2) In contracts involving a carrier,a seller can complete performance through a shipment contract or a destination contract.
A)True B)False
Q3) Office Suppliers,Inc.and Little Office Shop enter into a contract for a sale of office supplies.Office Suppliers is the seller.Under a shipment contract,the Office Suppliers does NOT have to
A)obtain and promptly deliver or tender to the buyer any documents necessary to enable the buyer to obtain the goods.
B)deliver the goods to a particular destination.
C)put the goods in the hands of the carrier.
D)promptly notify the buyer when the shipment has been made.
Q4) An installment contract is breached if a buyer accepts any nonconforming goods.
A)True B)False
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Chapter 21: Warranties and Product Liability
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Q1) Fred goes to Carla,a knowledgeable dog breeder,and tells her that he wants to get a dog that will be good with small children.Carla sells Fred a dog.When Fred takes the dog home,it bites both his small children and causes them serious injuries.Fred can sue Carla for breach of
A)an express warranty.
B)an implied warranty of fitness for a particular purpose.
C)an implied warranty of merchantability.
D)a warranty of title.
Q2) Jean buys a bike from Mike's Bike Shop.She wants to make sure that there is a warranty of title.Jean
A)does not need to do anything because warranties of title arise automatically in most sales contracts.
B)must request a written warranty of title.
C)must request an oral warranty of title.
D)must request both a written and an oral warranty of title.
Q3) Recovery in a product liability case may be limited when it can be shown that the plaintiff misused the product.
A)True
B)False
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Page 23
Chapter 22: Consumer Protection
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Q1) Major credit reporting agencies must provide consumers with free copies of their credit reports every twelve months.
A)True
B)False
Q2) Those who lease or arrange to lease consumer goods in the ordinary course of their business are subject to the Truth-in-Lending Act.
A)True B)False
Q3) A loan between two consumers is NOT subject to the Truth-in-Lending Act.
A)True
B)False
Q4) The FTC does not monitor online advertising.
A)True B)False
Q5) The main purpose of the Fair Debt Collection Practices Act is to ensure that creditors are always paid by debtors.
A)True B)False
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Chapter 23: The Essentials of Negotiability
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Q1) An instrument that promises to pay "in Microsoft stock" can be negotiable.
A)True
B)False
Q2) Kris wants one of Jasmine's purebred Persian kittens.Kris signs an instrument in which she promises to pay Jasmine for a kitten.The instrument will be negotiable if it is payable in
A)goods of equal market value.
B)money.
C)government bonds.
D)shares in stock.
Q3) To be negotiable,an instrument must be signed in the lower right-hand corner. A)True
B)False
Q4) Willy deposits $5,000 with Home State Bank on July 1,2012.Home State Bank promises to repay Willy the $5,000 plus 3 percent annual interest on July 1,2017.Home State Bank has issued Willy a A)certificate of deposit.
B)cashier's check.
C)nonnegotiable instrument. D)mortgage note.
Page 25
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Chapter 24: Transferability and Liability
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Q1) The drawee who signs a draft or check is NOT primarily liable to any subsequent holders.
A)True
B)False
Q2) A promise to give value in the future is NOT sufficient to confer the rights of an HDC on one in possession of a negotiable instrument.
A)True B)False
Q3) A maker is primarily liable on an instrument.
A)True
B)False
Q4) Kris transfers a note,on which Liu is the maker,to Mia,who takes it for value and in good faith.Mia knows that Kris breached the contract underlying the note,giving Liu a defense against payment.With respect to this note,Mia is A)a knowledgeable holder in due course.
B)an ordinary holder.
C)an ordinary holder in due course.
D)an ordinary note taker.
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26
Chapter 25: Checks and Banking in the Digital Age
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Q1) A check is NOT a substitute for cash.
A)True
B)False
Q2) Refer to Fact Pattern 25-2. Digital's bank is
A)the cashing bank.
B)the depositary bank.
C)the intermediary bank.
D)the payor bank.
Q3) A point-of-sale system is a type of electronic fund transfer system.
A)True
B)False
Q4) Elmo pays First National Bank $1,000 plus a service fee to draw a check on itself made payable to Go Delivery Service.This is
A)a cashier's check.
B)an overdraft.
C)a stale check.
D)a stop-payment order.
Q5) A customer who writes a bad check may be subject to criminal prosecution.
A)True
B)False
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Chapter 26: Agency
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Q1) An agency can terminate once its purpose is achieved.
A)True
B)False
Q2) Jim agrees to act on Kit's behalf,subject to Kit's control,and Kit trusts Jim to so act.This describes a relationship between
A)a business and its competitors.
B)a government and its governed.
C)a parent and a child.
D)a principal and an agent.
Q3) Delite Candy Company hires Elton to sell Delite's products in a certain area.Delite agrees to pay Elton a salary,plus commission,for a trial period.They also agree that Elton can sell using any methods and during any hours that seem appropriate.The key factor in whether Elton is Delite's employee is
A)the amount of Elton's salary.
B)the control Delite has over the details of the work.
C)the length of the trial period.
D)the title that designates Elton's position.
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Chapter 27: Employment and Immigration Law
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Q1) Healthy Harvest Company runs a candy and fruit processing and packaging plant.Most of Healthy Harvest's business is done during holiday seasons,especially between Halloween and New Year's Day,and in the spring.The company hires a large temporary workforce during its busiest times.Can Healthy Harvest hire noncitizens for its temporary,seasonal work? If so,what procedures must the employer follow to do this hiring? If not,how can Healthy Harvest be assured that it is hiring only citizens?
Q2) A key employee is defined as an employee whose pay falls within the top 10 percent of the firm's workforce.
A)True
B)False
Q3) Southwestern Foods Corporation operates a packaging plant near the border between the United States and Mexico.Due to the location,it would be easier for Southwestern to employ noncitizens. With respect to persons not authorized to work in the United States,an employer can A)hire them.
B)recruit them.
C)refer them for a fee.
D)not hire them,recruit them,or refer them for a fee.
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Chapter 28: Discrimination and Labor Law
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Q1) With a couple of new ideas regarding software design,Carol and Ray start a partnership that,with business success,becomes Pacific Applications Company.The company grows to include a staff of twenty-one employees.Over time,Pacific develops a new computer operating sys?tem.The firm signs licensing contracts with several computer manu?fac?turers,but needs to double the number of its employees to fulfill those con?tracts.Is Pacific subject to federal antidiscrimination laws? If so,what should it consider in hiring new employees?
Q2) The employees of Slaughterhouse Corporation designate Meatpackers Union as their bargaining representative.Slaughterhouse refuses to bargain with the union.This violates
A)federal labor law.
B)federal elections law.
C)federal employment discrimination law.
D)no federal law.
Q3) Lack of discriminatory intent is a complete defense to a charge of unlawful employment discrimination.
A)True
B)False
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Chapter 29: Sole Proprietorships,partnerships, Limited
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Q1) Jody owns KuppaJava Kiosks,a sole proprietorship.Jody's liability is
A)limited by state statute and varies from state to state.
B)limited to the extent of capital expenditures.
C)limited to the extent of his or her original investment.
D)unlimited.
Q2) Venture Capital,LP,is a limited partnership.A Venture limited partner loses his or her limited liability if he or she
A)acts as the firm's manager.
B)has full awareness of the firm's business activities.
C)invests in the firm's competitor.
D)votes on the firm's sale or dissolution.
Q3) Greta is a member of Hovercraft LLC.As a member,Greta is
A)a manager or officer,but not an owner.
B)an investor,but not a manager,officer,or owner.
C)an owner.
D)a participant,but not an investor,manager,officer,or owner.
Q4) A partner owes a partnership and its partners a duty of gross negligence and reckless conduct.
A)True
B)False
Page 31
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Chapter 30: Formation and Termination of a Corporation
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Q1) A sale of all of a corporation's assets requires the approval of its shareholders.
A)True
B)False
Q2) A court cannot dissolve a corporation for mismanagement.
A)True
B)False
Q3) Smalltown,Alabama is incorporated by the government.Smalltown is
A)a foreign corporation.
B)a public corporation.
C)a private corporation.
D)an alien corporation.
Q4) Raven is a shareholder of Quantum Mechanix Corporation.Raven could normally ex?er?cise appraisal rights if Quantum participated in A)a consolidation.
B)a dissolution.
C)a liquidation.
D)a winding up.
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Chapter 31: Management and Ownership of a Corporation
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Q1) Shareholders do not need to approve fundamental changes affecting the corporation before the changes can be effected.
A)True
B)False
Q2) Louise is a director for Icy Ices,Inc.Louise is also a director for Creamy Creams,Inc.When Icy Ices enters into a contract with Creamy Creams,Louise
A)must resign from one of the boards.
B)must resign from both boards.
C)must make a full disclosure of any conflicts of interest and abstain from voting on the proposed transaction.
D)need not do anything.
Q3) Cara and Dru are officers of EZ Trucking Corporation.As cor?porate officers,the rights of Cara and Dru are
A)determined by their employment contracts.
B)specified in state corporation statutes.
C)the same as those of the directors.
D)the same as those of the shareholders.
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Chapter 32: Secured Transactions
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Q1) Jane is the secured party in a secured transaction with Margaret.Jane could also be referred to as the A)debtor.
B)secured creditor.
C)collateral.
D)filing officer.
Q2) The failure to pay a debt as promised is known as default.
A)True
B)False
Q3) Olaf is the creditor in a transaction with Phil.Once certain require?ments are met,Olaf's rights will attach,which means that Olaf will have
A)an indivisible ownership right to Phil's property.
B)an enforceable security interest in Phil's property.
C)a notice affixed to Phil's property.
D)the permission of a court to seize Phil's property.
Q4) The first security interest to be perfected is the last in priority over any other perfected security interests.
A)True
B)False
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Chapter 33: Creditors Rights and Remedies
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Q1) A surety is released from his or her obligation if the debtor pays it.
A)True B)False
Q2) If a debtor will not pay a judgment,a creditor can resort only to "self-help" to collect.
A)True B)False
Q3) Drew and Earl are brothers.They agree to act as guarantors on a loan made by their sister,Flo.Flo defaults on the payments and Drew re?fuses to pay.Earl pays the debt.Earl can recover from
A)Drew and Flo under the right of proportionate liability.
B)Drew and Flo under the right of reimbursement.
C)Drew under the right of contribution and Flo under the right of subrogation.
D)no one,because the parties are brothers and sister.
Q4) A mechanic's lien can be enforced to obtain payment for work that adds value to real property.
A)True
B)False
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Chapter 34: Bankruptcy
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Q1) Donna goes through an involuntary bankruptcy proceeding.An invol?un?tary bankruptcy occurs when
A)a debtor files forms designated for the purpose in a bankruptcy court.
B)a debtor is unable to pay his or her debts as they come due.
C)a debtor's creditors force the debtor into bankruptcy proceedings.
D)a debtor's debts exceed the fair market value of his or her assets.
Q2) Some student loans are dischargeable in a Chapter 7 bankruptcy. A)True B)False
Q3) Elmo files a petition in bankruptcy.If the court concludes that Elmo only seeks an advantage over his creditors and that his financial situation does not warrant relief,the court will most likely
A)dismiss Elmo's petition.
B)discharge Elmo's debts.
C)distribute Elmo's property to Elmo's creditors.
D)issue an automatic stay against any actions by Elmo's creditors.
Q4) One goal of bankruptcy law is to encourage the continued use of credit. A)True B)False
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Chapter 35: Insurance
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Q1) The words used in an insurance contract are given special meaning.
A)True
B)False
Q2) Ricky obtains an insurance policy that protects him from major hospital,medical or surgical expenses.This is
A)casualty insurance.
B)major medical insurance.
C)life insurance.
D)malpractice insurance.
Q3) An insurance policy that provides for the replacement of a portion of the insured's monthly income from employment in the event that illness or injury causes a short or long-term disability is
A)life insurance.
B)health insurance.
C)disability insurance.
D)credit insurance.
Q4) The person who receives the proceeds under an insurance policy is called a beneficiary.
A)True
B)False
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Chapter 36: Morgages and Foreclosures
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Q1) Julia has a home valued at $150,000.She owes $100,000 on her mortgage.Julia can obtain a home equity loan for up to
A)$50,000.
B)$100,000.
C)$150,000.
D)$300,000.
Q2) David owns a house worth $100,000.He has an outstanding loan principal of $98,000.David defaults on his mortgage payments.To avoid foreclosure proceedings,David conveys his house to his lender in satisfaction of the mortgage.This is A)a short sale.
B)forbearance.
C)illegal.
D)a deed in lieu of foreclosure.
Q3) Steering and targeting occurs when the lender manipulates a borrower into accepting a loan product that benefits the lender but is not the best loan for the borrower.
A)True
B)False
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Chapter 37: Personal Property and Bailments
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Q1) GR8 Vision,Inc.,hires Haul-Way Company to trans?port fifty large-screen HDTVs from GR8's warehouse in San Diego to an Ideal Electronics retail store in Phoenix.The bailee is
A)GR8 Vision.
B)Haul-Way.
C)Ideal Electronics.
D)no one.
Q2) It is presumed that a co-tenancy is a tenancy in common unless it is clear that the parties intended to establish a joint tenancy.
A)True
B)False
Q3) T.J.owns a red sports car.T.J.can use the car as he wishes and he can also dispose of it if he wishes.When T.J.dies,the car will descend to his son.T.J.is an owner in
A)joint tenancy.
B)tenancy in common.
C)fee simple.
D)community.
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Chapter 38: Real Property
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Q1) Silas sells his farm to Kathy.The title is transferred by deed.Kathy is the A)grantee.
B)grantor.
C)recipient .
D)deedee.
Q2) Jaime conveys his historic mansion to Main Street Historical Society in fee simple defeasible.In the mansion,Jaime now has A)a partial ownership interest.
B)an easement.
C)no interest.
D)a profit.
Q3) Bay City wants to acquire undeveloped land within the city limits to con?vert into a public park.Bay City brings a judicial proceeding to obtain ti?tle to the land.This is A)adverse possession.
B)an easement.
C)constructive eviction.
D)the power of eminent domain.
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Chapter 39: Landlord and Tenant
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Q1) Under the covenant of quiet enjoyment,a landlord promises that a ten?ant will not be disturbed in the possession of the premises. A)True B)False
Q2) A tenant is responsible for all damage to leased premises. A)True B)False
Q3) A fixed-term tenancy terminates at the end of a specified period without notice. A)True B)False
Q4) Jamal signs a lease with Kelvin to occupy a house on Leech Lake in Minnesota for the summer.Jamal's tenancy is A)a fixed-term tenancy . B)a periodic tenancy.
C)a restrictive covenant. D)a tenancy at will.
Q5) A tenant is NOT responsible for damages he or she causes through negligence. A)True B)False
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Chapter 40: Wills and Trusts
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Q1) A formal will must be signed by the testator.
A)True
B)False
Q2) Tom executes a will in which he leaves everything to his spouse,Victoria,and in which he appoints Warren to administer his estate.This must be signed by
A)Tom only.
B)Tom and Victoria only.
C)Tom,Victoria,and Warren.
D)a probate judge.
Q3) A will can be an informal document and need not follow state requirements.
A)True
B)False
Q4) Richard's will leaves $5,000 to his two children,Sam and Sara.When Richard dies,he only has $8,000 to honor his bequests.Sam and Sara each receive $4,000.This is
A)an execution.
B)an abatement.
C)a division.
D)a devise.
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Chapter 41: Administrative Law
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Q1) The Food and Drug Administration (FDA) is a federal agency.The regulations that the FDA issues are part of the body of
A)administrative law.
B)common law.
C)trade law.
D)international law.
Q2) The Merit Systems Protection Board issues a rule.Like other adminis?tra?tive agencies' rules,this rule is as
A)binding as a law passed by Congress.
B)persuasive as an expert's opinion.
C)suggestive as a newspaper's editorial.
D)unenforceable as a salesperson's puffery.
Q3) The executive department of Health and Human Services was founded in 1980.Which of the following subagencies is NOT within the department of Health and Human Services?
A)The Centers for Medicare and Medicaid Services
B)The Food and Drug Administration
C)The Internal Revenue Service
D)The Centers for Disease Control
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Chapter 42: Antitrust Law
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Q1) Bubbly Bottling Company is engaged in the soft-drink bottling and distribution industry in the states of New York and New Jersey.The firm currently has about 40 percent of the market for these products and related services.Carbonate Distribution Corporation competes with Bubbly in the same states.Carbonate has about 35 percent of the market.If Bubbly were to acquire the stock and assets of Carbonate,would Bubbly be in violation of any of the antitrust laws? If so,which one? Discuss fully.
Q2) The basic purpose of antitrust law is to regulate economic competition.
A)True
B)False
Q3) A suit is filed against Dormroom Furniture Unlimited,Inc.,alleging that the firm has committed the offense of monopolization.To determine the extent of Dormroom Furniture's market power,the court will use the
A)market-share test.
B)geographic-share test.
C)rule of reason.
D)monopoly test.
Q4) The market-share test measures a firm's percentage share of a market.
A)True
B)False
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Chapter 43: International Law
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Q1) Under the principle of comity,all foreign governments are subject to all U.S.laws.
A)True
B)False
Q2) Yokio,Ltd.,and Zeno,S.A.,transact an international sale of goods.At the request of these parties,a court in Portugal resolves a dispute between them.A U.S.court will most likely honor the judgment
A)if it is consistent with U.S.laws and public policy.
B)if it is consistent with Portuguese laws and public policy.
C)if it does not benefit the U.S.to deny it.
D)under no circumstances.
Q3) In some cases,foreign states are not immune from the jurisdiction of U.S.courts.These circumstances are governed by the
A)Uniform Commercial Code.
B)Foreign Sovereign Immunities Act.
C)European Union.
D)North American Free Trade Agreement.
Q4) A tariff is always a flat rate per unit.
A)True
B)False
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