Business Law for Managers
Final Exam Questions
Course Introduction
Business Law for Managers provides a comprehensive overview of the legal principles and frameworks that affect decision-making in the business environment. This course covers essential topics such as contract law, corporate governance, employment law, intellectual property, dispute resolution, and regulatory compliance. Through case studies and real-world examples, students will learn how to recognize potential legal risks, understand the implications of legal decisions, and implement best practices to ensure ethical and lawful management. By the end of the course, managers will be equipped with the foundational legal knowledge necessary to navigate and lead effectively in todays complex business landscape.
Recommended Textbook Fundamentals of Business Law Today Summarized Cases 10th Edition by Roger LeRoy Miller
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2
Chapter 1: The Legal and Constitutional Environment of Business
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Q1) A federal law regarding the labeling of pesticides directly conflicts with a state law.The state law will be rendered invalid due to
A)the supremacy clause.
B)the commerce clause.
C)the federal spending power.
Answer: A
Q2) The commerce clause includes an express grant of exclusive authority to regulate commerce that substantially affects trade and commerce among states.This is referred to as
A)thedormant aspect of the commerce clause.
B)thepositive aspect of the commerce clause.
C)thenegative aspect of the commerce clause.
D)theexclusive aspect of the commerce clause.
Answer: B
Q3) Preemption occurs when Congress chooses to act exclusively in a concurrent area and a valid federal statue or regulation takes precedence over a conflicting state or local law.
A)True
B)False
Answer: True
Page 3
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Chapter 2: Courts and Alternative Dispute Resolution
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Q1) 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)a long arm statute.
B)an in personam statute.
C)an in rem statute.
D)an out-of-state jurisdiction statute.
Answer: A
Q2) Hua,a resident of Illinois,owns a warehouse in Indiana.A dispute arises over the ownership of the warehouse with Jac,a resident of Kentucky.Jac files a suit against Hua in Indiana.Regarding this suit,Indiana has
A)federal jurisdiction.
B)in personam jurisdiction.
C)in rem jurisdiction.
D)no jurisdiction.
Answer: C
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Chapter 3: Ethics and Business Decision Making
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Q1) Richard suspects his supervisor of unethical accounting practices.However,he does not want to lose his job if he reports the supervisor and the supervisor finds out who reported him.An important feature of online reporting systems like NAVEX Global is
A)the employee reporting the unethical behavior can do so anonymously.
B)the employee reporting the unethical behavior is financially compensated if he loses his job as a result of the report.
C)the employee reporting the unethical behavior must give his full name when making the report.
D)the employee reporting the unethical behavior must have another employee supporting him.
Answer: A
Q2) Corporations can be perceived as owing ethical duties to groups other than their shareholders.
A)True
B)False
Answer: True
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Chapter 4: Tort Law
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Q1) The public disclosure of private facts about a person is an invasion of privacy.
A)True
B)False
Q2) For a tort to be considered intentional,the tortfeasor must have an evil or harmful motive.
A)True
B)False
Q3) The Class Action Fairness Act of 2005
A)shifted jurisdiction over certain class-action lawsuits from the state courts to the federal courts.
B)shifted jurisdiction over certain class-action lawsuits from the federal courts to the state courts.
C)made forum shopping punishable by large fines.
D)limited the amount of damages that could be awarded in a medical malpractice suit.
Q4) Harm must be foreseeable to be considered the proximate cause of an injury in negligence.
A)True
B)False
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Page 6
Chapter 5: Intellectual Property
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Q1) A trademark doesnotneed to be registered to support a trademark infringement action.
A)True
B)False
Q2) A generic term is not protected under trademark law unless it acquires a secondary meaning.
A)True B)False
Q3) The states and the federal government provide for registration of trademarks.
A)True B)False
Q4) A suggestive use of ordinary words may be trademarked.
A)True
B)False
Q5) Bubbly Cola features Sparkly Cola's trademark without its owner's permission.Bubbly's use of the mark is actionable provided A)consumers are confused.
B)Bubbly's use is intentional.
C)Bubbly's use reduces the value of Sparkly's mark.
D)Sparkly's mark is registered.
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Chapter 6: Internet Law,social Media,and Privacy
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Q1) Penalties exist for anyone who circumvents encryption software or other technological antipiracy protection.
A)True
B)False
Q2) Federal law prevents a provider of communication services-such as a cell phone company-from divulging private communications to certain entities and individuals.
A)True
B)False
Q3) Because of the loss of significant amounts of revenue as a result of unauthorized digital downloads,file-sharing has created problems for A)the motion picture industry.
B)recording artists and their labels.
C)the companies that distribute file-sharing software. D)all of the choices.
Q4) Using another's trademark in a meta tag does not normally constitute trademark infringement,even if it is done without the owner's permission.
A)True
B)False
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Chapter 7: Criminal Law and Cyber Crime
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Q1) 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.
Q2) A crime can be committed only against persons. A)True B)False
Q3) Sophie is the president of Tasty Foods Corporation,a wholesale grocery company.An inspection by Uri,a government agent,uncovers unsani-tary conditions in the company's ware-house caused by Vic,a Tasty Foods employee.Will,a Tasty Foods vice president,assures Uri that the situation will be corrected,but a later inspection finds that the warehouse is still unsanitary.Sophie knows nothing about any of this.Can Tasty Foods be convicted of a crime in these circumstances? Can Sophie be held personally liable?
Q4) A bank employee stealing funds from a client is an example of embezzlement. A)True
B)False
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Page 9
Chapter 8: Nature and Classification
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Questions
Q1) Demi promises to buy a house from Caleb,who promises to vacate the prop-erty on June 1.If these promises are in writing,they are most likely
A)enforceable.
B)unenforceable.
C)void.
D)voidable.
Q2) The intention to enter into a con-tract is judged by objective facts as interpreted by a reasonable person.
A)True
B)False
Q3) An implied contract is implied from the conduct of the parties.
A)True
B)False
Q4) A promise is a declaration that something will or will not happen in the future.
A)True
B)False
Q5) If a voidable contract is avoided,the parties to it are released from it.
A)True
B)False
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Chapter 9: Agreement in Traditional and E-Contracts
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Q1) In a bilateral contract,communication of acceptance is necessary.
A)True
B)False
Q2) Signe offers to sell Thomas her textbook but conditions the sale on Thomas ac-cepting the offer by March 1.Signe may revoke the offer
A)beforeThomas accepts the offer.
B)before March 1,whether or not Thomas has accepted the offer.
C)only after Thomas accepts the offer.
D)only after March 1.
Q3) For an offer to be effective,the offeror must have a serious intention to become bound by the offer.
A)True
B)False
Q4) A click-on agreement is an agreement whose terms are expressed inside a box in which the goods are packaged.
A)True
B)False
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Chapter 10: Consideration, capacity, and Legality
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Q1) In some states,misrepresentation of age by a minor is enough to prohibit disaffirmance.
A)True
B)False
Q2) Kingston promises to pay Melina $500 to install a sump pump in his warehouse.Melina com-pletes the installation.The act of installing the pump
A)imposes a moral obligation on Kingston to pay Melina.
B)imposes no obligation on Kingston unless he is satisfied with the job.
C)is not sufficient consideration because it is not goods or money.
D)is the consideration that creates Kingston's obligation to pay Melina.
Q3) Rollo promises to perform,for a price,shoe repair services in affiliation with Togs 'n Things,a clothing store.To support a contract,the consid-eration ex-changed by the parties must be
A)adequately considerate.
B)equally valuable.
C)legally sufficient.
D)wisely priced.
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Page 12
Chapter 11: Defenses to Contract Enforceability
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Q1) A deceived person must have a justifiable reason for relying on a misrepresentation.
A)True
B)False
Q2) A contract is sometimes voidable if one party is aware that the other party made a mistake of fact.
A)True
B)False
Q3) Kathleen sells Richard a racehorse for $1,000.Both Kathleen and Richard think that the horse is too slow to win any races.Richard then enters the horse in a race,and it wins easily.He enters it in more races,and the horse soon wins more than $1 million.Kathleen tries to rescind the contract to sell the horse,claiming that it was worth more than $1,000.A court will
A)cancel the contract due to Kathleen's failure to know the horse's value.
B)cancel the contract due to Richard's failure to know the horse's price.
C)cancel the contract due to the difference between the contract price and the horse's true value.
D)enforce the contract.
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Page 13
Chapter 12: Third Party Rights and Discharge
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Q1) The only way that a party can discharge a contract is by performance.
A)True
B)False
Q2) An assignment of rights in real estate often cannot be prohibited.
A)True
B)False
Q3) Vested is the condition in which rights have taken effect and cannot be taken away.
A)True
B)False
Q4) 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
Q5) Tender is a timely offer or expression of willingness to pay a debt or perform an obligation.
A)True
B)False
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Chapter 13: Breach and Remedies
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Q1) Dobry Die & Mold,Inc.,enters into a contract with Chet's Refitting Service to fix Dobry's precisely engineered molding equipment.If Chet's delays the repair for five days,knowing that Dobry will lose a certain percentage of profit for the delay,Dobry might be awarded consequential damages to
A)establish,as a matter of principle,that Chet's acted wrongfully.
B)provide Dobry with funds for a foreseeable loss beyond the contract.
C)provide Dobry with funds for its loss of the bargain.
D)punish Chet's and set an example to deter others from similar acts.
Q2) A party seeking to recover in quasi contract must show that he or she has been unjustly enriched.
A)True
B)False
Q3) A liquidated damages provision is the same as a penalty provision.
A)True
B)False
Q4) Whether a contract's limitation-of-liability clause will be enforced depends on the type of breach that the clause excuses.
A)True
B)False
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Chapter 14: The Formation of Sales and Lease Contracts
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Q1) Sweetwater Café orders five gallons of transfat-free cooking oil from Restaurant Supply,Inc.The seller mistakenly ships the wrong oil,which the buyer keeps,despite the nonconform-ity.The oil is destroyed in a kitchen fire.The loss is suffered by
A)Sweetwater and Restaurant Supply,but not Sweetwater customers.
B)Sweetwater,Restaurant Supply,and Sweetwater customers.
C)Sweetwater only.
D)Restaurant Supply only.
Q2) Identification,risk of loss,and insurable interest are all concepts that are involved in determining the rights and liabilities of parties to a contract.
A)True
B)False
Q3) Under the UCC,if a contract is unilateral,the offeror must be notified of the of-feree's performance.
A)True
B)False
Q4) The UCC requires that the mirror image rule be followed for all acceptances.
A)True
B)False
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Page 16
Chapter 15: Performance and Breach of Sales and Lease Contracts
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Q1) Sof' Chair Company contracts to deliver 100 chairs to Stuffy Furnishings Store on May 1 for which Stuffy agrees to pay.Sof' tells Stuffy on April 15 that delivery will be delayed until June 1.Stuffy may
A)await performance,sue Sof',or suspend its own performance. B)only await Sof's performance for a commercially reasonable time.
C)only sue Sof' for breach of contract.
D)only suspend its own performance.
Q2) Once the time for performance under the contract has expired,the seller or lessor can never exercise the right to cure.
A)True
B)False
Q3) On a lessee's insolvency,the lessor can stop delivery of the goods.
A)True
B)False
Q4) If a buyer repudiates a contract,the seller cannot re-cover damages.
A)True
B)False
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Chapter 16: Warranties and Product Liability
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Q1) Courts in many jurisdictions will consider the negligent actions of both the plaintiff and the defendant when apportioning liability in a product liability action.
A)True
B)False
Q2) Good Tire Company and Hiway Auto Service enter into a contract for a sale of tires.Good Tire is a merchant who deals in goods of the kind sold.Under the UCC,an implied warranty of merchantability arises
A)automatically in sales contracts.
B)only if the buyer asks for it.
C)only if the seller does not expressly disclaim it.
D)only in conjunction with lease contracts,not sales contracts.
Q3) Express warranties can notbe disclaimed in contracts.
A)True
B)False
Q4) An action in strict product liability requires that the product not be in a defective condition when the defendant sells it.
A)True
B)False
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18
Chapter 17: Negotiability, transferability, and Liability
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Q1) A check is not negotiable if it is payable on demand.
A)True
B)False
Q2) Personal defenses are used to avoid payment to an ordinary holder of a negotiable instrument,but not to an HDC or a holder through an HDC.
A)True
B)False
Q3) Dewey is the payee for a check written by Fred.Cash Credit Corporation (CCC) accepts the check from Dewey as part of a payment.CCC cannot become a HDC if A)the check has been transferred more than once.
B)the check has been outstanding for one week.
C)the check has been outstanding for more than ninety days.
D)there are bankruptcy proceedings against Fred.
Q4) A signature must be the full name of a party.
A)True
B)False
Q5) An instrument "payable to bearer" is transferable but not negotiable.
A)True
B)False
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Chapter 18: Checks and Banking in the Digital Age
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Q1) When processing a check,Superior Bank encodes information,such as the amount of the check,on the item.Superior thereby warrants to any subsequent bank or payor
A)the item has been returned to the drawer.
B)nothing.
C)the check has been processed manually.
D)the encoded information is correct.
Q2) Brandy forges Caleb's signature on a check "payable to the order of Brandy" drawn on Caleb's account in Downtown Bank.Caleb's forged signature is
A)effective if an innocent third party accepts the check.
B)effective to the degree that it matches Caleb's genuine signature.
C)effective to the extent that Downtown Bank debits Caleb's account.
D)not effective.
Q3) Under the Check Clearing in the 21st Century Act,a bank has to credit a customer's account as soon as the bank receives the funds.
A)True
B)False
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Chapter 19: Secured Transactions
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Q1) Pete borrows $5,000 from Willy in a secured transaction using Pete's BMW as collateral.Pete then borrows $7,000 from Janet using the same car as collateral.Neither Willy nor Janet perfects their security interests.Pete defaults on the loans.The party with priority is
A)Willy,because his interest was the first to attach.
B)Janet,because Pete owes her more money.
C)Janet,because her interest was the second to attach.
D)Willy,because Pete owes him less money.
Q2) Future advances against a line of credit can be subject to the same collateral.
A)True
B)False
Q3) Valley Furniture Store sells household consumer goods on credit for which Valley files a financing statement to perfect a security interest in the goods. With the filing of subsequent continuation statements,the ef-fectiveness of the statement can be continued
A)indefinitely.
B)for no longer than five years.
C)for no more than six months.
D)up to five years and six months.
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Page 21
Chapter 20: Creditors Rights and Bankruptcy
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Q1) Child-support debts will be suspended by a voluntary bankruptcy filing.
A)True
B)False
Q2) Dina asks Edie to co-sign a credit application so that she can borrow money and buy a truck from First Street Motors.If,after the loan agreement is signed,Dina agrees to a higher rate of interest without telling Edie,then Edie is
A)discharged from the agreement.
B)liable at the higher rate of interest.
C)liable at the lower rate of interest.
D)liable for the principal only.
Q3) Creditors can agree with a debtor to discharge the debtor's debts on payment of a sum less than that owed.
A)True
B)False
Q4) Wilson wants to file an ordinary,or straight,bankruptcy.Wilson should file using
A)Chapter 7.
B)Chapter 11.
C)Chapter 13.
D)his state's bankruptcy code.
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Chapter 21: Agency Relationships
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Q1) Bernard is an expert on exotic flowers.Fine Floral Fixtures,Inc.(FFF) hires Bernard to order exotic flowers from various greenhouses.Bernard does not bother to examine the quality of the flowers he purchases on behalf of FFF.Bernard has breached
A)the duty of performance.
B)the duty of loyalty.
C)no duty.
D)the duty of notification.
Q2) A principal owes an agent a duty of compensation.
A)True
B)False
Q3) An employer has no control over an employee's work.
A)True
B)False
Q4) Employees who deal with third parties are agents of their employers.
A)True
B)False
Q5) An agency relationship cannot exist in the absence of a formal agreement.
A)True
B)False
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Chapter 22: Employment Law
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Q1) There is federal regulation of employers' retirement plans for employees.
A)True
B)False
Q2) An employer may nothire an illegal immigrant under any circumstances.
A)True
B)False
Q3) Children must be at least thirteen years old to work in hazardous occupations.
A)True
B)False
Q4) Julie works as an employee for Organic Produce Express,Inc.(OPI).Rowan,who is unemployed,collects unemployment compensa-tion.This compensation is provided by a tax on
A)Julie and other employees.
B)Julie,OPI,and other employees and employers.
C)OPI and other employers.
D)not Julie,OPI,or other employees or employers.
Q5) All employers must provide their employees with up to twelve months of family or medical leave.
A)True
B)False
24
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Chapter 23: Sole Proprietorships, partnerships, and Limited Liability Companies
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Q1) Ryder and Sergei are partners in Timberline Gear,which sells mountain- and rock-climbing equipment.Ryder manages the business.Unless the partnership agreement states otherwise,Ryder is
A)entitled to compensation in proportion to his effect on the business.
B)entitled to compensation in proportion to his effort.
C)entitled to compensation in proportion to his capital contribution.
D)not entitled to compensation.
Q2) Doral,Esteban,and Fiona are general partners in Centreville Dentistry,a dental clinic.Their agreement states it is a breach of the agreement for any partner to assign his or her interest to a creditor without the consent of the other partners.Doral's assignment of his interest in the clinic to Hometown Lenders results in
A)nothing with respect to Doral or the clinic.
B)the automatic termination of the clinic's legal existence.
C)Doral's liability for all of the clinic's debts.
D)Doral's wrongful dissociation and liability for any damages.
Q3) In a sole proprietorship,the owner receives 90 percent of the profits and the government receives 10 percent.
A)True
B)False
Page 25
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Chapter 24: Corporate Formation, financing, and Termination
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Q1) A corporation does not possess the same right of access to the courts as natural persons.
A)True
B)False
Q2) Any person who buys preferred stock has priority over a holder of common stock to payment on the corporation's dissolution.
A)True
B)False
Q3) Finn and Glenda want to form and do business as Hobby Crafts Corporation.A corporation is
A)a natural person.
B)a tangible thing.
C)an artificial legal person.
D)a visible radiance.
Q4) In most cases,only a corporation's common stockholders need to approve a merger.
A)True
B)False
Q5) A close corporation can operate as an S corporation. A)True
B)False
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Chapter 25: Corporate Directors, officers, and Shareholders
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Q1) Bea is a shareholder of Candy Confections Corporation.The right to inspect corporate books and records is
A)held by Bea only if she is a director.
B)held by Bea,without restrictions.
C)held by Bea,with some restrictions.
D)not held by Bea.
Q2) The articles of corporation cannot exclude or limit shareholders' voting rights. A)True
B)False
Q3) Coast-to-Coast Distribution,Inc.,is a direct-mail distribution company.Like most corporations,Coast-to-Coast's employees include its A)board of directors.
B)incorporators.
C)officers.
D)shareholders.
Q4) Directors can use corporate funds and confidential information for personal advantage as long as they disclose that they are doing so.
A)True B)False
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Chapter 26: Investor Protection, insider Trading, and Corporate Governance
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Q1) Any corporation with less than $10 million in assets and fewer than five hundred shareholders must register their securities with the Securi-ties and Exchange Commission.
A)True
B)False
Q2) Sales of securities must occur within five days of registration.
A)True
B)False
Q3) Kitsch Niche Corporation is a noninvestment company that wants to is-sue $3 million of stock in a twelve-month period.Kitsch Niche,with less than $20 mil-lion in annual sales,qualifies as a small business issuer.Before Kitsch Niche sells the stock,it must provide investors with
A)an offering circular.
B)a notice of the issue
C)a red herring prospectus
D)a tombstone ad
Q4) A registration statement must include a financial statement certified by an independent public accounting firm.
A)True
B)False
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Chapter 27: Personal Property and Bailments
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Q1) Derrick buys a hunting license and goes hunting.He shoots a deer,cleans it,and takes it back to his truck.He takes the deer to town and has the meat processed.Derrick's acquisition of the deer is by A)possession.
B)a bailment.
C)confusion.
D)production.
Q2) Property voluntarily discarded by its owner with no inten-tion of reclaiming it is abandoned property.
A)True
B)False
Q3) Which of the following is considered personal property
A)Stocks and bonds
B)Land
C)A garage
D)A boundary fence
Q4) If property is owned as community property,each spouse owns an undivided one-half interest in it.
A)True
B)False
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Chapter 28: Real Property and Landlord-Tenant Law
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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 contract for the sale of commercial realty should indicate what items are included in the sale.
A)True
B)False
Q3) 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 tenancy at sufferance
D)a tenancy at will.
Q4) A tenant is not responsible for the ordinary wear and tear of leased premises. A)True B)False
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Chapter 29: Insurance, wills, and Trusts
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Sample Questions
Q1) Orin creates a living trust to pass his assets,including stock in Petro Oil Company and other business investments,to his heirs.One advantage of this arrangement is that
A)income taxes do not have to be paid on trust earnings.
B)the assets are sheltered from the payment of estate taxes.
C)the assets can be transferred without going through probate.
D)the trust does not come into existence until the grantor's death .
Q2) Doctors Medical Associates obtains an insurance policy that protects its members against negligence claims by their pa-tients.This is A)casualty insurance.
B)fidelity or guaranty insurance.
C)malpractice insurance.
D)workers' compensation insurance.
Q3) An insurer has a duty to avoid the payment of claims.
A)True
B)False
Q4) Dieter's will provides for a distribution of his assets on his death.Who will "distribute" Dieter's property,and what are the steps involved?
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Chapter 30: Liability of Accountants and Other Professionals
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Sample Questions
Q1) An accountant normally will be held liable to the client for incorrect judgment. A)True
B)False
Q2) Jaime,an accountant,contracts to perform services for Kase.Jaime acts in good faith and conforms to generally accepted accounting principles,but makes a mistake in judgment.Jaime is most likely
A)liable if Jaime failed to discover a defalcation.
B)liable if Jaime failed to discover a fraud.
C)liable if Jaime failed to discover an impropriety.
D)not liable.
Q3) Lars accuses Moe,an attorney,of committing malpractice.Malpractice is A)a breach of ethics.
B)a defalcation.
C)a mistake in judgment.
D)professional negligence.
Q4) Professionals are obligated to adhere to standards of performance generally accepted within their profession.
A)True
B)False
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Chapter 31: International Law in a Global Economy
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Sample Questions
Q1) International law is a body of law that governs relations between and among citizens,not countries.
A)True
B)False
Q2) Under the principle of comity,one nation may defer and give effect to the laws and judicial decrees of another country.
A)True
B)False
Q3) US Cars,a U.S.firm,owns property in Argentina.The government of Argentina seizes the property.US Cars claims that this is confiscation.The government of Argentina claims that it is expropriation.The burden of proof lies with
A)the U.S.government.
B)the government of Argentina.
C)US Cars.
D)the U.S.Supreme Court.
Q4) International franchisees usually do not pay fees for the license to use a trademark or trade name.
A)True
B)False
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