Business Law
Pre-Test Questions
Course Introduction
Business Law provides an overview of the legal principles and frameworks that govern business operations, transactions, and relationships. The course covers key topics such as contract law, agency, sales, commercial paper, business organizations, property, and the legal environment of business. Students will explore the regulatory and ethical considerations affecting businesses, learn to identify legal issues in everyday business situations, and gain foundational skills for applying legal concepts to decision-making.
Emphasis is placed on real-world case studies and the practical implications of legal risks within a business context.
Recommended Textbook
Business law 9th Edition by Henry Cheeseman
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54 Chapters
4463 Verified Questions
4463 Flashcards
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Page 2
Chapter 1: Legal Environment of Business and Online Commerce
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Sample Questions
Q1) The Supreme Court case decision on the case of Brown v.Board of Education was important because it exhibited ________.
A)the use of the affirmative action policy
B)the scope of flexibility of the law
C)the state's supremacy over federal rulings
D)the importance of following precedence
Answer: B
Q2) Philosophers of the ________ School of jurisprudence emphasize a moral theory of law,where law is based on morality and ethics,and is discovered by human reasoning and making choices between good and evil.
A)Sociological
B)Analytical
C)Historical
D)Natural Law
Answer: D
Q3) Administrative agencies are created by the judicial branch of governments.
A)True
B)False
Answer: False
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Chapter 2: Courts and Jurisdiction
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Sample Questions
Q1) Appeals from the Court of International Trade are heard by the U.S.Court of Appeals for the Federal Circuit.
A)True
B)False
Answer: True
Q2) In which of the following cases do federal and state courts have concurrent jurisdiction?
A)bankruptcy cases
B)diversity of citizenship cases
C)antitrust cases
D)patents cases
Answer: B
Q3) ________ refers to a contract provision that designates a certain state's law or country's law that will be applied in any dispute concerning nonperformance of the contract.
A)Choice-of-law clause
B)Forum-shopping
C)Arbitration clause
D)Forum-selection clause
Answer: A
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Chapter 3: Judicial, alternative, and Online Dispute Resolution
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Sample Questions
Q1) The statute of limitations establishes the period within which ________.
A)a plaintiff must bring a lawsuit against a defendant
B)a defendant must file a written answer against a plaintiff's complaint
C)a defendant can file a cross-complaint against the plaintiff
D)a motion for judgment on the pleadings can be made by either party
Answer: A
Q2) Voir dire is the process whereby the jurors ask prospective judges questions to determine whether they would be biased in their decisions.
A)True
B)False
Answer: False
Q3) ________ is the process whereby the judge and attorneys ask prospective jurors questions to determine whether they would be biased in their decisions.
A)Consolidation
B)Trial of fact
C)Voir dire
D)Intervention
Answer: C
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Chapter 4: Constitutional Law for Business and E-Commerce
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Sample Questions
Q1) The Privileges and Immunities Clause prohibits states from enacting laws that unduly discriminate in favor of their residents.
A)True
B)False
Q2) The U.S.government can gag citizens from criticizing the President.
A)True
B)False
Q3) Which of the following amendments to the U.S.Constitution contains the Due Process,Equal Protection,and Privileges and Immunities Clauses?
A)the Twelfth Amendment
B)the Thirteenth Amendment
C)the Fourteenth Amendment
D)the Fifteenth Amendment
Q4) The legislative branch of the U.S.federal government is ________.
A)monocameral
B)bicameral
C)tricameral
D)polycameral
Q5) How has the U.S.government regulated commerce with Native Americans?
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Chapter 5: Intentional Torts and Negligence
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Sample Questions
Q1) Which of the following is an intentional tort?
A)breach of duty of care
B)defect in product manufacture
C)disparagement
D)negligence
Q2) Harvey was at his college reunion where he met Raymond,his former roommate.Harvey and Raymond did not get along well at the reunion.Offended by something Raymond mentioned,Harvey punched him in the face,which broke his jaw.Harvey is liable for ________.
A)breach of duty of care
B)disparagement
C)battery
D)assault
Q3) If a newspaper review calls a commercially-successful actor talentless,it is liable for defamation of character.
A)True
B)False
Q4) Explain the doctrine of strict liability with examples.
Q5) How is assault different from battery?
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Chapter 6: Product and Strict Liability
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Sample
Questions
Q1) A manufacturer of matches is not strictly liable if an arsonist uses its matches to burn down a building.
A)True
B)False
Q2) ________ refers to a statute that limits the seller's liability to a certain number of years from the date when the product was first sold.
A)Statute of limitations
B)Statute of frauds
C)Statute of general application
D)Statute of repose
Q3) Under the doctrine of strict liability,bystanders who are injured by a defective product are entitled to the same protection as the consumers or users.
A)True
B)False
Q4) A risk utility analysis requires showing that a product is more dangerous than the ordinary consumer would expect.
A)True
B)False
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Chapter 7: Intellectual Property and Cyber Piracy
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Sample Questions
Q1) How do patent laws help an inventor?
A)They let the inventor keep his patents indefinitely.
B)They help the inventor meet potential buyers for his patented inventions.
C)They provide protection for patented inventions from infringement.
D)They help the inventor guard his patented invention from the public.
Q2) A patent in the public domain can be purchased by a non-patent holder.
A)True
B)False
Q3) Trademarks that have become generic names are protected under federal trademark law.
A)True
B)False
Q4) A collective membership mark identifies different products in the same product line of an organization.
A)True
B)False
Q5) A provisional application for a patent gives an inventor three months to prepare a final patent application.
A)True
B)False
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Chapter 8: Criminal Law and Cyber Crime
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Sample Questions
Q1) Richard Bell,an organized crime boss and casino owner,has made a lot of money with his illegal drug operations and illegal gambling.He stashes away most of this drug money in personal lockers.In order to make it look like he earned it legitimately,Richard hired crooks to take the drug money and spend it in Richard's casinos in discreet amounts.The crooks are supposed to lose the money on purpose so that the casino can claim this as winnings.The crooks are then paid a small amount for their services.What crime is Richard committing in converting his drug money to alleged legal money?
A)misappropriation
B)embezzlement
C)money laundering
D)extortion
Q2) Crimes committed by businesspersons are referred to as blue-collar crimes.
A)True
B)False
Q3) At what stage of the criminal procedure is the accused asked to enter a plea?
A)when the accused is being booked
B)when the accused is taken to an arraignment
C)when the accused is being arrested
D)when an indictment or information statement is being issued
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Page 10
Chapter 9: Nature of Traditional and E-Contracts
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Sample Questions
Q1) The ________ states that the intent to contract is judged by the reasonable person standard and not by the subjective intent of the parties.
A)Restatement of the Law of Contracts
B)Restatement (Second)of Contracts
C)objective theory of contracts
D)common law of contracts
Q2) Stella gets injured in a motor accident and is brought to the hospital by a passerby.Stella subsequently passes into a coma.The doctors and other staff perform the necessary medical procedures to save her life.Stella comes out of her coma two months later and is released from the hospital after the doctors are satisfied by her recovery.Under the doctrine of ________ contract,Stella has to pay the hospital for its services.
A)express contract
B)quasi contract
C)implied-in-fact contract
D)formal contract
Q3) Express contract can be stated orally.
A)True
B)False
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Page 11
Chapter 10: Agreement
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Sample Questions
Q1) Section 24 of the Restatement (Second)of Contracts defines a(n)________ as the manifestation of willingness to enter into a bargain,so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.
A)order
B)offer
C)advertisement
D)revocation
Q2) Give an account of termination of offer due to lapse of time.
Q3) Explain implied and express authorizations.
Q4) Unless otherwise expressly stated,an auction is considered an auction with reserve.
A)True
B)False
Q5) Which of the following statements is true of an offer that was not communicated?
A)The offer stays valid for 30 days from the date of creation.
B)The offer cannot be accepted by the offeree if not communicated.
C)The offeree can claim an offer that was not communicated.
D)The offer is considered to be an implied term.
Q6) Explain the importance of "time of acceptance" of contracts.
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Chapter 11: Consideration and Promissory Estoppel
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Sample Questions
Q1) An illusory promise is an example of a contract that lacks consideration.
A)True
B)False
Q2) A promissory estoppel is usually used to provide a remedy to a party who has relied on another party's promise.
A)True
B)False
Q3) A requirements contract is a contract in which a buyer agrees to purchase all of its requirements for an item from one seller.
A)True
B)False
Q4) Considerations can only be monetary or economic in nature.
A)True
B)False
Q5) A consideration need not be of legal value to be enforceable. A)True
B)False
Q6) What is a best-efforts contract?
Q7) What is accord and satisfaction in contractual terms?
Q8) What is contract consideration?
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Chapter 12: Capacity and Legality
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Sample Questions
Q1) Which of the following is an example of a contract contrary to statutes by its very existence?
A)a usurious loan contract
B)a contract between two minors
C)a contract where one party is insane but not adjudged insane
D)a contract of adhesion
Q2) Any age below the statutory age of majority is called the period of minority.
A)True
B)False
Q3) The duty of restitution states that a competent party should be placed in status quo by the minor upon disaffirmance of a contract.
A)True
B)False
Q4) The infancy doctrine binds an adult to a minor's decision on a contract.
A)True
B)False
Q5) A ratified contract can be disaffirmed even after the minor reaches the age of majority.
A)True
B)False
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Chapter 13: Genuineness of Assent and Undue Influence
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Sample Questions
Q1) Taking advantage of another person's mental,emotional,or physical weakness and unduly persuading that person to enter into a contract constitutes duress.
A)True
B)False
Q2) Which of the following is true of misrepresentation?
A)A misrepresentation is not actionable unless the innocent party relied on the misrepresentation and acted on it.
B)An innocent party who acts in reliance on a misrepresentation need not justify his or her reliance.
C)An innocent party must prove that the wrongdoer's misrepresentation was the sole reason he or she entered into the contract.
D)An innocent party need not prove economic injury to recover damages for fraud.
Q3) During the sale of a house,if the seller does not inform the buyer about construction flaws of the house despite the buyer's enquiry,the seller is liable for fraud by concealment.
A)True
B)False
Q4) Explain undue influence with an example.
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Page 15
Chapter 14: Statute of Frauds and Equitable Exceptions
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Sample Questions
Q1) ________ stipulates that the contract is a complete integration and the exclusive expression of the parties' agreement.
A)Promissory estoppel
B)Merger clause
C)Main purpose exception
D)Leading object exception
Q2) Which of the following statements is true of interpreting contract words and terms?
A)Where a preprinted form contract is used, preprinted words prevail over typed words.
B)Preprinted words prevail over handwritten words.
C)Specific terms are presumed to qualify general terms.
D)If there is an ambiguity in a contract, the ambiguity will be resolved in favor of the party who drafted the contract.
Q3) Explain the doctrine of equitable estoppel.
Q4) The primary contract in a guarantee situation is between the debtor and the creditor.
A)True
B)False
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16
Chapter 15: Third-Party Rights and Discharge
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Sample Questions
Q1) James hires Franco for a painting job.Their contract explicitly states that Franco's employment can be terminated if he is employed by another party during the contract period.Two weeks into the job,James finds out that Franco is also working for a painting agency two blocks away and terminates his employment.This is an instance of
A)condition precedent
B)condition subsequent
C)concurrent condition
D)implied condition
Q2) Contracts for the provision of personal services are generally not assignable. A)True
B)False
Q3) A legal right that arises out of a breach of contract may be assigned. A)True
B)False
Q4) A covenant is an unconditional promise to perform.
A)True
B)False
Q5) When is nonperformance by a contractual party excusable?
Q6) Distinguish between conditions and covenants.
Page 17
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Chapter 16: Remedies for Breach of Traditional and E-Contracts
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Sample Questions
Q1) If the builder breaches a construction contract either before or during construction,the owner can recover the increased cost above the contract price that he or she has to pay to have the work completed by another contractor.
A)True
B)False
Q2) When a party commits an anticipatory breach,the nonbreaching party ________.
A)must wait until the performance was due before suing
B)is immediately discharged from his or her own duties
C)cannot seek damages because he or she received advance notice of the breach
D)loses his or her right to sue after the due date for performance is reached
Q3) Kinetosphere Automation Inc.(K.A.)makes a mandatory employment contract with all its employees.The contract states that K.A.'s employees are not to work for any other organization while they are employed by it.If K.A.finds an employee who is also serving another company,it can approach the court to obtain a(n)________ to prevent the employee from working in the other company.
A)restitution
B)rescission
C)injunction
D)subjugation
Page 18
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Chapter 17: Digital Law and E-Commerce
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Sample Questions
Q1) The E-SIGN Act is a not a federal statute and state legislatures are required to adopt it in order for it to become a state law.
A)True
B)False
Q2) The CAN-SPAM Act does not end spam but instead approves businesses to use spam as long as they do not lie.
A)True
B)False
Q3) A(n)________ is a detailed and comprehensive written agreement between a licensor and a licensee that sets forth the express terms of their agreement.
A)digital signature
B)electronic agent
C)license agreement
D)electronic signature
Q4) The UCITA does not become law until a state's legislature enacts it as a state statute. A)True B)False
Q5) What measures has Congress taken to regulate spam e-mail?
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Chapter 18: Formation of Sales and Lease Contracts
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Q1) In a finance lease,the lessor manufactures and supplies the goods of the contract.
A)True
B)False
Q2) A sales contract evidenced by writing cannot be contradicted by a prior oral or written agreement.
A)True
B)False
Q3) Which of the following is true for terms to be expressed in a contract under the common law of contract?
A)Additional terms can be added during acceptance.
B)Additional terms can be added without consideration.
C)Gap-filling rules are permitted for time, delivery, and prices of goods.
D)Contract must contain all the material terms of the parties' agreement.
Q4) How are contracts for the provision of services treated under Article 2 of the Uniform Commercial Code?
Q5) The formation of sales and lease contracts requires consideration.
A)True
B)False
Q6) How does the Uniform Commercial Code (UCC)define a merchant?
Page 20
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Chapter 19: Title to Goods and Risk of Loss
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Sample Questions
Q1) From the following options,identify the commonly used shipping term that calls for the seller to arrange to ship the goods and put the goods in the carrier's possession.
A)no-arrival, no-sale contract
B)F.O.B. (free on board)
C)ex-ship
D)C.I.F. (cost, insurance, and freight)
Q2) Jason orders one hundred remote-controlled toy cars from RyBy Toys.In the contract,it is stipulated that RyBy Toys will transport the toy cars via FlyByNight,a national carrier service.RyBy Toys makes the arrangements and hands over the toys to FlyByNight without the remote-controllers.In the event that the goods are destroyed in transit,which of the following parties would bear the risk of loss as per the sales contract?
A)Jason would bear the risk of loss irrespective of the fate of the goods.
B)FlyByNight would bear the risk of loss as they had the responsibility to deliver the goods.
C)RyBy Toys would bear the risk as they shipped nonconforming goods.
D)The risk of loss would be shared between RyBy Toys and Jason.
Q3) Explain in detail the risk of loss in lease contracts.
Q4) How does the UCC treat goods that were fraudulently obtained?
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Chapter 20: Remedies for Breach of Sales and Lease Contracts
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Q1) Which of the following would be considered a breach of contract?
A)acceptance of nonconforming goods by a buyer
B)nonacceptance of conforming goods by a buyer
C)delivery of conforming goods by a seller
D)nondelivery of goods to a buyer that has a document of title
Q2) A(n)________ can be obtained in writing from the other party if there is an indication that a contract will be breached by that party.
A)adequate assurance of performance
B)replevy
C)right to obtain specific performance
D)good faith agreement
Q3) Revocation of acceptance is not effective until the seller or lessor is so notified.
A)True
B)False
Q4) Goods in possession of bailees are considered to be in transit.
A)True
B)False
Q5) What is the doctrine of unconscionability under the UCC?
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Q6) Give an account of the seller's right to recover damages for breach of contract.
Chapter 21: Warranties
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Sample Questions
Q1) A warranty that guarantees that a defective product will be repaired or replaced free during the warranty period is known as a(n)________.
A)implied warranty
B)full warranty
C)disclaimer warranty
D)limited warranty
Q2) Damages that are generally equal to the difference between the value of the goods as warranted and the actual value of the goods accepted at the time and place of acceptance are known as ________.
A)punitive damages
B)incidental damages
C)compensatory damages
D)future damages
Q3) A seller's or lessor's statement of opinion of the goods does not create an express warranty.
A)True
B)False
Q4) What damages are recoverable for a breach of warranty?
Q5) Thoroughly and completely explain express warranties.
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Chapter 22: Creation of Negotiable Instruments
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Q1) In order to be considered valid,a negotiable instrument need not state a fixed amount of money.
A)True
B)False
Q2) A ________ is a type of draft that is always paid at a future date.
A)sight draft
B)bill of exchange
C)time draft
D)demand draft
Q3) Security posted by a promissory note maker to the lender for repayment of money is known as collateral.
A)True
B)False
Q4) How does an authorized representative's signature work for negotiable instruments?
Q5) A fundamental requirement for a negotiable instrument is that it must ________.
A)be supplemented with interest upon payment
B)be secured with collateral
C)contain a drawer, drawee, and a payee
D)be in a permanent state
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Chapter 23: Holder in Due Course and Transferability
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Q1) A special indorsement does not specify to whom the indorser intends the instrument to be payable.
A)True
B)False
Q2) A(n)________ is an indorsement that states that it is for the benefit or use of the indorser or another person.
A)indorsement in trust
B)indorsement for deposit
C)indorsement prohibiting further indorsement
D)indorsement for collection
Q3) Which of the following indorsements would be considered a nonrestrictive indorsement?
A)pay to the order of Jane Doe
B)pay to Jane Doe only
C)for deposit only
D)pay to Jane Doe, trustee
Q4) A qualified indorsement protects subsequent indorsers from liability.
A)True
B)False
Q5) Explain the transfer of nonnegotiable contracts by assignment.
Page 25
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Chapter 24: Liability, defenses, and Discharge
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Q1) Those who disclaim liability and are not secondarily liable on instruments they endorse are referred to as ________.
A)unqualified indorsers
B)qualified indorsers
C)agents
D)accommodation parties
Q2) A presentment is a demand for the acceptance of a dishonored instrument.
A)True
B)False
Q3) Extreme duress is considered a personal defense.
A)True
B)False
Q4) ________ is a type of personal defense when a wrongdoer makes a false statement to another person to lead them to enter into a contract and issue a negotiable instrument.
A)Forgery
B)Discharge in bankruptcy
C)Fraud in the inducement
D)Extreme duress
Q5) What are forged negotiable instruments?
26
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Chapter 25: Banking System and Electronic Financial Transactions
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Q1) Jill Scott is an accountant with Cameron and Associates,a law firm in downtown Seattle.The firm maintains a checking account with Southern Rock Bank for its operating expenses.On the 10th of every month,Jill gets an inventory report from the office manager listing the office supplies that are needed.Jill places the appropriate orders with Office Depot and writes them a check against the office's checking account. Who is the drawee in this banking transaction?
A)Jill Scott
B)Office Depot
C)Cameron and Associates
D)Southern Rock Bank
Q2) A check that has been modified without authorization and thus modifies the legal obligation of a party is known as a(n)________.
A)stale check
B)incomplete check
C)altered check
D)forged check
Q3) Briefly explain certified checks.
Q4) What is the significance of bank statements to an electronic fund transfer customer?
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Chapter 26: Credit, mortgages, and Debtors Rights
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Q1) A court action is necessary for a power of sale foreclosure to be considered valid.
A)True
B)False
Q2) Credit that requires collateral,which ensures payment of the loan,is referred to as
A)unsecured credit
B)secured credit
C)equal credit
D)fair credit
Q3) Tim has been approached by Kent regarding the payment of Tim's credit card bill.Kent says he is acting on behalf of the bank to get assurance that Tim will pay the bill within a specific period of time.Kent is an outside agent who is not an employee of the bank.Which of the following legislations has the bank violated by contracting Kent to contact Tim?
A)Fair Credit Reporting Act
B)Fair and Accurate Credit Transactions Act
C)Fair Credit and Charge Card Disclosure Act
D)Fair Debt Collection Practices Act
Q4) What are foreclosure sales?
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Chapter 27: Secured Transactions
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Q1) Intangible personal property cannot be used as collateral for a security agreement.
A)True
B)False
Q2) When a creditor extends credit to a debtor and takes a security interest in some personal property of the debtor,it is called a ________.
A)super-priority lien
B)collateral claim
C)collateral disposition
D)secured transaction
Q3) A creditor who has the only secured interest in the debtor's collateral has priority over unsecured interests.
A)True
B)False
Q4) A secured transaction is one in which the creditor and debtor carry out financial transactions in a secure medium,such as a private communication channel.
A)True
B)False
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29
Chapter 28: Bankruptcy and Reorganization
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Q1) Which of the following is true of the bankruptcy procedure?
A)A driven petition is a petition filed by a debtor that states that he or she has debts.
B)A debtor must receive prepetition credit counseling within 180 days prior to filing his or her petition for bankruptcy.
C)A voluntary petition is filed by creditors of a debtor, alleging that the debtor is not paying his or her debts as they become due.
D)A complaint is a document filed with a bankruptcy court that starts a bankruptcy proceeding.
Q2) Chapter 13 discharges are granted to debtors before their plans of payment begin.
A)True
B)False
Q3) Which of the following would be part of the bankruptcy estate of a debtor?
A)interest in jewelry worth $1,000
B)unmatured life insurance policy owned by the debtor
C)interests in wrongful death benefits
D)interest of $3,500 in a motor vehicle
Q4) Describe the procedure for filing a bankruptcy petition.
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Chapter 29: Agency Formation and Termination
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Q1) Only a lawyer can become an attorney-in-fact.
A)True
B)False
Q2) A(n)________ is a fiduciary relationship which results from the manifestation of consent by one person to another that the other shall act in his behalf and subject to his control,and consent by the other so to act.
A)assignment
B)garnishment
C)accommodation
D)agency
Q3) An agent given a power of attorney is known as an attorney-in-fact.
A)True
B)False
Q4) Who is an independent contractor?
Q5) For an implied agency to function,implied authority cannot conflict with express authority.
A)True
B)False
Q6) How can a principal extinguish an agent's apparent authority?
Q7) What is an implied agency?
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Chapter 30: Liability of Principals, agents, and Independent Contractors
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Q1) Gerard wants to get some land cleared in Texas.With the help of a consulting agency,he hires Carlos,an independent contractor.Carlos procures dynamite from a legitimate dealer,to be used in clearing the land.However,the explosion of dynamite causes cracks to appear in the outer walls of a nearby house.Who is liable to the owner of the damaged house?
A)Gerard
B)Carlos
C)both Gerard and Carlos
D)the consulting agency
Q2) If an agent exceeds his or her scope of authority,a principal is bound on the contract only if he or she ratifies the contract.
A)True
B)False
Q3) In a partially disclosed agency,the contracting third party transacts directly with the principal and does not know the identity of the agent.
A)True
B)False
Q4) Describe the operation of a fully disclosed agency.
Q5) Briefly explain the liability for an independent contractor's torts.
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Chapter 31: Employment, worker Protection, and Immigration Law
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Q1) A worker who receives workers' compensation ________.
A)must sign a document stating that his employer was not responsible for his injury
B)cannot work for his employer again
C)cannot sue his employer for the same injury
D)can sue his employer for punitive damages
Q2) According to the U.S.Department of Labor,children under the age of 14 can only be employed as ________.
A)stocking staff at stores
B)newspaper deliverers
C)waiters
D)store assistants
Q3) The general duty standard of the Occupational Safety and Health Act requires an employer to provide a work environment that does not result in its employees' mental stress.
A)True
B)False
Q4) Describe the measures taken by the U.S.Department of Labor against oppressive child labor.
Q5) How is Social Security awarded in the U.S.?
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Chapter 32: Labor Law
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Q1) Secondary boycott picketing is lawful only if it is directed at ________.
A)the primary employer's product
B)the neutral employer
C)customers who purchase the product
D)employees not part of the union
Q2) Which of the following is a compulsory subject during collective bargaining?
A)health benefits
B)discrimination
C)corporate reorganization
D)location of workplace
Q3) Subjects that are not compulsory or illegal are known as ________ subjects of collective bargaining,which may be bargained for if the company and union agree to do so.
A)secondary
B)alternative
C)permissive
D)conditional
Q4) List and explain the strikes that are illegal under federal law.
Q5) Briefly outline and explain the process of collective bargaining.
Q6) Distinguish between strikes and picketing.When is picketing lawful?
Page 34
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Chapter 33: Equal Opportunity in Employment
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Q1) If a company does not hire certain employees because of their accents,it has committed ________ discrimination.
A)genetic information
B)sex
C)color
D)national origin
Q2) The ________ is a federal statute that makes it illegal for an employer to discriminate against job applicants and employees based on genetic information.
A)Americans with Disabilities Act (ADA)
B)Genetic Information Nondiscrimination Act (GINA)
C)Americans with Disabilities Act (ADAAA)
D)Older Workers Benefit Protection Act (OWBPA)
Q3) A person having origins in any of the original peoples of the Middle East belongs to the Caucasian racial group.
A)True
B)False
Q4) Labor unions are not covered under Title VII of the Civil Rights Act.
A)True
B)False
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Chapter 34: Small Business, entrepreneurship, and General Partnerships
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Q1) ________ is a situation in which a partner withdraws from a partnership without having the right to do so at that time.
A)Winding up
B)Indemnification
C)Wrongful dissolution
D)Proliferation
Q2) Jonathan Lopez wants to be his own boss and ventures into retailing fruit in the neighborhood after borrowing some money from his mother.While obtaining a license to carry out business in his city,Jonathan mentions the money he borrowed but forgets to specify what type of business undertaking his store will be.Under which of the following major forms of business is Jonathan's store listed by default?
A)a general partnership
B)a sole proprietorship
C)a limited partnership
D)a limited liability corporation
Q3) A general partnership agreement must always be in writing to be considered legal.
A)True
B)False
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Chapter 35: Limited Partnerships and Special Partnerships
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Q1) New general partners can be admitted only with the ________.
A)approval of at least two-thirds of the partners
B)specific consent of each partner
C)merger with another limited partnership
D)death of or transfer by a general partner
Q2) Briefly explain the events that cause the dissolution of a limited partnership under RULPA.
Q3) Which of the following partners of a limited partnership invest capital but do not participate in management?
A)specific partners
B)limited partners
C)general partners
D)sole proprietors
Q4) A(n)________ is a document that two or more persons must execute and sign that makes a limited partnership legal and binding.
A)limited partnership agreement
B)certificate of limited partnership
C)article of limited partnership
D)limited trade affidavit
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Chapter 36: Corporate Formation and Financing
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Q1) Dissolution of a corporation that has begun business or issued shares upon recommendation of the board of directors and a majority vote of the shares entitled to vote is known as ________.
A)liquidation
B)judicial dissolution
C)administrative dissolution
D)voluntary dissolution
Q2) Authorized shares that have not been sold by the corporation are known as ________.
A)issued shares
B)unissued shares
C)outstanding shares
D)liquidated shares
Q3) Which of the following is true of a C Corporation?
A)It cannot have more than 50 shareholders.
B)Shareholders of such a corporation don't pay tax on their dividends.
C)It must have more than 100 shareholders.
D)Nonresident aliens cannot be shareholders.
Q4) Describe how the judiciary in Delaware is favorable to large corporations?
Q5) What is an indenture agreement?
38
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Chapter 37: Corporate Governance and the
Sarbanes-Oxley Act
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Q1) Once declared,a cash or property dividend cannot be revoked.
A)True
B)False
Q2) Which of the following is true of a shareholder voting agreement?
A)It is an agreement between the board of directors and a shareholder.
B)It has a limited duration of 10 months.
C)It does not have to be filed with the corporation.
D)It is always revocable.
Q3) In a voting trust,the legal titles to the shares given to the trustee are held in the name of the shareholders.
A)True
B)False
Q4) A member of the board of directors who is also an officer of the corporation is known as a(n)________.
A)inside director
B)ombudsman
C)registered agent
D)shareholder
Q5) What is self-dealing?
Q6) What is the supramajority voting requirement for shareholders? Page 39
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Chapter 38: Corporate Acquisitions and Multinational Corporations
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Q1) A(n)________ refers to a written document signed by a shareholder that authorizes another person to vote the shareholder's shares.
A)deputation
B)proxy
C)easement
D)title
Q2) The ________ is a federal law that mandates the president of the United States to suspend,prohibit,or dismantle the acquisition of U.S.businesses by foreign investors if there is credible evidence that the foreign investor might take action that threatens to impair the "national security."
A)Williams Act
B)Securities Exchange Act of 1934
C)Investment Company Act of 1940
D)Exon-Florio Foreign Investment Provision
Q3) An ordinary merger or share exchange requires the recommendation of the board of directors of each corporation.
A)True
B)False
Q4) What is a proxy? State the federal rules that govern a proxy statement.
Page 41
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Chapter 39: Limited Liability Companies and Limited
Liability Partnerships
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Q1) Partners of LLPs (limited liability partnerships)are personally liable for the LLPs' debts,obligations,and liabilities.
A)True
B)False
Q2) The duty of care for managers and members includes the duty not to usurp the LLC's (limited liability company's)opportunities.
A)True
B)False
Q3) Which of the following is true of profits and losses of an LLC (limited liability company)whose operating agreement does not contain profit or loss sharing clauses?
A)A member who invests 10 percent capital must bear 10 percent of the losses.
B)A member who invests 30 percent of the capital receives 30 percent of the profit.
C)A member who invests 40 percent of the capital receives 20 percent of the profit.
D)All members receive equal shares in profits regardless of the capital contributed.
Q4) What is a distributional interest? Explain the terms of its transfer.
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Chapter 40: Franchises and Special Forms of Businesses
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Q1) Which of the following documents sets forth the terms and conditions of a franchise?
A)the FTC disclosure document
B)the franchise agreement
C)the articles of incorporation
D)the articles of organization
Q2) A single failure by a franchisee to meet a quality-control standard is sufficient cause for termination.
A)True
B)False
Q3) The area franchisee is also called a ________.
A)joint venturer
B)limited partner
C)subfranchisor
D)strategic partner
Q4) A joint venture is generally an implied contract that lasts until a party disassociates at will.
A)True
B)False
Q5) Explain the concept of joint venture as a business arrangement in brief.
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Chapter 41: Investor Protection, e-Securities, and Wall Street Reform
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Q1) SEC Rule 506 is known as the ________.
A)nonissuer exemption
B)intrastate offering exemption
C)private placement exemption
D)interstate offering exemption
Q2) Which of the following constitutes insider trading?
A)an employee makes a profit by personally purchasing shares of the corporation prior to public release of favorable information
B)a manager purchases all shares of a corporation available to the public
C)a director purchases enough shares of a public company to gain a majority stake in its management
D)an employee sells his shares of the company to another employee without notice to the company
Q3) Which of the following must be included in the registration statement?
A)judgments passed by the SEC on the merits of the securities offered
B)how proceeds from the offering will be used
C)date of termination of the initial public offering
D)maximum number of times a share can be sold post issue
Q4) What is insider trading? How is it regulated in the United States?
Page 44
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Chapter 42: Ethics and Social Responsibility of Business
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Q1) Which of the following statements describes the moral theory of utilitarianism?
A)People must choose the action or follow the rule that provides the greatest good to society.
B)People must follow actions that are in accordance with a specific ethical rule or principle from a religious text.
C)People must choose to follow actions of a virtuous person.
D)People must follow actions based on moral duties imparted by one's community.
Q2) The theory of moral minimum advocates making profit even while causing harm to others.
A)True
B)False
Q3) A social responsibility theory of business which says that a corporation's duty is to make a profit while avoiding causing harm to others is referred to as ________.
A)stakeholder interest
B)corporate citizenship
C)maximizing profits
D)moral minimum
Q4) Explain the two principles used to derive the universal rules of Kantian ethics?
Q5) What is ethical relativism?
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Chapter 43: Administrative Law and Regulatory Agencies
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Q1) A federal administrative agency that proposes to adopt a substantive rule must give interested persons an opportunity to participate in the rule-making process.
A)True
B)False
Q2) Operational regulation of commercial airlines by the Federal Aviation Administration is an instance of general government regulation.
A)True
B)False
Q3) Which of the following acts establishes procedures that federal administrative agencies must follow in conducting their affairs?
A)APA
B)SEA
C)UCITA
D)HSA
Q4) State administrative agencies are created by the legislative branch of the federal government.
A)True
B)False
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Chapter 44: Consumer Protection and Product Safety
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Q1) Which of the following is a function that the Consumer Product Safety Commission is empowered to execute?
A)collecting data regarding injuries caused by consumer products
B)regulating the distribution of genetically modified food products
C)recalling drugs that have been found to be harmful from the market
D)accepting petitions from consumers on wrongly labeled food products
Q2) In which of the following cases of consumer safety violations will the U.S.Department of Agriculture be required to take action?
A)A new drug was released into the market without adequate testing and this lead to adverse side effects among users.
B)A brand of soft toys for infants was produced with low-grade foam and fabrics that are harmful for children when ingested.
C)A batch of sausages and cold cuts from a particular vendor was found to have high levels of salmonella and other pathogenic organisms.
D)A fleet of cars released into the market by a famous company was found to have a defective braking system which could prove fatal for owners.
Q3) Describe the Food,Drug,and Cosmetic Act.
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Chapter 45: Environmental Protection
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Q1) Areas that are inundated or saturated by surface water or ground water that support vegetation typically adapted for life in such conditions are called ________.
A)marine reefs
B)gullies
C)wetlands
D)reservoirs
Q2) Which of the following steps immediately follows the publication of the environmental impact statement (EIS)for a proposed project?
A)the Congress has to pass a bill adopting the EIS
B)the nonprofit environmentalists are allowed access to the EIS
C)the government issues an order to proceed with a federal action on the project
D)the interested parties submit comments to the Environmental Protection Agency (EP
Q3) Which of the following is a mandate of the Nuclear Waste Policy Act to the government?
A)to set standards for radioactivity in the environment
B)to select a permanent site for the disposal of nuclear wastes
C)to regulate thermal pollution from nuclear power plants
D)to use wetlands as a source of nuclear wastage disposal
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Chapter 46: Antitrust Law and Unfair Trade Practices
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Q1) Price fixing is a rule of reason violation of Section 1 of the Sherman Act.
A)True
B)False
Q2) Vertical mergers create an increase in market share because the merging firms serve different markets.
A)True
B)False
Q3) Section 2 of the Sherman Act prohibits the act of monopolization.
A)True
B)False
Q4) A private plaintiff has ________ years from the date on which an antitrust injury occurred to bring a private civil treble-damages action because only damages incurred during this period are recoverable.
A)three
B)two
C)five
D)four
Q5) States lack the power to enact antitrust statutes autonomously.
A)True
B)False
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Chapter 47: Personal Property, real Property, and Insurance
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Q1) Explain the title to goods when fungible goods are commingled.
Q2) What is a warehouse receipt?
A)a receipt received by a warehouse after the bailor has retrieved the bailed goods and payment has been made
B)a document of title issued by a warehouse company stating that the bailor has title to the bailed goods
C)a certificate of authenticity issued by a warehouse stating that it is certified to hold bailed goods
D)an inventory list provided to the warehouse company by the bailor of the bailed goods
Q3) Which of the following is true with regard to the new engine,upholstery,and stereo player the thief installed in John's car?
A)These improvements have to be returned to the thief.
B)These improvements now rightfully belong to John.
C)The improvements have to be paid for by John if he wants to retain them.
D)The improvements will be confiscated by the police.
Q4) Confusion occurs if two or more persons commingle fungible goods.
A)True
B)False
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Chapter 48: Real Property
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Q1) Buildings constructed on land are considered personal property.
A)True
B)False
Q2) An easement appurtenant cannot be terminated upon change in ownership title of the dominant estate.
A)True
B)False
Q3) What is a servient estate?
A)a piece of land that is being examined for an abstract of title
B)a piece of land over which an easement is granted
C)a piece of land that has concurrent owners
D)a piece of land that comes under a zoning ordinance
Q4) What is an easement and how is it created?
Q5) ________ is an interest in real property that lasts for a specified person's lifetime.
A)Life estate
B)Fee simple absolute
C)Servient estate
D)Fee simple defeasible
Q6) Give an account of zoning.What are nonconforming uses?
Page 51
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Chapter 49: Landlord-Tenant Law and Land Use Regulation
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Q1) Which of the following forms of tenancy involves the possession of property without right?
A)tenancy at sufferance
B)periodic tenancy
C)tenancy for years
D)tenancy at will
Q2) Which of the following is true of rent control?
A)Rent-control ordinances are enacted and enforced by the federal government.
B)Rent-control ordinances stipulate amounts for rent and annual increases.
C)Rent control is deemed unconstitutional by the U.S. Supreme Court.
D)Rent control is derived from zoning ordinances and building codes.
Q3) A landlord-tenant relationship is characterized by the ________.
A)transfer of title to the tenant
B)receipt of a nonfreehold estate by the tenant
C)creation of a future interest for the tenant
D)free simple absolute ownership of the tenant
Q4) In a net,net,net lease arrangement,the tenant is responsible for paying only rent,property taxes,and utilities.
A)True
B)False
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Chapter 50: Insurance
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Q1) An insurer will issue an umbrella policy only if a stipulated minimum amount of basic coverage on other insurance policies has been purchased by the insured.
A)True
B)False
Q2) What is the copay clause in an insurance policy?
A)a clause in a life insurance contract that provides no coverage if the insured commits suicide before a stipulated date
B)a clause in an insurance policy that expressly stipulates the risks that are not covered by the insurance policy
C)a clause that prevents insurers from contesting statements made by insureds in applications after the passage of a stipulated number of years
D)a clause that requires the insured to pay a percentage of an insured loss along with the remainder being paid by the insurer
Q3) Most employers pay for disability insurance for their employees in totality.
A)True
B)False
Q4) What are the duties of an insured and insurer?
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Chapter 51: Accountants Duties and Liability
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Q1) An unqualified opinion would entail that the company's financial statements have some deviation from Generally Accepted Accounting Principles (GAAPs).
A)True
B)False
Q2) The Tax Reform Act of 1976 created the Public Company Accounting Oversight Board (PCAOB).
A)True B)False
Q3) Which of the following opinions is necessary for a company to avoid unfavorable repercussions on the company?
A)an adverse opinion
B)a qualified opinion
C)a disclaimer of opinion
D)an unqualified opinion
Q4) Third parties cannot sue accountants for breach of contract.
A)True
B)False
Q5) Explain Section 552 of the Restatement (Second)of Torts.
Q6) Give an account of the Private Securities Litigation Reform Act of 1995.
Page 54
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Chapter 52: Wills, trusts, and Estates
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Q1) Euthanasia pursuant to a living will is considered legal.
A)True
B)False
Q2) In an inter vivos trust,the settlor transfers legal title of property to a named trustee to hold,administer,and manage for the benefit of named beneficiaries while he or she is alive.
A)True
B)False
Q3) A testamentary trust is created while the settlor is still alive.
A)True
B)False
Q4) What are the different elements a court considers to determine the presence of undue influence in making a will?
Q5) What is a holographic will?
A)a will that is revoked on behalf of the testator by a legal attorney
B)a will that requires the beneficiary to be a witness of the will
C)a will that is entirely handwritten and signed by the testator
D)a will that is orally declared on the testator's deathbed
Q6) Give an account of the funding and operation of a living trust.
Q7) Who are the beneficiaries of a trust?
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Chapter 53: Family Law
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Q1) Payments made by one divorced spouse to the other divorced spouse are collectively referred to as ________.
A)debt money
B)trust money
C)estate
D)alimony
Q2) Separate property does not include property owned by a spouse prior to the marriage.
A)True
B)False
Q3) What is an annulment? On what grounds are annulments provided?
Q4) Alimony that is ordered by the court to be paid by one divorcing spouse to the other divorcing spouse for a limited period of time is known as ________.
A)rehabilitation alimony
B)lifetime alimony
C)life estate
D)intestacy allowance
Q5) What are the parent's rights and duties towards their children? What is child neglect?
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Chapter 54: International and World Trade Law
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Q1) The ________ is a treaty that has removed or reduced tariffs,duties,quotas,and other trade barriers among the United States,Canada,and Mexico.
A)Free Trade Area of the Americas Treaty
B)North American Free Trade Agreement
C)Central America Free Trade Agreement
D)General Agreement on Tariffs and Trade
Q2) Which of the following statements is true of international law?
A)All legal matters of international importance are prosecuted by a single world court that is responsible for interpreting international law.
B)The enforcement of international law is regulated by a unitary world executive branch.
C)There is no single legislative source of international law.
D)All countries have to follow the international law enacted by other countries.
Q3) The canons of Christian faiths provide rules for believers to follow in living their lives and professing their faith.
A)True
B)False
Q4) What is the World Bank? What is its function?
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