Course Introduction
Business Law
Study Guide Questions
Business Law introduces students to the legal principles and frameworks that govern commercial activities and transactions. The course covers fundamental topics such as contract law, agency, sales, negotiable instruments, business organizations, employment law, and the regulatory environment. Through case studies and analysis of statutes, students learn how legal concepts influence business decision-making, risk management, and compliance. The course equips students with the knowledge to recognize legal issues in business contexts and to apply legal reasoning in resolving disputes and strategizing solutions.
Recommended Textbook
Essentials of the Legal Environment Today 5th Edition by Roger LeRoy Miller
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20 Chapters
1440 Verified Questions
1440 Flashcards
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Page 2
Chapter 1: Business and Its Legal Environment
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Sample Questions
Q1) Law consists of enforceable rules governing relationships among indi-viduals and between individuals and their society.
A)True
B)False
Answer: True
Q2) There are no precedents on which the court deciding the case Financial Investment Co.v.Goodhands Insurance,Inc.,can base its decision.The court may consider A)issuing an order according to the judge's personal values.
B)refusing to decide the case.
C)postponing a decision until a precedent is available.
D)basing a decision on public policy or social customs and values.
Answer: D
Q3) There is really no reason to be acquainted with business laws and gov-ernment regu-lations,except to pass this test.
A)True
B)False
Answer: False
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Chapter 2: Courts and Alternative Dispute Resolution
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Sample Questions
Q1) Interrogatories are written questions for which written answers are prepared and signed under oath.
A)True
B)False
Answer: True
Q2) 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
Q3) In mediation,the mediator proposes a solution that includes what com-pro-mises are necessary to reach an agreement.
A)True
B)False
Answer: True
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Chapter 3: Business Ethics
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Sample Questions
Q1) The categorical imperative cannot be applied to many business actions.
A)True
B)False Answer: False
Q2) According to utilitarianism,an action that affects the majority adversely is morally wrong.
A)True
B)False Answer: True
Q3) Some companies set up confidential systems for employees to "raise red flags" about suspected unethical practices.
A)True
B)False Answer: True
Q4) In ethical terms,a cost-benefit analysis is an assessment of the negative and positive effects of alternative actions on individuals.
A)True
B)False Answer: True
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Chapter 4: Business and the Constitution
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Sample
Questions
Q1) Adult Shoppe in Bay City sells a variety of publications,including child pornography.Bay City enacts an ordinance prohibiting the sale of such materials.This ordinance is most likely
A)an invalid restriction of individuals' privacy.
B)an unconstitutional restriction of speech.
C)a violation of adults' rights to enjoy certain privileges.
D)constitutional under the First Amendment.
Q2) Congress enacts a law that sets out a rigorous medical-device premarket approval process for the U.S.Food and Drug Administration to follow.The law includes a preemption provision.Moe is injured by a device that underwent the process and files a claim under New Hampshire state law to recover for the injury.The court will most likely rule that
A)Moe's state law claim preempts the federal law.
B)the federal law and state law claim are concurrent.
C)the federal and state law claim cancel each other out.
D)the federal law preempts Moe's state law claim.
Q3) All powers not specifically delegated to the federal government are reserved to the states.
A)True
B)False
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Chapter 5: Powers and Functions of Administrative Agencies
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Q1) If a business firm refuses to comply with an agency's request to inspect facilities or business records,the agency must defer to the refusal.
A)True
B)False
Q2) The functions of the Social Security Administration,like those of other administrative agencies,include
A)adjudication.
B)declaration.
C)enunciation.
D)pronunciation.
Q3) The U.S.Citizenship and Immigration Service issues a rule.Like the rules of other federal administrative agencies,this rule is compiled in
A)the Administrative Register of the Federal Government.
B)the Code of Federal Regulations.
C)the Federal Rules of Civil Procedure.
D)the United States Code.
Q4) Administrative agencies can conduct warrantless searches in some situations.
A)True
B)False
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Chapter 6: Tort Law
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Sample Questions
Q1) Bette backs out of City Parking Garage,colliding with Dill's car.Dill may recover $7,500 to cover the cost of the repairs if Bette failed to act as
A)a blameless person.
B)a faultless person.
C)a realistic person.
D)a reasonable person.
Q2) The bases of all torts are wrongs and compensation. A)True
B)False
Q3) Mary waits outside Julia's house and hits Julia with a baseball bat as Julia leaves the house.When Julia sues Mary for battery,Mary will be considered A)a victim.
B)a tortfeasor.
C) a plaintiff.
D)a reasonable person.
Q4) Wrongfully taking personal property without the owner's permission is conversion. A)True
B)False
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Page 8
Chapter 7: Criminal Law and Cyber Crime
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Sample Questions
Q1) Ludwig receives from Milo a marimba stolen from Nadine.To be criminally liable,Ludwig must know A)Milo.
B)Nadine.
C)that the marimba is stolen and Ludwig must intend to keep it.
D)what a marimba is.
Q2) Robert uses the Internet to defraud Prairie Valley Credit Union.He is found guilty of wire fraud.He can be punished by
A)imprisonment for not more than one year.
B)imprisonment for up to thirty years and fines of up to $1 million.
C)fines for not more than $50,000.
D)death.
Q3) Gina sells "Bulk Up" steroids over the Internet.She is arrested and charged with the sale of a controlled substance.This is cyber crime,which is A)a new category of crime that is not related to older types of crime.
B)a crime that occurs the virtual community of the Internet.
C)a crime that is less real than the same crime in the physical world.
D)no crime.
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Page 9
Chapter 8: Intellectual Property Rights
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Sample
Questions
Q1) New Apps Company develops "Browser Lite" software,which speeds the display of graphics on Web sites.Browser "Lite" has the most copyright protection under A)the Berne Convention.
B)the Paris Convention
C)the TRIPS Agreement.
D)the Madrid Protocol.
Q2) The Anti-Counterfeiting Trade Agreement applies to counterfeit physical goods and to pirated copyrighted works being distributed via the Internet.
A)True
B)False
Q3) A marketing technique can be a trade secret.
A)True
B)False
Q4) A patent and a copyright are examples of intellectual property,but a trademark is not an example of intellectual property.
A)True
B)False
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Chapter 9: Internet Law, social Media, and Privacy
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Sample Questions
Q1) Employees' posts on social media may be protected under labor laws.
A)True
B)False
Q2) The Anticybersquatting Consumer Protection Act applies to most,but not all,domain name registrations of trademarks.
A)True
B)False
Q3) A licensor might grant a license allowing a trademark to be used as part of a domain name.
A)True
B)False
Q4) A company can distribute file-sharing software with the object of promoting its use to infringe copyrights without liability for the resulting acts of infringement by its users.
A)True
B)False
Q5) Social media posts are routinely included in discovery in litigation.
A)True
B)False
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Chapter 10: International Law in a Global Economy
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Sample Questions
Q1) Secure Investments,Inc.,a U.S.firm,expands into international markets through a joint venture.In this situation,Secure owns
A)all of the operation,and its profits and liabilities.
B)all of the operation,and none of its profits and liabilities.
C)none of the operation,and none of its profits and liabilities.
D)part of the operation,and shares its profits and liabilities.
Q2) A party to a licensing agreement generally agrees to pay royalties on some basis.
A)True
B)False
Q3) International franchisees usually do not pay fees for the license to use a trademark or trade name.
A)True
B)False
Q4) Tariffs are imposed only on exports.
A)True
B)False
Q5) Restrictions on imports may include prohibitions.
A)True
B)False
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Chapter 11: Business Organizations
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Sample Questions
Q1) Sasha contracts to buy a franchise from TrustMe Financial Consultants Inc.The contract is silent on the issue of territorial rights.When TrustMe allows a competing franchise to be established near Sasha's office,she suffers a significant loss in profits.This is most likely a violation of
A)no law.
B)the Franchise Disclosure Document.
C)the Federal Trade Commission's Franchise Rule.
D)the implied covenant of good faith and fair dealing.
Q2) A limited partner has every right to participate in the management and operation of a limited partnership.
A)True
B)False
Q3) Shareholders' meetings need not occur at any certain interval. A)True
B)False
Q4) A director or officer is not liable to the corporation for a bad business decision. A)True
B)False
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Page 13
Chapter 12: The Formation of Traditional and E-Contracts
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Q1) On behalf of Bobble Head Manufacturing Company,Carmela types her name at the bottom of an e-mail purchase order and submits the order to Designer Parts Company.Under the UETA,Carmela's typed name qualifies as A)a "signature."
B)a statement of future intent.
C)an assignment.
D)a preliminary negotiation.
Q2) To be legally sufficient,consideration must be evidenced by something tangible.
A)True
B)False
Q3) Stella is fifteen.In most states,for contractual purposes,Stella would be considered a minor until she is A)sixteen.
B)eighteen.
C)seventeen.
D)twenty-one.
Q4) Under federal law,an electronic signature is as valid as a signature on paper.
A)True
B)False
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Chapter 13: Contract Performance, breach, and Remedies
Voluntary Consent
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Sample Questions
Q1) Refer to Fact Pattern 13-1.Any contract with AgriCo-op that includes the mistake may be rescinded
A)if the mistake involves a material fact.
B)if the mistake involves any fact.
C)if the mistake is one of value or quality.
D)under no circumstances.
Q2) Misrepresentation of a material fact can occur by words or action.
A)True
B)False
Q3) Dry Gulch Farms hires Elliot to repair its irrigation system on site on a certain date for $2,500,but Elliot does not show up as agreed.Dry Gulch hires Fernando to do the job for $2,000.Dry Gulch may recover from Elliot
A)nothing.
B)compensatory damages.
C)consequential damages.
D)nominal damages.
Q4) Anticipatory repudiation discharges a contract.
A)True B)False
Page 15
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Chapter 14: Sales, leases, and Product Liability
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Sample Questions
Q1) Chord Guitars Inc.sells guitars and other stringed instruments to consumers.A Chord salesperson says to a potential customer,"This Chord is the best guitar you'll find anywhere,even online." This statement is
A)an implied warranty of fitness for a particular purpose.
B)an implied warranty of merchantability.
C)an express warranty.
D)none of the choices.
Q2) Beef Burgers,Inc.contracts to buy five hundred steers from Fattening Feedlots.Before Fattening Feedlots can deliver the steers,there is an outbreak of disease in the feedlot,and all the cattle are quarantined.In this case the perfect tender rule
A)applies to both parties.
B)does not apply.
C)applies only to Beef Burgers.
D)applies only to Fattening Feedlots.
Q3) Under the UCC,a sales or lease contract will fail for indefiniteness if one or more terms are left open.
A)True
B)False
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Chapter 15: Creditors Rights and Bankruptcy
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Q1) One goal of bankruptcy law is to ensure equitable treatment of creditors who are competing for a debtor's assets
A)True
B)False
Q2) Foreclosure is the legal process by which a lender repossesses and auctions off property that has secured a loan.
A)True
B)False
Q3) The clerk of a bankruptcy court must provide consumer-debtors with information on the types of services available from credit counseling agencies.
A)True
B)False
Q4) Liens generally take priority over other claims against the same property.
A)True
B)False
Q5) There is no limit to the amount that can be taken from a debtor's weekly take-home pay through garnishment.
A)True
B)False
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Chapter 16: Employment, immigration, and Labor Law
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Sample Questions
Q1) Elections for union officers are regulated by
A)the Labor-Management Relations Act.
B)the Civil Rights Act.
C)the Labor-Management Reporting and Disclosure Act.
D)no federal law.
Q2) The basis for an employee's contribution to Social Security is the employee's age.
A)True
B)False
Q3) Only federal law governs drug tests of private-sector employees.
A)True
B)False
Q4) An employer may avoid laws regulating monitoring activities by informing employees that they are subject to monitoring.
A)True
B)False
Q5) An employer can refuse to bargain collectively with a duly designated employee representative
A)True
B)False
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Chapter 17: Employment Discrimination
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Q1) Jill,a fifty-year-old member of a racial minority with a disability,believes that she is a victim of employment discrimination.Potentially the most widespread form of discrimination is based on A)age.
B)disability.
C)gender.
D)race.
Q2) A plaintiff alleging wage discrimination must file a complaint within a certain period of time of the decision that set the discriminatory pay.
A)True
B)False
Q3) Under the Americans with Disabilities Act of 1990,an employer must hire unqualified applicants who have disabilities.
A)True
B)False
Q4) There is no cap on damages for discrimination in violation of the Civil Rights Act of 1964.
A)True B)False
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Chapter 18: Environmental Law
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Q1) It is a violation of federal law to destroy or deface any labeling required on a pesticide or herbicide.
A)True
B)False
Q2) The Environmental Protection Agency can regulate a toxic substance that poses an imminent hazard but cannot prohibit its use altogether.
A)True
B)False
Q3) New sources of water pollutants must install pollution-control equip-ment before beginning operations.
A)True
B)False
Q4) Hi-Yield Agriculture,Inc.,makes a pesticide with a one-in-a-million risk to people of developing cancer from exposure.This substance must be
A)disposed of before anyone develops cancer.
B)registered before it is sold.
C)taken off the market and placed in temporary storage.
D)used only in a way that avoids exposure to people.
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Page 20
Chapter 19: Antitrust Law and Promoting Competition
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Q1) North Mining Company and South Excavation Company agree to abide by the decisions of East Coast Financial Corporation as to their respective levels of production,markets,and prices,effectively reducing competition and increasing profits.This is most li
A)a common,legal,time-honored type of business arrangement.
B)an illegal restraint on trade.
C)an innovative,legally efficient approach to doing business.
D)an outdated,but legal business trust.
Q2) No person may be a director for two competing corporations at the same time.
A)True B)False
Q3) A divestiture is an order to a company to cease,or divest itself of,its an-ticompetitive conduct.
A)True B)False
Q4) Insurance companies are exempt from antitrust laws whenever state regulation exists.
A)True B)False
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Chapter 20: Investor Protection and Corporate Governance
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Q1) Cotton Products Corporation is a public company whose shares are traded in the public securities markets.The Securities Act of 1933 requires Cotton to disclose financial and other significant information concerning its securities in order to A)increase corporate accountability by imposing responsibility on chief corporate executives.
B)prevent insiders from trading among themselves.
C)protect investors.
D)provide a "safe harbor" for companies that make forward-looking statements.
Q2) Squeaky Clean Corporation wants to make an offering of securities to the public.This offering is not exempt from registration under the Securities Act of 1933.Before Squeaky sells its securities,it must provide investors with
A)a forward-looking financial forecast.
B)an investment contract.
C)a prospectus.
D)samples of its products.
Q3) SEC Rule 10b-5 applies to almost all cases involving the trading of securities.
A)True
B)False
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