Business Law
Study Guide Questions
Course Introduction
Business Law provides an introduction to the legal principles and regulations that govern commercial transactions and business organizations. This course covers key topics such as contracts, agency, sales, negotiable instruments, property, and the formation and operation of various business entities like partnerships, corporations, and limited liability companies. Students will also examine issues related to employment law, regulatory compliance, and dispute resolution. By understanding the legal environment of business, students will be better equipped to recognize legal risks, make informed business decisions, and navigate the complexities of modern commerce.
Recommended Textbook
Legal Environment of Business and Online Commerce 7th Edition by Henry R. Cheeseman
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26 Chapters
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2561 Flashcards
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Page 2
Chapter 1: Legal Heritage and the Digital Age
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Sample Questions
Q1) The ________ School of jurisprudence states that promoting market efficiency should be the central goal of legal decision making.
Answer: Law and Economics
Q2) Differentiate between the Historical School of jurisprudence and the Sociological School of jurisprudence.
Answer: The Historical School of jurisprudence believes that the law is an aggregate of social traditions and customs that have developed over the centuries. It believes that changes in the norms of society will gradually be reflected in the law. To these legal philosophers, the law is an evolutionary process. Historical legal scholars look to past legal decisions (precedent) to solve contemporary problems. While, the Sociological School of jurisprudence asserts that the law is a means of achieving and advancing certain sociological goals. The followers of this philosophy, known as realists, believe that the purpose of law is to shape social behavior. Sociological philosophers are unlikely to adhere to past law as precedent.
Q3) A(n)________ is a compact made between two or more nations and is also considered as a facet of the supreme law of the land.
Answer: treaty
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Page 3
Chapter 2: Ethics and Social Responsibility of Business
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Sample Questions
Q1) Which of the following is an apparent disadvantage of utilitarianism?
A) It does not allow people to have subjective notions of right and wrong.
B) It is based on moral duties derived from universal rules.
C) It puts too much emphasis on one book or theory.
D) It treats morality as if it were an impersonal mathematical calculation.
Answer: D
Q2) Which of the following moral theories will help an anthropologist study ancient societies with an impartial and unprejudiced mindset, especially when it relates to ethics and customs followed by ancient societies to that being followed in present societies?
A) Rawls's social justice theory
B) utilitarianism
C) Kantian ethics
D) ethical relativism
Answer: D
Q3) Under the moral theory of ________, if a person meets his or her own moral standard in making a decision, no one can criticize him or her for it.
Answer: ethical relativism
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4
Chapter 3: Courts, Jurisdiction, and Administrative Agencies
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Sample Questions
Q1) Jeremy crashes his friend John's car because he is an incompetent driver. Emily, John's sister, is outraged and wants John to sue his friend. John refuses to file a case against his long-time friend. Which of the following is Emily allowed to do in this situation?
A) She can sue Jeremy on John's behalf, as she has standing to sue.
B) She can sue Jeremy, provided that John gives his consent.
C) She can file a case in the state court where she will have standing to sue.
D) She cannot sue Jeremy as she has no stake in the outcome of the case.
Answer: D
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) Appellate court decisions are final and cannot be appealed to any higher courts.
A)True
B)False
Answer: False
Page 5
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Chapter 4: Judicial, Alternative, and E-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
Q2) If the defendant does not answer the complaint, a default judgment is entered against him or her.
A)True
B)False
Q3) In which of the following cases does a class action occur?
A) There are no factual disputes to be decided by the jury.
B) The defendant has multiple grounds for appeal.
C) A group of plaintiffs collectively bring a lawsuit against a defendant.
D) The plaintiff does not reply to the defender's cross-complaint.
Q4) What can a party to a lawsuit do if he or she is displeased with the trial court's judgment?
Q5) Once a default judgment is established, the plaintiff only has to prove damages.
A)True
B)False
Q6) The ________ is the party who files a complaint.
Page 6
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Chapter 5: Constitutional Law for Business and E-Commerce
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Sample Questions
Q1) Advertising is categorized as limited protected speech.
A)True
B)False
Q2) ________ is responsible for making federal law.
Q3) A(n)________ test is applied to classifications of people based on a suspect class.
A) strict scrutiny
B) intermediate scrutiny
C) rational basis
D) cogent basis
Q4) The first ten amendments to the U.S. Constitution are commonly known as the ________.
Q5) The ________ is responsible for making federal law.
A) President
B) state government
C) legislative branch
D) Supreme Court
Q6) Offensive speech is a form of ________ speech according to the First Amendment.
Page 7
Q7) The U.S.'s form of government is referred to as ________, in which the federal government and the fifty states share powers.
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Chapter 6: Torts and Strict Liability
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Sample Questions
Q1) Explain the doctrine of strict liability with examples.
Q2) A person driving over the prescribed speed limit in a suburban area hits and injures a pedestrian jaywalking against a red "Do Not Walk" sign. The jury finds that the driver was 80 percent responsible for the accident and the jaywalker was 20 percent responsible. The pedestrian suffered $100,000 in injuries. If the state in which this case is heard adopts the doctrine of contributory negligence to interpret such cases, the pedestrian is entitled to recover ________.
A) no damages from the driver
B) $100,000 from the driver
C) $20,000 from the driver
D) $80,000 from the driver
Q3) Monica told a prospective patient that a certain cosmetic surgeon had been banned from practicing by the American Medical Council. But this is untrue. Is Monica liable for prosecution? Why?
Q4) The defendant can held liable for injuries caused by the superseding event.
A)True
B)False
Q5) ________ is the making of false statements about a competitor's products, services, property, or business reputation.
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Chapter 7: Criminal Law and Cyber Crimes
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Sample Questions
Q1) Obtaining nontestimonial evidences like fingerprint and body fluids violates the privilege against self-incrimination provision.
A)True
B)False
Q2) In a criminal lawsuit, the government is represented by a lawyer called defense attorney.
A)True
B)False
Q3) Which of the following rights was provided under the Sixth Amendment?
A) double jeopardy
B) right to due process
C) right to public jury trial
D) right against self-incrimination
Q4) Where is the felony murder rule applied?
A) when the felon in the case was killed while the crime transpired
B) when the murder was committed without intent, while committing another crime
C) when the reason for the death is found to be involuntary manslaughter
D) when the crime involves the intended murder of another person
Q5) The willful or malicious burning of a building is called ________.
Q6) In legal terminology, evil intent is also known as ________.
Page 9
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Chapter 8: Intellectual Property and Cyber Piracy
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Sample Questions
Q1) The patent term begins to run from the date the patent is issued.
A)True
B)False
Q2) Give an account of the Economic Espionage Act and its importance in combating cyber piracy.
Q3) After the copyright period runs out, the work enters the public domain.
A)True
B)False
Q4) What federal statute was enacted by the Congress to protect trade secrets?
A) Sarbanes-Oxley Act
B) Lanham Act
C) Telecommunication Act
D) Economic Espionage Act
Q5) A mark that indicates that a person has met the standards set by an organization and is a member of that organization is known as a(n)________ mark.
Q6) Explain the process of copyright registration.
Q7) Utility patents for inventions are valid for 20 years.
A)True
B)False
Q8) A(n)________ is a patent that protects the functionality of a patent.
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Chapter 9: Formation of Traditional and E-Contracts
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Sample Questions
Q1) A(n)________ is a contract in which the original offeree pays consideration (usually money)in return for the original offeror giving consideration (time of the option period).
Q2) A contract is said to be ________ where one or both parties has the option to void the contractual obligations.
Q3) Explain the basic requirements that must be met for a contract to be enforceable.
Q4) Which of these is an instance of a quasi-contract?
A) an employee receiving his or her paycheck every month
B) two companies signing a business agreement that spans an undefined duration
C) an unconscious man being nursed by a hospital, having been brought in by a passer-by
D) a woman hiring a caterer only after the caterer promises to deliver the food on time
Q5) What is legal insanity?
Q6) Any contract entered into by a person who has been adjudged insane is void. A)True B)False
Q7) The infancy doctrine allows minors to ________ contracts they have entered into with adults.
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Chapter 10: Performance and Breach of Traditional and E-Contracts
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Sample Questions
Q1) ________ refers to the knowledge that a representation is false.
Q2) The term "scienter" refers to the knowledge that a representation is false or that it was made without sufficient knowledge of the truth.
A)True
B)False
Q3) The ________ is an equitable doctrine that allows the court to order an oral contract for the sale of land or transfer of another interest in real property to be specifically performed if it has been partially performed and performance is necessary to avoid injustice.
Q4) Intentional misrepresentation is considered fraud.
A)True
B)False
Q5) A misrepresentation is considered fraud even if it is made without intent to deceive another party.
A)True B)False
Q6) Duress only occurs where a threat involves physical harm.
A)True
B)False
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Chapter 11: E-Commerce and Digital Law
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Sample Questions
Q1) Most web pages use electronic ordering systems that do not have the ability to evaluate and accept ________.
A) counteroffers
B) e-licenses
C) e-signatures
D) biometric data
Q2) A(n)________ refers to a contract that transfers limited rights in intellectual property and informational rights.
A) contract
B) tender
C) license
D) domain name
Q3) Counteroffers are not effective against electronic agents.
A)True
B)False
Q4) How does an electronic agent react to a counteroffer? Explain with an illustration.
Q5) The CAN-SPAM Act requires spammers to label sexually oriented e-mail as such.
A)True
B)False
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Chapter 12: UCC Sales and Lease Contracts and Warranties
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Sample Questions
Q1) A ________ is defined as the passing of title of goods from a seller to a buyer for a price.
A) lease
B) sale
C) loan
D) gift
Q2) A person who transfers the right of possession and use of goods under a lease is known as the ________.
A) lessor
B) lessee
C) seller
D) consignee
Q3) What are the provisions for contracts with services under Article 2 of the UCC?
Q4) What is the difference between a full warranty and a limited warranty?
Q5) A finance lease involves a lessor leasing money to a lessee.
A)True
B)False
Q6) A contract is only created when the offeror receives the offeree's acceptance.
A)True
B)False
Page 14
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Chapter 13: Credit, Secured Transactions, and Bankruptcy
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Sample Questions
Q1) An arrangement where an owner of real property borrows money from a lender and pledges the real property as collateral to secure the repayment of the loan is known as
A) consignment
B) foreclosure
C) mortgage
D) assignment
Q2) Which of the following is determined by the means test?
A) The debtor's median family income is less than the state's median family income.
B) The debtor's median family income is more than the state's median family income.
C) A debtor can pay prepetition debts out of postpetition income.
D) A debtor who has sufficient disposable income to pay prepetition debts qualifies for Chapter 13 bankruptcy.
Q3) The term ________ refers to a security interest in property that was not in the possession of the debtor when the security agreement was executed.
Q4) In a(n)________ arrangement, a third party promises to be secondarily liable for the payment of another's debt.
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Chapter 14: Small Business and General and Limited Partnerships
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Sample Questions
Q1) Which of the following is true in the creation of a general partnership?
A) The business name has to have the names of all the partners.
B) The business name cannot be a fictitious name.
C) The name selected by the partnership cannot indicate that it is a corporation.
D) The business cannot operate under a trade name.
Q2) General partners are not permitted to sue other partners at law.
A)True
B)False
Q3) A general partnership agreement must always be in writing to be considered legal.
A)True
B)False
Q4) Which of the following must be in writing even if it is below the time stipulation of the Statute of Frauds?
A) businesses that have more than one commercial venture
B) partnerships authorized to deal real estate
C) businesses that are authorized to lend money
D) enterprises which deal with health and medicine
Q5) A(n)________ is a partnership created with no fixed duration.
Page 16
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Chapter 15: Limited Liability Companies, Limited Liability
Partnerships, and Special Forms of Business
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Sample Questions
Q1) An LLC cannot amend its articles of organization.
A)True
B)False
Q2) Managers of LLCs are not personally liable for the debts, obligations, and liabilities of the LLC they manage.
A)True
B)False
Q3) The certificate of interest acts the same as a(n)________ issued by a corporation.
A) promissory note
B) stock certificate
C) deposit note
D) initial public offer
Q4) The Uniform Limited Liability Company Act is a model act that provides comprehensive and uniform laws for the formation, operation, and dissolution of LLCs.
A)True
B)False
Q5) A nonmanager member of a(n)________ LLC is treated equally to a shareholder in a corporation.
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Chapter 16: Corporations and the Sarbanes-Oxley Act
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Sample Questions
Q1) The annual shareholders' meeting is held to elect new shareholders.
A)True
B)False
Q2) Which of the following best defines a merged corporation?
A) the corporation that is absorbed in the merger and ceases to exist after the merger
B) the corporation that is absorbed in the merger and continues to exist after the merger
C) the corporation that is not absorbed in the merger but gains stake in the surviving corporation
D) the corporation that is not absorbed in the merger but is owned by a parent company
Q3) An agreement that requires selling shareholders to sell their shares to the other shareholders or to the corporation at the price specified in the agreement is referred to as ________.
A) preemptive sale
B) right of first refusal
C) buy-and-sell agreement
D) shareholder voting agreement
Q4) Give an account of publicly held and closely held corporation.
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Chapter 17: Investor Protection, E-Securities, and Wall Street Reform
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Sample Questions
Q1) How does Section 16(b)of the Securities Exchange Act of 1934 protect the interests of a corporation? Explain with an example.
Q2) A(n)________ is an exemption from registration that permits local businesses to raise capital from local investors to be used in the local economy without the need to register with the SEC.
A) intrastate offering exemption
B) regulation A offering
C) private placement exemption
D) nonissuer exemption
Q3) The SEC provides a(n)________ which allows a person who provides information that leads to a successful SEC action to recover 10 percent to 30 percent of the monetary sanctions over $1 million recovered by the SEC.
Q4) An exemption from registration which states that securities transactions not made by an issuer, an underwriter, or a dealer do not have to be registered with the SEC is known as known as a(n)________ exemption.
Q5) Issuers with offerings exceeding $100,000 must file a(n)________ with the SEC.
Q6) Interests or instruments that are expressly mentioned in securities acts are ________ securities.
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Chapter 18: Agency Law
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Sample Questions
Q1) A general power of attorney limits the agent to those acts enumerated by the agreement.
A)True
B)False
Q2) Battery committed by an agent in the principal's premises and during the scope of employment is considered an unintentional tort.
A)True
B)False
Q3) Constructive notices are not valid against strangers who assert claims of apparent agency.
A)True
B)False
Q4) A principal owes a duty to indemnify the agent for any losses the agent suffers because of the principal's conduct.
A)True
B)False
Q5) An agency, that occurs when a principal and an agent do not expressly create an agency but it is inferred from the conduct of the parties, is known as a(n)________.
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Chapter 19: Equal Opportunity in Employment
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Sample Questions
Q1) The EEOC and a complainant can jointly sue an employer who discriminated against the complainant.
A)True
B)False
Q2) The ________ is a federal statute that prohibits age discrimination in employee benefits.
Q3) A(n)________ provides that certain job preferences will be given to members of minority racial and ethnic groups, females, and other protected-class applicants when making employment decisions.
A) retaliation
B) affirmative defense
C) affirmative action plan
D) reasonable accommodation plan
Q4) A person having origins in any of the original peoples of the Middle East belongs to the Caucasian racial group.
A)True
B)False
Q5) When is an employer required to prove a bona fide occupational qualification? Explain with an example.
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Chapter 20: Employment Law and Worker Protection
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Sample Questions
Q1) The ________ guarantees workers unpaid time off from work for family and medical emergencies and other specified situations.
A) FLSA
B) OSHA
C) FMLA
D) ERISA
Q2) According to the ________ Act, government employees can continue their group health insurance after termination of employment if they wish to do so.
Q3) Which of the following has to be necessarily proved by a claimant pursuing compensation for an injury, under workers' compensation?
A) The claimant was harmed intentionally by the employer.
B) The claimant was harmed when he or she was employed by the employer.
C) The claimant was harmed by an employment-related injury.
D) The claimant was harmed unintentionally by the employer.
Q4) Living wage laws are minimum wage laws enacted by cities.
A)True
B)False
Q5) How is Social Security awarded in the U.S.A.?
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Chapter 21: Labor Law and Immigration Law
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Sample Questions
Q1) Most union elections are contested by the employer.
A)True
B)False
Q2) Which of the following is a provision of Section 8(a)of the NLRA?
A) prohibits unions from engaging in unfair labor practices that interfere with a union election
B) makes it an unfair labor practice for an employer to restrain employees from forming and joining unions
C) enables employees to opt out of unions by organizing a decertification election
D) permits employees and union officials to engage in union solicitation on company property
Q3) Once a strike begins, the employer may continue operations by ________ to take the place of the striking employees.
A) hiring replacement workers
B) temporarily demoting supervisors
C) acquiring crossover workers
D) acquiring wildcat strikers
Q4) List and explain strikes that are held to be illegal be federal labor law.
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Chapter 22: Antitrust Law and Unfair Trade Practices
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Sample Questions
Q1) Give an account of the Noerr doctrine.
Q2) Which of the following is true with regard to price fixing?
A) Price fixing is a reasonable violation of Section 1 of the Sherman Act.
B) Price fixing is a process seen exclusively among sellers of goods and services.
C) Price fixing is permissible as it helps consumers or protects competitors from ruinous competition.
D) Price fixing also involves fixing the quantity of a product or service to be produced or provided.
Q3) 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
Q4) Natural monopolies are found to violate Section 2 of the Sherman Act.
A)True
B)False
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Chapter 23: Consumer Protection
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Q1) The FDA cannot recall any cosmetics that contain unsubstantiated claims of preserving youth or increasing virility from the market.
A)True
B)False
Q2) ________ is a type of deceptive advertising under Section 5 of the FTC Act. It occurs when a seller advertises the availability of a low-cost discounted item to attract customers to its store.
Q3) In the United States, the ________ is the federal administrative agency that is primarily responsible for regulating meat, poultry, and other food products.
Q4) Which of the following would come under the purview of the Medicinal Device Amendment to the FDCA?
A) a new oral medication for depression
B) a new range of cosmetics to reduce signs of aging
C) a new and compact heart pacemaker
D) a revolutionary drug therapy for cancer
Q5) What are the powers of the Consumer Product Safety Commission? Name some consumer products excluded from the purview of the CPSC.
Q6) What is the bait and switch advertising model?
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Chapter 24: Environmental Protection
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Q1) The U.S. Coast Guard administers the Oil Pollution Act which requires the oil industry to ________.
A) obtain a permit for dumping wastes and other foreign materials into ocean waters
B) implement measures to avoid dumping of wastes into wells used for drinking water
C) adopt procedures and contingency plans to readily respond to and clean up oil spills
D) establish marine sanctuaries in ocean waters as far seaward as the edge of the continental shelf
Q2) The ________ is a federal agency that can initiate judicial proceedings in court against suspected violators of federal environmental laws.
Q3) The ________ is a federal statute that authorizes the EPA to regulate facilities that generate, treat, store, transport, and dispose of hazardous wastes.
A) Resource Conservation and Recovery Act
B) Clear Water Act
C) Toxic Substances Control Act
D) Comprehensive Environmental Response, Compensation, and Liability Act
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Chapter 25: Land Use Regulation and Real Property
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Q1) Martin, who owned a piece of property along with two other tenants, executed a will by which he left all his property to his son. When Martin died, his son received his interest in the shared property and became a tenant with the other two owners. What kind of concurrent ownership would allow such a passage of title?
A) a joint tenancy
B) a tenancy in common
C) a tenancy by entirety
D) a community property
Q2) Which of the following legislations collectively prevents all the "protected classes" from discrimination in accommodation?
A) the Rent Stabilization Law of 1969
B) the Americans with Disabilities Act of 1990
C) the Fair Housing Act of 1968
D) the Civil Rights Act of 1866
Q3) A tenancy for years terminates automatically, without notice, upon the expiration of the stated term.
A)True
B)False
Q4) Give an account of zoning. What are nonconforming uses?
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Chapter 26: International and World Trade Law
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Q1) Which of the following statements is true of the International Court of Justice?
A) It is the executive branch of the United Nations that helps interpret international law.
B) It only hears cases of nations, and not of individuals and businesses.
C) It does have the authority to hear cases involving treaties and UN charters.
D) It is headed by the secretary-general of the United Nations.
Q2) Which of the following statements is true of the European Union?
A) All issues have to be passed unanimously by the EU members to be enforced.
B) Every country in the European Union has adopted the euro as its monetary unit.
C) Custom duties have been removed among member nations of the European Union.
D) Custom tariffs have been removed for trade between the EU and the rest of the world.
Q3) By default, a case involving an international dispute is prosecuted only in
A) the International Court of Justice
B) a court in the defendant's country
C) a court in the plaintiff's country
D) a court in a neutral country
Q4) The ________ administers the day-to-day operations of the UN.
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