Business Law
Test Bank
Course Introduction
Business Law provides students with a comprehensive overview of the legal frameworks and principles that govern commercial activities. The course covers essential topics such as contract formation and enforcement, agency relationships, business organizations (like partnerships and corporations), intellectual property, employment law, and regulatory compliance. Through case studies and real-world examples, students examine how legal concepts apply to everyday business decisions, equipping them with the foundational knowledge needed to navigate the complex legal landscape of the business world.
Recommended Textbook
Business Law Text and Exercises 7th Edition by Roger LeRoy Miller
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Page 2
Chapter 1: Introduction to the Law and Our Legal System
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Sample Questions
Q1) A nation is a sovereign entity.This means that
A)a nation must submit to international law.
B)there is no higher authority to which a nation must submit.
C)a nation must adhere to the standards of the United Nations.
D)a nation is subject to the laws of its neighboring nations.
Answer: B
Q2) The best definition of a precedent is
A)a law developed from custom.
B)a judicial proceeding for the determination of a dispute between parites in which rights are enforced or protected.
C)a proceeding by one person against another in court.
D)a court decision that furnishes an example or authority for deciding subsequent cases involving identical or similar facts.
Answer: D
Q3) Administrative law consists of the rules,orders,and decisions of administrative agencies..
A)True
B)False
Answer: True
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Page 3
Chapter 2: Ethics in Business
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Sample Questions
Q1) Megan is in charge of the ethics of Ethical Eggs,Inc.,an organic egg raising company.In addition to an ethical code of conduct,Megan is most likely NOT in charge of A)an ethics committee.
B)ethical training programs.
C)internal ethical audits.
D)ethical reviews of employees' family members.
Answer: D
Q2) Housemate,Inc.,makes and sells a variety of household products.With a fair amount of certainty,Housemate's decision makers can predict whether a given business action would be legal in
A)all situations.
B)many situations.
C)no situations.
D)practically no situations.
Answer: B
Q3) The categorical imperative cannot be applied to many business actions.
A)True
B)False
Answer: False
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Page 4
Chapter 3: The Courts and Alternative Dispute Resolution
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Sample Questions
Q1) There is at least one federal district court in every state.
A)True
B)False
Answer: True
Q2) If a party refuses to cooperate with a discovery request, the court can compel the party to comply with the requests by a certain date.
A)True
B)False
Answer: True
Q3) To initiate a lawsuit,Darla files a complaint against E-Sales Company,which re?sponds with an answer.Together,the complaint and answer are A)a motion to dismiss.
B)a summons.
C)a writ of certiorari.
D)the pleadings.
Answer: D
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Page 5
Chapter 4: Constitutional Law
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Sample Questions
Q1) Julia is a U.S.citizen.She establishes a website that posts threatening messages about celebrities.Her website is
A)protected by the First Amendment.
B)not protected by the First Amendment.
C)protected by the Fifth Amendment.
D)protected by the Tenth Amendment.
Q2) 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.
Q3) The terms "due process" and "equal protection" mean the same thing.
A)True
B)False
Q4) A law that has any impact on religion is unconstitutional.
A)True
B)False
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Chapter 5: Torts and Cyber Torts
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Q1) To determine whether a duty of care has been breached,a judge asks how a reasonable person would have acted in the same circumstances.
A)True
B)False
Q2) The use of a person's likeness for commercial purposes without permission is appropriation.
A)True
B)False
Q3) Failure to live up to a standard of care may be an act or an omission.
A)True
B)False
Q4) A failure to return personal property is disparagement of property even if the rightful owner consented to the initial taking.
A)True
B)False
Q5) An Internet service provider cannot be held liable for disseminating others' defamatory remarks.
A)True
B)False
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Chapter 6: Intellectual Property and Internet Law
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Q1) Bubbly Cola features Sparkly Cola's trademark without its owner's permission.Bubbly's use of the mark is actionable provided A)consumers are confused.
B)Bubbly's use is intentional.
C)Bubbly's use reduces the value of Sparkly's mark.
D)Sparkly's mark is registered.
Q2) In 2010,Online Marketing Corporation registers its trademark as provided by federal law.After the first renewal,this registration
A)is renewable every ten years.
B)is renewable every twenty years.
C)runs for the life of the corporation plus seventy years.
D)runs forever.
Q3) A certification mark distinguishes products approved,or "certified," by the government.
A)True
B)False
Q4) The state and federal governments provide for the registration of trademarks.
A)True
B)False
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Chapter 7: Criminal Law and Cyber Crime
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Sample Questions
Q1) Criminal law spells out the duties that exist between persons or between citizens and their governments.
A)True
B)False
Q2) Susan is the president of United Food Corporation,a wholesale grocery company.An inspection by Tim,a government agent,uncovers unsanitary conditions caused by Val,a United employee,in the United warehouse.Will,a United vice president,assures Tim that the situation will be corrected,but nothing is done,which a later inspection reveals.Susan knows nothing about any of this.Can United be convicted of a crime in these circumstances? Can Susan be held personally liable?
Q3) Hackers often commit cyber theft.
A)True
B)False
Q4) Bruno is a businessperson with investments in legal and illegal opera?tions.Bruno may be subject to penalties under RICO
A)for making an unprofitable,but legal,investment.
B)for the commission of any business fraud.
C)only in a case involving a "racket."
D)only in a case involving organized crime.
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Chapter 8: Introduction to Contracts
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Sample Questions
Q1) Some promises create moral,but not legal,obligations.
A)True
B)False
Q2) Jonah tells Levi he will give him an Xbox if Levi does Jonah's chores for a month.Levi promises to do the chores.Jonah and Levi have formed a A)bilateral contract.
B)unilateral contract.
C)void contract.
D)unenforceable contract.
Q3) A contract is valid only if both of the parties entering into it have the capacity to do so.
A)True
B)False
Q4) Jim tells Dana that he will take her out to lunch on Thursday.Jim has made Dana a A)prediction.
B)promise.
C)bilateral contract.
D)void contract.
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Chapter 9: Offer and Acceptance
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Sample Questions
Q1) One necessary element for an effective offer is a reasonable price related to market value.
A)True
B)False
Q2) Laredo advertises a reward for the return of his lost dog.Mikayla,who does not know of the reward,finds and returns the dog.Mikayla cannot recover the re?ward,because she
A)did not confer a benefit on Laredo by returning the dog.
B)did not know of the reward when she found and returned the dog.
C)does not need the money.
D)returned the dog.
Q3) An offer that a statute makes illegal terminates only af?ter a rea?sonable time.
A)True
B)False
Q4) In most cases,an offeror can revoke an offer as long as the revocation is communicated before the offeree accepts.
A)True
B)False
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Chapter 10: Consideration
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Sample Questions
Q1) Rescission is the remaking of a contract so as to enrich one party at the expense of the other.
A)True
B)False
Q2) A promise to pay for an act that has already occurred is enforceable because the event is certain.
A)True
B)False
Q3) Promissory estoppel requires that justice will be better served by the enforcement of the promise.
A)True
B)False
Q4) Applied Methods Corporation promises to give stock options to Belden,a production designer,for processes he has already designed.This promise is
A)enforceable because it is a new contract.
B)enforceable because it is an illusory promise.
C)enforceable because it is supported by past consideration.
D)unenforce?able.
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Page 12
Chapter 11: Capacity
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Sample Questions
Q1) In general,minors are personally liable for their contracts.
A)True
B)False
Q2) In most states,when a person turns eighteen,he or she has reached
A)the age of majority.
B)the age of infancy.
C)the age of ratification.
D)the age of competence.
Q3) Intoxicated and not aware of the consequences,Uri agrees to a two-year cell-phone service contract with Wander Talk,Inc.,at more than the average market price.This contract is A)enforceable.
B)not enforceable because contracting parties can change their minds.
C)not enforceable because the contract clearly favors Wander Talk.
D)not enforceable because Uri was intoxicated enough to lack mental capacity when he agreed to it.
Q4) Parents are ordinarily liable for the contracts made by their minor chil?dren,whether or not they are minors.
A)True
B)False
Page 13
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Chapter 12: The Legality of Agreements
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Sample Questions
Q1) A covenant not to compete is never enforceable.
A)True
B)False
Q2) SuperBumperCars,Inc.requires all customers to sign a release that contains a clause that releases SuperBumperCars from all liability in the event of an injury occurring during a bumper car ride,no matter who is at fault.This is an example of
A) a covenant not to compete.
B)an adhesion contract.
C)an exculpatory clause.
D)none of the choices.
Q3) A tortious contract calls for an action that is contrary to public policy.
A)True
B)False
Q4) Gregory obtains a consumer loan from Finance Bank at an interest rate that exceeds the state's maximum.Finance has
A)calculated the optimum rate that the market will bear.
B) engaged in a restraint of trade.
C)underestimated the risk of the loan's nonpayment.
D)violated the usury laws.
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Chapter 13: Mistakes and Other Contract Defects
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Sample Questions
Q1) A significant mistake in value will rarely enable a party to a contract to avoid the contract.
A)True
B)False
Q2) Pete,an accountant,convinces his client Kasey to invest her savings in a nonexistent social-networking Web site.When Kasey learns the truth,she can
A)impose her own scam on Pete without liability.
B)induce Pete to give her his other clients' funds without recourse.
C)rescind the contract to invest in the Web site.
D)sabotage Pete's career in any way possible.
Q3) The identity of one of the parties to a contract is an example of a material fact.
A)True
B)False
Q4) All mistakes of fact are material.
A)True
B)False
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Page 15
Chapter 14: Written Contracts
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Sample
Questions
Q1) Valley Tack Shop signs a contract with Gary's Boots and Saddles for delivery of five saddles that cost $200 each.To be enforceable under the Statute of Frauds,the written contract must designate
A)the method of delivery.
B)the method of payment.
C)the quantity of saddles.
D)the seller.
Q2) A collateral promise is one made by a third party to assume the debts or obligation of a primary party to a contract if the primary party does not perform.
A)True
B)False
Q3) Wild Rides Theme Park owes both RollercoasterRepair,Inc.and Hot Dog Harry money.RollercoasterRepair orally agrees to assume Wild Rides's debt to Hot Dog Harry to prevent Hot Dog Harry from filing suit against Wild Rides.This contract is enforceable by A)no party.
B)any party.
C)Wild Rides only.
D)RollercoasterRepair only.
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Page 16
Chapter 15: Third Party Rights
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Sample Questions
Q1) Will owes Jenny $1,000.Brad owes Will $1,000.Will unconditionally assigns his rights to Jenny.Will's right to the $1,000 is then A)unchanged.
B)extinguished.
C)incidental.
D)assigned to a court.
Q2) If a contract benefits a third party only incidentally,the third party will not have the power to enforce the contract.
A)True
B)False
Q3) A delegation relieves the party making it of the obligation to per?form.
A)True
B)False
Q4) Refer to Fact Pattern 15-1.Carol is
A)a delegatee.
B)an assignee.
C)an incidental beneficiary.
D)an intended beneficiary.
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Page 17
Chapter 16: Contract Discharge and Remedies
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Sample Questions
Q1) Phil enters into a contract to hire Bob's Building Business to build a warehouse for Phil.The contract specifies that the warehouse should be built with HighQual Bricks.When construction starts,HighQual Bricks cannot provide enough bricks for the warehouse.Bob's Building Business substitutes Big Red Bricks,which are comparable in quality and price to HighQual Bricks.This deviation from the contract
A)discharges Phil from the contract.
B)has no effect on the contract.
C)increases Bob's Building Business's duties under the contract. D)suspends Bob's Building Business's duty to perform.
Q2) Jason owes Stephen $1,000 for yard work Stephen performed for Jason.The money is due on May 1.On April 30,Jason goes to the bank to get the money and discovers that the bank will be closed until May 2.Jason
A)will be in breach of contract when he fails to pay Stephen on May 1.
B)will not be in breach of contract when he fails to pay Stephen on May 1 due to objective impossibility.
C)is discharged from any contractual liability to Stephen.
D)will not be in breach of contract when he fails to pay Stephen on May 1 as long as he pays the $1,000 plus ten percent interest on May 2.
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Chapter 17: E-Contracts
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Q1) Creative Solutions Corporation (CSC) sells business application software-accounting and book?keeping programs,blank business forms,inventory control functions,and so on-in different combinations,in different packages,at different prices,downloadable online.To complete a deal,a purchaser clicks on a button that,with reference to certain terms,states,"I agree." What is this sort of agreement called? Do the parties have a binding,enforceable contract that includes the terms? Explain.
Q2) First Design Corporation,a business firm,and Glen,a consumer,make a deal over the Internet that involves e-signatures.Under the E-SIGN Act,the e-signatures
A)are as valid as signatures on a paper document.
B)must be encrypted to be enforceable.
C)must have been inscribed on a digital tablet to be authenticated.
D)must relate to a partnering agreement.
Q3) An e-record is considered received under the UETA only if a person is aware of its receipt.
A)True
B)False
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Chapter 18: Introduction to Sales and Lease Contracts
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Q1) At common law,if a contract is unilateral,an offeror must be notified of the offeree's performance.
A)True
B)False
Q2) The UCC imposes some different rules on merchants.
A)True
B)False
Q3) Finest Coffee Company agrees to buy an unspecified quantity of coffee beans from Global AgriCorp.Global breaches the contract.Finest can most likely
A)enforce the agreement to the extent of a reasonable quantity.
B)enforce the agreement to the extent of Finest's requirements.
C)enforce the agreement to the extent of Global's output of coffee beans.
D)not enforce the agreement.
Q4) Tangible property has physical existence.
A)True
B)False
Q5) The UCC imposes the same rules on all parties in all circumstances.
A)True
B)False
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Chapter 19: Title and Risk of Loss
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Q1) A specific grade of corn that fills BioFuel Cooperative's silo is fungible.This means that the corn is
A)alike naturally or by agreement or trade usage.
B)fundamentally different.
C)fundamentally edible.
D)perishable.
Q2) A bill of lading serves as a con?tract for the transportation of goods.
A)True
B)False
Q3) Aromatic Tea Company and Savory Stores,Inc.,enter into a contract for a sale of tea.The contract includes the term "F.O.B.Upriver City," which is Savory's location.This means that the contract is
A)a bailment contract.
B)a destination contract.
C)a shipment contract.
D)a transportation contract.
Q4) In a destination contract,the seller is required to deliver the goods to a particular destination.
A)True
B)False
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Chapter 20: Performance and Breach
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Q1) Mineral Resource Company contracts to provide several manufacturers with tin.When a cartel of tin-producing countries suddenly embargoes future shipments of tin to Mineral Resource so that it cannot fulfill its contracts,the distributor
A)can substitute some other material for the tin.
B)is excused from the performance of its contracts.
C)is liable for breach of contract.
D)must still supply the tin needs of its customers.
Q2) Levi's Toy Store orders one hundred board games from Big Board Games Warehouse.When the games are delivered,they are all missing pieces.Levi's Toy Store rejects the shipment.Big Board Games wants to cure.Big Board Games must
A)promptly notify Levi's Toy Store of the intent to cure.
B)pay Levi's Toy store a cure fee.
C)send a truck to pick up the nonconforming goods before the end of the business day.
D)create a new contract with Levi's Toy Store.
Q3) An installment contract is breached if a seller tenders any nonconforming goods.
A)True
B)False
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Page 22
Chapter 21: Warranties and Product Liability
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Q1) Sarah buys a computer game developed by Al's Gaming Company.One month later,Sarah and several other customers of Al's Gaming Company are sued by George's Fun Games,Inc.because the game from Al's is a direct copy of a copyrighted game sold by George's.Sarah
A)must notify a court that deals with copyright issues.
B)must notify Al's Gaming Company of the lawsuit in a reasonable time.
C)should ignore the lawsuit.
D)must return the game to Al's Gaming Company.
Q2) Only a statement made in writing can be an express warranty.
A)True
B)False
Q3) A lien is an encumbrance on a property to satisfy or protect a claim for payment of a debt.
A)True
B)False
Q4) Express warranties can be limited in contracts.
A)True
B)False
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23
Chapter 22: Consumer Protection
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Sample Questions
Q1) State consumer protection laws are directed at deceptive trade practices.
A)True
B)False
Q2) To collect a debt,a credit collection agency may take any steps it deems necessary.
A)True
B)False
Q3) On request,a consumer may obtain the source of any information being given out by a credit agency.
A)True
B)False
Q4) Bait-and-switch advertising occurs when a customer is lured into a store by an ad for a low price item,which is then unavailable to the customer,who is then encouraged to purchase a more expensive item.
A)True
B)False
Q5) Credit protection is an area of consumer law that is NOT regulated by federal statutes.
A)True
B)False
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Chapter 23: The Essentials of Negotiability
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Q1) Fred has six nieces,ages five to sixteen.He writes an order instrument for $50 that states "Pay to the order of my niece." The order instrument is A)negotiable.
B)nonnegotiable,because the amount of money is less than $500.
C)nonnegotiable,because it is illegal to write an order instrument payable to a relative.
D)nonnegotiable,because there is no specific person identified.
Q2) To be negotiable,an instrument must be signed in the lower right-hand corner. A)True
B)False
Q3) On April 1 Richard arranges to buy a sixteen-speed bike from his neighbor Phil for $500.Phil agrees to deliver the bike on May 1.Richard writes a draft for $500 payable to Phil on May 1.In this situation,the draft is a A)certificate of deposit.
B)time draft.
C)sight draft.
D)promissory note.
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Chapter 24: Transferability and Liability
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Q1) To be a holder,a person is required only to have possession of a negotia?ble instrument.
A)True
B)False
Q2) At 1 A.m.,on the sidewalk in front of Ace Credit Corporation,which is closed,Ben buys a $500 promissory note for $50 from Curt.When pre?sented with Ben's demand for payment,Diann,the maker of the note,could successfully claim that Ben A)acquired the note with notice that it was overdue.
B)did not acquire the instrument in good faith.
C)did not give value for the instrument.
D)none of the choices.
Q3) A person who transfers an instrument for consideration makes certain warranties to the transferee.
A)True
B)False
Q4) The concept of value in the law of negotiable instruments is the same as the concept of consideration in the law of contracts.
A)True
B)False
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Chapter 25: Checks and Banking in the Digital Age
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Q1) A bank that pays a customer's check with a forged drawer's signature can generally pass the loss onto the customer.
A)True
B)False
Q2) Jackie inserts a debit card issued by her bank into a machine and keys in her personal identification number.She is then able to withdraw $500 in cash.Jackie is using a
A)automated teller machine.
B)point-of-sale system.
C)direct deposit system.
D)Internet payment system.
Q3) Martha has a checking account with Hometown Bank.Martha signs a check "payable to Phillipa" drawn on Martha's Hometown Bank account.Hometown Bank is
A)the payer.
B)the drawee.
C)the drawer.
D)the payee.
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Chapter 26: Agency
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Q1) Under the Uniform Electronics Transactions Act,e-agents may enter into binding agreements on behalf of their principals.
A)True
B)False
Q2) Sela agrees to act on Thom's behalf,subject to Thom's control,and Thom trusts Sela to so act.They set out the terms in a written document,which they both sign.This is
A)an agency by agreement.
B)an agency by estoppel.
C)an agency by ratification.
D)not the creation of an agency relationship.
Q3) Bud approves on behalf of Cody-but without authorization-a contract with Dik to build a new silo.Cody does not ratify the contract.Later,Dik tries to enforce the deal.This attempt will be
A)partly successful.
B)partly unsuccessful.
C)totally successful.
D)totally unsuccessful.
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28
Chapter 27: Employment and Immigration Law
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Q1) Sunny Energy Company wants to genetically test its workers for potentially significant,future health problems.Sunny may
A)discharge employees who test "positive."
B)discriminate against job applicants who test "positive."
C)deny group health insurance for its employees who test "positive."
D)not make employment decisions based on genetic testing.
Q2) Network Industries,Inc.,wants to monitor its employees' electronic com?munications.To avoid liability under laws related to employee monitor?ing,Network should announce the monitoring to A)no one.
B)the employees.
C)the government.
D)the public generally.
Q3) Most employees can continue the group health benefits provided by their employers for a limited period of time after a loss of employment.
A)True
B)False
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Chapter 28: Discrimination and Labor Law
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Q1) The Age Discrimination in Employment Act of 1967 prohibits employ?ment discrimi?nation on the basis of age against persons under eighteen.
A)True B)False
Q2) An employer can refuse to bargain collectively with an elected employee representative.
A)True B)False
Q3) Refer to Fact Pattern 28-2. To successfully defend against Beth's claim,COC will have to show that
A)Beth consistently failed to meet the essential requirements of her job.
B)COC cannot make changes to the doors without undue hardship.
C)Dian is qualified for Beth's position.
D)the doors were not installed as an act of intentional discrimination.
Q4) Disparate-impact discrimination occurs when a protected group of people is adversely affected by an employer's practices,procedures,or tests,even though they do not appear to be discriminatory.
A)True B)False
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Chapter 29: Sole Proprietorships,partnerships, Limited
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Q1) Sweet Selections is a general partnership that sells candy,cards and flowers.Sweet Selections has ten partners.Jill and Amy each have a 25 percent interest in the partnership.All the other members have a 10 percent interest.To pass a management decision
A)a majority of the partners must agree to the decision.
B)both Jill and Amy must agree to the decision.
C)Jill or Amy must agree to the decision.
D)30 percent of the partners must agree to the decision.
Q2) A limited liability company is operated in compliance with state law.
A)True
B)False
Q3) A third party cannot sue one of the partners of a partnership without suing all members of the partnership.
A)True
B)False
Q4) A partner is a co-owner of partnership property.
A)True
B)False
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Chapter 30: Formation and Termination of a Corporation
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Q1) Express powers of a corporation can be found in federal constitutions.
A)True
B)False
Q2) A de jure corporation is one that is not properly formed.
A)True
B)False
Q3) Ruby Red Corporation is incorporated in South Carolina.In that state,Ruby Red is
A)a domestic corporation.
B)a foreign corporation.
C)an alien corporation.
D)a non-entity.
Q4) A corporation has an implied power to extend credit to those with whom it has a legal or contractual relationship.
A)True
B)False
Q5) The U.S.Postal Service is a public corporation.
A)True
B)False
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Chapter 31: Management and Ownership of a Corporation
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Q1) A director usually serves on a corporation's board for a life term.
A)True
B)False
Q2) Appointment of corporate officers and determination of their compensation are decisions that would be made by a corporation's board of directors.
A)True
B)False
Q3) A director is a fiduciary of a corporation.
A)True
B)False
Q4) After the first board,the directors are chosen by the corporate officers.
A)True
B)False
Q5) A corporation's officers and other executive employees are hired by corporate shareholders.
A)True
B)False
Q6) Shareholders own a corporation.
A)True
B)False
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Chapter 32: Secured Transactions
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Q1) A financing statement is effective for five years from the date of filing.
A)True
B)False
Q2) Sweetwater Café defaults on debts to Town & Country Bank and Uno Loan Company.Town & Country perfected its security interest before Uno.Town & Country takes possession of the collateral in which it has a security interest.On a sale of the collat?eral,the proceeds will be applied first to
A)Sweetwater's previous payments on the debts.
B)Sweetwater's unpaid payments on the debts.
C)the balance of Sweetwater's debt to Town & Country.
D)the balance of Sweetwater's debt to Uno.
Q3) The first security interest to be perfected is the last in priority over any other perfected security interests.
A)True
B)False
Q4) Most of the customers in any business are buyers in the ordinary course of business.
A)True
B)False
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Chapter 33: Creditors Rights and Remedies
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Q1) All of a debtor's pay can be gar?nished.
A)True
B)False
Q2) Dina,Ed,and Fran are co-sureties of Glen's debt to Hi-Credit Company.Dina pays Glen's entire debt.Dina's right to seek proportionate pay?ments from Ed and Fran is the right of
A)contribution.
B)redemption.
C)reimbursement.
D)subrogation.
Q3) Kwik Delivery Company buys a truck from Lucky Vehicles,Inc.,under a contract signed by Mina,Kwik's president,making her personally liable if Kwik does not pay the loan.Mina is
A)a guarantor.
B)a surety.
C)a co-surety.
D)a co-creditor.
Q4) A surety is secondarily liable on an obliga?tion.
A)True
B)False
Page 35
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Chapter 34: Bankruptcy
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Q1) If a discharge is denied to a debtor in a bankruptcy proceeding,the debtor's creditors are denied a distribution of the debtor's assets.
A)True
B)False
Q2) Mabel files a petition in bankruptcy.The initial proceeding on this peti?tion will be in
A)a federal bankruptcy court.
B)a state bankruptcy court.
C)the highest court in the state in which Mabel is located.
D)the United States Supreme Court.
Q3) A corporate debtor must have gone out of business before it can obtain a discharge in bankruptcy under Chapter 13.
A)True
B)False
Q4) A husband and wife may file a joint petition for bankruptcy.
A)True
B)False
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Page 36
Chapter 35: Insurance
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Q1) An insurer has a duty to investigate to determine the facts and provide reasons for any decision to deny or reduce coverage of a particular claim.
A)True
B)False
Q2) Donald applies for a life insurance policy with Equity Insurance Company through Fletch,an agent who works for Equity.Donald pays the initial premium.Fletch writes a binder,which
A)acknowledges the application and promises to consider it.
B)attests to the truth of each statement in the application
C)evidences receipt of the payment of the initial premium.
D)indicates that a policy is pending and states its essential terms.
Q3) Andy obtains an insurance policy that protects him against some risks of loss to the contents of his residence.This is A)homeowners' insurance.
B)title insurance.
C)casualty insurance.
D)liability insurance.
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Chapter 36: Morgages and Foreclosures
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Q1) An escrow account is a borrower's bank account.
A)True
B)False
Q2) Alan applies for a mortgage loan at Class Act Bank.Class Act Bank does not fully disclose all terms of the loan to Alan.This is
A)commercial lending.
B)false lending.
C)predatory lending.
D)an acceptable way of doing business.
Q3) Helen misses several payments on her mortgage loan and Big Town Bank,Helen's lender,decides to initiate a foreclosure on Helen's property.Big Town Bank must first
A)record a notice of default.
B)record a notice of sale.
C)request a deficiency judgment.
D)record an acceleration clause.
Q4) Mortgage loans are NOT contracts.
A)True
B)False
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Chapter 37: Personal Property and Bailments
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Q1) Marcy goes hunting out of season and shoots an endangered species of deer in a national park.Marcy's acquisition of the deer is
A)by production.
B)illegal.
C)by confusion.
D)by possession.
Q2) Intangible personal property represents a set of rights and interests but has no real physical existence.
A)True
B)False
Q3) Edna and Flavia buy a boat that they dock in a marina near Gulfport,Mississippi.On the death of either owner,that owner's interest in the boat passes to her heirs.This is A)a joint tenancy.
B)community property.
C)a tenancy in common.
D)ownership in fee simple.
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Chapter 38: Real Property
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Q1) A conveyance creating a fee simple defeasible transfers all ownership rights in the property.
A)True
B)False
Q2) A life tenant can exploit the land by creating new wells or mines.
A)True
B)False
Q3) A statue that is not physically attached to the land can be a fixture.
A)True
B)False
Q4) Mineral Products Corporation,which owns no land,has a right to mine the copper from Natural Resource Company's land.Mineral's right is
A)a license.
B)an easement.
C)a profit.
D)a fee simple absolute.
Q5) Surface and subsurface rights cannot be separated. A)True
B)False
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Chapter 39: Landlord and Tenant
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Q1) A tenant is NOT responsible for damages he or she causes through negligence.
A)True
B)False
Q2) State or local law often dictates permissible lease terms.
A)True
B)False
Q3) Elin rents an apartment from Fresh Properties,Inc. A clause in the lease provides that Fresh is not responsible for interruptions in the apartment building's heating.A court would likely hold this clause to be
A)acceptable and enforceable.
B)acceptable but not enforceable.
C)ambiguous.
D)unconscionable.
Q4) Kasper,the owner of Lakeview Farm,and Milt,the tenant of the farmhouse on the property,may create a fixed-term tenancy by A)deed.
B)express contract.
C)implication.
D)sufferance.
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Chapter 40: Wills and Trusts
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Q1) To "publish" a will means to record it in the appropriate county office.
A)True
B)False
Q2) Don executes a will leaving half of his farm to his spouse Eva and the rest to his sons,Frank and Greg,in equal shares.The will disinherits a third son,Hal.Don and Eva divorce,but Don dies before changing his will.In these circumstances
A)Eva receives half of the farm,and Frank and Greg share the rest.
B)Eva receives half of the farm,and Frank,Greg,and Hal share the rest.
C)Frank and Greg receive the entire estate in equal shares.
D)the state inherits the entire estate.
Q3) A reference in a will to a written memorandum that is not in the will renders the will invalid.
A)True
B)False
Q4) A constructive trust is "constructed" by a property owner to fulfill certain unique functions outside the usual bounds of a trust.
A)True
B)False
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Page 42
Chapter 41: Administrative Law
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Q1) The House of Representatives alone can create a new federal administrative agency.
A)True
B)False
Q2) The Food and Drug Administration (FDA) is an executive agency.As an executive agency,the FDA
A)is not subject to any higher authority.
B)is subject to the authority of the president.
C)is subject to the authority of state legislatures.
D)is subject to the authority of the Attorney General
Q3) Executive agencies are NOT subject to the authority of the president.
A)True
B)False
Q4) The Federal Aviation Administration uses notice-and-comment rulemak?ing.The final rule in such a proceeding has binding legal effect
A)after a court affirms it.
B)until the next presidential election.
C)once Congress approves it.
D)unless a court overturns it.
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43
Chapter 42: Antitrust Law
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Q1) Territorial and consumer restrictions are per se violations.
A)True
B)False
Q2) Java Bean Company imports coffee beans and sells them under two-year contracts to Mellow Roast,Inc.,and other coffeemakers.The contracts require that during the two-year term a coffeemaker not buy beans from Java Bean's competitors.The contracts do not limit the coffeemakers' purchase of tea or other beverage ingredients from other suppliers,how?ever.In the second year of the contract,Mellow Roast protests that this arrangement violates antitrust law.Is Mellow Roast correct? If not,why not? If so,under which antitrust statute,or statutes,could these con?tracts be held illegal?
Q3) The basic purpose of antitrust law is to regulate economic competition.
A)True
B)False
Q4) Labor unions can organize and bargain without violating antitrust law.
A)True
B)False
Q5) The Clayton Act prohibits certain classes of price discrimination.
A)True
B)False
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Chapter 43: International Law
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Q1) The chief aim of the European Union and other trade organizations is to minimize trade barriers among their members.
A)True
B)False
Q2) Sudan seizes the assets of Triage Medical,Inc.,a U.S.firm.Triage's recovery from Sudan in a U.S.court may be prevented by
A)the act of state doctrine.
B)the doctrine of sovereign immunity.
C)the Foreign Corrupt Practices Act.
D)the principle of comity.
Q3) Quality Energy Company,a U.S.firm,and Royal Petro,a Dutch firm,en?ter into a contract that includes an arbitration clause.This clause must provide that the arbitrator will be
A)any specified third party.
B)the American Arbitration Association.
C)the Dutch Arbitration Organization.
D)the International Chamber of Commerce.
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