Business Law
Test Bank
Course Introduction
Business Law introduces students to the fundamental principles and practices of law as they relate to the world of business. The course covers key topics such as contract formation and enforcement, agency relationships, commercial transactions, intellectual property rights, employment law, and the regulatory environment governing businesses. By examining real-world cases and legal scenarios, students will develop an understanding of how legal concepts impact business decisions and operations. The course aims to equip students with the knowledge to identify potential legal issues and appreciate the importance of legal compliance in achieving business objectives.
Recommended Textbook
Business Law Today Comprehensive 9th Edition by Roger LeRoy Miller
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45 Chapters
3172 Verified Questions
3172 Flashcards
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Page 2
Chapter 1: The Legal Environment
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Sample Questions
Q1) Refer to Fact Pattern 1-1.The opinion joined by the four justices who favor Power is known as
A)a concurring opinion.
B)a dissenting opinion.
C)a majority opinion.
D)a per curiam opinion.
Answer: B
Q2) Sam is a judge hearing the case of Local Co.v.National Corp.Applying the relevant rule of law to the facts of the case requires Sam to find previously decided cases that,in relation to the case under consideration,are
A)as different as possible.
B)as similar as possible.
C)at odds.
D)exactly identical.
Answer: B
Q3) International law is the law of a foreign nation and varies from country to country.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Constitutional Law
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Sample Questions
Q1) Beachside City enacts an ordinance that bans the distribution of all printed materials on city streets.Carl opposes the city's latest "revenue-enhancing" measure and wants to protest by distributing handbills.In his suit against the city,a court would likely hold the printed-materials ban to be
A)an unconstitutional restriction of speech.
B)constitutional under the First Amendment.
C)justified by the need to protect individual rights.
D)necessary to protect national interests.
Answer: A
Q2) The Constitution sets out the authority and the limits of the branches of the government.The term checks and balances means that
A)Congress writes checks and the president balances the budget.
B)each branch of government has some power to limit the actions of the other branches.
C)each branch of government may exercise the authority of the other branches.
D)the president "checks" the courts,which "balance" the laws.
Answer: B
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Page 4
Chapter 3: Courts and Alternative Dispute Resolution
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Sample Questions
Q1) Negotiation is the most complex form of alternative dispute resolution.
A)True
B)False
Answer: False
Q2) Most online dispute resolution services apply general,universal legal principles to resolve disputes.
A)True
B)False
Answer: True
Q3) Jo files a suit against Lara in a Missouri state court.Lara's only connection to Missouri is an ad on the Web originating in Nebraska.For Missouri to exercise jurisdiction,the issue is whether Lara,through her ad,has
A)a commercial cyber presence in Missouri.
B)conducted substantial business with Missouri residents.
C)general maximum contact with Missouri.
D)solicited virtual business in Missouri.
Answer: B
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Chapter 4: Torts and Cyber Torts
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Sample Questions
Q1) Lew angrily accuses Mandy,a broker with New Financial Services,of fraudulently inducing him to invest in Open Pit Oil Company,whose wells are dry.The reliance that gives rise to liability for fraud is normally based on a statement of A)emotion.
B)fact.
C)opinion. D)puffery.
Q2) Punitive damages are intended to punish a wrongdoer and deter others.
A)True
B)False
Q3) Good intention is a complete defense to conversion. A)True
B)False
Q4) Proximate cause exists when the connection between an act and an injury is strong enough to justify imposing liability.
A)True
B)False
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Chapter 5: Intellectual Property and Internet Law
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Sample Questions
Q1) In the United States,a patent is given to the first person to invent a product or process.
A)True
B)False
Q2) RockStar Software,Inc.,develops a new series of performance-related video games.This software is most likely protected by
A)copyright law.
B)patent law.
C)trademark law.
D)trade secrets law.
Q3) New Apps Company develops "Browser Lite," software to speed 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.
Q4) A fanciful use of ordinary words may be trademarked.
A)True
B)False
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Chapter 6: Criminal Law
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Sample Questions
Q1) Only blue-collar crimes are prosecuted under RICO.
A)True
B)False
Q2) Divestiture of a business interest is a possible penalty under RICO.
A)True
B)False
Q3) Les is indicted.Madge,the arresting officer,advises Les of his right to counsel.Les waives the right and confesses to the crime.Later,Les claims that his confession should be excluded as evidence from his trial.The statement will most likely be
A)admitted because Les knew he did the crime and confessed.
B)admitted because Les made it after being advised of his rights.
C)excluded because a confession is not admissible in a criminal trial.
D)excluded because it was elicited before Les was advised of his rights.
Q4) Jake is charged with embezzlement.Embezzlement is not robbery because embezzlement may be committed without
A)a criminal act.
B)a criminal intent.
C)taking property from its owner.
D)the use of force or fear.
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Chapter 7: Cyber Crime
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Sample Questions
Q1) In cyberspace,thieves are as subject to physical limits as they are in the "real" world.
A)True
B)False
Q2) Courts have no difficulty applying traditional laws to crimes committed in cyberspace.
A)True
B)False
Q3) It is not identity theft to use a fabricated identity to access online funds.
A)True
B)False
Q4) Rashad accesses Quant Company's computer system without authority to obtain protected financial data.Under federal law,this is
A)a felony if it is committed for a commercial purpose.
B)a felony if Quant brings a civil suit against Rashad.
C)not a crime.
D)a crime,but not a felony.
Q5) A stolen credit card is more likely to hurt a consumer than a merchant.
A)True
B)False
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Chapter 8: Ethics and Business Decision Making
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Sample Questions
Q1) Flexo Trucking Company transports hazardous waste.Garn is a Flexo driver,whom the company knows drives longer hours than federal regulations permit.One night,Garn exceeds the limit and has an accident.Spilled chemicals contaminate Hill City's water source,forcing the residents to move away.Flexo acted unethically because
A)Flexo showed reckless disregard for Hill City's residents and others.
B)Garn exceeded the federal time limit.
C)harm was caused by an unfortunate accident.
D)Hill City should have better protected its water source.
Q2) According to utilitarianism,an action that affects the majority adversely is morally wrong.
A)True
B)False
Q3) Ethics is concerned with the fairness or justness of an action.
A)True
B)False
Q4) Ethical standards based on religious teachings tend to be absolute.
A)True
B)False
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10
Chapter 9: Nature and Classification
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Sample Questions
Q1) Peter offers to pay Quik Delivery (QD)$50 if it picks up and delivers to him a package from Rico within 30 minutes.QD can accept the offer only by meeting the deadline.If QD performs as directed,these parties will have
A)a bilateral contract.
B)a trilateral contract.
C)a unilateral contract.
D)no contract.
Q2) Bay City Construction,Inc.,a contractor,asks Cool Electric,a subcontractor,to provide certain services.Nothing is expressed about payment.Cool provides the services,but Bay City refuses to pay.In Cool's suit to recover,the chief issue is most likely to be whether these parties had
A)a formal contract.
B)an actual contract.
C)an implied-in-fact contract.
D)a voidable contract.
Q3) "Consideration" refers to the genuine assent of all of the parties to a contract.
A)True
B)False
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11
Chapter 10: Agreement in Traditional and E-Contracts
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Sample Questions
Q1) Jelly Jar Company includes in its online offers a provision that indicates any disputes arising under the contract must be resolved in Kansas.Lena,a resident of Maine,accepts Jelly Jar's offer.If a dispute arises,a court will most likely rule that it must be resolved in A)Kansas.
B)Kansas or Maine.
C)Maine.
D)the location selected by the first party to file a suit.
Q2) Tomato Farms (TF)offers to sell United Grocers,Inc.,a boxcar load of tomatoes.The offer is sent via fax.An acceptance is required urgently.It would be most reasonable for United to accept via
A)a fax,a letter,or a phone call to TF within two weeks.
B)a fax sent to TF as soon as the offer is received.
C)a letter mailed to TF within two days.
D)a phone call to TF within five business days.
Q3) An agreement is evidenced by a single event: an acceptance.
A)True
B)False
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Page 12
Chapter 11: Consideration
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Sample Questions
Q1) A release does not require consideration to be legally binding.
A)True
B)False
Q2) Auto Body Repair Shop (ABRS)promises to pay Ben $1,000 a week to work for ABRS.Ben accepts and quits his job with Car Care Service.ABRS fails to provide a job for Ben.Ben has a cause of action based on A)an illusory promise.
B)a release.
C)past consideration.
D)promissory estoppel.
Q3) A promise to do what one already has a legal duty to do is legally sufficient consideration.
A)True
B)False
Q4) Failing to use the word consideration in an agreement means that no consideration has been given.
A)True
B)False
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Page 13
Chapter 12: Capacity and Legality
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Sample Questions
Q1) If a minor disaffirms a contract,he or she must disaffirm the entire contract.
A)True
B)False
Q2) A contract between Lou and Mike requires a transfer of stolen goods for counterfeit currency.This contract is
A)enforceable.
B)void.
C)voidable at the option of either party.
D)voidable at the option of the party having less bargaining power.
Q3) Jacquie signs a contract to buy a car just before reaching the age of majority.After reaching the age of majority,Jacquie does not take possession or make payments.Most courts would hold,with respect to the contract,that this is
A)disaffirmance.
B)emancipation.
C)ratification.
D)rescission.
Q4) Contractual capacity refers to the size or volume of a contract.
A)True
B)False
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Chapter 13: Voluntary Consent
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Sample Questions
Q1) Jill and Karl contract for the sale of Jill's horse for $1,000.Unknown to either party,the horse has died.Karl is
A)entitled to another horse of equivalent value.
B)not required to pay due to the mutual mistake.
C)not required to pay due to the unilateral mistake.
D)required to pay because he assumed the risk the horse might die.
Q2) All mistakes of fact are material.
A)True
B)False
Q3) Intent to deceive is an element of fraud.
A)True
B)False
Q4) Leyte believes an old comic book he owns has little value,but Milo is convinced it is a valuable collector's item.Leyte sells it to Milo for $10 before learning it is worth $1,000.Leyte can
A)not rescind the contract.
B)rescind the contract on the basis of fraud.
C)rescind the contract on the basis of mistake.
D)rescind the contract on the basis of puffery.
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Chapter 14: The Statute of Fraudswriting Requirement
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Sample Questions
Q1) Sid induces Ty to enter into a contract for the sale of a warehouse about which Sid fraudulently misrepresents a number of material facts.Sid also tells Ty that his commission is 6 percent,but their signed,written contract states "12 percent." The parol evidence rule governs
A)contracts that are induced by fraud.
B)contracts that must be in writing to be enforceable.
C)the admissibility in court of oral evidence.
D)the reformation of oral and written statements into one contract.
Q2) All collateral promises must be in writing to be enforceable.
A)True
B)False
Q3) A party's oral agreement to pay another's debt is never enforceable.
A)True
B)False
Q4) A contract that by its own terms cannot be performed within a year must be in writing to be enforceable.
A)True
B)False
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Page 16
Chapter 15: Performance and Discharge
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Sample Questions
Q1) Best Construction,Inc.,contracts to build a store for Cheesy Pizza Company,with Cheesy's payment due on June 1.On June 1,Cheesy's bank is closed,and for this reason,Cheesy claims it cannot pay Best on time.In this situation
A)Cheesy's bank is in breach of contract.
B)Cheesy is in breach of contract.
C)the contract is discharged.
D)the contract is suspended.
Q2) If a contract requires performance to the personal satisfaction of a party,the party must in all cases be personally satisfied.
A)True
B)False
Q3) Lake Port Services enters into a contract to load Max's Great Lakes barges with the cargo that Max designates.Lake Port's offer to perform,when Lake Port is ready,willing,able to do so,is
A)tandem.
B)tonnage.
C)tender.
D)tinder.
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Chapter 16: Breach and Remedies
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Sample Questions
Q1) Rig Heli-Pads,Inc.,enters into a contract to employ Scott as an on-site project manager for two years.If Rig breaches the contract,Scott has a duty to
A)do nothing.
B)reduce the damages that Scott might otherwise suffer.
C)rescind the contract with Rig.
D)punish Rig and set an example to deter others from similar acts.
Q2) Creekside Property Corporation enters into a contract with Downstream Management Associates to manage and maintain Creekside's apartment complex.Their contract provides that neither party can recover damages for a non-fraudulent or unintentional breach.This is
A)a limitation-of-liability clause.
B)an exculpatory clause.
C)an illegal clause.
D)a quasi contract.
Q3) Damages are awarded for whatever injury a nonbreaching party suffers,whether or not the breaching party could have foreseen the injury.
A)True
B)False
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Chapter 17: Third Party Rights
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Sample Questions
Q1) Trudy and Uri enter into a contract for the sale of Trudy's house for which Uri agrees to pay her $250,000.Uri wants to transfer his right to the ownership of the house to Val,his niece.This transfer
A)is prohibited.
B)may be oral or written.
C)must be implied.
D)must be in writing.
Q2) Dwayne and Ewell enter into a contract for the design of an addition to Dwayne's house for which he agrees to pay Ewell.Ewell transfers his right to payment under the contract to Flex Construction Company.Flex is
A)a delegatee.
B)an assignee.
C)an obligee.
D)a prohibitee.
Q3) Privity of contract refers to the privacy that contracting parties should maintain with respect to their contract.
A)True
B)False
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19
Chapter 18: The Formation of Sales and Lease Contracts
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Sample Questions
Q1) Stocks are an example of property that does not come under UCC Article 2.
A)True
B)False
Q2) Recreation Supplies,Inc.(RSI),and Sam,the owner of Tourist Time Shop,orally agree to a sale of beach balls and seashells for $1,000.Sam gives RSI a check for $400 as a partial payment.This contract is
A)enforceable to the extent of $400.
B)fully enforceable because it is for specially made goods.
C)fully enforceable because it is oral.
D)not enforceable.
Q3) Over the course of a year,Real Deal Corporation sells appliances to customers to whom it extends credit.Real Deal orders the appliances from Superior Appliance Company's warehouse,from which the items are shipped via common carrier to Real Deal's customers.Article 2 of the UCC governs
A)all of the parties' sales of the goods.
B)Real Deal's extension of credit.
C)Superior's storage of the goods.
D)the common carrier's delivery of the goods.
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Page 20
Chapter 19: Title and Risk of Loss
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Sample Questions
Q1) When a document of title is required,title passes to a buyer when and where the document is delivered.
A)True
B)False
Q2) Fungible goods are goods that cannot be delivered by physical transport.
A)True
B)False
Q3) A receipt issued by a warehouser for goods stored in a warehouse is a bill of lading.
A)True
B)False
Q4) A contract in which a buyer is allowed to take goods on a trial basis is a sale or return.
A)True
B)False
Q5) If a lessor is a merchant,the risk of loss passes to a lessee when the lessee takes physical possession of the goods.
A)True
B)False
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Chapter 20: Performance Breach of Sales Lease Contracts
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Sample Questions
Q1) Loni and Myra enter into a contract for a sale of clarinets and other wind instruments.Loni delivers,but Myra does not pay.Loni can normally recover as damages the difference between
A)any loss avoided and any profit gained.
B)the actual price and the hoped-for price.
C)the contract price and the market price.
D)the current prices in the parties' locations.
Q2) A buyer has no right to accept goods that fail in any respect to conform to the terms of a contract in every detail.
A)True B)False
Q3) If the parties to a sales contract state that a certain remedy is exclusive,then it is the sole remedy.
A)True B)False
Q4) A lessee's breach of a contract will usually give the lessor the right to cancel the contract.
A)True B)False
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Chapter 21: Warranties and Product Liability
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Sample Questions
Q1) An inadequate warning is not a product defect that will support the imposition of liability on a strict product liability basis.
A)True
B)False
Q2) An implied warranty of merchantability arises in every sale or lease by a merchant who deals in goods of the kind sold or leased.
A)True
B)False
Q3) GR8 Skates Company makes and sells a pair of skates to Hugh.GR8 fails to exercise "due care" to make the skates safe,and Hugh is injured as a result.GR8 is most likely liable for
A)assumption of risk.
B)knowledgeable use.
C)negligence.
D)product misuse.
Q4) Merchants are required to warrant that the goods they sell are fit for their ordinary purpose.
A)True B)False
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Chapter 22: Negotiable Instruments: Transferability Liability
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Sample Questions
Q1) A signature can consist of initials signed by a party.
A)True
B)False
Q2) To be negotiable,an instrument must be payable in money.
A)True
B)False
Q3) Ollie negotiates an order instrument to Phil by
A)assignment of its rights under a contract.
B)delivery with any necessary indorsement.
C)making an unconditional promise to pay.
D)presenting it in response to a demand by B.
Q4) State Bank receives a check drawn by Tricia.The check is received after the established "cutoff" hour.Payment can be postponed without dishonor
A)indefinitely.
B)under no circumstances.
C)unless Tricia personally demands acceptance.
D)until the close of the next business day.
Q5) A payee whose name is misspelled on an instrument cannot indorse the instrument.
A)True
B)False
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Chapter 23: Checks and Banking in the Digital Age
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Q1) John writes a check to Kay as payment for a DVD player but soon discovers the player is broken.He goes to the drawee bank and orally authorizes Larry,a bank officer,to stop payment on the check.This order is valid for
A)fourteen days.
B)fourteen months.
C)thirty days.
D)six months.
Q2) Stored-value cards are a form of digital cash.
A)True
B)False
Q3) First Community Bank agrees to accept a check by setting aside sufficient funds to cover the amount.This check is considered
A)cashed.
B)certified.
C)deposited.
D)provisionally credited.
Q4) A bank that has certified a check is under no obligation to accept it.
A)True
B)False
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Chapter 24: Security Interests in Personal Property
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Q1) Filing a financing statement with the appropriate public office is the only way to perfect a purchase-money security interest in consumer goods.
A)True
B)False
Q2) Middling Credit Corporation asks Little Supply Company to agree to a security agreement that provides for coverage of the proceeds from the sale of after-acquired property.This is
A)a first-in,first-out rule.
B)a floating lien.
C)a funds guaranty.
D)in violation of secured transactions law.
Q3) A continuation statement is effective only if it is filed within six months before the expiration of a financing statement.
A)True
B)False
Q4) To create an enforceable security interest,the secured party must give value.
A)True
B)False
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Chapter 25: Other Creditors Remedies and Suretyship
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Q1) Refer to Fact Pattern 25-1.If Edie signs the application but fails to stipulate that Finest must pursue its legal remedies against Dina before looking to her,then Edie is
A)a guarantor and a surety.
B)a guarantor only.
C)a surety only.
D)neither a guarantor nor a surety.
Q2) Refer to Fact Pattern 25-3.Generally,for a contract between Evermore and Dayna with respect to liability for Chocolate! Chocolate!'s loan to be enforceable,it must be in writing if Dayna is
A)a surety.
B)a lienor.
C)a garnishee.
D)a guarantor.
Q3) A debtor's "business tools" may be exempt from satisfaction of a judgment debt.
A)True
B)False
Q4) All of a debtor's pay can be garnished.
A)True
B)False
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Chapter 26: Bankruptcy
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Q1) Suki files a reorganization plan as part of a bankruptcy proceeding under Chapter 13.The court can approve the plan by applying specific rules to the value of the property to be distributed if there is an objection to the plan by A)an insider.
B)an unsecured creditor.
C)a preferred creditor.
D)any innocent third party.
Q2) In the distribution of the debtor's estate,secured creditors take priority over unsecured creditors.
A)True
B)False
Q3) Gustav files a petition for bankruptcy under Chapter 13.Gustav is granted a discharge.Debts that will not be discharged include claims for A)domestic support,fraudulently incurred debt,and student loans.
B)domestic support only.
C)fraudulently incurred debt only.
D)student loans only.
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28
Chapter 27: International Law in a Global Economy
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Q1) Dumping is the exporting of environmentally polluting goods to a foreign market.
A)True
B)False
Q2) The doctrine of sovereign immunity can immunize a foreign nation from the jurisdiction of U.S.courts.
A)True
B)False
Q3) Suisse Internationale,a Swiss maker of athletic equipment,enters into a price fixing agreement with Total World Sports,a U.S.wholesaler of Suisse's products.U.S.courts will apply U.S.antitrust laws if
A)the agreement was made in Switzerland.
B)the agreement was made in the United States.
C)the price fixing has a substantial effect on U.S.commerce.
D)the Swiss government agrees to be sued in the United States.
Q4) The United States is a member of the World Trade Organization,which,among its members,
A)does not affect trade barriers.
B)maximizes trade barriers.
C)minimizes trade barriers.
D)outlaws trade barriers.
Page 29
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Chapter 28: Agency Relationships in Business
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Q1) In considering the scope of an agent's implied authority,the test is whether the agent reasonably believed that he or she had the authority.
A)True
B)False
Q2) Brad is an employee of Custodial Service,Inc.In deciding whether Brad acts within the scope of his employment when he commits a tort against Didi,a court will not consider whether
A)Brad indicated that he was acting on behalf of Custodial.
B)Custodial authorized the act.
C)Custodial furnished the means by which the injury was inflicted.
D)the act is one commonly performed by employees for their employers.
Q3) An independent contractor's physical conduct is controlled,or subject to control,by his or her employer.
A)True
B)False
Q4) An agency can terminate once its purpose is achieved.
A)True
B)False
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Chapter 29: Employment, immigration, and Labor Law
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Q1) Only the states set safety standards governing workplaces.
A)True
B)False
Q2) Borealis Power Company is subject to mandatory workers' compensation laws in the states in which it does business.Chad and Dex work for Borealis as part of a crew that travels to remote locations to repair downed power lines and other damaged equipment.At a distant site,Chad is injured in an accident that is entirely Dex's fault.Chad files a claim for workers' compensation.Should the claim be granted What would be Borealis's best defense against it
Q3) Non-workers do not have a right to picket an employer during a strike.
A)True
B)False
Q4) Certain employers must provide their employees with up to twelve weeks of family or medical leave during any twelve-month period.
A)True
B)False
Q5) Firing a worker who refuses to perform an illegal act violates public policy.
A)True
B)False
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Chapter 30: Employment Discrimination
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Q1) Lack of discriminatory intent is a complete defense to a charge of unlawful employment discrimination.
A)True
B)False
Q2) Rona is Stu's administrative assistant and both work for TriCounty Labor Inc.Stu tells Rona that for sexual favors,he will give her an excellent performance review and recommend a raise.This is
A)harassment on the basis of sexual orientation.
B)hostile-environment harassment.
C)not harassment.
D)quid pro quo harassment.
Q3) Title VII does not cover employees' online activities.
A)True
B)False
Q4) An employer is not liable for the sexual harassment of an employee by a co-worker.
A)True
B)False
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Chapter 31: Sole Proprietorships and Private Franchises
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Q1) Leigh wants to go into the business of construction contracting.Among the reasons that would probably convince Leigh to set up his business as a sole proprietorship would be
A)its greater organizational flexibility.
B)its limited liability.
C)its perpetual existence.
D)the ease of transferring the business to other family members.
Q2) In choosing a form of business organization for a new enterprise,important factors include the ease of creation.
A)True
B)False
Q3) One of the disadvantages of a sole proprietorship is that the owner is liable for the losses of the business.
A)True
B)False
Q4) Chicago Coca-Cola Bottling Company is
A)a chain-style franchise.
B)a distributorship franchise.
C)a manufacturing franchise.
D)no franchise.
Page 33
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Chapter 32: All Forms of Partnerships
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Q1) A partner owes a partnership and its partners a duty of gross negligence and reckless conduct.
A)True
B)False
Q2) Joint ownership of property in and of itself creates a partnership.
A)True
B)False
Q3) A partner cannot "wrongfully" dissociate from a partnership.
A)True
B)False
Q4) In a family limited liability partnership,only persons related to each other may be partners.
A)True
B)False
Q5) A corporation can be a partner.
A)True
B)False
Q6) An association cannot be a partnership without an express agreement.
A)True
B)False
Page 34
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Chapter 33: Limited Liability Companies Special Business
Forms
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Q1) Jin,Karlo,and other consumers form Metro Purchasing Cooperative.This form of business organization makes it possible for these individuals to
A)avoid personal liability for the acts of the cooperative.
B)obtain an exemption from state laws governing corporations.
C)pay no taxes on their business income.
D)pool their resources to gain an advantage in the market.
Q2) Giving control of a joint venture to one of its participants does not affect the status of the relationship.
A)True
B)False
Q3) Greta is a member of Hovercraft LLC.As a member,Greta is
A)a manager or officer,but not an owner.
B)an investor,but not a manager,officer,or owner.
C)an owner.
D)a participant,but not an investor,manager,officer,or owner.
Q4) The participants in a joint venture have more implied and apparent authority than the partners in a partnership.
A)True
B)False
Page 35
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Chapter 34: Corporate Formation and Financing
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Q1) A corporation cannot be formed without a profit-making purpose.
A)True
B)False
Q2) Incredible eSales Corporation is a new Internet business.How can Incredible eSales obtain capital to finance its operations
Q3) Like the bylaws of other corporations,the bylaws of Retail Sales,Inc.,
A)establish the operating name of the corporation.
B)establish the value and classes of corporate stock.
C)were adopted at its first organizational meeting.
D)were submitted for approval to the public official in charge.
Q4) A corporation has perpetual existence in most states unless the articles of incorporation state otherwise.
A)True
B)False
Q5) Preferred shares normally have a fixed maturity date on which the firm must pay them off.
A)True
B)False
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Chapter 35: Corporate Directors,officers, Shareholders
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Q1) Rafi,a director of Super Service Station Corporation,does not attend a board meeting for three years.During that time,Twyla,Super's president,makes improper loans that cost the company $100,000.Rafi is most likely
A)liable for negligence or mismanagement.
B)liable for violation of the business judgment rule.
C)not liable because missing meetings is an honest mistake.
D)not liable because missing meetings is only poor judgment.
Q2) A stock warrant is a distribution of corporate profits or income.
A)True
B)False
Q3) A dividend may be paid from undistributed net corporate profits.
A)True
B)False
Q4) Cumulative voting refers to the accumulation of proposals presented annually for a shareholders' vote.
A)True
B)False
Q5) A director usually serves on a corporation's board for a life term.
A)True
B)False
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Chapter 36: Corporate Acquisitions, takeovers, Termination
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Q1) Ruff Games,Inc.,wishes to acquire a controlling interest in Smart Toy Company by buying its stock.A public offer by Ruff Games to Smart Toy shareholders is A)a buyout notice.
B)a golden parachute.
C)an acquisition call.
D)a tender offer.
Q2) Dissolution is the legal death of the artificial "person" of a corporation.
A)True
B)False
Q3) Stratified Industries,Inc.,increases its holdings,making tender offers in many states.These offers are subject to A)federal securities laws only.
B)state antitakeover statutes only.
C)neither state statutes nor federal laws.
D)state antitakeover statutes and federal securities laws.
Q4) After a consolidation,there is only one surviving corporation. A)True
B)False
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Chapter 37: Investor Protection,insider Trading, Corp Gov
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Q1) Sales of securities must occur within twenty days of registration.
A)True
B)False
Q2) Celfone Corporation is required to file a registration statement with the Securities and Exchange Commission.This statement must contain
A)a copy of prospectuses to be provided to investors.
B)a description of securities being offered for sale.
C)a record of pre-registration sales in securities.
D)a sample of advertising to be used to attract investments in Celfone.
Q3) Pumping up a company occurs when a single person using multiple aliases on an online forum creates the illusion of widespread interest in a stock.
A)True
B)False
Q4) The least common forms of securities are bonds issued by corporations.
A)True
B)False
Q5) "Blue sky laws" are state securities laws.
A)True
B)False
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Chapter 38: Administrative Law
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Q1) Under the exhaustion doctrine,a party must feel "exhausted" about an administrative action or regulation to challenge it in court.
A)True
B)False
Q2) Nursing Home Care Company is charged with violating a rule of the Social Security Administration.Most likely,Nursing Home Care will be required to appear at a hearing presided over by
A)a federal appellate court judge.
B)a federal district court judge.
C)an administrative law judge.
D)a U.S Marshal.
Q3) Before adopting new regulations to govern Internet-based phone services,the Federal Communications Commission may not
A)hold hearings to acquire facts pertinent to the proposed rules.
B)ignore the Administrative Procedure Act to streamline proceedings.
C)order manufacturers to provide certain documents.
D)solicit testimony from interest groups and consumers.
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Chapter 39: Promoting Competition
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Q1) International Software,Inc.,conditions the sale of one of its products on Nationwide Office System's agreeing to buy another of International's products.This deal is
A)legal,depending on its purpose and the effect on competition.
B)legal,depending on production and transportation costs.
C)legal under any circumstances.
D)not legal under any circumstances.
Q2) A trade association practice or agreement that restrains trade is analyzed under the rule of reasons.
A)True
B)False
Q3) Thermo Gas,Inc.,and Uno Oil Corporation refine and sell gasoline and other petroleum products.To limit the supply of gas on the market and thereby raise prices,Thermo Gas and Uno Oil agree to buy "excess" supplies from dealers and "dispose" of it.This is
A)a horizontal restraint.
B)a lateral restraint.
C)a vertical restraint.
D)not a restraint.
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Chapter 40: Consumer Law
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Q1) In the ordinary course of business,EZ Funds Corporation offers credit to Fay and other consumers and reports on the loans to credit agencies.To save time and money,EZ generally does not correct or update its reported information.This is most likely to result in
A)a levy of a nominal fine.
B)an assessment of damages.
C)an order of rescission of the loan contracts.
D)no sanctions.
Q2) Fun-E Products,Inc.,makes and sells toys.The government agency that has the authority to remove a potentially hazardous toy from the market is
A)the Consumer Product Safety Commission.
B)the Federal Reserve Board of Governors.
C)the Federal Trade Commission.
D)the Food and Drug Administration.
Q3) A consumer may be denied credit on the basis of a credit report.
A)True
B)False
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Chapter 41: Environmental Law
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Q1) The Social Security Administration hires Thorough Paving,Inc.,to repave a parking lot.For this action,an environmental impact statement is most likely
A)prohibited because the action does not affect the environment.
B)required because the action is "federal."
C)unnecessary because the action is not "major."
D)voluntary because the action does not affect the environment.
Q2) Metal Smelting,Inc.,operates a plant-a "major source"-that emits hazardous air pollutants for which the Environmental Protection Agency has set maximum levels of emission.The plant does not use any equipment to reduce its emissions.Under the Clean Air Act,this is most likely
A)a violation.
B)not a violation because a "major source" is exempt.
C)not a violation because the plant does not use any equipment.
D)not a violation because the plant is not a mobile source.
Q3) States may restrict emissions from motor vehicles.
A)True
B)False
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Chapter 42: Liability of Accountants Other Professionals
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Q1) Flynn,an accountant,helps Grange Supply Company prepare and file a false federal corporate income tax return.Under the Internal Revenue Code,this is
A)a felony punishable by a fine and imprisonment.
B)a felony punishable only by a fine.
C)a misdemeanor punishable only by a fine.
D)a civil violation subject to a liability suit but not a crime.
Q2) Professionals can limit their liability for the misconduct of other professionals with whom they work to some extent by disclaiming it.
A)True
B)False
Q3) Under rules of professional misconduct,an attorney should not engage in conduct involving dishonesty.
A)True
B)False
Q4) An accountant's liability under the Section 10(b)and Rule 10b-5 of the Securities Exchange Act of 1934 requires privity of contract.
A)True
B)False
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44
Chapter 43: Personal Property and Bailments
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Q1) Bob rents a golf cart at Country Club Golf Course.The brakes are worn,and while Bob is driving the cart,they fail.The cart crashes into a tree,and Bob is injured.Country Club could have discovered,with reasonable diligence,that the brakes were worn.Liability for Bob's injuries most likely rests with
A)Bob and Country Club.
B)Bob only.
C)Country Club only.
D)neither Bob nor Country Club.
Q2) Grain from Harvest Farms is wrongfully commingled with grain from Idyllic Fields,which obtains possession of all of the grain.This is A)a bailment.
B)accession.
C)confusion.
D)production.
Q3) Common carriers are held to a standard of care based on strict liability in protecting bailed property in their possession.
A)True
B)False
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Chapter 44: Real Property and Landlord-Tenant Law
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Q1) Utility Power Company has the right to run its power lines across Velma's land.This is A)a license.
B)an easement.
C)a profit.
D)a tenancy at sufferance.
Q2) Kasper,the owner of Lakeview Farm,and Milt,the tenant of the farmhouse on the property,may create a tenancy for years by A)deed.
B)express contract.
C)implication.
D)sufferance.
Q3) Land includes the artificial structures attached to it.
A)True
B)False
Q4) Jai owns an orchard behind Key's house and property.The only access to the orchard is Key's driveway,which Jai uses to get to her orchard.Jai sells the orchard to Laurentz.Can Laurentz use the right-of-way across Key's property
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Chapter 45: Insurance,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) Eighty-year-old Clark exhibits confusion,forgetfulness,and disorientation.Dave,Clark's doctor,believes that the symptoms indicate dementia.Elsa,who has significant contact with Clark,believes that he is in a state of mental decline.These facts indicate
A)an urgency that Clark distribute his assets.
B)Clark's lack of capacity.
C)Dave's misdiagnosis.
D)Elsa's intent to take advantage of Clark.
Q3) Ratzo is asked to be a witness to Sade's will.Before attesting to the will,
A)Ratzo does not have to read the will or be informed of its contents.
B)Ratzo must read the will and recite its contents.
C)Sade must orally tell Ratzo of the will's contents.
D)Sade's attorney must read the will aloud to Ratzo.
Q4) Because insurance law follows contract law,bad faith tort actions against insurers are not allowed.
A)True
B)False
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