Business Law
Test Preparation
Course Introduction
Business Law is a comprehensive course that introduces students to the fundamental legal principles and frameworks governing commercial transactions and business organizations. The curriculum covers essential topics such as contract law, torts, agency, partnerships, corporations, and the regulatory environment impacting businesses. Students explore legal issues involving the formation and operation of businesses, dispute resolution, intellectual property, employment law, and ethical considerations in business conduct. Through case studies and real-world examples, the course emphasizes the practical application of legal concepts, equipping students with critical thinking and problem-solving skills necessary for effective decision-making in the business world.
Recommended Textbook
Business Law Text and Exercises 7th Edition by
Roger LeRoy Miller
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43 Chapters
3094 Verified Questions
3094 Flashcards
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Page 2
Chapter 1: Introduction to the Law and Our Legal System
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Sample Questions
Q1) National law is
A)law that pertains to a particular nation.
B)law that has an extraterritorial effect.
C)all law that is applied within a nation's courts,including interna?tional law and the law of another country.
D)federal law,as opposed to state law.
Answer: A
Q2) State laws are supreme law of the United States.
A)True
B)False Answer: False
Q3) The American Law Institute was the only organization involved in developing the Uniform Commercial Code.
A)True
B)False Answer: False
Q4) Damages is a remedy at law.
A)True
B)False Answer: True
Page 3
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Chapter 2: Ethics in Business
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Sample Questions
Q1) Absolute mandates such as the commandment "Thou shalt not steal" can be justifiably broken if there is a benevolent motive.
A)True
B)False
Answer: False
Q2) It may be unethical for a company with a product that is outlawed in one country to look elsewhere for a market.
A)True
B)False
Answer: True
Q3) MeatMen,Inc.spends a great deal of money and effort to ensure that all employees are safe on the job,that all products are safe for consumers,and that the environmental impact of the corporation is minimal.MeatMen appears to strongly believe in the concept of
A)the moral minimum.
B)corporate social responsibility.
C)"grey areas" in the law.
D)government oversight.
Answer: B
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Page 4
Chapter 3: The Courts and Alternative Dispute Resolution
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Sample Questions
Q1) Martha brings a suit against SafeCars,Inc.claiming that she was injured during a car crash due to defects in the car she had purchased from SafeCars.There is no evidence that Martha was injured in the accident,but the trial court awards her $1 million in damages.SafeCars appeals the decision.The appellate court will most likely
A)not modify the trial court's finding of fact because appellate courts are forbidden to look at questions of fact.
B)modify the trial court's finding of fact because the finding was clearly erroneous.
C)modify the trial court's finding of fact because the award amount was more than $25,000.
D)modify the trial court's finding of fact because the award amount was less than $5 million.
Answer: B
Q2) A default judgment is a judgment entered against the party who brought the claim before the court.
A)True
B)False
Answer: False
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Chapter 4: Constitutional Law
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Sample Questions
Q1) In a country with a federal form of government,the national government and the states share sovereign power.
A)True
B)False
Q2) Congress enacts a statute to exempt the citizens of Louisiana from federal taxes until New Orleans is totally rebuilt from the ravages of Hurricane Katrina.This statute will most likely be struck down under A)the due process clause.
B)the First Amendment.
C)the national taxing power.
D)the supremacy clause.
Q3) The checks and balances in the U.S.Constitution prevent any one branch of government from exercising too much power.
A)True
B)False
Q4) When there is a direct conflict between a federal and a state law,the state law is rendered invalid.
A)True B)False
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Chapter 5: Torts and Cyber Torts
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Sample Questions
Q1) In newspaper ads,Lo-Price Autos falsely accuses My-T Value Vehicles,a competitor,of selling stolen cars.My-T's sales decrease.Lo-Price has most likely committed A)slander of quality.
B)slander of title.
C)wrongful interference with a business relationship.
D)none of the choices.
Q2) For a tort to be considered intentional,the tortfeasor must have an evil or harmful motive.
A)True
B)False
Q3) Kelly is injured when she slips and falls on Layla's sidewalk.To determine whether Layla owed a duty of care to Kelly,Layla is subject to the standard of
A)a realistic person.
B)a reasonable person.
C)a recognizable person.
D)a reliable person.
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Chapter 6: Intellectual Property and Internet Law
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Sample Questions
Q1) Caramello Chip & Cookie Corporation (4C) obtains,and gives its employees,a list of the customers of Sugar & Spice Sales,Inc.(3S).Under the law that applies to trade secrets,4C's conduct is actionable provided A)consumers are confused.
B)4C's conduct is intentional.
C)4C uses the list.
D)4C does not have 3S's permission to use the list.
Q2) Trade names have the same legal protection as trademarks. A)True
B)False
Q3) Jeannie runs a dude ranch called J Bar B Dude Ranch and has a website called HYPERLINK "http://www.jbarbduderanch.com" www.jbarbduderanch.com.Ben starts another dude ranch and registers a website called HYPERLINK "http://www.jbarsbduderanches.com" www.jbarsbduderanches.com.Ben is A)cybersquatting.
B)cyberstalking.
C)not doing anything illegal.
D)counterfeiting.
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Page 8
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) Sandy,a businessperson,is convicted of RICO offenses.Sandy's penalties may include
A)closing a business,but not selling it.
B)not closing a business or selling it.
C)selling a business,but not closing it.
D)closing a business or selling it.
Q3) Hackers often commit cyber theft.
A)True
B)False
Q4) Herb,a computer programmer for Inventory Control Corporation,is arrested in his employer's parking lot on suspicion of larceny.Herb must be informed of his right to A)a trial by jury.
B)punishment.
C)question witnesses.
D)remain silent.
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Chapter 8: Introduction to Contracts
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Sample Questions
Q1) Bobbie claims that Carly breached their contract.Carly responds that she never intended to enter into a contract with Bobbie.The intent to enter into a contract is determined with reference to
A)the conscious theory of contracts.
B)the objective theory of contracts.
C)the personal theory of contracts.
D)the subjective theory of contracts.
Q2) All contracts must be in writing to be enforceable.
A)True
B)False
Q3) Flo tells Ginger during a phone call that she will buy her textbook from last semester for $65.Ginger agrees.These parties have
A)no contract.
B)an express contract.
C)an implied contract.
D)a quasi contract.
Q4) An agreement is NOT one of the requirements of a valid contract.
A)True B)False
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Chapter 9: Offer and Acceptance
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Sample Questions
Q1) Lovett County Bank offers to lend money to Kino,the owner of Java Stop,at 15 percent interest.Before Kino accepts,a state statute is enacted prohibiting loans at rates greater than 12 percent.Kino and the bank have
A)have a contract for a loan at 15 percent interest.
B)have a contract for a loan at 12 percent interest.
C)have a contract for a loan at 0 percent interest.
D)no contract for a loan.
Q2) There are no revocable offers.
A)True
B)False
Q3) An offer made in obvious anger is still an effective offer. A)True
B)False
Q4) Kayla puts an item in an auction with reserve.Kayla is the A)offeror.
B)offeree.
C)promisor.
D)auctioneer.
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11
Chapter 10: Consideration
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Sample Questions
Q1) Easton promises to pay Sara $500 in exchange for Sara's $5,000 car.Under the doctrine of freedom of contract,Easton's consideration is
A)unfair.
B)inadequate.
C)illegal.
D)legally sufficient.
Q2) Forbearance is the act of refraining from doing something that one has a legal right to do.
A)True
B)False
Q3) Inadequate consideration always indicates undue influence.
A)True
B)False
Q4) Refer to Fact Pattern 10-3.The next day,Sally changes her mind and again offers to deliver Tasty's products.Tasty is willing to deal,but for a new price.Sally and Tasty
A)may agree to a new contract,but it cannot include a new price.
B)may agree to a new contract that includes the new price.
C)must perform their original contract.
D)must perform the part of their original contract that is executory.
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Chapter 11: Capacity
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Sample Questions
Q1) Contracts formed between parties that lack contractual capacity are usually unenforceable.
A)True
B)False
Q2) Boyd is a minor.As a minor,Boyd has the capacity to enter into
A)an invalid contract.
B)an unavoidable contract.
C)a valid contract.
D)no contract.
Q3) In some jurisdictions,minors who misrepresent their ages are not liable for the tort of deceit.
A)True
B)False
Q4) Ciera is fifteen.In most states,Ciera would be considered a minor because she is under the age of A)sixteen.
B)eighteen.
C)twenty.
D)twenty-one.
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Chapter 12: The Legality of Agreements
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Sample Questions
Q1) Legality is one of the requirements for creation of a valid contract.
A)True
B)False
Q2) A tortious contract calls for an action that is contrary to public policy.
A)True
B)False
Q3) U-Can-Own-It Corporation sells appliances to less educated consumers,including Vi,on installment plans.U-Can-Own-It files a suit against Vi when she stops making payments.Vi claims that the deal is unconscionable.The court will most likely consider A)the geographic area of the relevant market.
B)the parties' relative bargaining power.
C)the quality of related products in the general market.
D)the relation of this deal to those of other customers.
Q4) A covenant not to compete that is part of an employment contract will generally be upheld.
A)True
B)False
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14
Chapter 13: Mistakes and Other Contract Defects
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Sample Questions
Q1) Misrepresentation of a material fact can occur through words alone.
A)True
B)False
Q2) Shelby wants to sell his Bobcat Skidsteer for $21,000.He emails Dave and offers to sell Dave the Bobcat.Due to a typo,Shelby tells Dave that he wants $20,100 for the Bobcat.Dave accepts the offer and pays Shelby $20,100.Shelby is
A)not bound by the contract due to a unilateral mistake.
B)not bound by the contract due to a bilateral mistake.
C)not bound by the contract due to a mistake of value.
D)bound by the contract.
Q3) Refer to Fact Pattern 13-2.The parties' belief about the adjacency of the property is A)a bilateral mistake.
B)a fraudulent misrepresentation.
C)a unilateral mistake.
D)unconscionable.
Q4) A mistake of fact can only be mutual.
A)True
B)False
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Page 15
Chapter 14: Written Contracts
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Sample Questions
Q1) Cody and Dora enter into an oral contract under which Cody agrees to work on Dora's farm for not less than one week.This contract is enforce?able by A)Cody only.
B)Dora only.
C)either party.
D)neither party.
Q2) A party's oral agreement to pay another's debt is NOT enforceable if the party's main purpose is to derive a benefit for himself or herself.
A)True
B)False
Q3) Refer to Fact Pattern 14-1.Lucas later disputes some of the provisions of the deal with Kelly.If the dispute results in litigation,a court will most likely exclude evidence that A)buttresses the written terms.
B)contradicts the written terms.
C)duplicates the written terms.
D)reinforces the written terms.
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16
Chapter 15: Third Party Rights
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Sample Questions
Q1) All rights can be assigned.
A)True
B)False
Q2) Refer to Fact Pattern 15-1.The value of Eatery's property will increase after Carol's store is remodeled.Eatery is
A)a delegatee.
B)an assignee.
C)an incidental beneficiary.
D)an intended beneficiary.
Q3) John promises to paint Kay's house in exchange for Lila's promise to plant trees on John's property.This is
A)a delegation.
B)an assignment.
C)a third party beneficiary contract.
D)not a delegation,an assignment,or a third party beneficiary contract.
Q4) An insurance policy is an example of a right that can be assigned.
A)True
B)False
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Chapter 16: Contract Discharge and Remedies
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Sample Questions
Q1) Compensatory damages compensate the injured party for injuries sustained due to loss of the contract and also punish the party that breached the contract.
A)True
B)False
Q2) A breach of contract occurs only when a party fails to perform all of his or her duties under a contract.
A)True
B)False
Q3) On April 1,O.K.Contractors,Inc.,contracts to build a store for Lo-Cost Jewelers at a specific location in Metro City.On May 1,Metro changes its zoning laws to prohibit the construction of a commercial building at that location.When the store is not built,Lo-Cost files a suit against O.K.In this situation
A)O.K.is in breach of contract.
B)Metro is in breach of contract.
C)the contract is discharged.
D)the contract is suspended.
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Chapter 17: E-Contracts
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Sample Questions
Q1) Kay and Leo enter into a contract that falls within the provisions of the UETA.Under the UETA,"an electronic sound,symbol,or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record" is
A)an e-document.
B)an e-signature.
C)an e-transaction.
D)a record.
Q2) Under the Electronic Signatures in Global and National Commerce Act,a signature may NOT be denied legal effect solely because it is in electronic form.
A)True
B)False
Q3) A record is an interaction between two or more people relating to business,commercial,or governmental activities.
A)True
B)False
Q4) Browse-wrap terms require a user to affirmatively indicate his or her consent.
A)True
B)False
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Chapter 18: Introduction to Sales and Lease Contracts
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Sample Questions
Q1) Trend-Rite Clothiers,Inc.,sells t-shirts to Brand Name Stores,Inc.,under an existing con?tract.When textile costs increase,Brand agrees to a price increase,but later wants to cancel the con?tract.Brand may
A)cancel the contract immediately.
B)cancel the contract only after accepting a final shipment.
C)cancel the contract only on reasonable notice.
D)not cancel the contract.
Q2) Under the UCC,an oral contract for a sale of goods is enforceable once payment has been made and accepted.
A)True
B)False
Q3) A lessor is a party who transfers a right to the possession and use of goods under a lease.
A)True
B)False
Q4) A lease is NOT exempted from coverage under the UCC.
A)True
B)False
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Chapter 19: Title and Risk of Loss
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Sample Questions
Q1) Megan,an agent for a department store,orders one hundred dresses from Sal's Clothing Shop for the Spring Blossom Sale.There is no specific agreement in the sale contract indicating when title will pass to the department store.The title will pass to the department store when
A)Megan signs the contract.
B)Megan and the Sal's Clothing Shop agent sign the contract.
C)Sal's Clothing Shop physically delivers the dresses to the department store.
D)Megan pays Sal's Clothing Shop for the dresses.
Q2) Home Products Store buys furniture from Relax-o Furniture,Inc.The parties agree that the furniture will be shipped "F.O.B.Relax-o's ware?house" to Home Products via Swift Shipping Corporation.The furniture is lost in transit.The loss is suffered by
A)Home Products and Relax-o Furniture,but not Swift Shipping.
B)Home Products,Relax-o Furniture,and Swift Shipping.
C)Home Products only.
D)Relax-o Furniture only.
Q3) In most situations involving sales,rights and liabilities are determined by who has the title to the goods.
A)True
B)False
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Page 21
Chapter 20: Performance and Breach
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Sample Questions
Q1) An installment contract is breached if a buyer accepts any nonconforming goods.
A)True
B)False
Q2) Beef Burgers,Inc.contracts to buy five hundred steers from Fattening Feedlots.Before Fattening Feedlots can deliver the steers,there is an outbreak of disease in the feedlot,and all the cattle are quarantined.In this case the perfect tender rule
A)applies to both parties.
B)does not apply.
C)applies only to Beef Burgers.
D)applies only to Fattening Feedlots.
Q3) If a buyer breaches a contract while the seller is still in possession of the goods,the seller can resell the goods and hold the buyer liable for any loss.
A)True
B)False
Q4) Tender of delivery requires that the seller or lessor hold the goods at the buyer's or lessee's disposal,but not that the goods be conforming.
A)True
B)False
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Page 22
Chapter 21: Warranties and Product Liability
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Sample Questions
Q1) An expression of opinion will usually create a warranty.
A)True
B)False
Q2) Only a statement made in writing can be an express warranty.
A)True
B)False
Q3) Ocean Vessels,Inc.,and Pacific Harbor Company enter into a contract for a sale of a boat.Ocean is a merchant who deals in goods of the kind sold.The goods are defective.Under the UCC,the implied warranty of merchantability is breached
A)only if Ocean did not know about and could not have discovered the defect.
B)only if Ocean did not know about the defect.
C)only if Ocean knew about or could have discovered the defect.
D)regardless of what Ocean knew or could have discovered.
Q4) Promises of fact made during the bargaining process are express warranties.
A)True
B)False
Q5) Warranties of title do not arise in most sales contracts.
A)True
B)False
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Chapter 22: Consumer Protection
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Sample Questions
Q1) Special Roast Coffee,Inc.,processes and sells a variety of coffee products.Special Roast's product packages must include
A)neither the contents' net quantity nor the product's identity.
B)the contents' net quantity and the product's identity.
C)the contents' net quantity only.
D)the product's identity only.
Q2) "Regulation Z" is a generic term for any consumer protection law.
A)True
B)False
Q3) Quik Collection Agency calls Pat several times a day,and some?times in the middle of the night,about an overdue bill that Regal Sporting Goods turned over to Quik for collection.This is a violation of A)no federal law.
B)the Fair and Accurate Credit Transactions Act.
C)the Fair Debt Collection Practices Act.
D)the Truth-in-Lending Act.
Q4) Telephone solicitation using an automatic dialing system is NOT prohibited. A)True B)False
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Chapter 23: The Essentials of Negotiability
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Q1) Sarah has a checking account at Secure Bank.Sarah buys her roommate Sophie's two tickets to a Broadway musical for $200.Sarah writes Sophie a check for the tickets.In this situation,Secure Bank is the A)drawee.
B)indorser.
C)payee.
D)drawer.
Q2) Kelly signs an instrument in favor of Leo that states it is "subject to a cer?tain agreement between Kelly and Mona." This instru?ment is A)negotiable.
B)nonnegotiable,because it is made subject to a separate agreement.
C)nonnegotiable,because it refers to a separate agreement.
D)nonnegotiable,because Kelly and Mona are not the same persons.
Q3) Alpha Company issues a trade acceptance with itself and Beta Company as parties. A trade acceptance is A)a draft.
B)an order to accept delivery of money.
C)a promise to accept delivery of goods.
D)a promise to deliver goods.
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Page 25
Chapter 24: Transferability and Liability
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Q1) Signature liability extends to any person who signs a negotiable instrument except a qualified indorser.
A)True
B)False
Q2) Eppie gives a check to Fund Investments to buy 100 shares of stock in GR8 Tech Corporation for Eppie.The price of the shares is constantly fluctuating.Fund Investments asks Eppie to leave the amount of the check blank and allow it to fill in the price when making the purchase.Eppie agrees.Fund Investments buys the stock when the price is $4,000,but fills in the check for $5,000.The check is negotiated as payment for a $5,000 debt to Hasty Accounting Services,which takes the check in good faith and without no?tice of Fund Investments' act.Hasty later learns that Fund Investments was not author?ized to fill in the check for $1,000 over the price.Is Hasty an HDC? If so,for how much?
Q3) Which of the following is NOT a condition that would render a negotiable instrument defective?
A)The instrument is overdue.
B)The instrument has been transferred more than once.
C)The instrument has been dishonored.
D)The instrument has been altered.
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Page 26
Chapter 25: Checks and Banking in the Digital Age
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Q1) A bank's responsibility to honor its customers' checks is NOT absolute.
A)True
B)False
Q2) Elton presents an uncertified check for payment more than six months after its date.The check was drawn by Dakota on her account in First Community Bank.The usual banking practice in such a case is to
A)cash the check.
B)consult the customer.
C)refuse to cash the check.
D)ask the payee what he or she would prefer.
Q3) Kris presents an instrument that states "pay to the order of Kris" to Metro Bank for payment.This is a special type of draft drawn on a bank,ordering the bank to pay a fixed amount of money on demand.This is
A)a commercial wire transfer.
B)a check.
C)a debit card transaction receipt.
D)a cash transaction
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Chapter 26: Agency
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Q1) Fala asks Jessie to contract with fellow high school classmates to babysit for Fala's new baby.Jessie orally agrees to do so.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.
Q2) George and James create an agency relationship to facilitate the sale of illegal narcotics.This agency relationship
A)is illegal.
B)is legal.
C)will be recognized by some states,but not others.
D)can exist,but will be subject to fines for illegal activity.
Q3) Frida hires Gert,a real estate broker,to act as her agent to sell her house.The house burns down before being sold.The agency agreement is likely
A)still in force if Frida gives Gert additional consideration.
B)still in force if Gert does not tell prospective customers.
C)terminated by mutual consent of the parties.
D)terminated by operation of law.
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Chapter 27: Employment and Immigration Law
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Sample Questions
Q1) The basis for an employee's contribution to Social Security is the employee's age.
A)True
B)False
Q2) Clive works for Digby Excavation Corporation.While operating a backhoe,Clive suffers an injury.Clive will be compen?sated under state workers' compensation laws only if A)he does not have health insurance.
B)he is completely disabled.
C)his injury was accidental.
D)his injury was intentional.
Q3) Over a forty-year period,Ellen worked in a variety of jobs. She was also occasionally unemployed,briefly hospitalized,and suffered a temporary disability. She retired last year. The key federal law on all of these sub?jects is
A)the Consolidated Omnibus Budget Reconciliation Act.
B)the Employee Retirement Income Security Act.
C)the Federal Insurance Contributions Act.
D)the Social Security Act.
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Chapter 28: Discrimination and Labor Law
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Q1) Hu believes that he is a victim of a form of employment discrimination that falls under Title VII of the Civil Rights Act.Compliance with this statute is monitored by
A)employees and job applicants,not an administrative agency.
B)employers and businesses,not an administrative agency.
C)the courts and Congress,not an administrative agency.
D)the Equal Employment Opportunity Commission.
Q2) Title VII of the Civil Rights Act of 1964 applies to which of the following?
A)An employer with five employees
B)An employer with ten employees
C)A labor union with twenty-five members
D)A labor union with twelve members
Q3) Lack of discriminatory intent is a complete defense to a charge of unlawful employment discrimination.
A)True
B)False
Q4) Title VII of the Civil Rights Act only prohibits intentional discrimination.
A)True
B)False
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Chapter 29: Sole Proprietorships,partnerships, Limited
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Q1) A partner is a co-owner of partnership property.
A)True
B)False
Q2) Phillipa is the sole proprietor of Fun Floral Arrangements.As a sole proprietor,Phillipa
A)does not pay income taxes on Fun Floral Arrangements' profits.
B)pays only personal income taxes on Fun Floral Arrangements' profits.
C)is taxed twice on Fun Floral Arrangements' profits.
D)pays both personal and sole proprietor income taxes on Fun Floral Arrangements' profits.
Q3) For federal income tax purposes,a partnership is NOT a tax-paying entity.
A)True
B)False
Q4) Jim and Kyle are partners in J&K Sales,which exports technical equip?ment under a three-year partnership agreement.The U.S.gov?ernment declares that the equipment can no longer be ex?ported.J&K
A)dissolves as soon as the stated term expires.
B)dissolves as soon as the partners agree to dissolve it.
C)dissolves immediately unless the partners change its business.
D)does not dissolve.
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Chapter 30: Formation and Termination of a Corporation
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Q1) Brock is a shareholder of Competent Homebuilders Corporation (CHC).For the last few years,business has not been profitable for CHC.The firm has lost money on its operations.There has been some profit through sales of company assets,but the board of directors has refused to declare a dividend.This last year,the firm's accountants failed to file fed?eral in?come tax returns and the board refused to pay the tax.Brock takes a close look at the firm and protests to the board,in particular over the fail?ure to declare a dividend,but the board ignores the complaint.Which of these events,if any,would form a ground for a court to order the dissolu?tion of CHC,on Brock's petition? If the court denies the petition,could Brock and the other shareholders dissolve CHC?
Q2) A corporation does NOT possess the same right of access to the courts as citizens.
A)True
B)False
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.
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Chapter 31: Management and Ownership of a Corporation
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Q1) Philip is elected as a director for Fatless Foods,Inc.His term of office will most probably last for A)three months.
B)six months.
C)nine months.
D)one year.
Q2) Dividends can be paid only in stock in other corporations. A)True
B)False
Q3) Ida,Jerzy,and Kit are the directors of Liberty Convenience Stores,Inc.Liberty has nine officers and forty-six shareholders.Dividends are ordered by the firm's A)board of directors.
B)incorporators. C)officers.
D)shareholders.
Q4) After the first board,the directors are chosen by the corporate officers. A)True
B)False
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Chapter 32: Secured Transactions
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Q1) Khalil holds a security interest in inventory owned by Luc.Khalil pro?tects his claim to the inventory in the event of Luc's default by A)assignment.
B)perfection.
C)redemption.
D)retention.
Q2) The payment of John's debt to Kirsten is guaranteed by John's personal property.Kirsten is most likely to perfect her interest by A)attaching a bright label to John's property.
B)calculating the precise amount of John's debt.
C)correcting grammatical errors in the parties' written agreement.
D)filing a financing statement with the appropriate authority.
Q3) Quotient Financial Corporation is a secured party with a security inter?est in property owned by Retail Sales Company.Perfection of this secu?rity in?ter?est may not protect Quotient Financial against the claim of A)a bank.
B)a buyer in the ordinary course of business.
C)a subsequent lien creditor.
D)a trustee in bankruptcy.
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Chapter 33: Creditors Rights and Remedies
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Q1) Liquidated debts are debts that are indefinite,or not fixed,in amount.
A)True
B)False
Q2) A surety can use any defenses available to a debtor to avoid liability on the debt.
A)True
B)False
Q3) Ross and Sally agree to guarantee Tim's debt.Ross's maximum liabil?ity is $30,000,and Sally's is $20,000.Tim owes $20,000 and is in default.Ross pays the creditor the entire amount.In the ab?sence of an agree?ment to the contrary,Ross can recover from Sally
A)$8,000.
B)$10,000.
C)$20,000.
D)nothing.
Q4) Refer to Fact Pattern 33-2.Amy will be held liable for unpaid rent because:
A)Amy signed the lease "on BSI's behalf."
B)Amy signed a "GUARANTY."
C)Cool leases the property to different tenants at different times.
D)Cool wrongly insisted that Amy sign an alleged "GUARANTY."
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Chapter 34: Bankruptcy
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Q1) Lulu joins with other creditors to force Mikhail,a debtor,into bankruptcy.One of the goals of bankruptcy law with respect to creditors is to
A)ensure that creditors will continue to lend to insolvent debtors.
B)protect creditor assets from diminution in value.
C)provide equitable treatment in the competition for debtor assets.
D)make all debtor property available for creditor claims.
Q2) Bankruptcy proceedings are held in federal courts.
A)True
B)False
Q3) AAA Auto Repair receives a discharge in bankruptcy,even though some creditors hold judgments on overdue debts against it and others filed ac?tions to collect on overdue debts before the bankruptcy.AAA's discharge will
A)neither stop actions nor void judgments regarding overdue debts.
B)only stop actions to collect overdue debts.
C)only void uncollected judgments on overdue debts.
D)stop actions and void judgments regarding overdue debts.
Q4) A railroad may be a Chapter 7 debtor.
A)True
B)False
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Chapter 35: Insurance
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Q1) An insurance contract is called a policy.
A)True
B)False
Q2) Clark obtains from Delta Insurance,Inc.,a policy that pro?vides if a dis?pute arises between the parties concerning the settle?ment of a claim,the dispute must be submitted to an impartial third party,not a court,for resolution.This is
A)an antilapse clause.
B)an arbitration clause.
C)an appraisal clause.
D)an incontestability clause.
Q3) Rob applies to Standard Insurance Company for a life insurance policy.On the ap?pli?cation,Rob understates his age.Rob obtains the policy,but for a lower pre?mium than he would have had to pay had he disclosed his ac?tual age.The policy includes an incontestability clause.Five years later,Rob dies.Can Standard refuse payment on the policy?
Q4) The insured can only cancel a policy in certain circumstances.
A)True
B)False
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Chapter 36: Morgages and Foreclosures
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Q1) Jason wants to apply for the simplest mortgage loan.He should apply for a(n)
A)fixed-rate mortgage.
B)adjustable-rate mortgage.
C)interest-only mortgage.
D)balloon mortgage.
Q2) A deficiency judgment is a judgment against a borrower for the amount of a debt remaining unpaid after the collateral is sold.
A)True
B)False
Q3) Lenders may advertise a loan as a fixed-rate loan even if its rate or payment amounts will change.
A)True
B)False
Q4) Predatory lending occurs when borrowers take advantage of unsuspecting creditors.
A)True
B)False
Q5) Bankruptcy does NOT allow a borrower to escape payment of debts.
A)True
B)False
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Chapter 37: Personal Property and Bailments
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Q1) Emily checks her luggage at Flyaway Airlines's ticket counter before boarding her flight to Houston.Subject to a bailment is
A)Emily.
B)Emily's luggage.
C)Emily's ticketed seat on the flight.
D)none of the choices.
Q2) In a bailment,possession of the property is transferred to the bailee.
A)True
B)False
Q3) Frenchy's Fast Fries (3F) requires that its employees wear uniforms and protective clothing while on the job.3F provides a locker room for the employees to leave their street clothes and personal items while working.Grant,a 3F employee,changes his clothes in the locker room before starting work and leaves his wallet and watch in a pocket of his jacket hanging in his locker.Does Grant's leaving personal items in the locker room constitute a bailment? If not,what legal relationship is it? For whose benefit are the lockers provided and used?
Q4) One cannot acquire ownership by possession by "capturing" a wild animal.
A)True
B)False
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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) Elsa,the owner of Fertile Farm,sells Gina a right to park her RV on Fertile land overnight.Gina's right is
A)a fee simple absolute.
B)a license.
C)an easement.
D)a profit.
Q3) A profit is a right to make a profit from some part of land or some product of the land,and the right terminates once that profit is made.
A)True
B)False
Q4) The government cannot take private property for public use. A)True B)False
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Chapter 39: Landlord and Tenant
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Q1) A state law prohibits gambling houses. Tim rents a building to Victoria under a lease that provides the premises are to be used only to house an il?legal betting operation. This lease is
A)enforceable under any circumstances.
B)enforceable as long as the tenant does what the lease provides.
C)enforceable only if the tenant does not do what the lease provides.
D)unenforceable under any circumstances.
Q2) Under the implied warranty of habitability,a tenant impliedly warrants that he or she will "habitate" on the premises during the term of the lease.
A)True
B)False
Q3) A tenancy at sufferance is created by a tenant's wrongfully retaining possession of property.
A)True
B)False
Q4) The unconscionability concept is one of the most important of the contract doctrines applied to leases.
A)True
B)False
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Chapter 40: Wills and Trusts
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Q1) The owners of Designer Software,Inc.,want to execute wills.Eve is fif?teen years old,Fran is seventeen,and Gail is nineteen.In most states,those with the capacity to execute a will are
A)all of the owners of Designer Software.
B)Fran and Gail only.
C)Gail only.
D)none of the owners of Designer Software.
Q2) The word "Mom" can qualify as a signature on a will.
A)True
B)False
Q3) A will is probated to establish its validity and to carry out the administra?tion of the estate.
A)True
B)False
Q4) Amelia dies without a will.A court appoints Bill to handle the probate of Amelia's estate.The administrator is A)Amelia.
B)Amelia's eldest heir.
C)Bill.
D)the clerk of the court.
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Chapter 41: Administrative Law
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Q1) An administrative law judge makes determinations of facts.
A)True
B)False
Q2) Federal agencies must prepare guides that explain in "plain English" how small businesses can comply with federal regulations.
A)True
B)False
Q3) The judicial branch exercises control over administrative agencies through its review of agency actions.
A)True
B)False
Q4) The Food and Drug Administration (FDA) is a federal agency.The regulations that the FDA issues are part of the body of
A)administrative law.
B)common law.
C)trade law.
D)international law.
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Chapter 42: Antitrust Law
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Q1) Refer to Fact Pattern 42-1.Cardio pays Emitate not to sell its product.This is
A)a customer restriction.
B)a joint venture.
C)an exclusive-dealing contract.
D)a price-fixing agreement.
Q2) In determining the legality of a merger,a crucial consideration is market concentration.
A)True
B)False
Q3) City Manufacturing Corporation conditions shipments of its products to Exurb Stores,Inc.,on Exurb's agreement not to buy products from Fresh Works Company,City's competitor.This is
A)an exclusive-dealing contract.
B)a tying arrangement.
C)price discrimination.
D)a unilateral refusal to deal.
Q4) Antitrust legislation was created because of the belief that competition leads to lower prices.
A)True
B)False
Page 44
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Chapter 43: International Law
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Q1) The Foreign Sovereign Immunities Act spells out what a "foreign state" includes.
A)True
B)False
Q2) International franchisees usually do NOT pay fees for the license to use a trademark or trade name.
A)True
B)False
Q3) Metallic Metals,Inc.,a U.S.firm,files a suit against a Venezuela government agency.The agency has committed a tort in the United States.Under the Foreign Sovereign Immunities Act
A)the Venezuelan government agency is not immune from the jurisdiction of the U.S.courts.
B)the Venezuelan government agency is immune from the jurisdiction of the U.S.courts.
C)Metallic Metals cannot bring a suit against the Venezuelan agency.
D)Metallic Metals must file suit in Venezuela.
Q4) Tariffs are imposed only on exports.
A)True
B)False
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