Business Law
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Course Introduction
Business Law provides an introduction to the fundamental legal principles and frameworks governing commercial transactions and business organizations. The course covers key topics such as contract formation and enforcement, agency relationships, partnerships, corporations, and the regulatory environment affecting businesses. Students will analyze real-world case studies to understand legal rights, obligations, and risk management within various business contexts. Emphasis is placed on ethical considerations, dispute resolution, and the practical impact of legal regulations on business decision-making. This course equips students with the foundational legal knowledge necessary for responsible and effective participation in the business world.
Recommended Textbook
Dynamic Business Law 4th Edition by
Nancy K. Kubasek
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Chapter 1: An Introduction to Dynamic Business Law
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Q1) The concept of ________ suggests that individuals should have the freedom to disobey a law enacted by people if their conscience goes against the law and they believe the law is wrong.
A)Legal positivism
B)Natural law
C)Comparative law
D)Conscience reaction
E)Legal Realism
Answer: B
Q2) A decision made in a state supreme court is binding on all lower courts throughout the United States.
A)True
B)False Answer: False
Q3) Constitutions and statutes always cover all of the detailed rules that affect business and government relations.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Business Ethics
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Q1) Which of the following is the study and practice of decisions about what is good,or right?
A)Business
B)Consequences
C)Law
D)Morals
E)Ethics
Answer: E
Q2) A company pays bribes in foreign countries in order to conduct operations there.What legal consequences can the company face?
A)Legal consequences under Glass-Steagall
B)No legal consequences as long as the bribe was legal in the country where it was paid.
C)Legal consequences under the Foreign Corrupt Practices Act
D)No legal consequences as long as the company was acting in the best interests of shareholders
E)No legal consequences as long as the company had no choice but to pay the bribe if it wished to do business in the foreign country.
Answer: C
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Page 4
Chapter 3: The Uslegal System
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Q1) Juries decide questions of law.
A)True
B)False
Answer: False
Q2) Which of the following is true regarding the use of peremptory challenges based on gender?
A)Only one peremptory challenge per party may be based on gender.
B)Peremptory challenges may be based on gender only so long as lawyers for all parties agree.
C)Peremptory challenges may not be based on gender.
D)Peremptory challenges may not be based on gender unless a sexually based crime,such as rape,is involved.
E)Peremptory challenges may be based on gender.
Answer: C
Q3) Usually the issue of ripeness arises when one party claims that a case is moot.
A)True
B)False
Answer: True
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5
Chapter 4: Alternative Dispute Resolution
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Q1) How will the provision requiring that Ari pay the costs of the arbitration affect the agreement?
A)Ari will be bound by the agreement unless he can prove that he was orally promised it would not be enforced.
B)The provision has the effect of weakening the agreement,as a court would likely refuse to enforce it.
C)Ari will be bound by the provision because while under federal law he had three days in which to back out of the agreement,he did not do so.
D)Ari will be bound by the agreement unless he testifies that he did not read it.
E)It will have no effect because Ari signed the agreement,and he is bound by it.
Q2) Which of the following is an extension of negotiation?
A)Minitrials
B)Mediation
C)Neutral case evaluations
D)Private trials
E)Arbitration
Q3) How are arbitrations similar and dissimilar to a court trial?
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Chapter 5: Constitutional Principles
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Q1) Which of the following is true regarding privacy rights?
A)The U.S.Constitution specifically provides for a right to privacy within the Second Amendment.
B)The U.S.Supreme Court has found that U.S.citizens have a right to privacy based upon the U.S.Constitution,and the U.S.Constitution specifically provides for a right to privacy within the Sixth Amendment.
C)The U.S.Supreme Court has found that U.S.citizens have a right to privacy based upon the U.S.Constitution.
D)The U.S.Constitution specifically provides for a right to privacy within the Sixth Amendment.
E)The U.S.Supreme Court has said that the U.S.Constitution does not provide any right to privacy.
Q2) The right to privacy is not expressly provided in the Constitution.
A)True
B)False
Q3) The Bill of Rights includes amendments Twelve through Fourteen.
A)True
B)False
Q4) Set forth the Central Hudson Test for Commercial Speech.
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Chapter 6: International and Comparative Law
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Q1) Under the Dispute Settlement Understanding,who may bring an action alleging a violation of GATT?
A)Recognized governments of WTO member states
B)Any WTO member state
C)The WTO Secretariat
D)The WTO
E)Any corporation in a WTO member state
Q2) Define tariffs and how they may be calculated.Additionally,define a nontariff barrier and list and define three types of non-tariff barriers.
Q3) Which of the following is a tax levied on imported goods?
A)Indirect barrier
B)Embargo
C)Dumping
D)Non-tariff barrier
E)Tariff
Q4) The United States has no bilateral trade agreements.
A)True
B)False
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Chapter 7: Crime and the Business Community
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Q1) White-collar crime is not punishable by imprisonment under our existing criminal laws.
A)True
B)False
Q2) Which of the following was passed largely in response to business scandals of the early 2000's,such as those implicated by Enron,WorldCom,Global Crossing,and Arthur Anderson?
A)The Sarbanes-Oxley Act.
B)RICO.
C)The Healthcare Fraud Act.
D)The False Claims Act.
E)The Medicare Recovery Act.
Q3) Which of the following allows a defendant to be found not guilty by reason of insanity if he or she did not understand the nature of the act?
A)The M'Naghten test.
B)The necessity defense.
C)The substantial capacity test.
D)The irresistible impulse act.
E)The involuntary act.
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Page 9
Chapter 8: Tort Law
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Q1) List and explain the four different types of privacy torts.
Q2) Explain the concept of absolute privilege in the context of defamation and set forth the two situations listed in the text in which it is applied.Discuss whether you believe each category of absolute privileges should be eliminated.
Q3) Kelly is mad at Pier and locks Pier in a closet for two hours without justification.This is an example of ________.
A)False imprisonment.
B)Qualified imprisonment.
C)Forcible detention.
D)Contained detention.
E)False detention.
Q4) Tort law is primarily state law.
A)True
B)False
Q5) Defamation can be a civil or criminal action in China.
A)True
B)False
Q6) Describe the fair report privilege in relation to defamation,then list the conditions required for it to apply.
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Chapter 9: Negligence and Strict Liability
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Q1) A teenager plays Grand Theft Auto and runs over people in the game.The teen decides to recreate the game in real life,driving his vehicle up onto the sidewalk and running over two people.The victims pursue a claim against the maker of grand theft auto for negligence,arguing the game makers had a duty of care.Are the victims likely to prevail?
A)Yes because teenagers are impressionable and video game makers have a duty not to expose them to violence.
B)Yes,because the teen admitted Grand Theft Auto was his inspiration.
C)No,because courts have consistently found it is not foreseeable that playing certain video games or viewing certain websites would result in murder.
D)Yes,because studies have shown a link between violent video games and real-life violence.
E)No,because the game makers were not personally in the car at the time of the incident.
Q2) In some situations,the law specifies the duty of care one individual owes to another.
A)True
B)False
Q3) Identify and explain the elements of negligence.
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11
Chapter 10: Product Liability
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Q1) Dylan's family bought Dylan,who weighs 275 pounds,an exercise bicycle from a popular sports retailer in his community.The first time that Dylan hopped on the bike,it collapsed,throwing him to the floor and severely bruising his ankle.Dylan wants to sue for his injuries.He asked an expert in exercise equipment to examine the bicycle.The expert told him that the bike was properly manufactured.It was not,however,designed for individuals weighing over 250 pounds.There was a warning to that effect in the brochure that came with the bicycle,but Dylan's family discarded the brochure along with the packaging,and Dylan never saw the warning.Is there any negligence theory under which Dylan can recover? If so,what is it,and what must Dylan demonstrate to succeed on his claim?
Q2) When all products of a particular design are defective and dangerous,those products have which of the following types of defect?
A)Primary.
B)Design.
C)Exclusionary.
D)Manufacturing.
E)Warning.
Q3) In most states,what must a plaintiff prove to succeed in a strict-liability action alleging a defective product?
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Page 12
Chapter 11: Liability of Accountants and Other Professionals
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Q1) Discuss the defenses available to an accountant charged with negligence.
Q2) A[n] ________ action is an action against an accountant for failing to properly perform the job for which the accountant was hired.
A)Malfeasance
B)Malpractice
C)Misjudgment
D)Impropriety
E)Misguidance
Q3) The various documents used and developed during an audit,including notes,calculations,and memorandums,are called which of the following?
A)Accounting memoranda.
B)Auditing copies.
C)Client documentation.
D)Calculation documents.
E)Working papers.
Q4) Many accountants and other professionals store confidential information on servers owned and maintained by a third party.
A)True
B)False
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Chapter 12: Intellectual Property
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Q1) Which of the following is true about the requirements for trademark dilution and trademark infringement?
A)Both require the mark be famous and a showing of consumer confusion.
B)Only infringement requires the mark be famous;only dilution requires a showing of consumer confusion
C)Only dilution requires the mark be famous;only infringement requires a showing of consumer confusion.
D)Both require the mark be famous.
E)Both require a showing of consumer confusion.
Q2) How are people and businesses located on the web?
A)Through Internet names
B)Through product names
C)Through domain names
D)Through search engines
E)Through trademark names
Q3) Paige is unhappy because a play she wrote and has a copyright on has been placed on the Internet.She hears that you are taking business law and asks what she can do in remedying the situation and suing Internet service providers.What would you tell her? Reference the federal law involved and its pertinent provisions.
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Page 14
Chapter 13: Introduction to Contracts
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Q1) Which of the following is the part of the Uniform Commercial Code governing contracts for the sale of goods?
A)Article 3
B)Article 2
C)Article 7
D)Article 4
E)Article 5
Q2) A[n] _ is a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty.
A)Acceptance
B)Legal object
C)Contract
D)Offer
E)Consideration
Q3) If a contract is valid,then it is enforceable.
A)True
B)False
Q4) Define a bilateral contract and a unilateral contract,and give an example of each.
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Page 15
Chapter 14: Agreement
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Q1) What was the result in the case nugget,Lefkowitz v.Great Minneapolis Surplus Store Inc. ,involving an advertisement for the sale of fur coats?
A)The court ruled that the advertisement was an offer but that the customer who was suing had not properly accepted.
B)The court ruled that the advertisement was not an offer because it involved a luxury good.
C)The court ruled that the ad was not an offer because ads are never offers,only invitations for customers to make an offer.
D)The court ruled that the ad was an offer and that the plaintiff properly accepted it.
E)The court ruled that the advertisement was not an offer because it was a ridiculously low offer which the plaintiff should have known was not to be taken seriously.
Q2) If the means by which an acceptance can be communicated to the offeror is expressly stated in the offer,it is called an "implied authorization."
A)True
B)False
Q3) List the ways in which an offer can terminate.
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Page 16
Chapter 15: Consideration
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Q1) A promise to do something that you are already obligated to do is ________.
A)Valid consideration only in the employment context
B)Valid consideration only if a sale of goods is involved
C)Not valid consideration
D)Valid consideration because it is illusory consideration
E)Valid consideration because it is past consideration
Q2) Define and discuss promissory estoppel,and give an example of when it would be applied.
Q3) When an accord and satisfaction is at issue,what is the new agreement to pay less than the creditor claims is owed called?
A)Acknowledgement
B)Seal
C)Accord
D)Satisfaction
E)Compromise
Q4) A promise to do something that you are already obligated to do is generally a valid consideration.
A)True
B)False
Q5) What is the preexisting duty rule?
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Chapter 16: Capacity and Legality
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Q1) In the Case Opener,Apple customers tried to disaffirm purchases of game currency by their children.What was the result?
A)The court dismissed the lawsuit on the basis that no contractual agreement was needed in order for the parents to be bound in regard to purchases of game currency so long as their passwords were used.
B)The court dismissed the lawsuit on the basis that the parents were bound by the Terms of Service and notifications of their original contracts with Apple binding them to future purchases of game currency regardless of whether passwords were used.
C)The court refused to dismiss the lawsuit because as a matter of law parents cannot be required to contractually agree to their children's future purchases that are unapproved by the parents.
D)The court dismissed the lawsuit on the basis that the parents were bound by the Terms of Service and notifications of their original contracts with Apple binding them to future purchases of game currency when their passwords were used.
E)The court refused to dismiss the lawsuit because no case law was provided to prove that Apple's Terms of Service served as a contract for all subsequent transactions.
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18
Chapter 17: Legal Assent
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Q1) Which result is most likely in the dispute between Jen and Monique regarding which used truck was sold,assuming that both Jen and Monique were innocently mistaken and did not intend to defraud the other?
A)Jen will be allowed to pick the truck she wants to buy because she is the buyer,but she may not recover damages.
B)Jen will be allowed to pick the truck she wants to buy because she also had a contract on the ancillary farm.
C)Jen will be allowed to pick the truck she wants to buy because she is the buyer,and she may also recover damages.
D)The contract will be rescinded.
E)Monique will be allowed to pick the truck she wants to sell because she is the seller.
Q2) What is the purpose of the concept of legal assent?
Q3) For a valid contract,courts insist on a .
A)contractual meeting.
B)mutual meeting.
C)meeting of the minds.
D)meeting of the parties.
E)meeting of assent.
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Chapter 18: Contracts in Writing
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Q1) There is federal U.S.legislation titled "Statute of Frauds".
A)True
B)False
Q2) Under ________,if the buyer in an alleged contract for the sale of land has paid any portion of the sale price,has begun to permanently improve the land,or has taken possession of the land,the courts will consider the contract partially performed,and this partial performance will amount to proof of the contract.
A)Substantial performance
B)The sales proof rule
C)Partial performance
D)The purchase proof rule
E)Sales substantiation
Q3) Which of the following is false regarding the parol evidence rule?
A)The purpose of the rule is to prevent evidence that substantially contradicts an agreement in its written form.
B)The rule is a rule of evidence.
C)The rule is an amalgamation of different rules and conditions.
D)The rule is not a unitary concept or rule.
E)The rule relates to substantive legal issues.
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Page 20
Chapter 19: Third-Party Rights to Contracts
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Q1) What is the term for the third party who receives an assignment of contract rights?
A)Assignor
B)Assignee
C)Transferor
D)Relator
E)Transferee
Q2) Halle and Rose enter into a contract in which Rose agrees to sell her property to Halle so Halle can build a hotel.Maria owns the restaurant next door and will benefit from the opening of the hotel because it will bring in many new customers.Rose subsequently breaches the contract so Halle cannot but the property and build the hotel.Can Maria sue Rose for breach of contract?
A)Yes,because Maria was an intentional beneficiary to the contract.
B)Only if Halle does not sue.
C)Yes,because Maria was an intended beneficiary to the contract.
D)Only if Halle also sues.
E)No,because Maria was an incidental beneficiary to the contract.
Q3) A donee beneficiary is a type of incidental beneficiary.
A)True
B)False
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Page 21
Chapter 20: Discharge and Remedies
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Q1) Liquidated damages will be enforced based upon the free-will concept of contracts,even if the liquidated damages amount is unreasonable.
A)True
B)False
Q2) Which of the following occurs when the parties to the agreement wish to replace one of the parties with a third party?
A)Mutual rescission
B)Accord and satisfaction
C)Novation
D)Substituted contract
E)Alteration
Q3) Describe the actions that bring about an anticipatory repudiation of a contract,and the rights of a non-breaching party when faced with anticipatory repudiation.
Q4) Describe the elements of substantial performance of a contract and the effect of a finding of substantial performance on damages.
Q5) Parties can discharge their duty under a contract by tendering performance.
A)True
B)False
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Chapter 21: Introduction to Sales and Lease Contracts
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Q1) Which of the following terms is defined under Article 2 of the UCC as tangible things which are movable at the time of identification to the contract for sale?
A)Saleable things
B)Goods
C)Articles
D)Merchandise
E)Attachments
Q2) In what year was the UCC created?
A)1935
B)1943
C)1980
D)1964
E)1952
Q3) What is required in order for an offer to be considered a firm offer under the UCC? If a firm offer is silent as to time,what is the effect? Compare this effect with the result of silence as to time under the common law.
Q4) The UCC was designed to include items such as software and information.
A)True
B)False
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Chapter 22: Title,risk of Loss,and Insurable Interest
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Q1) With regard to the damaged suits,who bears the risk of loss?
A)Kool Klothes,because Cleo is sending the goods back to the seller and had not purchased them
B)Cleo,because she is the buyer in a sale-or-return contract and only if there is no agreement to the contrary
C)Kool Klothes,because under a sale-or-return contract,title to the suits never passed to Cleo
D)Cleo,because the dresses are goods in bailment
E)Cleo,because under a sale-or-return contract,she can return the dresses.
Q2) If the seller does not provide the goods described in the contract,one option the seller has is to accept the nonconforming goods as is.
A)True
B)False
Q3) What is the term used for the goods while they are in storage on board the ship?
A)Goods on board
B)Free on board
C)Goods in storage
D)Free on bailment
E)Goods in bailment
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Page 24
Chapter 23: Performance and Obligations Under Sales and Leases
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Q1) A buyer who has accepted goods may later revoke the acceptance if the buyer can show that the defects ________ the value of the goods.
A)Reduced by 5%
B)Reduced in any manner
C)Violated the perfect tender rule
D)Substantially impaired
E)Reduced by 10%
Q2) Whether goods conform to contract terms is a ________.
A)Question of fact unless an installment contract is involved in which case it is a question of law
B)Mixed question of law and fact
C)Question of law unless an installment contract is involved in which case it is a question of fact
D)Question of fact
E)Question of law
Q3) Set forth what the UCC requires in the way of good faith and the duty imposed on both nonmerchants and merchants.
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Page 25
Chapter 24: Remedies for Breach of Sales and Lease Contracts
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Q1) The UCC outlaws a statute of limitations for bringing a lawsuit arising under a breach of contract for a sale of goods.
A)True
B)False
Q2) Does a buyer have a right to "cover under the UCC?
A)The UCC recognizes the right of buyers to cover,or substitute,goods for those due under a sales agreement.
B)The UCC recognizes the right of cover in regard to the right of sellers to cover transactions involving installment sales with financing statements.
C)The UCC does not recognize any concept called a right to cover.
D)The UCC recognizes the right of sellers to resell goods to other buyers in order to cover contractual obligations.
E)The UCC recognizes that sellers have a right to cover and find substitute buyers in the event of a breach of contract.
Q3) Discuss when specific performance is available as a remedy against a seller or lessor when the sale of goods is involved,and what is involved if specific performance is required.
Q4) What a buyer must do in obtaining cover?
Page 26
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Chapter 25: Warranties
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Q1) Gianna buys a toaster that shocks her when she plugs it into an outlet.She returns it to the store and is told that the seller does not provide warranties and that she would have to return it to the overseas manufacturer.The postage to return it to the manufacturer would amount to more than the toaster is worth.Gianna believes that is ridiculous.Who is correct under the UCC and why?
A)Gianna is correct because by selling the toaster,the seller made an express warranty.
B)The seller is correct because while the seller is responsible for warranties for consumer goods costing in excess of $500,only the manufacturer is responsible for lower-priced consumer goods.
C)Gianna is correct because by selling the toaster,the seller made an implied warranty of fitness for a particular purpose.
D)Gianna is correct because by selling the toaster,the seller made an implied warranty of merchantability.
E)The seller is correct because only the manufacturer is responsible for warranties on consumer goods.
Q2) According to the UCC,what needs to be shown for goods to be found merchantable?
Q3) List the exceptions to title warranties.
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Page 27
Chapter 26: Negotiable Instruments: Negotiability and Transferability
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Q1) In Samuel James Thompson v.First Citizens Bank & Trust Co. ,the case in the text in which the parties disagreed as to whether an instrument referenced as a certificate of deposit was actually negotiable,which of the following was the result?
A)The court ruled that the instrument was not negotiable because it contained a condition precedent and was not an unconditional order to pay.
B)The court ruled that the instrument was not negotiable because it lacked the signature of a bank representative.
C)The court ruled that the instrument was not negotiable because it clearly stated that it was non-transferable.
D)The court ruled that the instrument was not negotiable because it lacked the signatures of both parties.
E)The court ruled that the instrument was negotiable.
Q2) Article 3 of the UCC recognizes three types of negotiable instruments: notes,drafts,and checks.
A)True
B)False
Q3) Provide the definition of a traveler's check.
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Page 28
Chapter 27: Negotiation, holder in Due Course, and Defenses
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Q1) A party cannot be a holder in due course of a non-negotiable instrument.
A)True
B)False
Q2) A person who engages in fraud may not obtain the rights of an HDC.
A)True
B)False
Q3) What kind of endorsement do the words,"Pay to Allan Smith" followed by the endorser's signature create?
A)Special
B)Specific
C)Blank
D)Qualified
E)Allonge
Q4) Which of the following is the correct term for a person receiving an endorsement?
A)Endorser
B)Transferor
C)Endorsee
D)Transferee
E)Allonge
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Chapter 28: Liability, defenses, and Discharge
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Q1) The principal's name must be shown on the instrument in order for the principal to be held liable when an agent signs a note on behalf of the principal.
A)True
B)False
Q2) Which of the following statements is true about the Negotiable Instruments Law in China?
A)China's law requires discrepancies between the Chinese characters and the numbers to be resolved in favor of the Chinese characters.
B)China's law addresses only banks,not individuals,as endorsers.
C)China's law permits monetary amounts to be written in either Chinese characters or numbers.
D)The purpose of China's law is to promote free trade.
E)China's law specifically addresses the use of promissory notes by individuals.
Q3) What is the name of the party that orders the drawee to pay?
A)Acceptor
B)Promisor
C)Drawer
D)Endorser
E)Maker
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Page 30
Chapter 29: Checks and Electronic Fund Transfers
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Q1) The first bank that receives the check for payment is a[n] ________ bank.
A)Payer
B)Payee
C)Depositary
D)Acceptor
E)Transfer
Q2) Which statement is true regarding Pedro's statement that once the check had been dishonored,it could not be presented again?
A)He was incorrect.The check may be presented again for payment only if notice has been given both to endorsers and the drawer.
B)He was correct.
C)He was incorrect.The holder may attempt to resubmit the check at a later date only if all endorsers of the check have been notified of the dishonor.
D)He was incorrect.The holder can attempt to resubmit the check at a later date.
E)He was incorrect.The holder may resubmit the check only if notice is given to the drawer.
Q3) What are the six requirements for a check to be considered properly payable?
Q4) Set forth the characteristics that a traveler's check must have.
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Chapter 30: Secured Transactions
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Q1) The bank should have done what to terminate its interest in any property belonging to Morgan?
A)The bank should have filed a waiver statement within 20 days.
B)The bank should have filed a termination statement within one month.
C)The bank should have filed a stopgap statement by the time Morgan's next payment was due had she not paid off the loan.
D)The bank should have filed a termination statement within 20 days.
E)The bank should have filed a waiver statement within one month.
Q2) Set forth the steps that a creditor must take to become a secured party.
Q3) The party that perfects its interest in collateral has first claim,when two parties have an interest in the same collateral.
A)True
B)False
Q4) What rights,if any,does a creditor who does not wish to repossess collateral have in the event of a default,and why might a creditor prefer a remedy other than repossession of collateral?
Q5) The property that is subject to a security interest is called collateral.
A)True
B)False
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Chapter 31: Other Creditors Remedies and Suretyship
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Q1) What is the most likely result of the dispute between Franklin and Marisa regarding the television set,assuming no exemption applies?
A)Franklin and Marisa will be required to sell the television and split the proceeds 50-50.
B)Marisa will win the dispute because a judicial lien is always enforced before any other type of lien,and she will be able to sell the television for amounts owed to her by Tara without sharing any of the funds with Franklin.
C)Franklin and Marisa will be required to sell the television with Franklin,the holder of an artisan's lien,receiving only 25%,and Marisa receiving the rest.
D)Franklin will win the dispute because he has rights to a super-priority lien,and he will be able to recover amounts to which he is due from the sale of the television before Marisa is entitled to any funds.
E)Franklin and Marisa will be required to sell the television and split the proceeds based upon their percentage of debt.
Q2) When considering whether a secured party or a claimant holding a mechanic's lien has priority to a good,how does a court make the determination?
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Chapter 32: Bankruptcy and Reorganization
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Q1) It is possible to file for Chapter 7 bankruptcy and then immediately file for bankruptcy again three months after the first bankruptcy is complete.
A)True
B)False
Q2) If an automatic stay is in effect in a Chapter 7 proceeding,which of the following actions may not be taken?
A)Legal actions to collect child support payments are subject to the stay.
B)Creditors cannot attempt to repossess property during bankruptcy proceedings.
C)The court may exclude secured creditors from the stay if they petition the court to show that they do not have adequate protection under the stay.
D)If the debtor was a debtor in a bankruptcy case that was dismissed within a year of the current bankruptcy case filing,the stay automatically terminates 30 days after the current filing.
E)A creditor who received a judgment against a debtor prior to the bankruptcy filing may not act to enforce the judgment.
Q3) In order of priority,list the first four classes of priority claims among unsecured creditors in a Chapter 7 bankruptcy case.
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Page 34
Chapter 33: Agency Formation and Duties
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Q1) Which of the following is true regarding the status of an agent as a fiduciary?
A)An agent is a fiduciary only if the principal and agent agreed by written or oral contract that the agent is a fiduciary.
B)Although the principal is a fiduciary,an agent is not a fiduciary.
C)An agent is a fiduciary only if the principal and agent agreed by written contract that the agent is a fiduciary.
D)An agent is only a fiduciary to the principal only if a transaction in excess of $10,000 is involved.
E)An agent is a fiduciary to the principal.
Q2) The law assumes that the principal is aware only of information actually provided to the principal by the agent.
A)True
B)False
Q3) Agents may have contract remedies available against a principal,but not tort remedies.
A)True
B)False
Q4) Discuss why agency is especially important for modern firms doing business in foreign countries.
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Chapter 34: Liability to Third Parties and Termination
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Q1) Which of the following is false regarding termination of agency in the Netherlands?
A)Compensation is due if the agent received the orders for a certain action before the termination of the contract.
B)The agent is entitled to goodwill compensation in certain situations.
C)There are requirements on the agent in regard to time limits in filing for certain compensation.
D)An agent is not entitled to additional compensation based on bringing the principal new customers or because agreements with clients obtained by the agent remain profitable.
E)The agent is entitled to compensation if his or her duties are concluded within a reasonable time after termination.
Q2) Actual notice of agency termination must be given to third parties who have had business interactions with an agent in order to fully terminate a principal's responsibility. A)True B)False
Q3) List the options of an injured third party when a principal is found liable for a misrepresentation made by an agent.
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Chapter 35: Forms of Business Organization
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Q1) Which of the following statements is false regarding limited liability companies?
A)Owners of an LLC are referred to as incorporators.
B)Limited liability companies have the limited liability of corporations yet may be taxed like partnerships.
C)Members need not be citizens of the U.S.
D)For purposes of jurisdiction,an LLC is considered a citizen of every state in which its members reside.
E)A limited liability company is formed by filing articles of organization in the state in which members want to establish their LLC.
Q2) A franchisee is the owner of a trade name or trademark who is a party to an arrangement,whereby another party sells goods or services under the trade name or trademark.
A)True
B)False
Q3) When one of the members dies,a joint venture is not automatically terminated.
A)True
B)False
Q4) List the advantages and disadvantages of forming a general corporation.
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Chapter 36: Partnerships: Nature, formation, and Operation
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Q1) What is a written agreement that creates a partnership called?
A)Clauses of partnership agreement
B)Partnership articles
C)Articles of partnership
D)Contract of agreement
E)Contract of partnership
Q2) A partner who refuses to obey the articles of partnership may be held liable for any losses that the partnership incurs.
A)True
B)False
Q3) Did Gordon breach any duty by opening his own oil change store?
A)Yes,Gordon breached his fiduciary duty by engaging in a business that competes with the partnership.
B)No,but only if Gordon also continues to work at SafeT Car.
C)No,because,even though there was no written agreement,partners are permitted to form their own businesses so long as they remain loyal to the partnership.
D)No,because there was no written agreement that sets forth the duties of the partners.
E)Yes,but only if the oil change store is also a partnership.
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Chapter 37: Partnerships: Termination and Limited Partnerships
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Q1) In Spain,the term "full dissolution" of a partnership means what?
A)That the partnership ends because the purposes of the partnership have been satisfied.
B)That the partnership ends because it has been wound up and liquidated.
C)That the partnership ends without litigation and without a waiting period.
D)That the partnership ends because all partners have requested its end.
E)That the partnership ends because a majority of the partnership has requested its end.
Q2) In the case of a limited partnership,if the partners do not sign or do not file the certificate of limited partnership with the secretary of state,the limited partners will not receive limited liability.
A)True
B)False
Q3) Which of the following circumstances will not dissolve a limited partnership?
A)Written consent by the majority of all partners.
B)The expiration of the term established in the certificate of the limited partnership.
C)The withdrawal of the general partner.
D)An act of court.
E)The completion of the objective established in the certificate.
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Chapter 38: Corporations: Formation and Financing
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Q1) The friends who agreed to buy stock are known by what term?
A)Novators
B)Subscribers
C)Promoters
D)Acceptors
E)Subscriptioners
Q2) Which of the following is an implied power of a corporation?
A)Power to establish rules for managing the corporation.
B)Power to have perpetual existence.
C)Power given in the statement of corporate purpose in the articles of incorporation.
D)Power to lend money.
E)Power to sue and be sued in the corporations' name.
Q3) In which situations is a court likely to pierce the corporate veil?
Q4) Most corporations are ________.
A)De facto
B)Non-prof it
C)Public
D)Foreign
E)For profit
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Chapter 39: Corporations: Directors, officers, and Shareholders
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Q1) A director of a corporation knowingly releases a dangerous drug that will kill 10 percent of those who take the medication.He was concerned when the drug was being developed so he told the head of medical testing not to let him know if the drug had any adverse side effects.Since he was not told of the side effects,he felt he could not be required to report them to the FDA.Which of the following is true of his liability?
A)He cannot be held responsible because he was unaware of the dangers of the drug. B)He cannot be held responsible if the board of directors approved the release of the drug.
C)He cannot be held responsible because the corporation released the drug.
D)He cannot be held responsible because the illegal actions of hiding the drug's side effects were done by a subordinate.
E)He can be held responsible for his own torts and crimes and for the crimes of other employees whom they have failed to adequately supervise.
Q2) A board of directors may take no action that benefits a director in his or her personal capacity.
A)True
B)False
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Page 41
Chapter 40: Corporations: Mergers, consolidations, terminations
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Q1) Federal regulations prohibit the management of target companies from using corporate funds to educate shareholders on the disadvantages of a takeover.
A)True
B)False
Q2) In a consolidation,shareholders of the new corporation create new articles of incorporation called ________.
A)Revised articles of incorporation
B)Independent articles of combination
C)Merged articles of incorporation
D)Revised articles of consolidation
E)Articles of consolidation
Q3) When a group within a corporation,usually management,buys all outstanding corporate stock held by the public,it is called:
A)An illegal buyout
B)An asset purchase
C)A corporate buyout
D)A management buyout
E)A leveraged buyout
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Chapter 41: Corporations: Securities and Investor Protection
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Q1) For which of the following is Aurelia liable?
A)Her profits only plus a 10% penalty.
B)Her own profits only.
C)Her profits,the profits of Johan,and also the profits of Charlie.
D)Her profits and those of Johan only.
E)Nothing because she acted legally.
Q2) Which of the following is true regarding exempt transactions?
A)Resales of securities and intrastate issues are exempt transactions,but limited offers are not.
B)Limited offers,intrastate issues,and resales of securities are all exempt transactions.
C)Limited offers are exempt transactions,but intrastate issues and resales of securities are not.
D)Limited offers and resales of securities are exempt transactions,but intrastate issues are not.
E)Intrastate issues and limited offers are exempt transactions,but resales of securities are not.
Q3) Online advertising and securities transactions are subject to SEC regulations.
A)True
B)False
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Page 43
Chapter 42: Employment and Labor Law
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Q1) Which of the following is a federal law that sets minimum standards for most voluntarily established pension and health plans in private industry to provide protection for individuals in these plans?
A)Workers' compensation laws
B)The Employee Retirement Income Security Act
C)The Family and Medical Leave Act
D)The Fair Labor Standards Act
E)The Benefits Protection Act
Q2) What does the Drug-Free Workplace Act require? What limitations does the U.S.Constitution place on private employers as far as drug testing is concerned?
Q3) Employers may unilaterally determine how much to pay employees and how many hours to require to them to work.
A)True
B)False
Q4) The Fair Labor Standards Act covers employers engaged in interstate commerce or the production of goods for interstate commerce.
A)True
B)False
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Chapter 43: Employment Discrimination
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Q1) Which of the following is not a defense available to employers charged with age discrimination under the Age Discrimination in Employment Act?
A)The bona fide occupational qualification defense
B)The executive exemption
C)The qualified but aged defense
D)That decisions are based on reasonable factors other than age
E)The operation of a bona fide seniority system
Q2) What was the ruling of the U.S.Supreme Court in Oncale v.Sundowner Offshore Services,Inc. ,the case in the text addressing whether a plaintiff could prevail in a sexual harassment case when the harassers were of the same sex?
A)That same sex harassment may state a claim under Title VII.
B)That same sex harassment may state a claim in the male-to-male context but not in the female-to-female context.
C)That same sex harassment may never state a claim under Title VII.
D)That same sex harassment may state a claim only if there was also involvement by at least one person of the opposite sex in the harassment.
E)That same sex harassment states a claim under Title VII only if the harasser is a homosexual.
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Page 45
Chapter 44: Administrative Law
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Q1) The Government in Sunshine Act requires that federal agencies publish in the Federal Register places where the public can get information from the agency.
A)True
B)False
Q2) Which of the following is not an exemption to the Freedom of Information Act?
A)Criminal investigations
B)FBI records
C)National security
D)Internal agency matters
E)Financial institutions
Q3) The Interstate Commerce Commission was created by Congress as a means to better control the anticompetitive conduct of railroads.
A)True
B)False
Q4) Under what circumstances is the exemption from rule-making procedures known as "impracticable,unnecessary,or contrary to the public interest" used most commonly,and what steps must the agency follow if it chooses this avenue?
Q5) Set forth the stages of informal rule making.
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Chapter 45: Consumer Law
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Q1) What are the three elements of a deceptive claim?
A)1)A material misrepresentation,omission,or practice 2)that is likely to mislead 3)a reasonable consumer
B)1)Generalities or exaggerations 2)related to a material fact 3)that is likely to mislead a consumer,regardless of reasonableness
C)1)A material representation or fact 2)that does not include a reasonable basis of a claim in an advertisement 3)that may or may not mislead a reasonable consumer
D)1)A material misrepresentation,omission,or practice 2)that involves generalities or exaggerations 3)that may or may not mislead a reasonable consumer
E)1)A material misrepresentation or fact 2)that contains generalities or exaggerations 3)that is likely to mislead a reasonable consumer
Q2) The Federal Trade Commission was created by Congress in what year?
A)1929
B)1934
C)1900
D)1914
E)1976
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Chapter 46: Environmental Law
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Q1) Which of the following is funded primarily by taxes on corporations in industries that create significant amounts of hazardous waste,and used to handle clean-up of hazardous waste such as that on the farm?
A)Clean-Up fund
B)Primary payment source
C)Hazardous duty fund
D)Superfund
E)Secondary payment source
Q2) taxes reference the taxation of environmentally harmful activities.
A)Black
B)Red
C)Lime
D)Green
E)Lemon
Q3) Which Act or regulation protects wetlands?
A)The Remedial Water Act
B)The Ambient Quality Water Standards
C)The Navigable Water Act
D)The Clean-Up Water Act
E)The Clean Water Act
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Chapter 47: Antitrust Law
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Q1) If a company possesses market power and either unfairly achieved this market power or uses this market power for abuse,it can be said to have
A)vertically restrained efficiency
B)engaged in bid rigging
C)engaged in price fixing
D)established a monopoly
E)monopolized
Q2) Assume further that PWP Guitars,in an effort to cement its status as the top seller of guitars in the country,attempts to acquire the two largest distributors with whom they have contracted in the previous two questions.They might be accused of attempting a A)Interlocking Directorate
B)Vertical Merger
C)Conglomerate Merger
D)Horizontal Merger
E)Tertiary Merger
Q3) Section 2 of the Sherman Act applies to states,and they may be used as defendants.
A)True
B)False
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Chapter 48: The Nature of Property, personal Property, and Bailments
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Q1) Which of the following terms best describes the type of gift,if any,at issue?
A)A gift causa vivos
B)A gift causa mortis
C)A gift inter vivos
D)A gift inter mortis
E)There was no gift because Megan did not realize the ring's value.
Q2) Which of the following best describes the outcome of Devin's statement that he made to Kendra regarding the lottery ticket prior to surgery?
A)Devin's statement was meaningless because of the condition of death placed on the gift.
B)Devin's statement created a gift causa mortis of the lottery ticket.
C)Devin's statement created a gift causa vivos of the lottery ticket.
D)Devin's statement created a gift inter vivos of the lottery ticket.
E)Devin's statement created a gift inter mortis of the lottery ticket.
Q3) In general,a donee need not take ownership of property in order for a gift to still be valid.
A)True
B)False
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Chapter 49: Real Property
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Q1) Kendall,who just moved into his new farm,notices his neighbor comes onto Kendall's property every Sunday morning,goes fishing at the lake,and picks apples from Kendall's apple tree.Kendall is aware that the neighbor has an easement to cross his property to access the lake,but the neighbor tells Kendall he can take as many apples as he wants.Is the neighbor correct?
A)Yes,but only if the apple trees are part of the land included in the easement.
B)No,although the easement gives the neighbor a right to use the land,he cannot take as many apples as he wants.
C)No,although the easement gives the neighbor a right to use the land,he cannot take anything from it.
D)Yes,an easement is an irrevocable right to use another's land.
E)Yes,but only if the easement was properly recorded.
Q2) Provide and discuss two exceptions that may be applied to alter the rule that fixtures remain when a tenant moves.
Q3) As set forth in the text,describe a cooperative including typical rules of governance and the penalty if a member violates the rules.
Q4) What must a properly drafted deed include?
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Chapter 50: Landlord-Tenant Law
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Q1) ________ is the proper term for the action Natalia took in locking Pablo out of the areas.
A)Reasonable action
B)True eviction
C)Partial eviction
D)Full eviction
E)Constructive eviction
Q2) One of the covenants made by a lessee is a covenant of quiet enjoyment.
A)True
B)False
Q3) Norah's ice cream parlor is failing.She assigns her lease to Morton,who opens a coffee shop.If Norah assigned the lease without the landlord's consent,what can the landlord do?
A)The landlord may sue Norah for negligence per se.
B)The landlord may sue Morton for illegal possession.
C)The landlord may terminate the lease agreement.
D)The landlord may sue both Norah and Morton.
E)The landlord may sue Norah for failure to pay rent.
Q4) When may a landlord be found guilty of negligence per se for code violations under the Uniform Building Code?
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Chapter 51: Insurance Law
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Q1) A policy of fidelity insurance is an example of which of the following types of insurance?
A)Profit loss
B)Business loss
C)Economy
D)Commercial
E)Economic
Q2) Which of the following acts would not be covered under a commercial general liability policy?
A)A competitor's trademark claim
B)A competitor's copyright claim
C)A competitor's patent claim
D)An employee's intentional tortious act
E)A customer's personal injury claim
Q3) If an insured fails to cooperate with the insurer when making a claim,the insurer is not required to pay on the claim.
A)True
B)False
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Chapter 52: Wills and Trusts
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Q1) What are the four requirements needed for a valid will?
Q2) A person may revoke a will by physically destroying it.
A)True
B)False
Q3) is a uniform law proposed by the National Conference of Commissioners on Uniform State Laws that provides guidance in the area of estate planning?
A)The Uniform Will Act
B)The National Will Act
C)The Federal Probate and Will Act
D)The Uniform Probate Code
E)The National Probate Code
Q4) The term covers a variety of legal instruments a person can use to express his or her wishes about efforts to prolong life.
A)Actual prohibitions
B)Advance instructions
C)Advance directives
D)Prolonging directives
E)Medical directives
Q5) What are the two usual components of trusts,and what are their functions?
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