Business Organization and Law
Final Exam
Course Introduction
Business Organization and Law provides an in-depth exploration of the legal principles and frameworks governing the formation, operation, and dissolution of business entities such as sole proprietorships, partnerships, corporations, and limited liability companies.
Students will examine topics including legal personality, organizational structure, fiduciary duties, agency relationships, and regulatory compliance. The course also covers relevant aspects of contract law, employment law, and dispute resolution mechanisms, enabling learners to understand the legal environment in which businesses operate and to make informed decisions regarding risk management and organizational strategy.
Recommended Textbook
The Legal Environment Today 8th Edition by
Roger LeRoy Miller
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28 Chapters
1818 Verified Questions
1818 Flashcards
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Page 2
Chapter 1: Business and Its Legal Environment
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72 Verified Questions
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Sample Questions
Q1) Refer to Fact Pattern 1-1.Bellamy's opinion is
A)a concurring opinion.
B)a dissenting opinion.
C)a majority opinion.
D)a per curiam opinion.
Answer: A
Q2) Common law is a term for the laws that are familiar to most of us.
A)True
B)False
Answer: False
Q3) In order to truly understand our legal system, it is important to understand the origins of the common law tradition.
A)True
B)False
Answer: True
Q4) Uniform laws apply in all states, including those in which the laws have not been adopted.
A)True
B)False
Answer: False
Page 3
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Chapter 2: Business Ethics
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Sample Questions
Q1) In business deals, Fiona, the chief executive officer of Snacks n' Bites, Inc., follows duty-based ethical standards.These are most likely derived from A)a corporate ethics code.
B)a cost-benefit analysis.
C)philosophical reasoning.
D)the law.
Answer: C
Q2) Setting realistic workplace goals can increase the probability that employees will act unethically.
A)True
B)False
Answer: False
Q3) The categorical imperative cannot be applied to many business actions. A)True
B)False
Answer: False
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Chapter 3: Courts and Alternative Dispute Resolution
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Sample Questions
Q1) Generally, a state court's power is limited to the territorial boundaries of the state in which it is located and the immediately adjacent states.
A)True
B)False
Answer: False
Q2) Solar Power, Inc., files a suit against Thunder Bay Utility Company and seeks to examine electronic documents in Thunder's possession.A legitimate reason for this examination is that the documents contain A)evidence about the case.
B)private information about Thunder's operations.
C)public information about energy generation.
D)irrelevant data that can be eliminated from consideration.
Answer: A
Q3) A state court can exercise jurisdiction over an out-of-state defendant who does business in the state over the Internet.
A)True
B)False
Answer: True
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5
Chapter 4: Business and the Constitution
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Sample Questions
Q1) South Dakota, like other states, may regulate private activities to protect or promote the public order, health, safety, and general welfare under
A)the state's police powers.
B)the dormant commerce clause.
C)the due process clause.
D)the free exercise clause.
Q2) The Eighth Amendment prohibits excessive bail and fines, as well as cruel and unusual punishment.
A)True
B)False
Q3) In 2013, Congress enacts the Act to Restrict Commercial Speech (ARCS).The ARCS will be considered valid if it directly advances a substantial government interest
A)but goes no further than necessary to achieve its purpose.
B)without regard to how "far" it goes.
C)and the parties affected by it can elect how "far" to go in applying it.
D)and goes further than necessary to ensure full coverage.
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Chapter 5: Torts and Strict Liability
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Sample Questions
Q1) Under the "danger invites rescue" doctrine, a person who tries to rescue another individual from harm is liable for any injuries to that individual.
A)True
B)False
Q2) OK Dry-Cleaning advertises so effectively that the regular customers of its competitor Purity Cleaners patronize OK instead of Purity.This is
A)appropriation.
B)conversion.
C)wrongful interference with a contractual relationship.
D)no tort.
Q3) A party cannot recover damages for severe emotional distress absent a showing of physical injury.
A)True B)False
Q4) Under the theory of negligence, the duty of care requires a careless act. A)True
B)False
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Chapter 6: Criminal Law and Cyber Crime
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Sample Questions
Q1) Under the Fourth Amendment, a general search warrant and a general search through a person's belongings are permitted.
A)True
B)False
Q2) Ivan signs Jeb's name, without his authorization, to the back of a check.This is A)no crime.
B)forgery.
C)larceny. D)robbery.
Q3) It is not a crime to defraud the public through the use of ads on television.
A)True
B)False
Q4) The crime of theft requires the taking of property, without regard to whether the perpetrator knew it belonged to another.
A)True
B)False
Q5) Falsifying public records is forgery
A)True
B)False
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Chapter 7: International Law in a Global Economy
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Sample Questions
Q1) Wytex, Inc., a U.S.firm, and Findora Commercial, a Nigerian firm, are parties to a contract that specifies that the official language of the contract is English.This is
A)a choice-of-forum clause.
B)a choice-of-language clause.
C)a choice-of-law clause.
D)an arbitration clause.
Q2) Expropriation occurs when a government seizes private property for a proper purpose and awards just compensation.
A)True
B)False
Q3) The simplest way for a U.S.firm to do business in a foreign market is to export its products directly to that market.
A)True
B)False
Q4) When a U.S.firm wishes to increase its involvement in an international market, it normally establishes an agency relationship with a foreign firm.
A)True
B)False
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9
Chapter 8: Intellectual Property Rights
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Sample Questions
Q1) Paula develops a new espresso machine that she names "Sure Shot." She also writes an operating manual for the machine.Paula can obtain trademark protection for A)the espresso machine.
B)the "newness" of the espresso machine.
C)the name "Sure Shot."
D)the operating manual.
Q2) Go! is a handheld video game featuring races between imaginary creatures and vehicles.The graphics used in the game are protected by A)copyright law.
B)patent law.
C)trademark law.
D)trade secrets law.
Q3) Trek Transport Company uses a mark associated with its name to distinguish its services from those of other trucking firms.This mark is
A)a certification mark.
B)a collective mark.
C)a service mark.
D)a trade name.
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Chapter 9: Internet Law, Social Media, and Privacy
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Sample Questions
Q1) Tech Outsourcing, Inc., registers a domain name that is the same as, or confusingly similar to, the trademark of Tech Resourcing Corporation and then offers to sell the domain name back to Tech Resourcing.This is A)cybersquatting.
B)typosquatting.
C)trademark infringement.
D)trademark dilution.
Q2) Global Reach Corporation uses invisible files created on the computers, smartphones, and other mobile devices of visitors to its Web sites to track the users' browsing activities.These files are A)licenses.
B)cookies.
C)cloud computing.
D)a violation of the law.
Q3) Cybersquatting occurs when key words are inserted into the hyper text markup language code to tell Internet browsers specific information about a Web page.
A)True
B)False
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11
Chapter 10: The Formation of Traditional and E-Contracts
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Sample Questions
Q1) Sonya and Taylor enter into an oral contract that is required to be in writing to be enforceable.Such a contract is normally
A)voidable by a party who does not wish to follow through with it.
B)void.
C)valid.
D)voidable but only by consent of both parties.
Q2) A promise to do what one already has a legal duty to does not constitute legally sufficient consideration.
A)True
B)False
Q3) Philo, a businessperson, is a friend of Quiana, the owner of Rise n' Shine, a coffee stand.Every day, Philo spends a few minutes at the stand, watching the brewing, considering the options, and usually buying a cup of coffee and something extra-a bagel, a muffin, a cookie, or a sandwich.One afternoon, Philo comes to the stand and picks up a bottle of iced coffee and a sandwich priced at $5 each.Philo waves the items at Quiana without saying a word and walks out.Is there a con-tract? If so, how would it be classified in terms of formation, perform-ance, and enforceability?
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Chapter 11: Contract Performance, Breach, and Remedies
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Sample Questions
Q1) Drake enters into a contract with Eve, who claims to have access to a stock-trading algorithm that will multiply an investment many times over.When the results do not match this promise, Drake learns that Eve does not have access to any unique software and files a suit against her, alleging fraud.Proof of an injury is required to
A)recover damages.
B)rescind the contract.
C)undo Eve's influence.
D)punish the defendant.
Q2) Seth offers to buy a house from Tia for less than Tia paid for it, stating that he would "hate to see anything bad happen to Tia or her house." Tia agrees to sell.Regarding this agreement, a court would likely
A)enforce it.
B)not enforce it.
C)reform it to reflect the true market value of the property.
D)order the parties to renegotiate the price.
Q3) Reformation is an equitable remedy that allows a court to rewrite a contract to suit itself.
A)True
B)False
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Page 13
Chapter 12: Sales, Leases, and Product Liability
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Sample Questions
Q1) Under the UCC, a firm offer for a sale or lease of goods made by a merchant can be revoked at any time before acceptance.
A)True
B)False
Q2) Horizon Corporation makes cell phones.Gina files a product liability suit against Horizon, alleging a design defect.In deciding whether to hold Horizon liable, the court may consider the "reasonableness" of
A)the manufacturer's intentions.
B)the seller's method of accounting.
C)the manufacturer's quality control efforts.
D)an available alternative design.
Q3) Key of G Products, Inc., offers to sell to Harmony Company one hundred MP3 players at $50 a piece, subject to certain specific delivery dates.Harmony replies with a signed purchase order that reads, "Accept your of-fer for 100 I-appliances at $50 each. Must be delivered to our ware-house." Key of G does not respond or deliver the goods.Harmony files a suit for breach of contract, to which Key of G answers that there is no contract because Harmony's purchase order contained additional terms and is not signed by Key of G.Can Harmony recover? Explain.
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14
Chapter 13: Creditor-Debtor Relations and Bankruptcy
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Sample Questions
Q1) Eduardo is a debtor.Furniture Mart is Eduardo's employer.Guaranty Credit, Inc., and the government are Eduardo's creditors.For these parties, a petition in bankruptcy for relief through an individual's repayment plan could be filed by A)Eduardo alone, Furniture Mart alone, or Guaranty Credit and the government jointly.
B)Eduardo only.
C)Guaranty Credit and the government only.
D)the government only.
Q2) Gena borrows $350,000 from Fish Island Bank to buy a home, which secures the mortgage.In the seventh year of the loan, Gena stops making payments.After the bank repossesses the property but before it is sold, Gena may buy it by paying
A)an amount that equals the potential proceeds from the property's sale.
B)an amount that exceeds the potential proceeds from the property's sale.
C)the amount of the missed payments, but not more.
D)the full amount of the debt, plus any interest and costs.
Q3) A bankruptcy court may deny a discharge based on a debtor's conduct.
A)True
B)False
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Chapter 14: Small Business Organizations
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Sample Questions
Q1) Withdrawal from a partnership for a term prematurely does not constitute a breach of the partnership agreement.
A)True
B)False
Q2) Cecilia's Day Spa, LLC, is a member-managed limited liability company.If the law in Cecilia's state is like the law in most states, unless the members have agreed otherwise, voting rights are apportioned according to A)capital contributions.
B)participation in management.
C)the number of members.
D)transactions with the firm.
Q3) A partner owes to the partnership and the other partners a duty of loyalty.
A)True
B)False
Q4) For federal income tax purposes, one-member limited liability companies are automatically taxed as sole proprietorships.
A)True
B)False
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Page 16
Chapter 15: Corporations
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Sample Questions
Q1) Raul is chairman of the board of Swif-Vac Corporation.Pinky, a consumer, is injured while using a Swif-Vac product.Pinky sues Swif-Vac, and Raul individually.Swif-Vac may pay Raul's legal fees under
A)the director's right to certification.
B)the director's right to compensation.
C)the director's right to indemnification.
D)no circumstances.
Q2) Miracle Mobile Devices, Inc., is a private, for-profit corporation that (1) was formed for the purpose of manufactur-ing and distributing a newly pat-ented tablet, (2) is owned by five share-holders, (3) is subject to double taxation, and (4) has made no public offering of its shares.Miracle iss
A)an S corporation
B)a close corporation.
C)a nonprofit corporation.
D)a professional corporation.
Q3) A director does not need to disclose any conflict of interest before voting on a proposed transaction.
A)True
B)False
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Page 17
Chapter 16: Agency Relationships
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Sample Questions
Q1) Bud approves on behalf of Cody-but without authorization-a contract with Dik to build a new silo.Cody does not ratify the contract.Later, Dik tries to enforce the deal.This attempt will be
A)partly successful.
B)partly unsuccessful.
C)totally successful.
D)totally unsuccessful.
Q2) The equal dignity rule requires that a principal and agent treat each other with "equal dignity."
A)True
B)False
Q3) An agency relationship may occur by operation of law in a family.
A)True B)False
Q4) A principal is responsible for all intentional torts committed by an agent. A)True B)False
Q5) A principal owes an agent a duty of compensation. A)True B)False
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Chapter 17: Employment, Immigration, and Labor Law
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Sample Questions
Q1) Children must be at least thirteen years old to work in hazardous occupations.
A)True
B)False
Q2) Finance Professionals Union represents the workers of Business & Commerce Banking Corporation.The management of the firm refuses to bargain with the union.This violates
A)federal labor law.
B)state right-to-work laws.
C)federal wage and hour laws.
D)no federal or state law.
Q3) A whistleblower is an employee who reveals confidential information about a fellow employee to an employer.
A)True
B)False
Q4) Management may never legally limit unionizing activities.
A)True
B)False
Q5) Only federal law governs drug tests of private-sector employees.
A)True
B)False
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Chapter 18: Employment Discrimination
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Sample
Questions
Q1) Origami Paper Products Corporation meets all of the requirements to be subject to the federal employment discrimination laws.These laws restrict the ability of employers to discriminate against workers on the basis of A)experience.
B)gender.
C)intelligence. D)skill.
Q2) Machine Corporation requires its employees to have a high school diploma, claiming a definite connection between a high school edu-ca-tion and job performance.In a suit against Machine Corporation under Title VII of the Civil Rights Act, this requirement is shown to have a discriminatory effect.The employer has A)no defense.
B)a bona fide occupational qualification defense.
C)a business necessity defense.
D)a seniority systems defense.
Q3) Sexual harassment occurs only if sexual favors are demanded of an employee. A)True
B)False
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Chapter 19: Powers and Functions of Administrative Agencies
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Q1) Interpretive rules simply declare policy and do not affect legal rights or obligations.
A)True
B)False
Q2) The U.S.Fish and Wildlife Service utilizes notice-and-comment rulemak-ing.This involves a period during which
A)judges, legislators, and the president are asked about a proposed rule. B)potential violators of a proposed rule are notified and publicized.
C)the administrators "notice" a problem and "comment" on it.
D)the public is asked to comment on a proposed rule.
Q3) Rulemaking-the formulation of new administrative regulations-is a major function of Congress, not administrative agencies.
A)True
B)False
Q4) An administrative adjudicatory hearing does not have to meet the constitutional standards of due process.
A)True
B)False
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Chapter 20: Consumer Protection
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Sample Questions
Q1) A sanction known as bait-and-switch advertising requires a company to advertise the products of its competitor to counter its own false claims.
A)True
B)False
Q2) Corner Market sells groceries.Delite Food & Drug Store sells groceries and fills prescriptions.The chief responsibility to prevent unsafe food and drugs from being sold rests with
A)the Consumer Product Safety Commission.
B)no single federal agency.
C)the Federal Trade Commission.
D)the Food and Drug Administration.
Q3) Advertising that appears to be based on factual evidence will not be deemed deceptive even if it is not reasonably supported by evidence.
A)True
B)False
Q4) Merchants must issue a refund within a specified period of time when a consumer cancels an order.
A)True
B)False
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Chapter 21: Environmental Law
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Sample Questions
Q1) Vending Products Company operates a vending machine manufacturing plant on Wandering River.Discharging pollutants from the plant into the river can result in
A)civil penalties and criminal penalties.
B)civil penalties only.
C)criminal penalties only.
D)no penalties.
Q2) Congress enacts a new air quality statute that applies to businesses.To enforce federal environmental legislation, the federal government relies on
A)all levels of government and private citizens.
B)federal agencies only.
C)local sheriffs and police departments.
D)businesses' voluntary compliance.
Q3) The primary responsibility for preventing and controlling air pollution rests with the federal government.
A)True
B)False
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Chapter 22: Real Property and Land-Use Control
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Sample Questions
Q1) Lucas owns Muddy Flats Ranch in New Mexico.The exterior boundaries of the land extend
A)100 feet into the earth and 100 feet into the atmosphere.
B)one mile into the earth and one mile into the atmosphere.
C)to infinity and beyond.
D)to the center of the earth and up to the farthest reaches of the atmosphere.
Q2) Dian and Elton buy a duplex in Fargo, North Dakota.On the death of either owner, that owner's interest in the duplex passes to his or her heirs.This is
A)a joint tenancy.
B)a life estate.
C)a tenancy in common.
D)ownership in fee simple absolute.
Q3) For a party to take by adverse possession, the party's possession must be peaceable, and not hostile or adverse.
A)True
B)False
Q4) The surface of a piece of land and the subsurface may not have different owners.
A)True
B)False
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Chapter 23: Antitrust Law and Promoting Competition
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Sample Questions
Q1) Gourmet Foods, Inc., requires all distributors of its products to sell them at a specified minimum price.Under the Sherman Act, this is a violation
A)if the anticompetitive effects outweigh the competitive benefits.
B)if the competitive benefits outweigh the anticompetitive effects.
C)under any circumstances.
D)under no circumstances.
Q2) An agreement that is deemed a per se violation will be examined by a court to determine whether the agreement's benefits outweigh its anticompetitive effects.
A)True
B)False
Q3) A single seller acting unilaterally is free to deal, or not to deal, with anyone it chooses.
A)True
B)False
Q4) A price-fixing agreement is an agreement by two or more sellers to boycott a particular person or firm.
A)True
B)False
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25
Chapter 24: Investor Protection and Corporate Governance
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Q1) Against a charge of a violation of the Securities Act of 1933, only an issuer of stock can assert the due diligence defense.
A)True
B)False
Q2) Private offerings of securities in unlimited amounts can be exempt from the registration requirement of the Securities Act of 1933.
A)True
B)False
Q3) Fresh Seasonal Fruit Company has assets of less than $10 million and fewer than fifty shareholders.Gourmand Pastries, Inc., has assets of more than $50 mil-lion and more than five hundred shareholders.The Securities Exchange Act of 1934 applies to A)Fresh Seasonal Fruit and Gourmand Pastries.
B)Fresh Seasonal Fruit only.
C)Gourmand Pastries only.
D)neither Fresh Seasonal Fruit nor Gourmand Pastries.
Q4) Few securities can be resold without registration.
A)True
B)False
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Chapter 25: How to Brief Cases and Analyze Case Problems
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Sample Questions
Q1) Grace hosts Harvest, a social networking site.Idle Fields, a competitive site, hires Jeb to anonymously post on Harvest stories that question its privacy practices.Harvest might most successfully sue Idle Fields for A)slander of quality.
B)intentional infliction of emotional distress.
C)false imprisonment.
D)none of the choices.
Q2) Jennifer, a sophomore at West High School, posts suggestive-but not pornographic or obscene-photos of herself on Facebook.The images do not identify the school and require "friend" status to be viewed.Jennifer intends the photos to be humorous, and this is how her friends understand them.Under the First Amendment, West can most likely A)suspend or otherwise punish Jennifer for posting the photos.
B)require that Jennifer remove the photos but not punish her.
C)require that Jennifer remove the photos and punish her.
D)not punish Jennifer or restrict her posts.
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Chapter 26: the Constitution of the United States
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Q1) Sports Fit Company sponsors the "$100,000 Game" in which contestants compete in ten separate athletic events over a period of weeks.Sports Fit announces that the winner of each event will be awarded $5,000 with the "Ultimate Champion" the winner of the most events awarded $50,000.If the "$100,000 Game" is treated as a unilateral contract, Sports Fit can
A)cancel the contest or alter its terms at any time.
B)not modify the terms of the contest after it begins.
C)reduce the amount of the event prizes but not the grand prize.
D)reduce the amount of the grand prize but not the event prizes.
Q2) Nguyen has her family buy and ship textbooks legally produced in Vietnam to her for resale in the United States.The U.S.owners of the copyrights on the items file a suit against Nguyen, alleging infringement.Applying a decision of the United State Supreme Court in a similar case, the court in this case is most likely to rule in favor of Nguyen on the basis that
A)U.S.copyright law does not apply to works that are made outside the United States.
B)Nguyen offered "good" prices for the books.
C)Nguyen imported the books "with the authority of the owner" (her family).
D)the first sale doctrine applies in these circumstances.
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Chapter 27: the Uniform Commercial Code Article 2 and 2a
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Q1) Forms of business organizations that limit the liability of their owners are available to businesspersons around the world.Among the features that such firms have in common, in most nations
A)articles of organization must be filed to form the enterprise.
B)one of the owners must be a foreign entity.
C)the organization can have an unlimited number of owners.
D)the owners are not required to choose persons to manage the business.
Q2) Pond Stock Inc.is a start-up fishery with prospects but no profits as of yet.Pond Stock may be most likely to obtain financing successfully by
A)applying to banks, which are generally willing to lend to start-ups.
B)approaching foreign governments, under which investment laws are less strict than in the United States.
C)attracting venture capital, of which there is more than enough available.
D)crowdfunding.
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Chapter 28: Answers to the Issue Spotters
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Q1) Haruo commits a civil violation of federal securities laws.An enforcement action against Haruo can be brought by
A)the National Securities Markets Agency.
B)the Securities and Exchange Commission.
C)the Securities Enforcement Remedies Administration.
D)the U.S.Department of Justice.
Q2) Banners, Inc., has the power to control the market for its product.Crest Corporation and Delphic Shield Industries, Inc., agree to limit their competitiveness to increase their profits.The Sherman Antitrust Act of 1890 prohibits restraints on trade and commerce that originate from
A)any lack of balance in the nation's economy.
B)business combinations and conspiracies, and certain monopolistic practices.
C)business combinations and conspiracies only.
D)certain monopolistic practices only.
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