Business Organizations Law
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Course Introduction
Business Organizations Law explores the legal principles governing different types of business entities, including partnerships, corporations, limited liability companies, and sole proprietorships. The course covers topics such as entity formation, management structures, fiduciary duties of directors and officers, shareholder rights, mergers and acquisitions, and dissolution procedures. Students will analyze statutory frameworks, case law, and regulatory issues to understand the legal responsibilities and liabilities associated with operating business organizations. Emphasis is placed on practical problem-solving and the strategic considerations involved in selecting and managing business entities across various contexts.
Recommended Textbook
Business Law 17th Edition by Arlen W Langvardt
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Chapter 1: The Nature of Law
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Q1) In the O'Connor v.Oakhurst Dairy case in the text,what was the largest deciding factor in determining whether the defendant might be liable for millions of dollars in unpaid overtime wages?
A)Unambiguous language
B)Legislative history
C)Use of the word "and"
D)A "missing" comma
Answer: D
Q2) Which of the following remedies is described as a court order for a party to perform according to the terms of the parties' contract?
A)Injunction
B)Specific performance
C)Reformation
D)Rescission
Answer: B
Q3) The doctrine of stare decisis states that like cases should be decided alike.
A)True
B)False
Answer: True
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Page 3
Chapter 2: The Resolution of Private Disputes
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Q1) Due process requirements are satisfied when a state or federal court asserts in personam jurisdiction over a nonresident defendant when he has been shown to have the requisite "minimum contacts" with the forum state or federal district.
A)True
B)False
Answer: True
Q2) In the case in the text Daimler AG v.Bauman,why did the Court conclude the district court did not have jurisdiction over the defendant?
A)The defendant received inadequate service of process under the rules for foreign defendants.
B)The defendant only sold products and services in California but was not incorporated there.
C)The defendant's affiliations with California were not so continuous and systematic as to render it essentially at home.
D)Based on the allegations in the plaintiffs' complaint,the defendant did not harm any citizen in California.
Answer: C
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Chapter 3: Business and the Constitution
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Q1) Which of the following is also known as the "dormant" Commerce Clause?
A)Power of Congress to regulate interstate commerce.
B)Power of Congress to regulate instrumentalities of interstate commerce.
C)Limits on the states' ability to burden interstate commerce.
D)Limits on Congress to burden states with taxes.
Answer: C
Q2) The ________ is a very relaxed means-ends test of constitutionality that challenged laws usually pass with ease.
A)rational basis test
B)intermediate scrutiny
C)due process test
D)full strict scrutiny
Answer: A
Q3) Today,the ________ are the main limitations on congressional power.
A)enumerated powers
B)police powers
C)separation of powers
D)independent checks
Answer: D
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Page 5
Chapter 4: Business Ethics, Corporate Social Responsibility,
Corporate Governance, and Critical Thinking
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Q1) ________ protects the rights of those who are less privileged in society.
A)Rights theory
B)Justice theory
C)Rule utilitarianism theory
D)Profit maximization theory
Q2) Profit maximization is a deontological theory.
A)True
B)False
Q3) Debra asks Alex,her stock broker,if she can trust his advice to purchase the stocks for Acme Co.Alex replies,"Of course you can." Debra asks,"Why should I trust you?" Alex says,with a smile,"Because I am a trustworthy person." Alex is engaging in:
A)circular reasoning.
B)bandwagon fallacy.
C)argumentum ad baculum.
D)false analogy.
Q4) Sometimes ethical conduct requires consideration of the decision maker's self-interest to produce a moral result.
A)True
B)False
6
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Chapter 5: Criminal Law and Procedure
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Q1) At a preliminary hearing,the prosecutor must prove his case by the "beyond a reasonable doubt" standard.
A)True
B)False
Q2) Which of the following is an administrative procedure for recording the suspect's arrest?
A)Information
B)Indictment
C)Booking
D)Arraignment
Q3) In Miranda v.Arizona,the United States Supreme Court mandated that police officers have to give suspects a warning about their rights.
A)True
B)False
Q4) Which of the following characterizes searches?
A)They are covered by the Fourteenth Amendment.
B)Warrants are not required for a search on private property.
C)Consensual searches without warrants violate the Fourth Amendment.
D)Customs searches are valid without a warrant.
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Chapter 6: Intentional Torts
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Q1) Typically,those that voluntarily participate in sports have consented to the touching in such sports.However,this consent is limited to:
A)the rules of the sport.
B)what the plaintiff objectively believed was appropriate for the sport.
C)what the plaintiff subjectively believed was appropriate for the sport.
D)contacts that are a normal consequence of the activity.
Q2) The tort of malicious prosecution affords a remedy when the defendant mounted a wrongful and unjustifiable civil suit against the plaintiff.
A)True
B)False
Q3) Which of the following is most likely to be classed as a nuisance (rather than as a trespass to land)?
A)Firing a machine gun through an adjoining landowner's airspace.
B)Allowing thick smoke from your manufacturing operations to continually drift over an adjoining landowner's land.
C)Leaving smelly,unsanitary garbage on your ex-landlord's land after the expiration of your lease.
D)Chasing another person onto an adjoining landowner's land.
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8
Chapter 7: Negligence and Strict Liability
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Q1) Many courts have adopted a test in resolving the proximate cause question,under which a defendant who has breached a duty of care is liable:
A)only for the "natural and probable consequences" of his actions.
B)for all injuries sustained by the plaintiff.
C)even for injuries caused by the plaintiff's negligence.
D)for at least 50 percent of the damages.
Q2) Homer's negligence caused an automobile accident with Bart.As a result of the collision,Bart's car collides with a telephone pole,causing the pole to fall.The falling pole then takes out some electrical power lines.The resulting power outage leaves Patty without any light in her apartment.As she fumbles in the darkness,she trips over her cat,falls,and is injured.Patty sues Homer.In order to avoid liability,Homer's best defense is that:
A)there is no actual cause between the negligence and the injury.
B)there is no proximate cause between the breach of duty and the injury.
C)Bart's car was the one that collided with the telephone pole.
D)the electrical power lines should not have fallen under the force of a car.
Q3) What are the strategies followed by the tort reform movement?
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Chapter 8: Intellectual Property and Unfair Competition
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Q1) Although the Lanham Act is the federal trademark statute,section 43(a)of the statute may be invoked in various situations that do not involve trademark rights.
A)True
B)False
Q2) What can the plaintiff usually elect to receive in lieu of the basic remedy in a case of copyright infringement?
A)Punitive damages
B)Liquidated damages
C)Special damages
D)Statutory damages
Q3) Carlos has written a novel.He wants to protect his intellectual property with a copyright.What must he do first?
A)He must apply to the U.S.Copyright Office for a copyright.
B)He must produce a certificate that he is the original author.
C)He must put the novel in some tangible form,like a hard copy or a compact disc.
D)He must certify that his story is original and novel.
Q4) Discuss a criticism of the first-to-file policy.
Q5) What is the first-to-invent rule?
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Page 10
Chapter 9: Introduction to Contracts
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Sample Questions
Q1) What bodies of law govern contracts in the United State?
A)Article 2 of the UCC
B)Common law related to contracts
C)The United Nations Declaration on Human Rights
D)Both A & B
Q2) Jim purchased software on a CD-ROM disc to complete his taxes.The CD-ROM was bundled in a sealed package with a notice that stated that the consumer was agreeing to the terms of the proposed standardized license agreement when he broke the seal on the packaging.This is called a(n)________ contract.
A)shrinkwrap
B)browse-wrap
C)clickwrap
D)e-mail
Q3) A contract in which one or more of the parties have the legal right to cancel their obligations under the contract is called a(n):
A)void contract.
B)valid contract.
C)voidable contract.
D)unenforceable contract.
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Page 11
Chapter 10: The Agreement: Offer
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Q1) What legal effect does death or insanity of the offeror have on the offer?
A)It terminates the offer automatically.
B)It terminates only the last contract that has been formed with that offeror.
C)It has no legal effect unless and until the offeree is notified of the death of the offeror.
D)It makes the offer voidable.
Q2) Which of the following characterizes the Code's standards of definiteness?
A)It sees courts as contract enforcers.
B)It requires a high degree of definiteness in contracts.
C)It can create contractual liabilities.
D)It cannot fill in gaps in contracts.
Q3) A(n)________ is when a merchant offeror makes written offer to buy or sell goods,giving assurances that the offer will be held open.
A)option
B)firm offer
C)unilateral contract
D)bilateral contract
Q4) An offer is the first step in the contract formation process.
A)True
B)False
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Chapter 11: The Agreement: Acceptance
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Q1) Judith George makes an offer to sell a plot of land using a normal letter and states no authorized means by which the offeree,Helga Holmes,must respond if she accepts.If Helga accepts the offer using a normal letter,which of the following is true?
A)The acceptance is effective upon dispatch.
B)The acceptance is effective when it is received.
C)The offer is invalid because it fails to stipulate the means of acceptance.
D)The acceptance would be effective upon dispatch even if the means of acceptance is unreasonable.
Q2) Kevin offers to sell Howard his vintage piano for $1,000.Howard tells Kevin,"If you don't hear from me in seven days,I accept." Kevin did not hear from Howard in those seven days.Does Howard's silence amount to acceptance?
A)No,because an offeree's silence can never operate as an acceptance.
B)Yes,because an offeree's silence can operate as an acceptance if he has indicated that it will.
C)No,because Howard did not have the present intent to accept the offer.
D)No,because Kevin and Howard did not have a prior course of dealings.
Q3) Why is an offeree's silence not considered to be acceptance of an offer?
Q4) What is the "mailbox rule"? What risk does it create for the offeror?
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Page 13
Chapter 12: Consideration
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Q1) In general,settlements of liquidated debts are not binding due to the absence of consideration,while settlements of unliquidated debts are a binding accord and satisfaction.As a matter of technical consideration law,what justifies this distinction?
Q2) Bill is 25 years old.His uncle promised in writing to pay him $2,000 if Bill would refrain from drinking alcohol for one year.Bill refrained from drinking alcohol for one year.However,his uncle now refuses to pay Bill as they agreed.The uncle claims that because Bill suffered no detriment by refraining from alcohol,his non-drinking does not constitute legal consideration,and,therefore,no contract was formed.If Bill sues his uncle,Bill will:
A)win because Bill had a legal right to drink alcohol.
B)lose because consideration must have monetary value.
C)win because no consideration is needed in this contract.
D)lose because refraining from an action can never be considered legal consideration.
Q3) Which of the following is adequate consideration?
A)A preexisting duty
B)Agreement to settle an unliquidated debt
C)A preexisting moral obligation
D)Nominal consideration
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14
Chapter 13: Reality of Consent
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Q1) Bob's threat to breach an existing contract unless Lauren makes another contract with Bob is considered:
A)an act of duress,because breach of an existing contract violates a criminal statute.
B)an act of duress,depending mainly on the coerciveness of the threat.
C)not an act of duress,because it does not involve physical force.
D)not an act of duress,because breaking a contract normally does not violate a criminal statute.
Q2) Threatening to breach a contract unless the party agrees to modify the terms of a contract is an example of economic duress.
A)True
B)False
Q3) Misrepresentations can either be innocent or fraudulent.
A)True
B)False
Q4) Duress involves threats and coercion while undue influence involves persuasion to susceptible individuals.
A)True
B)False
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Chapter 14: Capacity to Contract
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Q1) In January 2002,a court with the necessary subject-matter jurisdiction holds Marvin mentally incompetent and appoints a guardian for him.In November 2002,Marvin escapes his guardian's care and takes off on his own.While eating lunch with Clara,who knows about Marvin's condition,Marvin signs an agreement to sell a valuable property he owns.When he signs the contract,Marvin believes that he is the President of the United States signing an important treaty.The agreement between Marvin and Clara is best described as:
A)void.
B)voidable.
C)unenforceable.
D)perfectly valid,if the price Clara pays for the property is fair.
Q2) The general rule is that,contracts entered into during minority can be disaffirmed as soon as they are formed.Which of the following is an EXCEPTION to the rule?
A)Contracts affecting investment.
B)Contracts affecting the title to real estate.
C)Contracts affecting necessary supplies to be provided to the minor.
D)Contracts affecting his/her employment as a child actor.
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Page 16
Chapter 15: Illegality
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Q1) Sam,a plumber,entered into a contract for $75,000 with Orr,Inc. ,to perform certain plumbing services in a building owned by Orr.After Sam had satisfactorily performed the work,Orr discovered that Sam had violated the state licensing statute by failing to obtain a plumbing license.As a result,Orr refused to pay Sam.The licensing statute was enacted merely to raise revenue for the state.An independent appraisal of Sam's work indicated that the building's fair market value increased by $70,000 as a result of Sam's work.The cost of the materials that Sam supplied was worth $35,000.If Sam sues Orr,Sam will be entitled to recover:
A)nothing.
B)$35,000.
C)$70,000.
D)$75,000.
Q2) Which of the following is not a factor when a court considers whether an agreement is illegal for public policy reasons?
A)The importance of the public policy involved.
B)Whether both parties knew the agreement was illegal.
C)The seriousness of any wrongdoing involved.
D)If enforcement of the agreement would interfere with the public policy involved.
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Chapter 16: Writing
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Q1) Parol evidence can be used to resolve ambiguities in a completely integrated written contract.
A)True
B)False
Q2) A signature is sufficient to form the basis of authenticity of a written contract.
A)True
B)False
Q3) Which of the following statements about the United Nations Convention on Contracts for the International Sale of Goods (CISG)is true?
A)The CISG requires that all contracts be in writing to be enforceable.
B)The CISG requires that contracts can only be proven by subsequent agreements.
C)The CISG requires that all contracts must be supported by independent evidence.
D)The CISG permits parties to a written contract to require that any modifications of the contract be in writing.
Q4) All contracts must be in writing to be enforceable.
A)True
B)False
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Chapter 17: Rights of Third Parties
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Q1) Rice contracted with Locke to build an oil refinery for Locke.The contract provided that Rice was to use United Pipe Fittings.Rice did not do so.United learned of the contract and,anticipating the order,manufactured additional fittings.United sued Locke and Rice.United is:
A)entitled to recover from Rice only,because Rice breached the contract.
B)entitled to recover from either Locke or Rice because it detrimentally relied on the contract.
C)not entitled to recover because it is a donee beneficiary.
D)not entitled to recover because it is an incidental beneficiary.
Q2) In an assignment/delegation,which party remains secondarily liable on the obligation that has been delegated?
A)Assignor/delegator
B)Assignee/delegatee
C)Third party
D)Obligee
Q3) Amelia contracts to have her portrait painted by Hamilton for $10,000.Hamilton assigns the contract to Drew,another artist.Has there been a valid delegation of duties here? Why or why not?
Q4) What is the purpose of vesting?
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Chapter 18: Performance and Remedies
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Q1) Which of the following would not discharge a contract?
A)A party consents to an alteration of the contract
B)A party voluntarily waives any right he has under the contract
C)The time for bringing a lawsuit has exceeded the time prescribed in the statute of limitations
D)A party's debts are discharged by a decree of bankruptcy
Q2) In World of Boxing LLC v.King,the case in the text,the court held that:
A)impossibility excused King's breach because his mistaken belief was reasonable.
B)impossibility excused King's breach because he should not be punished for failing to foresee a plainly remote and unlikely event.
C)impossibility did not excuse King's breach.
D)impossibility excused King's breach because his duty to perform was triggered by an event out of his control.
Q3) On October 31,a Congressional candidate orders a quantity of campaign literature from a local printer.The stated time of performance is November 2.November 8 is Election Day.The literature is not delivered until November 9.Thus,the candidate refuses to pay.Is this position justified? Why or why not? Assume that nothing was said in the contract about time being of the essence.
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Chapter 19: Formation and Terms of Sales Contracts
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Q1) If goods have been delivered to a buyer pursuant to a sale or return contract,the:
A)buyer may use the goods but not resell them.
B)seller is liable for the expenses incurred by the buyer in returning the goods to the seller.
C)title to the goods remains with the seller.
D)risk of loss for the goods passed to the buyer.
Q2) Sean goes to Pinnacle Corp. ,convinces the store manager that he is their loyal online customer Ryan and purchases a DVD credited to Ryan's account.He then sells the DVD to Jason for a higher price.When Ryan finds out,he wants the DVD back from Jason.Which of the following is true of the case?
A)Ryan is a good faith purchaser.
B)Pinnacle can get the DVD from Jason.
C)Sean has voidable title to the DVD.
D)Jason needs to pay Sean and Pinnacle.
Q3) A music store lets Laura take a guitar home with her so that Laura can test how it plays.After playing the guitar for a day,Laura puts it on her sofa and forgets about it.Two weeks later,the guitar is damaged due to a fire.Who must bear the risk of loss for the damage to the guitar?
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Chapter 20: Product Liability
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Q1) Goods that are unmerchantable are:
A)unfit for any use.
B)unfit for the ordinary purposes for which such goods are used.
C)unfit for the particular use that the buyer intends.
D)unfit for the particular use that the buyer intends,and the buyer is a merchant.
Q2) A(n)________ is a clause attempting to block recovery of certain damages.
A)promissory estoppel
B)condition subsequent
C)implied warranty
D)remedy limitation
Q3) Which of the following is an express or implied promise about the nature of the product sold?
A)Warranty
B)Caveat
C)Advertisement
D)License
Q4) A disclaimer is a clause attempting to block recovery of certain damages.
A)True
B)False
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Chapter 21: Performance of Sales Contracts
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Q1) UCC section 2-301 outlines what basic duty of the seller?
A)To define all contract terms to avoid gap fillers
B)To designate an agent for each buyer
C)To deliver the goods called for by the contract
D)To make a profit on sales
Q2) Under the UCC,if a buyer treats goods as if he owns them,the buyer is considered to have accepted them.
A)True
B)False
Q3) Bob contracts to sell Ben 20 bales of hay.A bale is the accepted commercial unit in hay transactions.Ben accepts only 9 1/5 of the 20 bales.Under the UCC,Ben is considered to have accepted:
A)all 20 bales.
B)10 bales.
C)9 bales.
D)nothing.
Q4) List a few scenarios under which sellers may be excused from performing contractual obligations.
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23
Chapter 22: Remedies for Breach of Sales Contracts
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Q1) S agrees to sell B 10,000 widgets at a price of $1 per widget.After B breaches the contract,S resells the widgets for $0.90 per widget.As a result of selling the widgets at a lower price,S loses $100 in sales commissions.What amount can S recover from B?
A)Nothing
B)$100
C)$1,100
D)$1,000
Q2) If the seller has justifiably withheld delivery of the goods because of the buyer's breach,the buyer may:
A)not recover any money or goods he has delivered to the seller.
B)not recover the goods.
C)recover only goods that he has not delivered.
D)recover any money or goods he has delivered to the seller over and above the agreed amount of liquidated damages.
Q3) The seller is obligated to resell the goods in cases where the buyer refuses to accept goods that conform to the contract.
A)True
B)False
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24
Chapter 23: Personal Property and Bailments
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Q1) What is the term for a voluntary transfer of property to a donee from the donor?
A)Conveyance
B)Trust
C)Gift
D)Title
Q2) A person becomes the owner of abandoned property by possessing the property.
A)True
B)False
Q3) If property is controlled by the government,like a park,then it is private property.
A)True
B)False
Q4) Which of the following characterizes the Uniform Transfers to Minors Act?
A)The custodian must be the transferor himself.
B)It defines a minor as anyone under the age of 21.
C)It only covers the transfer of real property to a minor.
D)It has been adopted in a few states.
Q5) An involuntary bailee has the right to use or destroy the property.
A)True
B)False
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Chapter 24: Real Property
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Q1) Richard sells land to Jones but reserves the mineral rights to the property as well as an easement to enter the land to remove the minerals.Richard has acquired the easement by:
A)prescription.
B)grant.
C)reservation.
D)implication.
Q2) Which of the following is sufficient for a gift of real property to be valid?
A)Delivery of a properly executed deed
B)Possession of the property
C)Actual possession of the property
D)An oral declaration
Q3) Which of the following types of recording statutes grants superior title to the first grantee who records a deed?
A)Race-notice statute
B)Notice statute
C)Race statute
D)Torrens statute
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Chapter 25: Landlord and Tenant
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Q1) Ned Nerdman rented an apartment from Best Properties,Inc.The apartment did not have a functioning lock on a sliding patio door.Nerdman had given Best notice of this defective condition at least three weeks earlier.Best did not install a lock.As Nerdman slept at night,Phil entered the apartment through the unlocked patio door,knocked Nerdman unconscious,and stole Nerdman's expensive computer.Does Nerdman have a good cause of action against Best? Explain your reasoning.
Q2) International law regulates lease terms in the United States. A)True
B)False
Q3) Tanya,a tenant,gave Lou,her landlord,a $1,000 security deposit when she moved in.When she moved out four years later,Lou withheld $500 from Tanya's deposit because the carpet was 50% worn out.This was the only damage in the apartment.The carpet has a normal useful life of eight years,and it costs $1,000.How much of the security deposit was Lou entitled to withhold?
A)$500,because wear and tear is the responsibility of the tenant.
B)Nothing;Tanya should replace the carpet before moving out.
C)Nothing,because the wear and tear here was ordinary and reasonable.
D)The entire value of the carpet,i.e. ,$1,000.
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27
Chapter 26: Estates and Trusts
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Q1) A person making a will is called the ________.
A)settlor
B)heir
C)testator
D)bequest
Q2) The probate process involves collecting the decedent's property,paying off debts,and distributing the remaining property to others.
A)True
B)False
Q3) Which of the following provides that where two persons who would inherit from each other (such as husband and wife)die under circumstances that make it difficult or impossible to determine who died first,each person's property is to be distributed as though he or she survived?
A)Uniform Probate Act
B)Patient Self-Determination Act
C)Uniform Estate Planning Act
D)Uniform Simultaneous Death Act
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28
Chapter 27: Insurance Law
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Q1) Which of the following accurately states the legal effect of the insured's violation of an increase of hazard clause in a property insurance policy?
A)An increase of hazard clause provides that the insurer's liability will be terminated if the insured takes any action materially increasing the insurer's risk.
B)The insurer acquires the right of subrogation.
C)The insurer cannot avoid having to pay the insured for a loss unless the loss resulted from the condition that constituted a violation of the increase of hazard clause.
D)The insured becomes obligated to pay punitive damages to the insurer.
Q2) Which of the following costs does an insurer agree to pay in a liability policy?
A)Sums an insured becomes legally obligated to pay to another party.
B)Sums an insured loses because he experiences damages to his personal property.
C)Sums an insured loses because he experiences damage to his personal property.
D)Sums an insured loses because of coinsurance costs after an accident.
Q3) The insurance relationship is contractual.
A)True
B)False
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Chapter 28: Introduction to Credit and Secured Transactions
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Q1) Artisans liens were created by statute to provide additional protection for artists in recovering unpaid funds for services.
A)True
B)False
Q2) Possession of the goods must have been entrusted to the artisan for the artisan lien to come into play.
A)True
B)False
Q3) Payne borrowed $500 from Long Bank.At the time the loan was made to Payne,Gem orally agreed with Long that Gem would repay the loan if Payne failed to do so.Gem received no personal benefit as a result of the loan to Payne.Which of the following is most likely to be true,under the circumstances?
A)Gem must provide a collateral to Long.
B)Both Gem and Payne are primarily liable to repay the loan.
C)Gem is free from liability concerning the loan.
D)Payne must provide a lien to Gem for the amount of the debt.
Q4) A mortgage is a security interest in real property.
A)True
B)False
Page 30
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Chapter 29: Security Interests in Personal Property
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Q1) Each state specifies by statute where the financing statement has to be filed.
A)True
B)False
Q2) Revised Article 9 of the UCC,which governs secured transactions,has been adopted in how many states?
A)50 states
B)42 states
C)23 states
D)14 states
Q3) Wonder Widget Company manufactures widgets that are sold to retailers.The retailers,in turn,sell these widgets to consumers for their own use.These widgets are:
A)inventory in the hands of Wonder.
B)equipment in the hands of the consumers.
C)equipment in the hands of the retailers.
D)consumer goods in the hands of Wonder.
Q4) Where the creditor has possession of the collateral,the security agreement may be oral.
A)True
B)False
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Chapter 30: Bankruptcy
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Q1) ________ refers to the agreement between the debtors and the creditors wherein creditors put pressure on debtors to pay debts that have been discharged in bankruptcy.
A)Reaffirmation agreement
B)Discharge agreement
C)Blank endorsement
D)Buy-sell agreement
Q2) Dave,who is in financial trouble,has ten creditors.An involuntary bankruptcy petition against Dave requires that three of these creditors sign the petition.
A)True
B)False
Q3) In the case in the text,In re Siegenberg,the court dismissed the Chapter 7 petition because:
A)Siegenberg misrepresented her financial condition.
B)Siegenberg filed the petition in bad faith.
C)Siegenberg had an extensive history of bankruptcy filings and dismissals.
D)Siegenberg had a foreseeable likelihood of future income to fund a Chapter 11 or 13.
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Chapter 31: Negotiable Instruments
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Q1) A person creates a handwritten instrument in pencil on a piece of wrapping paper.The instrument is:
A)negotiable even though it is handwritten.
B)nonnegotiable because it is handwritten.
C)nonnegotiable since it is written on a piece of wrapping paper.
D)void.
Q2) Jack writes a check made payable to "Gary Stone and Susan Wright." Who may negotiate the check?
A)Neither Gary nor Susan because the check is unenforceable.
B)Gary because he is the first named party to whom the check is made payable.
C)Either Gary or Susan may negotiate the check.
D)Both Gary and Susan have to negotiate the check.
Q3) A conditional indorsement:
A)destroys the negotiability of the instrument.
B)does not destroy the negotiability of an otherwise negotiable instrument.
C)validates the instrument.
D)does not destroy the negotiability of the instrument but invalidates it.
Q4) Instruments cannot be negotiable if they are payable in a foreign currency.
A)True
B)False
Page 33
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Chapter 32: Negotiation and Holder in Due Course
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Q1) When a holder makes a blank indorsement of a negotiable instrument that is bearer paper,what legal effect does this have?
A)There is no effect-bearer paper does not need to be indorsed.
B)The bearer negotiates it by transfer alone and no further indorsement is necessary for negotiation.
C)The instrument is no longer negotiable,as it has been altered.
D)The instrument is converted into order paper.
Q2) If the holder's name on an instrument is misspelled or wrong,then the indorsement:
A)can be made only in his name.
B)can be made only in the name that is on the instrument.
C)can be made either in his name or in the name that is on the instrument.
D)can never be made by putting his name as well as the name that is on the instrument.
Q3) Duress that causes the transfer of a negotiable instrument:
A)prevents its negotiation.
B)is a good defense against a holder in due course of the instrument.
C)is subject to rescission before the instrument is transferred to a holder in due course.
D)is a good defense against the maker of a note.
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Chapter 33: Liability of Parties
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Q1) Penny draws a check for $25 on her Big Bank checking account payable to the order of Carol.Carol puts a "5" in front of the 2,raising the check to $525,and indorses it.She then negotiates the check to Mel.Mel then presents the check for payment to Big Bank,which pays her $525 and charges Penny's account that amount.Penny asks Big Bank to recredit her account for $500,and Big Bank does so.What recourse does the Bank have and against whom?
Q2) What section of the UCC addresses enforcement of a negotiable interest that has been altered?
A)1-201
B)3-407
C)3-670
D)6-224
Q3) Potter owes George $500.Potter writes a check payable to George for that amount.Later,George loses the check.Potter is now discharged from his liability on the check.
A)True B)False
Q4) A drawee has no liability on a draft unless it certifies or accepts the draft. A)True B)False
Page 35
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Chapter 34: Checks and Electronic Transfers
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Q1) A bank's right or duty to charge a depositor's account for a check can be terminated when a:
A)stop-payment order from the depositor after the bank has certified a check.
B)depositor files a bankruptcy petition.
C)notice of garnishment of the account by the depositor.
D)creditor of the depositor files a bankruptcy petition after the notified cut-off hour on the banking day after the check is received.
Q2) Banks are not required to disclose their funds availability policy to all of their customers.
A)True
B)False
Q3) Which of the following defeats a bank's liability for failing to observe a stop-payment order?
A)That the order was oral rather than written.
B)That the bank was not given 14 days to obey the order.
C)That the bank paid a person against whom the customer did not have a defense.
D)That the bank has the customer sign a disclaimer holding the bank harmless for its failure to exercise ordinary care and good faith regarding its handling of stop-payment orders.
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Page 36
Chapter 35: The Agency Relationship
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Q1) Which of the following is true of apparent authority?
A)It arises when an agent falsely claims to be acting under the authority of a principal.
B)It requires express authorization,in words or writing,from the principal.
C)It arises when the principal leads a third party to believe that an agent is authorized.
D)It requires that the agent receive consideration from the principal,i.e. ,the agent is not a gratuitous agent.
Q2) Why is agency important to sole proprietors?
A)Without agency,a sole proprietor's ability to engage in trade would be limited by the need to make purchases and contracts in person.
B)Without agency,which vests a sole proprietor with authority,a sole proprietor would not be able to enter into contracts.
C)Without agency,a sole proprietor's business would die with the proprietor.
D)Agency is not important to sole proprietors because sole proprietors cannot create an agency relationship
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Chapter 36: Third-Party Relations of the Principal and the Agent
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Q1) An agent's implied authority is always considered superior in law,and thus can contradict principal's express statements.
A)True
B)False
Q2) Lee,a landlord,hires Shomo,a repairman,to fix a broken staircase in the house occupied by his tenants,the Grants.However,Mrs.Grant has an accident while climbing down the stairs and injures herself severely.It was found that Shomo had not fixed the staircase properly,which caused this accident.Which of the following is true of this situation?
A)The Grants can file a lawsuit against Shomo,since Shomo was an agent and did not perform his duties properly.
B)Lee will be held liable under the doctrine of respondeat superior for the non-performance of Shomo.
C)The Grants can hold Lee directly liable for Shomo's tortious behavior,since Shomo was Lee's employee.
D)Lee will be held directly liable for Shomo's failure to perform,since Shomo was Lee's nonemployee agent.
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Page 38
Chapter 37: Introduction to Forms of Business and Formation of Partnerships
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Q1) Generally,professional shareholders are personally liable for the obligations of the professional corporation.
A)True
B)False
Q2) Jack is the sole proprietor of his sewing business,Jack's Custom Tailoring.Jack is required to:
A)file the trade name under a state statute requiring the registration of fictitious business names.
B)put notice of his trade name in the local newspaper.
C)register the trade name with the state's attorney general's office.
D)file a separate federal tax return for the business.
Q3) A limited partnership:
A)dissolves when a limited partner dies.
B)may not have a corporation as a general partner.
C)may be taxed either as a partnership or as a corporation.
D)may be created by default.
Q4) The equity of a partnership is called partnership capital.
A)True
B)False
39
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Chapter 38: Operation of Partnerships and Related Forms
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Q1) In a partnership,partners may give everyone notice of limitation on a partner's authority by filing a(n)________ with the secretary of state.
A)special resolution
B)Article of Organization
C)memorandum of association
D)Statement of Denial
Q2) Which of the following remedies is appropriate for a partner's breach of the duty to serve?
A)Assessing the partner the cost of hiring a person to do his work.
B)Paying the other partners double compensation.
C)Charging the partner a 10 percent penalty against any profits he may be entitled to.
D)Ousting the partner from the partnership.
Q3) LLP partners are personally liable for contractual obligations and may be sued.
A)True
B)False
Q4) Under the Revised Uniform Partnership Act partners owe each other loyalty.
A)True
B)False
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Chapter 39: Partners Dissociation and Partnerships
Dissolution and Winding up
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Q1) Which of the following is true about dissociation?
A)It is a partner's right to dissociate himself from the partnership.
B)A partner has the power to dissociate from the partnership at any time.
C)When a partner's dissociation violates the partnership agreement,it is nonwrongful dissociation.
D)Consequences of wrongful and nonwrongful dissociations are always the same.
Q2) Which of the following is an implied authority of a partner winding up the business of an accounting partnership?
A)Entering into new contracts made after the dissolution
B)Disposing of the partnership's excess supplies
C)Making a contract to audit the financial records of a new client
D)Borrowing money in the name of the partnership
Q3) Which of the following is an apparent authority during winding up?
A)Providing a third-party notification of the dissolution
B)Continue making new contracts with disregard to the third parties' awareness about the same
C)Conducting business the way it was before its dissolution
D)Filing a Statement of Dissolution with the secretary of state
Q4) Discuss the rules of dissociation and dissolution for mining partnerships.
Q5) Discuss a partner's authority to borrow money during winding up.
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Chapter 40: Limited Liability Companies, limited
Partnerships, and Limited Liability Limited
Partnerships
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Q1) In the absence of a decision by the members of an LLC,any member can demand the distribution of profits prior to the dissolution of the LLC.
A)True
B)False
Q2) Steve,Martha,and Pete formed an LLC two years ago.As of today,Steve has contributed $100,000,Martha has contributed $50,000,and Pete has contributed $50,000 to the LLC.The LLC made a profit of $30,000 in two years.By default,how much will Steve's share of profits be?
A)$10,000
B)$20,000
C)$15,000
D)$30,000
Q3) Each partner in a limited partnership owns an interest in the partnership.This is deemed his personal property.
A)True
B)False
Q4) A majority of the members of an LLC must agree to the plan of merger.
A)True
B)False
Page 42
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Chapter 41: History and Nature of Corporations
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Q1) Nearly all for-profit corporations are incorporated under what laws?
A)Government owned incorporation law
B)General incorporation law
C)State LLC law
D)State Nonprofit law
Q2) According to the Supreme Court of the United States,a foreign corporation may be brought into a state's court in connection with its activities within the state,provided that the state does not violate the corporation's due process rights under the Fourteenth Amendment of the Constitution and its rights under the:
A)Foreign Business Clause.
B)Domestic Business Clause.
C)Commerce Clause.
D)Doing Business Clause.
Q3) What is the number of events considered sufficient under the minimum contacts test to confer jurisdiction on a state's courts?
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Chapter 42: Organization and Financial Structure of Corporations
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Q1) John is the promoter of Wheelies Corp. ,an automotive wheel manufacturing business.To escape personal liability on preincorporation contracts,John planned to make only nonbinding preincorporation contracts.He made one such contract in March 2011 with his friend David for supplying Wheelies with auto parts.After getting payment for the contract,David refused to make the supply.Wheelies has not been incorporated yet.Is David liable?
A)No,David is not liable because John is not liable on the contract.
B)No,David is not liable because Wheelies has not been formed yet.
C)Yes,David is liable to Wheelies but not to John.
D)Yes,David is liable to both John and Wheelies.
Q2) Which of the following corporation names would be improper?
A)Big Box Company
B)Big Box,Inc.
C)Bog Box,Ltd.
D)Big Box
Q3) Promoters are personally liable on a preincorporation contract but are released from liability when the corporation adopts the contract.
A)True
B)False
Page 44
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Chapter 43: Management of Corporations
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Q1) The person who is designated to vote on behalf of the shareholder is called a(n):
A)sharebroker.
B)agent.
C)voter.
D)proxy.
Q2) In a nonprofit corporation,when a director engages in fraudulent conduct,members holding at least ________ percent of the voting power may petition a court to remove the wrongdoing director.
A)fifty
B)five
C)ten
D)twenty-five
Q3) Under the Model Business Corporation Act,a director who is sued in connection with his/her duties to the corporation may be indemnified by the corporation when:
A)the director acted in good faith and his conduct was lawful.
B)the director failed to act in the best interests of the corporation.
C)the director's actions were grossly negligent but not intentional.
D)the director received unqualified financial benefits.
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Chapter 44: Shareholders Rights and Liabilities
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Q1) Under the Model Business Corporation Act (MBCA),notice of a(n)________ meeting of shareholders must list the purpose of the meeting.
A)special
B)quarterly
C)general
D)annual
Q2) A ________ is a lawsuit brought to gain out-of-court settlements for the complaining shareholders personally or to earn large attorney's fees,rather than to obtain a recovery for the corporation.
A)derivative action
B)double derivative suit
C)strike suit
D)class action
Q3) What are the various ways through which a corporation can be dissolved?
Q4) A majority shareholder can sell her shares at a:
A)premium.
B)discount.
C)bonus.
D)markdown.
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Chapter 45: Securities Regulation
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Q1) Which of the following issuers must register securities with the SEC under the 1934 Act?
A)An issuer with total assets of $12 million,whose debentures are traded in interstate commerce and are held by 600 holders.
B)An issuer with total assets of $9 million,whose stocks are traded in intrastate commerce and are held by 700 holders.
C)An issuer with total assets of $14 million,whose debentures are traded in interstate commerce and are held by 300 holders.
D)An issuer with total assets of $8 million,whose stocks are traded in intrastate commerce and are held by 400 holders.
Q2) Which of the following instruments is NOT considered to be a security?
A)Mortgage notes
B)Treasury stock
C)Certificate of interest
D)Investment contract
Q3) Icarus Company is considering making an offering of its common shares under Regulation A of the Securities Exchange Act of 1933.What are the requirements it must meet?
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Chapter 46: Legal and Professional Responsibilities of
Auditors, Consultants, and Securities Professionals
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Q1) Brown,a CPA,helped Cook organize a partnership that was actually an abusive tax shelter.Brown induced clients to participate by making false statements concerning the eligibility of deductions and tax credits.As a result of these activities,Cook derived $100,000 in gross income and Brown derived $50,000 in gross income.According to federal tax law,what is Brown's penalty for promoting this abusive tax shelter?
A)$100,000
B)$10,000
C)$1,000
D)$50,000
Q2) Individuals convicted of a Racketeer Influenced and Corrupt Organizations Act (RICO)violation may be:
A)fined up to $250,000 without an imprisonment.
B)fined up to $150,000 and imprisoned up to 25 years.
C)fined up to $150,000 without an imprisonment.
D)fined up to $250,000 and imprisoned up to 20 years.
Q3) A professional may delegate his/her duty without the consent of the client.
A)True
B)False
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Chapter 47: Administrative Law
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Q1) The ________ exercise(s)the greatest control over agency behavior.
A)President
B)states
C)Congress
D)courts
Q2) Under the Freedom of Information Act (FOIA),administrative agencies must normally respond to public requests for documents within ________ after such a request has been received.
A)30 days
B)20 days
C)10 days
D)40 days
Q3) The ________ is the branch given lawmaking power.
A)executive branch
B)legislative branch
C)judicial branch
D)administrative branch
Q4) Administrative action is subject to basic constitutional tests.
A)True
B)False
Page 49
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Chapter 48: The Federal Trade Commission Act and Consumer Protection Laws
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Q1) Which of the following is not considered when the FTC determines whether an advertisement is deceptive?
A)Whether the advertisement involves a material misrepresentation,omission,or practice
B)Whether the advertisement is likely to mislead a consumer
C)Whether the advertisement is often taken seriously by consumers
D)Whether the consumer acted reasonably under the circumstances
Q2) Which of the following is NOT a possible consequence resulting from a successful FTC adjudicative proceeding attacking deceptive or unfair behavior?
A)Affirmative disclosure
B)All-products order
C)Corrective advertising
D)Imprisonment
Q3) According to the Magnuson-Moss Warranty Act of 1975,a consumer is a buyer or transferee who either uses the product himself or sells it to another consumer.
A)True
B)False
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Chapter 49: Antitrust: the Sherman Act
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Q1) If a plaintiff proves that it has suffered a direct injury by another company in violation of the Sherman Act,it is entitled to recover:
A)twice the amount of loss it suffered as a result of the violation,plus court costs and attorney's fees.
B)twice the amount of loss it suffered as a result of the violation.
C)only the amount of loss it suffered as a result of the violation,plus court costs and attorney's fees.
D)three times the amount of loss it suffered as a result of the violation,plus court costs and attorney's fees.
Q2) Today's market structure in many important industries is ________,meaning that a few dominant firms account for the bulk of production.
A)monopolistic
B)stochastic
C)oligopolistic
D)anticompetitive
Q3) Intent to monopolize is necessary to prove a violation under the Sherman Act.
A)True
B)False
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and Immunities
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Q1) Mr.Blue and Mr.Yellow own all of the casinos in Delta City.Mr.Green wants to open a casino in Delta City but finds it too difficult to break into the market.Mr.Green sues Mr.Blue and Mr.Yellow for antitrust violation under the Clayton Act.What is the likely reason for the case being dismissed?
A)The Clayton Act does not deal with antitrust issues associated with real estate,services,or intangibles.
B)The Clayton Act does not permit a plaintiff to sue two defendants.
C)Gambling is a vice and as such cannot be litigated in the court system.
D)The common law dictates that businesses cannot sue after failing to establish themselves in the commercial market.
Q2) The Foreign Sovereign Immunities Act (FSIA)provides that all commercial activities of foreign sovereigns and their agents are exempt from antitrust liability.
A)True
B)False
Q3) Section 7 of the Clayton Act prohibits mergers of companies that would lessen competition in the market or create a monopoly.
A)True
B)False
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Chapter 51: Employment Law
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Q1) The White Forest Employment Agency has 35 employees.White Forest pays all of its female employees less than all of its male employees.It also refuses to refer female customers to any "Fortune 500" corporations (all of which are big and have operations in more than one country).Of the two kinds of discrimination in which White Forest engages,which does Title VII cover?
Q2) Which of the following is a similarity between Title VII and the employment discrimination provision known as "Section 1981"?
A)Both Title VII and Section 1981 apply to sex discrimination.
B)Both Title VII and Section 1981 apply to racial discrimination.
C)Both Title VII and Section 1981 impose limits on covered employees.
D)Both Title VII and Section 1981 impose limits on compensatory damages.
Q3) Which of the following is least likely to be forbidden by Title VII?
A)Discrimination against a man solely because of his gender.
B)Discrimination against a woman solely because she is a lesbian.
C)Discrimination against a woman solely because of her religion.
D)Discrimination against a person of French ancestry because he "talks like an Englishman."
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Chapter 52: Environmental Regulation
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Q1) NEPA is what type of law?
A)Federal law that affects all federal agencies and federal action
B)State law affecting state agencies across all 50 states
C)International law impacting state action
D)Municipal law that impacts federal action
Q2) The permit program for any dredging or filling activity in a wetland is administered by the:
A)Army Corps of Engineers.
B)Wetland Preservation Board.
C)Environmental Protection Agency.
D)National Institute of Health.
Q3) What are the essential components of an environmental impact statement? How are business people affected by the environmental impact statement requirement?
Q4) Which of the following was the earliest federal legislation enacted to protect water bodies against pollution?
A)The Marine Protection,Research,and Sanctuaries Act
B)The Safe Drinking Water Act
C)The Clean Water Act
D)The River and Harbor Act
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