Business Organizations Law
Test Questions
Course Introduction
Business Organizations Law explores the legal principles and frameworks governing the formation, operation, and dissolution of various business entities, including partnerships, corporations, limited liability companies, and sole proprietorships. The course examines topics such as fiduciary duties, organizational structure, corporate governance, shareholder rights, and the regulatory environment affecting business operations. Students will analyze statutes, case law, and practical scenarios to understand how legal considerations inform business decisions, manage risk, and resolve conflicts among stakeholders.
Recommended Textbook
Essentials of Business Law and the Legal Environment 11th Edition by Richard A. Mann
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Page 2
Chapter 1: Introduction to Law
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Sample Questions
Q1) A judge deciding a common law case must look for guidance to similar cases previously decided by that court or superior courts.
A)True
B)False
Answer: True
Q2) Which of the following is a true statement?
A)A treaty signed by the president and approved by the Senate has the legal force of a federal statute.
B)A federal statute may supersede a prior treaty.
C)Both (a) and (b).
D)Neither (a) nor (b).
Answer: C
Q3) Which of the following is not ordinarily a part of a reported opinion?
A)The essential facts.
B)The names of the attorneys representing the parties.
C)What pleadings are material to the issues.
D)The application of legal principles involved in the case.
Answer: B
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3
Chapter 2: Business Ethics
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Sample Questions
Q1) Kohlberg believed that all people reach the third stage of moral development by adulthood.
A)True
B)False
Answer: False
Q2) Harvard philosopher,Robert Nozick,stressed liberty,not justice,as the most important obligation that society owes its members.
A)True
B)False
Answer: True
Q3) Which arguments oppose business involvement in socially responsible activities?
A)Lack of corporate focus on profitability.
B)Unfairness to company employees and shareholders.
C)Lack of accountability.
D)All of the above.
E)(a) and (c), but not (b)
Answer: D
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Page 4
Chapter 3: Civil Dispute Resolution
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Sample Questions
Q1) After a plaintiff files a complaint with the clerk of the trial court,the clerk issues a summons to be served on the defendant to notify him that a suit has been brought against him.
A)True
B)False
Answer: True
Q2) Briefly discuss enforcement of a judgment.
Answer: Enforcement faces the winning party if the losing party does not voluntarily pay the judgment and there is no appeal or the reviewing court affirms the judgment.The winning party must request the clerk to issue a writ of execution demanding payment of the judgment.This writ is served by the sheriff.If the writ is returned "unsatisfied" the winning party may post bond and order a levy on and sale of specific nonexempt property of the losing party.An alternative is garnishment,under which the losing party's employer or bank can be contacted so that the judgment can be collected from the losing party's wages or a bank account.
Q3) A quorum for the United States Supreme Court consists of any three justices.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Constitutional Law
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Sample Questions
Q1) Which of the following is correct with regard to the powers of government in the United States?
A)The federal government is a government of enumerated powers.
B)The federal government is all-powerful except in cases of state criminal law.
C)Legislation enacted by Congress does not need to be based on a specific power granted to the federal government by the Constitution.
D)Congress may not enact legislation that affects the states.
Q2) Three different tests are used by the Supreme Court as standards in reviewing cases which raise issues of equal protection.What are the three tests? When is each applied? In your opinion,why have different tests been developed?
Q3) The U.S.Constitution created a federal government of enumerated powers,and legislation enacted by Congress must be based on a specific power the Constitution grants to the federal government or be reasonably necessary for carrying out an enumerated power.
A)True
B)False
Q4) Eminent domain is not one of the recognized inherent powers of government.
A)True
B)False
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Chapter 5: Administrative Law
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Q1) In general,procedural rules are exempt from the notice and comment requirements of the
A)True
B)False
Q2) Administrative hearings are held before a jury,just as are court hearings.
A)True
B)False
Q3) An administrative agency must always use formal procedures to resolve matters.
A)True
B)False
Q4) Administrative agencies establish rules,and then act as both prosecutor and judge in determining whether the rules have been violated.
A)True
B)False
Q5) An agency may impose in its orders sanctions,such as seizing property or revoking a license.
A)True B)False
Q6) (a) What is the purpose of the Freedom of Information Act? (b) To what categories of records does the FOIA allow denial of access?
Page 7
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Chapter 6: Criminal Law
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Sample Questions
Q1) Assume a state has a criminal statute that punishes "every person who by himself or his employee or agent sells anything at short measure." Chris,an employee of Watkins Fencing,Inc.within that state,intentionally sells wire fence to Nowton Construction at short measure.Watkins:
A)may be held criminally liable for Chris's act even if Watkins did not authorize this action.
B)will only be held liable if Chris is a managerial employee.
C)cannot be vicariously liable for Chris's action unless Watkins directed, participated in, or approved of the act.
D)will not be vicariously liable for Chris's action if it was not authorized because the element of mental fault is missing on the part of Watkins.
Q2) Embezzlement and forgery are considered white-collar crimes.
A)True
B)False
Q3) Misdemeanors are less serious crimes punishable by a fine or imprisonment in a local jail.
A)True
B)False
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Chapter 7: Intentional Torts
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Sample Questions
Q1) The Hometown News snapped a picture of Tim as he was sleeping under a tree in the park on a warm spring day.If the paper printed the picture on the front page:
A)the Hometown News is guilty of intrusion.
B)the Hometown News is guilty of false light.
C)the Hometown News is guilty of appropriation.
D)it is unlikely that the Hometown News is guilty of any tort.
Q2) Carl threw a bomb into the office of his insurance agent,intending to kill the agent because the company had disallowed his claim.The agent wasn't in the building,but the bomb seriously injured his secretary,who was working in the office.
A)Carl cannot be liable to the secretary for any torts because he did not intend to hurt her.
B)If Carl knew the secretary was in the office, even if he didn't intend to injure her, his intent to harm the agent is transferred to the secretary who can sue Carl for her injuries with an intentional tort cause of action.
C)Carl has committed a crime, but he is not liable for any torts.
D)Carl has committed the tort of intrusion.
Q3) Discuss invasion of privacy and identify possible defenses.
Q4) Identify the elements of a tort and the objectives of tort law.
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Page 9
Chapter 8: Negligence and Strict Liability
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Sample Questions
Q1) In the majority of states,in a case of negligence per se,the plaintiff would only have to prove violation of a statute in order to show negligent conduct.
A)True
B)False
Q2) The rule which permits the jury to infer both negligent conduct and causation from the mere occurrence of certain events is:
A)proximate cause.
B)res ipsa loquitur.
C)causation in fact.
D)comparative negligence.
Q3) Some states have today merged the implied assumption of risk doctrine into their comparative negligence systems.
A)True
B)False
Q4) By law,bystanders are always required to help others in peril.
A)True
B)False
Q5) Identify the elements a plaintiff must prove in an action for negligence.
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Chapter 9: Introduction to Contracts
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Sample Questions
Q1) A noncontractual promise may be enforceable where there has been justifiable reliance on the promise.
A)True
B)False
Q2) The Uniform Commercial Code does not apply to:
A)employment contracts.
B)service contracts.
C)insurance contracts.
D)contracts involving real property.
E)All of the above.
Q3) George has been declared incompetent by the court and is under the care of his sister.Unknown to his sister,George rents the 10,000-seat civic center for his birthday party.George's contract to rent the civic center is best described as:
A)a void contract.
B)a quasi contract.
C)a voidable contract.
D)an enforceable contract.
Q4) What is the difference between a valid contract and a void contract?
Q5) What are the essential elements of a contract? List and discuss them.
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Chapter 10: Mutual Assent
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Sample Questions
Q1) The person to whom an offer is made is an offeree.
A)True
B)False
Q2) A conditional acceptance:
A)generally accepts the original offer, but provides a way to later avoid contractual obligations.
B)is a common type of counteroffer.
C)operates as a rejection and not a new offer.
D)cannot exist because an acceptance is, by definition, an act that manifests the offeree's willingness to enter into a contract on the terms of the offer.
Q3) If Todd seemingly offers to sell to Ashton his wood gun cabinet but intended to and believes he is offering his wood china cabinet,and Ashton accepts the offer,reasonably believing it is for the gun cabinet,a contract is formed for the sale of the gun cabinet.
A)True
B)False
Q4) An acceptance is generally effective upon dispatch.
A)True
B)False
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Chapter 11: Conduct Invalidating Assent
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Sample Questions
Q1) Fraud in the inducement will render an agreement void.
A)True
B)False
Q2) Which of the following is NOT an element of fraud?
A)Material misrepresentation.
B)Competent parties.
C)Knowledge of falsity.
D)Justifiable reliance.
Q3) Predictions,opinions,and promissory statements ordinarily do not constitute bases of fraud.
A)True
B)False
Q4) The law would most likely impose a duty of disclosure in a transaction between:
A)a salesperson and customer.
B)business partners.
C)a contractor and a homeowner seeking bids on repairing a roof.
D)a seller of real property and a potential buyer who knows the property has greater value than the seller realizes.
Q5) Define and discuss the concept of materiality in relation to misrepresentation
Page 13
Q6) What elements need to be proved to establish each type of fraud?
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Chapter 12: Consideration
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Sample Questions
Q1) Is a promise to pay a pre-existing moral obligation enforceable?
Q2) Clint contests the amount of a bill he received from Car Care Specialists.Under the Restatement,settlement of the claim:
A)is not valid consideration.
B)is not a legal detriment to Clint if his contentions were not made in good faith.
C)is valid consideration if at the time of the settlement the claim was doubtful because of uncertainty as to the facts.
D)does not involve a disputed debt unless Clint contests both the existence of the obligation and the amount of the bill.
Q3) Which of the following is enforceable without consideration?
A)A new promise to pay a debt barred by the statute of limitations.
B)An illusory promise.
C)A promise to supply all of the materials a manufacturer will need for the production of a certain item for a specified period of time.
D)In the majority of states, a promise by a father to pay someone for rendering emergency services to his injured son before the father had arrived at the accident scene.
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Page 14
Chapter 13: Illegal Bargains
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Sample Questions
Q1) An agreement to refrain from a particular trade,profession,or business is enforceable if:
A)the purpose of the restraint is to protect a property interest of the promisee.
B)the agreement is for no longer than two years.
C)the restraint is no more extensive than is reasonably necessary to protect the promisee's property interest.
D)Both (a) and (c) are correct.
Q2) B& B,Inc.pays an attorney to draft and lobby for a bill which will greatly lessen B & B's tax liability to the state and federal governments.B&B gives the attorney $20,000 in cash to pay legislators for taking the time to listen to him.This is an agreement which is a violation of public policy.
A)True
B)False
Q3) Where a stipulation in restraint of trade is part of the sale of a business,it may be valid if the restraint is within reasonable limitations to protect the business's goodwill.
A)True
B)False
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Page 15
Chapter 14: Contractual Capacity
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Sample Questions
Q1) Cheryl,age 16,ordered a new dress to wear to the school prom.She has contracted to pay $500 when the dress arrives.Before the dress arrives,Cheryl decides that the dress is too expensive,and she now wishes to cancel the order.Cheryl:
A)must pay $500 for the dress because the dress was specially ordered for her.
B)must pay $500 for the dress because clothing is classified as a necessary.
C)may disaffirm this executory contract because, while clothing in general is classified as a necessary, a new prom formal would probably not be classified as a necessary.
D)must accept the dress and pay the reasonable value of the dress.
Q2) Contractual incapacity excuses a minor from an obligation to pay for necessaries.
A)True B)False
Q3) Ratification makes a contract void from the beginning.
A)True
B)False
Q4) What is the doctrine of liability for a tort connected with a contract?
Q5) What are the two tests for mental competency?
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Page 16
Chapter 15: Contracts in Writing
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Sample Questions
Q1) In an employment agreement with Carl,Arnold promises to work for Carl for the rest of his life.This promise must be in writing or in proper electronic form to be enforceable.
A)True
B)False
Q2) In determining the meaning of a contract,which of the following will have first priority?
A)Course of performance.
B)Course of dealing.
C)Usage of trade.
D)Express terms.
Q3) Would a letter written after the execution of a contract and which contained agreements different from those in the written contract be admissible under the parol evidence rule?
A)No, because it contradicts the terms of the contract.
B)No, because it changes the agreement.
C)No, because it explains the agreement.
D)Yes, it would be admissible, because it is subsequent to the written agreement.
Q4) Define the statute of frauds and give an example of what is covered.
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Page 17
Chapter 16: Third Parties to Contracts
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Sample Questions
Q1) The general rule is that an assignee stands in the shoes of the assignor.He acquires the rights of the assignor but acquires no new or additional rights.
A)True
B)False
Q2) Consideration must be received for an assignment to be effective.
A)True
B)False
Q3) Carlos voluntarily transfers to Opal his right to receive a payment of $125 due to him from Scott.Scott is the assignee.
A)True
B)False
Q4) In some states,the vesting of a third party's rights occurs only when the third party learns of the contract and assents to it.
A)True
B)False
Q5) List the implied warranties imposed by law on an assignor who has received value for the assignment.
Q6) Name four types of contract rights that are non-assignable.
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Chapter 17: Performance, Breach, and Discharge
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Sample Questions
Q1) In the case of Michael Silvestri v.Optus Software,Inc.,the court held:
A)an objective standard is typically applied to satisfaction clauses in employment contracts.
B)an objective standard must be used in determining what is satisfactory performance in any "satisfaction" contracts.
C)idiosyncratic judgments as to what constitutes satisfactory employee performance are inherently unfair and should not be allowed.
D)in judging a high-level manager's satisfactory performance, a subjective test is appropriate.
Q2) Belinda has a household insurance policy,which requires that she notify the insurance company within 30 days of any loss before she is eligible to receive payment for her loss.The notification requirement is a condition precedent to the insurance company's obligation to perform,even though the notification must occur subsequent to the loss.
A)True
B)False
Q3) Substituted contracts immediately discharge the original contracts.
A)True
B)False
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Page 19
Chapter 18: Contract Remedies
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Sample Questions
Q1) If no performance is rendered at all under a contract,then the damages will be the loss of value of the promised performance.
A)True
B)False
Q2) Restitution requires a return of value to the aggrieved party.
A)True
B)False
Q3) Consequential damages include lost profits and injury to person or property.
A)True
B)False
Q4) In which of the following situations is restitution available as a remedy?
A)As an alternative remedy for a party injured by breach.
B)For a party in default.
C)For a party who may not enforce the contract because of the statute of frauds.
D)All of the above are situations in which restitution is available.
Q5) The remedy for misrepresentation is specific performance of the contract.
A)True
B)False
Q6) What interests of injured parties are protected by remedies for a breach of contract?
Page 20
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Chapter 19: Introduction to Sales and Leases
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Sample Questions
Q1) The common law "mirror image" rule has been modified by the Code.
A)True
B)False
Q2) The case of Construction Associates,Inc.v.Fargo Water Equipment Co.illustrates the doctrine of:
A)course of dealing.
B)unconscionability.
C)usage of trade.
D)a transaction outside the Code.
Q3) Karen has agreed to buy Sara's car,but the two have not agreed on the price.When there is no agreement as to price in a contract for a sale of goods,what effect does it have on the contract?
A)The price is whatever the seller decides.
B)The price is a reasonable price at the time of making the contract.
C)The price is a reasonable price at the time of delivery.
D)There is no contract, because the agreement is not definite and certain enough.
Q4) Contracts containing unconscionable clauses are void and unenforceable.
A)True
B)False
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Chapter 20: Performance
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Q1) Tender of delivery requires:
A)only that the seller put and hold goods that conform to the contract at the buyer's disposition.
B)that the goods be made available to the buyer for at least one week if they are not perishable.
C)that the seller give the buyer reasonable notice of the tender.
D)that tender occur during the buyer's normal business hours.
Q2) A "commercial unit" is a unit of goods that by commercial usage is a single unit and that,if divided,would be materially impaired in character or value.
A)True
B)False
Q3) The buyer's rejection of nonconforming goods or tender is rightful under the perfect tender rule.
A)True
B)False
Q4) Revocation of acceptance requires notice to the seller,whereas rejection does not.
A)True
B)False
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Chapter 21: Transfer of Title and Risk of Loss
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Q1) Inga runs a Swedish health spa in Connecticut.She orders 100 loofah sponges from a company in California.They are sent "F.O.B.Hartford,Connecticut," but they never arrive.What consequence?
A)Inga has to pay anyway since it was a destination contract.
B)The California company is required to bear the loss since the sponges had not yet reached the F.O.B. point.
C)The California company and Inga will have to split the loss since they did not specify in their contract when the risk of loss would pass to Inga.
D)It cannot be determined who has the risk of loss from the information given.
Q2) The Code has expanded the rights of good faith purchasers with respect to sales by minors.
A)True
B)False
Q3) The UCC and the common law are essentially the same in regard to their treatment of risk of loss or damage to identified goods.
A)True
B)False
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Page 23
Chapter 22: Product Liability: Warranties and Strict Liability
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Q1) Strict product liability exists if:
A)the consumer misuses the product.
B)the consumer alters the product before he or she uses it.
C)a defective, unreasonably dangerous product reaches the consumer or user without substantial change in the condition in which it is sold.
D)the consumer gives the manufacturer or seller notice of the defect.
Q2) An implied warranty exists by operation of law.
A)True
B)False
Q3) Geoff's fiancée,Susan,comes to meet his parents for the weekend.On Saturday morning,while using Geoff's mother's hair dryer,the blower short-circuits sending sparks across the guest room.Susan's angora sweater and her hands are covered with tiny burns.Susan's mother is a lawyer and wants her to sue the seller of the dryer for breach of warranty.Can she?
A)No, because horizontal privity would extend only to members of the family.
B)No, because privity would require that Geoff's mother sue.
C)Yes, since she is a guest in the home of the buyer, the warranties would extend to her in most states.
D)Yes, since under the Code all reasonable users are protected from injury.
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Page 24
Chapter 23: Sales Remedies
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Q1) Replevin is an action at law to recover specific goods in the possession of the defendant which are being unlawfully withheld from the plaintiff.
A)True
B)False
Q2) The fair market value of a 10-foot fishing boat is $1,000.In a special promotion,J's Marina purchases a 10-foot fishing boat for $900.The boat is badly scratched when it arrives.J's Marina,however,accepts the shipment and notifies the seller of the defect.The boat as delivered has a value of $800.If the damaged boat is a breach of warranty by the seller,the buyer may recover from the seller:
A)$100.
B)$100 plus incidental and consequential damages.
C)$200.
D)$200 plus incidental and consequential damages.
Q3) A buyer's incidental damages include reasonable expenses or commissions in effecting cover.
A)True
B)False
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25
Chapter 24: Form and Content
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Q1) An "I.O.U." is a negotiable instrument.
A)True
B)False
Q2) Distinguish between a note and a certificate of deposit.How are they alike? How are they different? Explain your answer.
Q3) In the development of the law of negotiable instruments,which of the following was not a step?
A)Centuries ago, contract rights to the payment of money were not assignable because the contractual promise ran to the promisee.
B)Contractual rights became assignable to third parties.
C)The law of assignments changed to permit assignees to obtain greater rights than their assignors.
D)The concept of a holder in due course developed, which allowed certain good faith transferees who gave value to acquire the right to be paid, free of most of the defenses to which an assignee would be subject.
Q4) A draft involves three parties: a drawer,a drawee,and a payee.
A)True
B)False
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Page 26
Chapter 25: Transfer and Holder in Due Course
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Q1) The case,State of Qatar v.First American Bank of Virginia,held that:
A)the phrase "for deposit only" is not an effective restrictive indorsement.
B)depositary banks are not required to handle checks consistent with the restrictive indorsement.
C)the phrase "for deposit only" effectively limits the depositary bank to handle the instrument in a manner consistent with the transaction.
D)a stolen check which is indorsed in blank cannot be freely negotiated by the bearer.
Q2) Ella induces Tammy,by fraud in the inducement,to make an instrument payable to the order of Ella.She subsequently negotiates the instrument to Adam,a holder in due course.If Ella later reacquires the instrument from Adam,Ella will succeed to Adam's rights as a holder in due course under the shelter rule.
A)True
B)False
Q3) A negotiation is void if the transaction in which it occurs is void.
A)True
B)False
Q4) What is negotiation? How does one become a "holder" of an instrument?
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Chapter 26: Liability of Parties
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Q1) Bob,a guest in Jim's house,opens Jim's desk and writes a check to himself on Jim's checking account,forging Jim's signature.He indorses the check "Bob Saunders" and presents it to Jim's bank for payment.If the bank pays,can it collect from Jim's account?
A)Yes, because Bob is the real payee.
B)Yes, because Jim's name is on the check.
C)No, because bank should have known the signature is forged.
D)No, because Jim did not know of the check.
Q2) Brad wrote a check to Clara for $1,000 on his account at First Bank.He then took it to his bank for certification.The bank wrote "certified" on the face of the check.Brad then gave the check to Clara.When Clara took the check to First Bank,they refused to pay,claiming that there was not enough money in Brad's account to cover the check.Which of the following is correct?
A)First Bank is primarily liable on the check, because it has already accepted it.
B)Clara has no recourse under the circumstances.
C)Brad is secondarily liable on the check, because he is the drawer.
D)Two of the above, (a) and (c), are correct.
Q3) List and generally explain the warranties on presentment.
Q4) Discuss the effect of an unauthorized signature on an instrument.
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Page 28
Chapter 27: Bank Deposits, Collections, and Funds Transfers
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Q1) Any unauthorized indorsement must be asserted within one year under the UCC's statute of limitations provision.
A)True
B)False
Q2) A check is drawn on Jones Bank by Tamara and made payable to the order of Chris.Chris indorses it "for deposit only,Acct.2275,Chris" and gives it to Plainer Bank for deposit.Plainer stamps "pay any bank" on the check along with its indorsement and negotiates it to Stone Bank.Stone Bank simply stamps "Stone Bank" and negotiates it to SmallTown Bank.If SmallTown wants to negotiate it to the electric company to pay its bill,can it?
A)Yes, because the restrictive indorsement only applied to earlier indorsees.
B)Yes, because the bank was not responsible for checking more than one indorsement.
C)No, because an item restrictively indorsed with words such as "pay any bank" is locked into the bank collection system.
D)No, because the bank must issue its own check for its own bills.
Q3) UCC Articles 3 and 8 often apply to a bank collection problem.
A)True
B)False
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Chapter 28: Relationship of Principal and Agent
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Q1) The contractual duties owed by a principal to an agent are the duties of:
A)compensation.
B)reimbursement.
C)indemnification.
D)All of the above.
E)None of the above.
Q2) A gratuitous agency is not a true agency because it is not formed by contract.
A)True
B)False
Q3) If Elizabeth,agent for Wade,finds out one of Wade's customers has become insolvent,she has the duty to communicate this information to Wade.
A)True
B)False
Q4) An "electronic agent" is not a true agent since it is not a person.
A)True
B)False
Q5) All employees are agents,but not all agents are employees.
A)True
B)False
Q6) Discuss the nature of agency,including the scope of agency purposes.
Page 30
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Chapter 29: Relationship With Third Parties
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Q1) Nell exceeds her authority when making a contract for Denver.If he ratifies the contract, both Nell and Denver are in the same position as the one they would have been in had Denver actually authorized the act originally except that Nell is not entitled to compensation.
A)True
B)False
Q2) Upon the termination of an agency,the agent's actual authority ceases.However,apparent authority may continue until actual notice of the termination is given to third parties.
A)True
B)False
Q3) An undisclosed principal may result in which of the following?
A)Liability of the agent for any contract made on behalf of such a principal.
B)The agent's being declared incompetent by a court of law.
C)A declaration order by the court for the principal to show a guarantee.
D)All of the above.
Q4) The power of an agent is her ability to change the legal status of her principal.
A)True
B)False
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Chapter 30: Formation and Internal Relations of General Partnerships
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Q1) Owners of interests in businesses with unlimited liability place their entire estate at risk.
A)True
B)False
Q2) No minimum amount of capitalization is necessary before a partnership may commence business.
A)True
B)False
Q3) Under the RUPA,a partner violates the duty of loyalty if the conduct furthers the partner's own interest.
A)True
B)False
Q4) Which of the following is NOT an advantage of a partnership?
A)Partners' income taxes may be less than the income taxes would be on a corporation.
B)Each partner has limited liability.
C)It is possible to bring together more managerial skills than in a sole proprietorship.
D)It is possible to bring together more capital than in a sole proprietorship.
Q5) What are the ways the RUPA recognizes a partnership as an entity?
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Chapter 31: Operation and Dissolution of General Partnerships
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Q1) Carolee,Joanna,and Ellen form Capital City Partnership.Carolee contributes expertise; Joanna,$15,000; and Ellen,$20,000.After a year,Joanna adds $12,000 as a loan.Ten years later,Capital owes $44,000 to creditors,total assets are $112,000,and the partners decide to dissolve the business.How will the assets be distributed under the UPA,and what will each partner receive?
Q2) General Widget's partnership assets amount to $34,000 after liquidation.Frank,Gene,and Hank,equal partners,each contributed $3,000 into the capital pool at the inception of the business.Gene later loaned the business $5,000.The partnership owes $23,000 to creditors for inventory.Under the UPA,what will Gene get in distribution,assuming there is no agreement on the distribution of profits?
A)$5,000.
B)$7,000.
C)$8,000.
D)$11,000.
Q3) The UPA marshaling of assets doctrine is abolished by the RUPA.
A)True
B)False
Q4) Define dissolution under the UPA and discuss its three causes.
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Chapter 32: Limited Partnerships and Limited Liability Companies
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Q1) Typically,members of a limited liability company have the right to vote on proposals to:
A)adopt or amend the operating agreement.
B)admit any person as a member.
C)sell all or substantially all of the limited liability company's assets prior to dissolution.
D)merge the limited liability company with another limited liability company.
E)All of the above.
Q2) The court in Wyler v.Feuer stated that:
A)the general partner owes the limited partners a duty of reasonable care in the management of the business.
B)the general partner may be held liable to the limited partner for any mistakes made or losses incurred in management of the business.
C)a limited partner has a limited right to manage and control the partnership business.
D)Two of the above, both (a) and (b).
Q3) An operating agreement is adopted by members of a limited liability company.
A)True
B)False
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Chapter 33: Nature and Formation of Corporations
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Q1) A corporation is considered to be a person within the meaning of the Fifth Amendment protection against self-incrimination.
A)True B)False
Q2) Once a shareholder sells the stock of the corporation,since the ownership of the corporation changes,a new corporation is formed.
A)True B)False
Q3) The doctrine of ultra vires is of more significance today than it has been in the past.
A)True B)False
Q4) In many states,the services of the incorporators are perfunctory and short-lived. A)True B)False
Q5) What are the consequences of a defective incorporation?
Q6) Discuss what is required in most states to form a corporation.
Q7) Define "promoter" in reference to a corporation.
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Chapter 34: Financial Structure of Corporations
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Q1) A "stock option" permits the purchase of shares at a later date.
A)True
B)False
Q2) The most customary type of dividend is a:
A)stock dividend.
B)cash dividend.
C)property dividend.
D)liquidating dividend.
Q3) What are the principal sources for corporate financing?
A)Debt.
B)Equity investment securities.
C)Retained earnings.
D)All of the above.
Q4) A prospectus is an offer a corporation makes to interest people in buying securities.
A)True
B)False
Q5) How does the Revised Act define the term "distribution"?
Q6) What are the two major issues regarding payment for shares?
Q7) Discuss the use of and types of stock options.
Page 36
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Chapter 35: Management Structure of Corporations
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Q1) The remedy for a director's breach of fiduciary duty is:
A)a suit in equity by the corporation.
B)a derivative suit instituted by a shareholder to require the director to pay to the corporation the profits obtained through the breach.
C)a class action suit by the shareholders.
D)Both (a) and (b).
Q2) The Revised Act authorizes the articles of incorporation to include a provision eliminating or limiting,with certain exceptions,the liability of a director to the corporation or its shareholders for any action he takes,or fails to take,as director.These limitations or exceptions,for which liability would not be affected,include:
A)the amount of any financial benefit the director receives to which he is not entitled, such as a bribe, kickback, or profits from a usurped corporate opportunity.
B)an intentional infliction of harm on the corporation or the shareholders.
C)liability under Section 8.33 for unlawful distributions.
D)an intentional violation of the criminal law.
E)All of the above.
Q3) Discuss the business judgment rule.
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Page 37
Chapter 36: Fundamental Changes of Corporations
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Q1) In order to lease substantially all of a corporation's assets not in the usual course of business:
A)shareholder approval is necessary.
B)shareholder approval is required if so determined by a subjective test under the 1999 amendments to the Revised Act.
C)approval of the board and the majority of the corporation's outstanding shares is required; dissenting shareholders do not usually have an appraisal remedy.
D)shareholder approval is unnecessary, unlike for the sale of assets.
Q2) Brown Corporation purchased all of the stock of Gremlin Corporation.The appraisal remedy is not available to a dissenting shareholder of Brown Corporation.
A)True
B)False
Q3) A shareholder who opposes a fundamental change to the corporation may make a written or oral demand within the prescribed time period in order to be entitled to payment for his shares.
A)True
B)False
Q4) Discuss the similarity between a management buyout and a cash-out combination.
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Chapter 37: Secured Transactions and Suretyship
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Q1) The most common method of perfecting a security interest under Article 9 is filing a completed financing statement.
A)True
B)False
Q2) The UCC defines a debtor's "rights in collateral" in Article 9.
A)True
B)False
Q3) The types of indispensable paper include:
A)chattel paper.
B)instruments.
C)documents.
D)All of the above.
E)None of the above.
Q4) Hank's tractor is collateral for a loan and Hank moves to the next county.In most states,the security instrument must be re-filed in the proper county or it will render the security interest ineffective.
A)True
B)False
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Chapter 38: Bankruptcy
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Q1) Fritz is seriously considering bankruptcy,because he has a large number of outstanding debts,the principal ones of which are as follows: (1)he owes his ex-wife $25,000 in back alimony and child support; (2)he owes $20,000 in guaranteed student loans; (3)he has a lawsuit pending against him in which his ex-girlfriend is asking for $50,000 in damages (the suit is based upon the intentional tort of battery and arises from an incident in which Fritz got mad at his girlfriend and hit her); and (4)he owes the First Bank $20,000 for a loan secured by his new sports car.Should Fritz file for bankruptcy?
Q2) The Bankruptcy Code exempts specified property of an individual debtor from bankruptcy.What are some of these exemptions?
Q3) Within each federal district court is established a bankruptcy court staffed by bankruptcy judges.
A)True
B)False
Q4) Under the Bankruptcy Act,the debtor must file which of the following?
A)A list of creditors.
B)Copies of tax returns for the previous five years.
C)A list of family members and persons who might be considered "insiders."
D)All of the above.
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Chapter 39: Securities Regulation
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Q1) All of the following are exempt from registration under the 1933 Act except:
A)government bonds.
B)securities issued by for-profit medical facilities.
C)notes with a maturity of not more than nine months when issued for working capital.
D)state-regulated insurance company annuities.
Q2) A registration statement generally includes all of the following EXCEPT a:
A)financial statement certified by an independent public accountant.
B)description of the business.
C)description of the management.
D)projection of future growth potential.
Q3) If the SEC requires an amendment to a registration,the 20-day waiting period begins again.
A)True B)False
Q4) The antifraud provisions of the 1933 Act pertain to only registered securities.
A)True
B)False
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Chapter 40: Intellectual Property
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Q1) If a copyright is willfully infringed,the owner may ask for and receive which of the following remedies?
A)Rescission and restitution.
B)Punitive damages.
C)Injunction.
D)Both (a) and (c) above.
E)All of the above.
Q2) The Digital Millennium Copyright Act of 1998 amended the Copyright Act to create limitations on the liability of online providers for copyright infringement when they are engaging in certain activities.
A)True
B)False
Q3) Trade secret law protects a trade secret for renewable 20-year terms.
A)True
B)False
Q4) One way of keeping a trade secret is to obtain a patent on it.
A)True
B)False
Q5) Discuss the concept of fair use in relation to copyright law.
Q6) Identify the three types of patents,their requirements,and duration.
Page 42
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Chapter 41: Employment Law
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Q1) In recent years,the courts have unanimously reinforced the common law doctrine of employment at will.
A)True
B)False
Q2) The Equal Pay Act requires that employees of Native American ancestry and employees of Italian ancestry be paid equally for equal work.
A)True B)False
Q3) The Rehabilitation Act:
A)requires all employers with 20 or more workers to take affirmative steps to employ the handicapped.
B)has been recently amended to categorically remove those with AIDS from its protection.
C)states that a person addicted to cigarette smoking is handicapped under the Act.
D)does not consider drug and alcohol abuse handicapping conditions for the purposes of the statute.
Q4) What is the difference between a "closed shop" and a "union shop"?
Q5) What are the remedies available for violations of the Civil Rights Act of 1964?
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Chapter 42: Antitrust
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Q1) Group boycotts are not prohibited by the Sherman Act.
A)True
B)False
Q2) What are the major functions of the Federal Trade Commission (FTC)and what power does the FTC have?
Q3) It is per se illegal under the Sherman Act for sellers to agree to a maximum price,but not a minimum price.
A)True
B)False
Q4) If a small manufacturer of vacuum cleaners conditions the sales of its cleaners on the buyer's purchasing only that manufacturer's bags,under the Sherman Act this is:
A)illegal per se.
B)a tying arrangement, which will be closely scrutinized by the law.
C)a vertical customer restriction.
D)no violation.
Q5) The Clayton Act exempts labor,agricultural,and horticultural organizations from all antitrust laws.
A)True
B)False
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Chapter 43: Accountants Legal Liability
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Q1) Which of the following can be the basis for an accountant's liability under state law?
A)Contract law and negligence, but not criminal law.
B)Tort law, contract law, and criminal law.
C)Negligence, criminal law, and strict liability.
D)Intentional torts and negligence, but not contract law.
Q2) What is the basis of an accountant's potential criminal liability in rendering professional services?
Q3) Under the Securities Exchange Act of 1934,an accountant's liability for false or misleading statements is based on a good faith negligence standard.
A)True
B)False
Q4) Protected individuals under the Restatement view of tort liability for an accountant include potential investors and the general public.
A)True
B)False
Q5) What are the requisite elements of fraud?
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Chapter 44: Consumer Protection
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Q1) If a debtor defaults on a credit contract,the creditor may:
A)impose a late charge.
B)garnish wages if there has been a court proceeding to enforce collection of a judgment.
C)declare the entire balance of the debt immediately due and may sue on the debt.
D)All of the above.
E)(a) and (c) are correct.
Q2) The Fair Debt Collection Practices Act requires a debt collector to provide the consumer with a written notice.What information must be contained in this notice?
A)The amount of the debt, with interest and penalties clearly delineated.
B)The name and phone number of the current creditor and former creditor.
C)A statement telling the consumer that he can request verification of the alleged debt.
D)A copy of the original credit contract with the original creditor.
Q3) The Truth-in-Lending Act has disclosure requirements for both consumer loans and credit sales over $50,000.
A)True
B)False
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Chapter 45: Environmental Law
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Q1) The CEQ requires that federal agencies make environmental assessments that are major,lengthy studies of potential environmental destruction.
A)True
B)False
Q2) In suing to recover for environmental damage under the common law,plaintiffs generally have had causes of action in:
A)nuisance.
B)trespass.
C)strict liability.
D)All of the above.
Q3) NEPA imposes the responsibility for maintaining the environment on all federal agencies.
A)True
B)False
Q4) Agricultural and urban runoff are examples of point source pollution,which is inherently more difficult to control than nonpoint source pollution.
A)True
B)False
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Chapter 46: International Business Law
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Q1) A multinational enterprise wishing to exploit a patent may choose to sell a foreign company the right to use the property rather than entering the foreign market itself.The sale of such rights is licensing.
A)True
B)False
Q2) A number of countries have joined together in Europe,Asia,Africa,and Latin America to coordinate their regional economies.Which of the following has NOT been an objective of such cooperation?
A)Creation of "regional" legislatures with actual powers.
B)Lowering of tariffs or removing other trade barriers.
C)Providing adequate and effective enforcement of intellectual property rights.
D)Establishing an economic and monetary union.
Q3) Section 1 of the Sherman Act provides that U.S.antitrust laws shall have a narrow reach.
A)True
B)False
Q4) What is the basic purpose of the World Trade Organization (WTO)?
Q5) Azurzerapi Corporation plans to start marketing products worldwide.What forms of multinational business enterprise should it consider?
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Chapter 47: Introduction to Property, property Insurance,
Bailments, and Documents of Title
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Q1) A thief stole Harold's car and installed a tape deck in it.Later the police caught the thief and returned the car to Harold.Harold now owns the tape deck by accession.
A)True
B)False
Q2) Transfer of title to personal property can occur by all but which of the following ways?
A)By deed.
B)By gift.
C)By will or descent.
D)By accession.
E)Transfer can occur by any of the above.
Q3) The regulation of insurance has been left to the states.
A)True
B)False
Q4) If Clark buys a tomato plant,he owns the tomatoes produced by the plant based on "confusion."
A)True
B)False
Q5) Why are delivery and acceptance both necessary to have a valid gift?
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Chapter 48: Interests in Real Property
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Q1) Bob and his sister,Claudia,can own property by:
A)a tenancy by the entireties.
B)tenancy in common.
C)joint tenancy.
D)Any of the above.
E)Both (b) and (c) above.
Q2) Breach of the implied warranty of habitability allows a tenant to withhold rent according to most courts.
A)True
B)False
Q3) If Karen assigns her lease to Henry,Karen and Henry are both liable to the landlord for the rent.
A)True
B)False
Q4) Constructive eviction would result in a discharge of any obligation to pay rent if:
A)proper notice is given to the landlord.
B)the tenant abandons possession within a reasonable time.
C)the tenant fixes the problem.
D)the tenant serves the landlord with a court order.
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Chapter 49: Transfer and Control of Real Property
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Q1) Title insurance policies may be issued to protect the interests of mortgagees or tenants of property.
A)True
B)False
Q2) Which of the following is INCORRECT regarding zoning?
A)Zoning restrictions can be used to regulate, but not to take, private property.
B)A variance permits an otherwise impermissible use of the property.
C)A zoning ordinance needs no reasonable relationship to public health, safety, or morals to be upheld.
D)A nonconforming use may be permitted where property was so used prior to adoption of the zoning ordinance.
Q3) Which of the following is NOT essential to a valid deed?
A)Grantor.
B)Grantee.
C)Delivery.
D)Recording.
Q4) The Fair Housing Act is Title VIII of the Civil Rights Act.
A)True
B)False
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Chapter 50: Trusts and Wills
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Q1) Which of the following is true about a constructive trust?
A)It normally contains detailed instructions for the trustee to follow.
B)The court imposes it to redress an injustice.
C)It is revocable by the trustee.
D)It carries out the intentions of the trustee.
Q2) Taxes imposed at death include:
A)income tax that the estate must pay on income received during estate administration.
B)federal estate tax on the transfer of property at death.
C)state inheritance tax on the privilege of an heir or beneficiary to receive the property.
D)All of the above.
Q3) Almost all jurisdictions require that:
A)express trusts of real property be in writing.
B)trusts have at least four witnesses.
C)an inter vivos trust have at least two trustees.
D)a charitable trust have at least two trustees.
Q4) A totten trust is revocable by the creator.
A)True
B)False
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