Business Organizations
Test Questions
Course Introduction
This course provides a comprehensive overview of the legal structures and operational dynamics of various business organizations, including sole proprietorships, partnerships, corporations, and limited liability companies. Students will examine how these entities are formed, managed, and dissolved, with attention to the rights and responsibilities of owners, partners, shareholders, and directors. The course also explores issues related to governance, fiduciary duties, financing, and the regulatory environment affecting different business forms. Through case studies and practical examples, students will develop an understanding of how organizational choice impacts business strategy and legal liability.
Recommended Textbook Business Law 16th Edition by Jane Mallor
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Page 2
Chapter 1: The Nature of Law
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Q1) The doctrine of standing to sue requires that,in order to be able to mount a civil suit,a plaintiff must have some direct and considerable stake in the outcome of the suit.
A)True
B)False
Answer: True
Q2) In which of the following circumstances,under the doctrine of stare decisis,does the common law rule stated in an earlier judgment not apply to a present case?
A) Only when the case concerns a government agency.
B) Only when the court distinguishes the earlier decision.
C) Only when the parties involved jointly appeal to the courts to do so.
D) The doctrine of stare decisis does not allow this kind of a situation.
Answer: B
Q3) Though formal natural law defense is not recognized in court,judges may take natural law oriented views while interpreting statutes.
A)True
B)False
Answer: True
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Chapter 2: The Resolution of Private Disputes
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Q1) Jack,a resident of Texas,sued Jill,a resident of Kentucky,alleging breach of contract.Jack may attach Jill's bank account in Kentucky to recover the amount of the judgment from the account,if his suit is successful.This is an example of:
A) in rem jurisdiction.
B) in personam jurisdiction.
C) quasi in rem jurisdiction.
D) venue.
Answer: C
Q2) Jurisdiction based on the presence of property within the state is called _____ jurisdiction.
A) in rem
B) personam
C) sui iuris
D) subject-matter
Answer: A
Q3) Generally,forum selection clauses in form agreements are unenforceable.
A)True
B)False
Answer: False
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Page 4
Chapter 3: Business and the Constitution
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Q1) The First Amendment prohibits state regulation of deceptive commercial advertising.
A)True
B)False
Answer: False
Q2) Which of the following has NOT been categorized as a suspect class?
A) Race and national origin
B) Alienage
C) Sexual orientation
D) Illegitimacy
Answer: C
Q3) The Commerce Clause has become a federal power with an extensive regulatory reach.This is largely due to judicial decisions regulating:
A) the channels of interstate commerce.
B) and protecting the instrumentalities of interstate commerce.
C) persons or things in interstate commerce.
D) activities that substantially affect interstate commerce.
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) The _____ of corporate social responsibility holds that rather than merely striving to maximize profits for its shareholders,a corporation should balance the interests of shareholders against the interests of employees,suppliers,customers,and the community.
A) deontological theory
B) Kantian theory
C) stakeholder theory
D) utilitarian theory
Q2) Which of the following ethical theories focuses on a decisions or action alone,irrespective of the result it produces?
A) Deontological theory
B) Teleological theory
C) Profit maximization theory
D) Utilitarian theory
Q3) An "argumentum ad populum" used in an argument is a wrong conclusion:
A) that does not follow from the facts or premises set out.
B) based on a false analogy.
C) that relies on the idea that a popular belief is true.
D) based on an attack against the speaker,not his/her reasoning.
Q4) What two conditions must be met if profit-maximization is to maximize utility?
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Chapter 5: Criminal Law and Procedure
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Q1) Which of the following is a provision of the Sarbanes-Oxley Act of 2002?
A) It imposed a maximum of 15 years of imprisonment as punishment for the destruction of documents.
B) It decreased the maximum term of imprisonment for mail fraud and wire fraud to 15 years.
C) It provided legal protection for corporate employees who act as whistleblowers.
D) It shortened the statute of limitations period within which certain securities fraud cases may be filed.
Q2) Which of the following characterizes the Computer Fraud and Abuse Act (CFAA)?
A) It is a statute enacted by a state legislature.
B) It imposes only civil liabilities in fraud cases.
C) It imposes only criminal liabilities in fraud cases.
D) It imposes liabilities in cases concerning interstate commerce.
Q3) During a 'Terry Stop' officers may not conduct a pat down search of an individual without a warrant.
A)True
B)False
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Chapter 6: Intentional Torts
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Q1) What is the standard of proof that the plaintiff must satisfy in a tort case?
A) Preponderance of the evidence
B) Beyond-a-reasonable-doubt
C) Benefit of assumption
D) Burden of proof
Q2) Which of the following is true of 'invasion of privacy'?
A) Public figures do not enjoy any right to privacy.
B) There are four distinct torts related to it.
C) It is a subject of the Second Amendment of the U.S.Constitution.
D) Examining a person's public records amounts to an invasion of privacy.
Q3) _____ to land may be defined as any unauthorized or unprivileged intentional intrusion upon another's real property.
A) Trespass
B) Nuisance
C) Conversion
D) Battery
Q4) With a tort the government,either the State or Federal government,prosecutes an individual for a harm to society.
A)True
B)False
Page 8
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Chapter 7: Negligence and Strict Liability
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Q1) The most important example of strict liability principles in modern legislation is:
A) Road safety legislations
B) Environmental acts
C) Disabilities acts
D) Workers' compensation acts
Q2) Generally,property owners do not owe a duty of care to trespassers,who regularly enter the land without authorization.
A)True
B)False
Q3) Which of the following parties enter a property with the possessor's consent,but for his/her own purpose?
A) Licensee
B) Trespasser
C) Invitee
D) Attendee
Q4) Negligence per se is defined as negligence where one party is a citizen of a foreign nation.
A)True
B)False
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Chapter 8: Intellectual Property and Unfair Competition
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Q1) Ms.Green is a teacher at a high school.She is teaching a class on civics and photocopies a chapter about government ethics by Mr.Blue.Ms.Green uses the photocopy to prepare a class discussion for her students and after the class she destroys the photocopy.Ms.Green is not guilty of a copyright violation.
A)True
B)False
Q2) A trademark is considered to be abandoned when:
A) the owner fails to use it.
B) it acquires a generic meaning.
C) it has been obtained by fraud.
D) it is suggestive or arbitrary.
Q3) What section of the United States Constitution empowers Congress to promote progress of science by enacting copyright and patent laws?
A) Article I § 8
B) Article I § 15
C) Article 2 § 5
D) Article 3 § 1
Q4) Discuss one criticism of the first-to-file policy.
Q5) What is patent infringement?
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Chapter 9: Introduction to Contracts
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Sample Questions
Q1) What is the test frequently used to determine "hybrid" contracts?
A) Determining the value of the contract.
B) Determining the party to benefit.
C) Determine which element predominates.
D) Determining the validity of the contract.
Q2) Calvin tells Sara that he will sell her his car for $5,000.Sara agrees.The exchange is to take place in 10 days.The contract between Calvin and Sara is now:
A) unilateral,executory,and valid.
B) bilateral,executed,and voidable.
C) bilateral,executory,and express.
D) bilateral,executory,and implied.
Q3) The mutual agreement necessary to create an express contract is evidenced by writing.
A)True
B)False
Q4) Alan and Ben have a contract.Alan has performed 100 percent and Ben has performed 50 percent of it.This contract is now executory.
A)True
B)False
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Chapter 10: The Agreement: Offer
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Q1) All terms of contracts,even "fine-print" terms of standard form contracts,are always part of the parties' deal and binding on them,because parties have an obligation to read their contracts and are assumed to have done so.
A)True
B)False
Q2) How can an offeree impliedly reject an offer?
A) By indicating that he will not accept it
B) By asking for more time to think
C) By making a counteroffer
D) By writing his nonacceptance
Q3) An online agreement that presents contract terms and conditions but does not require readers to click to indicate agreement is called a:
A) clickwrap agreement.
B) shrinkwrap agreement.
C) browsewrap agreement.
D) minimum contracts agreement.
Q4) Sellers at a public auction are treated as makers of an invitation to offer.
A)True
B)False
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Chapter 11: The Agreement: Acceptance
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Q1) According to the Code,when there is an acceptance that contains terms that are different from the original terms of the contract,the contract will consist of _____ and the appropriate gap-filling presumptions of the Code.
A) an inquiry regarding terms
B) notifications to prevent breach of conduct
C) counteroffers from either party
D) terms on which the parties' writings agree
Q2) Under the mailbox rule,the acceptance of an offer is effective at the time the acceptance is dispatched unless:
A) both the offeror and offeree are merchants.
B) the offer proposes a sale of real estate.
C) the acceptance is not in the authorized mode of communication.
D) the acceptance is lost or never reaches the offeror.
Q3) The UCC states that a properly dispatched acceptance sent by a reasonable means of communication within a reasonable time is effective on dispatch.What does the UCC mean by "reasonable" here?
Q4) An acceptance is assent to a proposal by the offeree to the offeror.
A)True
B)False
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Chapter 12: Consideration
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Q1) Which of the following is an element of a promissory estoppel?
A) The promisee should reasonably expect to induce reliance
B) Reliance on the promise by the promisor
C) A promise to pay liquidated debts
D) Injustice to the promisee as a result of alliance
Q2) Mr.Blue gave his favorite nephew Jim Jr,who is a mechanic,$1000 in January.Later that year he needed his car repaired.In the sales contract Mr.Blue indicated that the amount owed should be deducted from the money already paid.A court will find that Mr.Blue failed to give proper consideration for the contract.
A)True
B)False
Q3) Which of the following is true of consideration?
A) A promise cannot be deemed a consideration in a bilateral contract.
B) The legal value of a consideration must be equal to the actual value in a consideration.
C) Gross inadequacy of consideration can give rise to an inference of fraud for setting aside a contract.
D) A preexisting moral obligation is deemed a consideration.
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Chapter 13: Reality of Consent
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Q1) Jim,the CEO of Maple Inc. ,had to sign a few papers that Amanda,his secretary,presented to him.Unknown to Jim,Amanda had carefully slipped in a contract for the sale of Jim's home to her in the papers which he signed.If Amanda seeks to enforce the contract,Jim's best defense to have the contract declared void would be:
A) innocent misrepresentation.
B) fraud in the execution.
C) mistake.
D) duress.
Q2) Undue influence cases often involve a relationship of trust and confidence between the contracting parties.
A)True
B)False
Q3) According to contract law,a(n)_____ is a belief about a fact that is not in accordance with the truth.
A) assertion
B) concealment
C) mistake
D) material
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Chapter 14: Capacity to Contract
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Sample Questions
Q1) Ted failed to disaffirm a contract during his minority.The contract was automatically:
A) ratified.
B) rescinded.
C) set aside.
D) made voidable at the option of the minor.
Q2) _____ makes any contract valid from its inception and can be done effectively only after a minor reaches majority.
A) Disaffirmance
B) Emancipation
C) Ratification
D) Consideration
Q3) 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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Chapter 15: Illegality
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Q1) Jan opens a sandwich shop across the street from another sandwich shop run by Amy.Amy is disturbed by this competition,and she agrees to pay Jan $5000,in exchange for Jan's promise to quit the business and not to engage in a similar business within ten-mile radius of Amy's business.Is this contract legal and enforceable? Why or why not? If the agreement is not enforceable,how might Jan and Amy restructure it to increase its chances of being legal?
Q2) Public policy never changes and is constant for judges to rule on.
A)True
B)False
Q3) A contract is said to be _____-that is,the legal part can be separated from the illegal part-if the contract consists of several promises or acts by one party,each of which corresponds with an act or a promise by the other party.
A) implied-in-fact
B) voidable
C) unenforceable
D) divisible
Q4) Courts provide remedy for the breach of illegal agreements.
A)True
B)False
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Chapter 16: Writing
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Q1) With regard to an agreement for the sale of real estate,the statute of frauds:
A) does not require that the agreement be signed by all parties.
B) does not apply if the value of the real estate is less than $500.
C) requires that the entire agreement be in a single writing.
D) requires that the purchase price be equal to the value of the real estate.
Q2) On May 1,Dix and Wilk entered into an oral agreement by which Dix agreed to purchase a small parcel of land from Wilk for $450.Dix paid Wilk $100 as a deposit.The following day,Wilk received another offer to purchase the land for $650,the fair market value.Wilk immediately notified Dix that Wilk would not sell the land for $450.If Dix sues Wilk for specific performance,Dix will:
A) prevail,because the amount of the contract was less than $500.
B) prevail,because there was part performance.
C) lose,because the fair market value of the land is over $500.
D) lose,because the agreement was not in writing and signed by Wilk.
Q3) The statute of frauds requires that:
A) some contracts be evidenced by a writing.
B) all contracts involving fraud must be void.
C) all three-party contracts be collateral ones.
D) there can be no secondary debts in a contract.
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Page 18
Chapter 17: Rights of Third Parties
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Q1) The assignor impliedly warrants to the assignee that the obligor has capacity to contract.
A)True
B)False
Q2) Union Bank lent $200,000 to Wagner.Union required Wagner to obtain a life insurance policy naming Union as beneficiary.While the loan was outstanding,Wagner stopped paying the premiums on the policy.Union paid the premiums,adding the amounts paid to Wagner's loan.Wagner died and the insurance company refused to pay the policy proceeds to Union.Union may:
A) recover the policy proceeds because it is a creditor beneficiary.
B) recover the policy proceeds because it is an incidental beneficiary.
C) not recover the policy proceeds because it is not in privity of contract with the insurance company.
D) not recover the policy proceeds because one cannot claim insurance for oneself.
Q3) Which of the following is true of delegation?
A) It requires special,formal language.
B) It covers all duties stated in a contract.
C) It is often confused with assignment.
D) It automatically places all legal responsibilities on the delegatee.
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Page 19
Chapter 18: Performance and Remedies
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Q1) There is prescribed formal language that must be used to create an express condition as part of a contract.
A)True
B)False
Q2) Maria and Joe entered into a contract for the sale of Maria's car.Delivery of the car and payment were to be made on March 1.Joe clarified that he needed the car so that he can commute between San Francisco and Oakland to his new job that is starting on March 2.Maria broke the contract and failed to deliver the car on March 1.Joe needed a car to commute so he rented a car at $30 per day for 20 days,which was the reasonable amount of time it took him to locate and buy another car.Joe sued Maria for his losses,including the $600 car rental.The $600 makes up the _____ damages.
A) liquidated
B) consequential
C) punitive
D) specific performance
Q3) There cannot be subjective standards of personal taste and comfort when determining a promisee's performance.
A)True
B)False
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Page 20
Chapter 19: Formation and Terms of Sales Contracts
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Q1) Lisa took her computer to ABC Computer Sales and Repair,Inc.ABC mistakenly sold her computer to Rafi.Lisa may successfully sue Rafi for return of the computer.
A)True
B)False
Q2) If the seller contracts to deliver goods to a certain destination and the contract says "Ex-ship," the seller bears the risk of loss until it delivers the goods to a shipper.
A)True B)False
Q3) Article 2A of the UCC deals exclusively with the leasing of goods.
A)True B)False
Q4) In mixed goods-services situations,courts determine whether the contract is for the sale of goods by determining whether the good or the service is the dominant part of the transaction.
A)True B)False
Q5) What is the UCC approach to the risk of loss of goods during transportation?
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21
Chapter 20: Product Liability
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Q1) A disclaimer of the implied warranty of merchantability must be in writing to be enforceable.
A)True
B)False
Q2) Mr.Green purchases a treadmill from Mr.Brown.Mr.Green tells Mr.Brown that he is purchasing the treadmill to jog and sprint.The treadmill that Mr.Green purchases does not allow for speeds faster than walking.Mr.Green should be able to recover his purchase money or receive a different machine based on the UCC warrant for specific purpose.
A)True
B)False
Q3) In order to be liable under the implied warranty of merchantability,a seller must be a merchant.
A)True
B)False
Q4) Statements made in an advertisement are what kind of warranty?
A) Express
B) Implied
C) Corporate
D) Fiduciary
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Chapter 21: Performance of Sales Contracts
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Q1) What does tender of delivery mean?
A) The seller must make the goods available to the buyer.
B) The buyer must accept and pay for the goods if they conform to the contract.
C) Where delivery is to be made in lots,the seller can demand the price of each lot upon delivery.
D) The goods are to be delivered at the buyer's place of business.
Q2) Under the Code,consideration is required to support a modification or rescission of a contract for the sale of goods.
A)True
B)False
Q3) After entering into a contract,a buyer becomes concerned that the other party may not be able to perform his contract obligations.The buyer demands assurance from the other party that the contract will be performed.What is the maximum time period that the buyer would have to wait before considering the other party has repudiated the contract?
A) 90 days
B) 10 days
C) 30 days
D) 365 days
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Page 23
Chapter 22: Remedies for Breach of Sales Contracts
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Q1) Russ purchases a new television set from Trista's TVs.The television set carries a four-year express warranty.It was purchased on November 1,2002 and delivered on November 3,2002.On February 3,2007,after four years and three months of service,the set collapsed due to a defect covered by the warranty.Russ had discovered this defect on November 5,2002 when he turned the television set on for the first time.When did the Code's statute of limitations begin to run?
A) November 1,2002
B) November 3,2002
C) November 5,2002
D) February 3,2007
Q2) 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
Q3) A buyer is entitled to the remedy of specific performance when:
A) the contract is between merchants.
B) the contract is for unique goods.
C) the contract is for goods where the price is $500 or more.
D) the contract requires delivery in installments.
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Page 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) In the United States property ownership by citizens is protected by the Constitution.
A)True
B)False
Q3) While eating dinner at a restaurant,Elvis placed his backpack on an empty chair located next to his table.When Elvis left the restaurant,he forgot to pick up the backpack.A few minutes later,Priscilla discovered the backpack and took possession of it.What rights to the backpack do Elvis,Priscilla,and the restaurant have?
Q4) A hotelkeeper is liable for loss or damage to property if it can be proved that it was caused by:
A) the bailor's negligence.
B) an act of a government authority.
C) the nature of the goods.
D) the bailee's or hotel's own conduct that caused the damage.
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Chapter 24: Real Property
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Q1) Melissa's home is located in small and quiet neighborhood which has been declared a residential area by the local zoning ordinances.She wants to convert her patio into a small bakery for her neighbors who have often expressed their admiration for her baking skills.Does Melissa have any solution?
A) Yes,she can take permission for a variance.
B) Yes,she can try for an amendment.
C) No,she cannot go against a zoning ordinance.
D) No,a residential zone can never be used for commercial purposes.
Q2) Real property includes land but does not include residential buildings and permanent structures.
A)True
B)False
Q3) Eminent domain:
A) allows the government to acquire private property for public use.
B) allows a private citizen to sue his neighbors for nuisance.
C) instructs private citizens to ensure reasonable security of their premises.
D) prohibits discrimination in housing on the basis of race or disabilities.
Q4) Any land owner can bring an action for a public nuisance.
A)True
B)False
Page 26
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Chapter 25: Landlord and Tenant
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Q1) Average State University students Ann,Bo,and Sherry are co-tenants under a ten-month lease of a River Heights apartment from complex owner Stella Slumlord.The monthly rent set forth in the lease is $480.All three co-tenants signed the lease,which has five more months to go.Ann,Bo,and Sherry have each been chipping in $160 per month to cover the rent.Slumlord was aware of the co-tenants' rent-sharing agreement.Bo recently flunked out of school and has returned to his parents' home in Reno,Nevada.Bo has informed Ann,Sherry,and Slumlord that he will no longer be sharing in the rent.Slumlord has made demands upon Ann and Sherry for payment of the full monthly rental of $480? Is Slumlord legally justified in making this demand? Explain.
Q2) In most states,landlords must give a reasonable advance notice to the tenant before exercising the right to terminate the tenancy.
A)True
B)False
Q3) Leases are regulated by what government entity/laws?
A) International treaties and International Organizations
B) Federal government and U.S.Constitution
C) State and Local
D) Native American tribal governments
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Chapter 26: Estates and Trusts
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Q1) The property held in trust is called the _____.
A) attachment
B) lien
C) corpus
D) accession
Q2) John died without leaving a will.He left a wife and two children.He lived in Boise,Idaho,and he owned a ski condo in Aspen,Colorado.How will John's ski condo be distributed upon his death?
A) The law of intestate succession of Idaho will be followed,because Idaho is the state where John was domiciled at the time of his death.
B) The law of intestate succession of Colorado will be followed,because Colorado is where John's condo is located.
C) The federal law of intestate succession will be followed,because John's property is located in more than one state.
D) The property will escheat to the State of Idaho.
Q3) A personal representative to an estate is also known as an executor.
A)True
B)False
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Chapter 27: Insurance Law
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Q1) Which of the following is an accurate statement about liability insurance policies?
A) They cover bodily injury or property damage that result from the insured's business or professional pursuits.
B) They typically provide the insured with coverage for punitive damages liability he may face.
C) They typically do not provide the insured with coverage for the consequences stemming from his negligent acts.
D) They may be used by the insured as a way of transferring risks associated with certain tort liability he may face.
Q2) How does an insurance company fully perform on an insurance contract?
A) Pay out the amount specified in the contract with an event occurs
B) Accept the insured premium payment
C) Notify the State of the contract
D) File the insurance contract with the court
Q3) An insurance contract,though transferring existing risk,is legally permissible and valid contract.
A)True
B)False
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Chapter 28: Introduction to Credit and Secured Transactions
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Q1) Under the common law,artisans,innkeepers,and common carriers were not entitled to liens.
A)True
B)False
Q2) Under the _____ system,the subcontractors or materialmen have direct liens and are entitled to liens for the value of labor and materials furnished,irrespective of the amount due from the owner to the contractor.
A) strict foreclosure
B) New York
C) conditional foreclosure
D) Pennsylvania
Q3) What does the term "judgment-proof" imply about a debtor?
A) He/she has defaulted on a mortgage.
B) He/she has paid the full amount for the transaction.
C) He/she has provided a security interest for the debt.
D) He/she has no property subject to execution.
Q4) An unsecured credit transaction involves the greatest benefit to the creditor.
A)True
B)False
Q5) What is an equity of redemption?
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Chapter 29: Security Interests in Personal Property
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Q1) Which of the following is a way of perfecting a security interest?
A) Mere attachment of security interest
B) Filing a private notice
C) Creditor making a private sale of the collateral
D) Debtor retaining the possession of the collateral
Q2) What section of the UCC governs the prioritization of competing security interest in collateral for secured loans?
A) 2-201
B) 3-343
C) 6-230
D) 9-322
Q3) If the debtor defaults on his agreement with the creditor,the creditor repossesses the collateral,and the creditor then sells the collateral.However,the creditor may also retain any surplus if the amount realized on the sale exceeds the amount of the debtor's debt.
A)True
B)False
Q4) What is the general priority rule established by the Uniform Commercial Code?
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Chapter 30: Bankruptcy
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Q1) The priority claims to a Bankruptcy Estate are pain after the secured claims but before the unsecured claims.
A)True
B)False
Q2) _____ refers to securing exempt personal property from secured creditors by paying them the full value of the collateral at the time the property is redeemed.
A) Automatic stay
B) Discharge
C) Exemption
D) Redemption
Q3) Chapter 13 of the Bankruptcy Code gives individuals an opportunity to pay their debts free of such problems as garnishments and attachments of their property by creditors.
A)True
B)False
Q4) Chapter 14 of the Bankruptcy Code allows for special protections for family farmers.
A)True
B)False
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Page 32
Chapter 31: Negotiable Instruments
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Q1) Carl writes a check made payable to "Patricia Sullivan or William Hayes." Who may negotiate the check?
A) Neither Patricia nor William: The check is unenforceable.
B) Patricia as she is the first named party to whom the check is made payable.
C) William as he is the last named party to whom the check is made payable.
D) Either Patricia or William may negotiate the check.
Q2) A(n)_____ can be negotiated or transferred by delivery of possession without indorsement.
A) order paper
B) bearer paper
C) cashier's check
D) teller's check
Q3) A typed or rubber stamped signature is sufficient if it is put on the instrument to validate it.
A)True
B)False
Q4) An instrument can be made payable to two or more payees.
A)True
B)False
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Chapter 32: Negotiation and Holder in Due Course
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Q1) Under the most modern revision to Article 3,a depositary bank cannot become a holder of a check that is deposited by a customer without an indorsement.
A)True
B)False
Q2) A _____ indorsement is one where the indorser disclaims her liability to make the instrument good if the maker or drawer defaults on it.
A) special
B) conditional
C) qualified
D) blank
Q3) Order paper that is indorsed in blank becomes bearer paper.
A)True
B)False
Q4) What are the four categories of claims listed in Revised Article 3?
Q5) What is the term for when law renders an obligation to pay an instrument void.
A) Forgery
B) Comity
C) Illegality
D) Duress
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Chapter 33: Liability of Parties
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Q1) In which of the following situations is the obligor not likely to be fully discharged from his or her liability on a negotiable instrument?
A) Jerry wrote a check to Elaine.Elaine cashes the check later.
B) Edward lends Monica $1,000 toward her college expenses.She gives Edward a promissory note for $1,000,which Edward accidentally tears up.
C) On June 1,2002,Kim receives a draft from Kurt payable on July 1,2002.Kurt then pays her in cash and cancels the draft.
D) John fraudulently increases the amount due on the check from Bruce.
Q2) Chin wants to buy a small parcel of land.The seller requires a certified check as payment.Chin has a checking account with ABC bank;he prepares a check for the seller and then has the bank certify it.He then presents the check to the seller.Who may now be liable for payment of the amount of the check?
A) Chin only.
B) ABC bank only.
C) Both Chin and ABC bank.
D) Neither Chin nor the ABC bank.
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Page 35
Chapter 34: Checks and Electronic Transfers
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Q1) A stop-payment order is authorized by the:
A) bearer.
B) creditor.
C) drawer.
D) drawee.
Q2) The time period within which a customer must report unauthorized customer signatures to the bank to get his account recredited is:
A) fourteen days.
B) six months.
C) one year.
D) three years.
Q3) A bank may,but need not,pay any checks that are more than six months old.
A)True
B)False
Q4) A drawer can claim alteration as a reason for not charging a particular check to his account,even if the drawer has contributed to the alteration in some way.
A)True
B)False
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Chapter 35: The Agency Relationship
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Q1) Larry works for Shannon as a salesperson.Shannon gave Larry a credit card with Larry's name on it so that Larry could charge necessary business expenses to Shannon's business account.Larry charged $1,000 in personal expenses,wholly unrelated to Larry's employment.Does apparent authority exist? Discuss.
Q2) Termination of agency by the principal it is known as renunciation and termination by agent it is known as revocation.
A)True B)False
Q3) Which of the following is true of an agent who has the authority to appoint a subagent?
A) An agent becomes a principal with respect to the subagent.
B) An agent is able to appoint a subagent without the principal's knowledge.
C) An agent has the authority to appoint a subagent when the situation involves a nondelegable duty.
D) An agent has the authority to appoint a subagent when the co-agent demands such an appointment.
Q4) The principal's death automatically terminates an existing agency.
A)True B)False
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Chapter 36: Third-Party Relations of the Principal and the Agent
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Q1) A principal is liable on a contract made by his agent if the agent had actual authority to make the contract.
A)True
B)False
Q2) Stan hired Mason to work as a janitor in Stan's apartment building.Mason was negligent.He left the floor in the building lobby wet and slippery,without putting up a warning sign.Martha slipped and fell on the wet floor.If Stan is liable for this accident,what is the source of his liability?
A) Direct liability
B) Vicarious liability
C) Strict liability
D) Negligent liability
Q3) If an agent has authorized his subagent to make a certain contract and this authorization is within the authority granted to the agent by his principal,the principal is bound to the subagent's contract.
A)True
B)False
Q4) Why is it impossible for there to be apparent authority on behalf of an undisclosed principal?
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Chapter 37: Introduction to Forms of Business and Formation of Partnerships
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Q1) Which of the following forms of business always imposes double taxation on the earnings of the business?
A) A corporation
B) A limited liability company
C) A limited liability partnership
D) A sole proprietorship
Q2) Which of the following is true about a partnership?
A) It is not a tax-paying entity for federal income tax purposes.
B) Business losses are deductible based on the limit on a partner's individual tax return.
C) It does not have a life apart from its owners.
D) Partners in partnership do not assume personal liability for obligations of the business.
Q3) One of the most important factors in establishing co-ownership of the business is:
A) making profits.
B) sharing management.
C) encouraging voluntary relationships.
D) creating joint ventures.
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Page 39
Chapter 38: Operation of Partnerships and Related Forms
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Q1) Under what condition may a partner compete against the partnership business?
A) If the business is in the IT field
B) If all the partners have consented to the partner's activities
C) If the business is in a high demand field
D) If the partner pays a royalty to the partnership business
Q2) In a partnership,when a partner makes a secret profit through a business transaction,what is the remedy for such a breach?
A) Paying the other partners additional compensation
B) Hiring another individual to carry out the duties of the partner
C) Recovering the profits of the partner's competing venture
D) Returning the profit made in the transaction
Q3) Which of the following partnerships can be classified as nontrading partnership engaged in providing services?
A) Dairy farming
B) General contracting
C) Real estate brokerage
D) Manufacturing
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) As per RUPA,if a nonwrongfully dissociated partner demands payment from the partnership,he should be paid:
A) within 90 days from the date of demand.
B) within 120 days from the date of demand.
C) within no such specified period.
D) within such time as per the terms and conditions of the partnership.
Q2) Discuss the rules of dissociation and dissolution for mining partnerships.
Q3) Mr.Smith and Mr.Blue enter into a partnership at will in which each owns half of the business.Mr.Blue decides to leave the partnership.What should Mr.Blue be paid for leaving the business?
A) Mr.Blue should be paid half of the value of the business.
B) Mr.Blue should receive 15% of the value of the business for leaving agreement.
C) Mr.Blue receives 1/3 of the value of the business for leaving.
D) Mr.Blue receives nothing for his dissociation.
Q4) A new partner to a LLP is liable only to the amount of capital invested in the business.
A)True
B)False
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) The death of a general partner causes dissolution of the limited partnership. A)True
B)False
Q2) Under the ULPA of 2001,a limited partner who participates in management and control of the limited partnership:
A) has unlimited liability to creditors of the limited partnership.
B) has limited liability only to those creditors with whom he has transacted businesses.
C) has unlimited liability only to those creditors with whom he has transacted business and who reasonably believe that he is a general partner.
D) has liability up to the limit of his capital contribution.
Q3) Samantha is the general partner and Jack and Jared are the limited partners of Profiler Limited Partnership.Samantha has contributed capital of $30,000 to the partnership,Jack has contributed $150,000,and Jared has contributed $120,000.They have not agreed on how to share profits or losses.Profiler incurs a loss of $90,000 in its first year.What is Jack's share of the loss? If Jack has a total income of $225,000 from other sources and an income of $15,000 from other passive investments,how much of the loss may he deduct on his federal income tax return?
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Page 42
Chapter 41: History and Nature of Corporations
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Q1) The law of piercing the corporate veil is an example of a _____ law protecting the creditors of corporations.
A) commerce
B) common
C) constitutional
D) statutory
Q2) Under the general incorporation law,the minimum number of owners a business needs to be incorporated as a for-profit corporation is:
A) 10.
B) 5.
C) 1.
D) 20.
Q3) To prove domination,it is _____ to show that there is only one shareholder.
A) neither sufficient nor necessary
B) sufficient
C) both necessary and sufficient
D) necessary
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Page 43
Chapter 42: Organization and Financial Structure of Corporations
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Q1) Under the Model Business Corporation Act,a corporation's existence begins:
A) only after the promoters substantially comply with each of the mandatory conditions precedent to incorporation and hold an organization meeting.
B) only after the articles of incorporation are filed with the secretary of state.
C) when the secretary of state returns to the corporation a copy of the articles stamped "Filed."
D) when the shareholders approve of all the changes in the articles.
Q2) Promoters of a youth-oriented magazine publishing business substantially complied with each of the mandatory conditions precedent to the incorporation of the business,but they forgot to include the incorporators' addresses in the articles of incorporation.As a result,a(n)_____ corporation was formed.
A) de jure
B) de facto
C) "S"
D) estoppel
Q3) A promoter is not an agent of the future corporation.
A)True
B)False
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Chapter 43: Management of Corporations
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Q1) Many corporation statutes,unlike the MBCA,state that the same person may not hold the offices of _____ and _____.
A) president;treasurer
B) president;secretary
C) vice-president;secretary
D) vice-president;treasurer
Q2) Under the Model Business Corporation Act (MBCA),ultra vires may be asserted by:
A) a shareholder seeking to enjoin a corporation from executing a proposed action that is ultra vires.
B) a federal judge who may have the power to dissolve a corporation that exceeds its powers.
C) the management suing the corporation for damages caused by exceeding the corporation's powers.
D) the secretary of state who may have the power to enjoin an ultra vires act.
Q3) The two easiest ways to freeze out minority shareholders are the freeze-out acquisition and the share split.
A)True
B)False
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Chapter 44: Shareholders Rights and Liabilities
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Q1) Some courts have held that certain shareholders are fiduciaries of each other.These are shareholders of:
A) close corporations.
B) open corporations.
C) publicly traded corporations.
D) nonprofit corporations.
Q2) According to the Statutory Close Corporation Supplement to the MBCA who does a shareholder have a fiduciary responsibility to?
A) To all the other shareholders of the corporations
B) To the Secretary of State
C) To individual citizens in the state the corporation is incorporated
D) To the CEO of the corporation
Q3) Prior to bringing a derivate action a shareholder must first demand that the board of directors bring the suit and they must decline.
A)True
B)False
Q4) What are the various ways through which a corporation can be dissolved?
Q5) Atria Corporation wishes to dissolve.How can it do so?
Q6) Under what circumstances can a shareholder have liability for corporate debts?
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Chapter 45: Securities Regulation
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Q1) Securities Exchange Act Rule 10b-5 liability attaches to anyone who trades in securities for personal profit using confidential information misappropriated in a breach of fiduciary duty owed to the source of the information.
A)True
B)False
Q2) Securities Act Rule 506 requires an issuer to sell to no more than 35 accredited investors.
A)True
B)False
Q3) What federal law has established three important time periods in the filing of shares to public shareholders?
A) Securities Act of 1933
B) Dodd Frank Act of 2010
C) Sarbanes Oxley Act of 2002
D) Homeland Security Act of 2002
Q4) An insurance policy is exempt from registration under the 1933 Act.
A)True
B)False
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Page 47
Chapter 46: Legal and Professional Responsibilities of
Auditors, Consultants, and Securities Professionals
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Q1) In a state that has adopted the Ultramares rule and uses the primary benefit test,who amongst the following may hold an accountant liable for common law negligence?
A) Only the client.
B) Only the client and a third party that the accountant knew would rely on the accountant's work for a particular purpose.
C) Only the client.A third party that the accountant knew would rely on the accountant's work for a particular purpose,and others who are in the same limited class as that third party.
D) Any third party that is a foreseeable user of the accountant's work may hold him/her liable if that third party suffers a loss as a direct result of the accountant's negligence.
Q2) The Securities Exchange Act of 1934 does not impose any criminal liability for violation of any provision of the 1934 Act.
A)True
B)False
Q3) Usually,only clients sue professionals under the securities law.
A)True
B)False
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Chapter 47: Administrative Law
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Q1) In order for a party to successfully bring a lawsuit in federal court challenging a federal administrative agency decision,that party must first:
A) sue in state court,and only then in federal court.
B) exhaust all necessary administrative remedies.
C) obtain a writ of certiorari.
D) submit the challenge to the Inspector General's office for review.
Q2) The Securities and Exchange Commission (SEC)is investigating Bob DeSlob for possible violations of federal securities laws.If the violations occurred,DeSlob could be subjected to adverse civil consequences.As part of this investigation,the SEC has issued a subpoena duces tecum calling for DeSlob to produce copies of his federal income tax returns for the years 2000 through 2002.Assume that the investigation is of the sort authorized by law and is being conducted for a proper purpose.Also assume that it is plausible for the SEC to believe that the tax return copies could contain information relevant to the investigation.DeSlob wishes to have the subpoena duces tecum quashed (i.e. ,invalidated by court order).What would be the strongest argument for DeSlob to make to the court?
Q3) Administration action is subject to basic constitutional tests.
A)True
B)False
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Page 49
Chapter 48: The Federal Trade Commission Act and Consumer Protection Laws
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Q1) The TILA's detailed disclosure provisions break down into three categories.One of those categories is that of:
A) open-end credit.
B) debit card applications.
C) mixed credit.
D) consumer loans.
Q2) The Equal Credit Opportunity Act (ECOA)requires creditors to notify applicants in how many days of a decision on credit request?
A) 90
B) 180
C) 30
D) 15
Q3) The FACT Act was a 2003 amendment to the Fair Credit Reporting Act that created protections for individuals that were the victims of identity theft.
A)True
B)False
Q4) Describe the similarities between the United States' approach to advertising regulation and that taken by other countries.
Page 50
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Chapter 49: Antitrust: the Sherman Act
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Q1) Which of the following situations is most likely a case of Sherman Act Section 1 violation?
A) A manufacturer unilaterally assigns exclusive territories to its dealers.
B) A manufacturer unilaterally suggests a retail price to its dealers for its products.
C) A manufacturer causes its dealers to agree not to sell outside their dealership territories.
D) A manufacturer limits the dealerships it grants in a particular geographic area.
Q2) LMNOP Corp.has been convicted under the Sherman Act for two distinct and separate violations.LMNOP may be fined as much as _____ for these two violations.
A) $50 million
B) $100 million
C) $200 million
D) $150 million
Q3) Once firms have attained monopoly power,only then can they be held for violation of Section 2 of the Sherman Act.
A)True
B)False
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Chapter 50: The Clayton Act, the Robinson-Patman Act, and Antitrust Exemptions and Immunities
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Q1) Stitchwell is an apparel manufacturer.Huge Mart,a wholesale dealer,is its largest customer.Huge Mart also owns Gorgeous,a department store chain that deals in apparels,shoes,and accessories.Stitchwell routinely offers "wholesaler special" discounts to Huge Mart and other wholesalers.Are these discounts illegal?
A) Yes,these discounts are per se illegal under Section 2(a)of the Robinson-Patman Act.
B) No,these discounts are not illegal because Stitchwell can legally set resale prices.
C) Yes,these discounts will be deemed illegal if Huge Mart passes them on to Gorgeous customers.
D) No,these discounts are not illegal considering they are provided only for wholesalers.
Q2) The Noerr-Pennington doctrine provides an exception to the Clayton Act.
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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Page 52
Chapter 51: Employment Law
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Q1) Workers' compensation systems have failed to eliminate which of the following employer defenses?
A) Injuries resulting from employee horseplay
B) Implied assumption of risk by the employee
C) Injuries resulting from the negligence of the employee
D) Injuries resulting from the negligence of a coemployee
Q2) Social security basically is a social compromise.
A)True
B)False
Q3) Identify the type of employers covered by Title VII of the Civil Rights Act of 1964.
A) Employers with 3 employees or more and engaged in an industry affecting intrastate commerce.
B) Employers with 15 employees or more and engaged in an industry affecting interstate commerce.
C) Employers with 30 employees or more and engaged in an industry affecting intrastate commerce.
D) All employers engaged in industries affecting interstate commerce.
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Page 53
Chapter 52: Environmental Regulation
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Q1) The Toxic Substances Control Act gives the EPA the authority to regulate the production and use of agricultural chemicals such as insecticides.
A)True
B)False
Q2) FIFRA regulates what environmental area?
A) Agricultural chemicals
B) Clean drinking water
C) Fishing waters
D) City air quality
Q3) Clean up of Superfund sites is paid for by federal tax funds.
A)True
B)False
Q4) 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.
Q5) How does the Clean Water Act regulate wetlands?
Q6) How are the cleanups of hazardous waste sites required by CERCLA funded?
Page 54
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