Business Regulation
Chapter Exam Questions
Course Introduction
Business Regulation explores the legal frameworks and governmental policies that shape the environment in which businesses operate. The course examines key areas such as antitrust laws, consumer protection, environmental regulation, securities regulation, and labor standards. Through case studies and real-world examples, students learn how regulatory agencies develop and enforce rules, the impact of regulation on business strategy, and the processes for compliance and risk management. This course provides a foundation for understanding the balance between promoting economic growth and ensuring ethical business practices within both national and international contexts.
Recommended Textbook
The Legal Environment of Business A Managerial Approach 1st Edition by Sean P. Melvin
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Page 2
Chapter 1: Legal Foundations
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Q1) The Uniform Commercial Code has been adopted in every state except:
A) California.
B) Mississippi.
C) Louisiana.
D) Iowa
Answer: C
Q2) Define and explain the concepts of permanence and preemption as they apply regarding the U.S.Constitution.
Answer: Permanence refer to the concept that a constitution is thought to reflect the basic principles of a society and should be amended only in extraordinary cases and only when a majority of its constituents agree over a certain period of time.Preemption,in terms of the constitution,stands for the concept that constitutional law is supreme over all other sources of law.
Q3) Jurisprudence refers to the conducting of a trial and the rendering of a judicial decision.
A)True
B)False
Answer: False
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3
Chapter 2: Business and the Constitution
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Q1) The power of preemption is derived from:
A) the power of judicial review
B) the Commerce Clause
C) the Necessary and Proper Clause
D) the Supremacy Clause
Answer: D
Q2) Congress may tax activities and property that it might not be authorized to regulate under any of the enumerated regulated powers.
A)True
B)False
Answer: True
Q3) The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act is commonly called the ________ Act.
Answer: USA Patriot
Q4) Fifth Amendment protections against self incrimination apply to corporate entities. A)True
B)False
Answer: False
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Page 4
Chapter 3: The American Judicial System,Jurisdiction,and Venue
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Q1) Minimum contacts in a state need not be shown if an out-of-state corporation's conduct has the reasonably foreseeable potential to cause injurious effects to a forum state plaintiff.
A)True
B)False
Answer: True
Q2) If an Oregon Corporation sues the Environmental Protection Agency,a federal administrative agency,they may sue in either an Oregon State court or in a federal district court located in Oregon.
A)True
B)False
Answer: False
Q3) According to the Zippo standard,any website that is in any way interactive with customers will be sufficient to create personal jurisdiction over a nonresident company.
A)True
B)False
Answer: False
Q4) The party petitioning or asking for an appeal is called the _______.
Answer: Appellant
Chapter 4: Resolving Disputes: Litigation and Alternative
Dispute Resolution Options
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Q1) In some special types of cases such as divorce,the defendant is instead called a _______.
Q2) Each stage of litigation is separate and distinct and each must be completed before the next stage may be started.
A)True
B)False
Q3) When disputing parties submit blind bids to an automated service stating what they are willing to pay or receive to resolve the dispute and the software evaluates the bids and produces a fair price based on the party's input,the form of ODR being utilized is:
A) online negotiation.
B) online mediation.
C) online arbitration.
D) med-arb
Q4) Counterclaims are filed by the plaintiff in civil matters. A)True
B)False
Q5) When a dispute arises between two parties,one party will typically make an informal ________ on the other party prior to initiating a law suit.
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Chapter 5: Business,Societal,and Ethical Contexts of Law
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Q1) Why is the case of Grimshaw v.Ford Motor Company looked at as an example of the failing of the invisible hand and government's hand approaches to corporate social responsibility?
Q2) Faber College,founded in 1904 is an integral part of its surrounding community.Which of the following is a primary stakeholder in Faber College?
A) the students
B) the authors of the text books sold to the bookstore for student purchase C) the local bar that student frequent when they are not studying D) the community newspaper that runs a weekly column discussing the events at Faber
Q3) Tom's company has a code of ethics and a separate code of conduct.If he would like to find out about the company's expectations or requirements regarding community service,he would reference the code of ethics.
A)True
B)False
Q4) Altering people's values is one of the objectives of an organizational ethics program. A)True
B)False
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Chapter 6: Overview and Formation of Contracts
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Q1) When Maria comes home from work she finds that her yard has been mowed and trimmed.An hour later a man comes to her door to collect payment for the yard work.Maria refuses to pay him because she has never seen him before nor had she hired him to do the work.Which of the following is accurate?
A) this is an implied, unilateral contract so she must pay
B) Maria has received unjust enrichment so a quasi contract is formed so she must pay C) the court would make Maria pay the reasonable cost of the work to be fair to both parties
D) Maria would not have to pay anything
Q2) All bilateral contracts are express.
A)True
B)False
Q3) Under a bilateral contract,there is no contract until the offeree performs the requested act.
A)True
B)False
Q4) Why is it so important that the law of contracts be so ordered and strong with regard particularly to the business world?
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Page 8
Chapter 7: Contract Performance: Conditions, Breach, and
Remedies
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Q1) Oscar is speeding and driving inattentively when he runs into Felix who is driving very cautiously.As a result of the accident,Felix's car needs $2,500 worth of repairs and Felix loses a weeks salary because he had to take off from work to recover from injuries sustained during the crash.
A) both the repairs and the lost wages are compensatory damages
B) the repairs are compensatory damages and the lost wages are consequential damages
C) the repairs are consequential damages and the lost wages are compensatory damages
D) both the repairs and the lost wages are consequential damages
Q2) Anticipatory repudiation may be used when a party has knowledge that either a complete or a partial breach will occur by the other party.
A)True
B)False
Q3) You are taking a course with an adjunct professor who is teaching under a one course contract.With six weeks to go in the course,she is offered a tenure track position at another school.They require her to start within a week.When she approaches the administration,what options are available,if any,regarding the adjunct contract and her desire to leave early?
Page 9
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Chapter 8: Contracts for the Sale of Goods
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Q1) Your cousin who is a CPA calls you and says that a client paid him in diamonds and he's selling them.If you purchase one of those diamonds,at the time of the sale your cousin would be considered a merchant of those diamonds.
A)True
B)False
Q2) In the absence of a specific contract provision regarding the details of payment the UCC provides that:
A) payment be made in full at the time and place that delivery occurs.
B) payment be made in full within 10 days of the time and place that delivery occurs.
C) payment be made in full within 20 days of the time and place that delivery occurs.
D) payment be made in full within 30 days of the time and place that delivery occurs
Q3) In a shipping contract,the seller is obligated to deliver the good into the "hands" of the buyer.
A)True
B)False
Q4) An irrevocable offer made by one merchant to another is called a _______.
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Page 10
Chapter 9: Torts and Product Liability
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Q1) The Communications Decency Act of 1996:
A) redefined obscenity standards for the motion picture industry.
B) redefined obscenity standards for the radio and television industry.
C) made Internet Service Providers liable, as publishers, for content placed on their website even by independent and anonymous contributors.
D) provided Internet Service Providers liable with immunity from defamation liability as publishers, for content placed on their website even by independent and anonymous contributors
Q2) Carl Critic has just announced his choices of the worst Hollywood actresses of the year and Stella Starr has been named the worst of the worst.Carl's announcement,made in his weekly column titled "Random Musings by Carl Critic" and published in the local paper,claims that he believes her to have the least amount of talent in the movie industry and that she "can't act her way out of a paper bag".When Stella reads Carl's column she immediately starts to cry hysterically and then decides to sue him.Does she have a valid case of libel?
A) yes, her crying proves injury
B) yes, but only if his statements cause her to lose money by losing movie roles
C) no, Carl committed slander, not libel
D) no, this was merely Carl's opinion
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Chapter 10: Agency and Employment Relationships
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Q1) The IRS has developed a three prong status to determine an agent's status.Which of the following is not a prong in this test?
A) whether the working relationship is written or oral
B) behavioral aspects of the agency
C) the type of working relationship between the principal and the agent
D) the financial arrangements between the principal and the agent
Q2) Whether an agency is classified as disclosed,undisclosed or partially disclosed,the principal has the duty to fully perform the contract obligations.
A)True
B)False
Q3) An agent is generally prohibited from using their own judgment in substitution of the principal's judgment unless specifically authorized by the principal.
A)True
B)False
Q4) When hiring a new employee,or when continuing the current employment of an employee,how and why must an employer take specific steps to protect the public?
Q5) Expressly firing someone for whistle-blowing constitutes the act of ______.
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Chapter 11: Employment Regulation and Labor Law
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Q1) Morris is a nonexempt employee with a salary of $400 a week based on a 40 hour week.If he should work 50 hours in a particular week his paycheck should be for:
A) $450.
B) $500.
C) $550.
D) $600
Q2) The Family Medical Leave Act provides that eligible employees be permitted:
A) six weeks of unpaid leave during any twelve month period.
B) six weeks of paid leave during any twelve month period.
C) twelve weeks of unpaid leave during any twelve month period.
D) twelve weeks of paid leave during any twelve month period
Q3) The process of having the NLRB certify a union based on 50% of the authorization cards indicating the employees want a union without an election is called _______.
Q4) Contributory and comparative negligence are generally not valid defenses to workers' compensation claims.
A)True
B)False
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Chapter 12: Employment Discrimination
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Q1) Under the Age Discrimination in Employment Act to maintain a valid claim the replacement employee must be substantially younger than the terminated employee and must be a member of a recognized protected class.
A)True
B)False
Q2) Intent to discriminate must be proven for a disparate impact case to be successful.
A)True
B)False
Q3) Jon and Amy work for Dover Farm and Home Company.Jon and Amy are caught one day,stealing a tractor.The next day,Jon was given a verbal warning and Amy was terminated.
A) Amy has a claim for discrimination based on gender discrimination.
B) if the company has a written policy providing for termination for theft, Amy does not have a claim for discrimination based on gender discrimination.
C) Amy does not have a claim for discrimination based on gender discrimination if Jon has more seniority.
D) Amy does not have a claim for gender discrimination if she is paid more than Jon
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Chapter
13:
Choice of Business Entity, Sole Proprietorships, and Partnerships
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Q1) A limited partnership requires:
A) at least two general partners.
B) at least two limited partners.
C) a written limited partnership agreement.
D) at least one general and one limited partner
Q2) A partnership is considered fully terminated:
A) after dissociation.
B) after winding up.
C) after dissolution.
D) after the termination certificate is properly filed
Q3) A general partner who rightfully dissociates from a partnership remains liable for predissociation debts of the partnership.
A)True
B)False
Q4) Business owners are also known as _______.
Q5) To date,every state in the union has adopted the Revised Uniform Partnership Act except the state of Louisiana.
A)True
B)False
Page 15
Q6) A business existing in or by right of law is considered a ________ entity.
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Chapter 14: Limited Liability Partnerships, limited Liability
Companies, and Other Business Arrangements
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Q1) The business entity in a franchise arrangement that has the record of success and allows others to operate a business using their trade mark and products is called the
Q2) All states require LLPs to have a written partnership agreement.
A)True
B)False
Q3) Federal regulations regarding franchises are primarily designed to:
A) ensure full disclosure of all information relating to a franchise company prior to a franchise investment.
B) ensure the federal tax guidelines are met.
C) ensure that the public is protected from fraud or other injuries.
D) ensure that the franchisee has the requisite knowledge to manage a business and be sure the franchisee is not entering a business relationship they are not equipped to financially handle
Q4) Many states have eased filing requirements to create an LLC from requiring extensive amounts of information to now requiring minimal information similar to that required in a corporate filing.
A)True
B)False
Page 17
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Chapter 15: Corporations
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Q1) Officers,directors and controlling shareholders are often called _______.
Q2) For a corporation to be privately held,the number of shareholders will be limited as will the permitted total of gross revenues.
A)True B)False
Q3) Delaware is a popular state for many corporations to incorporate in.Each of the following is a Delaware incorporation advantage except:
A) Delaware has a well-established body of case law so the reliability and consistency of judicial decisions is enhanced.
B) Delaware statutes give officers and directors a wide range of decision making latitude not requiring shareholder consent.
C) Delaware statutes provide officers and directors strong protections from shareholder lawsuits alleging management negligence.
D) Delaware's tax structure provides significant tax benefits to out of state corporations incorporating in the state of Delaware
Q4) In a minority of the states,the articles of incorporation are called the ________.
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Chapter 16: Regulation of Securities, corporate Governance, and Financial Markets
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Q1) Assumption of risk by the investor is a defense available for allegations of '33 Act violations.
A)True
B)False
Q2) The original Howey test required that the investor have no involvement with the generation of profits,however,modern courts have permitted a limited passive involvement on the part of the investor.
A)True
B)False
Q3) Frank is the president and CEO of a publicly held corporation and is quoted in the paper as saying that the company is solid and has a bright future.He mentions a number of projects and plans that he anticipates will be successful in both the short term and long term,thus benefitting the company.Betty Sue reads this article and calls a broker ordering her to buy shares in Frank's company.After two years the stock is below the price she paid for it and she brings suit claiming that Frank committed a fraud when he stated that the company was solid and would be very successful in the future.What must be proven by each side and what is the likely outcome of this suit?
Q4) Evidence of specific intent to deceive,manipulate or defraud is called _______.
Page 19
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Chapter 17: Administrative Law
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Q1) Records of agency personnel matters are open to the public under the Freedom of Information Act.
A)True
B)False
Q2) Administrative agencies exercise their policymaking function through _____.
Q3) The rule making requirement that an agency does not need to publish revised rules for comment unless they are radically different from the original is known as:
A) the arbitrary and capricious standard.
B) the Chevron test.
C) the logical outgrowth test.
D) the McDonnell-Douglas test
Q4) The Sunshine Act requires that consultation meetings are open to the public.
A)True
B)False
Q5) Citizen suits may be used to attack the substance of an administration regulation that has been properly promulgated.
A)True
B)False
Q6) Proposed agency rules are published in the _____.
Page 20
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Chapter 18: Environmental Law
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Q1) An oil tanker crashes off the coast of California.It dumps millions of gallons of oil into the ocean.When investigating the crash,it is suspected that there might be gross negligence on the part of the ship's captain.Is the ship owner liable for the damages? Why or why not?
Q2) The legislation that established a process for federal agencies for making decisions that may reasonably impact the environment is called:
A) Environmental Protection Act.
B) National Environmental Policy Act.
C) Environmental Decision Impact Act.
D) Clean Air Act
Q3) Which of the following is not a major federal environmental law?
A) Clean Air Act
B) Clean Land Act
C) Clean Water Act
D) Safe Drinking Water Act
Q4) The National Environmental Policy Act (NEPA)sets out a ________ for making decisions.
Q5) ________ is the common law doctrine basis for modern environmental protection laws.
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Chapter 19: Antitrust and Regulation of Competition
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Q1) Which of these agencies enforce federal antitrust laws?
A) Securities and Exchange Commission
B) Federal Bureau of Investigation
C) Better Business Bureau
D) Federal Trade Commission
Q2) In American Needle Inc.v.National Football League,the 32 football teams were treated as a single entity because they belong to the same sports league.
A)True
B)False
Q3) What evidence may a company offer in defense to an antitrust violation under the rule of reason standard?
A) the anticompetitive harm was not harmful to the government
B) none, if the company violates the standard there is no defense
C) their actions were justified and necessary under the economic conditions
D) there was no economic harm to the consumer
Q4) The Sherman Act only prohibits contracts,combinations,and conspiracies in restraint of trade.
A)True
B)False
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Chapter 20: Creditors Rights and Bankruptcy
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Q1) What does going through the process of accord and satisfaction do?
A) it prevents a creditor from suing while the business is revising its business model
B) contract terms with creditors are renegotiated, releasing the debtor from liability by settling debt
C) it prevents creditors from filing for involuntary bankruptcy
D) it discharges debt
Q2) Which of these creditors has first priority?
A) alimony due an ex-spouse
B) unpaid employees
C) general creditors
D) court costs
Q3) Give four examples of nondischargeable debt in bankruptcy.
Q4) A petition for bankruptcy that is filed by creditors against a debtor is known as what type of filing?
A) a recovery action
B) an involuntary bankruptcy
C) a voluntary bankruptcy
D) an order for relief
Q5) What is the role of a trustee in bankruptcy?
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Chapter 21: Consumer Protection Law
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Q1) The Truth in Lending Act applies to credit extensions made to:
A) consumers.
B) commercial banks.
C) merchants.
D) businesses
Q2) Which part of the Truth in Lending Act requires that certain disclosures be made before a credit transaction is consummated?
A) Regulation Y
B) Regulation Z
C) Creditors' Disclosure Regulation
D) Disclosure of Key Terms Regulation
Q3) Once an entry becomes part of credit report,it is permanently a part of the report.
A)True
B)False
Q4) Which of the following is not exempt from the Do Not Call registry?
A) charitable organizations
B) certain political organizations
C) businesses seeking commercial contracts
D) businesses with whom the consumer has past commercial contacts
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Chapter 22: Criminal Law and Procedure in Business
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Q1) The Model Penal Code has been adopted by only about half of the states.
A)True
B)False
Q2) Ben is the manager of a branch of a large bank.He has regularly taken money from customer's accounts for his own use and changed the bank records to cover his actions.Ben is guilty of:
A) a conspiracy.
B) a Ponzi scheme.
C) racketeering.
D) embezzlement
Q3) Murder is the killing of a human being with malice aforethought.Malice aforethought is the premeditation and planning of the crime.Malice aforethought shows that one considered the consequence of their actions and knowingly committed the crime.The malice aforethought would be the:
A) actus reas.
B) mens rea.
C) voir dire.
D) indictment
Q4) If a jury is unable to come to a conclusion,a _______ will be declared.
Q5) What are the three purposes or aims of imposing punishment for criminal acts?
Page 25
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Chapter 23: Personal Property, Real Property, and Land Use Law
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Q1) Dover is the State Capital of Delaware.The primary road that bisects the city is Route 13 which was,many years ago,a primary road for travel up and down the east coast.Route 13 as it goes through Dover is a four lane road with two lanes in each direction.There are no other major through roads.Due to an influx of industry both north and south of the city,along with increased population in and around the city,the two lanes of Route 13 are often clogged and very slow moving.Dover Downs attract over 100,000 NASCAR fans,and their vehicles,twice a year and a new convention center/hotel/casino has recently been built,attracting hundreds of visitors a day.The city wants to widen Route 13 but all land adjacent to the road is privately owned.What rights does the City of Dover have and what can the city do? Explain fully.
Q2) The law tends to provide more protection to residential tenants than it does to commercial tenants.
A)True
B)False
Q3) Which of the following is intellectual or intangible property?
A) oxygen
B) copyrights and patents
C) a car
D) a tree
Page 26
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Chapter 24: Intellectual Property
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Q1) Trade secret protections are provided through:
A) state statutes and common law.
B) federal statutes.
C) the U.S. Constitution.
D) the Uniform Trade Secrets Act
Q2) Depending on the jurisdiction,computer software programs may be afforded protection under either copyright law or under patent law.
A)True
B)False
Q3) Which of the following would generally not be patentable?
A) a mathematical formula that allows one to calculate the gross national product
B) a new business method that streamlines and improves production
C) a business process that changes water into wine
D) an engine that runs on water
Q4) A telephone book listing citizens' names,addresses and phone numbers may not be copyrighted.
A)True
B)False
Q5) "Snapple" is an example of a/an ________ trademark.
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Chapter 25: International Law and Global Commerce
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Q1) Which treaty is the standard that courts use for interpreting treaty law?
A) Convention on the Recognition and Enforcement of Foreign Laws
B) United Nations Treaty on Foreign Jurisprudence
C) Berne Convention
D) Vienna Convention on the Law of Treaties
Q2) What is the major difference between domestic and international arbitrations?
A) the different arbitration rules between the arbitration organizations
B) international arbitration awards have wide enforceability in many countries
C) international arbitration awards have limited enforceability in many countries
D) American courts do not recognize the validity of international arbitration
Q3) Only current government officials are included in the anti-bribery restrictions of the Foreign Corrupt Practice Act.
A)True
B)False
Q4) What are the four major differences between the UCC and the UNCISG?
Q5) The World Trade Organization (WTO)has certain authority over disputes on trade barriers.
A)True
B)False
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