Business Regulation
Exam Questions
Course Introduction
Business Regulation explores the framework of laws, rules, and governmental policies that shape the conduct of businesses in the modern economy. This course examines the rationale behind regulation, the structure and functioning of regulatory agencies, and the impact of regulation on both businesses and society. Topics include antitrust laws, consumer protection, environmental regulations, securities regulation, and the role of compliance in business operations. Emphasis is placed on understanding how regulations promote ethical practices, protect stakeholders, and address market failures, as well as the challenges and debates surrounding regulatory policy and enforcement.
Recommended Textbook
The Legal Environment of Business Text and Cases 8th Edition by Frank B. Cross
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35 Chapters
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Page 2
Chapter 1: Business and Its Legal Environment
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Sample Questions
Q1) Blizzard Entertainment,Inc. ,one of the owners of the World of Warcraft (WoW)computer game,is involved in a lawsuit with MDY Industries,LLC,the owner of Glider,a software program that plays WoW for its players while they are away from their keyboards.Blizzard asks the court to direct MDY to stop selling and distributing Glider.The court's opinion in the case is at MDY Industries,LLC v.Blizzard Entertainment,Inc. ,616 F.Supp.2d 958 (D.Ariz.2010).What is the name for the remedy that Blizzard is seeking What type of remedy is it What court decided this case Specifically where can the court's opinion be found
Answer: The remedy that Blizzard asks the court to provide is an injunction-defined as an order to do or to refrain from doing a particular act.An injunction is an equitable remedy.The U.S.District Court for the District of Arizona decided this case in 2009.The opinion of the court in this case-MDY Industries,LLC v.Blizzard Entertainment,Inc. ,616 F.Supp.2d 958 (D.Ariz.2010)-can be found in its entirety in volume 616 of the Federal Supplement,Second Series,on page 958.The case was decided by the U.S.District Court for the District of Arizona in 2010.
Q2) No state has adopted the Uniform Commercial Code in its entirety.
A)True
B)False
Answer: False
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Page 3
Chapter 2: The Court System
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Sample Questions
Q1) A trial commences with the plaintiff's attorney's direct examination of the first witness.
A)True
B)False
Answer: False
Q2) Elle is walking to work along a sidewalk next to a road.A truck owned by Fast Distribution Company (FDC)strikes and injures Elle,causing her injuries that result in more than $250,000 in medical expenses.Elle is a resident of Georgia,where the accident occurred.FDC has its principal place of business,and is incorporated,in Delaware.In what court may Elle sue FDC
Answer: Elle may sue FDC in Delaware,because FDC has its principal place of business,and is incorporated,in that state.FDC may be sued in Georgia,because that is where Elle's injury occurred.FDC may be subject to Elle's suit in a federal court,because the parties have diversity of citizenship (Elle is a resident of Georgia and FDC has its principal place of business,and is incorporated,in Delaware)and the amount in controversy is more than $75,000 (the cost of Elle's injuries is more than $250,000).
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Chapter 3: Alternative and Online Dispute Resolution
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Sample Questions
Q1) Global Enterprises,Inc. ,uses the services of the Internet Corporation for Assigned Names and Numbers (ICANN).ICANN's purpose is to
A)arbitrate international commercial disputes between private parties.
B)facilitate the litigation of any cyberspace dispute.
C)focus on the negotiation of any e-commerce dispute.
D)oversee the distribution of domain names.
Answer: D
Q2) Most online dispute resolution services apply general,universal legal principles to resolve disputes.
A)True
B)False
Answer: True
Q3) Berle,a dairy farmer,and Clover Creamery,Inc. ,are engaged in court-annexed arbitration proceedings.The award will be binding on A)Berle and Clover.
B)neither Berle nor Clover.
C)the losing party only.
D)the prevailing party only.
Answer: B
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Page 5
Chapter 4: Ethics and Business Decision Making
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Sample Questions
Q1) Business ethics is consistent only with short-run profit maximization.
A)True
B)False
Q2) Setting realistic workplace goals can reduce the probability that employees will act unethically.
A)True
B)False
Q3) The legality of an action is always clear.
A)True
B)False
Q4) Ethics is the branch of philosophy that focuses on what constitutes right and wrong behavior.
A)True
B)False
Q5) It may be unethical for a company with a product that is outlawed in one country to look elsewhere for a market.
A)True
B)False
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Chapter 5: Constitutional Law
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Questions
Q1) Enterprising Markets Coalition (EMC),a political lobbying group,wants a certain policy enacted into law.If EMC's policy conflicts with the U.S.Constitution,a law embodying it can be imposed by
A)Congress.
B)a federal court.
C)a state legislature.
D)none of the choices.
Q2) Ulrich,a citizen of Virginia,wants to enforce in the state of Washington certain rights that he has under a contract with Xtreme SnoBoards Inc.A Washington state court is most likely to enforce such rights under
A)no provision in the U.S.Constitution.
B)the commerce clause.
C)the full faith and credit clause.
D)the privileges and immunities clause.
Q3) The First Amendment does not protect commercial speech as extensively as noncommercial speech.
A)True
B)False
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7
Chapter 6: Administrative Law
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Sample Questions
Q1) The Federal Aviation Administration uses notice-and-comment rulemaking.The final rule in such a proceeding is sometimes referred to as
A)a legislative rule.
B)an interpretive rule.
C)an adjudicatory order.
D)an executive edict.
Q2) A party can challenge an administrative regulation as so irrational as to be arbitrary and capricious.
A)True
B)False
Q3) With some exceptions,every portion of every meeting of the Federal Reserve System Board of Governors and other federal administrative agencies must be open to public observation under
A)no federal or state law.
B)the Freedom of Information Act.
C)the Government-in-the-Sunshine Act.
D)the Public Accountability Act.
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Chapter 7: Criminal Law and Cyber Crime
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Q1) It may be a crime to take another's property,but it is not a crime to receive stolen goods.
A)True
B)False
Q2) Any crime that requires knowledge of computer technology for its investigation is a computer crime.
A)True
B)False
Q3) Jean sends e-mail to Irwin promising a percentage of the amount in an African bank account for assistance in transferring the funds to a U.S.bank account.Irwin forwards his account number,but the funds are never sent.Instead,Jean quickly withdraws the funds in Irwin's account.This is
A)online greed but not fraud.
B)an online "fool-me-once,shame on you" occurrence but not fraud.
C)online gambling but not fraud.
D)online fraud.
Q4) Thinking about killing someone constitutes the crime of attempted murder.
A)True
B)False
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Chapter 8: International Law in a Global Economy
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Q1) Restrictions on imports may include tariffs.
A)True
B)False
Q2) In the global environment of business,the law of a particular nation,such as Brazil,China,or India,is classified as
A)environmental law.
B)global law.
C)international law.
D)national law.
Q3) Diners Corporation,a U.S.firm,signs a contract with Essen,A,G. ,a German firm,to give Essen the right to use Diners' trademark in restaurants in Germany.This is
A)a distribution agreement.
B)a joint venture.
C)direct exporting.
D)licensing.
Q4) Legal systems around the globe are generally divided into common law and civil law systems.
A)True
B)False
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Chapter 9: Contract Formation
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Sample Questions
Q1) Under the mailbox rule,an acceptance takes effect at the time it is sent.
A)True
B)False
Q2) Tomato Farms (TF)offers to sell Unified Grocers,Inc. ,a boxcar load of tomatoes.The offer is sent via overnight delivery because an acceptance is required urgently.It would be most reasonable for Unified to accept via
A)a fax,a letter,or a phone call to TF within two weeks.
B)a fax sent to TF as soon as the offer is received.
C)a letter mailed to TF within two days.
D)a phone call to TF within five business days.
Q3) Loren and Kendra enter into a contract for the distribution of Loren's produce to local restaurants for which he agrees to pay Kendra.Kendra transfers her right to payment under the contract to County Bank.This transfer is
A)a delegation.
B)an assignment.
C)a third party beneficiary contract.
D)prohibited.
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11
Chapter 10: Contract Performance,breach,and Remedies
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Q1) A contract will be discharged if foreseeable circumstances make it impossible to attain the contract's purpose.
A)True
B)False
Q2) Ira orally agrees to buy a unique collection of sports memorabilia for $1,000 from Janet and sends her $250 as a down payment.When Ira sends her the rest of the price,Janet refuses to ship Ira the collection.Ira should seek A)damages.
B)reformation.
C)rescission.
D)specific performance.
Q3) Anticipatory repudiation discharges a contract.
A)True B)False
Q4) The purpose of the doctrine of election of remedies is to permit a double recovery. A)True
B)False
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Chapter 11: Sales,leases,and E-Contracts
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Sample Questions
Q1) If the parties to a sales contract state that a certain remedy is exclusive,then it is the sole remedy.
A)True
B)False
Q2) Woodgrain Products Company and Sylvia enter into a contract for a sale of lumber.Woodgrain knows the purpose for which Sylvia will use the goods.Under the UCC,an implied warranty of fitness of a particular purpose arises
A)if the buyer is relying on the seller to select suitable goods.
B)if the buyer asks for it.
C)if the seller is a merchant who deals in goods of the kind sold.
D)in conjunction with lease contracts,not sales contracts.
Q3) Flem,a user of GameCenter.com's Web site,can download gaming software if he first clicks on "I accept" after viewing certain terms.If Flem clicks and downloads,this is
A)a contract that does not include the terms.
B)a contract that includes the terms only if Flem read them.
C)a contract that includes the terms whether or not Flem read them.
D)not a contract.
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Page 13
Chapter 12: Torts and Cyber Torts
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Sample Questions
Q1) Leon files a suit against Moira,a medical doctor,alleging negligence.As a physician,Moira is held to the standard of
A)a blameless individual.
B)a faultless ordinary person.
C)a reliable professional.
D)a reasonable physician.
Q2) An ordinary person standard determines whether allegedly negligent conduct resulted in a breach of a duty of care.
A)True
B)False
Q3) Under the theory of negligence,the duty of care requires an intentional act.
A)True
B)False
Q4) John sees that Kris is about to step into the path of an oncoming bus.If John does not warn Kris of the danger,John is liable
A)only if Kris is injured.
B)only if Kris is not injured.
C)regardless of the consequences to Kris.
D)under no circumstances.
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Chapter 13: Strict Liability and Product Liability
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Sample Questions
Q1) An action in strict product liability requires that the defendant fail to exercise reasonable care.
A)True
B)False
Q2) Kitchen Kutters Corporation (KKC)makes kitchen knives and other consumer products.KKC could be liable for a design defect if there is a foreseeable risk of harm posed by a product and A)the omission of a warning renders the product not reasonably safe.
B)there is a lack of care in making of the product.
C)there is a reasonable alternative design.
D)there is not a reasonable alternative design.
Q3) A public policy underlying the imposition of strict product liability is that consumers should be protected against unsafe products.
A)True
B)False
Q4) A product liability action may be based on warranty theories. A)True
B)False
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Chapter 14: Intellectual Property and Internet Law
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Sample Questions
Q1) A marketing technique can be a trade secret.
A)True
B)False
Q2) Theft of confidential data by industrial espionage is a theft of trade secrets.
A)True
B)False
Q3) Diamond Financial Planners employs Elle,Diamond's most productive performer.Elle,however,dissatisfied with the commission structure,quits to work for Feldstar Investments,Inc.Elle takes her list of Diamond clients to induce them to switch to Feldstar.Laws related to trade secrets cover A)Diamond's list of clients.
B)Elle's performance methods.
C)Feldstar's commission structure.
D)none of the choices.
Q4) A certification mark distinguishes products approved,or "certified," by the government.
A)True
B)False
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Page 16
Chapter 15: Creditor-Debtor Relations and Bankruptcy
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Q1) A surety is primarily liable for the debt of a principal.
A)True
B)False
Q2) If a debtor does not pay a mechanic's lien,the debtor's property can be sold to satisfy the debt.
A)True
B)False
Q3) Verna files a petition in bankruptcy in a liquidation proceeding.If the court administers the means test and concludes that Verna is abusing the bankruptcy process by filing for a liquidation,the court will most likely
A)force Verna to file for relief through an individual repayment plan.
B)discharge Verna's debts.
C)distribute Verna's property to Verna's creditors.
D)issue an automatic stay against any actions by Verna's creditors.
Q4) A homestead exemption allows a debtor to subtract the value of the family home from the amount of a debt.
A)True
B)False
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Chapter 16: Mortgages Foreclosures After the Recession
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Q1) Borrowers are required to recite the terms of their loans in clear,readily understandable language so that lenders can make rational choices.
A)True
B)False
Q2) Great Plains Bank provides a loan to enable Helene to buy real property.This loan is
A)a down payment.
B)a mortgage.
C)a short sale.
D)a workout agreement.
Q3) Ridgeline Bank provides Stanley with a mortgage to buy a home.The rate of interest is fixed for three years and then adjusts annually.This is
A)a fixed-rate mortgage.
B)an adjustable-rate mortgage.
C)an interest-only mortgage.
D)a violation of the law.
Q4) Home equity is the portion of a home's value that is "paid off."
A)True
B)False
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18
Chapter 17: Sole Proprietorships, franchises, Partnerships
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Q1) Good faith and fair dealing are not important in terminating a franchise relationship.
A)True
B)False
Q2) Noah and Orin do business as Personnel Partners.In most states,for purposes of suing and being sued,Personnel Partners would be treated as
A)an aggregate of the individual partners.
B)a natural person.
C)an entity.
D)a non-existent party.
Q3) Carl sells Direct Marketing Enterprises,a sole proprietorship,to Eve.This is a transfer of A)a license.
B)a trade name.
C)the formula to make a product.
D)the ownership of the business.
Q4) The simplest form of business is a sole proprietorship. A)True
B)False
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Chapter 18: Limited Liability Companies and Limited Partnerships
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Q1) In a limited partnership,a limited partner has full responsibility for the partnership and for all its debts.
A)True
B)False
Q2) Energy Unlimited,LP,is a limited partnership to which its partners,including Fink,have contributed capital.Energy's creditors include Graves Engineering,Inc.On Energy's dissolution,its assets will be distributed to pay
A)Fink and Graves proportionately.
B)Fink first.
C)Graves first.
D)neither Fink nor Graves.
Q3) A general partner has the power to dissociate from a limited partnership regardless of what the partnership agreement specifies.
A)True
B)False
Q4) Only a limited partnership's limited partners have a fiduciary obligation to the other partners.
A)True
B)False
20
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Chapter 19: Corporations
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Sample Questions
Q1) Officers hire the directors and other executive employees.
A)True
B)False
Q2) Each incorporator must have an interest in the corporation.
A)True
B)False
Q3) Every shareholder is entitled to examine specified corporate records.
A)True
B)False
Q4) To pierce the corporate veil means to ignore the corporate structure,exposing the shareholders to personal liability.
A)True
B)False
Q5) Shareholders are the ultimate authority in every corporation.
A)True
B)False
Q6) A corporation cannot be held liable for the criminal acts of its employees.
A)True
B)False
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Study
Chapter 20: Agency
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Q1) An agent has the implied authority to do what is reasonably necessary to carry out express authority.
A)True
B)False
Q2) A principal whose identity is known by a third party with whom an agent contracts on the principal's behalf is a disclosed principal.
A)True
B)False
Q3) Remedies of the agent for breach of duty by the principal follow normal contract and tort remedies.
A)True
B)False
Q4) Under the doctrine of respondeat superior,an agent is liable for any harm to his or her principal.
A)True
B)False
Q5) Normally,all employees who deal with third parties are deemed to be agents.
A)True
B)False
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Chapter 21: Employment Relationships
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Sample Questions
Q1) A large business must provide notice before implementing a mass layoff.
A)True
B)False
Q2) Richard is an employee of Stealth Security Company.Stealth discharges Richard for refusing to infiltrate a competitor's organization to learn its trade secrets.With respect to the employment-at-will doctrine,this is
A)an example of the doctrine.
B)an exception based on contract theory.
C)an exception based on public policy.
D)an exception based on tort theory.
Q3) Lee works as an employee for Maximum Industries,Inc. ,a private employer.Maximum announces that it will start random drug testing of its employees.If Lee resists this policy,he may look for protection under
A)a federal administrative agency rule.
B)a state constitution or statute.
C)the U.S.Constitution.
D)all of the choices.
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Chapter 22: Employment Discrimination
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Q1) Origami Paper Products Corporation meets all of the requirements to be subject to the federal employment discrimination laws.These laws restrict the ability of employers to discriminate against workers on the basis of A)experience.
B)gender.
C)intelligence. D)skill.
Q2) Conrad and Delilah are employees of AgriBio Feed & Seed Corporation.Under the Equal Pay Act of 1963,AgriBio can legitimately pay different wages on the basis of A)seniority.
B)job descriptions.
C)substantial equality of skill,effort,and responsibility. D)gender.
Q3) When the harassment of co-workers creates a hostile working environment,an employee may have a cause of action against the employer.
A)True
B)False
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Chapter 23: Immigratiion and Labor Law
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Q1) Machine Operators Union is engaged in collective bargaining with Natural Coffee Roasters,Inc.(NCR).The employer must bargain over
A)the decision to relocate a facility if it changes the scope of NCR.
B)the decision to relocate a facility if the labor costs are not a factor.
C)the hiring of unnecessary excess workers.
D)the price of food in NCR's employees' cafeteria.
Q2) Employers and unions have a duty to bargain in good faith.
A)True
B)False
Q3) A supervisor may be included in a worker union.
A)True
B)False
Q4) Criminal penalties apply to employers who engage in a "pattern or practice" of immigration law violations.
A)True
B)False
Q5) Contracts limiting employees' rights to join unions are lawful.
A)True
B)False
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Chapter 24: Consumer Protection
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Q1) Merchants must ship orders within the time promised in their ads.
A)True
B)False
Q2) Va-Va-Voom Products,Inc. ,engages in deceptive advertising when it markets its product Weight-No-More as able to help consumers lose weight in their sleep.Va-Va-Voom is ordered to include in all future advertising of Weight-No-More the statement,"This product will not cause anyone to lose weight while sleeping." This is
A)a counteradvertising order.
B)a multiple product order.
C)a "cooling-off" law.
D)a validation notice.
Q3) Federal laws often provide more sweeping and significant protections for the consumer than state laws.
A)True
B)False
Q4) Credit can be denied solely on the basis of marital status.
A)True
B)False
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Chapter 25: Environmental Law
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Q1) Cozy City lies on the shore of a bay that empties into the Atlantic Ocean.Downcycler Waste Company picks up garbage and trash from local businesses.Further inland,Eschew Corporation collects radioactive waste from the local utility's nuclear power plant.On the other side of the bay,Fort Cozy Military Base stores chemical warfare supplies for disposal.Can Downcycler,Eschew,or Fort Cozy dump their waste in the ocean
Q2) The Environmental Protection Agency (EPA)has the authority to regulate "any air pollutant." Fresher Air Group,a private organization,supports cleaner air.Fresher Air can file a suit against the EPA to
A)compel the EPA to act only.
B)compel the EPA to act or prevent it from acting.
C)neither compel the EPA to act nor prevent it from acting.
D)prevent the EPA from acting only.
Q3) The Clean Water Act includes special provisions for toxic chemicals and for oil spills. A)True B)False
Q4) Federal statutes and regulations do not cover mobile sources of air pollution. A)True B)False
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Page 27
Chapter 26: Real Property Land-Use Control
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Q1) Zoning restrictions are absolute.
A)True
B)False
Q2) Uberto and Vicki are married and own a mountain cabin in Wyoming in such a way that neither may transfer separately his or her interest during his or her lifetime.Uberto and Vicki own the lodge as
A)community property owners.
B)tenants at sufferance.
C)tenants by the entirety.
D)tenants in common.
Q3) LaDonna signs a one-year lease with Mae to occupy an apartment in Ames,Iowa,near the University of Iowa.LaDonna needs the apartment only for two semesters and may have to sublet it for the rest of the term.LaDonna's tenancy is
A)a periodic tenancy.
B)a tenancy at will.
C)a tenancy by the entirety.
D)a fixed-term tenancy.
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28
Chapter 27: Antitrust and Monopoly
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Q1) An agreement that fosters competition is an unreasonable restraint of trade.
A)True
B)False
Q2) Diners Cafe and Eatery,Inc. ,are competing restaurants in Freetown.Good Food,Inc. ,plans to open a restaurant in Freetown.Diners and Eatery pool their efforts and convince the Freetown City Council to adopt zoning restrictions that make it difficult for others to open restaurants.Good Food can
A)not sue Diners and Eatery for antitrust violations.
B)obtain just compensation from Diners and Eatery.
C)sue Diners and Eatery for antitrust violations.
D)sue the Freetown City Council for antitrust violations.
Q3) Futuro Products,Inc. ,has exclusive control over the market for its product.Futuro's market power is subject to evaluation under
A)the Clayton Act.
B)the Federal Trade Commission Act.
C)the Interstate Commerce Act.
D)the Sherman Act.
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Chapter 28: Antitrust and Restraints of Trade
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Q1) By contract,Quality Metals Corporation forbids Resource Refining,Inc. ,a wholesale buyer of Quality's products,from purchasing the products of Quality's competitors.This exclusive-dealing contract is allowed
A)under any circumstances.
B)unless its effect is to cause a competitor a loss of any business.
C)unless its effect is to substantially lessen competition.
D)unless there is no effect on a competitor.
Q2) Lightning Cycles,Inc. ,makes Lightning-brand motorcycles and accessories,which are distributed to authorized dealers,including Macho Motors,Inc.Macho operates dealerships in several locations.Lightning imposes territorial restrictions on Macho to insulate other dealers from direct competition.This is
A)a situation that neither restrains trade or harms competition.
B)a legal restraint of trade.
C)a per se violation of antitrust law.
D)subject to analysis under the rule of reason.
Q3) If an agreement is a per se violation of antitrust laws,there must be further inquiry into its reasonableness.
A)True
B)False
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Page 30
Chapter 29: Investor Protection and Corporate Governance
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Q1) Insider trading occurs when persons buy or sell securities on the basis of information that is not available to the pubic.
A)True
B)False
Q2) Refer to Fact Pattern 29-2A.If Dhani is liable under the Securities Exchange Act of 1934,it will be because the information on which he based his purchase of Eureka stock was
A)a forward-looking forecast.
B)not material.
C)not yet public.
D)not yet true.
Q3) Anyone who wrongfully obtains inside information and trades on it for his or her personal gain can be liable under SEC Rule 10b-5.
A)True
B)False
Q4) The Securities and Exchange Commission interprets federal securities laws,but does not investigate violations.
A)True
B)False
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Chapter 30: Part I: The Foundations
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Q1) In the pursuit of profits,Global Enterprises Corporation engages in what some observers consider to be bad corporate behavior.The worldwide explosion of information technology has led to a transparent global economy that makes socially responsible behavior
A)more important.
B)less important.
C)neither more nor less important.
D)both more and less important.
Q2) Mike casts unwarranted doubts on Nina,a co-worker,to gain a job promotion.This is unethical
A)only if Mike is caught.
B)only if Mike gets the promotion.
C)under any circumstances.
D)under no circumstances.
Q3) Ethical behavior on the part of Plastics Products Company may be inhibited by
A)clear ethical standards.
B)collective decision making.
C)legislative determinations of what represents society's best interest.
D)managers' dissent to unethical decisions.
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Page 32
Chapter 31: Part II: The Public and International Environment
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Q1) DrugCo,Inc. ,makes and markets Evenflo,a prescription drug.Food and Drug Administration (FDA)rules require ads for prescription drugs to disclose all of the potential negative side effects.Display ads on the Web are not amenable to such lists.Thus to comply with FDA rules,on the Web DrugCo should run
A)a general,disease-related search ad.
B)an ad for Evenflo without a list of side effects.
C)a tweet.
D)no ads.
Q2) Arnie posts online a note that "I have good pix of child & me" with a link to several pictures of minors engaged in sex.Arnie is charged with violating a statute that makes it a crime to distribute material intended to make others believe it is child pornography.He argues that the statute is unconstitutional.The court is most likely to hold that the statute is
A)unconstitutional because it criminalizes speech.
B)unconstitutional because it is overbroad.
C)unconstitutional because it is impermissibly vague.
D)valid because it does not prohibit a substantial amount of protected speech.
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Page 33
Chapter 32: Part III: The Commercial Environment
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Q1) Dale's debts are discharged in a liquidation bankruptcy.With respect to Dale's prebankruptcy debt,Even Stevens Credit Reporting Agency must automatically report A)nothing.
B)the debt as "discharged," except the nondischargeable debt.
C)the debt as "discharged," including the nondischargeable debt.
D)the debt as "unpaid."
Q2) Hamidi,a coffee farmer in Kenya,forms an alliance with Guthrie,an importer and marketer in Ireland.Their products carry a Fair Trade label.This means that Hamidi
A)accepts whatever price for his products that the market will bear.
B)produces crops with genetically modified organisms.
C)puts children to work whenever possible.
D)uses environmentally sustainable farming methods.
Q3) The Anti-Counterfeiting Trade Agreement is most likely to establish an international governing body to be
A)subject to the World Intellectual Property Organization.
B)under the auspices of the World Trade Organization.
C)part of the Internet Corporation for Assigned Names and Numbers.
D)separate and distinct from existing groups.
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Chapter 33: Part IV: The Business Environment
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Q1) Home & Hearth,Inc. ,is a close corporation owned by Iona,Jamon,and Kleo,who are siblings.Each shareholder is also a director and officer.When the family disagrees over how to operate Home & Hearth,Jamon and Kleo vote to oust Iona from her position as Home & Hearth's president.Iona files a suit against the others,alleging a breach of fiduciary duty.The court may order Jamon and Kleo to
A)buy Iona's shares.
B)sell Iona's shares publicly.
C)sell Jamon and Kleo's shares publicly.
D)sell Jamon and Kleo's shares to Iona.
Q2) Kirby is a manager of Jumpstart Fitness LLC,a limited liability company.Jumpstart is formed in a state that imposes fiduciary duties on LLC managers.Kirby owes these duties to
A)Jumpstart's members.
B)Jumpstart's suppliers.
C)Jumpstart's customers.
D)none of the choices.
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Chapter 34: Part V: The Employment Environment
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Q1) Desmond is Cassandra's agent.Despite ethical concerns,Cassandra's legal duties to Desmond do not include
A)compensation.
B)cooperation.
C)loyalty.
D)reimbursement.
Q2) AgriEquip Service & Supply,Inc. ,sends Merilyn an e-mail in which AgriEquip offers to employ her for certain hours and a specific amount of money over a limited period of time.She responds with a counteroffer that reduces the hours and increases the money.AgriEquip e-mails an acceptance.Merilyn performs,but AgriEquip refuses to pay.She files a suit against AgriEquip for breach of contract.The court is most likely to rule that the e-mail
A)showed only an agreement to agree.
B)was an agreement to the essential terms of an employment contract.
C)constituted an unenforceable,non-existent contract.
D)contained a contract but is unenforceable because it is electronic.
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Chapter 35: Part VI: The Regulatory Environment
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Q1) Sayer is an employee of Thorny Foliage Eradication,Inc.Sayer tweets messages about Thorny Foliage to employees and outside interested parties,including investors and others.According to the Securities and Exchange Commission,Sayer's messages are subject to
A)federal securities laws.
B)international communications regulations.
C)state blog and tweet rules.
D)no law.
Q2) Thai Pizza Corporation is a restaurant chain with twenty locations.Under federal law,Thai Pizza must post
A)the caloric content of the foods on the chain's menu.
B)the recipes for the dishes on the chain's standard menu.
C)the chain's recommendations for the healthiest selections.
D)none of the choices.
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