Commercial Law Exam Review
Course Introduction
Commercial Law is a foundational course that explores the legal principles governing business and commercial transactions. It examines the formation and enforcement of contracts, the rights and obligations of parties in sales of goods, negotiable instruments, agency relationships, and secured transactions. Students will analyze case law and statutory frameworks such as the Uniform Commercial Code (UCC) to understand how legal rules apply to real-world business situations. The course also addresses contemporary issues such as electronic commerce, consumer protection, and dispute resolution in commercial contexts, equipping students with the essential legal knowledge for careers in business, law, and finance.
Recommended Textbook
The Legal Environment Today 7th Edition by Roger LeRoy Miller
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27 Chapters
1810 Verified Questions
1810 Flashcards
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Chapter 1: Business and Its Legal Environment
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72 Verified Questions
72 Flashcards
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Sample Questions
Q1) Stare decisis is a doctrine obligating judges to help persons who have failed to protect their own rights.
A)True
B)False
Answer: False
Q2) Equitable remedies include injunctions.
A)True
B)False
Answer: True
Q3) To Cody,the written law of a particular society at a particular time is most significant.Cody is
A)a legal positivist.
B)a legal rationalist.
C)a legal realist.
D)a person who adheres to the natural law school.
Answer: A
Q4) Courts can rely on the common law as a guide to interpreting legislation.
A)True
B)False
Answer: True
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Chapter 1: A: Online Developments:
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36 Verified Questions
36 Flashcards
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Sample Questions
Q1) One night,Izzy discovers Joe,an intruder,in Izzy's home.Izzy shoots and kills Joe.With respect to criminal prosecution for this use of deadly force,in a state that has a stand-your-ground law Izzy
A)is presumed innocent or may be exempt from prosecution.
B)must prove that he first told Joe to "Stop!" or "Stand your ground!"
C)must prove that he first tried to retreat or that his life was in danger.
D)must prove that Joe did not try to retreat or acted without regard for his own life.
Answer: A
Q2) In a brief filed in Gene's suit against Hoyt in a federal court,Ilsa,Gene's attorney,cites,Jon v.Klint,an unpublished opinion.According to a ruling of the United States Supreme Court,the judge in Gene's suit
A)may consider the unpublished opinion persuasive.
B)must apply the unpublished opinion as binding.
C)must ignore the unpublished opinion.
D)must issue a judgment in Hoyt's favor.
Answer: A
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Chapter 2: Ethics and Business Decision Making
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72 Verified Questions
72 Flashcards
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Sample Questions
Q1) Ethical standards based on religious teachings tend to be absolute.
A)True
B)False
Answer: True
Q2) Bilt-Well Construction Corporation makes a side payment to a government official in Nigeria to obtain a contract.In the United States,this is
A)illegal and unethical.
B)illegal but not unethical.
C)unethical but not illegal.
D)legal and ethical.
Answer: A
Q3) Corporate ethical policies must be clearly communicated to be effective.
A)True
B)False
Answer: True
Q4) A business firm's profits may suffer if the firm is not a "good corporate citizen."
A)True
B)False
Answer: True
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Chapter 3: Courts and Alternative Dispute Resolution
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Sample Questions
Q1) To have standing to sue,a party must have been harmed or have been threatened with harm by the action about which he or she complains.
A)True
B)False
Q2) Refer to Fact Pattern 3-1.The least expensive method to resolve the dispute between Java and Kaffe may be
A)arbitration because the case will be heard by a mini-jury.
B)litigation because each party will pay its own legal fees.
C)mediation because the dispute will be resolved by a non-expert.
D)negotiation because no third parties are needed.
Q3) A court's review of an arbitrator's award may be restricted.
A)True
B)False
Q4) Ula wants to initiate a suit against Valley Farms by filing a complaint.The complaint should include
A)an explanation to refute any defense the defendant might assert.
B)a motion for summary judgment.
C)a motion to dismiss.
D)a statement of the facts necessary to show Ula is entitled to relief.
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Chapter 4: Constitutional Authority to Regulate Business
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Sample Questions
Q1) Savers Mart,Inc.,distributes its merchandise to retail outlets on an interstate basis.Under the commerce clause,Congress has the power to regulate
A)any commercial activity in the United States.
B)only activities that are in intrastate commerce.
C)only activities that are in local commerce.
D)only activities that are not in commerce.
Q2) Some constitutional protections apply to business entities.
A)True
B)False
Q3) A law that restricts a fundamental right violates substantive due process regardless of the type of state interest that the law "promotes."
A)True
B)False
Q4) Equal protection means that the government must treat similarly situated individuals in a similar manner.
A)True
B)False
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Chapter 5: Torts,cyber Torts,and Strict Liabiity
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Sample Questions
Q1) Dru is an Excel Company employee.He says that Fiona,Excel's office manager,is stealing from their employer.The statement-which is false-is defamatory
A)if a coworker overhears it.
B)only if Fiona hears it.
C)whether or not anyone hears it.
D)under no circumstances.
Q2) Tortfeasor is the term for a person who commits a tort.
A)True
B)False
Q3) 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.
Q4) Punitive damages are intended to punish a wrongdoer and deter others.
A)True
B)False
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Chapter 6: Criminal Law and Cyber Crime
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Sample Questions
Q1) Susan is the president of United Food Corporation,a wholesale grocery company.An inspection by Tim,a government agent,uncovers unsanitary conditions caused by Val,a United employee,in the United warehouse.Will,a United vice president,assures Tim that the situation will be corrected,but nothing is done,which a later inspection reveals.Susan knows nothing about any of this.Can United be convicted of a crime in these circumstances Can Susan be held personally liable
Q2) On the orders of their corporate employer,Della and Efron,employees of Fabulous Fashionista,a clothing store,switch trademarks on clothing that comes into the store to be sold to consumers.This is
A)forgery.
B)larceny.
C)obtaining goods by false pretenses.
D)no crime.
Q3) Stealing software is not a crime.
A)True
B)False
Q4) Jurisdiction can be a key issue in a case involving a cyber crime.
A)True
B)False
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Chapter 7: International Law in a Global Economy
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Sample Questions
Q1) A foreign citizen can bring a civil suit in a U.S.court for a violation of a treaty of the United States.
A)True
B)False
Q2) Dumping is the sale of imported goods at "greater than fair value."
A)True
B)False
Q3) Secure Investments,Inc.,a U.S.firm,expands into international markets through a joint venture.In this situation,Secure owns
A)all of the operation,and its profits and liabilities.
B)all of the operation,and none of its profits and liabilities.
C)none of the operation,and none of its profits and liabilities.
D)part of the operation,and shares its profits and liabilities.
Q4) Dumping is the exporting of environmentally polluting goods to a foreign market.
A)True
B)False
Q5) Generally,a foreign government cannot sue under U.S.antitrust laws in U.S.courts.
A)True
B)False
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Chapter 8: 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) Copyright protection is automatic-registration is not required.
A)True
B)False
Q3) Gas Up,Inc.,designs,makes,and sells a fuel injection system that copies Hybrid Corporation's design without Hybrid's permission.This is most likely
A)copyright infringement.
B)patent infringement.
C)trademark infringement.
D)a theft of trade secrets.
Q4) Hawk Corporation begins making and selling motorcycles in 2000 under the mark "Hawk." Ten years later,Hawk.com,Inc.,a different company selling medical equipment and supplies,begins to use "hawk" as part of its URL and registers it as a domain name.Can Hawk Corporation stop Hawk.com's use of "hawk" If so,what must the motorcycle-maker show
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Chapter 8: A: Online Developments:
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22 Flashcards
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Sample Questions
Q1) Fleet Feet,an online travel company,buys blocks of rooms from Grande Hotel,a hotel in Hyper City,at a wholesale rate.Fleet Feet reslls the rooms to consumers at a retail rate.One recent effort by cities to collect taxes from e-commerce has focused on A)hotels that sell blocks of rooms at wholesale rates.
B)non-resident consumers who reserve rooms in in-state hotels.
C)online travel companies.
D)the dire financial straits of the cities during the latest recession.
Q2) In Hadley v.Baxendale,the Hadleys did not communicate adequately to Baxendale that the crankshaft they were sending to him for repair was the only one they had.The court held,with respect to the profit lost while the mill was closed,that the Hadleys were
A)not entitled to this amount from Baxendale.
B)entitled to this amount from Baxendale.
C)required to pay this amount to Baxendale.
D)required to pay this amount to the court.
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Chapter 9: Formation in Traditional and E-Contracts
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71 Flashcards
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Sample Questions
Q1) An online offer should include provisions relating to dispute settlement.
A)True
B)False
Q2) Panini Vittles,Inc.,contracts with Qino to deliver its sandwiches.Later,the parties decide to cancel their contract.They can
A)rescind their entire contract.
B)rescind their contract to the extent that it is executory.
C)rescind their contract if they make a new contract at the same time.
D)not rescind their contract.
Q3) Inadequate consideration may reflect a lack of bargained-for exchange.
A)True
B)False
Q4) Business Properties,Inc.(BPI),offers to sell a warehouse to Corporate Investments.Corporate says that it will pay BPI $100 to hold the offer open for three business days.This
A)creates an illegal contract by adding a clause to BPI's offer.
B)makes the offer irrevocable for three days if BPI accepts.
C)negates BPI's offer by changing the price term.
D)voids BPI's offer by extending the time term.
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Chapter 10: Contract Performance,breach,and Remedies
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71 Flashcards
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Sample Questions
Q1) Vicky contracts with Rashad for the delivery of hospice services to benefit Sigmund.This is
A)a delegation.
B)an assignment.
C)a third party beneficiary contract.
D)not an enforceable contract.
Q2) A contract may include a clause stating that damages must be limited to a maximum amount.
A)True
B)False
Q3) The duty owed under the mitigation of damages doctrine depends on the nature of the contract.
A)True
B)False
Q4) Quasi contract is a legal theory under which an obligation is imposed in the absence of an agreement.
A)True
B)False
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Chapter 11: Sales,leases,and Product Liability
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72 Verified Questions
72 Flashcards
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Sample Questions
Q1) A seller must take steps to guard against the foreseeable misuse of a product.
A)True
B)False
Q2) An action in strict product liability requires that the defendant fail to exercise reasonable care.
A)True
B)False
Q3) To constitute an express warranty,a representation must be in writing.
A)True
B)False
Q4) UCC Article 2 applies to sales of goods,real estate,and services.
A)True
B)False
Q5) The types of product defects that have traditionally been recognized in product liability law include inadequate warnings.
A)True
B)False
Q6) Goods that are merchantable are fit for any purpose.
A)True
B)False
Page 15
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Chapter 12: Creditor-Debtor Relations and Bankruptcy
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Sample Questions
Q1) A reorganization plan is a plan to conserve and administer the debtor's assets in the hope that all of the creditors will eventually be paid in full.
A)True
B)False
Q2) Creditors may contract with a debtor for discharge of the debtor's liquidated debts.
A)True
B)False
Q3) Refer to Fact Pattern 12-2.If Nina recovers less than she is owed,she can realize the difference from
A)any property that Mary owns.
B)only exempt property that Mary owns.
C)only nonexempt property that Mary owns.
D)property that any other member of Mary's family owns.
Q4) Personal property that is most often exempt from satisfaction of judgment debts does not include livestock.
A)True
B)False
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Chapter 13: Mortgages Foreclosures After the Recession
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Sample Questions
Q1) Violet negotiates with Urban Credit Corporation to obtain a loan for $85,000 to buy a home.During the negotiations,Urban Credit orally misrepresents the terms,but provides the required documents,which accurately state the terms.Violet does not read the documents.The party or parties most likely liable for a violation of the law is
A)neither party.
B)Urban Credit.
C)Urban Credit and Violet.
D)Violet.
Q2) Recording a mortgage protects the creditor's security interest in the property.
A)True
B)False
Q3) Dahlia borrows $125,000 from Clearview Credit Union to buy a home.The interest rate and other terms that are required to be disclosed under federal law must be A)based on uniform formulas of calculation.
B)expressed in lenders' language.
C)set out in a formula unique to each loan.
D)stated in "legalese."
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Chapter 14: Small Business Organizations
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Sample Questions
Q1) Refer to Fact Pattern 14-2.Luann signs a contract with Oleo Chips,a retail component supplier,apparently on Networx's behalf.The contract is binding on A)Luann,Mace,and Networx.
B)Luann only.
C)Networx only.
D)Oleo only.
Q2) A partner owes to the partnership and the other partners a duty of loyalty. A)True
B)False
Q3) Noah and Orin do business as Pest Control Partners.In most states,for the purposes of suing and being sued,Pest Control Partners would be treated as A)an aggregate of the individual partners.
B)a natural person.
C)an entity.
D)a non-existent party.
Q4) The franchise relationship is defined by a contract.
A)True
B)False
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Chapter 14: A: Landmark in the Legal Environment:
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Sample Questions
Q1) Jewel Property Company hires Klint,an independent contractor,to wash the windows of Jewel's commercial building.Jewel's tenant Lucy is injured when Klint closes a window on her hand.In determining whether Jewel is liable for Lucy's injury,the most important factor is
A)Jewel's employment of Klint.
B)Jewel's investigation of Klint's background and experience.
C)the condition of the premises,especially the window.
D)the degree of control that Jewel maintained over Klint's actions.
Q2) Yao is considering forms of business organization for his Web site consulting firm.Most states allow a limited liability company to have
A)any number of members that are foreign entities.
B)no members that are foreign entities.
C)one member that is a foreign entity.
D)two members that are foreign entities.
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Chapter 15: Corporations
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Sample Questions
Q1) Shareholders are personally liable for the debts of a corporation.
A)True
B)False
Q2) Officers and employees of Apples Corporation and Oranges Corporation are convicted of conspiring to violate a federal law that is punishable by a term of imprisonment and a fine.Can Apples and Oranges be held liable for these crimes If so,how can they be punished
Q3) The shares of Capital Corporation are publicly traded in securities markets.Capital Corporation is
A)a private corporation.
B)a privately held corporation.
C)a public corporation.
D)a publicly held corporation.
Q4) An S corporation is treated the same as a regular corporation for tax purposes
A)True
B)False
Q5) Directors are entitled to use confidential corporate information for their personal advantage.
A)True
B)False
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Chapter 16: Agency
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Sample Questions
Q1) Iggy hires Joy to act as his agent to purchase Kup-a-Koffee Kompany.Iggy tells Joy to reveal only that she is buying the firm on behalf of a third party,without telling Kup-a-Koffee's seller who that third party is.Iggy is A)a disclosed principal.
B)an implied principal.
C)an undisclosed principal.
D)a partially disclosed principal.
Q2) An independent contractor's physical conduct is controlled,or subject to control,by his or her employer.
A)True
B)False
Q3) Rita is appointed as an agent for Superior Sales,Inc.The agency agreement is silent as to the level of sales that Rita is expected to achieve.She must A)achieve nothing because the agreement says nothing on the issue. B)attain the level that Rita achieved with her previous employer.
C)maintain the level Superior attained before Rita became an agent. D)use reasonable diligence and skill in selling.
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Chapter 17: Employment,immigration,and Labor Law
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Sample Questions
Q1) Network Industries,Inc.,wants to monitor its employees' electronic communications.To avoid liability under laws related to employee monitoring,Network should discuss the monitoring with A)no one.
B)the employees.
C)the government.
D)the public generally.
Q2) Under federal law,only key employees who take temporary family or medical leave are entitled to job reinstatement.
A)True
B)False
Q3) Federal labor law protects employees' right to join labor unions.
A)True
B)False
Q4) Requiring union membership as a condition of continued employment is legal. A)True
B)False
Q5) Only state law governs drug tests of private-sector employees. A)True
B)False
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Chapter 18: Employment Discrimination
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Sample Questions
Q1) Refer to Fact Pattern 18-2.Kit's conduct is most likely a violation of A)no law.
B)the Age Discrimination in Employment Act.
C)the Americans with Disabilities Act.
D)Title VII of the Civil Rights Act.
Q2) Refer to Fact Pattern 18-4.To succeed with a claim against COC under the Americans with Disabilities Act,Beth will have to show that
A)Beth consistently met the essential requirements of her job.
B)COC refused to make reasonable accommodation for Beth.
C)Dian is unqualified for Beth's position.
D)the doors were installed as an act of intentional discrimination.
Q3) With a couple of new ideas regarding software design,Carol and Ray start a partnership that,with business success,becomes Pacific Applications Company.The company grows to include a staff of twenty-one employees.Over time,Pacific develops a new computer operating system.The firm signs licensing contracts with several computer manufacturers,but needs to double the number of its employees to fulfill those contracts.Is Pacific subject to federal antidiscrimination laws If so,what should it consider in hiring new employees
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Chapter 19: Powers and Functions of Administrative Agencies
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Sample Questions
Q1) Truck Transport Company is subject to a decision by the National Labor Relations Board.Truck Transport appeals the decision,arguing that it is arbitrary and capricious.This could mean that the decision
A)followed a consideration of legally appropriate factors.
B)justifiably changed the agency's prior policy.
C)was accompanied by a rational explanation.
D)was plainly contrary to the evidence.
Q2) Unlike those who violate statutes,violators of agency rules are not punished. A)True B)False
Q3) The Nuclear Regulatory Commission (NRC)files a complaint against General Construction Corporation (GCC).GCC may want to settle the dispute,before formal adjudicatory proceedings begin,to avoid A)appearing uncooperative.
B)eliminating the need for additional proceedings.
C)rectifying the problem to the NRC's satisfaction.
D)saving the expense of formal proceedings and later appeals.
Q4) Administrative agencies can conduct warrantless searches in some situations. A)True B)False
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Chapter 20: Consumer Protection
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Sample
Questions
Q1) 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.
Q2) A debt-collection agency is someone who regularly attempts to collect debts on behalf of someone else,usually for a percentage of the amount owed.
A)True
B)False
Q3) Bodie's application to City Bank for a credit card is denied.Bodie can obtain information on her credit history in a credit agency's files under A)no federal law.
B)the Equal Credit Opportunity Act.
C)the Fair Credit Reporting Act.
D)the Fair Debt Collection Practices Act.
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Chapter 21: Protecting the Environment
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Sample Questions
Q1) Water-quality standards are set by the states under Environmental Protection Agency supervision.
A)True
B)False
Q2) Verna makes a living by commercial fishing in a river allegedly polluted by Wall Paint Company.To bring a suit against Wall Paint on the ground of private nuisance,Verna must allege that she suffers from
A)a distinct harm separate from that affecting the general public.
B)a lesser harm than an injunction would impose on Wall Paint.
C)Wall Paint's failure to use reasonable care to avert herm to Verna.
D)the same harm as that affecting the general public.
Q3) Valley Disposal Center operates a recycling plant.Wendy and other Valley neighbors file a suit,alleging injuries from the plant.To succeed,they must show that Valley failed to use reasonable care if the suit is based on
A)a negligence theory.
B)a nuisance theory.
C)any legal theory.
D)a strict liability theory.
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Chapter 22: Real Property and Land-Use Control
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Q1) To acquire the ownership of a mountain cabin by adverse possession,Cody must occupy the cabin exclusively,continuously,and peaceably for a specified period of time
A)in an,open,hostile,and adverse manner.
B)until the owner files a suit.
C)without the owner's knowledge.
D)with the state's permission.
Q2) Refer to Fact Pattern 22-1.Nika's ownership interest is
A)a fee simple absolute.
B)a leasehold estate.
C)a life estate.
D)an easement.
Q3) Land includes all of the waters on or under its surface.
A)True
B)False
Q4) A fixed-term tenancy is created when a lease does not specify its duration. A)True
B)False
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Chapter 23: Antitrust Law and Promoting Competition
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Sample Questions
Q1) 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 horizontal restraint.
B)a lateral restraint.
C)a vertical restraint.
D)not a restraint.
Q2) Spa Selectiva Company makes and sells beauty salon supplies.By selling its product at prices substantially below the normal cost of production,Spa Selectiva hopes to drive its competitors from the market.This is
A)market power.
B)predatory pricing.
C)price discrimination.
D)price-fixing.
Q3) Monopoly power is an extreme amount of market power.
A)True
B)False
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Chapter 24: Investor Protection and Corporate Governance
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Sample Questions
Q1) Heavy Hauling,Inc.,is a public company whose shares are traded in the public securities markets.Under the Sarbanes-Oxley Act of 2002,to ensure that Heavy Hauling's financial results are accurate and timely,the firm's senior officers must set up and maintain
A)internal "disclosure controls and procedures."
B)external "release and reveal timetables."
C)personal "peruse and review liability policies."
D)public "information and discussion forums."
Q2) Kirk is the chief financial officer of Lemon Corporation,which is required to file certain financial statements with the Securities and Exchange Commission (SEC).Under the Sarbanes-Oxley Act of 2002,Kirk must personally
A)certify that the statements are accurate.
B)delegate the responsibility for preparing the statements.
C)deliver the statements to the appropriate SEC officer.
D)prepare the statements.
Q3) A corporation can recapture any profits realized by an insider on any purchase or sale of the firm's stock within any twelve-month period.
A)True
B)False
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