Commercial Law Practice Exam
Course Introduction
Commercial Law provides an in-depth exploration of the legal principles governing business and commercial transactions. The course covers key topics such as the formation and enforcement of contracts, the sale of goods, agency relationships, negotiable instruments, and the regulation of secured transactions. Students will analyze case law and statutory frameworks affecting businesses, gaining practical insights into dispute resolution and compliance requirements. By the end of the course, learners will be equipped to identify and apply appropriate legal principles to solve complex commercial problems, making it essential for those pursuing careers in business, law, or entrepreneurship.
Recommended Textbook Business Law 17th Edition by Arlen W Langvardt
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Page 2
Chapter 1: The Nature of Law
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Sample Questions
Q1) Why were equitable remedies developed?
A)Common law rules were too flexible to produce fair results.
B)The remedies available in common law courts were too few.
C)Equitable remedies were rigid rules of law and produced fair results.
D)Common law rules were less technical and rigid.
Answer: B
Q2) Explain the position adopted by legal positivists regarding law.
Answer: Legal positivists define law as the command of a recognized political authority.The commands of recognized political authorities may be good,bad,or indifferent in moral terms.To legal positivists,such commands are valid law regardless of their "good" or "bad" content.In other words,positivists see legal validity and moral validity as entirely separate questions.
Q3) The ejusdem generis rule is an example of a maxim.
A)True
B)False
Answer: True
Q4) The doctrine of stare decisis states that like cases should be decided alike.
A)True
B)False
Answer: True
Page 3
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Chapter 2: The Resolution of Private Disputes
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Q1) Today,most appealable decisions from the lower courts fall within the Supreme Court's ________ jurisdiction,under which the Court has discretion whether to hear the appeal.
A)appellate
B)certiorari
C)original
D)exclusive
Answer: B
Q2) Bob is a merchant in New York and Betty is a merchant in California.Bob wants to do business with Betty but he is concerned that if a lawsuit should result from their transaction,he might have to travel to California and hire a California lawyer to litigate the dispute.What type of clause should Bob try to include in his contract with Betty that will probably assure him that if litigation ensues,it will take place in New York?
A)Confession of judgment clause
B)Forum selection clause
C)Choice of law clause
D)Substantive clause
Answer: B
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Chapter 3: Business and the Constitution
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Q1) In the case discussed in the text,Kelo v.City of New London,the plaintiff challenged whether:
A)the land-use restriction constituted a taking.
B)his type of property was subject to the Takings Clause.
C)he received just compensation for the taking of his property.
D)the government's taking was for a public use.
Answer: D
Q2) Which of the following is not one of the reasons why federal preemption of a state law generally occurs?
A)There is a literal conflict between the state and federal measures,so that it is impossible to follow both simultaneously.
B)The federal law specifically states that it will preempt state regulation in certain areas.
C)The federal law was enacted before the state law.
D)The federal regulation is persuasive.
Answer: C
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Chapter 4: Business Ethics, Corporate Social Responsibility,
Corporate Governance, and Critical Thinking
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Q1) A(n)________ can be a sounding board for decisions,provide information on those who can help,offer advisement of proper procedures,and provide backup when opposing a boss's decision.
A)liaison
B)mentor
C)peer
D)entrepreneur
Q2) Which of the following ethical theories is a deontological theory?
A)Utilitarian theory
B)Teleological theory
C)Rights theory
D)Profit maximization theory
Q3) The purpose of the ________ is to increase penalties for corporate wrongdoers,establish rules designed to deter and prevent future wrongdoing,and encourage and enable corporate executives to be ethical and socially responsible.
A)Sarbanes-Oxley Act
B)Davis-Bacon Act
C)Goldwater-Nichols Act
D)Certiorari Act
6
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Chapter 5: Criminal Law and Procedure
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Q1) Which of the following is not a potential consequence of a criminal violation of the Racketeer Influenced and Corrupt Organizations Act (RICO)?
A)Forfeiture of property,regardless of how it was obtained
B)Substantial fines
C)Imprisonment
D)Forfeiture of interest gained in any enterprise as a result of a violation
Q2) Owners of commercial property enjoy greater privacy expectations in their property for Fourth Amendment purposes than do owners of residential property.
A)True
B)False
Q3) The case in the text,United States v.Anderson,discusses the three elements the government needs to prove to convict a defendant of conspiracy to commit wire fraud.Which of the following is not one of those elements?
A)Two or more persons made an agreement to commit wire fraud.
B)The defendant knew the unlawful purpose of the agreement.
C)The defendant took some overt act in furtherance the agreement.
D)The defendant joined in the agreement willfully.
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Chapter 6: Intentional Torts
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Q1) ________ 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
Q2) Melissa hurls a rock with the intent to hit Dave,with whom she has just fought.The rock hits Stacey,instead,who is sitting next to Dave.Melissa is liable for battery under the theory of:
A)conversion.
B)private nuisance.
C)actual malice.
D)transferred intent.
Q3) Which of the following individuals can recover damages for proven actual injury,but not presumed or punitive damages,by proving only fault?
A)A public official plaintiff involved in a subject of public concern
B)A public figure plaintiff involved in a subject of private concern
C)A private figure plaintiff involved in a subject of public concern
D)A private figure plaintiff involved in a subject of private concern
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Page 8
Chapter 7: Negligence and Strict Liability
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Q1) Which of the following is not considered when determining whether a causation link exists?
A)Was the breach an actual cause of the injury?
B)Was the injury the type one would expect from the breach?
C)Was the breach a proximate cause of the injury?
D)What was the effect of any intervening cause arising after the breach and helping to cause the injury?
Q2) The doctrine of res ipsa loquitur means "the thing speaks for others."
A)True
B)False
Q3) Today,trespassers who are injured while on someone else's land:
A)never recover against the landowner in a negligence action.
B)recover against the landowner in a negligence action only when permitted by statute.
C)recover only when the possessor knows they are likely to trespass.
D)recover only when the owner willfully and wantonly injures them after their presence is known.
Q4) Strict liability makes people liable irrespective of their fault.What can justify this?
That is,what is the standard rationale for strict liability?
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Page 9
Chapter 8: Intellectual Property and Unfair Competition
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Q1) A trademark is any word,name,symbol,device,or combination thereof used by a seller to identify its products from the competition.
A)True
B)False
Q2) Which type of claims involve false representations that are likely to induce third parties to believe that the defendant's goods or services are those of the plaintiff?
A)Trade dress infringement claims
B)Commercial appropriation of name
C)False advertising claims
D)Passing-off claims
Q3) Which of the following kinds of marks are denied placement on the Principal Register?
A)Those which are geographically descriptive
B)Those containing fanciful names
C)Those consisting of surnames
D)Those consisting of government insignia
Q4) Discuss a criticism of the first-to-file policy.
Q5) What is the first-to-invent rule?
Q6) When does a patent infringement occur?
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Chapter 9: Introduction to Contracts
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Q1) A(n)________ is a proposal by one person to another that is intended to create legal relations on acceptance by the person to whom it is made.
A)negotiation
B)offer
C)settlement
D)agreement
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) A contract is ________ when all of the parties have fully performed their contractual duties.
A)void
B)executed
C)contingent
D)ineffective
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11
Chapter 10: The Agreement: Offer
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Q1) Under the United Nations Convention on Contracts for the International Sale of Goods (CISG),a proposal will be considered an offer if it meets three requirements.Which of the following is not one of those requirements?
A)The proposal clearly explains the obligations of the parties.
B)The proposal is addressed to one or more specific persons.
C)The proposal is sufficiently definite,especially as to quantity and price.
D)The proposal indicates the intent of the offeror to be bound in case of acceptance.
Q2) Which of the following offers terminates earliest? Assume that there is no time limitation on the offer unless the offer says otherwise.
A)An offer for the sale of land.
B)An offer to purchase stock on a stock exchange.
C)An offer that says that it will stay open for one week.
D)An offer with a valid five-day option attached to it.
Q3) What does "present intent to contract" mean?
A)Intent to enter the contract upon acceptance
B)Intent to negotiate in case of rejection of offer
C)Intent to set contractual conditions
D)Intent to engage more than one partner in the deal
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Chapter 11: The Agreement: Acceptance
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Q1) If it appears that the parties had concluded their negotiations and reached agreement on all the essential aspects of the transaction,most courts would probably find a contract at the time agreement was reached,even though no formal agreement had been signed.Which of the following is an exception to this rule?
A)During the negotiation process,the parties gave a clear expression of intent that prevents the formation of a contract until both parties have signed.
B)The parties provide proof of prior dealings that indicate an agreement is usually only reached between the parties when it is put into writing.
C)The parties demonstrate that it is customary in their trade to only sign written agreements.
D)The parties demonstrate that it was not their intention to be in a binding agreement until it was put into writing and signed.
Q2) Which of the following actions is considered to reflect a counteroffer?
A)A grumbling acceptance
B)An inquiry regarding terms
C)A demand for additional terms
D)A silent acceptance
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Page 13
Chapter 12: Consideration
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Q1) To satisfy the consideration requirement to form a contract,the consideration exchanged by the parties must:
A)have a monetary value.
B)conform to the parties' subjective intent.
C)have legal value.
D)have approximately the same value.
Q2) Patricia is a general contractor performing construction work for ABC Corp.Patricia requested extra payment because abnormal subsurface rock formations made excavation on the construction site far more costly and time-consuming than could have been reasonably expected.The court will:
A)enforce such modifications in contract.
B)allow the party to rescind such a contract.
C)consider the contract voidable.
D)consider the contract unenforceable.
Q3) Mr.Green agrees to an offer to drive Ms.White to the airport for $20,but "only if I feel like it".Mr.Green has failed to give sufficient consideration to create a contract with Ms.White.
A)True
B)False
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Page 14
Chapter 13: Reality of Consent
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Q1) Duress involves threats and coercion while undue influence involves persuasion to susceptible individuals.
A)True
B)False
Q2) In Timothy v.Keetch,the case in the text,the court held that:
A)Utah law requires one to inspect the public record to verify the truthfulness of statements made to him or her.
B)Paul's visit to the ranch should have "served as a warning" that the Timothys were being deceived.
C)the Keetches justifiably represented that they owned the horse without any encumbrances.
D)the Timothys had no reason to know that they were being deceived.
Q3) A person who rescinds a contract is entitled to the return of:
A)everything that person has given the other party.
B)50% of the items that the person has given the other party.
C)75% of the items that the person has given the other party.
D)nothing.
Q4) Give two reasons why the differences between fraud and misrepresentation are relevant.
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Chapter 14: Capacity to Contract
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Q1) What remedy is provided by the states that allow disaffirmance to adults who suffer losses due to a minor's misrepresentation of age?
A)There is no remedy
B)Tort of necessaries
C)Tort of deceit
D)Emancipation
Q2) Mike,a minor,buys some real estate as an investment.The contract obligates Mike to make monthly installment payments for 10 years.Mike reaches the age of majority one month after making the contract.After this,Mike makes 25 monthly payments under the contract,but then decides that he wants to rescind the deal.Which of the following is most true?
A)Mike can disaffirm.
B)Mike cannot disaffirm because contracts for the sale of land can only be disaffirmed before the age of majority.
C)Mike cannot disaffirm because contracts for the sale of land must be disaffirmed within one year of the age of majority.
D)Mike cannot disaffirm because he has already ratified the contract.
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Page 16
Chapter 15: Illegality
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Q1) Which of the following constrains the employee from divulging or using certain information gained during his employment?
A)Nonsolicitation agreement
B)Nondisclosure agreement
C)Noncompetition clause
D)Deed of trust
Q2) In an employment contract,the noncompetition clause might be the only part of the contract:
A)that the parties put in writing.
B)that would be valid.
C)that would be unenforceable.
D)that would be illegal.
Q3) Courts tend to judge noncompetition clauses in ________ by a stricter standard than they judge similar clauses contained in ________.
A)ancillary agreements;employment contracts
B)employment contracts;contracts for the sale of a business
C)contracts for the sale of a business;employment contracts
D)ancillary agreements;contracts for the sale of a business
Q4) What is an exculpatory clause?
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Chapter 16: Writing
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Q1) Jones goes to a clothing store and orders $1,000 worth of clothing on credit.The salesperson writes up a receipt describing the terms of the deal,but Jones does not sign anything.Three days later,the store delivers $750 worth of clothing,which Jones accepts.One day later,however,Jones decides that he does not want the clothing.When the store insists that he has to pay the full $1,000,Jones pleads the statute of frauds.Does the statute of frauds give Jones a defense against payment here?
Q2) Bruce told Adam that he was selling his house in Syracuse,New York.Adam sent Bruce an e-mail containing an offer of $300,000 for the house.Bruce responded via e-mail that he wanted $315,000 for the house.After further e-mails,the parties finally agreed on a sale with a price of $310,000.A series of e-mails contained the terms of the sale,and all included a salutation containing their typewritten names.However,Bruce later decided to sell the house to Marty for $325,000.Adam sued Bruce,claiming that Bruce breached their contract for the sale of the house.Most likely,Adam will:
A)lose,because the contract does not meet the statute of frauds. B)lose under the parol evidence rule.
C)win,because the essential terms of the contract were set forth in the signed e-mails. D)win,because of the partial performance exception to the statute of frauds.
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Chapter 17: Rights of Third Parties
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Q1) Mr.Green contracts with Mr.Brown for $500 to landscape the home of Roy,who is Mr.Green's son.What is Roy's status in the contract with Mr.Green and Mr.Brown?
A)Donee beneficiary
B)Incidental beneficiary
C)Corporate beneficiary
D)International beneficiary
Q2) On August 1,Neptune Fisheries contracted in writing with West Markets to deliver to West 3,000 pounds of lobsters at $4 a pound.Delivery of the lobsters was due October 1 with payment due November 1.On August 4,Neptune entered into a contract with Deep Sea Lobster Farms which provided as follows: "Neptune Fisheries assigns all the rights under the contract with West Markets dated August 1 to Deep Sea Lobster Farms." The best interpretation of the August 4 contract would be that it was:
A)only an assignment of rights by Neptune.
B)only a delegation of duties by Neptune.
C)an assignment of rights and a delegation of duties by Neptune.
D)an unenforceable third-party beneficiary contract.
Q3) What is the purpose of vesting?
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Page 19
Chapter 18: Performance and Remedies
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Q1) When is a person's duty to perform discharged on grounds of impossibility?
A)When a substitute is available
B)When there is a delay in the delivery of goods
C)In the presence of supervening illegality
D)A promisee's dissatisfaction with the performance
Q2) Frank hires Saul to landscape his yard,but when Saul attempts to begin landscaping,Frank refuses to allow Saul to enter the land.Which of the following statements is true?
A)Frank's duty to pay is subject to a constructive condition that Saul completes the landscaping job.
B)Any claim Saul would bring would be made in bad faith.
C)Saul can only be excused from performance if the parties mutually agree to rescind the contract.
D)Saul can sue Frank for damages for breach of contract.
Q3) Damages that are agreed upon at the time the contract is entered into are called
A)compensatory damages
B)consequential damages
C)liquidated damages
D)mitigation of damages
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Chapter 19: Formation and Terms of Sales Contracts
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Q1) Mayker,Inc.and Oylco contracted to have Oylco be the exclusive provider of Mayker's fuel oil for three months.The stated price was subject to increases of up to a total of 10% if the market price increased.The market price rose 25% and Mayker tripled its normal order.Oylco seeks to avoid performance.Oylco's best argument in support of its position is that:
A)There was no meeting of the minds.
B)The contract was unconscionable.
C)The quantity was not definite and certain enough.
D)Mayker ordered amounts of oil unreasonably greater than its normal requirements.
Q2) When determining the risk of loss,it makes no difference whether the goods delivered by the seller conformed to the contract.
A)True
B)False
Q3) 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
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21
Chapter 20: Product Liability
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Q1) A description that gives rise to an express warranty under which the goods must be as described,amounts to an express warranty regarding quality or duration of the goods' future performance.
A)True
B)False
Q2) The case in the text,Giddings & Lewis,Inc.v.Industrial Risk Insurers,is an example of how:
A)the type of harm experienced by the plaintiff can be a factor in the determination of whether the case can proceed on a tort theory.
B)recoveries for foreseeable indirect economic loss sometimes are allowed.
C)courts will allow noneconomic damages but they often place a dollar cap on them.
D)a plaintiff who lacks privity of contract with the defendant.
Q3) Which of the following is most important for imposing strict liability?
A)Unavoidable circumstances
B)Unreasonably unsafe
C)Unreasonably expensive
D)Unavoidably protected
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22
Chapter 21: Performance of Sales Contracts
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Q1) If no agreement is made regarding the place of delivery,then the goods are to be delivered at the seller's place of business.
A)True
B)False
Q2) If a buyer has a basis for rejecting a delivery of goods,then the buyer can reject the goods any time after the delivery.
A)True
B)False
Q3) Pam enters into a contract with Jack to sell him 300 bales of hay.The bushels are kept in her warehouse,which is about 100 miles away from her place of business.The contract makes no express mention of the place of delivery.The place of delivery in such cases is:
A)Pam's place of business.
B)Pam's house.
C)Pam's warehouse.
D)Jack's house.
Q4) List a few scenarios under which sellers may be excused from performing contractual obligations.
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23
Chapter 22: Remedies for Breach of Sales Contracts
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Q1) Under the Convention on Contracts for the International Sale of Goods,an aggrieved seller has five potential remedies when the buyer breaches the contract.Which of the following is not one of the remedies available?
A)Suspension of the seller's performance
B)Reclamation of the goods in the buyer's possession
C)Avoidance of the contract
D)Replevin of the contract
Q2) In Jewish Federation of Greater Des Moines v.Cedar Forrest Products Co. ,the case in the text,the court held that:
A)CFP was entitled to lost profits because Jewish Federation did not act in good faith.
B)CFP,as a lost volume seller,was entitled to lost profits.
C)CFP was not entitled to lost profits because it used the materials for another customer.
D)CFP was not entitled to lost profits because there was no meeting of the minds.
Q3) The buyer cannot recover any incidental damages.
A)True
B)False
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Chapter 23: Personal Property and Bailments
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Q1) In Gyamfoah v.EG&G Dynatrend,the case in the text,the court found that:
A)EG&G proved that the watches were never delivered to the warehouse.
B)EG&G met its burden of proving that the loss was not a result of its own negligence.
C)Gyamfoah failed to rebut the presumption of negligence.
D)Gyamfoah proved by a preponderance of the evidence that EG&G was liable for the loss.
Q2) When personal property is used in conjunction with real property in such a way as to be treated as part of the real property,it is known as a ________.
A)consideration
B)gift
C)fixture
D)bailment
Q3) The finder of lost property has better rights to the property than anyone,including the original owner.
A)True
B)False
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Chapter 24: Real Property
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Q1) In the sale of a home,which of the following would likely be treated as a fixture?
A)A couch to match the upholstery
B)A ceiling fan
C)A lawn mower
D)A new console table
Q2) Doug Dillard owns a house that he presently rents out to a family.Dillard would like to convert the house into a commercial space (for a store or offices),because the rent he could charge for the property as commercial space would exceed what he is realistically able to charge for the house as a dwelling.The house is located,however,in an area zoned by the city for residential uses only.This means that Dillard cannot convert the house to commercial space unless the city grants him a zoning variance,something the city has refused to do.Dillard has therefore sued the city on the theory that the zoning ordinance and the refusal to grant a variance amount to a taking of his property and entitle him to just compensation under the Fifth Amendment.Will Dillard win his case? Why or why not?
Q3) Typically,landowners bring public nuisance actions.
A)True
B)False
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Chapter 25: Landlord and Tenant
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Q1) Which of the following statements regarding the Uniform Residential Landlord and Tenant Act is false?
A)The Act has been enacted in a substantial minority of states.
B)The Act prohibits the inclusion of a clause by which the tenant supposedly agrees to pay the landlord's attorney's fees in an action to enforce the lease.
C)The Act only places regulations on landlords-not tenants.
D)In states where the Act has not been enacted,the terms of a lease are likely be regulated by a combination of state statutes,common law principles,and local housing codes.
Q2) According to the majority of states,if a tenant abandons the leased property before the expiration of the lease,the landlord has a duty to mitigate damages.
A)True
B)False
Q3) A leasehold typically terminates because:
A)the landlord evicted the tenant.
B)the landlord breached his implied warranty of habitability.
C)the lease term has expired.
D)the lease was not binding on the parties.
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Chapter 26: Estates and Trusts
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Q1) Which of the following is most likely to breach one of the trustee's fiduciary duties?
A)Selling stock owned by the trust to realize capital gains.
B)Selling stock owned by the trust because it has declined in value over the last three years.
C)Delegating the selection of trust investments to an investment advisor.
D)Delegating the preparation of statements of account to an accountant.
Q2) Which of the following terms is used for an heir born after the execution of the testator's will?
A)dower
B)curtsey
C)pretermitted
D)bequest
Q3) To be valid,a holographic will must be typed.
A)True
B)False
Q4) A will that is not executed with the formalities required by state law is void.
A)True
B)False
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Chapter 27: Insurance Law
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Q1) Gridco,Inc.owns the building in which its offices are located.On April 1,Gridco insured the building with Olden Days Insurance Co. ,which issued a $200,000 face amount policy.The Olden Days policy contained a pro rata clause.Keeping that policy in force,Gridco procured an additional policy on the building on June 15.This policy,had a $600,000 face amount and contained a pro rata clause,was issued by Big City Insurance Corp.On August 10,while both policies were in force,lightning (a covered peril under each policy)struck the Gridco building.This sparked a fire that resulted in $72,000 of damage to the warehouse.Gridco has filed claims and proofs of loss with Olden Days and Big City.Which of the following correctly sets forth the amounts the respective insurers must pay Gridco?
A)Olden Days: $72,000;Big City: 0.
B)Olden Days: $18,000;Big City: $54,000.
C)Olden Days: 0;Big City: $72,000.
D)Olden Days: $24,000;Big City: $48,000.
Q2) Most property insurance policies are open policies that allow the insured to recover the fair market value of the property,subject to the limits in the policy.
A)True
B)False
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Page 29
Chapter 28: Introduction to Credit and Secured Transactions
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Q1) Miguel has been complaining to his neighbor Robert that his lawn mower is broken.Robert fixes the lawn mower for Miguel and asks Miguel for $50 for the parts he used to make the repairs.Miguel refuses to pay and Robert takes the lawn mower,threatening not to return it until Miguel pays.Is Miguel acting legally?
A)Yes because he made improvements for which he was not paid.
B)Yes,as long as the cost for repairs is reasonable.
C)No,because Robert is not an innkeeper or an artisan.
D)No,because Robert did not make repairs at the request of Miguel
Q2) Generally,purchases of farm property are financed through the use of land contracts.
A)True B)False
Q3) Possession of the goods must have been entrusted to the artisan for the artisan lien to come into play.
A)True B)False
Q4) A surety has a right of exoneration. A)True B)False
Page 30
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Chapter 29: Security Interests in Personal Property
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Q1) Which of the following is the "catchall" category for Code classifications of collateral?
A)General intangibles
B)Chattel paper
C)Goods
D)Instruments
Q2) Which of the following are automatically covered as of the time the security interest attaches to the collateral?
A)Future advances
B)Loaned funds
C)Sale expenses
D)Proceeds
Q3) According to the Code classifications of collateral,which of the following includes dock warrants and dock receipts?
A)Chattel paper
B)Documents of title
C)Deposit accounts
D)General intangibles
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) Under the Bankruptcy Act's exemption provisions:
A)the debtor must choose either the state or the federal exemption scheme.
B)the full value of one's motor vehicle is exempt.
C)federal exemptions defeat state exemptions in case of a clash between them.
D)state exemption laws that exceed the federal limits (i.e. ,that are too generous)are void.
Q2) Abe and Hanna are husband and wife.They have filed for Chapter 7 bankruptcy.However,they cannot agree on which set of property exemptions they want to use.Abe wants to use the federal set of exemptions,but Hanna wants to use the set of exemptions from Michigan,where they have lived for 10 years.Under these circumstances:
A)the federal exemptions will apply to this bankruptcy proceeding.
B)the Michigan exemptions will apply to this bankruptcy proceeding.
C)the federal exemptions will apply to Abe's property and the Michigan exemptions will apply to Hanna's property.
D)the bankruptcy court will decide which set of exemptions to apply.
Q3) The Bankruptcy Code is a part of state law.
A)True
B)False
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Page 32
Chapter 31: Negotiable Instruments
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Q1) Which of the following instruments is nonnegotiable?
A)"I promise to pay to the order of Carol Reed $40,Jerry Jacobs."
B)A statement in the instrument that it was given in payment of the previous month's rent.
C)A statement in the instrument that it was given in payment of the purchase price of goods.
D)"I promise to pay to the order of Meg Raven,at my option,$100 or five baskets of oranges,Dan Gilbert."
Q2) Traveler's checks that commonly require,as a condition to payment,a countersignature of a person whose specimen signature appears on the draft.Traveler's checks are:
A)voidable.
B)negotiable.
C)nonnegotiable.
D)unenforceable.
Q3) A check payable "to cash" is an example of bearer paper.
A)True
B)False
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Chapter 32: Negotiation and Holder in Due Course
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Q1) Which of the following is NOT a defense specified in Revised Article 3?
A)Claims for damages
B)Real defenses
C)Claims to an instrument
D)Claims in recoupment
Q2) Duress that causes the transfer of a negotiable instrument:
A)prevents its negotiation.
B)is a good defense against a holder in due course of the instrument.
C)is subject to rescission before the instrument is transferred to a holder in due course.
D)is a good defense against the maker of a note.
Q3) Which of the following is order paper?
A)A check made out "to the order of cash."
B)A note payable to the order of X and indorsed in blank by X.
C)A note made out to Y's order and indorsed "Pay to Z,Y."
D)A receipt for a payment made by Z.
Q4) Negotiation,as defined by the UCC in section 3-201,is the transfer of a negotiable instrument by one person to another person.
A)True
B)False
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Chapter 33: Liability of Parties
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Q1) The negotiable instruments of a corporation have to be signed by an agent of the corporation who is authorized to sign the instrument.
A)True
B)False
Q2) Jerry Hall makes out a note for $100 in such a way that someone could alter it to read $10,000.Someone alters the note and negotiates it to Pete Mason,who can qualify as a holder in due course.Which of the following statements is true?
A)Jerry shall share the loss with the bank where she holds an account.
B)Jerry does not have to pay Pete who currently possesses the note.
C)Pete can collect $10,000 from the person who "raised" the note.
D)Pete can collect $10,000 from Jerry.
Q3) Susie Q.signs a promissory note with her typical signature,an "X." Susie's mark will be sufficient to be considered a signature and establish liability in the instrument.
A)True
B)False
Q4) A drawee has no liability on a draft unless it certifies or accepts the draft.
A)True
B)False
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Page 35
Chapter 34: Checks and Electronic Transfers
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Q1) In the case in the text,Forcht Bank v.Gribbins,what did the court hold?
A)Gribbins was careless in having a relationship with Akers and therefore,the court applied a comparative fault analysis.
B)Gribbins did not safeguard her checks and therefore,could not claim forgery.
C)The bank failed its duty to exercise ordinary care because it knew the checks were forged.
D)The bank failed its duty to exercise ordinary care when it honored eight forged checks.
Q2) Intermediary banks that receive payment orders and then send new payment orders to the next bank in the fund transfer sequence are known as ________.
A)sending banks
B)receiving banks
C)middle banks
D)center banks
Q3) Which of the following is not an example of an electronic funds transfer system?
A)Wire transfers
B)Point-of-sale terminals
C)Preauthorized payments
D)Telephone transfers
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Chapter 35: The Agency Relationship
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Q1) An agent's apparent authority ends when:
A)the principal revokes authority.
B)the third party receives notice of the termination of agency.
C)the principal loses capacity or dies.
D)the agent's actual authority,both express and implied,ends.
Q2) Termination of the agency relationship at the option of the agent is known as ________.
A)revocation
B)renunciation
C)falsification
D)liquidation
Q3) The termination of an agency terminates the agent's express authority,but not his implied authority.
A)True
B)False
Q4) Which of the following requires an agent to subordinate his personal concerns?
A)The duty of loyalty
B)The duty of segregation
C)The duty of confidentiality
D)The duty of indemnity
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Chapter 36: Third-Party Relations of the Principal and the Agent
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Q1) An agent who purports to act for a legally nonexistent principal is personally liable when the agent knows or has reason to know the principal does not exist.
A)True
B)False
Q2) The principal's ratification of a contract can be implied from his conduct,even if the principal says nothing to ratify.
A)True
B)False
Q3) As a general rule,a principal is not liable for torts committed by independent contractors while performing the principal's business.
A)True
B)False
Q4) Respondeat superior makes a principal liable for which of the following?
A)An employee's negligence only.
B)An employee's intentional torts only.
C)Both an employee's negligence and an employee's intentional torts
D)Neither an employee's negligence nor an employee's intentional torts.
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Chapter 37: Introduction to Forms of Business and Formation of Partnerships
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Q1) To remove all ambiguity regarding ownership of property used by a partnership,the partners should come to an agreement regarding property ownership and put such an agreement:
A)in a filing with the secretary of state.
B)in a partnership agreement.
C)in a contract in compliance with the statute of frauds.
D)in an exculpatory clause.
Q2) A mining partner's interest is:
A)nontransferable.
B)freely transferable.
C)partially transferable.
D)dissolved and later,transferred.
Q3) 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 of a partnership do not assume personal liability for obligations of the business.
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Chapter 38: Operation of Partnerships and Related Forms
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Q1) Under which of the following circumstances will Rita be held liable for the crime of her partner?
A)The partner's criminal tendencies were unknown to Rita.
B)The partner's crime was outside the scope of the partnership's business.
C)The state's criminal code does not view partnerships as legal entities.
D)The partner's crime was authorized by Rita.
Q2) LLP partners are personally liable for contractual obligations and may be sued. A)True
B)False
Q3) A partnership does not have the authority to ratify the unauthorized act of partners. A)True
B)False
Q4) Together,express and implied authority constitute ________.
A)fixed authority
B)actual authority
C)apparent authority
D)traditional authority
Q5) In a partnership,are partners liable for the crimes committed by another partner? Explain.
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Chapter 39: Partners Dissociation and Partnerships
Dissolution and Winding up
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Q1) Ace Software Co.signed a deal with Gill Associates,a partnership,and has extended credit to it.Paul,a partner in Gill associates,retires but his partners continue the business.In order to release Paul from the debt owed to Ace,which of the following must occur?
A)The continuing partners must release Paul from liability on the debt.
B)Paul must not secure his release from Ace.
C)Paul has to contribute toward the debt as early as possible.
D)The continuing partners should volunteer to set off Paul's liability.
Q2) A novation is said to take place when continuing partners release a dissociated partner from liability but creditors do not release him.
A)True
B)False
Q3) If a partner of an LLP is not liable to a creditor that the remaining partners are liable to,then he:
A)must contribute the shortfall.
B)must contribute based on his interest in the partnership.
C)cannot be forced to pay the debt.
D)must split the amount between the other partners and himself.
Q4) Discuss the rules of dissociation and dissolution for mining partnerships.
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Chapter 40: Limited Liability Companies, limited
Partnerships, and Limited Liability
Limited Partnerships
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Q1) An LLC member has no individual liability on LLC contracts,unless he/she also signs LLC contracts in his/her personal capacity.
A)True
B)False
Q2) Limited liability companies are formed under federal law for international commerce purposes.
A)True
B)False
Q3) What type of statute would authorize an individual to form an LLLP?
A)Federal statute
B)State statute
C)International statute
D)City statute
Q4) A majority of the members of an LLC must agree to the plan of merger.
A)True
B)False
Q5) Limited partners have the right to vote on partnership matters as a class.
A)True
B)False
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Chapter 41: History and Nature of Corporations
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Q1) A corporation that is incorporated in one country that is doing business in another country is called a(n):
A)international;corporation
B)domestic corporation
C)foreign corporation
D)alien corporation
Q2) Nearly all corporations whose veils are pierced are:
A)close corporations.
B)government-owned corporations.
C)publicly held corporations.
D)nonprofit corporations.
Q3) The mere presence of a Nevada corporation's vacant property in California is sufficient to subject the corporation to taxes in California.
A)True
B)False
Q4) Greater contacts are needed to subject a corporation to property taxation in a state than are needed to subject it to state income and sales taxation.
A)True
B)False
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Chapter 42: Organization and Financial Structure of Corporations
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Q1) ABC is a nonprofit corporation formed by Alex.As its promoter,Alex made a few contracts with Johnsons,Inc.The following year,Alex formed another for-profit company.Meanwhile,Johnsons,Inc.claimed that Alex has not honored the contracts he made with them as promoter of ABC.Is Alex personally liable for those contracts? If not,what remedies are available for Johnsons,Inc.?
Q2) Andrew decides to incorporate his sole proprietorship under the name Sampras Entertainment Corporation.He tells his lawyer to file articles of incorporation,and the lawyer says that the filing will be done on July 1.On June 25,Andrew makes a contract with Wimbledon Corporation.Andrew signs the contract in the name of Sampras Entertainment Corporation only.On July 1,the secretary of state files the articles.Under the MBCA,is Andrew personally liable on the contract with Wimbledon?
Q3) When a promoter is liable on a preincorporation contract,the promoter is released from liability on the contract:
A)only after the contract has been fully performed.
B)when the corporation ratifies the contract.
C)when the corporation and the other party to the contract agree to release the promoter from liability.
D)when the corporation's articles have been filed by the secretary of state.
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Chapter 43: Management of Corporations
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Q1) Tim and Julia are the majority shareholders of Eduventures,Inc.Together they own 800 of the company's shares.The remaining 200 shares are held by passive shareholders.The profits of Eduventures dwindled to just 8 percent last year.Furthermore,Tim and Julia realized that as much as 3 percent of profits are being spent in complying with the rules of public ownership.Suggest a way for them to "go private" without forming a new corporation.
Q2) Under the MBCA,only directors of a corporation are entitled to mandatory indemnification rights.
A)True
B)False
Q3) Alan,Bob,Charles,David,and Edward are the only shareholders of Harbin Corporation.It is a close corporation.Each owns 20 percent of the shares.There are five director positions and each serves as a director.One day the other four find out that Edward has committed a serious crime.They decide that they wish to expel him from the corporation.What action may the others take? Discuss.
Q4) 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) If a shareholder's derivative action succeeds the suing shareholder is entitled to:
A)compensation for the time he devoted toward the lawsuit.
B)compensation from the other shareholders.
C)reimbursement of any costs and fees incurred in bringing the action.
D)reimbursement of his reasonable attorney's fees that he incurred in bringing the action.
Q2) What is the term for a shareholders' right to offer resolutions,to speak for and against ideas at a shareholders meeting?
A)The right of full participation
B)The right to proxy
C)The right to profit
D)The right to incorporate
Q3) A ________ is a decrease in the number of shares of a class such that,for example,two shares become one share.
A)share split
B)reverse share split
C)share dividend
D)redemption
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Chapter 45: Securities Regulation
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Q1) In addition to an injunction,the SEC may also ask the courts to grant ________ relief,which may include the disgorgement of profits that a defendant has made in a fraudulent sale or in an illegal insider trading transaction.
A)compensatory
B)punitive
C)ancillary
D)nominal
Q2) Which of the following issuers must register securities with the SEC under the 1934 Act?
A)An issuer with total assets of $12 million,whose debentures are traded in interstate commerce and are held by 600 holders.
B)An issuer with total assets of $9 million,whose stocks are traded in intrastate commerce and are held by 700 holders.
C)An issuer with total assets of $14 million,whose debentures are traded in interstate commerce and are held by 300 holders.
D)An issuer with total assets of $8 million,whose stocks are traded in intrastate commerce and are held by 400 holders.
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Chapter 46: Legal and Professional Responsibilities of
Auditors, Consultants, and Securities Professionals
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Q1) For proving liability of a professional under ________,privity of contract between the plaintiff and the defendant is required.
A)Section 12(A)(2)of the Securities Act of 1933
B)Section 18 of the Securities Exchange Act of 1934
C)Section 17(a)of the Securities Act of 1933
D)Section 11 of the Securities Exchange Act of 1934
Q2) Which of the following are not working papers?
A)Data reconciling the accountant's report with the client's records
B)Comments about the client's internal controls
C)Evidence of the testing of accounts
D)Accounting records
Q3) Due to violations of securities,tax,and other laws,a professional might be subject to an administrative proceeding that may result in:
A)an injunction.
B)revocation or suspension of a professional license.
C)imprisonment.
D)a cease and desist order.
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Page 48
Chapter 47: Administrative Law
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Q1) The "fourth branch" of government is not bound by basic constitutional guarantees such as due process,equal protection,and freedom of speech,just as the three traditional branches are.
A)True
B)False
Q2) Commissioners or board members of which of the following can be removed only for cause?
A)The Occupational Safety and Health Administration
B)The Food and Drug Administration
C)The Internal Revenue Service
D)The Interstate Commerce Commission
Q3) Many agency proceedings are settled by a consent order after completion of the adjudication process.
A)True
B)False
Q4) An agency's interpretive rules:
A)have the full force and effect of law.
B)specify how the agency will conduct its hearings.
C)are not binding on businesses and the courts.
D)are seldom heeded by business because of their advisory nature.
Page 49
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Chapter 48: The Federal Trade Commission Act and Consumer Protection Laws
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Q1) The Federal Trade Commission is a state agency.
A)True
B)False
Q2) A credit card issuer that fails to comply with the Fair Credit Billing Act forfeits its right to collect $50 of the disputed amount from the cardholder.
A)True
B)False
Q3) The obligations imposed on telemarketers by the FTC's Telemarketing Sales Rule do not apply to sellers that solicit sales through mailed catalogs and then receive consumers' orders by telephone.
A)True
B)False
Q4) Many alleged violations of statutes or trade regulation rules are never adjudicated by the FTC.Instead,they are settled through a ________.
A)cease-and-desist order
B)standard $16,000 fine per violation
C)consent order
D)standard $26,000 fine per violation
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Chapter 49: Antitrust: the Sherman Act
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Q1) Bony Corp.requires retailers and wholesalers that purchase Bony's $200 videocassette recorders (VCR)to purchase $20 of blank Bony videotapes with each VCR.Under these circumstances,which of the following statements is accurate?
A)Bony's tying requirement will be deemed legal by the courts because it provides a great value proposition for its end users.
B)The competitive harm in this case would be to Bony's competitors in the sale of VCRs.
C)The fact that Bony is the market leader in the VCR market is a relevant factor insofar as the legality of Bony's tying requirement is concerned.
D)Evidence that almost all of Bony's VCRs sold last year were part of the tying agreement would be helpful to Bony if it were sued under Section 1 of the Sherman Act.
Q2) Some courts have recognized that tying agreements sometimes may be necessary to protect the reputation of the seller's product line.
A)True
B)False
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Exemptions and Immunities
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Q1) In a Clayton Act Section 7-based challenge to a merger,the court's adoption of a broad relevant market definition will usually enhance the government's or private plaintiff's difficulty in demonstrating the challenged merger's probable anticompetitive effect.
A)True
B)False
Q2) The qualitative substantiality test was employed by the Supreme Court in the landmark case of:
A)Tampa Electric Co.v.Nashville Coal Co.
B)Standard Oil Co.v.United States
C)Olin Corporation v.Federal Trade Commission
D)Federal Trade Commission v.Staples,Inc.
Q3) Section 8 of the Clayton Act,as modified by the Antitrust Amendments Act of 1990,prohibits the same individuals from controlling competing corporations when those individuals are:
A)shareholders.
B)directors or senior officers.
C)mid-level officers.
D)managerial employees.
Page 52
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Chapter 51: Employment Law
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Q1) Shirley,a lawyer,works for a law firm and is terminated before she received her annual $10,000 bonus.Shirley can prove her termination was intended to deny her that bonus payment.Shirley has a claim based on:
A)unjust enrichment.
B)the firm's promise.
C)the implied covenant of good faith and fair dealing.
D)public policy.
Q2) Tina and Tom are co-workers at Acme Corporation.As night custodians,they work together cleaning the Acme office building at night when the building is empty.Tom regularly makes sexual advances toward Tina that distress her.However,Tina has never complained about Tom's conduct to her supervisor,Mary,who only works during the day.Which of the following statements is most accurate?
A)Acme Corporation is strictly liable for Tom's harassment of Tina.
B)Acme Corporation may defend that it did not know about Tom's harassment of Tina.
C)Acme Corporation is not liable because Tom is not Tina's supervisor.
D)Acme Corporation is not liable because Tina voluntarily accepted the job of a night custodian.
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Page 53
Chapter 52: Environmental Regulation
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Q1) The ________ focuses on cleaning up past disposal sites threatening public heath and the environment.
A)Resource Conservation and Recovery Act
B)Comprehensive Environment Response,Compensation,and Liability Act
C)Oil Pollution Prevention,Response,Liability and Compensation Act
D)Marine Protection,Research,and Sanctuaries Act
Q2) ________ are transition zones between land and open water.
A)Bogs
B)Meadows
C)Wetlands
D)Creeks
Q3) A shortcoming of the Comprehensive Environmental Response,Compensation,and Liability Act (or "Superfund")is that the federal and state governments must bear the sole financial burden for cleaning up the sites.
A)True
B)False
Q4) The Clean Water Act incorporates both civil and criminal sanctions.
A)True
B)False
Q5) How does the Clean Water Act regulate wetlands?
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