Commercial Law Practice Questions
Course Introduction
Commercial Law provides an in-depth examination of the legal principles and frameworks governing business transactions and commercial relationships. The course covers key topics such as the formation and validity of contracts, the sale of goods, agency, negotiable instruments, secured transactions, and aspects of bankruptcy. Students will explore both statutory and case law, understanding how laws facilitate and regulate commerce within domestic and international contexts. The course emphasizes problem-solving and analytical skills through the application of legal rules to practical business scenarios, preparing students for careers in business, law, or related fields.
Recommended Textbook Business Law 7th Edition by Henry
R. Cheeseman
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4195 Verified Questions
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Page 2
Chapter 1: Legal Heritage and the Information Age
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Sample Questions
Q1) The English law courts could only award monetary damages.
A)True
B)False
Answer: True
Q2) The Historical School of jurisprudence believes that changes in societal norms are eventually shown in the law.Further,these scholars depend on precedent to solve modern problems.
A)True
B)False
Answer: True
Q3) Stare decisis is the doctrine of:
A) separation of powers so that decisions are not made by a single branch of government
B) following precedent so that legal principles in earlier cases are followed in later cases
C) constitutional principles applied when making any decision
D) spending long periods of time looking at facts before making a decision
Answer: B
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Chapter 2: Court Systems and Jurisdiction
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Sample Questions
Q1) Most states use specialized courts to handle commercial litigation.
A)True
B)False
Answer: False
Q2) Most federal circuits of the federal appellate court system are determined based on:
A) geography
B) the subject matter of the case being appealed
C) whether the case is criminal or civil
D) the amount in controversy in the appeal
E) whether the appeals come from state or federal courts
Answer: A
Q3) The term for jurisdiction based on the location of a piece of property is:
A) long-arm jurisdiction
B) in personam jurisdiction
C) in rem jurisdiction
D) subject matter jurisdiction
E) de facto jurisdiction
Answer: C
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Chapter 3: Judicial, Alternative, and Online Dispute Resolution
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Sample Questions
Q1) Which of the following pleadings could typically be filed by a defendant in a lawsuit?
A) answer and complaint
B) complaint and cross-complaint
C) motion to intervene and complaint
D) answer and cross-complaint
E) cross-complaint and reply
Answer: D
Q2) Motions for summary judgment are supported by evidence outside of the pleadings.
A)True
B)False
Answer: True
Q3) Forms of discovery include all but which one of the following?
A) rational
B) interrogatories
C) physical examinations
D) of any type
E) voir dire
Answer: E
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Chapter 4: Constitutional Law for Business and
E-Commerce
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Sample Questions
Q1) The Due Process Clause of the Fourteenth Amendment made most of the guarantees contained in the Bill of Rights applicable to the federal government.
A)True
B)False
Q2) The Establishment Clause of the U.S.Constitution allows the federal government to establish which religions are entitled to protection.
A)True
B)False
Q3) If the federal government preempts states from regulating in an area,the states may not continue to pass legislation that conflicts with federal statutes.
A)True
B)False
Q4) The Privileges and Immunities Clause protects individuals,but not corporations. A)True B)False
Q5) Our country's form of government is known as federalism. A)True
B)False
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Chapter 5: Intentional Torts and Negligence
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Sample Questions
Q1) A driver stopped at a convenience store to run inside briefly.The driver left the engine running and forgot to set the parking brake.The car suddenly started rolling toward two small children,and Vicki,a bystander,pulled the two children out of the way of the rolling car.Vicki is injured in the process.Can Vicki recover from the driver of the car?
A) Yes,because of the Good Samaritan rule.
B) No,because of an intervening event.
C) No,because of assumption of the risk.
D) Yes,because the driver set up the dangerous situation.
Q2) The tort of assault differs from the tort of battery in which of the following ways?
A) Assault is an intentional tort and battery relates to negligence.
B) Assault is a strict liability tort.
C) Assault requires the plaintiff to show that he or she was aware of the immediate danger.
D) Assault requires proof of each of the separate elements of negligence.
E) Assault claims may be brought on future threats,whereas battery claims may not.
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Chapter 6: Strict Liability and Product Liability
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Sample Questions
Q1) Paul purchased a deluxe motor home from Wide Open Spaces Motor Homes.In a products liability suit against Wide Open Spaces Motor Homes Corporation,Paul must show which of the following in order to recover?
A) Wide Open Spaces was the manufacturer of the motor home,and not just a dealer.
B) The negligence of Wide Open Spaces led to Paul's injury.
C) A "defect" made the motor home unreasonably dangerous,leading to an injury.
D) Paul was not misusing the motor home when the injury occurred.
E) The motor home was new when Paul purchased it.
Q2) Negligence is a possible theory under which to recover for injuries caused by products.
A)True
B)False
Q3) Should plaintiffs be able to recover from cigarette manufacturers for smoking-related illnesses? Are there variables that should affect the manufacturers' liability? What are they? What effect should the warnings on cigarette packages have on the outcome?
Q4) Fraud is often used as the basis for product liability actions.
A)True
B)False
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Chapter 7: Intellectual Property and Cyber Piracy
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Sample Questions
Q1) Seattle Paint Company developed a new exterior house paint that can be properly applied even in the rain.How can this formula be protected without filing for a patent?
A) Without a patent,no protection is available.
B) If the company takes all reasonable steps to avoid discovery of the secret,it can be protected against some,but not all,methods of discovery of the secret.
C) By putting a notice on the cans of paint that the formula is a protected trade secret.
D) By registering a trademark for the product specifying that the product is distinctive.
Q2) Under current law,the statutory period for patent protection begins to run at the time that:
A) the inventor finalizes the idea for the patent
B) a working model for the invention is completed
C) the patent application is filed
D) the Patent and Trademark Office issues the patent
E) the first unit of the patented invention is sold
Q3) Why are patents protected for a limited period of time? Does this argue in favor of not patenting an item?
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Chapter 8: Criminal Law and Cyber Crimes
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Sample Questions
Q1) An arrest warrant based on probable cause must first be obtained before a police officer can arrest an individual for the commission of a crime.
A)True
B)False
Q2) Which of the following is true about crimes?
A) Criminal liability exists only if there is a victim who suffered damages.
B) A criminal defendant will be found guilty whenever the jury believes it is more likely than not that the defendant committed the crime.
C) Torts always accompany crimes,although the civil case is often not brought.
D) Criminal law is based on the conduct or activities of the defendant,rather than on resultant harm.
Q3) If a defendant does not admit guilt,but is willing to accept the penalty for a crime,the defendant would most likely:
A) plea bargain with the grand jury
B) request the mandatory minimum sentence
C) enter a plea of "nolo contendere"
D) proceed directly to the appeal phase
E) immediately be placed on probation
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Chapter 9: Nature of Traditional and E-Contracts
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Sample Questions
Q1) The terms "bilateral" and "unilateral" as applied to contracts are based on:
A) the number of parties in a contract
B) the number of attempts made to form a contract
C) the number of parties who make a promise in the formation of a contract
D) the number of promises that are made in connection with a contract
E) the number of attempts it took for a contract to be successfully performed
Q2) Mike and Ike agreed orally that Mike would tutor Ike in geology for $10 per hour for 3 hours.After Mike has done the 3 hours of tutoring,but before Ike pays him next week,this contract is:
A) executed
B) implied-in-fact
C) executory
D) performed
E) quasi-executed
Q3) There is some variation in contract law from state to state.
A)True
B)False
Q4) An implied-in-fact contract is one based on the conduct of the parties.
A)True
B)False
Page 11
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Chapter 10: Agreement
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Sample Questions
Q1) The concept of objective intent with respect to contract law means which of the following?
A) When forming a contract,each party must expressly state an intent to be obligated under the terms of an agreement.
B) The parties must each intend to be bound by the terms of an agreement based on each party's true intent,whether or not that intent is known by the other party.
C) The parties' intent to be bound by the terms of a contract is based on whether an outsider observing the parties' words and conduct would reasonably conclude that the parties have the needed intent.
D) So long as one party intends to be bound by the terms of an agreement,the objective intent requirement will be met.
Q2) An advertisement reading,"Our last Trailconquerer XL100 mountain bike,stock number T990234,will be sold to the first buyer with $700," would not be treated as an offer.
A)True
B)False
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Chapter 11: Consideration and Promissory Estoppel
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Sample Questions
Q1) Bigbyte is a manufacturer of personal computers.Bigbyte has agreed with Max Harddrives to purchase from Max "all the hard-disk drives we need if we determine that your hard drives will meet our needs in our manufacturing of computers." Bigbyte does testing of the Max drives and other drives of competitors.Bigbyte determines that the drives made by another manufacturer perform somewhat better.Bigbyte then sends a letter to Max stating that "unfortunately we have determined that your drives do not meet our needs and we have decided to purchase elsewhere." Max Harddrives wants to force Bigbyte to stop purchasing disk drives from other manufacturers.Discuss the legal issues.
Q2) A contract in which the seller agrees to sell all of its production to a single buyer is known as an "output contract."
A)True
B)False
Q3) Under the law,written contracts are presumed to be supported by consideration.
A)True
B)False
Q4) A cash payment of $1 given to support a gift promise cannot support a contract.
A)True
B)False
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Chapter 12: Capacity and Legality
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Sample Questions
Q1) A minor's ratification of a contract must be express and cannot be implied.
A)True
B)False
Q2) When a person is adjudged insane,that person loses the ability to enter into contracts.
A)True
B)False
Q3) Generally speaking,a minor must return goods or property he or she has received from the adult in the condition it is in at the time of disaffirmance.
A)True
B)False
Q4) A minor may not affirm one part of a contract and disaffirm another part.
A)True
B)False
Q5) The doctrine of unconscionability is available in most cases when a party has made a bad bargain.
A)True B)False
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Chapter 13: Genuineness of Assent and Undue Influence
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Sample Questions
Q1) Kevin disconnects the odometer on his car and then drives it for another 15,000 miles after which he decides to sell it.When Linda inquires about the vehicle,Kevin says "the odometer indicates the car has only 20,000 miles on it." Kevin's statement is:
A) a statement of opinion
B) an innocent misrepresentation
C) a material misstatement of fact
D) a material misstatement of opinion
E) a misrepresentation of law
Q2) If someone buys a piece of artwork which neither the buyer nor seller knows is a masterpiece,this is considered a mutual mistake of value.Can the seller rescind such a contract? If,however,a buyer and seller think the piece of artwork being sold is a particular masterpiece,but in fact it is not,this is considered a mutual mistake of fact.Can the buyer in this case rescind the contract? Why is the result different in these two situations? What is different about the two situations that would suggest that they have different outcomes?
Q3) A statement of opinion may form the basis for fraud.
A)True
B)False
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Chapter 14: Statute of Frauds and Equitable Exceptions
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Sample Questions
Q1) Prior to signing a written agreement for hotel accommodations that provided for no refunds,the hotel manager stated to the guest,"We will give refunds if you have a good reason." Assuming that there was no fraud on the part of the hotel,which of the following is true?
A) The guest can introduce evidence of the oral statement to prove her entitlement to a refund.
B) The oral statement will take precedence over the terms of the written agreement.
C) The oral statement will be ignored by a court.
D) The contract is against public policy because of its mixture of oral and written terms.
Q2) The "main purpose" or "leading object" exception is intended to ensure that the primary benefactor/guarantor of the contract is answerable for the debt or duty.
A)True
B)False
Q3) The Statute of Frauds may not be used as a defense to an already executed oral contract.
A)True
B)False
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Chapter 15: Third-Party Rights and Discharge
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Sample Questions
Q1) The reasonable person test is a subjective test that is used to judge contracts involving the mechanical fitness and most commercial contract.
A)True
B)False
Q2) When there is a substituted contract,the discharge of the duties under the original contract occurs as soon as the substituted contract comes into existence.
A)True
B)False
Q3) Which of the following types of third-party beneficiaries can acquire enforceable rights under the original contract?
A) incidental,donee,creditor
B) incidental,donee
C) creditor only
D) donee only
E) creditor,donee
Q4) In a novation,both of the original parties are replaced by new parties.
A)True
B)False
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Chapter 16: Remedies for Breach of Traditional and E-Contracts
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Sample Questions
Q1) A liquidated damages provision will be validated if it is considered to be a penalty. A)True
B)False
Q2) Reformation permits the court to order the breaching party to perform the acts promised in the contract.
A)True
B)False
Q3) Damages that are fixed in the contract for the amount to be awarded in the event of a breach are known as:
A) punitive damages
B) liquidated damages
C) consequential damages
D) conditional damages
Q4) Only those consequential damages that are unforeseeable can be collected.
A)True
B)False
Q5) Specific performance is the most common remedy for a breach of contract.
A)True
B)False
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Chapter 17: Internet Law and E-Commerce
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Sample Questions
Q1) A printout of a contract negotiated using e-mail is usually not sufficient to meet the requirements of the Statute of Frauds because its source cannot be verified.
A)True
B)False
Q2) An exclusive license means that a licensor will not grant to any other person rights in the same information for an infinite amount of time.
A)True
B)False
Q3) Which of the following is true about the sale of Internet domain names?
A) The fee for the transfer of an Internet domain name cannot be greater than the fee paid to register the name,prorated over the remaining period that the registration fee covers.
B) Amounts charged to transfer ownership of a domain name must be approved by the agency that initially sold the name.
C) Names have not been sold for more than nominal amounts.
D) Some names have properly been sold for millions of dollars.
E) The periodic registration fee will be affected by the amount for which a domain name is sold.
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Chapter 18: Formation of Sales and Lease Contracts
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Q1) In a contract for the sale of goods,if the seller does not have a place of business and the contract does not mention delivery in any way,delivery is to be made at the buyer's house.
A)True
B)False
Q2) An agreement modifying a sales or lease contract needs consideration to be binding.
A)True
B)False
Q3) Growing crops that are severable from real estate may be classified as goods and subject to Article 2.
A)True
B)False
Q4) Article 2A of the UCC directly addresses personal property leases.
A)True
B)False
Q5) A "firm offer" may be made by a nonmerchant seller.
A)True
B)False
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Chapter 19: Title to Goods and Risk of Loss
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Sample Questions
Q1) When a buyer may return goods to a seller if the buyer does not resell them within a stated period of time,this is known under the UCC as:
A) a sale or return
B) a sale contingent upon no return
C) a consignment sale
D) a sale on approval
E) a preliminary sale
Q2) In which of the following is the usual reason for the return of the goods that they were not able to be resold?
A) sale on approval
B) sale or return
C) consignment and sale or return
D) consignment,sale or return,and sale on approval
E) sale or return and sale on approval
Q3) At common law,the risk of loss to goods is placed on the party that has the insurable interest.
A)True
B)False
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21
Chapter 20: Remedies for Breach of Sales and Lease Contracts
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Sample Questions
Q1) If a party to a contract anticipatorily repudiates a contract,then:
A) that repudiation may not be retracted
B) that repudiation may be retracted under any circumstances
C) that repudiation may be retracted only if the aggrieved party has not changed its position,canceled the contract,or otherwise indicated that the repudiation is final
D) that repudiation may be retracted only with the consent of the other party
Q2) Roger contracts with Music Company to buy one of its pianos for $2,000.Music Company has several of these pianos in stock and can buy an unlimited number from the manufacturer.Roger refuses to accept this piano,and Music sells it to another customer for $1,900.If Music sues Roger for breach of contract,the proper measure of Music's damages would be which of the following?
A) contract price less resale price
B) contract price less fair market value
C) contract price
D) lost profits
E) Music suffered no damage.
Q3) Does the great increase in the sale of goods over the Internet have any implications for the perfect tender rule?
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Chapter 21: Sales and Lease Warranties
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Q1) Which of the following best describes the warranty of title in connection with a leasing transaction?
A) Because ownership does not transfer,there is no warranty of title nor is there any similar warranty.
B) For lessees,the warranty of no infringements takes the place of the warranty of title.
C) For lessees,the warranty of title is replaced by a warranty against interference.
D) In a leasing transaction,the ownership status of the leased property is not of concern to the lessee,thus there is no warranty of title.
Q2) Which of the following is presumed to become "part of the basis of the bargain?"
A) all statements of fact by the seller at the time the contract is made
B) all statements of opinion by the seller
C) most statements of value by the buyer
D) A and C only
E) A and B only
Q3) The warranty of merchantability applies only to sales or leases by merchants.
A)True
B)False
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Chapter 22: Creation of Negotiable Instruments
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Q1) The law of negotiable instruments was designed to create a substitute for cash and to facilitate commerce.Has the importance of negotiable instruments in commerce increased or decreased in recent years? How will increased online commerce affect the importance of negotiable instruments?
Q2) A note that requires the performance of services is negotiable so long as there is also a requirement for payment of a fixed amount of money.
A)True
B)False
Q3) Checks normally are three-party instruments.
A)True
B)False
Q4) A promise to pay engraved in a mile-long steel pipe would qualify as a negotiable instrument as the promise would meet the permanency requirement.
A)True
B)False
Q5) A certificate of deposit is a form of note in which the bank is the maker.
A)True
B)False
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Chapter 23: Transferability and Holder In Due Course
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Q1) Don,who owed Dan $1,000 for his share of the cost of a fishing trip they took together 2 years ago,transferred to Dan a check for $700 that he had just received from a customer.Has Dan given value for holder in due course purposes?
A) Yes,because accepting an instrument in payment of a prior debt is considered to be value given for holder in due course purposes.
B) Yes,but only if Dan still intends to collect the remaining $300 from Don.
C) No,because the check was less than the amount of the debt.
D) No,because the check was from a business transaction and the debt was personal.
E) No,because Don had a preexisting duty to pay Dan the $1,000.
Q2) A person can become a holder in due course of an instrument that has been altered:
A) in all circumstances
B) in all circumstances so long as the person did not know of the alteration
C) only if the alteration could not reasonably be detected
D) only if the alteration was not done by the person's immediate transferor
E) under no circumstances
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25
Chapter 24: Liability,Defenses and Discharge
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Q1) Which of the following best describes what a transfer is?
A) A transfer is when one bank account is shifted to another bank account.
B) A transfer is a holder who takes an instrument free from personal defenses.
C) A transfer is any passage of an instrument other than its issuance and presentment for payment.
D) A transfer is a universal defense to a negotiable instrument.
Q2) A qualified indorser will incur secondary,rather than primary,liability.
A)True
B)False
Q3) Why is fraud in the inducement treated as a personal defense and fraud in the inception treated as a real defense? Is this distinction justifiable? On what grounds?
Q4) Unqualified indorsers have no liability on negotiable instruments,as banks usually insure their customers accounts.
A)True
B)False
Q5) The drawer of a draft has primary liability on the draft when it is issued.
A)True
B)False
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Chapter
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Q1) Banks must credit all customers' deposits to their accounts on the same day that the deposits are received.
A)True
B)False
Q2) When a drawer gives an incomplete check to a payee,and the payee completes the check contrary to the instructions of the drawer,if the bank pays the check according to the unauthorized terms,the drawer is generally liable for payment of the check as completed.
A)True
B)False
Q3) The legal effect of a stale check is which of the following?
A) The drawee bank cannot pay it.
B) The drawer is no longer liable on it.
C) The bank is not under an obligation to pay it.
D) The payee must get the drawer to redate it.
Q4) Which of the following is true about debit cards?
A) They are a source of credit similar to credit cards.
B) There is usually a 2-business-day float period when they are used.
C) They generally carry a fixed credit limit similar to credit cards.
D) They result in an immediate withdrawal from the user's checking account.
Page 27
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Chapter 26: Creditor's and Debtor's Rights
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Q1) No court action is necessary when a foreclosure is by power of sale.
A)True
B)False
Q2) If a creditor repossesses a debtor's property and sells it,the proceeds must be applied to the outstanding debt.
A)True
B)False
Q3) A note is an instrument that gives the creditor a security interest in the debtor's property that is pledged as collateral.
A)True
B)False
Q4) All states permit foreclosure sales.
A)True
B)False
Q5) Unsecured creditors may repossess the debtor's property if the debtor is in default on a loan.
A)True B)False
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Chapter 27: Secured Transactions and Electronic Filing
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Q1) JKL,Inc.operates a retail appliance store.JKL borrows $100,000 from First Bank,giving the bank a security interest in all of its current and after-acquired inventory.The bank properly perfects its security interest.Later,JKL buys some additional inventory from Wholesalers,Inc.JKL cannot pay for the inventory purchase,so it gives Wholesalers a security interest in this inventory.Wholesalers perfects its security interest.JKL defaults on both these loans.Assuming any notice required is properly and timely given,who has priority in this after-acquired inventory?
A) First Bank has priority,because it was first to attach.
B) First Bank has priority,because it was first to perfect.
C) Wholesalers has priority,because this was after-acquired inventory.
D) Wholesalers has priority,because this was a purchase money security interest.
Q2) When filing is required to perfect a security agreement,the security agreement must be filed.
A)True
B)False
Q3) After-acquired property is property that the debtor acquires after the security agreement is executed.
A)True
B)False
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Chapter 28: Bankruptcy and Reorganization
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Q1) Amounts owed to a pension plan are dischargeable in bankruptcy.
A)True
B)False
Q2) Which of the following need not appear as part of a voluntary bankruptcy petition?
A) a list of secured creditors
B) a list of unsecured creditors
C) a statement that the petitioner's debts exceed his assets
D) a list of property
E) a statement of the financial affairs of the petitioner
Q3) The bankruptcy court may now void certain fraudulent transfers of the debtor's property and obligations incurred by the debtor within 2 years of the filing of the petition for bankruptcy.
A)True
B)False
Q4) An involuntary petition for bankruptcy is filed by a creditor,or creditors,and places the debtor into bankruptcy.
A)True
B)False
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Chapter 29: Agency Formation and Termination
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Q1) Mary has been hired to write courses for a Web-based training organization.Mary works at the offices of the organization.Mary is given content guidelines and a contract for each course that she writes,and is paid a flat fee upon completion of the course.It can take anywhere from 2 weeks to 6 weeks to complete a course.The organization wants the contractors to work in their offices during the regular 40-hour work week,unless they need to be elsewhere to do research.The organization provides a computer to Mary.Mary also is able to use other employees at the organization for word processing and editing.Is Mary an employee or an independent contractor?
Q2) Pam and Alex enter into a contract for an agency agreement that states that Alex is Pam's agent to sell Pam's house.The term of the agency is from January 1 to April 1,2002.Which is true as of February 29,2002?
A) Neither Pam nor Alex has the power to end this agency.
B) Both Pam and Alex have the power to end this agency.
C) Pam has both the right and power to end this agency; Alex has neither.
D) Alex has both the right and power to end this agency; Pam has neither.
Q3) Agency relationships are not necessary to the operation of a partnership. A)True
B)False
Q4) Why is capacity required for the principal,but not for the agent?
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Chapter 30: Liability of Principals, Agents, and Independent Contractors
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Q1) An agent may not be liable for the tortious conduct of his or her principal if he or she merely indirectly participated in the principal's conduct.
A)True
B)False
Q2) For which types of misrepresentations of an agent is the principal liable,assuming that the misrepresentation was made within the scope of the agency?
A) intentional misrepresentations only
B) innocent misrepresentations only
C) both intentional and innocent misrepresentations
D) neither intentional nor innocent misrepresentations
Q3) An agent enters into an authorized contract on behalf of the principal.The principal breached the contract and the agent was held to be liable due to the breach of the principal.The agent can seek to recover from the principal based on the principal's duty of:
A) reimbursement
B) cooperation
C) compensation
D) indemnification
E) contribution
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Chapter 31: Employment,Worker Protection,and Immigration Laws
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Q1) Which of the following statements is true under the Immigration Reform and Control Act of 1986?
A) The employer has no responsibility to check the immigration status of its employees.
B) The employer may hire only U.S. citizens.
C) The employer may hire only U.S. citizens and immigrants with proper documentation.
D) The employer may give preference to certain employees based on national origin.
E) Both C and D are true.
Q2) For purposes of overtime pay,weeks may be combined to double the overtime pay due an employee.
A)True
B)False
Q3) Employment law is a mixture of contract law,agency law and government regulation.
A)True
B)False
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Chapter 32: Labor Law and Collective Bargaining
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Q1) An employee who does not honor a strike and works during the strike is a(n):
A) replacement worker
B) temporary worker
C) crossover worker
D) continuous worker
E) illegal worker
Q2) The Landrum-Griffin Act was passed in response to abuses by management in opposing unions' organizing activities.
A)True
B)False
Q3) Which of the following is not one of the major federal labor statutes?
A) The Norris-LaGuardia Act
B) The National Labor Relations Act
C) The Labor-Management Relations Act
D) The Labor-Management Fair Bargaining Act
E) The Labor-Management Reporting and Disclosure Act
Q4) Employers cannot prevent employees from entering the work premises if the employer anticipates a strike.
A)True
B)False
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Chapter 33: Equal Opportunity in Employment
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Q1) Under the Civil Rights Act of 1866,there is no cap on the recovery of compensatory or punitive damages.
A)True
B)False
Q2) Same-sex discrimination does not violate Title VII.
A)True
B)False
Q3) Which of the following items is a legal justification for paying unequal wages based on gender?
A) seniority only
B) merit only
C) quantity or quality of work only
D) seniority,merit,and quantity or quality of work
E) There are no legal justifications for paying unequal wages.
Q4) Title VII expressly prohibits religious organizations to give preference in employment to individuals of a particular religion.
A)True
B)False
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Page 35
Chapter 34: Small Businesses, Entrepreneurs, and General Partnerships
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Q1) A sole proprietor has unlimited liability for:
A) personal,but not business debts
B) business,but not personal debts
C) both business and personal debts
D) neither business nor personal debts
Q2) In order to use a fictitious name,a sole proprietorship must incorporate the business.
A)True
B)False
Q3) State approval is needed in order to form a sole proprietorship.
A)True
B)False
Q4) The dissolution of a partnership discharges the liability of the outgoing partners for the existing partnership's debts and obligations.
A)True
B)False
Q5) Partners owe one another a duty of loyalty. A)True
B)False
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Chapter 35: Limited Partnerships and Limited Liability
Limited Partnerships
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Q1) What is the effect of a limited partner making a personal guarantee on behalf of a limited partnership of which the guarantor is a limited partner?
A) It results in the limited partner being treated as a general partner for liability purposes.
B) The guarantee is void because it goes against the nature of limited liability.
C) The guarantee would be born by the general partners because they have unlimited liability.
D) The limited partner will be held liable on the guarantee up to the amount of his investment in the limited partnership.
E) The limited partner will be liable under the terms of the guarantee,but will otherwise continue to be treated as a limited partner.
Q2) Limited partnerships have both general partners and limited partners.
A)True
B)False
Q3) A limited partner is liable for losses regardless of his or her contribution.
A)True
B)False
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Page 37
Chapter 36: Corporate Formation and Financing
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Q1) A promoter enters into a contract on behalf of a proposed corporation.The corporation has not yet come into existence.Which of the following statements best describes the promoter's liability on this contract?
A) If the corporation never comes into existence,the promoter will be liable on this contract.
B) Once the corporation comes into existence,the promoter is automatically released from this contract.
C) If a novation occurs,the promoter is released from this contract.
D) Even if the corporation is never formed,the promoter is not liable on this contract.
E) both A and C
Q2) The articles of incorporation must be approved by the state before the corporation can officially come into existence.
A)True
B)False
Q3) Corporations' express powers come from both federal and state statutes,among other sources.
A)True
B)False
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Chapter 37: Corporate Governance and the Sarbanes
Oxley Act
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Q1) A derivative lawsuit is one that a shareholder brings against an offending party on behalf of the corporation when the corporation fails to bring the lawsuit itself.
A)True
B)False
Q2) The articles of incorporation,as well as the bylaws,may not require a greater than majority of directors to comprise a quorum of the vote of the board.
A)True
B)False
Q3) Shareholders can lose their limited liability if a corporation has been operated without the correct separateness between the owner and the corporation.
A)True
B)False
Q4) Corporations are required to hold shareholders' meetings at least:
A) once a year
B) every 6 months
C) twice a year,but they are not required to be held every 6 months
D) quarterly
E) monthly
Page 39
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Chapter 38: Corporate Acquisitions and Multinational Corporations
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Q1) In an ordinary merger,what approvals are needed?
A) Recommendation by both boards of directors and votes of the shareholders of each corporation.
B) Votes by both boards of directors,but shareholders need not approve.
C) Vote by the board of directors of the surviving corporation,and for the corporation that does not survive,recommendation by the board of directors and vote by the shareholders.
D) For both corporations,a vote by the shareholders,but no action by the board of directors.
E) No approvals needed by the surviving corporation,and for the corporation that does not survive,recommendation by the board of directors and vote by the shareholders.
Q2) Corporate shareholders do not have the right to vote on mergers and charter amendments.
A)True
B)False
Q3) The Securities and Exchange Commission has no authority to regulate the solicitations of proxies.
A)True
B)False
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Chapter 39: Limited Liability Companies and Limited
Liability Partnerships
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Sample Questions
Q1) Absent an agreement,which of the following is correct about a non-manager member's right to compensation for services provided to an LLC?
A) The member is entitled to compensation for any services rendered on behalf of the LLC.
B) The member is entitled to compensation for any services that benefit the LLC.
C) The member is not entitled to compensation for any services provided for the LLC.
D) The member is entitled to compensation for services of winding up the business of the LLC,but not for any other services.
E) The member is entitled to compensation for services so long as the LLC earns a profit in the year the service was provided by the member.
Q2) Members who are not managers of a manager-managed LLC still have rights to manage the LLC regardless of the operating agreement.
A)True
B)False
Q3) A member's capital contribution to an LLC may be in the form of a patent.
A)True
B)False
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Page 41
Chapter 40: Franchises and Special Forms of Business
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Q1) The cost of supplies purchased from the franchisor is usually not a franchise fee payable to the franchisor.
A)True
B)False
Q2) A soft drink company would franchise its bottling plants under which form of franchise?
A) distributorship franchise
B) processing plant franchise
C) chain-style franchise
D) area franchise
E) agency franchise
Q3) A strategic alliance partner is also a potential competitor.
A)True
B)False
Q4) The most important assets of a franchisor are its:
A) physical plant and property
B) right to receive franchise fees
C) right to terminate franchises at will
D) business name and reputation
E) right to set and maintain retail prices
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Chapter 41: Investor Protection and Online Securities Transactions
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Sample Questions
Q1) Under Rule 10b-5,which is true about insiders?
A) Officers and directors are insiders,but employees who are not officers are not insiders.
B) Officers and directors are insiders,but lawyers or accountants that are hired only on a temporary basis are not insiders.
C) Employees at all levels in a company are insiders,as well as lawyers,accountants,and consultants even when hired only on a temporary basis.
D) Agents hired on a temporary nonemployee basis to provide services to the company are not insiders.
Q2) What is the significance of the Howey test under federal securities law?
A) It determines a security's type.
B) It determines whether stocks and bonds are securities.
C) It determines whether investment contracts are securities.
D) B and C only
E) A,B,and C
Q3) An issuer may be a new company selling securities through an initial public offering.
A)True
B)False
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Page 43
Chapter 42: Ethics and Social Responsibility of Business
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Sample Questions
Q1) If something is legal,it is also ethical.
A)True
B)False
Q2) Constituency statutes most directly relate to which theory of the social responsibility of business?
A) moral minimum
B) maximizing profits
C) stakeholder interest
D) corporate citizenship
Q3) The theory of business social responsibility that holds that a business owes duties solely to produce the highest return for its shareholders is:
A) the moral minimum theory
B) the maximizing profits theory
C) the stakeholder interest theory
D) the corporate citizenship theory
E) the social audit theory
Q4) John Stuart Mill is the best-known proponent of duty ethics.
A)True
B)False
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Chapter 43: Administrative Law and Regulatory Agencies
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Sample Questions
Q1) Administrative agencies may not issue subpoenas.
A)True
B)False
Q2) Administrative law is comprised of mostly substantive law.
A)True
B)False
Q3) An administrative law judge's decision is issued as:
A) an order
B) a judgment
C) a request for further action
D) a mandate for enforcement
E) a notice
Q4) It is unconstitutional for an administrative agency to act beyond its specifically delegated powers.
A)True
B)False
Q5) Administrative agencies have delegated authority to regulate an individual industry or a specific area of commerce.
A)True
B)False
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Chapter 44: Consumer Protection and Product Safety
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Q1) Under the federal rules regulating food and drugs,which of the following is true?
A) Food must be pure 100 percent before it can be sold to consumers.
B) Food may contain certain impurities,such as insect parts,as long as it is not adulterated.
C) If a food contains impurities,such as insect parts,these impurities must be disclosed on the food label.
D) All food must be inspected by the government before it is sold.
E) Food labels must contain a notice that all impurities cannot be eliminated.
Q2) Which of the following is not one of the acts or amendments administered by the FDA?
A) the Pesticide Amendment of 1954
B) the Food Additives Amendment of 1958
C) the Preservatives Act of 1959
D) the Color Additives Amendment of 1960
E) the Animal Drug Amendment of 1968
Q3) The Consumer Product Safety Commission is part of the Food and Drug Administration.
A)True
B)False
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Page 46
Chapter 45: Environmental Protection and Global Warming
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Q1) Under the Clean Air Act,existing sources of pollution must adopt the best available technology to reduce air pollution.
A)True
B)False
Q2) Should one nation have the power to restrict pollution that drifts within its borders from a neighboring nation? If so,under what conditions? How should such disputes be settled?
Q3) The Endangered Species Act:
A) prohibits the taking of any threatened animals without a permit
B) prohibits the taking of any endangered animal
C) permits endangered or threatened animals to be taken if there is no cost-effective way to avoid the taking
D) permits the endangered or threatened animals to be taken if only a small number of them are destroyed
E) applies only to takings by the federal and state governments
Q4) The Clean Air Act requires new stationary sources of pollution to meet stricter standards than older existing stationary sources.
A)True
B)False
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Chapter 46: Antitrust Law and Unfair Trade Practices
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Sample Questions
Q1) Antitrust laws apply to which of the following?
A) labor unions
B) professional football
C) professional baseball
D) agricultural cooperatives
E) All of these are correct.
Q2) Under the Sherman Act,some horizontal price-fixing arrangements are allowed under the rule of reason.
A)True
B)False
Q3) Under Section 2 of the Sherman Act,possession of monopoly power is wrongful regardless of how the monopoly power was obtained.
A)True
B)False
Q4) Labor unions are exempt from antitrust laws.
A)True
B)False
Q5) The failing company doctrine is not a valid defense to a Section 7 Action.
A)True
B)False
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Chapter 47: Personal Property and Bailment
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Sample Questions
Q1) A person who dies without a will usually has his or her property distributed to his or her heirs according to the relevant state's inheritance statute.
A)True
B)False
Q2) Dean is preparing to go into surgery.He tells his friend,Jerry,"You have been such a good friend to me all of my life.I want you to take this ring and keep it if anything should happen to me in surgery." Jerry is uncomfortable and reluctant to accept the ring.Dean insists.Dean does well in surgery,and subsequently asks Jerry to return the ring.Must he?
A) No; this was a clear gift inter vivos,made during the life of Dean.
B) No,because Dean insisted that Jerry accept the ring.
C) Yes; Dean lacked the capacity to make such a gift during the duress of pending surgery.
D) Yes; Dean's death was a condition requisite for the gift to take effect.
Q3) The Uniform Gift to Minors Act make it possible for adults to make irrevocable gifts of money and securities to minors.
A)True
B)False
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Page 49
Chapter 48: Real Property
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Q1) Two college students who were short of funds parked their VW microbus in a secluded wooded area of a nearby farmer's land.They soon found that this was a great way to live cheaply.Midway through their freshman year,the microbus quit running so it became their home although they could no longer drive it.They mounted solar cells on the roof,among other improvements.They lived there throughout their four years of college.After taking jobs at a big-four accounting firm they continued to use this spot as a weekend getaway a couple of weekends a month.They have now been doing this for 25 years.They have never received permission to be there nor been chased off.Can they acquire the land by adverse possession?
Q2) Sean is walking home from school one day,notices a loose brick in the neighbor's house,and removes it,luckily not causing the house to fall down.When he walks into his house,Sean's mother asks Sean,"What kind of property is that in your hand?" Which would be a correct response?
A) This is intangible property.
B) This is real property because it was part of the neighbor's house.
C) This is personal property because I found it myself.
D) This is personal property because it is not attached to land or to anything on land.
E) This is a fixture because it was personal property attached to real property.
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Page 50
Chapter 49: Landlord Tenant Law and Land Use Regulation
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Q1) A lease for a fixed term of 8 months is a tenancy for years.
A)True
B)False
Q2) Any lease that specifies a term,but states that payments are to be made at periodic intervals,is periodic tenancy.
A)True
B)False
Q3) Where the implied warranty of habitability has been breached,the tenant can do the following except:
A) withhold from rent the reduction in value caused by the breach
B) repair the problem and deduct the cost of repair from the rent
C) cancel the lease if the breach amounts to constructive eviction
D) require the landlord to provide alternative equivalent premises
Q4) A landlord may enter leased premises any time he or she wants,as he or she owns the premises.
A)True
B)False
Q5) A tenant's interest in the property is a non-freehold estate.
A)True
B)False
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Chapter 50: Insurance
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Q1) In the case of a life insurance policy on the insured's own life,it is not necessary for the named beneficiary to have an insurable interest in the insured.
A)True
B)False
Q2) Which of the following is not one of the parties to a standard life insurance contract?
A) owner
B) insurance company
C) insurance broker
D) insured
E) beneficiary
Q3) Insurance can be sold directly to the insured by the insurer.
A)True
B)False
Q4) With disability insurance,the payments are generally made to the insured even though the insured does not document actual expenses.
A)True
B)False
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Chapter 51: Accountants' Liability
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Q1) Under the Securities Exchange Act of 1934,fraud or reckless conduct must be shown in order to impose liability on the accountant under either Section 10(b)or Section 18(a).
A)True
B)False
Q2) Accountant malpractice is based on an accountant's failure to meet uniform accounting standards.
A)True
B)False
Q3) Which of the following is true about the accountant-client privilege?
A) It applies in federal courts and all state courts.
B) It applies in all state courts,but not in federal court.
C) It applies in federal court and some state courts.
D) It applies in some state courts,but not in federal court.
E) It applies in federal court,but no state courts.
Q4) The rules of liability of accountants to third parties are essentially the same in all states.
A)True
B)False
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Chapter 52: Wills, Trusts, and Elder Law
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Q1) A trust corpus is the property that is held in trust.
A)True
B)False
Q2) Ralph and Alice live in a state that has adopted the Simultaneous Death Act.The couple has created wills leaving their property to each other.They have no children.They are both tragically killed in an airplane crash.What happens to their property?
A) All property goes to the husband's family.
B) All property goes to the wife's family.
C) The wife's property goes to the husband's family; the husband's property goes to the wife's family.
D) The wife's property goes to her family; the husband's property goes to his family.
Q3) In a per stirpes distribution,a person in a higher generation receives twice the share of one in the next lower generation.
A)True
B)False
Q4) An attestation clause refers to the court's approval of will into probate.
A)True
B)False
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Page 54
Chapter 53: Family Law
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Q1) The modern rule with regard to broken engagements is:
A) the objective rule
B) the no-fault rule
C) the honeymoon rule
D) the engagement rule
E) None of these are correct.
Q2) Individuals under a certain age cannot be married.
A)True
B)False
Q3) Financial support during a marriage includes providing for things such as food,shelter,clothing,and medical care.
A)True
B)False
Q4) The awarding of custody to a custodial parent is permanent.
A)True
B)False
Q5) At common law,the courts recognized an action for breach of a promise to marry.
A)True
B)False
Q6) Why are prenuptial agreements important in some relationships?
Page 55
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Chapter 54: International and World Trade Law
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Q1) The Statute of the International Court of Justice identifies the four sources of international law that courts are required to turn to in resolving international law disputes.
A)True
B)False
Q2) Which of the following is not true regarding international law?
A) Enforcement is a problem because there is no "executive branch" to enforce it.
B) The United Nations is the body that has the power to enforce most court decisions involving international law disputes.
C) International law comes from multiple sources.
D) There is no single court system for dealing with all international disputes.
Q3) Which of the following is correct about the World Trade Organization (WTO)?
A) The WTO was created in the 1940s.
B) The WTO adopted a judicial-based dispute resolution system to replace the politically oriented system in place previously.
C) Only a few nations have a representative on the WTO dispute settlement body.
D) Parties to a dispute have a veto power over any decision reached by the WTO.
E) China has not been admitted to the WTO.
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