Commercial Law
Question Bank
Course Introduction
Commercial Law explores the legal principles and regulations governing business and commercial transactions. The course covers key topics such as contract formation and enforcement, sale of goods, agency, negotiable instruments, secured transactions, and the regulation of business organizations. Emphasis is placed on understanding the rights and obligations of parties involved in commerce, dispute resolution mechanisms, and the impact of commercial law on domestic and international trade. Through case studies and real-world examples, students develop analytical skills critical for navigating the legal landscape of modern business.
Recommended Textbook
Essentials of the Legal Environment 4th Edition by Roger LeRoy Miller
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Page 2
Chapter 1: Business and Its Legal Environment3
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Sample Questions
Q1) Overseas Exports, Inc., based in New York, does business internationally and may be subject to international law.The sources of this law include
A)the laws of individual nations only.
B)treaties and international organizations only.
C)the laws of individual nations, and treaties and international organizations.
D)none of the choices.
Answer: C
Q2) Rules issued by administrative agencies now affect almost no aspect of a business's operations.
A)True
B)False
Answer: False
Q3) The basis for the U.S.legal system is the natural law school.
A)True
B)False
Answer: True
Q4) Federal statutes apply to all states.
A)True
B)False
Answer: True
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Chapter 2: Shifting Legal Priorites for Business:
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Sample Questions
Q1) World Investment & Trading, Inc., encourages its employees to build trust with its customers and other companies.A corporation that "outbehaves" its competition ethically
A)may outperform its competition financially.
B)most likely has fools for managers.
C)may succeed but is not likely to outperform its competition.
D)will undercut its profits and may not achieve business success.
Answer: A
Q2) Ahsan and Imani want to obtain a divorce and divide their marital property according to the principles of sharia.Officially recognized sharia courts with the full power of equivalent courts within a judicial system to rule on issues of divorce and financial disputes between couples have been sanctioned in A)Canada.
B)Great Britain.
C)the United States.
D)no Western jurisdiction.
Answer: B
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Chapter 3: Courts and Alternative Dispute Resolution
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Sample Questions
Q1) Mediation is adversarial in nature.
A)True
B)False
Answer: False
Q2) In mediation, the mediator proposes a solution that includes what compromises are necessary to reach an agreement.
A)True
B)False
Answer: True
Q3) A court's review of an arbitrator's award may be restricted.
A)True
B)False
Answer: True
Q4) Negotiation is the most complex form of alternative dispute resolution.
A)True
B)False
Answer: False
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Chapter 4: Ethics and Business Decision Making
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Sample Questions
Q1) Julia, the head executive of Fine Woolen Sweaters, Inc., is a committed Christian who strongly adheres to the Ten Commandments.One of Julia's employees is found to be stealing sweaters and giving them to a local homeless shelter.Julia is likely to A)punish the employee for stealing even though the employee's motive was benevolent.
B)view the employee's actions as justified because the employee was clothing the poor.
C)contribute more sweaters to the homeless shelter.
D)gently reprimand the employee without suggesting that the employee's actions were unethical.
Q2) Some companies set up confidential systems to enable employees to "raise red flags" about suspected unethical practices.
A)True
B)False
Q3) Setting realistic workplace goals can increase the probability that employees will act unethically.
A)True
B)False
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Chapter 5: Constitutional Authority to Regulate Business
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Sample Questions
Q1) Symbolic speech is defined as nonverbal expressions of belief and is protected by the First Amendment.
A)True
B)False
Q2) The Second Amendment to the U.S.Constitution reserves all powers not delegated to the national government to the states.
A)True
B)False
Q3) Oklahoma enacts a law requiring all businesses in the state to donate 10 percent of their profits to Protestant churches that provide certain services to persons whose income is below the poverty level.PriceLess Stores files a suit to block the law's enforcement.The court would likely hold that this law violates
A)no clause in the U.S.Constitution.
B)the establishment clause.
C)the free exercise clause.
D)the supremacy clause.
Q4) The terms "due process" and "equal protection" mean the same thing.
A)True
B)False
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Chapter 6: Administrative Law
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Sample Questions
Q1) Plastix Produx Company is subject to a decision by the Consumer Product Safety Commission.Opposed to the decision, Plastix Produx wants a court to review it.First, however, the firm must use all of the potential administrative remedies.This is
A)an actual controversy at issue.
B)standing to sue.
C)the exhaustion doctrine.
D)the ripeness doctrine.
Q2) The Food and Drug Administration (FDA)is investigating reports that Caplets Pharmaceutical Corporation is putting potentially harmful additives in Doze, a new pain-relief medication.The FDA's demands for particular documents from Caplets
A)must be specific and adequately describe the material being sought.
B)must be non-specific so an incriminating item is not overlooked.
C)must be general so as to force an uncooperative party's compliance.
D)may, but need not, be specific because the FDA is a federal agency.
Q3) If the meaning of a statute's language is unclear and an agency interprets it, a court must follow the interpretation as long as it is reasonable.
A)True
B)False
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Chapter 7: Torts and Product Liability
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Sample Questions
Q1) Jim is an appliance salesperson.To make a sale, he asserts that a certain model of a Kitchen Helper refrigerator is the "best one ever made." This is
A)fraud if the statement is the truth.
B)fraud if Jim believes that this statement is not true.
C)fraud if Jim is stating his opinion, not the facts.
D)not fraud.
Q2) An Internet service provider cannot be held liable for disseminating defamatory remarks under any circumstances.
A)True
B)False
Q3) Tortfeasor is the term for a person who commits a tort.
A)True
B)False
Q4) The types of product defects that have traditionally been recognized in product liability law include inadequate warnings.
A)True
B)False
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Chapter 8: Online Developments:
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Sample Questions
Q1) Lyman, Inc., a U.S.firm, and Montcalm, Ltd., a Canadian firm, include an arbitration clause in their contract, under which the two parties arbitrate a dispute that results in an award.This award will most likely be
A)as difficult or as easy to enforce as a court judgment.
B)easier to enforce than a court judgment.
C)more difficult to enforce than a court judgment.
D)unenforceable.
Q2) A Little Bit of Lipstick, Inc., is a small, U.S.-based business that sells nanotechnology-based cosmetics for export.Under the National Export Initiative, the federal government is
A)pursuing trade agreements to improve market access for U.S.firms.
B)banning lending to small businesses, especially for export purposes.
C)placing less emphasis on exports than other governments.
D)playing a less active role in promoting exports in emerging markets.
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Chapter 9: Criminal Law and Cyber Crime
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Sample Questions
Q1) Criminal liability depends on the performance of a prohibited act.
A)True
B)False
Q2) A grant of immunity from prosecution may be part of a plea bargain.
A)True
B)False
Q3) With the intent to obtain cash by false pretenses, Taylor e-mails millions of unsuspecting consumers.This is
A)wire fraud.
B)no crime.
C)necessity.
D)entrapment.
Q4) Jake is charged with embezzlement.Embezzlement is not robbery because embezzlement may be committed without
A)a criminal act.
B)a criminal intent.
C)taking property from its owner.
D)the use of force or fear.
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Chapter 10: Intellectual Property and Internet Law
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Sample Questions
Q1) The graphics used in "Go!," a handheld video game featuring racecars, are protected by
A)copyright law.
B)patent law.
C)trademark law.
D)trade secrets law.
Q2) Modern Clothing, Inc., and National Denim Corporation use the mark "Made by Members of the U.S.Textile Workers Union" on the tags of their products to indicate the participation of the union in the manufacture.Modern and National are not in business together and do not own this mark.This mark is
A)a certification mark.
B)a collective mark.
C)a service mark.
D)trade dress.
Q3) Copyright protection is automatic-registration is not required.
A)True
B)False
Q4) A fanciful use of ordinary words may be trademarked.
A)True
B)False
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Chapter 11: International Law in a Global Economy
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Sample Questions
Q1) Wrugged Woolens, Inc., a U.S.corporation, sets up a specialized marketing organization in Scotland by appointing a foreign agent.This is called
A)direct exporting.
B)indirect exporting.
C)a joint venture.
D)piracy.
Q2) Kitchen Appliances Co., a U.S.firm, wants to enforce a U.S.court judgment against Far East Manufacturing Ltd., an Indian firm.The basis for India to give effect to the decision of a U.S.court is primarily
A)courtesy and respect.
B)fear and intimidation.
C)admiration and envy.
D)payments of cash and exchanges of property.
Q3) Under a letter of credit, the issuer is bound to pay the beneficiary after the beneficiary complies with the terms of the letter.
A)True
B)False
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Chapter 12: Business Organizations
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Sample Questions
Q1) Coast-to-Coast Distribution, Inc., is a direct-mail distribution company.Like most corporations, Coast-to-Coast's executive employees include its A)board of directors.
B)incorporators.
C)officers.
D)shareholders.
Q2) Nina is a director of Omega, Inc.Under the standard of due care owed by directors of a corporation, Nina's decisions must be
A)ambiguous and questionable.
B)arguable and defensible.
C)informed and reasonable.
D)perfect and unassailable.
Q3) Flip, Gordo, Haruko, and Inez are the member of Regional Gymnastics LLC.With respect to the management of the firm, the members can decide in their operating agreement to be
A)a member-managed LLC only.
B)a manager-managed LLC only.
C)a member-managed LLC or a manager-managed LLC.
D)none of the choices.
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Page 14
Chapter 13: Beyond Our Borders:
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Sample Questions
Q1) University of St.Bart (USB)offers classes online.Enrollment is carried out online.USB asks each enrolling student to agree that any dispute will be resolved by arbitration and to indicate assent by clicking a box to make "Signed by E-Signature" appear on a signature line.Most likely, this agreement is
A)misleading.
B)valid.
C)invalid without further proof that the student assented to it.
D)invalid without a facsimile of an actual signature on the signature line.
Q2) Apex University (AU)offers classes online.AU asks each student enrolling online to agree to submit any dispute to arbitration and to indicate assent by clicking a box.AU claims that it is the cheapest undergraduate program in the United States.Beth enrolls in the program but later charges AU with fraud based on its "cheapest" claim.Beth could pursue her claim
A)in a court.
B)in an arbitration proceeding.
C)nowhere.
D)anywhere.
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Page 15
Chapter 14: Formation of Traditional and E-Contracts
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Sample Questions
Q1) Kylie signs a covenant not to compete as part of a sale of her ongoing medical equipment business to Lake Valley Medico, Inc., in exchange for a bonus payment.The covenant is most likely enforceable by A)both parties.
B)Kylie, but not Lake Valley.
C)Lake Valley, but not Kylie.
D)no one.
Q2) Under a contract with Bucolic Farms, Agro Excavation, Inc., begins digging an agricultural pond.In mid-project, Agro asks for $15,000 over the contract price, claiming an increase in the "cost of doing business." Bucolic agrees but later refuses to pay.Their agreement is
A)unenforceable because Agro's performance was a preexisting duty.
B)unenforceable because Bucolic's promise was illusory.
C)enforceable.
D)unenforceable because its performance is unforeseeably difficult.
Q3) One of the requirements of a valid contract is its acceptance.
A)True
B)False
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Chapter 15: Contract Performance, Breach, and Remedies
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Sample Questions
Q1) Under the Statute of Frauds, all contracts must be in writing to be enforceable.
A)True
B)False
Q2) Specific performance is an equitable remedy.
A)True
B)False
Q3) On April 1, KO Contractors, Inc., contracts to build a store for Lo-Cost Housewares at a specific location in Metro City.On May 1, Metro changes its zoning law to prohibit the construction of a commercial building at that location.Lo-Cost files a suit against KO.In this situation
A)KO is in breach of contract.
B)Lo-Cost is in breach of contract.
C)the contract is discharged.
D)the contract is suspended.
Q4) Contracts for the sale of goods usually qualify for specific performance.
A)True
B)False
Q5) Anything less than complete performance is a material breach of contract.
A)True
B)False
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Chapter 16: Sales and Leases
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Sample Questions
Q1) Readymade Construction Corporation offers to buy from Set-Still Cement Company a certain quantity of cement for a certain price.Set-Still can accept the offer by
A)a material alteration of the terms within a reasonable time.
B)a promise to ship or a prompt shipment of the cement.
C)a prompt shipment of the cement only.
D)a shipment of nonconforming goods with a notice of accommodation.
Q2) The seller's or lessor's basic obligation under a sales contract is to tender conforming goods to the buyer or lessee.
A)True
B)False
Q3) Under the UCC, parties to sales and lease contracts are not free to establish whatever terms they wish.
A)True
B)False
Q4) Once the time for performance under the contract has expired, the seller or lessor can never exercise the right to cure.
A)True
B)False
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18
Chapter 17: Creditors Rights and Bankruptcy
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Sample Questions
Q1) Gerald files a bankruptcy petition.The resulting automatic stay will apply to Gerald's A)spousal debts.
B)child-support debts.
C)spousal-support debts.
D)car payment debts.
Q2) William is a surety for Jeannie's loan from Richard.Richard knows of William's existence.When the loan comes due, Jeannie tries to pay Richard, but Richard rejects the payment.William is
A)released from any obligation on the debt.
B)required to pay the amount of the debt to Richard.
C)required to pay up to half of the amount of the debt to Richard.
D)required to pay the amount of the debt to Jeannie.
Q3) Some student loans are dischargeable in a Chapter 7 bankruptcy.
A)True
B)False
Q4) A discharge will be denied to a debtor who received a discharge within eight years of filing the current petition.
A)True
B)False
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Chapter 18: Mortgages Foreclosures After the Recession
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Sample Questions
Q1) A lender can make a higher-priced mortgage loan based on the value of the consumer's home without verifying the consumer's ability to repay the loan.
A)True
B)False
Q2) Umberto and Tiara, who are married, borrow $110,000 from Sterling Credit Union to buy a home.The loan is a fixed-rate mortgage at 5.25 percent with a thirty-year term, subject to an acceleration clause, and secured by the home, which is their principal residence.When Umberto and Tiara have paid off $10,000 of the mortgage-still owing $100,000-they lose their jobs and stop making payments.Sterling Credit makes numerous attempts to contact the couple, but they do not respond.Meanwhile, the market value of their home has declined to $85,000.After six months, Sterling Credit decides to take steps to recover the unpaid amount of the loan.What are the lender's options Which option seems most likely Why What are the steps are involved
Q3) A home equity loan starts as a fixed-rate mortgage and then converts into an adjustable-rate mortgage.
A)True
B)False
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Chapter 19: Employment, Immigration, and Labor Law
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Sample Questions
Q1) Julie works as an employee for Organic Produce Express, Inc.(OPI).Rowan, who is unemployed, collects unemployment compensation.This compensation is provided by a tax on
A)Julie and other employees.
B)Julie, OPI, and other employees and employers.
C)OPI and other employers.
D)not Julie, OPI, or other employees or employers.
Q2) Healthy Harvest Company runs a candy and fruit processing and packaging plant.Most of Healthy Harvest's business is done during holiday seasons, especially between Halloween and New Year's Day, and in the spring.The company hires a large temporary workforce during its busiest times.Occasionally, a position opens for an individual with highly specialized skills, particularly to operate and maintain the company's inventory and sales control systems.Can Healthy Harvest hire noncitizens for its temporary, seasonal work Can the company hire a noncitizen with special skills for certain jobs If so, what procedures must the employer follow in both situations to do this hiring If not, how can Healthy Harvest be assured that it is hiring only citizens
Q3) Employees are entitled to overtime pay only at their employer's discretion.
A)True
B)False
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Page 21
Chapter 20: Beyond Our Borders:
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Sample Questions
Q1) Geo Global Corporation, a U.S.firm, requires its employee Marcy to stay connected with work after office hours through a smartphone.In the United States, Marcy and other employees who are required to use mobile devices after work may have a valid claim to overtime wages if they
A)are not exempt under the overtime regulations of the Fair Labor Standards Act.
B)are not reimbursed by their employers for the use.
C)are supplied with the devices by their employers.
D)do business with international contacts.
Q2) Women's groups contend that sexual harassment is viewed with "quiet tolerance" in corporations based in A)Asia.
B)Europe.
C)North America.
D)South America.
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Chapter 21: Employment Discrimination
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Sample Questions
Q1) Olivia applies for a job with Petro Company.Petro does not hire Olivia because of her ethnicity, or national origin.This is
A)reverse discrimination.
B)disparate-impact discrimination.
C)disparate-treatment discrimination.
D)not discrimination.
Q2) Refer to Fact Pattern 17-1.To succeed with an age-discrimination claim against CBC, Manny will have to show that
A)Lita is not qualified for Manny's job.
B)Manny is qualified for his job.
C)NBC's qualifications for Manny's job are too high.
D)no one could do Manny's job as well as he could.
Q3) Employers who do not accommodate the needs of persons with disabilities must demonstrate that the accommodations would cause undue hardship.
A)True
B)False
Q4) Gender can be a bona fide occupational qualification.
A)True
B)False
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Chapter 22: Environmental Law
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Sample Questions
Q1) Only the Environmental Protection Agency can sue violators of emission limits under the Clean Air Act.
A)True
B)False
Q2) The Environmental Protection Agency defines wetlands as "lands that are wet."
A)True
B)False
Q3) ChemiCorp, Inc., makes and sells pesticides.If a substance is identified as harmful and the harm is imminent, the Environmental Protection Agency can
A)conduct an inspection of ChemiCorp's plant.
B)declare the substance to be unregulated and allow its production.
C)ignore the risk if the benefit outweighs the harm.
D)order the substance to be sold in an adulterated form.
Q4) The primary responsibility for implementing air-quality standards rests with the federal government.
A)True
B)False
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Page 24
Chapter 23: Antitrust Law and Promoting Competition
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Q1) Big U.S.Oil Company joins with a foreign cartel to control the price of oil.If the cartel has a substantial effect on U.S.commerce
A)both Big U.S.Oil and the foreign cartel can be sued for violation of U.S.antitrust laws.
B)neither Big U.S.Oil nor the foreign cartel can be sued for violation of U.S.antitrust laws.
C)only Big U.S.Oil can be sued for violation of U.S.antitrust laws.
D)only the foreign cartel can be sued for violation of U.S.antitrust laws
Q2) Cooperative research by small-business firms is exempt from antitrust law. A)True
B)False
Q3) A price-fixing agreement that is reasonable does not violate antitrust law.
A)True
B)False
Q4) Section 1 of the Sherman Act condemns monopolization.
A)True
B)False
Q5) An act must substantially affect interstate commerce to violate antitrust law.
A)True
B)False
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Chapter 24: Online Developments:
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Q1) The U.S.Department of Justice files a suit against Random House, Inc., and other major book publishers, charging that they conspired to fix the prices of e-books.One result of limiting e-book price competition is that consumers
A)pay more for e-books than they otherwise would have paid.
B)pay less for e-books than they otherwise would have paid.
C)have fewer choices of books to buy.
D)have more choices of books to buy.
Q2) Penquin Ltd.agrees with Apple Corporation to use the "agency" model of setting prices and paying commissions on the sales of e-books for iPads.Under this model, publishers
A)set their own prices.
B)price e-books below cost to sell more e-book readers.
C)match Amazon.com's e-book prices.
D)agree to sell e-books exclusively through certain "agents."
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Chapter 25: Investor Protection, Insider Trading, Corp Gov
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Q1) Willful violations of the Sarbanes-Oxley Act of 2002 may be subject to harsh penalties.
A)True
B)False
Q2) "Blue sky laws" regulate securities data stored in cloud computing servers.
A)True
B)False
Q3) Corporate governance can be defined as the relationship between a corporation and its directors.
A)True
B)False
Q4) GR8 Stuf Company files a registration statement with the SEC before making an offering to the general public.The registration contains false, immaterial statements of which the investors are unaware.GR8 Stuf is charged with violating the Securities Act of 1933.GR8 Stuf's best defense is
A)the investors were not aware of the misrepresentations.
B)the issuer reasonably believed the misstatements were true.
C)the offering was made available to the general public.
D)the untrue statements were not material.
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