Commercial Law Review Questions
Course Introduction
Commercial Law is a foundational course that examines the legal principles governing business and commercial transactions. It explores key topics such as contract formation and enforcement, the sale of goods, agency relationships, negotiable instruments, and secured transactions. Students will study the rights and obligations of businesses and individuals engaged in commerce, with a focus on both domestic and international contexts. The course emphasizes practical applications, case law analysis, and the regulatory frameworks that impact commercial operations, equipping students with the legal acumen necessary for navigating the contemporary business environment.
Recommended Textbook
Essentials of Business Law 8th Edition by Anthony Liuzzo
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Chapter 1: Our System of Law
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Sample Questions
Q1) The literal translation of "stare decisis" would mean:
A) "during the pendency of a proceeding."
B) "to postpone hearing without a date."
C) "to send summons."
D) "to stand on decided cases."
Answer: D
Q2) The laws enacted by local government city councils are often known as ordinances.
A)True
B)False
Answer: True
Q3) The principles and ideals that protect individual liberty and freedom are incorporated in the:
A) Executive Order No. 1579 of the President.
B) Constitution of the United States.
C) Memorandum of Articles of a Corporation.
D) Civil Rights Act of 1964.
Answer: B
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Chapter 2: Ethics and the Law
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Q1) A ______ makes clear that the company expects its personnel to recognize the ethical dimensions of corporate policies and actions.
A) rule
B) regulation
C) code
D) social action
Answer: C
Q2) Credo is a term that is used to describe unethical behavior.
A)True
B)False Answer: False
Q3) A whistleblower is one who calls attention to unpleasant conditions at the workplace.
A)True
B)False
Answer: True
Q4) Ethics concern behavior that is judged by society.
A)True
B)False Answer: False
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Chapter 3: Criminal Law
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Sample Questions
Q1) The act of wrongfully making or altering the writings of another with the intent to defraud is known in law as:
A) fraud.
B) forgery.
C) unlawful writing.
D) cheating.
Answer: B
Q2) Treason against the United States shall consist in levying:
A) war against the U.S.
B) strict penalties to the U.S. offenders.
C) anti-terrorist provisions against the U.S. offenders.
D) penalties for offenders of war.
Answer: A
Q3) The using of information not available to the general public for personal gain is called:
A) importer training.
B) exporter training.
C) insider trading.
D) outsider training.
Answer: C
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Chapter 4: Tort Law
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Q1) Defamation,nuisance,conversion,and negligence are various kinds of:
A) common torts.
B) grave criminal offences.
C) trade jargons.
D) commerce factors.
Q2) There are no special privileges in making the defamatory statement to any person accused of defamation.
A)True
B)False
Q3) The communication of a false statement that harms the reputation of a certain person is known as nuisance.
A)True
B)False
Q4) The tort of slander:
A) is limited to spoken defamation.
B) includes spoken words and gestures.
C) is limited to words spoken in anger.
D) is limited to written words.
Q5) Explain the phrase "tort of conversion."
Q6) Explain the kinds of actions that can be slanderous.
Page 6
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Chapter 5: Constitutional Law
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Sample Questions
Q1) The Eight Amendment mandates that people accused or convicted of crimes are subject to excessive bail.
A)True
B)False
Q2) The _______________test is a standard that measures whether a particular statute is substantially related to an important government objective:
A) peer pressure test.
B) rational basis test.
C) intermediate scrutiny test.
D) strict scrutiny test.
Q3) The IRS does not improve taxpayers' understanding of tax laws.
A)True
B)False
Q4) The right to bear arms is protected under the ________________Amendment:
A) First.
B) Second.
C) Eight.
D) Sixteenth.
Q5) Describe the Doctrine of Preemption.
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Chapter 6: Administrative Law
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Q1) Each state has several levels of courts: trial courts,appeals courts,and a supreme court.
A)True
B)False
Q2) What services do administrative agencies typically provide?
Q3) The executive function of the Consumer Protection Agency is performed by the agency:
A) clerk.
B) supervisor.
C) superintendent.
D) director.
Q4) The judicial branch of government determines if:
A) there is a need for amendment in the legislation.
B) there have been violations of the law.
C) the law is being enforced.
D) the legislatures' intention is wrong.
Q5) An administrative agency is a governmental body responsible for the control and supervision of a particular activity or area of public interest.
A)True
B)False
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Chapter 7: Introduction to Contracts
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Sample Questions
Q1) To be legally enforceable,a contract must contain any three of the five elementsoffer and acceptance,mutual agreement,consideration,competent parties,and legality of purpose.
A)True
B)False
Q2) Contracts can be created for:
A) only one specific purpose.
B) one or two purposes.
C) only for agreements that involve monetary transactions.
D) any number of purposes.
Q3) The seal on a formal contract may consist of simply the word "Seal" or "L.S." The "L.S." stands for:
A) locus standi.
B) locus sigilli.
C) locus soliloquies.
D) locus signia.
Q4) A contract must show mutual agreement,which is also referred to as "a meeting of the minds."
A)True
B)False
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Chapter 8: Offer and Acceptance
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Q1) Advertising is generally regarded as a(n):
A) invitation to trade.
B) firm offer.
C) commitment to sell.
D) executory contract.
Q2) A call for a bid or estimate for materials to be furnished or work to be done is not considered a(n):
A) offer.
B) acceptance.
C) request for proposal.
D) invitation to acceptance.
Q3) An offer can be terminated by an offeror's revocation before acceptance.
A)True
B)False
Q4) If the offeror acknowledges the rejection but restates the offer,the offeree:
A) loses the opportunity to accept, but retains the authority to make a counteroffer.
B) does not have any opportunity to accept, or reject, or make a counteroffer.
C) still has the opportunity to accept, or reject, or make a counteroffer.
D) cannot be revived or make a counteroffer.
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Chapter 9: Mutual Agreement
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Q1) Sometimes a person has the power to control the actions of another because of a special or confidential relationship to that person.If this power is improperly used to his or her personal advantage,then it amounts to:
A) mistake.
B) misrepresentation.
C) undue influence.
D) duress.
Q2) Duress is the act of applying unlawful or improper pressure or influence to a ?person in order to gain his agreement to a contract.
A)True
B)False
Q3) A fraud charge can be proven only if it is available in writing,but not if it is spoken,by acts or conduct.
A)True
B)False
Q4) Explain how defective agreements can occur.
Q5) There is no remedy for the injured party under fraud and misrepresentation. A)True B)False
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Chapter 10: Consideration
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Sample Questions
Q1) Past consideration is a promise to repay someone for a benefit before it has been received.
A)True
B)False
Q2) The exchange of money is a mandatory requirement for a consideration.
A)True
B)False
Q3) The Uniform Commercial Code dispenses with the requirement for consideration in contracts that involve:
A) a merchant's firm written offer of the irrevocable contract.
B) an oral discharge of a claim for an alleged breach of contract.
C) modifications on future contracts.
D) modifications to executed contracts.
Q4) A promise to pay an existing debt or to obey the law,or a similar promise,is called a:
A) pledge.
B) gratuitous promise.
C) preexisting duty.
D) barren promise.
Q5) Describe agreements supported by moral consideration.
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Chapter 11: Competent Parties
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Sample Questions
Q1) Describe competent parties,and how they relate to the capacity to contract.
Q2) The nature of a contract for necessaries must bear some relationship to a minor's individual needs and to his or her:
A) legal understanding.
B) financial status.
C) professional status.
D) moral behavior.
Q3) Contracts with people who have been declared insane by the courts are void even if the sane people who contracted with them do not know that they had been declared insane by the courts.
A)True
B)False
Q4) In some cases,the courts have held that contracts made by minors who are nearly adults or that deal with a business are:
A) enforceable contracts.
B) voidable contracts.
C) void contracts.
D) invalid contracts.
Q5) Is a contract made by a person under the influence of drugs binding? Explain.
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Chapter 12: Legal Purpose of Contracts
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Sample Questions
Q1) Describe "usurious agreements."
Q2) In certain states,typical office basketball and football pools are examples of:
A) legal restraints of trade.
B) usurious agreements.
C) common office sports.
D) illegal gambling.
Q3) If a federal or state government grants a firm or person a license to conduct a specific business,then such a firm or person may be known as a:
A) private franchisee.
B) government-granted franchise.
C) reentry permit.
D) work permit.
Q4) What effects do zoning regulations and environmental and safety regulations have on the corporate sector?
Q5) Examples of agreements that violate government statutes,and are enforceable by the courts,are gambling and wagering agreements.
A)True
B)False
Q6) Give two examples of illegal agreements.
Page 14
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Chapter 13: Form of Contracts
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Q1) All contracts to sell real property,or any interest in it,must be in writing to be enforceable.
A)True
B)False
Q2) A guaranty,or promise,to pay the debts or settle the wrongdoings of another if he or she does not make settlement personally is not enforceable unless it is written.
A)True
B)False
Q3) To be enforceable,a contract must be:
A) court-ordered.
B) stamped.
C) in writing.
D) notarized.
Q4) To be enforceable,agreements that cannot be completed in less than one year:
A) must be in writing.
B) can be oral.
C) can be oral only if witnessed.
D) must be oral if for an amount less than $500.
Q5) How is a sale completed if it is made by telephone?
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Chapter 14: Operation of Contracts
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Q1) A third-party beneficiary to a contract has no legal right to the benefits resulting from the contract.
A)True
B)False
Q2) The person who transfers his or her rights is known as the assignor; the third party to whom the rights are transferred is known as the assignee.
A)True
B)False
Q3) Personal-service contracts may be assigned.
A)True
B)False
Q4) A person who is not a party to a contract but is intended by the contracting parties to benefit as a consequence of a contract is termed a(n):
A) third party beneficiary.
B) incidental beneficiary.
C) official receiver.
D) arbitrator.
Q5) Name the three kinds of contracts that cannot be assigned.
Q6) State the differences between a novation and an assignment.
Page 16
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Chapter 15: Discharge of Contracts
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Sample Questions
Q1) A deliberate change of an important element in a written contract that affects the rights or obligations of the parties is known as a(n):
A) mitigation.
B) breach of contract.
C) material alteration.
D) injunction.
Q2) A party who announces the intention to break a contract is said to have created an expected breach.
A)True
B)False
Q3) A tender of performance is an offer to perform and is considered evidence of willingness to fulfill the terms of a contract.
A)True
B)False
Q4) A contract may provide for its termination after a certain period of time.
A)True
B)False
Q5) Provide examples of contracts terminated by breach and impossibility of performance.
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Chapter 16: Transfer of Title
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Sample Questions
Q1) A person who finds an article has good title against anyone EXCEPT the:
A) true owner.
B) future purchaser.
C) seller.
D) middleman.
Q2) The concept of title was crucial in making determinations of the rights and responsibilities of the parties to a contract,prior to the adoption of:
A) Federal Trade Law.
B) Uniform Commercial Code.
C) United Trade Commission.
D) Trivial Trade Laws.
Q3) In order to recover one's lost property,one has to prove the:
A) possession of that property.
B) purchasing ability of that property.
C) legality of that property.
D) ownership over that property.
Q4) Title passes when the parties intend it to pass.
A)True
B)False
Q5) How does a transfer of title happen by estoppel?
Page 18
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Chapter 17: Sales
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Q1) The contract for a present sale of goods or for a sale of future goods is a(n):
A) contract for sale.
B) negotiation for sale.
C) accord of sale.
D) non-existent contract.
Q2) When goods are shipped free on board (f.o.b.)shipping point by common carrier,title passes from the seller to the buyer when the goods:
A) are delivered to the buyer.
B) are turned over to the carrier.
C) are sold.
D) reach the carrier's warehouse.
Q3) Title to goods shipped free on board destination passes before the goods are delivered to the buyer.
A)True
B)False
Q4) The complete agreement for the contract of sale need not be in writing,but there must be some evidence of the intention of the parties.
A)True
B)False
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Chapter 18: Warranties
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Q1) A disclaimer of the _____________ of merchantability must mention the word merchantability.
A) warranty
B) guarantee
C) merchandise
D) lemon law
Q2) The statutes that provide remedies to consumers for products such as automobiles that repeatedly fail to meet certain standards of quality and performance are known as:
A) blue laws.
B) lemon laws.
C) elder laws.
D) red laws.
Q3) A rule that would prevent a court from considering oral statements that were inconsistent with the written document is known as a:
A) parol evidence rule.
B) rule of natural justice.
C) rule of alibi.
D) generis rule.
Q4) Differentiate between express and implied warranties.
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Chapter 19: Agency
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Q1) It is not necessary for the agent to obey all of the principal's reasonable and lawful orders and instructions within the scope of the agency contract.
A)True
B)False
Q2) If an agent commits any torts or crimes acting within the scope of his or her _______,then both principal and agent may be held liable.
A) mental capacity
B) authority
C) reliability
D) financial capacity
Q3) An agency by ratification results when a principal approves an unauthorized act performed by an agent.
A)True
B)False
Q4) In an agency by agreement,"authorization" occurs:
A) after the fact occurs.
B) before the fact occurs.
C) during the occurrence of the fact.
D) after the agency becomes defunct.
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Chapter 20: Business Organizations
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Q1) A director has a legal and ethical obligation to act diligently and prudently in conducting the affairs of the corporation.This is called the:
A) mandatory duty.
B) psychological duty.
C) legal responsibility.
D) duty of care.
Q2) All but one of the following organizational forms has limited liability.This exception is the:
A) sole proprietorship.
B) subchapter C corporation.
C) subchapter S corporation.
D) limited partnership.
Q3) Organizations that are referred to as not-for-profits and can include charitable organizations but not organizations such as universities,political parties,labor union,social clubs,and others.
A)True
B)False
Q4) Identify two reasons why a partnership may be dissolved.
Q5) Discuss the disadvantages of a corporation.
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Chapter 21: Bankruptcy
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Q1) An individual or business that owes money is said to be a creditor.
A)True
B)False
Q2) Under Chapter 11 major decisions must be approved by management.
A)True
B)False
Q3) Insolvency occurs when:
A) assets equal liabilities.
B) liabilities exceed assets.
C) assets exceed liabilities.
D) there are no assets.
Q4) Bankruptcy law is divided in clauses.
A)True
B)False
Q5) The purpose of Chapter 15 bankruptcy is to promote _______________between U.S.courts and those of foreign countries in bankruptcy cases.
A) collaboration.
B) competition.
C) creativity.
D) cooperation.
Page 23
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Chapter 22: Introduction to Commercial Paper
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Q1) A written note or letter in which one person promises to pay a certain amount of money to another at a definite time is known as a:
A) promissory estoppel.
B) promissory note.
C) certified check.
D) demand draft.
Q2) Checks are sometimes payable on demand.
A)True
B)False
Q3) The purpose of the Electronic Funds Transfer Act of 1979 is to govern transfers among financial institutions or among businesses.
A)True
B)False
Q4) A certified check is one that the bank has promised to pay when it is presented for payment.
A)True
B)False
Q5) Describe a cashier's check,who can issue one,and to whom it can be made payable.
Q6) State the differences between commercial paper and an ordinary contract.
Page 24
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Chapter 23: Transfer and Discharge of Commercial Paper
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Q1) A signature to which words have been added restricting the further endorsement of the instrument is a:
A) restrictive endorsement.
B) special endorsement.
C) endorsement.
D) detailed endorsement.
Q2) If fraud was used to induce a person to sign a negotiable instrument,the injured person may use this as a personal defense against any person including a holder in due course.
A)True
B)False
Q3) The holder of dishonored commercial paper must give notice of the dishonor immediately to the drawer and to all endorsers in order to hold them liable on the instrument.
A)True
B)False
Q4) Describe any one defense against payment of commercial paper.
Q5) The use of a qualified endorsement affects the negotiability of an instrument.
A)True
B)False
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Chapter 24: Real and Personal Property
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Q1) What are the ways in which real property may be transferred? Discuss any one such method.
Q2) A form of joint ownership of property by two or more persons in which the ownership interest of any one of the owners can be sold,transferred or inherited is known as:
A) tenancy by the entirety.
B) tenancy in common.
C) joint tenancy.
D) co-ownership.
Q3) If the true owner does not come forward and the finder does not wish to claim ownership,title to the property:
A) transfers to the state.
B) remains with the finder.
C) transfers to the highest bidder.
D) remains with the owner.
Q4) An object that has not been intentionally left in the custody of someone else and then forgotten is considered lost,not mislaid.
A)True
B)False
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Chapter 25: Bailments
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Q1) A carrier,in most cases,has a right to hold a shipment until payment is made.
A)True
B)False
Q2) In a bailment for the sole benefit of a bailee,both the bailor and the bailee get the benefit.
A)True
B)False
Q3) An agreement in which a friend repairs your power drill without charging is a bailment for the:
A) sole benefit of the bailee.
B) sole benefit of the bailor.
C) benefit of both the parties.
D) benefit of bailee's heirs.
Q4) Withholding payment for transportation charges enables a carrier to hold goods on the basis of:
A) carrier's lien.
B) matthew lien.
C) diem lien.
D) equitable lien.
Q5) Explain mutual-benefit bailments.
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Chapter 26: Landlord-Tenant Relations
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Q1) Most state statutes provide that the landlord must give the tenant a specified,minimum number of days' notice of his or her intent to terminate the lease.
A)True
B)False
Q2) A license gives a person the right of possession.
A)True
B)False
Q3) The tenant can occupy a landlord's property only with the consent of the:
A) landlord.
B) bailor.
C) administrator.
D) executor.
Q4) The owner of real property who gives up his or her right of possession is known as a(n):
A) executor.
B) bailor.
C) guarantor.
D) landlord.
Q5) Explain a landlord's right to rent,regain possession and to evict a tenant.
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Chapter 27: Wills, Intestacy, and Trusts
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Q1) Revocations by _____________ can include those that result from marriage or remarriage of the testator,divorce or annulment of a marriage,and the birth or adoption of children after the will was made,all of which can change the disposition of gifts.
A) operation of law
B) amendment of a will
C) restrictive covenant
D) arbitration agreement
Q2) The intention of a decedent as expressed in a will is known as:
A) supplementary intent.
B) testamentary intent.
C) complimentary intent.
D) adversarial intent.
Q3) A testamentary trust is created by injunctions issued by courts.
A)True
B)False
Q4) Undue influence describes the unreasonable pressure that might be applied to testators to change their true wishes for the disposition of property.
A)True
B)False
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Chapter 28: Intellectual Property
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Q1) Intellectual property is also referred to as a(n)___________ capital.
A) sentiment
B) intellectual
C) net
D) share
Q2) The invention must be a device is a term that has broad application in patent law and may not include a design or process.
A)True
B)False
Q3) Goodwill refers to the name and good reputation of a firm.
A)True
B)False
Q4) Anyone who manufactures or sells,without permission,a product that has been patented by another can be charged with:
A) fraud.
B) infringement.
C) misrepresentation.
D) breach of contract.
Q5) Describe the purpose of design patents,and for how long they are granted.
Q6) Define restrictive covenants and explain when they are enforceable.
Page 30
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Chapter 29: Computer Privacy and Speech
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Q1) The rapid advances in technology being experienced today make it difficult for people to maintain online anonymity or distance between themselves and powerful:
A) sales.
B) interests.
C) forces.
D) departments.
Q2) It is not a crime under the ECPA to disclose to a third party the contents of stored computer information that has been obtained without permission.
A)True
B)False
Q3) The rules relating to legal purpose and competent parties in contract law do not apply to agreements made in the form of wagers placed online.
A)True
B)False
Q4) Do Internet Service Providers have the legal right to monitor their subscribers' e-mail without consent,and what steps do these ISPs take to protect themselves in this process?
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Chapter 30: Conducting Business in Cyberspace
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Q1) Issuers of securities must register the securities with the:
A) U.S. Copyright Commission.
B) U.S. Patent and Trademark Office.
C) Securities and Exchange Commission.
D) Federal Trade Commission.
Q2) It is expensive to proceed against a defendant in a court case; a person who is the victim of a breach of contract will frequently seek to have the dispute resolved using alternative means.
A)True
B)False
Q3) When an investor who owns shares of a company's stock posts notices online-in chat rooms,on Web pages,on blogs,and elsewhere-that indicate that the value of the stocks will increase,then such an act is known as:
A) cyber squatting.
B) churning.
C) touting.
D) insider trading.
Q4) Explain the role of the Federal Trade Commission (FTC),and the options it has regarding deceptive advertisements.
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Chapter 31: The Employer-Employee Relationship
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Q1) The individual to whom a W-2 tax form is provided is:
A) the employer.
B) the employee.
C) the testator.
D) the agent.
Q2) The acts of an employee committed while performing duties are considered:
A) his or her own responsibility alone.
B) the acts of the employer.
C) free of liability.
D) to be the court's responsibility.
Q3) The _____________ publishes a kind of test that is used to aid individuals in determining whether or not a worker fits the status of an employee or an independent contractor.
A) Internal Tax Service
B) External Affairs System
C) Federal Immigration Service
D) Internal Revenue Service
Q4) Explain the concept and purpose of the Internal Revenue Service Test.
Q5) Describe independent contractors and their legal relationships with those who hire them.
33
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Chapter 32: Employment Law
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Q1) Same-sex harassment is not considered to be an illegal practice under many state laws.
A)True
B)False
Q2) State and describe at least three rights of an employer.
Q3) The Civil Rights Act of 1991 is a federal statute that provides two important additional remedies to an employee who can prove that he or she was a victim of:
A) discrimination.
B) disability.
C) terror attack.
D) harassment.
Q4) At times,employees may engage in a______________,that is,a strike without the union's consent,or a slowdown,wherein employees report to work but intentionally decrease their productivity.
A) secondary boycott
B) featherbedding
C) lockout
D) wildcat strike
Q5) State and describe the Family Medical Leave Act of 1993 (FMLA).
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Chapter 33: Product Liability
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Q1) A pharmaceutical company earns most of its profits from the drug only at the time during which the drug is effective and it is:
A) patented.
B) registered as a trade mark.
C) licensed as a copyright.
D) reasonably priced.
Q2) The federal and state governments enact numerous statutes and rules to reduce unreasonable risk of injury and death associated with:
A) safety products.
B) manufacturer products.
C) retailer products.
D) consumer products.
Q3) A fault in a product that creates a hazardous condition that causes injury is a: A) malfunction.
B) design defect.
C) product flaw.
D) proximate cause.
Q4) Explain the legal reasoning behind the concept of strict liability.
Q5) Describe the purpose of the Food and Drug Administration (FDA).
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Chapter 34: Professionals Liability
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Q1) A _________ can be liable for failing to inform a patient of the risks involved in a particular surgery.
A) pharmacist
B) chemist
C) physician
D) nurse
Q2) When the client relies on the financial planner's recommendations and suffers a loss,the financial planner can be sued for:
A) scandal.
B) battery.
C) negligence.
D) nuisance.
Q3) Insurance brokers are representatives of insurance buyers who deal with multiple companies.
A)True
B)False
Q4) Discuss the liability of attorneys in professional malpractice.
Q5) Discuss any two elements of malpractice.
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Chapter 35: International Business Law
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Q1) The monetary currency of the European Union is a(n):
A) pound.
B) dollar.
C) euron.
D) euro.
Q2) What is the Doctrine of Comity?
Q3) The International Labour Organization (ILO)is responsible for overseeing the implementation of all multinational trade agreements negotiated now or in the future.
A)True
B)False
Q4) In some countries outside of the United States,it is perfectly acceptable that there will be payments made to individuals in order to secure their business.
A)True
B)False
Q5) In general,what is the attitude of business executives toward the Foreign Corrupt Practices Act?
Q6) Describe the purpose of the International Monetary Fund,and cite at least one criticism of it.
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Chapter 36: Business and the Environment
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Q1) Negligence is a tort that allows a plaintiff to bring a lawsuit against a defendant under state law for causing personal injury or:
A) homicide.
B) mental illness.
C) property damage.
D) public injury.
Q2) What is problematic for policymakers is balancing the importance of allowing businesses to produce at optimal levels while,at the same time,maintaining a watchful eye over the:
A) environment.
B) members.
C) government.
D) citizens.
Q3) There has been a growing recognition that economic interests are causing the gradual destruction of the rain forests.
A)True
B)False
Q4) Discuss the Clean Water Act,and how it relates to Superfund.
Q5) Describe the Greenhouse Effect,and discuss how it can impact the environment.
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