Commercial Law
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Course Introduction
Commercial Law is a branch of law that governs business and commercial transactions, covering topics such as contracts, the sale of goods, agency, negotiable instruments, and secured transactions. This course provides students with a foundational understanding of the legal principles and frameworks that facilitate commercial activity, including the rights and obligations of parties involved in commercial relationships. Through the study of case law, statutes, and practical scenarios, students develop the skills necessary to analyze legal issues commonly faced by businesses and entrepreneurs in both domestic and international contexts.
Recommended Textbook
Business law 9th Edition by Henry Cheeseman
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54 Chapters
4463 Verified Questions
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Page 2
Chapter 1: Legal Environment of Business and Online Commerce
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Sample Questions
Q1) ________ is that which must be obeyed and followed by citizens subject to sanctions or legal consequences.
A)Morality
B)Philosophy
C)Law
D)Religion
Answer: C
Q2) Provisions of federal law are valid as long as they do not conflict with any state law.
A)True
B)False
Answer: False
Q3) What is the first step in examining a legal case using IRAC method?
A)application of the law to the facts of a case using critical thinking
B)identification of a legal issue that is to be answered
C)identification of the law that is to be applied to a case
D)reaching a conclusion
Answer: B
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Page 3
Chapter 2: Courts and Jurisdiction
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Sample Questions
Q1) ________ refers to a contract provision that designates a certain court to hear any dispute concerning nonperformance of the contract.
A)No-contest clause
B)Choice-of-law clause
C)Forum-selection clause
D)Arbitration clause
Answer: C
Q2) If a plaintiff brings a diversity of citizenship case in state court,it will remain there unless a defendant removes the case to federal court.
A)True
B)False
Answer: True
Q3) Which of the following similarities is observed between tie and plurality decisions reached by the U.S.Supreme Court?
A)The decisions can be appealed against in the U.S. courts of appeals.
B)The decisions do not set precedent for later cases.
C)The decision of the lower court is affirmed.
D)New evidence and testimony is heard before reaching decisions.
Answer: B
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Page 4
Chapter 3: Judicial, alternative, and Online Dispute Resolution
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Sample Questions
Q1) The act of people interested in the lawsuit joining as parties to an existing lawsuit is called arbitration.
A)True
B)False
Answer: False
Q2) In which of the following cases does a class action occur?
A)There are no factual disputes to be decided by the jury.
B)The defendant has multiple grounds for appeal.
C)A group of plaintiffs collectively bring a lawsuit against a defendant.
D)The plaintiff does not reply to the defender's cross-complaint.
Answer: C
Q3) Which of the following statements is true of the plaintiff's case?
A)The plaintiff's attorney examines the witnesses during cross-examination.
B)The defendant's attorney examines the witnesses during re-direct examination.
C)The defendant's attorney can ask questions only about the subjects that were brought up during the direct examination.
D)Documents and other evidence have to be introduced before the first witness is subject to direct examination.
Answer: C
Page 5
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Chapter 4: Constitutional Law for Business and
E-Commerce
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Sample Questions
Q1) Vanessa is born to American parents from a minority group in Miami.She applies to a public university that offers scholarships only to students from minority groups.Which of the following standards of review is used to decide if the university violates the Equal Protection Clause by offering Vanessa the scholarship?
A)rational basis
B)intermediate scrutiny
C)strict scrutiny
D)cogent basis
Q2) The Equal Protection Clause of the Fourteenth Amendment provides that a state cannot promote one religion over other religions.
A)True
B)False
Q3) The U.S.government can gag citizens from criticizing the President.
A)True
B)False
Q4) Why is it unconstitutional for a state government to ban products imported from a foreign country,despite that country engaging in activities not condonable by that state?
Q5) How has the U.S.government regulated commerce with Native Americans?
Page 6
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Chapter 5: Intentional Torts and Negligence
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Sample Questions
Q1) George,Jerry,and Harry are passengers on a flight from Chicago to New York.They injure their legs when their seatbelts do not fasten during take-off.The airline is sued by all three together for injuries caused,and the airline is found to be negligent and is directed by the court to pay damages to the injured parties.Which of the following parties is entitled to recover maximum damages?
A)George, a retired professor who gets a pension of $50,000 a year
B)Jerry, a football player who earns $2 million a year
C)Harry, a chartered accountant who earns $200,000 a year
D)George, Jerry, and Harry
Q2) If a defendant's act caused a plaintiff's injuries,there is causation in fact.
A)True
B)False
Q3) If a person did not have knowledge that his representation of facts was false,he is still liable for fraud.
A)True
B)False
Q4) How is assault different from battery?
Q5) Explain the doctrine of strict liability with examples.
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Page 7
Chapter 6: Product and Strict Liability
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Sample Questions
Q1) Describe the functions of the statute of limitations and the statute of repose.
Q2) Bill buys a truck and replaces the regular tires with large tires to turn the vehicle into a monster truck.When he tries to drive the truck,the oversized tires cause the truck to roll over and crash.Bill then files a strict liability lawsuit against the truck manufacturer to recover for his injuries.Which of the following is the best defense for truck manufacturer in this lawsuit?
A)government contractor defense
B)assumption of the risk
C)generally known danger
D)supervening event
Q3) Under the defense of contributory negligence,if Mary is partially responsible for her injuries,then she can recover partial damages from the defendant.
A)True
B)False
Q4) In hybrid transactions that involve both services and products,the dominant element of the transaction dictates whether strict liability applies.
A)True
B)False
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Chapter 7: Intellectual Property and Cyber Piracy
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Sample Questions
Q1) If an invention is obvious,then it does not qualify for a patent.
A)True
B)False
Q2) How do patent laws help an inventor?
A)They let the inventor keep his patents indefinitely.
B)They help the inventor meet potential buyers for his patented inventions.
C)They provide protection for patented inventions from infringement.
D)They help the inventor guard his patented invention from the public.
Q3) The trademark symbol "TM" is used to indicate a registered mark.
A)True
B)False
Q4) Apart from recovering damages,and recovering profits made by the offender,successful plaintiffs in a misappropriation of a trade secret case can also
A)obtain the offender's trademarks or brand name as payoff
B)ask for transfer of any of the offender's patents to the plaintiff
C)ask to acquire the offender's trade secrets as payoff
D)obtain an injunction prohibiting the offender from divulging the trade secret
Q5) Give an account of trademark dilution.
Q6) What is a provisional patent application?
Page 9
Q7) Explain the process of copyright registration.
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Chapter 8: Criminal Law and Cyber Crime
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Sample Questions
Q1) The government can forfeit any property involved in a money laundering offense.
A)True
B)False
Q2) The Fifth Amendment protects people from unreasonable search and seizure by the government.
A)True
B)False
Q3) Roland and Kelly were involved in a car accident in which Kelly was badly injured and had to be hospitalized.After investigation,it was found that Roland's negligence was the cause of the accident.He was duly charged with reckless driving,which is classified as a crime.What action should Roland take to avoid being sued by Kelly,who held him liable for her injuries and subsequent hospital bills?
A)enter into a plea of nolo contendere
B)plead not guilty and go to trial
C)enter into a plea bargain with the government and pay a nominal penalty set by the government
D)plead guilty and serve the punishment set by the government as it will serve as the all-binding punishment for the crime
Q4) Discuss identity theft as a cybercrime.
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Chapter 9: Nature of Traditional and E-Contracts
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Sample Questions
Q1) Common law of contracts refers to contract law developed primarily by state courts.
A)True
B)False
Q2) The ________ states that the intent to contract is judged by the reasonable person standard and not by the subjective intent of the parties.
A)Restatement of the Law of Contracts
B)Restatement (Second)of Contracts
C)objective theory of contracts
D)common law of contracts
Q3) A contract is a(n)________ if the offeror's promise is answered with the offeree's promise of acceptance.
A)unilateral contract
B)bilateral contract
C)executed contract
D)executory contract
Q4) Provision of services qualifies as a consideration for an enforceable contract.
A)True
B)False
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11
Chapter 10: Agreement
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Sample Questions
Q1) Only the offeree has the legal power to accept an offer and create a contract.
A)True
B)False
Q2) An offeror can revoke his or her offer even after an agreement or acceptance has been reached.
A)True
B)False
Q3) An offer is terminated if the subject matter of the offer is destroyed.
A)True
B)False
Q4) If no time is stated in an offer,then the offer stays valid indefinitely.
A)True
B)False
Q5) Identification of the parties of a contract would be an express term.
A)True
B)False
Q6) In an auction with reserve,the seller retains the right to refuse the highest bidder.
A)True
B)False
Page 12
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Chapter 11: Consideration and Promissory Estoppel
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Sample Questions
Q1) James's attempt to make a new contract is void because it lacks consideration under the ________ concept.
A)illegal consideration
B)gift promise
C)past consideration
D)preexisting duty
Q2) If a contract that was lacking in consideration is performed by the parties,the parties cannot subsequently assert lack of consideration to undo the performed contract.
A)True
B)False
Q3) An illusory promise is an example of a contract that lacks consideration.
A)True
B)False
Q4) A requirements contract is a contract in which a buyer agrees to purchase all of its requirements for an item from one seller.
A)True
B)False
Q5) What is accord and satisfaction in contractual terms?
Q6) What is a best-efforts contract?
Page 13
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Chapter 12: Capacity and Legality
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Sample Questions
Q1) What are licensing statutes?
Q2) An unconscionable contract can be enforced if the unconscionable clause is removed from it.
A)True
B)False
Q3) How is the doctrine of unconscionability related to public policy?
A)The doctrine of unconscionability is based on public policy.
B)All contracts contrary to public policy are considered unconscionable.
C)Both are used to save a contracting party from a bad bargain.
D)Both are very distinctly defined by law.
Q4) Which of the following is true of a contract,the object of which has become unlawful after the creation of the contract?
A)The contract is still legal as the object was legal at the time of creating that contract.
B)The contract is illegal even if the parties don't complete the contractual agreement.
C)The parties of the contract will be discharged from that contract.
D)Both parties are still obligated to complete their contractual agreements.
Q5) What are gambling statutes?
Q6) What is legal insanity?
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Chapter 13: Genuineness of Assent and Undue Influence
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Sample Questions
Q1) Intentional misrepresentation is considered fraud.
A)True
B)False
Q2) Assent of a party to a contract may be manifested in any manner sufficient to show agreement,including conduct.
A)True
B)False
Q3) A threat to bring a civil lawsuit unless someone enters into a contract constitutes duress.
A)True
B)False
Q4) Taking advantage of another person's mental,emotional,or physical weakness and unduly persuading that person to enter into a contract constitutes duress.
A)True
B)False
Q5) Explain fraud in the inducement with an example.
Q6) How is a mistake different from fraud?
Q7) What should be shown to prove fraud?
Q8) Explain undue influence with an example.
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Chapter 14: Statute of Frauds and Equitable Exceptions
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Sample Questions
Q1) Which of the following is an exception to the Statute of Frauds?
A)contracts under promissory estoppel
B)agents' contracts
C)merger clause
D)prenuptial agreement
Q2) In a guaranty situation,there is only one contract among three parties.
A)True
B)False
Q3) A merger clause stipulates that the contract is a complete integration and the exclusive expression of the parties' agreement.
A)True
B)False
Q4) Any oral or written words outside the four corners of the written contract are called parol evidence.
A)True
B)False
Q5) When is parol evidence admitted in court?
Q6) A guaranty contract between people with no bad credit history can be oral.
A)True
B)False
Page 16
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Chapter 15: Third-Party Rights and Discharge
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Sample Questions
Q1) In which of the following conditions is a party's absolute duty to perform conditioned on the other party's absolute duty to perform?
A)condition precedent
B)condition subsequent
C)concurrent condition
D)implied condition
Q2) If the conditions are met,a qualified promise becomes a covenant.
A)True
B)False
Q3) A party who owes a duty of performance under a contract is called the ________.
A)obligor
B)assignor
C)assignee
D)obligee
Q4) What happens when an obligor does not get a notice of assignment?
Q5) The English rule provides that the final assignment in time prevails,regardless of notice.
A)True
B)False
Q6) Distinguish between conditions and covenants.
Page 17
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Chapter 16: Remedies for Breach of Traditional and E-Contracts
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Sample Questions
Q1) A ________ is an order of the court that orders that wages,bank accounts,or other property of the breaching party held by third persons be paid to the nonbreaching party to satisfy a judgment.
A)writ of attachment
B)writ of garnishment
C)specific performance
D)liquidation of damages
Q2) If the builder breaches a construction contract either before or during construction,the owner can recover the increased cost above the contract price that he or she has to pay to have the work completed by another contractor.
A)True
B)False
Q3) A nonbreaching party cannot rescind the contract in the event of a material breach. A)True
B)False
Q4) The recovery for breach of contract is usually limited to contract damages. A)True
B)False
Page 18
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Chapter 17: Digital Law and E-Commerce
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Sample Questions
Q1) A Web contract is enforceable only if it meets the requirements of a traditional contract.
A)True
B)False
Q2) An e-license is a contract whereby the owner of software grants limited rights to the owner of a computer or digital device to use the software.
A)True
B)False
Q3) ISPs are not liable for the content transmitted over their networks by e-mail users and websites.
A)True
B)False
Q4) E-mail contracts do not meet the requirements of the Statute of Frauds.
A)True
B)False
Q5) E-mail contracts are enforceable even if they don't meet traditional contract requirements.
A)True
B)False
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Chapter 18: Formation of Sales and Lease Contracts
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Sample Questions
Q1) Miranda Airways,a commercial air carrier,has a contract with Wurtherton Inc.,an airplane manufacturer,to purchase a new plane.Due to a sudden shortage of cash,Miranda Airways goes to MetrosBank.MetrosBank issues a document to Wurtherton that if Miranda does not pay for the transaction,MetrosBank would.Wurtherton considers the offer and then sends an acceptance with additional terms.The additional terms stipulate that Miranda Airways could have the new airplane for a period of 10 years and then return it to Wurtherton.Miranda Airways agrees to the acceptance,and Wurtherton hands over the new airplane to them.Which of the following documents did MetrosBank issue to Wurtherton to help Miranda Airways secure the airplane?
A)a bill of exchange
B)a proforma invoice
C)a letter of credit
D)a remittance advice
Q2) The formation of sales and lease contracts requires consideration.
A)True
B)False
Q3) How are contracts for the provision of services treated under Article 2 of the Uniform Commercial Code?
Q4) What are the different terms used in electronic contracting?
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Chapter 19: Title to Goods and Risk of Loss
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Sample Questions
Q1) Jason orders one hundred remote-controlled toy cars from RyBy Toys.In the contract,it is stipulated that RyBy Toys will transport the toy cars via FlyByNight,a national carrier service.RyBy Toys makes the arrangements and hands over the toys to FlyByNight without the remote-controllers.What was the nature of the contract between Jason and RyBy Toys?
A)lease contract
B)destination contract
C)option contract
D)shipment contract
Q2) A(n)________ is an actual piece of paper,such as a warehouse receipt or bill of lading,which is required in some transactions of pickup and delivery of sold goods.
A)destination contract
B)letter of credit
C)document of title
D)acceptance draft
Q3) Acceptance of nonconforming goods is a breach of contract by the buyer.
A)True
B)False
Q4) When is a buyer in breach of a sales contract?
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Chapter 20: Remedies for Breach of Sales and Lease Contracts
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Sample Questions
Q1) Give an account of the seller's right to recover damages for breach of contract.
Q2) Which of the following is a ground for revoking an acceptance?
A)if the seller makes a timely cure of nonconforming goods
B)if the goods are accepted after the nonconformity is discovered
C)if the buyer has accepted only one commercial unit from the entire unit
D)if the nonconformity substantially impairs the value of the goods to the buyer
Q3) A sales contract requires the seller to send the goods to the buyer at a specifically named destination.
A)True
B)False
Q4) The right to withhold delivery is available to the seller if the buyer or lessee wrongfully rejects or revokes acceptance of the goods.
A)True
B)False
Q5) A buyer or lessee who rightfully covers may sue the seller or lessor for additional expenses paid.
A)True
B)False
Q6) Explain how payments are made for contracts under the UCC?
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Chapter 21: Warranties
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Sample Questions
Q1) Which of the following is true of express warranties?
A)A manufacturer is liable for express warranties made by wholesalers.
B)A retailer is liable for the express warranties made by manufacturers of goods it sells.
C)A retailer is not allowed to make warranties on manufacturer goods.
D)A manufacturer is obligated by law to make an express warranty on all its goods.
Q2) Which of the following would constitute an implied warranty?
A)affirmation of the facts of the goods
B)description of the goods
C)model or sample of the goods
D)adequate packaging and labeling of the goods
Q3) Under the foreign substance test,the court asks what a consumer would expect to find or not find in food or drink that he or she consumes.
A)True
B)False
Q4) Explain the implied warranty of fitness for a particular purpose.
Q5) What is the difference between a full warranty and a limited warranty?
Q6) What damages are recoverable for a breach of warranty?
Q7) Thoroughly and completely explain express warranties.
Page 23
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Chapter 22: Creation of Negotiable Instruments
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Q1) Which of the following statements is true of a negotiable instrument?
A)It should be signed by the payee.
B)It need not state a fixed amount of money.
C)It should not require any undertaking other than the payment of money.
D)It can be either written or oral.
Q2) A two-party negotiable instrument that is a special form of note created when a person deposits money at a financial institution in exchange for the institution's promise to pay back the amount of the deposit plus an agreed-on rate of interest upon the expiration of a set time period agreed upon by the parties is known as a ________.
A)collateral note
B)check
C)certificate of deposit
D)bill of exchange
Q3) In a draft transaction,the payee is called the acceptor of the draft.
A)True
B)False
Q4) Instruments that are payable on demand are called order instruments.
A)True
B)False
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Chapter 23: Holder in Due Course and Transferability
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Q1) A holder can convert a blank indorsement into a special indorsement by adding his or her signature on it.
A)True
B)False
Q2) Which of the following indorsements can be negotiated just by delivery?
A)unqualified indorsement
B)special indorsement
C)special qualified indorsement
D)blank indorsement
Q3) Nonrestrictive indorsements contain instructions from the indorser.
A)True
B)False
Q4) A(n)________ is a signature and other directions written by or on behalf of the holder somewhere on an instrument.
A)recommendation
B)assignment
C)indorsement
D)reference
Q5) What are qualified indorsements?
Q6) What is the difference between a holder and holder in due course?
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Chapter 24: Liability, defenses, and Discharge
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Q1) Jennifer signs a promissory note to pay $2,500 to Clara.Clara negotiates the instrument and indorses it to Anthony.Anthony alters the note to make the payment amount $25,000 and negotiates the note to Nicholas.Nicholas indorses the note and negotiates it to Mack.Nicholas and Mack are both unaware of Anthony's alteration.If Mack presents the note to Jennifer for payment,how much,if anything is Jennifer obligated to pay?
A)$25,000
B)$22,500
C)$2,500
D)Jennifer is not obliged to pay Mack
Q2) What is the defense of fraud in the inducement?
Q3) Absolute liability to pay a negotiable instrument,subject to certain universal or real defenses is known as ________.
A)primary liability
B)secondary liability
C)warranty liability
D)signature liability
Q4) A presentment is a demand for the acceptance of a dishonored instrument.
A)True
B)False
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Chapter 25: Banking System and Electronic Financial Transactions
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Q1) The check collection process,which may involve multiple banks,is governed by Revised Article 3 of the UCC.
A)True
B)False
Q2) A check that has been outstanding for more than three months is considered stale,and the bank is under no obligation to pay it.
A)True
B)False
Q3) The deferred posting rule allows banks to fix an afternoon hour of 2:00 P.M.or later as a cutoff hour for the purpose of processing checks and deposits.
A)True
B)False
Q4) A check that has been outstanding for more than ________ is considered stale.
A)six months
B)one year
C)three months
D)nine months
Q5) Describe the principal-agent relationship with respect to checks.
Q6) Briefly explain certified checks.
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Chapter 26: Credit, mortgages, and Debtors Rights
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Q1) An unsecured creditor is a creditor who has to rely on collateral to secure payment.
A)True
B)False
Q2) The right of redemption only allows the redemption of a partial interest of the mortgagor.
A)True
B)False
Q3) The property on which a security interest is taken is called collateral.
A)True
B)False
Q4) Alan wins a $50,000 judgment against Henderson.But Henderson refuses to pay the amount of the judgment to Alan.Alan obtains a postjudgment writ from the court directing the sheriff to seize Henderson's automobile and other property and have them publicly auctioned off to satisfy the judgment.Which of the following writs did Alan use?
A)writ of attachment
B)writ of garnishment
C)writ of execution
D)writ of exigent
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28
Chapter 27: Secured Transactions
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Q1) Which of the following is true of disposition of collateral?
A)Disposition of collateral must be a public proceeding.
B)The debtor is entitled to receive any surplus collateral that remains after disposition.
C)The debtor need not be notified of the disposition as the creditor has complete claim on the collateral.
D)Disposition of collateral occurs when the default is by the creditor.
Q2) A two-party secured transaction occurs when a seller sells goods to a buyer on credit and retains a security interest in the goods.
A)True
B)False
Q3) ________ is a situation in which a creditor agrees to extend credit only if the purchaser pledges some personal property as collateral for the loan.
A)Floating lien
B)Attachment
C)Mortgage
D)Secured credit
Q4) What is a secured transaction?
Q5) Explain the priority of claims for secured and unsecured transactions.
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Chapter 28: Bankruptcy and Reorganization
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Q1) The suspension of certain legal actions by creditors against a debtor or the debtor's property is known as a(n)________.
A)discharge of debt
B)composition
C)automatic stay
D)order for relief
Q2) Sam wants to file a petition for bankruptcy.Which of the following is true in this context?
A)Sam need not submit a list of creditors; it is obtained by the court upon investigation.
B)Sam's bankruptcy petition cannot be filed electronically.
C)Only Sam's attorney can file his bankruptcy petition.
D)Sam's attorney is liable for perjury if information filed by Sam is incorrect.
Q3) In a meeting of the creditors,the bankruptcy judge questions the debtor.
A)True
B)False
Q4) A bankruptcy trustee is a legal representative of a creditor's claim to an estate.
A)True
B)False
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Chapter 29: Agency Formation and Termination
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Q1) The ________ is principal's duty to cover the agent for any losses the agent suffers because of the principal's conduct.
A)duty to cooperate
B)duty to indemnify
C)duty to compensate
D)duty to reimburse
Q2) An orally agreed upon power of attorney is acceptable in court.
A)True
B)False
Q3) If a stated time has lapsed,an agency will terminate because of an unusual change in circumstances.
A)True
B)False
Q4) An agent does not owe a duty to notify the principal of important information he learns concerning the agency.
A)True
B)False
Q5) List the circumstances that can lead to termination by impossibility of performance.
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Chapter 30: Liability of Principals, agents, and Independent Contractors
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Q1) Battery committed by an agent in the principal's premises and during the scope of employment is considered an unintentional tort.
A)True
B)False
Q2) An actor asks an agent to place an order for a couch on the agent's way back to work.This is an instance of ________.
A)a dual-purpose mission
B)frolic and detour
C)coming and going
D)self-dealing
Q3) The agent is not liable on the contract in a fully disclosed agency.
A)True
B)False
Q4) Principals do not control the means by which independent contractors achieve results.
A)True
B)False
Q5) Does an agent competing with the principal breach his or her duty of loyalty? What is the proper course of action for the principal in such a case?
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Chapter 31: Employment, worker Protection, and Immigration Law
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Q1) The ________ is a federal law that permits employees and their beneficiaries to continue their group health insurance after an employee's employment has ended.
A)Fair Labor Standards Act
B)Family and Medical Leave Act
C)Employee Retirement Income Security Act
D)Consolidated Omnibus Budget Reconciliation Act of 1985
Q2) Outline the minimum wage requirement established by the Fair Labor Standards Act.How are wages calculated for a tipped employee?
Q3) If an employer intentionally injures a worker,the worker cannot collect workers' compensation benefits.
A)True
B)False
Q4) Workers' compensation is a(n)________ remedy as between the employee and the employer.
A)exclusive
B)cumulative
C)provisional
D)equitable
Q5) What is an EB-1 visa? Who qualifies for it?
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Chapter 32: Labor Law
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Q1) A(n)________ election can be held without National Labor Relations Board supervision.
A)employer-contested
B)consent
C)decertification
D)management-contested
Q2) Under an agency shop agreement,an employer may hire anyone whether she belongs to a union or not.
A)True
B)False
Q3) A bargaining unit must consist of employees from a single company.
A)True
B)False
Q4) The ________ was a labor union formed in 1886 that only allowed craft workers such as silversmiths and artisans to be its members.
A)Congress of Industrial Organizations
B)American Federation of Labor
C)National Labor Relations Board
D)International Labor Organization
Q5) List and explain the strikes that are illegal under federal law.
Page 34
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Chapter 33: Equal Opportunity in Employment
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Q1) Jason Smith is a Hispanic scriptwriter from Brazil,located in Brazil,who works for a television show on an American cable network.He was fired after the producer came to know that Smith was a scientologist by faith.The producer's official reason for this termination was that as Smith was based in Brazil,communication was a problem.This is an example of ________ discrimination that violates Title VII of the Civil Rights Act.
A)racial
B)religious
C)national origin
D)disparate-impact
Q2) The ________ protects both sexes from pay discrimination based on sex.
A)Lilly Ledbetter Fair Pay Act
B)Fair Employment Practices Act
C)Title VII of Civil Rights Act
D)Equal Pay Act
Q3) A complainant can file his or her claim of discrimination with a state fair employment practices agency instead of the Equal Employment Opportunity Commission (EEOC).
A)True
B)False
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Chapter 34: Small Business, entrepreneurship, and General Partnerships
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Q1) A general partnership is valid only if it is carried out for profit.
A)True
B)False
Q2) Receipt of a share of business profits is prima facie evidence of a general partnership.
A)True
B)False
Q3) The right to share in the profits of the partnership is the right to share in the earnings from the investment of capital.
A)True
B)False
Q4) Which of the following is a major form of conducting a business?
A)institution
B)charity
C)corporation
D)trust
Q5) General partnerships do not pay federal income taxes.
A)True
B)False
Q6) Explain,with an example,the duty of care owed by a general partner. Page 36
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Chapter 35: Limited Partnerships and Special Partnerships
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Q1) A(n)________ is a document that two or more persons must execute and sign that makes a limited partnership legal and binding.
A)limited partnership agreement
B)certificate of limited partnership
C)article of limited partnership
D)limited trade affidavit
Q2) Neither the general partners nor the limited partners have personal liability for the debts and obligations of the LLLP.
A)True
B)False
Q3) Which of the following is true of the admission of a new general partner to an existing limited partnership?
A)Only limited partners can be admitted to an existing partnership.
B)A limited partnership agreement cannot waive the right of partners to approve the admission of new general partners.
C)The oral consent of all partners is enough for admission of a general partner.
D)Consent of all general partners is sufficient for the admission of a new limited partner.
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Chapter 36: Corporate Formation and Financing
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Q1) A(n)________ is a debt security with a maturity of five years or less.
A)bond
B)debenture
C)indenture
D)note
Q2) ________ are corporations that have many shareholders and whose securities are often traded on national stock exchanges.
A)Closely held corporations
B)Non-profit corporations
C)Publicly held corporations
D)Shore-up corporations
Q3) The debt security of notes does not have a maturity period.
A)True
B)False
Q4) A contract between a corporation and a holder that contains the terms of a debt security is known as a(n)________.
A)bond
B)indenture
C)debenture
D)liquidation
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Chapter 37: Corporate Governance and the
Sarbanes-Oxley Act
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Q1) Which of the following is a federal statute that deals with corporate bribery between U.S.companies and officials of other countries?
A)Sarbanes-Oxley Act
B)Glass-Steagall Act
C)Deregulation and Monetary Control Act
D)Foreign Corrupt Practices Act
Q2) Shareholders elect a panel of decision makers known as the ________.
A)registered agents
B)corporate officers
C)stakeholders
D)board of directors
Q3) The written document submitted by a person who has been authorized by a shareholder to vote the shareholder's shares at the shareholders' meetings in the event of the shareholder's absence is known as the ________.
A)record date
B)notice of the shareholder's meeting
C)certificate of authority
D)proxy
Q4) What is the supramajority voting requirement for shareholders?
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Chapter 38: Corporate Acquisitions and Multinational Corporations
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Q1) Which of the following is true of a share exchange?
A)The subsidiary corporation ceases to exist after the share exchange.
B)The legal existence of both corporations is retained after the exchange.
C)The shares of both parent and subsidiary corporations are divided equally between themselves.
D)The subsidiary corporation can have a maximum of three shareholders in the exchange.
Q2) A short-form merger does not require the approval of the board of directors of the subsidiary corporation.
A)True
B)False
Q3) Section 14(a)of the Securities Exchange Act gives the Securities and Exchange Commission (SEC)the authority to regulate ________.
A)the formation of the board of directors of a corporation
B)mergers between two or more corporations
C)issues of shares by a corporation
D)the solicitation of proxies by a corporation
Q4) Explain the factors that lead to a proxy contest.What is its outcome?
Q5) What is a proxy? State the federal rules that govern a proxy statement.
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Chapter 39: Limited Liability Companies and Limited Liability Partnerships
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Q1) The manager does not owe a duty of loyalty to the LLC (limited liability company)as he or she is not a member of the LLC.
A)True
B)False
Q2) Which of the following best defines the term distributional interest?
A)the ratio in which profit is distributed among members of an LLC (limited liability company)
B)the process of distributing profits or losses according to the capital investment of the member with the interest
C)the constitution of management of an LLC based on the extent of each member's financial investment
D)a member's ownership interest in an LLC that entitles the member to receive distributions of money and property from the LLC
Q3) An LLC (limited liability company)is a(n)________.
A)unincorporated business entity
B)incorporated business entity
C)cooperative entity
D)proprietorship
Q4) What is a distributional interest? Explain the terms of its transfer.
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Chapter 40: Franchises and Special Forms of Businesses
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Q1) In a processing plant franchise,the franchisor licenses the franchisee to make and sell its products or services to the public from a retail outlet serving an exclusive geographical territory.
A)True
B)False
Q2) Joint venturers generally have equal rights to manage a joint venture.
A)True
B)False
Q3) A franchisor discloses a cautionary statement that reads,"Caution: Some outlets have sold this amount.There is no assurance you'll do as well.If you rely upon our figures,you must accept the risk of not doing so well." This is an instance of ________.
A)disclosure of earning projections based on actual data
B)disclosure of sales projections based on hypothetical data
C)nondisclosure of sales or earnings projections
D)fraudulent disclosure by the franchisor
Q4) Trade secrets do not qualify for copyright protection.
A)True
B)False
Q5) Explain the concept of joint venture as a business arrangement in brief.
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Chapter 41: Investor Protection, e-Securities, and Wall Street Reform
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Q1) In order to be found guilty for violation of Rule 10b-5,intentional conduct (scienter)must be proven.
A)True
B)False
Q2) Investors who purchased unregistered securities can rescind their purchase but not recover damages.
A)True
B)False
Q3) ________ is a provision of the Securities Act of 1933 that imposes civil liability on persons who intentionally defraud investors by making misrepresentations or omissions of material facts in the registration statement.
A)Section 24 of the Securities Act of 1933
B)Section 12 of the Securities Act of 1933
C)Section 11 of the Securities Act of 1933
D)SEC Rule 506
Q4) List the securities exempt from registration with the SEC.
Q5) An investment contract is a flexible standard for defining a security.
A)True
B)False
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Chapter 42: Ethics and Social Responsibility of Business
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Q1) How are ethical rules established in Kantian ethics?
A)by a set of universal rules that are based on consistency and reversibility
B)by following principles that have been derived from holy books
C)by an individual's feelings on what is right and wrong
D)by choosing the alternative that is best for society as a whole
Q2) Which of the following moral theories matches the dictum "I will keep the rules if everyone else does?"
A)perspectivism
B)social contract
C)moral relativism
D)utilitarianism
Q3) Kant believed that people owe moral duties that are based on universal rules.
A)True
B)False
Q4) One of the advantages of utilitarianism is that it is easy to apply in most real-life situations.
A)True
B)False
Q5) What is ethical relativism?
Q6) Explain the two principles used to derive the universal rules of Kantian ethics?
Page 45
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Chapter 43: Administrative Law and Regulatory Agencies
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Sample Questions
Q1) All substantive rules are subject to judicial review.
A)True
B)False
Q2) The Homeland Security Act was passed following the terrorist attacks of September 11,2001 on the World Trade Center.
A)True
B)False
Q3) Which of the following is true of administrative agencies?
A)All administrative agencies directly answer to the president.
B)Administrative agencies can be created by federal, state, and local governments.
C)An existing administrative agency cannot administer a new law.
D)A separate administrative agency must be created to enforce each law.
Q4) The Department of Homeland Security is an example of a federal administrative agency.
A)True
B)False
Q5) All federal administrative agencies answer directly to the president.
A)True
B)False
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Chapter 44: Consumer Protection and Product Safety
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Q1) The U.S.Department of Agriculture is the federal administrative agency that is primarily responsible for regulating meat,poultry,and other food products.
A)True
B)False
Q2) Section 5 of the Federal Trade Commission (FTC)Act can be used to prohibit unfair and deceptive business practices.
A)True
B)False
Q3) Which of the following is a function that the Consumer Product Safety Commission is empowered to execute?
A)collecting data regarding injuries caused by consumer products
B)regulating the distribution of genetically modified food products
C)recalling drugs that have been found to be harmful from the market
D)accepting petitions from consumers on wrongly labeled food products
Q4) List the new protections that are available under the Health Care Reform Act of 2010.
Q5) What are the powers of the Consumer Product Safety Commission? Name some consumer products excluded from the purview of the CPSC.
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Chapter 45: Environmental Protection
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Q1) A geographical area that does not meet established air quality standards is designated as a(n)________.
A)limited pollution area
B)nonattainment area
C)zoned ordinance area
D)federal regulation area
Q2) Which of the following is a true of the Superfund?
A)It mandates the state government to deal with hazardous wastes that have been spilled, stored, or abandoned.
B)It identifies sites in the United States where hazardous wastes have been disposed of, stored, abandoned, or spilled.
C)It levies extra tax on the people of the state where hazardous wastes have been improperly disposed of.
D)It does not permit states and private parties who clean up hazardous waste sites to seek reimbursement from the fund.
Q3) The Clear Water Act extends its protection to the oceans.
A)True
B)False
Q4) What are the measures taken to protect wetlands in the United States?
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Chapter 46: Antitrust Law and Unfair Trade Practices
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Q1) ________ is a defense to Section 2(a)liability,which provides that a seller's price discrimination is not unlawful if the price differential is due to "differences in the cost of manufacture,sale,or delivery" of the product.
A)Natural monopoly defense
B)Meeting the competition defense
C)Changing conditions defense
D)Cost justification defense
Q2) The legality of nonprice vertical restraints of trade under Section 1 of the Sherman Act is examined by applying the ________.
A)Colgate doctrine
B)Noerr doctrine
C)per se rule
D)rule of reason
Q3) Price fixing is a ________ violation of Section 1 of the Sherman Act.
A)reasonable
B)per se
C)justifiable
D)permissible
Q4) Give an account of the Noerr doctrine.
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Chapter 47: Personal Property, real Property, and Insurance
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Q1) The finder of an abandoned property holds title against the whole world except the owner.
A)True
B)False
Q2) A bailment without a fixed term is called a ________.
A)bailment for the sole benefit of the bailee
B)bailment for the sole benefit of the bailor
C)bailment for a for mutual benefit
D)bailment at will
Q3) A warehouse company has a lien on the goods in its possession for necessary expenses incurred in storing and handling the goods.
A)True
B)False
Q4) A(n)________ statute permits a finder of mislaid or lost property to clear title to the property if certain prescribed legal formalities are met.
A)estate
B)estray
C)lading
D)recording
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Chapter 48: Real Property
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Q1) A tenant in common can sell his or her interest in the property without the consent of the other co-owners.
A)True
B)False
Q2) ________ is a title to real property that is free from any encumbrances or other defects that are not disclosed but would affect the value of the property.
A)Remainder title
B)Marketable title
C)Reversion title
D)Nonconforming title
Q3) What is an easement and how is it created?
Q4) A situation created when the owner of one piece of land is given an easement over an adjacent piece of land is called a(n)________.
A)profit-à-prendre
B)easement by license
C)easements in gross
D)easement appurtenant
Q5) What is a general warranty deed?
Q6) Explain the role of recording statutes in real property contracts.
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Chapter 49: Landlord-Tenant Law and Land Use Regulation
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Q1) What is meant by the tenant's duty not to use leased premises for illegal or nonstipulated purposes?
Q2) Which of the following is true of the process of eminent domain?
A)It does not allow the property owner to make a case for keeping the property.
B)It requires payment of compensation by the government.
C)It does not apply to state and local governments.
D)It allows the government to set up zoning areas.
Q3) A landlord-tenant relationship is characterized by the ________.
A)transfer of title to the tenant
B)receipt of a nonfreehold estate by the tenant
C)creation of a future interest for the tenant
D)free simple absolute ownership of the tenant
Q4) Which of the following kinds of lease agreements exists between Chris and Dave?
A)an accommodation
B)a gross lease
C)an assignment
D)an easement
Q5) Monetary damages are not provided in cases involving violation of the ADA.
A)True
B)False
Page 52
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Chapter 50: Insurance
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Q1) An employee of a company that provides ________ insurance to its employees can receive payments,as provided by the policy,for injuries suffered by employees while working on the job.
A)disability
B)life
C)homeowner's
D)standard fire
Q2) A professional malpractice insurance protects professionals against liability caused by personal negligence.
A)True
B)False
Q3) Which of the following statements is true of a personal articles floater?
A)The insured can insure specific body parts using this policy.
B)The coverage includes insurance of intangible properties.
C)The coverage does not include loss or damage caused during travel.
D)The insurance company will charge an increased premium based on the articles insured.
Q4) A personal articles floater helps insure specific items like heirlooms.
A)True
B)False
Page 53
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Chapter 51: Accountants Duties and Liability
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Q1) The accountant-client privilege is a law that entails that ________.
A)only an accountant can serve as a witness for the client in a court action
B)only an accountant's paperwork be taken as prima facie evidence against a client in a court action
C)an accountant cannot be called as a witness against a client in a court action
D)an accountant does not enjoy work product immunity when a client is accused of gross negligence
Q2) Constructive fraud is defined as intentional misrepresentation or omission of a material fact that is relied on by a client and causes the client damage.
A)True
B)False
Q3) Which of the following opinions would an auditor make for a company that,he or she feels,has materially misstated certain items on its financial statements?
A)an unqualified opinion
B)an adverse opinion
C)a qualified opinion
D)a disclaimer of opinion
Q4) Give an account of the Private Securities Litigation Reform Act of 1995.
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Chapter 52: Wills, trusts, and Estates
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Q1) A mutual will cannot be unilaterally revoked after one of the parties has died.
A)True
B)False
Q2) A codicil is considered to be a separate instrument from the will it references.
A)True
B)False
Q3) Wilma buys a painting that is to be sold at an auction next week,but she has an unforeseen engagement that requires her to go out of town on the day of the auction.She asks her sister,Sara,to attend the auction and bid for the painting.If the sale is successful,Sara is to claim legal title to the painting until Wilma returns.What kind of trust is created between Wilma and Sara?
A)a charitable trust
B)a testamentary trust
C)a token trust
D)a resulting trust
Q4) What are the requirements of the Statute of Wills?
Q5) If the deceased has no surviving relatives,then the deceased's property escheats to the state.
A)True
B)False
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Chapter 53: Family Law
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Q1) Separate property does not include property owned by a spouse prior to the marriage.
A)True
B)False
Q2) A mediator is allowed to make decisions for a divorcing couple.
A)True
B)False
Q3) According to the fault rule,if the person who gave the engagement ring breaks off the engagement,then the other party can rightfully keep the engagement ring.
A)True
B)False
Q4) How is child custody after a divorce dealt in the United States?
Q5) Under the objective rule,the person who was given the engagement ring must return the ring,regardless of which party broke off the engagement.
A)True
B)False
Q6) Rehabilitation alimony is terminated if the receiving individual remarries.
A)True
B)False
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Chapter 54: International and World Trade Law
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Q1) Which of the following is an example of an autonomous agency of the United Nations?
A)the North Atlantic Treaty Organization
B)the Security Council
C)the World Trade Organization
D)the International Monetary Fund
Q2) The United States follows the principle of restricted immunity for suits against foreign nations.
A)True
B)False
Q3) Indonesia,Vietnam,Thailand,and the Philippines are members of the ________.
A)Organization of the Petroleum Exporting Countries
B)Association of Southeast Asian Nations
C)Dominican Republic-Central America Free Trade Agreement
D)North American Free Trade Agreement
Q4) Which of the following is an exception to the Foreign Sovereign Immunities Act?
A)the sham exception
B)the managed trade exception
C)the diversity of citizenship exception
D)the commercial activity exception
Page 57
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