Commercial Law
Test Bank
Course Introduction
Commercial Law explores the legal principles governing business and commercial transactions. The course covers key topics such as contract law, the sale of goods, agency, negotiable instruments, and secured transactions. Students will examine the regulatory framework within which businesses operate, including the rights and obligations of parties involved in commercial dealings and dispute resolution mechanisms. The course also addresses contemporary issues in commercial law, providing students with practical insights into legal challenges faced by businesses in both domestic and international contexts.
Recommended Textbook
Dynamic Business Law 4th Edition by
Nancy K. Kubasek
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Chapter 1: An Introduction to Dynamic Business Law
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Q1) Roger,a store owner,is delinquent in paying rent to his landlord,Emily.The resulting dispute would focus on which type of law?
A)Preferential
B)Public
C)Consensual
D)Black letter
E)Private
Answer: E
Q2) Which of the following entities enforces laws?
A)Courts
B)The executive branch
C)Community consensus
D)Federal Congress
E)State legislatures
Answer: A
Q3) "Legal positivism" is also known as "natural law."
A)True
B)False
Answer: False
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Page 3
Chapter 2: Business Ethics
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Q1) Ethical conversation is primarily about finding the one and only right thing to do.
A)True
B)False
Answer: False
Q2) What is the law signed by President George W.Bush as a result of several corporate accounting scandals?
A)The Sarbanes-Oxley Act
B)The Certified Public Accounting Act
C)The Public Accounting Act
D)The Whaley-Mallicoat Act
E)The Corporate Scandal Act
Answer: A
Q3) Under the WPH framework for ethical business decisions,business decisions are made in pursuit of a particular purpose and are instruments toward an ethical end.
A)True
B)False
Answer: True
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Page 4
Chapter 3: The Uslegal System
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Q1) The state court system has exclusive jurisdiction over ________.
A)Admiralty,bankruptcy,and copyright case
B)Adoption and divorce case
C)Bankruptcy cases only
D)The state court system has no exclusive jurisdiction
E)Admiralty cases only
Answer: B
Q2) Under federal statutory law,Internet transactions cannot ever be the basis for a finding of in personam jurisdiction.
A)True
B)False
Answer: False
Q3) Once a case is in the proper court system,venue determines which trial court in the system will hear the case.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Alternative Dispute Resolution
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Q1) Which of the following is an advantage of ADR over traditional litigation as set forth in the text?
A)It is usually faster but not cheaper.
B)Because many forms of ADR are more adversarial than litigation,the parties are rarely able to preserve a business relationship.
C)ADR is not flexible and cannot be restructured to meet the parties' needs.
D)A business may wish to avoid setting a precedent through a court decision.
Q2) Melanie and Gabriela have a dispute regarding ownership of a dog,Buddy.Gabriela removed Buddy's tags in order to give him a bath.Knowing what was coming,Buddy made a run for it and ended up at Melanie's home down the street.When Gabriela saw Melanie walking Buddy,she demanded his return.Melanie refused.A lawyer in the neighborhood suggested either a neutral case evaluation or mediation in an attempt to resolve the feud.Describe mediation and neutral case evaluation.Which would you suggest and why?
Q3) ADR is a process done only in the U.S. ,not in foreign countries.
A)True
B)False
Q4) Under the Federal Arbitration Act,for which reasons may an arbitrator's award be set aside?
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Chapter 5: Constitutional Principles
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Q1) Celine and Monroe were married in California,but divorced ten years later in New York.Celine moved to Hawaii.Must Hawaii recognize her divorce decree?
A)No,because of the equal protection clause.
B)Yes,because of the Ninth Amendment.
C)No,because each state has the right to promulgate its own laws.
D)No,because the commerce clause restricts the power of state government.
E)Yes,because of the full faith and credit clause.
Q2) Corporations are not protected by the First Amendment.
A)True
B)False
Q3) Some other countries' constitutions provides rights that American citizens do not have.
A)True
B)False
Q4) The privileges and immunities clause prohibits states from discriminating against citizens of other states when those nonresidents engage in ordinary and essential activities.
A)True
B)False
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Chapter 6: International and Comparative Law
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Q1) Which of the following systems originated from the English legal system?
A)Statutory law
B)Civil law
C)Common law
D)Asian law
E)Inquisitorial law
Q2) Article 38 of the Statute of the International Court of Justice identifies four sources that may be used to find international law.Please list those four sources.
Q3) What three countries are signatories to the North American Free Trade Agreement?
A)United States,Canada,and Japan
B)Canada,Mexico,and Great Britain
C)United States,Canada,and Mexico
D)England,France,and Italy
E)England,France,and Spain
Q4) An interactive website,which allows users to exchange information but not complete contracts,is sufficient to create general personal jurisdiction in any state in the U.S.
A)True
B)False
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8
Chapter 7: Crime and the Business Community
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Q1) Which of the following is the term that describes wrongful behavior in a criminal action?
A)Stare decisis.
B)Res judicta.
C)Actus reus.
D)Carpe diem.
E)Mens rea.
Q2) Carla learns that her employer,a healthcare facility,is committing fraud against the government by filing false Medicare claims.Under which of the following might she obtain a portion of any recovery obtained by the government?
A)The Sarbanes-Oxley Act of 2002.
B)The False Claims Act.
C)The Medicare Recovery Act.
D)The Healthcare Fraud Act.
E)RICO.
Q3) Compensating a victim is the primary purpose of criminal law.
A)True
B)False
Q4) What elements are necessary to establish bribery of a public official?
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Chapter 8: Tort Law
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Q1) Which of these would be the most appropriate cause of action,if any,against Taylor based upon the farm animals and the music?
A)Harassment.
B)Trespass to property.
C)Private nuisance.
D)Negligence.
E)No cause of action is appropriate because Taylor is entitled to use her property as she sees fit.
Q2) The primary type of damages in tort law is referred to as .
A)Compensatory damages
B)Accrual damages
C)Punitive damages
D)Perspective damages
E)Nominal damages
Q3) List and explain the four different types of privacy torts.
Q4) Apprehension and fear are considered as the same thing,when it comes to assault.
A)True
B)False
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Page 10
Chapter 9: Negligence and Strict Liability
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Q1) A fan at a baseball stadium is hit by a baseball.Under what circumstances could the owner of the stadium be held liable for resulting injuries?
A)If the owner of the stadium was aware of a chance that a ball would strike a patron and failed to cancel the game,despite the risk.
B)In all circumstances where a ball hits game attendees,regardless of any other factors.
C)If the stadium owner took all cost-effective precautions but failed to take part in a multi-million dollar research effort to construct a robot to intercept foul balls.
D)If the baseball team was the home team and not the visiting team.
E)If the stadium owner failed to fulfill its duty to provide reasonable protection because there were no barriers or other measures taken to protect game attendees from being struck by the ball.
Q2) When negligence per se applies,the plaintiff is required to show that a reasonable person would exercise a heightened duty of care toward the plaintiff.
A)True
B)False
Q3) Identify and explain the elements of negligence.
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Chapter 10: Product Liability
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Q1) Which of the following defenses identifies that the harm was caused by the plaintiff's failure to properly use the product rather than by the defendant's negligence?
A)Misapplication.
B)Assumption of the risk.
C)Pure comparative fault.
D)Last-clear-chance.
E)Product misuse.
Q2) BuyStuff's attorney wants to file a motion to dismiss,claiming that BuyStuff is not the manufacturer and cannot be held liable for the injuries.Is BuyStuff's attorney correct?
A)No,because a retailer cannot be held liable under the strict product liability theory.
B)Yes,a retailer may be held liable under strict product liability.
C)No,because strict product liability focuses on the actions of the manufacturer in producing the product.
D)Yes,but only if BuyStuff holds a substantial share of the market.
E)No,because BuyStuff did not manufacture the product.
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Chapter 11: Liability of Accountants and Other Professionals
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Q1) Accountants may not be sued for malpractice because that action is only available in the medical community.
A)True
B)False
Q2) Which section of the Securities Act makes accountants civilly liable for misstatements and omissions of material facts made in the registration statements required by the SEC?
A)Section 12 of the Securities Act of 1933
B)Section 12 of the Securities Act of 1934
C)Section 13 of the Securities Act of 1935
D)Section 11 of the Securities Act of 1933
E)Section 10 of the Securities Act of 1934
Q3) The attorney-client privilege means that information given by a client to his or her accountant cannot be revealed without the client's permission.
A)True
B)False
Q4) What must a plaintiff show in order to establish a violation of Section 20a)of the Securities Exchange Act?
Q5) When can an accountant be held liable to his or her client for fraud?
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Chapter 12: Intellectual Property
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Q1) If Ramona is successful in her patent infringement action,what type of result could she be entitled to receive?
A)An injunction prohibiting further sale or use of the infringing product by the infringer and also an award of damages.
B)Damages only
C)An injunction prohibiting further sale or use of the infringing product by the infringer and an order for destruction of the infringing property,but not damages.
D)An injunction prohibiting further sale or use of the infringing product by the infringer,but not damages.
E)An order for destruction of the infringing property and damages,but not an injunction.
Q2) An invention might be protected by trade secret.
A)True
B)False
Q3) In order to succeed on a claim of trade-dress infringement,what must a party prove?
Q4) What four criteria must be satisfied in order to obtain a patent on a product,process,invention,or machine?
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Chapter 13: Introduction to Contracts
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Sample Questions
Q1) What number of states will still allow a contract without consideration to be enforced if it is under seal?
A)Five
B)Twenty
C)Eight
D)Ten
E)Thirty
Q2) Which of the following is a correct description of the agreement between Allison and Brendan?
A)They had a unilateral,implied agreement.
B)They had a bilateral,implied agreement.
C)They had a bilateral and unilateral agreement.
D)They had a bilateral,express agreement.
E)They had a unilateral,express agreement.
Q3) There are four elements that are necessary for a contract to exist.Identify and describe each of those elements.
Q4) The Restatement Second)of the Law of Contracts is not actually the law itself.
A)True
B)False
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Chapter 14: Agreement
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Q1) Which of the following terms would be considered material terms?
A)Quantity,quality,and subject matter,but not price or parties
B)Subject matter,price,parties,quality,and quantity
C)Subject matter but not price,quantity,quality,or parties
D)Price and subject matter,but not quantity,quality or parties
E)Subject matter,quality,and price,but not quantity or parties
Q2) An acceptance is still valid if it is received after a rejection is received.
A)True
B)False
Q3) If no means of communicating an acceptance is specified in an offer,which of the following is generally true?
A)The acceptance must be made verbally either by telephone or in person.
B)No valid contract may be entered into because the offer must specify a means by which to accept.
C)Acceptance must be made orally or in writing within twenty-four hours.
D)Acceptance may be made by any reasonable means.
E)The acceptance must be in writing.
Q4) Explain the effect of auctions held with reserve and without reserve,and discuss what happens if nothing is said regarding whether an auction is being held with reserve or without reserve.
Page 16
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Chapter 15: Consideration
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Q1) An unliquidated debt may be the subject of an accord and satisfaction.
A)True
B)False
Q2) Which of the following is true regarding an accord and satisfaction?
A)When amounts agreed upon are paid,the debt is fully discharged.
B)When amounts agreed upon are paid,the debt is fully discharged except for any late charges and for any interest due on the initial indebtedness.
C)When amounts agreed upon are paid,the debt is fully discharged except for any interest due on the initial indebtedness.
D)When amounts agreed upon are paid,the debt is fully discharged except for any late charges or interest due on the initial indebtedness,or attorney fees of the creditor that are due.
E)When amounts agreed upon are paid,the debt is fully discharged except for any late charges due on the initial indebtedness.
Q3) Partial payment of a debt is never valid consideration.
A)True
B)False
Q4) What is the preexisting duty rule?
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Page 17
Chapter 16: Capacity and Legality
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Q1) What was the ruling in Adrian Lopez v.Kmart Corporation,the case in the text regarding whether a minor could disaffirm an arbitration clause in an employment contract?
A)Plaintiff entered into a valid arbitration agreement with his employer,but the employer properly exercised its right to void the contract.
B)Plaintiff entered into a valid arbitration agreement with his employer,but properly exercised his statutory right of disaffirmance,thereby rescinding the arbitration contract and rending it a nullity.
C)Plaintiff did not enter into a valid arbitration agreement with his employer because he was a minor,and therefore the agreement was a nullity.
D)Plaintiff entered into a valid arbitration agreement with his employer,but did not properly exercise his statutory right of disaffirmance,thereby he was required to arbitrate.
E)Plaintiff entered into a valid arbitration agreement with his employer,but the employer failed to exercise its right to void the contract.
Q2) Explain Great Britain's approach to the age of majority.
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Chapter 17: Legal Assent
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Q1) Which of the following was the result in the case in the text,Fantastic Sams Salons Corp.v.PSTEVO,LLC and Jeremy Baker,in which the court considered PSTEVO's counterclaim for fraudulent misrepresentation with regard to a franchise agreement?
A)The counterclaim was dismissed because the disclaimer in the contract prohibited defendants from filing a claim.
B)The counterclaim was dismissed even though the disclaimer was invalid.
C)It is illegal to force a party to sign a disclaimer about representations made,and thus defendants were allowed to proceed with their counterclaim.
D)The disclaimer was invalid and thus defendants were allowed to proceed with their counterclaim.
E)The counterclaim was dismissed because,in response to a disclaimer in the contract,defendant affirmed that certain representations were not made.
Q2) Scienter is present when the party accused of making the fraudulent assertion believed that the assertion was false or made the claim without any regard for whether it was true or false.
A)True
B)False
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Page 19
Chapter 18: Contracts in Writing
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Q1) All courts consider merger clauses to be conclusive proof of a contract.
A)True
B)False
Q2) Which of the following contracts would fall outside the statute of frauds and does not require a writing?
A)Lani offers to buy the corner of Ry's property where Ry's horse grazes.
B)Lani offers to paint Ry's house for $1,000
C)Lani offers to buy Ry's horse for $1,000.
D)Lani offers to pay Ry's student loan if Ry defaults.
E)Lani offers to marry Ry in three years.
Q3) Which of the following is a clause parties include in a written agreement that states that the written agreement accurately reflects the final,complete version of the agreement.
A)Merger
B)Consolidation
C)Complete
D)Adhesion
E)Parol
Q4) What are the eight exceptions to the parol evidence rule?
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Chapter 19: Third-Party Rights to Contracts
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Q1) What would be the most likely result if Justin sues Harry for the $4,000 payment?
A)Justin will win because the right to receive payment could be validly assigned.
B)Harry will win because the portrait was personal in nature and payment for it could not be assigned.
C)Justin will lose unless Justin can prove that he was unaware that Harry did not want the benefits assigned.
D)Harry will win because he did not expressly agree to the assignment.
E)Justin will win unless Harry can prove that Justin knew that Harry did not want the benefits assigned.
Q2) Jimmy and Penny enter into a contract.Jimmy transfers his rights under the contract to Luis.Jimmy is an:
A)Relator
B)Assignor
C)Transferor
D)Transferee
E)Assignee
Q3) List four situations under which contractual rights cannot be assigned.
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21
Chapter 20: Discharge and Remedies
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Q1) Michael's offer to put Ashton in the position she would have been in had the proper faucets and flooring been used is based on the measure used for what type of damages?
A)Consequential
B)Compensatory
C)Nominal
D)Liquidated
E)Punitive
Q2) Which of the following is used when,by agreement,one of the parties substitutes a different performance for his or her original duty under the contract?
A)Novation
B)Substituted contract
C)Alteration
D)Mutual rescission
E)Accord and satisfaction
Q3) The court may award the plaintiff nominal damages in a case where no actual damages result from the breach of a contract.
A)True
B)False
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Page 22
Chapter 21: Introduction to Sales and Lease Contracts
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Q1) What kind of offer did the manager at ABC Carpet make to Joaquin?
A)A firm offer
B)An unenforceable offer
C)An illusory offer
D)A mirror offer
E)A consideration offer
Q2) Contracts for the sale or lease of goods may be formed even though some terms of the contract or lease are left open.
A)True
B)False
Q3) Under the UCC,when is an acceptance effective?
A)When dispatched only if the U.S.mail is used,otherwise on receipt.
B)When dispatched.
C)When received only if acceptance by electronic means is made,otherwise on dispatch.
D)When received.
E)When dispatched only when the telephone is used,otherwise on receipt.
Q4) The UCC was designed to include items such as software and information.
A)True
B)False
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Chapter 22: Title,risk of Loss,and Insurable Interest
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Q1) What is the term used for the goods while they are in storage on board the ship?
A)Goods on board
B)Free on board
C)Goods in storage
D)Free on bailment
E)Goods in bailment
Q2) With a simple delivery contract,when is an insurable interest in the buyer created?
A)When the goods are identified to the contract
B)When goods are identified to the buyer
C)When money is transferred
D)When the items are delivered
E)When the buyer takes possession
Q3) What does "FAS" mean,when used as a shipping term?
A)Freedom Alongside
B)Fee as Selected
C)Found as Selected
D)Found as Seen
E)Free Alongside
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24
Chapter 23: Performance and Obligations Under Sales and Leases
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Q1) Which statement is true in regard to the efforts of the seller of the employment law pamphlets to remedy the problem with the incorrect pamphlets?
A)The seller correctly acted to remedy the problem because he had up to 20 days under the UCC to fix any problem.
B)The seller could not act to remedy the problem because he did not have assurance from Courtney in writing that she would allow additional time in which to cure.
C)The seller could likely exercise the right to cure once the contract time for performance had ended because the seller would have had reasonable grounds to believe that Courtney would not have objected to the tender of the correct item at the time it was tendered.
D)The seller correctly acted to remedy the problem because he had up to 10 days under the UCC to fix any problem.
E)The seller could not exercise the right to cure once the contract time for performance had ended because the seller did not provide prompt notice of his intent to cure and did not have reasonable grounds to believe that the nonconforming tender of environmental pamphlets would be acceptable to Courtney.
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Page 25
Chapter 24: Remedies for Breach of Sales and Lease Contracts
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Q1) A buyer may not seek damages if the buyer has accepted nonconforming goods.
A)True
B)False
Q2) Which of the following is true regarding the hot tub seller's right to recover funds from Blake?
A)The seller will not be able to proceed because the UCC statute of limitations in this case expired three years after the cause of action accrued.
B)The seller will not be able to proceed because the UCC statute of limitations in this case expired two years after the cause of action accrued.
C)The seller will be able to proceed because the UCC statute of limitations in this case would not expire for five years once a cause of action accrued.
D)The seller will likely be able to proceed because the UCC has a flexible statute of limitations that takes into account whether the seller attempted to collect or lulled the plaintiff into believing collection efforts would not be made.
E)The seller will not be able to proceed because the UCC statute of limitations in this case expired four years after the cause of action accrued.
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Chapter 25: Warranties
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Q1) The UCC Is just an adoption of the entirety of the common law of warranties.
A)True
B)False
Q2) Is the manager correct that the store never offers express or implied warranties on products?
A)No,because the computer was sold with a warranty of merchantability.
B)No,because the computer was sold with a warranty of merchantability,with a warranty of fitness for a particular purpose,and also with an express warranty.
C)No,because the computer was sold with a warranty of merchantability and also with a warranty of fitness for a particular purpose.
D)Yes,because unless Carmen had a written promise specifically providing for a warranty,the computer was sold without a warranty.
E)Yes,because unless Carmen had an oral promise specifically promising a warranty or a written contract specifically providing for a warranty,the computer was sold without a warranty.
Q3) What options does the UCC give states in regard to warranties extending to third-party beneficiaries of warranties,and which option have most states adopted?
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Chapter 26: Negotiable Instruments: Negotiability and Transferability
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Q1) A check is always a[n] ________ instrument and can never be a[n] ________ instrument.
A)Demand;order
B)Demand;time
C)Order;bearer
D)Time;demand
E)Time;order
Q2) Under the UCC,what role does Banking International hold?
A)Payee
B)Drawer
C)Drawee
D)Payor
E)Owner
Q3) Before Mehdi endorsed the check it was a[n] instrument;and after he endorsed it,the check was a[n] ________ instrument.
A)Bearer;bearer
B)Order;order
C)Order;bearer
D)Transactional;bearer
E)Order;transactional
28
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Chapter 27: Negotiation, holder in Due Course, and Defenses
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Q1) Allison worked for ABC Company as the company treasurer.She took 20 of ABC Company's checks,labeled as belonging to ABC Company.Over the course of one year,she signed and mailed the checks to American Express,her own credit card company,to pay her personal credit card debt.Assuming the court follows Watson Coatings Inc. ,v.American Express Travel Services Inc. ,the case in the text,which of the following is the most likely result in a lawsuit by ABC Company against American Express to recover the amounts of the checks?
A)ABC Company will prevail because American Express should have realized that fraud was involved from the fact that the checks were ABC Company checks.
B)American Express will prevail and will not be required to return funds.
C)ABC Company will prevail because fraud was involved.
D)American Express will have to return half of the funds because the parties were equally at fault,American Express for taking the checks,and ABC Company for not more carefully supervising its employee.
E)ABC Company will prevail because American Express,as a payee,does not qualify as a holder in due course.
Q2) List the five conditions under which a holder may take an instrument for value.
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Page 29
Chapter 28: Liability, defenses, and Discharge
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Q1) Which of the following was the result on appeal in Heartland State Bank v.American Bank & Trust,the case in the text involving whether the defending payor bank timely sent notice of dishonor of a check when it sent notice before midnight on April 11 for a check received on April 10?
A)That the defending bank had no right to return the check because by accepting the check,it became accountable for it.
B)That the bank had no right to return the check because the check was written by one of its customers.
C)That the defending bank had until midnight on April 10 to return the check and that it,therefore,did not act in a timely manner.
D)That the defending bank had until midnight on April 11 to return the check and that it,therefore,acted in a timely manner in doing so.
E)That the defending bank had no right to return the check because the check had already gone through the Federal Reserve System.
Q2) A bank is primarily liable for the amount of a check when it accepts the check.
A)True B)False
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Page 30
Chapter 29: Checks and Electronic Fund Transfers
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Q1) A bank involved in the check collection process may only be classified as one type of bank during the entire process.
A)True
B)False
Q2) Which statement is correct regarding entities considered banks under the UCC?
A)Trust companies and credit unions are considered banks,but savings and loans are not.
B)Savings and loans and credit unions are considered banks,but trust companies are not.
C)Savings and loans and trust companies are considered banks,but credit unions are not.
D)Only an entity holding itself out as a "bank" is considered a bank under the UCC,and therefore neither savings and loans,credit unions,nor trust companies are considered banks.
E)Savings and loans,credit unions,and trust companies are all considered banks.
Q3) The customer cannot order a stop payment on an electronic fund transfer.
A)True
B)False
Q4) Set forth the characteristics that a traveler's check must have.
Q5) What are the six requirements for a check to be considered properly payable?
Page 31
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Chapter 30: Secured Transactions
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Q1) The creditor must perfect a security interest in the collateral of the debtor in order to become a secured party.
A)True
B)False
Q2) Which methods)of perfection can be used for stocks and bonds?
A)Perfection by filing or perfection by possession.
B)Automatic perfection.
C)Perfection by possession.
D)Any method of perfection is acceptable for stocks and bonds.
E)Perfection by filing.
Q3) A bank taking possession of collateral does not have to file a financing statement in order to perfect its interest.
A)True
B)False
Q4) Explain three advantages described in the text associated with perfection by possession.
Q5) The UCC defines default as when a debtor fails to make payments on a loan. A)True
B)False
Q6) Set forth the steps that a creditor must take to become a secured party.
Page 32
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Chapter 31: Other Creditors Remedies and Suretyship
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Q1) Which of the following is NOT a requirement if a contractor decides to foreclose on a lien?
A)Consent of the homeowner to the original lien.
B)A timely foreclosure sale within state deadlines.
C)Notice of foreclosure to the homeowner.
D)Advertisement of the foreclosure sale.
E)Filing of a foreclosure action within a designated period of time after filing the lien.
Q2) A claim on property either created by a sales contract or imposed by a court in the interest of fairness is called a[n] ________ lien.
A)Common law
B)Possessory
C)Equitable
D)Broker's
E)Consummate
Q3) A mechanic's lien must be on personal property,not real property.
A)True
B)False
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Chapter 32: Bankruptcy and Reorganization
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Q1) An individual who takes over administration of the debtor's estate is referred to as which of the following?
A)Administrator
B)Trustee
C)Aligner
D)Organizer
E)Reformer
Q2) Which of the following terms is sometimes referred to as straight bankruptcy?
A)Acknowledgment
B)Liquidation
C)Reorganization
D)Avoidance
E)Reformation
Q3) Under Chapter 7,a debtor must be insolvent to file a voluntary petition for bankruptcy.
A)True
B)False
Q4) All bankruptcy cases begin with a filing of a petition.
A)True
B)False
Page 34
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Chapter 33: Agency Formation and Duties
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Q1) The right of a principal to sue an agent to recover any amount assessed against the principal for a breach of contract caused by the agent's negligence is referred to as which of the following?
A)Contribution
B)Recoupment
C)Reformation
D)Reimbursement
E)Indemnification
Q2) A person who contracts with another to do something for the other person,but is not controlled by the other,nor subject to the other's right to control with respect to his physical conduct in the performance of the undertaking,is referred to as which of the following?
A)An authorized contractor
B)A partial contractor
C)An independent contractor
D)An employee
E)A task-specific contractor
Q3) Agents in Australia are obligated to act personally on behalf of the principal.
A)True
B)False
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Chapter 34: Liability to Third Parties and Termination
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Q1) Constructive notice that an agency relationship has terminated is usually completed by publication.
A)True
B)False
Q2) If Night Club's procedure was to contact the police and not break-up fights,would Night Club be liable to Pat?
A)Night Club will not be liable because Trevor is an independent contractor.
B)Night Club will be liable because Trevor was negligent.
C)Night Club will not be liable because Night Club did not authorize Trevor's actions and has a policy against breaking-up fights.
D)Night Club will be liable because it should have known Trevor would engage in these types of actions.
E)Night Club will not be liable because Trevor's actions are covered under the good Samaritan law.
Q3) Vicarious liability is assigned liability without fault.
A)True B)False
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Chapter 35: Forms of Business Organization
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Q1) Define a joint venture and set forth two differences under the law between a joint venture and a partnership.
Q2) Which corporation can avoid double taxation,assuming all requirements are met?
A)The S corporation.
B)The D corporation.
C)The F corporation.
D)The C corporation.
E)A corporation cannot avoid double taxation.
Q3) Which statement is true regarding S corporations?
A)They may be formed under federal law.
B)They are considered partnerships yet taxed like corporations as long as they follow regulations.
C)Shareholders do not report profit on their personal income tax forms.
D)They cannot have more than 80 shareholders.
E)Income is taxed only when distributed to the shareholders,who must not report the income on their personal income tax forms.
Q4) When one of the members dies,a joint venture is not automatically terminated.
A)True
B)False
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Chapter 36: Partnerships: Nature, formation, and Operation
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Q1) Did Kyle have a right to sell the boat without Felix's agreement?
A)Yes,because there is no evidence of fraud.
B)No,because all partners must participate in the transaction.
C)Yes,but only if Kyle identified himself in writing as an agent of the partnership in the transaction.
D)Yes,because he was acting as an agent of the partnership.
E)No,because he sold the boat for his own personal gain.
Q2) The proper reference for Andrew's request to review all partnership assets and profit statements listing the distributions to partners is known as a[n] ________.
A)Synopsis
B)Overview
C)Review
D)Report
E)Accounting
Q3) Only the partnership agreement determines the implied authority of partners.
A)True
B)False
Q4) Describe the liability,if any,of incoming partners.
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Chapter 37: Partnerships: Termination and Limited Partnerships
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Q1) Which of the following was the ruling of the court on appeal in the case of In re Leah Beth Woskob,Debtor;Alex Woskob;Helen Woskob;the Estate of Victor Woskob v.Leah Beth Woskob,the case in the text involving a dispute regarding whether a partnership was dissolved prior to the death of one of the partners making the attempt of the other partner to buy out the deceased partner's interest untimely?
A)That by agreement of the partners,the partnership had been dissolved prior to the death.
B)That the exclusion of a partner from the partnership was grounds for automatic dissolution and that,on that basis,the partnership had been dissolved prior to the death of the partner at issue.
C)That the partnership had not been dissolved at the time of the death of the partner at issue.
D)That the insolvency of one of the partners resulted in automatic dissolution of the partnership prior to the death of the partner at issue.
E)That the partnership was dissolved prior to the death of the partner at issue based upon lawsuits filed by third-party creditors.
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Page 39
Chapter 38: Corporations: Formation and Financing
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Q1) The contracts Min-ji,Marcus,and Penelope made with their friends to buy stock are known by what term?
A)Promotion agreements
B)Novation agreements
C)Acceptor agreements
D)Capital agreements
E)Subscription agreements
Q2) Tony and Tim are shareholders of a closely held corporation that engages in illegal activity.They mixed business and corporate assets regularly.Do Tony and Tim have limited liability?
A)Yes,because their corporation was closely held.
B)No,because they used the corporation to engage in illegal and wrongful acts and because they comingled personal and corporate interests.
C)No,because closely held corporations never benefit from liability protection.
D)Yes,because of corporation by estoppel.
E)Yes,because limited liability is absolute.
Q3) Debt securities,or bonds,represent loans to a corporation from another party.
A)True
B)False
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Chapter 39: Corporations: Directors, officers, and Shareholders
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Q1) There are two types of self-dealing in which officers and directors might engage.List and describe both types,as well as the penalty for doing so.
Q2) How many votes will the minority shareholders have in the election?
A)10,000
B)20,000
C)4,000
D)2,000
E)6,000
Q3) Which of the following is true regarding the Revised Model Business Corporation Act?
A)It has been fully rejected in over half of the states in favor of the Model Business Corporation Act.
B)It has been adopted at least in part in over half of the states.
C)It has been rejected in over half of the states in favor of the Model Corporate Act.
D)It has been adopted fully by seventy-five percent of the states.
E)There is no Revised Model Business Corporation Act.
Q4) Which groups owe a duty of care to the corporation,and what does that duty require?
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Chapter
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Q1) By offering to purchase the stock of Grassroots Corporation at a price above its current market value,Grow True Corporation made a[n] ________.
A)Cash purchase offer
B)Hostile offer
C)Substantial offer
D)Above market offer
E)Tender offer
Q2) Which of the following is false regarding the merger process in South Africa?
A)The Companies Act establishes a panel to inquire about mergers or takeovers.
B)Shareholders cannot approve a merger unless 50 percent of all shareholders vote to accept the offer.
C)If a change of corporate control takes place outside the stock exchange,the initiator of the merger must extend the offer to the shareholders and disclose all pertinent information to them within a reasonable amount of time.
D)Minority shareholders have access to South African courts and may employ them when disputes arise.
E)The Companies Act and the rules of the Johannesburg Stock Exchange control mergers.
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Chapter 41: Corporations: Securities and Investor Protection
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Q1) Describe what a registration statement filed with the SEC generally contains.
Q2) How are the heads of the Securities and Exchange Commission chosen?
A)They are appointed by a majority vote of the Senate.
B)They are appointed by a majority vote of the House of Representatives.
C)They are appointed by the president.
D)They are appointed by a two-thirds vote of the Senate.
E)Each state has one appointee appointed by the governor of each state.
Q3) Should Kassie take her attorney's suggestion to spread the word about the securities so she can obtain more investors?
A)Yes,as long as she does not exceed thirty-five unaccredited investors.
B)No,issuers who make private offerings cannot advertise the securities to the general public.
C)Yes,as long as she does not exceed thirty-five total investors.
D)Yes,as long as she does not exceed thirty-five accredited investors.
E)Yes,the private placement exemption,allows firms to issue an unlimited number of securities to an unlimited number of accredited investors.
Q4) In Sweden,banks oversee the issuance of shares and bonds themselves.
A)True
B)False
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Chapter 42: Employment and Labor Law
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Q1) Which of the following types of plans would be subject to ERISA?
A)A plan maintained to comply with disability laws.
B)A health plan for government employees.
C)A health plan for church employees.
D)A pension plan for a public corporation.
E)A plan maintained to comply with workers' compensation laws.
Q2) During the Nineteenth Century,workers first achieved the right to organize join unions).
A)True
B)False
Q3) Was Kayla required to mention the FMLA in her telephone call?
A)Yes,the employee must specifically state that the leave is requested under the "Family Medical Leave Act",though the use of "FMLA" is sufficient.
B)Yes,the FMLA will not be triggered unless the employee identifies the name of the Act.
C)Yes,the employee must provide enough information to identify the exact type of leave requested.
D)No,the employee does not need to provide notice under the FMLA.
E)No,the employee does not have to specifically mention the FMLA.
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Chapter 43: Employment Discrimination
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Q1) It is common for employers to use social media,such as Facebook and LinkedIn,to find positional applicants.What is the problem with this using these platforms?
A)If the applicant does not authorize the employer's use of social media,it is an invasion of privacy.
B)Facebook and LinkedIn users often do not list valid credentials.
C)It allows the employer access to information it could not ask the applicant in an interview.
D)It is against federal law for employers to use social media prior to receiving interest from an applicant.
E)Facebook and LinkedIn users do not represent the U.S.or global job-applicant pool.
Q2) The Disability Action Agency,not the Equal Employment Opportunity Commission,enforces the Americans with Disabilities Act.
A)True
B)False
Q3) State laws may give employees less,but not more,protection than federal law.
A)True B)False
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Chapter 44: Administrative Law
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Q1) When must an agency respond to comments it receives regarding a proposed rule?
A)When the comment significantly concern the proposed rule.
B)When the comment is by an elected official.
C)An agency never has to respond to comments.
D)When the comment concerns public policy.
E)When the comment concerns the constitutionality of the proposed rule.
Q2) The Government in Sunshine Act requires that federal agencies publish in the Federal Register places where the public can get information from the agency.
A)True
B)False
Q3) Which of the following are rules of an agency that are policy expressions that have the effect of law?
A)Procedural
B)Legislative
C)Adjudicative
D)Interpretive
E)None of these
Q4) Set forth the steps involved in formal rule making.
Q5) Set forth the stages of hybrid rule making.
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Chapter 45: Consumer Law
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Q1) Major credit reporting agencies are now required to provide consumers with a free copy of their credit reports every ________.
A)12 months
B)18 months
C)Two years
D)6 months
E)Three years
Q2) A company uses exaggeration in its ad.This is an example of:
A)A half truth
B)Puffing
C)Deceptive advertising
D)An FTC violation
E)A material misrepresentation
Q3) All public signs and advertisements in Quebec must be solely in French.
A)True
B)False
Q4) What is required by federal law in regard to mail-order sales by the 1975 Mail-Order rule as amended by the Mail or Telephone Order Merchandise rule of 1993?
Q5) What is required by the Telemarketing Sales Rule of 1995?
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Chapter 46: Environmental Law
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Q1) Which of the following was the result at the U.S.Supreme Court in Bates v.Dow Agrosciences,LLC,the case in the text in which Dow filed a declaratory judgment seeking a determination that farmers' claims were preempted by the Federal Insecticide,Fungicide,and Rodenticide Act (FIFRA)? The farmers had sued Dow over a pesticide that allegedly failed to perform as claimed and that damaged peanut crops.
A)The Court ruled that while the plaintiffs could proceed with claims of fraud,all other claims were preempted.
B)The Court ruled that FIFRA does not preclude states from providing a remedy to those injured as a result of a manufacturer's violation of FIFRA's labeling requirements.
C)The Court ruled that while an attempt to require that the defendant change its label was allowed under FIFRA,a claim for monetary damages was preempted.
D)The Court found that petitioners' claims alleging defective design were essentially a "disguised" failure-to-warn claim and therefore preempted.
E)The Court found that federal law preempted all the plaintiffs' claims because they essentially requested that the defendant alter its product label.
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Chapter 47: Antitrust Law
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Q1) Which of the following is true regarding the legality of Katie's arrangement that if a store carries her line of scuba gear,it must also carry her line of wet suits?
A)It is per se illegal.
B)If the tying arrangement leads to competitive harm,the court will likely find the arrangement to be illegal.
C)The agreement is legal only if use of the wetsuit enhanced the performance of the scuba gear,which is unlikely.
D)It is legal.
E)It is legal unless the items at issue may not be used together.
Q2) Which of the following is false regarding private enforcement of antitrust laws?
A)A private party who prevails may receive attorney fees under the Sherman Act and under the Clayton Act.
B)Under the Sherman Act a private party may receive treble damages.
C)Private parties are responsible for only a minority of antitrust claims brought to court in recent years.
D)A private party can bring suit under the Clayton Act.
E)A private party can bring suit under the Sherman Act.
Q3) Contrast traditional antitrust theories with the Chicago School theories.
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Chapter 48: The Nature of Property, personal Property, and Bailments
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Q1) Which of the following statements describes the applicable standard used in determining the liability of a common carrier when harm befalls property that is the subject of a bailment placed in the care of the carrier?
A)The carrier is liable only if gross negligence can be proven.
B)The carrier is generally strictly liable for harm to the bailed property.
C)The carrier is liable only if ordinary or gross negligence can be proven.
D)Because of the doctrine of assumption of risk,the carrier is not liable for harm to the bailed property.
E)The carrier is liable only if it can be proven that the carrier acted in a reckless manner.
Q2) Madison agreed to sell her used car to Trey for $1,000.Madison told Trey to come and pick up the car so that the transfer would be complete.However,Trey insists that simply picking up the car is not enough to legally transfer ownership.Who is correct - Madison or Trey,and why? What is needed to legally transfer ownership of Madison's car to Trey?
Q3) The bailee has the right to be compensated according to the terms of the bailment,unless the bailment is gratuitous.
A)True
B)False
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Chapter 49: Real Property
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Q1) A is an instrument that conveys real property from one owner to another.
A)Transfer
B)Right of way
C)Deed
D)Form of acknowledgment
E)Title
Q2) Krystal buys a new house from Kiel and puts down $10,000 in earnest money.If Kiel accepts Krystal's offer,what happens to the earnest money?
A)The earnest money will apply toward the purchase price.
B)Kiel gets the earnest money.
C)The earnest money is returned to Krystal.
D)Kiel and Krystal divide the earnest money.
E)The bank keeps the earnest money.
Q3) Which of the following refers to land and everything permanently attached to it?
A)Listed property
B)Personal property
C)Fee property
D)Real property
E)Absolute property
Q4) What must a properly drafted deed include?
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Chapter 50: Landlord-Tenant Law
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Q1) What type of lease did Jeri want to enter?
A)A tenancy-at-sufferance lease
B)A tenancy-at-will lease
C)A periodic-tenancy lease
D)A monthly-term lease
E)A definite-term lease
Q2) The promise that a landlord makes in a lease that the tenant has the right to quietly enjoy the land is the ________.
A)Covenant of quiet enjoyment
B)Agreement of quiet
C)Promise of tranquility
D)Contract of tranquility
E)Contract of enjoyment
Q3) The party who assumes temporary ownership of the property is the in the landlord-tenant relationship.
A)Lessor or lessee
B)Holder or lessee
C)Holder or lessor
D)Tenant or lessee
E)Tenant or lessor
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Chapter 51: Insurance Law
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Q1) The government spends large amounts on social insurance.
A)True
B)False
Q2) Which statement is true regarding the contention of ABC Insurance that it is not required to pay to Ace Photo the amount for which Ringo's life was insured?
A)ABC Insurance Company is incorrect because Ace Photo had an economic interest in Ringo based on his possession of the jeep that Ace Photo still owned.
B)ABC Insurance Company is incorrect only if Ace Photo owed Ringo retirement or some other sort of benefit.
C)ABC Insurance Company is correct because Ace Photo no longer had an economic interest in Ringo's life.
D)ABC Insurance Company is incorrect because Ace Photo held an economic interest in Ringo's life at the time the insurance was purchased.
E)ABC Insurance Company is correct only if Ringo's new employer had purchased life insurance on his life.
Q3) Describe the effect of an appraisal clause in a policy of insurance,and explain how these usually work.
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Chapter 52: Wills and Trusts
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Q1) Wills are governed primarily by federal law.
A)True
B)False
Q2) When a will is legally valid,it cannot be contested.
A)True
B)False
Q3) What occurs when a testator relies on false statements when making a will?
A)Undue influence
B)Fraud
C)Misinformation
D)Recklessness
E)Negligence
Q4) Which of the following is not one of the reasons suggested by the text as to why people create trusts?
A)Protect an animal.
B)Prevent individuals from gaining access to certain assets.
C)Protect another person.
D)Avoid paying taxes.
E)Hide assets from creditors.
Q5) What are the four requirements needed for a valid will?
Page 54
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