Course Introduction
Commercial Law
Test Questions
Commercial Law explores the legal framework governing business transactions and commercial relationships. The course covers key topics such as contract formation and enforcement, sales of goods, agency, secured transactions, negotiable instruments, and the regulation of business entities. Students will analyze the rights and responsibilities of parties engaged in commerce, learn about dispute resolution mechanisms, and examine the impact of commercial law on both domestic and international business practices. Through case studies and practical examples, students gain a solid understanding of how legal principles apply in the evolving world of commerce.
Recommended Textbook
Business law 9th Edition by Henry Cheeseman
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54 Chapters
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4463 Flashcards
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Page 2
Chapter 1: Legal Environment of Business and Online Commerce
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Sample Questions
Q1) The Supreme Court case decision on the case of Brown v.Board of Education was important because it exhibited ________.
A)the use of the affirmative action policy
B)the scope of flexibility of the law
C)the state's supremacy over federal rulings
D)the importance of following precedence
Answer: B
Q2) Which school of jurisprudence bases its principles,for solving legal disputes,on broad notions of fairness,and subjective decision making by judges?
A)the Natural Law School of jurisprudence
B)the Analytical School of jurisprudence
C)the Critical Legal Studies School of jurisprudence
D)the Sociological School of jurisprudence
Answer: C
Q3) Natural Law School of jurisprudence emphasizes shaping laws based on morals and ethics.
A)True
B)False
Answer: True
Page 3
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Chapter 2: Courts and Jurisdiction
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Sample Questions
Q1) No new evidence or testimony is heard in the state supreme courts.
A)True
B)False
Answer: True
Q2) Which of the following statements is true of the U.S.Supreme Court?
A)The U.S. Supreme Court's decisions are appealable.
B)The U.S. Supreme Court hears appeals only from the federal circuit courts of appeals.
C)The U.S. Supreme Court does not hear any new evidence or testimony in reviewed cases.
D)The U.S. Supreme Court does not grant any oral hearings to the parties. Answer: C
Q3) In the United States,each state has only a single district court.
A)True
B)False
Answer: False
Q4) The first 12 circuits of the federal court system are geographical.
A)True
B)False Answer: True
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Chapter 3: Judicial, alternative, and Online Dispute Resolution
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Sample Questions
Q1) Describe in brief the concepts of electronic dispute resolution,electronic arbitration,and electronic mediation.
Answer: Electronic technologies have made it possible to settle disputes online.This is referred to as electronic dispute resolution,or e-dispute resolution.Many ADR providers offer electronic arbitration,or e-arbitration services.Most of these services allow a party to a legal dispute to register the dispute with the service and then notify the other party by e-mail of the registration of the dispute.Most online arbitration,called electronic arbitration or e-arbitration,requires the registering party to submit an amount that the party is willing to accept or pay to the other party in the online arbitration.The other party is afforded the opportunity to accept the offer.If that party accepts the offer,a settlement has been reached; however,the other party may return a counteroffer.The process continues until a settlement is reached or one or both parties remove themselves from the online ADR process.Several websites offer online mediation,called electronic mediation or e-mediation.In an online mediation,the parties sit before their computers and sign on to the website.A chat room is assigned to each party and the mediator,and another is set aside for both parties and the mediator.The individual chat rooms are used for private conversations with the online mediator,and the other chat room is for conversations between both parties and the mediator.
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Chapter 4: Constitutional Law for Business and E-Commerce
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Sample Questions
Q1) Distinguish between limited protected speech and unprotected speech as categorized by the U.S.Supreme Court.
Q2) State governments do not have the power to regulate commerce with foreign nations.
A)True B)False
Q3) Which of the following is established by the Supremacy Clause of the U.S.Constitution?
A)The president is the supreme and sovereign head of the United States.
B)The legislative branch of the federal government is the supreme law-making authority in the country.
C)The judiciary is the supreme law-enforcing authority and cannot be influenced by anyone, however powerful, in any manner.
D)The U.S. Constitution and federal treaties, laws, and regulations are the supreme law of the land.
Q4) How has the U.S.government regulated commerce with Native Americans?
Q5) The First Amendment's Freedom of Speech Clause protects both speech and conduct.
A)True
B)False
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Chapter 5: Intentional Torts and Negligence
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Q1) Causation in fact refers to a point along a chain of events caused by a negligent party after which the party is no longer legally responsible for the consequences of his or her actions.
A)True
B)False
Q2) Which of the following actions would make Sarah liable for battery?
A)She publishes an article asking the current U.S. President to quit because she thinks he is not doing a good job.
B)She extends her backyard fence, encroaching on two feet of her neighbor's land.
C)She smuggles marijuana into the country.
D)She slaps her ex-husband because he denied her alimony.
Q3) ________ refers to a doctrine that says a plaintiff who is partially at fault for his or her own injury cannot recover against the negligent defendant.
A)Contributory negligence
B)Comparative negligence
C)Comparative fault
D)Assumption of risk
Q4) Explain the doctrine of strict liability with examples.
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Page 7
Chapter 6: Product and Strict Liability
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Q1) A man tries to swallow a pen as part of a circus act.The pen gets lodged in his throat,and he is taken to a hospital for immediate medical attention.The man sues the company that manufactured the pen.Which of the following would be the best defense for the pen manufacturer in this lawsuit?
A)It can claim that the product carried generally known dangers.
B)It can claim that the product was abnormally misused.
C)It can claim that the injury was caused by a supervening event.
D)It can claim that the plaintiff had assumed the risk when buying the product.
Q2) A defect in manufacture occurs when the manufacturer fails to warn customers about the dangerous propensities of its products.
A)True
B)False
Q3) What is the purpose of the crashworthiness doctrine?
Q4) Privity of contract between the plaintiff and the defendant is not required in a strict liability suit.
A)True
B)False
Q5) What are product defects? What are the most common defects that will allow plaintiffs to recover for strict liability?
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Chapter 7: Intellectual Property and Cyber Piracy
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Q1) Abstractions and scientific principles cannot be patented unless they are part of the tangible environment.
A)True
B)False
Q2) What is a patent number?
A)a number assigned to a patent during application
B)a number assigned to a patent when the patent is pending
C)a number assigned to a patent once the patent is granted
D)a number assigned to a patent when it comes under investigation
Q3) ________ is a legal right that gives the author of qualifying subject matter,and who meets other requirements established by law,the exclusive right to publish,produce,sell,license,and distribute the work.
A)Trade secret
B)Trademark
C)Copyright
D)Patent
Q4) Intellectual property falls into a category of property known as intangible rights.
A)True
B)False
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Chapter 8: Criminal Law and Cyber Crime
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Q1) The government can forfeit any property involved in a money laundering offense.
A)True
B)False
Q2) Corporations and businesses can seek protection under privilege against self-incrimination.
A)True
B)False
Q3) A person found speeding is considered to have committed a(n)________.
A)indictable offence
B)violation
C)felony
D)misdemeanor
Q4) Which of the following crimes is an example of a white-collar crime?
A)larceny
B)arson
C)forgery
D)battery
Q5) Explain the role of penal codes and regulatory statutes in criminal law.
Q6) Give an account of the Racketeer Influenced and Corrupt Organizations Act (RIC O)in business law.
Page 10
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Chapter 9: Nature of Traditional and E-Contracts
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Q1) Article 2 of the Uniform Commercial Code (UCC)prescribes a set of uniform rules for the creation and enforcement of contracts for the sale of goods.
A)True
B)False
Q2) Which of the following is a necessary condition for a contract to be considered valid?
A)It cannot be enforced by just one of the parties involved.
B)It is enforceable by at least one of the parties.
C)It can be voided by one of the parties.
D)It can be voided by both parties.
Q3) Harry in a drunken state agrees to give his car to Ben as a token of friendship.Once sober,Harry asks Ben to return his car.This contract is considered ________.
A)valid
B)void
C)voidable
D)unenforceable
Q4) What are the possible problems that can come up in a unilateral contract?
Q5) Compare valid,void,voidable,and unenforceable contracts.
Q6) Explain the doctrine of equity with reference to contracts.
Page 11
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Chapter 10: Agreement
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Questions
Q1) Which of the following is a difference between acceptance and revocation?
A)Revocation is valid only if the offeree receives it, while an offeree's acceptance is valid when dispatched.
B)Revocation can be done by the offeror or offeree, while an acceptance can only be done by the offeree.
C)An acceptance must be received by the offeror to be valid, while a revocation need not be received by the offeree.
D)A revocation can be made after acceptance, while an acceptance cannot be made after revocation.
Q2) A(n)________ is a manifestation of assent by the offeree to the terms of the offer in a manner invited or required by the offer as measured by the objective theory of contracts.
A)acceptance
B)revocation
C)proposal
D)counteroffer
Q3) In an auction with reserve,the bidder is the offeror.
A)True
B)False
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Page 12
Chapter 11: Consideration and Promissory Estoppel
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Q1) Which of the following is true of a promissory estoppel?
A)It is invoked in cases having option contract infringements.
B)It permits a court to order enforcement of a contract that lacks consideration.
C)It allows for a party to claim goods, which were revoked, for which it has already paid consideration.
D)It is invoked in cases that involve a promissory note to pay considerations at a later time.
Q2) A contract in which a seller agrees to sell all of its production to a single buyer is known as a(n)________.
A)requirements contract
B)output contract
C)best-efforts contract
D)option contract
Q3) A completed gift promise cannot be rescinded for lack of consideration.
A)True
B)False
Q4) For a gift promise to be enforceable,the promisee must offer a consideration.
A)True
B)False
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Chapter 12: Capacity and Legality
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Q1) A person who has alternative periods of sanity and insanity can enter into contracts
A)when he or she is in a state of sanity
B)when there is a legal guardian appointed by the court for that person
C)once he or she has been adjudged to be insane
D)only once he or she has been adjudged to be legally insane
Q2) Which of the following is true of a contract with an adjudged insane person?
A)The adjudged insane person is bound by the terms of the contract.
B)The contract is void.
C)Only the competent party can enforce the contract.
D)The competent party is legally obligated to uphold the contract.
Q3) Persons who entered into an illegal contract but withdrew before the illegal act was performed can sue to recover consideration.
A)True
B)False
Q4) Any age below the statutory age of majority is called the period of minority.
A)True
B)False
Q5) What are gambling statutes?
Q6) What is legal insanity?
Page 14
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Chapter 13: Genuineness of Assent and Undue Influence
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Q1) Duress is a situation in which one party threatens to do a wrongful act unless the other party enters into a contract.
A)True
B)False
Q2) ________ is a situation in which one party threatens to do a wrongful act unless the other party enters into a contract.
A)Scienter
B)Duress
C)Battery
D)Assault
Q3) Gary and Mary are siblings involved in a legal tangle over who gets possession of their ancestral home.Gary threatens to kill Mary's husband if she does not sign papers declaring Gary's sole ownership of their home.This is an instance of ________.
A)scienter
B)battery
C)undue influence
D)duress
Q4) How is a mistake different from fraud?
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Chapter 14: Statute of Frauds and Equitable Exceptions
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Q1) A guaranty contract between people with no bad credit history can be oral.
A)True
B)False
Q2) According to the Statute of Frauds,an executory contract that cannot be performed by its own terms within one year of its formation must be in writing.
A)True
B)False
Q3) The main purpose exception to the Statute of Frauds allows oral collateral contracts to be enforced if there is a monetary benefit to the guarantor.
A)True
B)False
Q4) Good Faith Consultants partnered with QuickFind IT Solutions for a period of six months.After three months,they wanted to extend the contract by two years.According to the Statute of Frauds,which of the following is true of the contract?
A)The modification to the duration of the contract should be in writing.
B)A new contract must be formed.
C)The contract can be oral both before and after modification.
D)Only the original contract should be in writing.
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Page 16
Chapter 15: Third-Party Rights and Discharge
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Q1) Condition subsequent exists when the parties to a contract must render performance simultaneously.
A)True
B)False
Q2) Condition precedent refers to a condition that requires the occurrence of an event before a party is obligated to perform a duty under a contract.
A)True
B)False
Q3) The right to sue another party for a violation of personal rights can be assigned.
A)True
B)False
Q4) Nonperformance of a covenant is not considered a breach of contract because a covenant is an unconditional promise.
A)True
B)False
Q5) Contracts for the provision of personal services are generally not assignable.
A)True B)False
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Chapter 16: Remedies for Breach of Traditional and E-Contracts
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Q1) Parties to a contract agree in advance to pay ________ damages if the contract is breached.
A)nominal
B)compensatory
C)liquidated
D)consequential
Q2) Which of the following constitutes a case of anticipatory breach?
A)It occurs when a contracting party fails to inform the other party in advance about nonperformance of his or her contractual duties when due.
B)In case of anticipatory breach, nonbreaching party's obligations under the contract are not discharged.
C)The nonbreaching party must wait until performance is due to sue the breaching party.
D)Anticipatory breach can be derived from the conduct of the breaching party without being expressly stated by that party.
Q3) Restitution is an action to undo a contract.
A)True
B)False
Q4) Distinguish minor breach from material breach.
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Chapter 17: Digital Law and E-Commerce
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Q1) Which of the following is true of licenses?
A)A license grants the licensee complete control over intellectual property.
B)An exclusive license is granted to only one licensee for a specific period.
C)A licensee has complete control over the information he or she is allowed to access.
D)A licensee has the right to use information rights beyond the licensor's control.
Q2) A(n)________ is a detailed and comprehensive written agreement between a licensor and a licensee that sets forth the express terms of their agreement.
A)digital signature
B)electronic agent
C)license agreement
D)electronic signature
Q3) The ECPA provides that stored electronic communications may not be accessed by the party or entity providing the electronic communication service.
A)True
B)False
Q4) What is cybersquatting? Can trademark owners recover domain names registered in bad faith?
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Chapter 18: Formation of Sales and Lease Contracts
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Q1) A finance lease involves a lessor leasing money to a lessee.
A)True
B)False
Q2) What is the function of the gap-filling rule used under the UCC?
A)It helps open terms be "read into" a contract.
B)It helps a merchant revoke his offer even after acceptance.
C)It assures the offeree that goods will be held open for a reasonable time.
D)It protects the offeror from additional terms that may be added by the offeree.
Q3) When is the course of performance considered in a written contract?
A)when oral modification is required for a written contract
B)when a sale or lease contract is not evidenced by writing
C)when the express terms of a written contract are not clear
D)when there is a prior oral or written agreement statement contradicting the written agreement
Q4) Under common law,the inclusion of additional terms in the acceptance of an offer is considered a counteroffer rather than an acceptance.
A)True
B)False
Q5) How does the Uniform Commercial Code (UCC)define a merchant?
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Chapter 19: Title to Goods and Risk of Loss
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Q1) Which of the following is true for the passage of title in a contract requiring a document of title?
A)The title passes when the shipping arrangements are made.
B)The title passes at the time and place of contracting.
C)The title passes when the destination of delivery is first mentioned in the contract.
D)The title passes when and where the seller delivers the document to the buyer.
Q2) Which of the following is true of a contract with the no-arrival,no-sale term?
A)The buyer bears shipping costs and the risk of loss during transport.
B)The seller does not have to deliver replacement goods to the buyer in case of damages.
C)The seller does not have to bear the expense and risk of loss of the goods during transportation.
D)The buyer has to arrange for the shipment to be handed over to a carrier.
Q3) A seller has voidable title interest to goods if he or she obtained the goods through fraud.
A)True
B)False
Q4) When is a buyer in breach of a sales contract?
Q5) How does the UCC treat goods that were fraudulently obtained?
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Chapter 20: Remedies for Breach of Sales and Lease Contracts
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Q1) Klint Microsystems,a microprocessor manufacturer,was contracted by Zeitar Studios to manufacture specially designed microchips to be used in an audio engineering process.Zeitar was to pay Klint $300,000 as per the contract.Klint decided to redesign their existing microchips and make them suitable for Zeitar.While the finished microchips were being shipped via a carrier,Klint was informed of Zeitar's insolvency.Klint cancelled the shipment before it was delivered.Klint then resold the chips to another studio where they had to settle for $150,000 as the chips were now only suitable for specific audio engineering processes. What right to remedy did Klint exercise when they stopped shipment to Zeitar?
A)right to dispose of goods
B)right to stop goods in transit
C)right to obtain specific performance
D)right to recover purchase rent
Q2) In a destination contract,delivery is completed when the shipment ________.
A)reaches the destination specified in the contract
B)is inspected by the buyer and approved
C)is handed over to the carrier by the seller
D)is in transit to the destination specified in the contract
Q3) How does the UCC deal with issues that are not present in the express terms of a contract?
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Chapter 21: Warranties
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Q1) Mark goes to Tony's Lumber Yard to buy some lumber to build a new roof for his cabin.Mark tells Tony,the lumber yard owner,to provide him an exact type of wood that can resist the wood decay caused due to the damp environment around the cabin.Mark buys the lumber after Tony assures him that the wood is exactly what Mark is looking for.But then the dampness affects the wood and it caves in.Which of the following warranties has Tony explicitly breached by not providing Mark the lumber he needed?
A)express warranty
B)statement of opinion
C)implied warranty of fitness for human consumption
D)implied warranty of fitness for a particular purpose
Q2) A warranty disclaimer is considered to be conspicuous when ________.
A)the seller implies the disclaimer
B)a reasonable person is able to notice it
C)it is present in the contract
D)it is expressed and approved by both seller and buyer
Q3) The implied warranty of merchantability warrants that goods must be fit for the ordinary purposes for which they are used.
A)True
B)False
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Page 23
Chapter 22: Creation of Negotiable Instruments
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Q1) Which of the following is true of a promissory note?
A)It is a three-party transaction.
B)It is not an order to pay.
C)The party who makes the promise is the lender.
D)The payee cannot transfer a note to a third party.
Q2) Promissory notes are never payable on demand.
A)True
B)False
Q3) Instruments that are payable on demand are called order instruments.
A)True
B)False
Q4) To be negotiable,a draft or check must contain the drawer's unconditional order to pay a payee.
A)True
B)False
Q5) An acknowledgement of debt is sufficient to consider a promissory note as a negotiable instrument.
A)True
B)False
Q6) What are nonnegotiable contracts?
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Chapter 23: Holder in Due Course and Transferability
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Q1) For an order paper to be negotiated there must be delivery and indorsement.
A)True
B)False
Q2) Explain the transfer of nonnegotiable contracts by assignment.
Q3) A person who is in possession of a negotiable instrument that is drawn,issued,or indorsed to him or to his order,or to bearer,or in blank is referred to as a(n)________.
A)holder
B)holder in due course
C)assignor
D)assignee
Q4) An instrument that is payable to a specific payee or indorsed to a specific indorsee is called a bearer paper.
A)True
B)False
Q5) Which of the following indorsements can be negotiated just by delivery?
A)unqualified indorsement
B)special indorsement
C)special qualified indorsement
D)blank indorsement
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Chapter 24: Liability, defenses, and Discharge
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Q1) In which of the following is an accommodation party primarily liable?
A)guarantee of payment
B)guarantee of collection
C)guarantee of demand
D)guarantee of promise
Q2) A person cannot be held contractually liable on a negotiable instrument unless his or her signature appears on it.
A)True
B)False
Q3) Transfer warranties cannot be disclaimed if the indorsement states "without recourse."
A)True
B)False
Q4) The FTC rules apply to consumer credit transactions in which the buyer signs a sales contract that includes an order to pay.
A)True
B)False
Q5) What are the requirements for imposing secondary liability for a negotiable instrument?
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Chapter 25: Banking System and Electronic Financial Transactions
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Q1) Instead of depositing an "on them" check for collection,a depositor can physically submit the check for payment at the payer bank.This is called ________.
A)provisional credit
B)indorsement of the check
C)presentment across the counter
D)final settlement
Q2) Article 4A of the Uniform Commercial Code establishes the ________.
A)requirements for negotiable instruments, such as checks
B)rules and principles that regulate bank deposit and collection procedures for checking accounts offered by commercial banks
C)rules that regulate the creation and collection of and liability for wire transfers
D)guidelines for ownership of securities by investors
Q3) Article 3 of the Uniform Commercial Code establishes the ________.
A)requirements for negotiable instruments, such as checks
B)rules that regulate bank deposit procedures for checking accounts
C)rules that regulate the creation and collection of and liability for wire transfers
D)guidelines for ownership of securities by investors
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Page 27
Chapter 26: Credit, mortgages, and Debtors Rights
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Q1) An arrangement in which the owner of real property sells property to a purchaser and extends credit to the purchaser is known as ________.
A)a lien release
B)a credit release
C)accommodation
D)land sales contract
Q2) Default is a situation where the debtor has not made payment when it is due.
A)True
B)False
Q3) A deficiency judgment protects a mortgagor from being personally sued in case there is a foreclosure sale deficiency.
A)True
B)False
Q4) A collection action against a debtor who is judgment proof is not likely to be successful.
A)True
B)False
Q5) Explain the procedure for obtaining a mechanic's lien.
Q6) What is an antideficiency statute?
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Chapter 27: Secured Transactions
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Q1) Intangible personal property cannot be used as collateral for a security agreement.
A)True
B)False
Q2) A ________ is a record that evidences both a monetary obligation and a security interest in specific goods and software used in the goods.
A)chattel paper
B)citation
C)financing statement
D)document of possession
Q3) What is a deficiency judgment? Explain,and provide some examples.
Q4) Perfection by investment of collateral is one of the methods of perfecting a security interest under the UCC.
A)True
B)False
Q5) Chattel paper is considered tangible personal property.
A)True
B)False
Q6) What is a secured transaction?
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Chapter 28: Bankruptcy and Reorganization
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Q1) An executory contract refers to a contract or lease that has not been fully performed.
A)True
B)False
Q2) A composition provides a longer period of time for a debtor to pay his or her debts.
A)True
B)False
Q3) If the value of the secured interest is less than the value of the collateral securing a loan,the secured creditor is a(n)________.
A)undersecured
B)oversecured
C)in default
D)exempt from Chapter 7 bankruptcy
Q4) Briefly explain what is included in a bankruptcy estate.
Q5) Liquidation is a form of bankruptcy in which the debtor's exempt property is auctioned.
A)True
B)False
Q6) Describe the procedure for filing a bankruptcy petition.
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Chapter 29: Agency Formation and Termination
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Q1) Marlon intends to sell a piece of real estate he owns and contracts Nita,a real estate broker,to make the sale.In the contract,Marlon authorizes Nita to make the sale at or above a minimum price he wants and the date by which he wants the sale to be completed.The contract also stipulates that Marlon will not hire another broker to sell that piece of land until the contract period expires.Nita finds a suitable buyer,makes the sale in time,and is paid by Marlon for her services.What kind of contract existed between Marlon and Nita?
A)an apparent agency contract
B)a ratified contract
C)an exclusive agency contract
D)an exclusive principal contract
Q2) What is an implied agency?
Q3) If a person employs an architect to design the layout of his or her own home,it would constitute a(n)________ relationship.
A)employer-employee
B)principal-independent contractor
C)principal-agent
D)agent-independent contractor
Q4) How can a principal extinguish an agent's apparent authority?
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Chapter 30: Liability of Principals, agents, and Independent Contractors
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Q1) Briefly explain the liability for an independent contractor's torts.
Q2) Dan asks his agent Jude to drop off some medicines at his mother's house.On his way back,Jude decides to have lunch at a diner two blocks from his workplace.While walking back to work,he jaywalks at a green signal on the road,causing a motorcyclist to hit the curb and injure himself while attempting to avoid hitting Jude.Under the concept of ________,Dan is liable for the injuries caused to the motorcyclist.
A)coming and going
B)intentional tort
C)frolic and detour
D)dual-purpose mission
Q3) Gerard wants to get some land cleared in Texas.With the help of a consulting agency,he hires Carlos,an independent contractor.Carlos procures dynamite from a legitimate dealer,to be used in clearing the land.However,the explosion of dynamite causes cracks to appear in the outer walls of a nearby house.Who is liable to the owner of the damaged house?
A)Gerard
B)Carlos
C)both Gerard and Carlos
D)the consulting agency
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Chapter 31: Employment, worker Protection, and Immigration Law
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Q1) Administrators who do not do manual work are exempted from the federal minimum wage requirements.
A)True
B)False
Q2) The EB-1 visa is a visa that allows U.S.employers to employ in the United States foreign nationals who possess exceptional qualifications for certain types of employment.
A)True
B)False
Q3) "Workers' compensation is an exclusive remedy." Elaborate on this statement with the help of an example.
Q4) The ________ is an OSHA standard that requires an employer to provide a work environment free from recognized hazards that are causing or are likely to cause death or serious physical harm to employees.
A)general duty standard
B)specific duty standard
C)code of wellness
D)provision of nonhazardous work environment
Q5) What is an EB-1 visa? Who qualifies for it?
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Chapter 32: Labor Law
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Q1) Only ________ were allowed to belong to the American Federation of Labor.
A)skilled craft workers
B)unskilled workers
C)literate workers
D)illiterate workers
Q2) The Taft-Hartley Act gives the president of the United States the right to seek an injunction against a strike that would create a national emergency.
A)True
B)False
Q3) A group of employees that a union is seeking to represent is known as a(n)________.
A)conciliation unit
B)mediation unit
C)negotiation unit
D)bargaining unit
Q4) Which of the following is an illegal strike?
A)sit-down strike at the employer's premises
B)absence from work
C)cessation of work
D)employer lockout
Page 34
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Chapter 33: Equal Opportunity in Employment
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Q1) Employers are obligated to provide reasonable accommodations to employees with disabilities if the accommodations do not cause significant difficulty or expense for the employers.
A)True
B)False
Q2) A person having origins in any of the original peoples of the Middle East belongs to the Caucasian racial group.
A)True
B)False
Q3) Disparate-impact discrimination occurs when an employer adopts a work rule that is neutral on its face but is shown to cause an adverse impact on a protected class.
A)True
B)False
Q4) Title VII of the Civil Rights Act of 1964 applies to employers with any number of employees.
A)True
B)False
Q5) Distinguish between disparate-treatment and disparate-impact discrimination.
Q6) Explain the scope and provisions of Title VII of the Civil Rights Act.
Page 35
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Chapter 34: Small Business, entrepreneurship, and General Partnerships
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Q1) Briefly explain the formation of a general partnership.
Q2) A(n)________ is a partnership created for a fixed duration.
A)partnership for a term
B)partnership at will
C)ordinary partnership
D)limited partnership
Q3) The change in the relationship of partners in a partnership caused by any partner ceasing to be associated in the carrying on of the business is known as ________.
A)action for an accounting
B)indemnification
C)winding up
D)dissolution
Q4) A general partnership is an association of two or more persons to carry on as co-owners of a business for profit.
A)True
B)False
Q5) A sole proprietor has limited personal liability.
A)True
B)False
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Chapter 35: Limited Partnerships and Special Partnerships
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Q1) In which of the following forms of business partnerships are both general and limited partners not personally liable for debts?
A)sole proprietorship
B)general partnership
C)master limited partnership
D)limited liability limited partnership
Q2) Laura is an investor and a limited partner in a limited partnership.Two years after she becomes a limited partner,Laura thinks that the general partners are not doing a very good job managing the affairs of the limited partnership and participates in the management of the limited partnership.While she is participating in management,a bank loans $1 million to the limited partnership,believing that Laura is a general partner.If the limited partnership defaults on the $1 million loan,which of the following holds well?
A)Laura is not personally liable as she is a limited partner on paper.
B)Laura is personally liable if the bank, in good faith, thought she was a general partner.
C)Laura has unlimited personal liability as a limited partner.
D)Laura's liability is restricted to the value of her capital investment in the partnership.
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Chapter 36: Corporate Formation and Financing
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Q1) Which of the following is true for a corporation's incorporation in a state?
A)A corporation can incorporate in only one state.
B)A corporation can incorporate in all states where it conducts business.
C)Alien corporations can only incorporate in one state.
D)Foreign corporations can incorporate in more than one state.
Q2) Which of the following is true of an amendment of the articles of incorporation that does not affect the rights attached to shares?
A)The shareholders need to propose a resolution of recommending such an amendment.
B)The shareholders need to provide vote of approval for the amendment.
C)The board of directors can approve the amendment without shareholder approval.
D)The amendment need not be filed with the secretary of state of the state of incorporation.
Q3) Issued shares that have been repurchased by the corporation are referred to as
A)outstanding shares
B)liquidated shares
C)unissued shares
D)treasury shares
Q4) What are the express powers of a corporation?
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Chapter 37: Corporate Governance and the Sarbanes-Oxley Act
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Q1) ________ is a doctrine that says if a shareholder dominates a corporation and uses it for improper purposes,a court can disregard the corporate entity and hold the shareholder personally liable for the corporation's debts and obligations.
A)Piercing the corporate veil
B)Fruit of the poisonous tree
C)Right of first refusal
D)Self-dealing
Q2) In which of the following cases can the alter ego doctrine be invoked?
A)when shareholders bring a lawsuit on behalf of the corporation after the corporation failed to do it itself
B)when unpaid creditors are trying to collect from shareholders who owe a debt to the corporation
C)when there is a mismanagement of stocks by the board of directors
D)when shareholders are trying to collect for fraud committed by a third party
Q3) The Sarbanes-Oxley Act contains provisions for prosecuting U.S.firms that bribe foreign officials.
A)True
B)False
Q4) What is self-dealing?
Page 39
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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) Antitakeover statutes are model acts and do not become laws until a state legislature adopts them.
A)True
B)False
Q3) A proxy contest is one in which incumbent directors are impeached.
A)True
B)False
Q4) A subsidiary corporation ceases to exist after a share exchange.
A)True
B)False
Q5) Distinguish between a merger and a share exchange.
Q6) Explain the factors that lead to a proxy contest.What is its outcome?
Q7) What is a proxy? State the federal rules that govern a proxy statement. Page 40
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Chapter 39: Limited Liability Companies and Limited Liability Partnerships
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Q1) An LLC (limited liability company)is a(n)________.
A)unincorporated business entity
B)incorporated business entity
C)cooperative entity
D)proprietorship
Q2) A Limited liability company (LLC)organized in the United States is considered a domestic LLC throughout the United States.
A)True
B)False
Q3) The certificate of interest acts the same as a(n)________ issued by a corporation.
A)promissory note
B)stock certificate
C)deposit note
D)initial public offer
Q4) Which of the following is true of an LLC (limited liability company)?
A)An LLC is a creature of federal law.
B)An LLC is regarded a separate legal entity.
C)An LLC cannot hold title to property.
D)The owners of an LLC are called general partners or specific partners.
42
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Chapter 40: Franchises and Special Forms of Businesses
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Q1) Which of the following is true of a strategic alliance?
A)Strategic alliances cannot have more than two entities.
B)Strategic alliances cannot be formed between fellow competitors.
C)Strategic alliances are usually formed to accomplish multiple business ventures.
D)Strategic alliances do not provide the same protection and stability as mergers.
Q2) Which of the following is imposed upon a franchisor that violates the Federal Trade Commission (FTC)franchise disclosure rule?
A)FTC criminal action on behalf of the franchisee
B)loss of intellectual property to the franchisee
C)suspension of all business operations in the area
D)an injunction against further franchise sales
Q3) Partners to a strategic alliance can be potential competitors to each other.
A)True
B)False
Q4) Unless otherwise stated,the franchisor is liable for the torts of its franchisee.
A)True
B)False
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Chapter 41: Investor Protection, e-Securities, and Wall Street Reform
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Q1) Drafts that have a maturity date of six months are exempt from registration with the SEC.
A)True
B)False
Q2) It is legal for a company employee to make a profit by personally purchasing shares of the corporation prior to public release of favorable information.
A)True
B)False
Q3) A prospectus is a written disclosure provided with the registration statement that helps the SEC to evaluate the financial risk of an investment.
A)True
B)False
Q4) During the review of a registration statement,the SEC does not pass judgment on the merits of the securities offered.
A)True
B)False
Q5) How does a company sell its shares to the public for the first time? Explain the contents of a registration statement.
Page 44
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Chapter 42: Ethics and Social Responsibility of Business
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Q1) Which of the following is a perceived disadvantage of Rawls's social justice theory?
A)It allows for those in advantageous positions to suppress people in least advantageous positions.
B)It doesn't consider the fact that people would not want to maximize benefits for the least advantaged persons.
C)It only allocates people in advantageous positions to set up rules on morality.
D)It postulates that there are no universal ethical rules to guide a person's conduct.
Q2) 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
Q3) An ethically wrong state or condition can still be legal.
A)True
B)False
Q4) Give an account of the relationship between ethics and law.
Q5) What is ethical relativism?
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Chapter 43: Administrative Law and Regulatory Agencies
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Q1) A(n)________ refers to permission that an administrative agency grants to persons or businesses to conduct certain types of commerce or professions.
A)easement
B)license
C)letter of credit
D)arraignment
Q2) ________ refers to a rule issued by an administrative agency that has the force of law and to which covered persons and businesses must adhere.
A)Interpretive rule
B)Rule of Law
C)Substantive rule
D)Operational code
Q3) One of the services provided by the Department of Homeland Security is emergency preparedness and response to terrorist incidents.
A)True
B)False
Q4) When are searches by administrative agencies considered reasonable?
Q5) How is the general public protected from harassment by administrative agencies?
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Chapter 44: Consumer Protection and Product Safety
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Q1) The FDA's definition of cosmetics excludes substances and preparations for cleansing.
A)True
B)False
Q2) The Consumer Product Safety Commission is the federal administrative agency empowered to enforce the Food,Drug,and Cosmetic Act (FDCA).
A)True
B)False
Q3) Statements of opinion and sales talk do not constitute false and deceptive advertising.
A)True
B)False
Q4) The ________ is a federal law that gives the FDA broad powers to license new drugs in the United States.
A)Drug Amendment of the FDCA
B)Food Labeling and Education Act
C)Health Care Reform Act
D)Patient Protection and Affordable Health Care Act
Q5) Give an account of the regulation of medicinal devices in the United States.
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Chapter 45: Environmental Protection
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Q1) The U.S.Coast Guard administers the Oil Pollution Act which requires the oil industry to ________.
A)obtain a permit for dumping wastes and other foreign materials into ocean waters
B)implement measures to avoid dumping of wastes into wells used for drinking water
C)adopt procedures and contingency plans to readily respond to and clean up oil spills
D)establish marine sanctuaries in ocean waters as far seaward as the edge of the continental shelf
Q2) The primary level of the national ambient air quality standards (NAAQS)protects
A)flora
B)human beings
C)water bodies
D)climate
Q3) The Clean Air Act does not apply to stationary sources of pollution.
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) What is a backward vertical merger?
A)a vertical merger between two or more companies that compete in the same business and geographical market
B)a vertical merger between two companies in similar fields whose sales do not overlap
C)a vertical merger in which a supplier acquires a customer
D)a vertical merger in which a customer acquires a supplier
Q2) Antitrust defendants often opt to settle government-brought antitrust actions by entering a plea of nolo contendere.
A)True
B)False
Q3) ________ is seen when an independent choice is made by one party not to deal with another party.
A)Nonprice vertical restraint
B)Monopoly to deal
C)Unilateral refusal to deal
D)Conscious parallelism
Q4) Give an account of the Noerr doctrine.
Q5) How is a relevant market identified by Section 2 of the Sherman Act?
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Chapter 47: Personal Property, real Property, and Insurance
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Q1) In a mutual benefit bailment,the bailee owes a duty of reasonable care to protect the bailed goods.
A)True
B)False
Q2) Only intangible property qualifies as personal property.
A)True
B)False
Q3) Under the innkeepers' statutes,innkeepers owe a duty of strict liability regarding loss caused to the personal property of transient guests.
A)True
B)False
Q4) Which of the following is true of mislaid property with regard to the person who finds it?
A)The finder becomes the owner of the property.
B)The finder has the right to share it with the original owner.
C)The finder is not entitled to possess the property.
D)The finder is absolved of any responsibility of the mislaid property.
Q5) What are the elements necessary to create a bailment?
Q6) What is a warehouse receipt?
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Chapter 48: Real Property
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Q1) The land over which the easement is granted is called the servient estate.
A)True
B)False
Q2) Reversion occurs when the rights of possession returns to a third party upon the expiration of a limited estate.
A)True
B)False
Q3) A bridge would be an example of real property.
A)True
B)False
Q4) The difference between a qualified fee ownership and a fee simple ownership is that a qualified fee ownership can be ________.
A)transferred at will by the owner of the property
B)terminated if a specified event occurs or fails to occur
C)infinite in its duration
D)inherited without limitations
Q5) A new owner of a servient estate cannot inherit the appurtenant easement.
A)True
B)False
Q6) What is a general warranty deed?
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Chapter 49: Landlord-Tenant Law and Land Use Regulation
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Q1) A ________ is a tenancy created when a tenant retains possession of property after the expiration of another tenancy or a life estate without the owner's consent.
A)periodic tenancy
B)tenancy at will
C)tenancy at sufferance
D)tenancy for years
Q2) A tenancy for years terminates automatically,without notice,on the expiration of the stated term.
A)True
B)False
Q3) In a sublease,no legal relationship is formed between the landlord and the sublessee.
A)True
B)False
Q4) Any lease for a stated period,irrespective of its duration,is called periodic tenancy. A)True
B)False
Q5) How are tenants guaranteed a safe and secure leased premise?
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Chapter 50: Insurance
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Q1) What is an automobile liability insurance?
A)an insurance that covers an insured's automobile from theft
B)an insurance that covers an insured's automobile from collision with another car
C)an insurance that covers damages that an insured causes to third parties
D)an insurance that covers an insured's automobile from natural disasters
Q2) Which of the following statements is true of the suicide clause in a life insurance?
A)The insurer is liable to pay in cases of legitimate suicides even if the life insurance policy had elapsed.
B)The suicide clause has a specified date set.
C)The insurer doesn't have to pay the beneficiary even if the suicide takes place after the specified date.
D)The suicide has to occur within the specified date for payment.
Q3) Who is an underwriter?
A)a lawyer who represents an insurance company
B)an agent who works for only one insurance company
C)a broker who works on behalf of many insurance companies
D)an insurance company that provides coverage to the insured
Q4) What are the duties of an insured and insurer?
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Chapter 51: Accountants Duties and Liability
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Q1) The Financial Accounting Standards Board (FASB)issues new Generally Accepted Accounting Principle (GAAP)rules and amends existing ones.
A)True
B)False
Q2) Limited partners are personally liable for the debts and obligations of the limited liability partnerships (LLP).
A)True
B)False
Q3) Holly Lane is an accountant with Mildred & Lane Co.and she has recently been asked to visit Maine Manufacturers to survey their financial records,assess their compliance with federal and state laws,and provide an opinion reflecting the state of the company's financial records.Holly's assessment of the financial records of Maine Manufacturers is called a(n)________.
A)probate
B)audit
C)arraignment
D)easement
Q4) Explain Section 552 of the Restatement (Second)of Torts.
Q5) What is the accountant-client privilege?
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Chapter 52: Wills, trusts, and Estates
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Q1) A living will states a person's wishes regarding estate planning.
A)True
B)False
Q2) The process of a deceased's property being collected,debts and taxes being paid,and the remainder of the estate being distributed is known as ________.
A)probate
B)abatement
C)ademption
D)adjournment
Q3) A will is a testamentary deposition of property.
A)True
B)False
Q4) A distribution of an estate in which grandchildren and great-grandchildren of the deceased inherit by representation of their parent is known as a(n)________.
A)abatement
B)per stirpes distribution
C)per capita distribution
D)ademption
Q5) Give an account of the funding and operation of a living trust.
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Chapter 53: Family Law
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Q1) Stan met Stella a month after his break-up with his ex-girlfriend,Nora.Stan and Stella fell in love,promised to marry each other,and even signed a written contract stating their intentions to marry each other in six months.Two months before their wedding,Stan met Nora accidentally,and they resolved their differences over a long conversation.Stan then informed Stella that he had patched things up with Nora and broke his promise to marry her.Which of the following statements is true in this situation?
A)Stan will have to pay temporary alimony to Stella for this breach.
B)The contract remains valid as Stan could only break the contract three months prior to the marriage.
C)Stella can legally enforce Stan's promise to marry her.
D)Stan is free to leave Stella even though he has broken the contract.
Q2) Sally and Colton adopted a(n)________ approach by choosing to represent themselves in court.
A)settlement
B)pro se divorce
C)arraignment
D)annulment
Q3) How is the division of debts conducted after a divorce?
Q4) What is child support? How is it awarded?
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Chapter 54: International and World Trade Law
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Q1) Which of the following statements is true of the North American Free Trade Agreement (NAFTA)?
A)It allows a member country to reimpose tariffs if imports are hurting that country's economy or its workers.
B)It disallows any special protection being extended to specific industries.
C)It disallows NAFTA members from trading with other countries unless a unanimous vote is obtained.
D)It has been hailed by economists to be a perfect example of a free trade pact.
Q2) The ________ is an international organization created by a multilateral treaty in 1945 to promote social and economic cooperation among nations and to protect human rights.
A)United Nations
B)League of Nations
C)General Agreement on Tariffs and Trade
D)World Trade Organization
Q3) The World Trade Organization (WT
O)panel adopts a panel report and issues remedies if a violation is found.
A)True
B)False
Q4) Explain the Treaty Clause of the U.S.Constitution.
Page 57
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