Contracts and Sales Law
Exam Answer Key
Course Introduction
This course provides a comprehensive overview of the principles and doctrines governing contracts and sales under common law and the Uniform Commercial Code (UCC). Students will explore the formation, validity, interpretation, performance, and enforcement of contracts, including issues such as offer, acceptance, consideration, capacity, legality, and remedies for breach. The course also examines the distinctive rules applicable to the sale of goods, focusing on the UCCs provisions regarding contract formation, warranties, risk of loss, and remedies for breach of sales contracts. Practical case studies and real-world examples are utilized to illustrate critical concepts and enhance analytical problem-solving skills in contract and sales disputes.
Recommended Textbook
Business law 9th Edition by Henry Cheeseman
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54 Chapters
4463 Verified Questions
4463 Flashcards
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Chapter 1: Legal Environment of Business and Online Commerce
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Sample Questions
Q1) Administrative agencies are created by the judicial branch of governments.
A)True
B)False Answer: False
Q2) The law courts of the English common law emphasized legal procedure over the merits of an individual case.
A)True
B)False Answer: True
Q3) ________ consists of a professor asking students questions about a case or legal issue to stimulate critical thinking by the students.
A)The Socratic method
B)IRAC method
C)Rote learning
D)Active learning
Answer: A
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Page 3
Chapter 2: Courts and Jurisdiction
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Sample Questions
Q1) Intermediate appellate courts review new evidence or testimony that was not seen or heard in the lower courts.
A)True
B)False
Answer: False
Q2) In the U.S.circuit courts of appeals,an en banc review refers to an appeal heard by a three-judge panel.
A)True
B)False
Answer: False
Q3) General-jurisdiction trial courts can be found in every state.
A)True
B)False Answer: True
Q4) The highest court in the land is the Supreme Court of the United States,which is located in Washington DC.
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) In which of the following cases is a default judgment entered?
A)A defendant admits all the allegations in the complaint.
B)There is insufficient evidence to resolve the dispute.
C)The court believes that the lawsuit can be settled before/without trial.
D)A defendant does not file a written response to a plaintiff's complaint.
Answer: D
Q2) After a witness is sworn in,he or she is cross-examined by the plaintiff's attorney.
A)True
B)False
Answer: False
Q3) ________ is the process whereby the judge and attorneys ask prospective jurors questions to determine whether they would be biased in their decisions.
A)Consolidation
B)Trial of fact
C)Voir dire
D)Intervention
Answer: C
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Page 5
Chapter 4: Constitutional Law for Business and E-Commerce
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Sample Questions
Q1) The form of government in the U.S.A.is known as federalism.
A)True
B)False
Q2) Esteos is a country in which the federal government and the twelve state governments share powers.The form of government in Esteos is called ________.
A)authoritarianism
B)federalism
C)unitarianism
D)democracy
Q3) Vanessa is born to American parents from a minority group in Miami.She applies to a public university that offers scholarships only to students from minority groups.Which of the following standards of review is used to decide if the university violates the Equal Protection Clause by offering Vanessa the scholarship?
A)rational basis
B)intermediate scrutiny
C)strict scrutiny
D)cogent basis
Q4) How is power divided between the federal government and the state governments?
Q5) How has the U.S.government regulated commerce with Native Americans?
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Chapter 5: Intentional Torts and Negligence
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Sample Questions
Q1) Assault and battery are mutually exclusive torts that do not occur together.
A)True
B)False
Q2) Which of the following statements is true of the tort of assault?
A)Physical contact is the only requirement for a tort of assault.
B)An attack is considered an assault only if the defendant was provoked to attack a plaintiff.
C)An attack is not considered an assault if the defendant was provoked to attack a plaintiff.
D)Actual physical contact between plaintiff and defendant is not necessary.
Q3) What is meant by "causation in fact"?
A)the facts stated by a plaintiff during trial
B)a defendant's negligent act that caused the plaintiff's injuries
C)a defendant's defense against a case of negligence
D)a defendant's plea of guilt due to negligence
Q4) Under negligence,a person is liable only for ________ events.
A)intervening
B)foreseeable
C)superseding
D)overruling
Page 7
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Chapter 6: Product and Strict Liability
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Sample Questions
Q1) To assert ________ as a defense,the defendant must prove that the plaintiff knew and appreciated the risk of the product.
A)supervening event
B)assumption of the risk
C)generally known dangers
D)abnormal misuse
Q2) According to the doctrine of strict liability,which of the following parties is strictly liable for injuries caused by a defective product?
A)only the manufacturers of the products
B)only the parties directly involved in the sale of the product to the customer
C)all parties providing services related to the product
D)all parties in the chain of distribution
Q3) Failure to properly assemble a product constitutes a defect in design by the manufacturer.
A)True
B)False
Q4) Describe how courts can evaluate the adequacy of a product's design.
Q5) What is the purpose of the crashworthiness doctrine?
Q6) Compare the tort doctrines of negligence and misrepresentation.
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Chapter 7: Intellectual Property and Cyber Piracy
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Q1) What happens to a copyrighted work after it has finished its copyright period?
A)The work will enter the public domain to be used for free.
B)A non-copyright holder can purchase the rights to the work.
C)The copyright can be renewed for a fee by the original creator of the work.
D)The government takes over ownership of the work, and provides it to the public domain for a fee.
Q2) What federal statute was enacted by the Congress to protect trade secrets?
A)Economic Espionage Act
B)Sarbanes-Oxley Act
C)Lanham Act
D)Telecommunication Act
Q3) Which of the following would be considered a copyright infringement?
A)a brief quotation in a news report
B)use of copyrighted material in a spoof or satire
C)using several clips of a documentary movie
D)reproduction by a teacher or student of a small part of the work to illustrate a lesson
Q4) A party has to be a member of an organization to use a certification mark.
A)True
B)False
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Chapter 8: Criminal Law and Cyber Crime
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Q1) ________ is defined as the substantial likelihood that a person either committed or is about to commit a crime.
A)Reasonable suspicion
B)Reasonable doubt
C)Probable cause
D)Preponderance of evidence
Q2) The case against the accused is dismissed if neither an indictment nor an information statement is issued.
A)True
B)False
Q3) Which of the following crimes is an example of a white-collar crime?
A)larceny
B)arson
C)forgery
D)battery
Q4) An indictment is a charge of guilt against the defendant.
A)True
B)False
Q5) When does a government grant immunity from prosecution?
Q6) Why do governments and defendants enter into plea bargains?
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Chapter 9: Nature of Traditional and E-Contracts
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Sample Questions
Q1) Provision of services qualifies as a consideration for an enforceable contract.
A)True
B)False
Q2) 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
Q3) Which of the following statements is true of the doctrine of quasi contract?
A)It allows a court to award monetary damages to a defendant because no actual contract existed between the parties.
B)It applies only where there is an enforceable contract between the parties.
C)It is an equitable doctrine intended to prevent unjust enrichment.
D)Agreement between parties to a quasi contract has been inferred from their conduct.
Q4) How are unjust enrichment and unjust detriment prevented,in the context of contracts?
Q5) What are the possible problems that can come up in a unilateral contract?
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Chapter 10: Agreement
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Sample Questions
Q1) A(n)________ is a voluntary exchange of promises between two or more legally competent persons to do,or refrain from doing,an act.
A)offer
B)advertisement
C)agreement
D)proposal
Q2) Under the mailbox rule,an acceptance is only effective when it is received.
A)True
B)False
Q3) A contract is created upon an equivocal response to an offer from the offeree.
A)True
B)False
Q4) An agreement that an offeror will not sell his property for a specified period subsequent to the offeree paying consideration to the offeror is referred to as a(n)________.
A)unequivocal acceptance
B)contract of adhesion
C)option contract
D)firm offer
Q5) Explain the importance of "time of acceptance" of contracts.
Page 12
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Chapter 11: Consideration and Promissory Estoppel
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Sample Questions
Q1) Which of the following is true of output contracts?
A)It cannot contain the best-efforts clause.
B)It provides the seller with reduced selling costs.
C)It assures the purchaser that the seller will use his or her best efforts to achieve the contract's objective.
D)It assures the seller of a purchaser for all its outputs.
Q2) If the accord is not satisfied,the other party can sue to enforce the accord.
A)True
B)False
Q3) A gift promise is enforceable if the promisor withdraws from his promise. A)True
B)False
Q4) Promissory estoppel is an equity doctrine that permits parties to enforce a contract that includes consideration.
A)True B)False
Q5) A promise is something of legal value given in exchange of a consideration. A)True B)False
Q6) What is a best-efforts contract?
Page 13
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Chapter 12: Capacity and Legality
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Sample Questions
Q1) The infancy doctrine binds an adult to a minor's decision on a contract.
A)True
B)False
Q2) The term ________ refers to a doctrine that states that the courts will refuse to enforce or rescind an illegal contract and will leave the parties where it finds them.
A)disaffirmance
B)exculpatory clause
C)emancipation
D)effect of illegality
Q3) Describe the infancy doctrine with reference to legal contracts.
Q4) Any contract entered into by a person who has been adjudged insane is void.
A)True
B)False
Q5) In order for a minor to be bound by a contract with an adult after he or she becomes an adult,he or she must ________.
A)disaffirm the contract before reaching the age of majority
B)complete his or her contractual duties of restitution and restoration
C)ratify the contract after reaching the age of majority
D)place the adult in status quo until reaching the age of maturity
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Chapter 13: Genuineness of Assent and Undue Influence
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Sample Questions
Q1) An ambiguity in a contract may constitute a mutual mistake of a material fact.
A)True
B)False
Q2) Alice offers Richard a chance to work in her affiliate marketing program which,she claims,will make him a millionaire in three months.Richard makes the "mandatory investment" of $12,000 and becomes an affiliate.Soon,he realizes that such a program does not exist and that Alice has disappeared with the money.This is an instance of
A)misrepresentation of law
B)fraud in the factum
C)fraud in inducement
D)duress
Q3) What is scienter?
A)knowledge that a representation is false
B)undue influence used on a party to sign a contract
C)another term for duress
D)damages paid to a victim of a scam
Q4) Explain undue influence with an example.
Q5) How is a mistake different from fraud?
Q6) What should be shown to prove fraud?
Page 15
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Chapter 14: Statute of Frauds and Equitable Exceptions
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Q1) Built-in cabinets in a house would be considered as permanent parts of the real property.
A)True
B)False
Q2) If there is an ambiguity in a contract,the ambiguity will be resolved in favor of the party who drafted the contract.
A)True
B)False
Q3) Any writing-including letters,telegrams,invoices,sales receipts,checks,and handwritten agreements written on scraps of paper-can be an enforceable contract.
A)True
B)False
Q4) ________ stipulates that the contract is a complete integration and the exclusive expression of the parties' agreement.
A)Promissory estoppel
B)Merger clause
C)Main purpose exception
D)Leading object exception
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Page 16
Chapter 15: Third-Party Rights and Discharge
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Q1) A(n)________ refers to a condition that requires the occurrence of an event before a party is obligated to perform a duty under a contract.
A)Condition precedent
B)Condition subsequent
C)Concurrent condition
D)Implied condition
Q2) Which of the following is true of discharge of performance by agreement?
A)A partially executed contract cannot be rescinded.
B)Mutual rescission requires parties to enter into a second agreement that expressly terminates the first one.
C)A party is allowed to rescind a contract without the consent of the other party.
D)Unilateral rescission is not regarded as breach of contract.
Q3) A substituted contract substitutes a new party for one of the original contracting parties.
A)True
B)False
Q4) When is nonperformance by a contractual party excusable?
Q5) Distinguish between conditions and covenants.
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Chapter 16: Remedies for Breach of Traditional and E-Contracts
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Sample Questions
Q1) Which of the following is true of specific performance?
A)Specific performance of personal service contracts is not granted.
B)Specific performance is not awarded if the subject matter of the contract is unique.
C)Specific performance exempts works of art, antiques, and heirlooms as subject matter.
D)Specific performance is not available to enforce land contracts.
Q2) Which of the following torts arises when a third party induces a contracting party to breach the contract with another party?
A)intentional interference with contractual relations
B)breach of the covenant of good faith and fair dealing
C)tort of bad faith
D)malicious breach of contractual relations
Q3) Which of the following is true of monetary damages?
A)Nominal damages are paid once the nonbreaching party has suffered a financial loss.
B)Anticipatory breaches cannot be awarded monetary damages.
C)Liquidated damages are set by the court to the breaching party.
D)Consequential damages are considered monetary damages.
Q4) How are compensatory damages awarded for construction contracts?
Page 18
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Chapter 17: Digital Law and E-Commerce
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Sample Questions
Q1) How does an electronic agent react to a counteroffer? Explain with an illustration.
Q2) ________ are companies that provide consumers and businesses with access to the Internet.
A)ISPs
B)BPOs
C)DSLs
D)IPOs
Q3) ISPs provide e-mail accounts to users,Internet access,and storage on the Internet.
A)True
B)False
Q4) An e-license is a contract whereby the owner of software grants limited rights to the owner of a computer or digital device to use the software.
A)True
B)False
Q5) The .org domain name extension represents a U.S.website.
A)True
B)False
Q6) Briefly explain the working of an e-license.
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Chapter 18: Formation of Sales and Lease Contracts
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Q1) In a finance lease,the lessor manufactures and supplies the goods of the contract.
A)True
B)False
Q2) Contracts for the provision of services are not covered by Article 2 of the UCC.
A)True
B)False
Q3) According to the gap-filling rule,if a sales contract does not contain a specific price,________.
A)the contract has to be redrafted to include a price
B)the contract is considered void due to indefiniteness
C)the contract can be enforced by either party by fixing an open term price
D)the contract cannot be enforced upon the buyee
Q4) 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
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) C.&F.is a pricing term that means that the price includes the cost of the goods and the costs of insurance and freight.
A)True
B)False
Q2) In a destination contract,title passes to the buyer when the seller tenders delivery of the goods at the specified destination.
A)True
B)False
Q3) In a sale on approval,there is no sale unless and until the buyer accepts the goods.
A)True
B)False
Q4) Article 2 of the Uniform Commercial Code establishes precise rules for determining the passage of title in sales contracts.
A)True
B)False
Q5) Explain in detail the risk of loss in lease contracts.
Q6) How does the UCC treat goods that were fraudulently obtained?
Q7) What is the passage of title to goods?
21
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Chapter 20: Remedies for Breach of Sales and Lease Contracts
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Q1) Which of the following is true for the perfect tender rule under installment contracts?
A)The buyer cannot seek remedies against the seller for accepting noncorforming goods.
B)The seller cannot invoke the right to cure rule.
C)The buyer can reject a shipment only if it impairs the value of the entire contract.
D)The buyer can reject replacements or cured goods.
Q2) The ________ is the right of a seller or lessor to demand the return of goods from the buyer or lessee under specified situations.
A)right to dispose of goods
B)right to recover damages
C)right to recover purchase price
D)right to reclaim goods
Q3) A decree of specific performance is a court order that demands the seller or lessor to perform the contract.
A)True
B)False
Q4) Explain how payments are made for contracts under the UCC?
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Chapter 21: Warranties
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Q1) The Magnuson-Moss Warranty Act does not govern warranties of commercial or industrial transactions.
A)True
B)False
Q2) Which of the following is true of the Magnuson-Moss Warranty Act?
A)It requires all warrantors to make express written warranties.
B)It obligates all warrantors to make disclaimer warranties for their products.
C)It authorizes warrantors to establish an informal dispute-resolution procedure.
D)Implied warranties are voidable under this Act.
Q3) What is the difference between a full warranty and a limited warranty?
Q4) The implied warranty of fitness for a particular purpose applies only to merchants.
A)True
B)False
Q5) The implied warranty of fitness for human consumption applies to vending machines.
A)True
B)False
Q6) Explain the implied warranty of fitness for a particular purpose.
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Chapter 22: Creation of Negotiable Instruments
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Q1) An extension clause allows the date of maturity of an instrument to be extended into the future.
A)True
B)False
Q2) Which one of the following is a three-party transaction?
A)a promissory note
B)a certificate of deposit
C)an ordinary lease
D)a draft
Q3) A maker or drawer can appoint an agent to sign a negotiable instrument on his or her behalf.
A)True
B)False
Q4) An acknowledgement of debt is sufficient to consider a promissory note as a negotiable instrument.
A)True
B)False
Q5) List and briefly explain the functions of a negotiable instrument.
Q6) What is a trade acceptance?
Q7) What are nonnegotiable contracts?
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Chapter 23: Holder in Due Course and Transferability
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Q1) A special indorsement does not specify to whom the indorser intends the instrument to be payable.
A)True
B)False
Q2) Explain,in as much detail as possible,how an indorsement is made.
Q3) A(n)________ is an indorsement that states that it is for the benefit or use of the indorser or another person.
A)indorsement in trust
B)indorsement for deposit
C)indorsement prohibiting further indorsement
D)indorsement for collection
Q4) If there is no space for an indorsement on the instrument,a new instrument has to be made to accommodate the indorsement.
A)True
B)False
Q5) What are qualified indorsements?
Q6) What is the difference between a holder and holder in due course?
Q7) Explain the transfer of nonnegotiable contracts by assignment.
Page 25
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Chapter 24: Liability, defenses, and Discharge
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Q1) Marks used in lieu of a written signature cannot be used for indorsements.
A)True
B)False
Q2) What are the requirements for imposing secondary liability for a negotiable instrument?
Q3) A person represented by a representative agent is known as the principal.
A)True
B)False
Q4) A minor who does not misrepresent his or her age can disaffirm negotiable instruments.
A)True
B)False
Q5) Those who are secondarily liable on negotiable instruments they endorse are known as ________.
A)unqualified indorsers
B)qualified indorsers
C)accommodation parties
D)agents
Q6) What is material alteration as a universal defense to a negotiable instrument?
Q7) List the presentment warranties related to negotiable instruments.
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Chapter 25: Banking System and Electronic Financial Transactions
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Q1) Which of the following regulatory agencies was set up under the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act?
A)Federal Deposit Insurance Corporation
B)Bureau of Consumer Financial Protection
C)National Credit Union Administration
D)U.S. Securities and Exchange Commission
Q2) What is the significance of bank statements to an electronic fund transfer customer?
Q3) Except for the collecting bank,each bank in the collection process,including the payer bank,must take proper action on an "on them" check prior to its midnight deadline.
A)True
B)False
Q4) Checks are the most common form of negotiable instruments used in the United States.
A)True
B)False
Q5) A stop-payment order can be issued either by the drawer or the payee.
A)True
B)False
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Chapter 26: Credit, mortgages, and Debtors Rights
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Q1) A lienholder must file a notice of lien with the county recorder's office in the county in which the real property subject to the lien is located.
A)True
B)False
Q2) Explain the procedure for obtaining a mechanic's lien.
Q3) The property on which a security interest is taken is called collateral.
A)True
B)False
Q4) An unsecured creditor is a creditor who has to rely on collateral to secure payment. A)True
B)False
Q5) Credit that requires collateral,which ensures payment of the loan,is referred to as ________.
A)unsecured credit
B)secured credit
C)equal credit
D)fair credit
Q6) What are foreclosure sales?
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Chapter 27: Secured Transactions
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Q1) Financing statements are effective for five years from the date of filing.
A)True
B)False
Q2) A secured creditor must ________ the collateral if he or she receives a written objection to the proposal from a person entitled to receive notice within 20 days after the notice was sent.
A)dispose of B)possess of C)retain
D)claim
Q3) Which of the following is true of financing statements?
A)They cannot be electronically filed.
B)They are effective for one year from the date of filing.
C)They cannot be extended once they expire.
D)They are available for review by the public.
Q4) A purchase money security interest is an interest that a creditor automatically obtains when he or she extends credit to a consumer to purchase consumer goods.
A)True
B)False
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Chapter 28: Bankruptcy and Reorganization
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Q1) Which of the following is true of the meeting of the creditors?
A)A meeting of the creditors is called before the court grants an order for relief.
B)The bankruptcy judge cannot attend the meeting of the creditors.
C)In the first meeting of the creditors, a debtor is questioned by a jury constituted for the purpose.
D)Questions regarding the debtor's possible concealment of assets are not permitted during the meeting of the creditors.
Q2) Which of the following is a feature of a Chapter 11 plan of reorganization?
A)an equilateral division of the Chapter 11 estate among all creditors
B)division of the bankruptcy estate according to the debt to be paid to each creditor
C)discharge of a debtor's unsecured debts and payment of secured debts
D)a proposed new capital structure for a debtor to assume when it emerges from Chapter 11 bankruptcy
Q3) The filing fees for all types of bankruptcy is the same.
A)True
B)False
Q4) Briefly explain the Chapter 11 plan of reorganization.
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Chapter 29: Agency Formation and Termination
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Q1) Which of the following is true of an apparent agency?
A)The authority of an apparent agent is implied from the conduct of the parties.
B)The third-party is not bound to a contract created by an apparent agent.
C)The principal is bound to the contracts entered into by an apparent agent.
D)The actions of an apparent agent create an apparent agency.
Q2) If an agency terminates by operation of law,there is no duty to notify third parties about the termination.
A)True
B)False
Q3) Which of the following constitutes an agency?
A)principal-agent relationship
B)agent-agent relationship
C)principal-principal relationship
D)agent-independent contractor relationship
Q4) The ________ is principal's duty to cover the agent for any losses the agent suffers because of the principal's conduct.
A)duty to cooperate
B)duty to indemnify
C)duty to compensate
D)duty to reimburse
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Chapter 30: Liability of Principals, agents, and Independent Contractors
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Q1) Which of the following is true of misrepresentation?
A)An intentional misrepresentation by an agent is not considered fraud or deceit.
B)The principal is not liable for an agent's intentional misrepresentation.
C)A third party cannot recover damages from the principal due to an agent's intentional misrepresentation.
D)The principal is liable for an agent's innocent misrepresentation.
Q2) Which of the following is true of a fully disclosed agency?
A)The third party does not know the identity of the principal.
B)The third party knows the name of the principal, but all transactions are done with the agent.
C)The contract is between the principal, agent, and the third party.
D)The principal is liable on the contract with a third party.
Q3) Which of the following best describes a partially disclosed agency?
A)an agent with multiple principals who do not know each other's identities
B)a transaction in which the third party does not know the identity of the agent
C)a transaction in which the third party knows the agent, not the principal
D)an agent who discloses only the name of his or her principal in a transaction
Q4) Describe the operation of a fully disclosed agency.
Q5) Briefly explain the liability for an independent contractor's torts.
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Chapter 31: Employment, worker Protection, and Immigration Law
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Q1) The ________ forbids the use of oppressive child labor and makes it unlawful to ship goods produced by such labor.
A)Occupational Safety and Health Act
B)Fair Labor Standards Act
C)Family and Medical Leave Act
D)Employee Retirement Income Security Act
Q2) Which of the following has to be proved by a claimant pursuing compensation for an injury under workers' compensation?
A)The claimant was harmed intentionally by the employer.
B)The claimant was harmed when he or she was employed by the employer.
C)The claimant was harmed by an employment-related injury.
D)The claimant was harmed unintentionally by the employer.
Q3) Overtime pay is given to nonexempt employees who work more than 40 hours in a work week.
A)True
B)False
Q4) "Workers' compensation is an exclusive remedy." Elaborate on this statement with the help of an example.
Q5) What is an EB-1 visa? Who qualifies for it?
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Chapter 32: Labor Law
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Q1) Which of the following is true of a union shop agreement while hiring an employee?
A)The employee must join the union within a certain time after employment.
B)The employee does not join the union but pays an agency fee.
C)The employee must be a skilled worker represented by more than one union.
D)The employee must be represented by more than one union.
Q2) Managers and professional employees cannot belong to unions formed by employees whom they manage.
A)True
B)False
Q3) Which of the following is a compulsory subject during collective bargaining?
A)health benefits
B)discrimination
C)corporate reorganization
D)location of workplace
Q4) The National Labor Relations Board is required to supervise all consent elections. A)True
B)False
Q5) Briefly outline and explain the process of collective bargaining.
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Chapter 33: Equal Opportunity in Employment
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Q1) The Age Discrimination in Employment Act (AEDA)is a federal statute that prohibits age discrimination practices against employees who are 40 years old and older.
A)True
B)False
Q2) A complainant may file his or her employment discrimination claim with ________ instead of the Equal Employment Opportunity Commission (EEOC).
A)Americans with Disabilities Agency (ADA)
B)Age Discrimination in Employment Agency (AEDA)
C)a state Fair Employment Practices Agency (FEPA)
D)Bona fide occupational qualification Agency (BFOQA)
Q3) Which of the following is considered a major physiological impairment by the Americans with Disabilities Act Amendments Act (ADAAA)?
A)undergoing mental stress
B)a history of surgery
C)nursing a temporary but contagious ailment
D)having cancer
Q4) When is an employer required to prove a bona fide occupational qualification? Explain with an example.
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Chapter 34: Small Business, entrepreneurship, and General Partnerships
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Q1) The name selected by a general partnership cannot indicate that it is a corporation.
A)True
B)False
Q2) The designation of ________ is used for businesses that are operating under a trade name.
A)w.e.f.
B)p.f.a.
C)d.b.a.
D)l.o.p.
Q3) The designation of d.b.a.(doing business as)refers to the description for a business that is operating under a trade name.
A)True
B)False
Q4) Explain,with an example,the duty of care owed by a general partner.
Q5) A general partnership agreement must always be in writing to be considered legal. A)True
B)False
Q6) Briefly explain the formation of a general partnership.
Page 36
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Chapter 35: Limited Partnerships and Special Partnerships
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Q1) Neither the general partners nor the limited partners have personal liability for the debts and obligations of the LLLP.
A)True
B)False
Q2) A limited partnership is formed when the ________ is filed.
A)certificate of cancellation
B)articles of limited partnership
C)limited trade affidavit
D)certificate of limited partnership
Q3) Which of the following is true of general and limited partners in a limited partnership?
A)Limited partners are exempt from annual capital investment and need only participate in management functions.
B)General partners are not personally liable for partnership debts.
C)General partners are required to invest capital and refrain from managerial activities.
D)Limited partners are not personally liable for partnership debts beyond their capital contributions.
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Chapter 36: Corporate Formation and Financing
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Q1) ________ is a general rule of corporate law that provides that generally shareholders are liable only to the extent of their capital contributions for the debts and obligations of their corporation and are not personally liable for the debts and obligations of the corporation.
A)Limited-purpose clause
B)Limited liability of shareholders
C)Preferred shareholder rule
D)Nonparticipating shareholder rule
Q2) Bylaws of a corporation must be filed with a government official.
A)True
B)False
Q3) A contract between a corporation and a holder that contains the terms of a debt security is known as a(n)________.
A)bond
B)indenture
C)debenture
D)liquidation
Q4) Corporations are not allowed to enter into contracts in their own name.
A)True
B)False
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Chapter 37: Corporate Governance and the Sarbanes-Oxley Act
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Q1) Courts may pierce the corporate veil if ________.
A)the corporation has been formed without sufficient capital
B)the corporation has not revoked the dividends paid to shareholders
C)separateness has been maintained between the corporation and its shareholders
D)personal and corporate assets of shareholders have not been mingled
Q2) The written document submitted by a person who has been authorized by a shareholder to vote the shareholder's shares at the shareholders' meetings in the event of the shareholder's absence is known as the ________.
A)record date
B)notice of the shareholder's meeting
C)certificate of authority
D)proxy
Q3) A system in which a shareholder can accumulate all of his or her votes and vote them all for one candidate or split them among several candidates is known as
A)trust voting
B)noncumulative voting
C)cumulative voting
D)supramajority voting
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Q4) What is the CEO and CFO provision laid out by the Sarbanes-Oxley Act of 2002?
Chapter 38: Corporate Acquisitions and Multinational Corporations
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Q1) What is a similarity between a branch office and a subsidiary of a multinational corporation?
A)Both are considered separate legal entities.
B)Both have limited liability shields with the parent company.
C)Both can be setup in a foreign land to run the parent company's business.
D)Both are wholly liable for their torts.
Q2) A merger increases the number of voting shares of the surviving corporation by 23 percent.Which of the following is required in this context?
A)a unanimous vote by the incumbent directors
B)a majority vote of the board of directors
C)a majority vote of the shareholders
D)an affirmative vote by at least 30 percent of the shareholders
Q3) Section 14(a)of the Securities Exchange Act gives the Securities and Exchange Commission (SEC)the authority to regulate ________.
A)the formation of the board of directors of a corporation
B)mergers between two or more corporations
C)issues of shares by a corporation
D)the solicitation of proxies by a corporation
Q4) What is a proxy? State the federal rules that govern a proxy statement.
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Chapter 39: Limited Liability Companies and Limited Liability Partnerships
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Q1) An at-will Limited liability company (LLC)refers to an LLC that has no specified term of duration.
A)True
B)False
Q2) A(n)________ refers to an agreement entered into among members that governs the affairs and business of the LLC (limited liability company)and the relations among members,managers,and the LLC.
A)certificate of interest
B)article of organization
C)operating agreement
D)agreement of conversion
Q3) Members of an LLC (limited liability company)have ________ liability.
A)limited
B)unlimited personal
C)unlimited capital
D)strict
Q4) A limited liability partnership has no general partner.
A)True
B)False
Q5) What is a distributional interest? Explain the terms of its transfer.
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Chapter 40: Franchises and Special Forms of Businesses
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Q1) Ubiquitous Enterprises is a franchisee of HotPan chain of restaurants.One afternoon,Linda,an employee of a HotPan restaurant owned by the franchisee,is mopping the floor.Gary,a customer who enters the restaurant is talking on his cell phone and does not notice Linda mopping the floor.He slips on the wet floor while walking to the counter and is injured.Who among the following is liable for Gary's injuries?
A)HotPan, for not providing a "Caution: Wet Floor!" sign
B)Ubiquitous Enterprises, for not having its own "Caution" sign
C)Linda, for not alerting Gary
D)Gary, for not noticing that the floor was wet
Q2) A single failure by a franchisee to meet a quality-control standard is sufficient cause for termination.
A)True
B)False
Q3) Apparent agency arises when a franchisee creates the appearance of being a franchisor's agent when in fact an actual agency does not exist.
A)True
B)False
Q4) Explain the four basic types of franchises in brief.
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Chapter 41: Investor Protection, e-Securities, and Wall Street Reform
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Q1) How does Section 16(b)of the Securities Exchange Act of 1934 protect the interests of a corporation? Explain with an example.
Q2) The ________ is a federal statute primarily designed to prevent fraud in the trading of securities after they are issued.
A)Securities Act of 1933
B)Securities Exchange Act of 1934
C)Sarbanes-Oxley Act of 2002
D)Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
Q3) The Howey test is used to determine if an arrangement is an investment contract. A)True
B)False
Q4) Section 10(b)of the Securities Exchange Act prohibits the use of manipulative and deceptive devices in contravention of the rules and regulations prescribed by the SEC. A)True B)False
Q5) Only an established company is permitted to sell new securities to the public. A)True
B)False
43
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Chapter 42: Ethics and Social Responsibility of Business
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Q1) In accordance to the stakeholder interest theory,a corporation must view employees solely as a means of maximizing shareholder wealth.
A)True
B)False
Q2) Ethical relativism holds that moral standards ought to be based on an individual's feelings of what is right or wrong.
A)True
B)False
Q3) A social responsibility theory of business which says that a corporation's duty is to make a profit while avoiding causing harm to others is referred to as ________.
A)stakeholder interest
B)corporate citizenship
C)maximizing profits
D)moral minimum
Q4) The theory of corporate citizenship contends that corporations owe a duty to promote the same social goals as individual members of society.
A)True
B)False
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Chapter 43: Administrative Law and Regulatory Agencies
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Q1) General government regulation consists of laws that regulate the operation of the three branches of the federal government.
A)True
B)False
Q2) Which of the following is true of a substantive rule?
A)It interprets existing statutory language.
B)It does not have the force of law and is only issued as a guideline.
C)Substantive rules are exempt from judicial review.
D)Violators can be held criminally liable.
Q3) The ________ says that when an administrative agency is created,it is given certain powers; the agency can use only the legislative,judicial,and executive powers that are allotted to it.
A)doctrine of Equity
B)delegation doctrine
C)doctrine of Promissory Estoppel
D)doctrine of privity
Q4) Distinguish between substantive rules and interpretive rules.What is a statement of policy?
Q5) Explain,in brief,the types of federal administrative agencies with examples.
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Chapter 44: Consumer Protection and Product Safety
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Q1) The Food,Drug,and Cosmetic Act is a federal statute that ________.
A)covers all food products including poultry and processed meat
B)grants approval for food additives, drugs, cosmetics, and medicinal devices
C)implements the Federal Meat Inspection Act enacted in 1906
D)protects the public by providing greater medical coverage from food-related illnesses
Q2) The Biosafety Protocol label is used to identify certain food products that have been genetically modified.
A)True
B)False
Q3) 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
Q4) The mislabeling of medicinal devices is prohibited under the Nutrition Labeling and Education Act.
A)True
B)False
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Chapter 45: Environmental Protection
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Q1) The filling or dredging of navigable waters and qualified wetlands are prohibited unless a permit has been obtained from the Army Corps of Engineers.
A)True
B)False
Q2) Indoor air pollution is primarily caused by toxic fumes from industrial plants located in cities.
A)True
B)False
Q3) Which of the following is true of the Clean Air Act?
A)It is the only major state law regulating air pollution in the United States.
B)It fails to include the air pollution caused by fuel and fuel additives in its purview.
C)It is only concerned with stationary sources of air pollution.
D)It requires air pollution controls to be installed on motor vehicles.
Q4) As a part of the Marine Protection,Research,and Sanctuaries Act,dumping wastes and other foreign materials into ocean waters are statutorily prohibited with no alternatives like permits,licenses,and mandatory checks.
A)True
B)False
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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) It is necessary to prove actual injury in order for a plaintiff to recover damages in a price discrimination lawsuit.
A)True
B)False
Q3) What are the three statutory defenses under the Robinson-Patman Act for price discrimination?
Q4) The ________ is a rule that is applicable to restraints of trade considered inherently anticompetitive.
A)consent decree
B)Noerr doctrine
C)per se rule
D)rule of reason
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Chapter 47: Personal Property, real Property, and Insurance
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Q1) Tangible property,such as automobiles,furniture,and equipment,and intangible property,such as securities,patents,and copyrights,are collectively referred to as
A)real property
B)immovable property
C)personal property
D)fixtures
Q2) The bill of lading is a document of title that is issued by a common carrier to the bailee when goods are received for transportation.
A)True
B)False
Q3) Which of the following is true of a gift causa mortis?
A)It cannot be revoked before the death of the donor.
B)It does not require the actual death of the donor.
C)It represents an irrevocable present transfer of ownership.
D)It takes precedence over a prior conflicting will.
Q4) Only personal property can be used in a bailment.
A)True
B)False
Q5) What is a warehouse receipt?
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Chapter 48: Real Property
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Q1) Which of the following is the implied default title conveyed in a sale of real estate?
A)life estate
B)servient estate
C)fee simple absolute
D)fee simple defeasible
Q2) The person who is given a life estate is called the life tenant.
A)True
B)False
Q3) Which of the following types of deeds only protects the buyer from defects in title caused by the seller?
A)a general warranty deed
B)a quitclaim deed
C)a grand deed
D)a special warrant deed
Q4) Which of the following is true of subsurface rights in real property?
A)Subsurface rights cannot be used to mine radioactive elements.
B)Subsurface rights can be sold separately from surface rights.
C)Minerals found beneath real property have to be given up to the government.
D)Subsurface rights can only be invoked to dig oil wells.
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Chapter 49: Landlord-Tenant Law and Land Use Regulation
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Q1) The attorney general may seek equitable relief and civil fines for any violation of the ADA.
A)True
B)False
Q2) Under this arrangement,Pam has to pay rent to ________.
A)Donald
B)Chris
C)Dave
D)Chad
Q3) The Americans with Disabilities Act applies only to places of public accommodation operated by public entities.
A)True
B)False
Q4) In a net,net,net lease arrangement,the tenant is responsible for paying only rent,property taxes,and utilities.
A)True
B)False
Q5) Unlawful eviction occurs when a tenant's right to quiet enjoyment is violated.
A)True
B)False
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Chapter 50: Insurance
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Q1) Which of the following is an insurer's duty?
A)to pay back the insured's money on demand
B)to pay back the premiums paid by the insured upon an endorsement of insurance
C)to pay legitimate claims up to the insurance policy limits
D)to pay interest for the premiums paid by insured on a monthly or yearly basis
Q2) A personal articles floater helps insure specific items like heirlooms.
A)True
B)False
Q3) A no-fault insurance assures an insured party that coverage is available if they are injured in an automobile accident.
A)True
B)False
Q4) What is a key-person life insurance? How does it influence a buy-sell agreement?
Q5) A(n)________ is a comprehensive insurance policy that includes coverage for the risks covered by a fire insurance policy as well as personal liability insurance.
A)homeowners' policy
B)life insurance policy
C)umbrella insurance
D)omnibus policy
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Chapter 51: Accountants Duties and Liability
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Q1) The Private Securities Litigation Reform Act of 1995 replaced proportionate liability of the defendant with joint and several liability.
A)True
B)False
Q2) 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
Q3) ________ is a law that prohibits any manipulative or deceptive practice in connection with the purchase or sale of a security.
A)Section 11(a)of the Securities Act of 1933
B)Section 32(a)of the Securities Exchange Act of 1934
C)Section 10(b)of the Securities Exchange Act of 1934
D)Section 101 of the Uniform Securities Act
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Chapter 52: Wills, trusts, and Estates
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Q1) Which of the following is a benefit of a living trust?
A)It helps reduce estate taxes more than a will does.
B)It helps avoid probate associated with the property.
C)It is not subject to property division on divorce.
D)It does not allow creditors to obtain liens against the property.
Q2) Who receives the trust res on the termination of a trust?
A)the heir
B)the trustor
C)the remainder beneficiary
D)the income beneficiary
Q3) A will that is executed by two or more testators is known as a ________.
A)joint will
B)mutual will
C)reciprocal will
D)nuncupative will
Q4) Euthanasia pursuant to a living will is considered legal.
A)True
B)False
Q5) Who are the beneficiaries of a trust?
Q6) What are the requirements of the Statute of Wills?
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Chapter 53: Family Law
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Q1) Upon the termination of a marriage,the separate property owned by spouses is
A)equally divided between the spouses
B)retained by the respective spouses who owned it
C)shared using a fair distribution method for marital assets
D)co-owned by both spouses
Q2) When is a restraining order issued in a divorce?
A)when both partners have filed for divorce stating irreconcilable differences B)when one of the partners is financially dependent on the other C)when one of the partners is disabled and physically dependent on the other D)when one of the partners is potentially dangerous to the other
Q3) How is the division of debts conducted after a divorce?
Q4) A spouse wishing to obtain a no-fault divorce merely has to assert irreconcilable differences with his or her spouse.
A)True B)False
Q5) A court decree of divorce need not be obtained to end a common law marriage. A)True B)False
Q6) What is child support? How is it awarded?
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Chapter 54: International and World Trade Law
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Q1) The ________ is a staff of persons that administers the day-to-day operations of the United Nations (UN).
A)Council of Ministers
B)Security Council
C)General Assembly
D)Secretariat
Q2) Under the Treaty Clause,________ is seen as the agent of the United States in dealing with foreign countries.
A)the Secretariat
B)the president
C)the United Nations
D)the deputy secretary
Q3) In case of a breach of trade agreements of the World Trade Organization (WTO), which of the following WTO bodies first hears the dispute?
A)a WTO panel
B)a WTO Appellate Body
C)the WTO dispute settlement body
D)the WTO General Council
Q4) What is the World Bank? What is its function?
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