Contracts and Sales Law Practice Exam
Course Introduction
This course provides an in-depth exploration of the fundamental principles governing contracts and the sale of goods. Students will examine the formation, interpretation, and enforceability of contracts, along with common law doctrines and the statutory framework provided by the Uniform Commercial Code (UCC) as it applies to sales transactions. The course covers key topics such as offer and acceptance, consideration, performance, breach, remedies, and defenses, as well as issues unique to sales, including warranties, risk of loss, and title transfer. Through case analysis and practical exercises, students will develop critical thinking skills and gain a comprehensive understanding of how contracts and sales law operate in both commercial and personal contexts.
Recommended Textbook
Business law 9th Edition by Henry Cheeseman
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54 Chapters
4463 Verified Questions
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 law courts of the English common law emphasized legal procedure over the merits of an individual case.
A)True
B)False
Answer: True
Q2) The ________ branch of the federal government has the power to enforce the law.
A)judicial
B)legislative
C)executive
D)commissary
Answer: C
Q3) The Critical Legal Studies School proposes that legal rules are unnecessary and are used as an obstacle by the powerful to maintain the status quo.
A)True
B)False
Answer: True
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Page 3
Chapter 2: Courts and Jurisdiction
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Sample Questions
Q1) The U.S.Supreme Court hears new evidence and testimony that was not permitted in the U.S.district court.
A)True
B)False
Answer: False
Q2) Federal judges of the U.S.district courts are appointed for 14-year terms.
A)True
B)False
Answer: False
Q3) Jeremy crashes his friend John's car because he is an incompetent driver.Emily,John's sister,is outraged and wants John to sue his friend.John refuses to file a case against his long-time friend.Which of the following is Emily allowed to do in this situation?
A)She can sue Jeremy on John's behalf, as she has standing to sue.
B)She can sue Jeremy, provided that John gives his consent.
C)She can file a case in the state court where she will have standing to sue.
D)She cannot sue Jeremy as she has no stake in the outcome of the case.
Answer: D
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Chapter 3: Judicial, alternative, and Online Dispute Resolution
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80 Verified Questions
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Sample Questions
Q1) What is the purpose of a pretrial hearing?
A)requesting the other party to produce all documents relevant to the case
B)assessing the factual accuracy of the deposition of witnesses
C)instructing the judge to decide the case without a jury
D)facilitating the settlement of a case before it goes to trial
Answer: D
Q2) The complaint and summons are served on the plaintiff.
A)True
B)False
Answer: False
Q3) While answering a complaint,a defendant cannot assert affirmative defenses.
A)True
B)False
Answer: False
Q4) If the defendant does not answer the complaint,a default judgment is entered against him or her.
A)True
B)False
Answer: True
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Chapter 4: Constitutional Law for Business and E-Commerce
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Sample Questions
Q1) The ________ is responsible for making federal law.
A)President
B)executive branch
C)legislative branch
D)Supreme Court
Q2) Which of the following statements is true about states' police power?
A)Police power restricts states from regulating inter-state commerce, although it happens within their borders.
B)The states are allowed to regulate army activities within their borders.
C)The states are given the authority to enact laws that regulate the conduct of business.
D)The police force of a state is controlled by the federal police department.
Q3) The power to regulate interstate commerce lies exclusively with the federal government.
A)True
B)False
Q4) The concept of federal law taking precedence over state or local law is called the preemption doctrine.
A)True
B)False
Page 6
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Chapter 5: Intentional Torts and Negligence
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Sample Questions
Q1) If a person did not have knowledge that his representation of facts was false,he is still liable for fraud.
A)True
B)False
Q2) Jessica is babysitting Kyle one afternoon when Kyle starts bleeding from his nose.Jessica manages to stop the bleeding and rushes out to the nearest pharmacy-three miles away-to get medication for him.While doing so,she locks the house from outside and asks Kyle not to leave the house until she returns.The only way he can get out of the house is by breaking a window.Due to a roadblock on her way back,Jessica is delayed by an hour.Which of the following statements is true in this case?
A)Jessica is liable for kidnapping.
B)Jessica is liable for negligence as well as breach of duty of care.
C)Jessica can be sued for false imprisonment.
D)Jessica is not liable for prosecution for an intentional tort.
Q3) Punitive damages are awarded only when there is no gross negligence.
A)True
B)False
Q4) When and how can a plaintiff claim damages if the defendant has breached a duty of care?
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Chapter 6: Product and Strict Liability
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Sample Questions
Q1) The statute of repose begins to run when the plaintiff suffers injury.
A)True
B)False
Q2) Which of the following statements is true about strict liability?
A)It applies only to manufacturers of a defective product.
B)It is liability without fault.
C)It requires privity of contract between the plaintiff and the defendant.
D)It covers casual sales and transactions.
Q3) ________ refers to all manufacturers,distributors,wholesalers,retailers,lessors,and subcomponent manufacturers involved in a transaction.
A)Demand chain
B)Chain of command
C)Chain of distribution
D)Value chain
Q4) Inadequate testing of a product can support a product liability lawsuit based on strict liability.
A)True
B)False
Q5) Describe the functions of the statute of limitations and the statute of repose.
Page 8
Q6) Compare the tort doctrines of negligence and misrepresentation.
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Chapter 7: Intellectual Property and Cyber Piracy
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Sample Questions
Q1) Non-patented inventions that have been in public use for over a year can still be patented.
A)True
B)False
Q2) What is a provisional patent application?
Q3) A collective membership mark identifies different products in the same product line of an organization.
A)True
B)False
Q4) The trademark symbols "TM" and "SM" can be used with marks that have not been registered.
A)True
B)False
Q5) Which of the following intellectual properties is protected by the Lanham Act?
A)trademark
B)trade secret
C)copyright
D)patent
Q6) Give an account of trademark dilution.
Q7) Explain the process of copyright registration.
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Chapter 8: Criminal Law and Cyber Crime
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Sample Questions
Q1) Discuss mail fraud and wire fraud.
Q2) A suspect can assert his Fifth Amendment privilege even after he is given a grant of immunity.
A)True
B)False
Q3) The Miranda rights refer to the ________ provision of the Fifth Amendment of the U.S.Constitution.
A)double jeopardy
B)unreasonable searches and seizures
C)privilege against self-incrimination
D)parole eligibility
Q4) The exclusionary rule allows for evidence obtained from an unreasonable search and seizure to be introduced in trial.
A)True
B)False
Q5) In which of the following circumstances is a warrantless search permitted?
A)if evidence is not in plain view
B)if evidence is likely to be destroyed
C)if the suspect has been previously convicted
D)if there is no probable cause
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Chapter 9: Nature of Traditional and E-Contracts
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Sample Questions
Q1) Explain the basic requirements that must be met for a contract to be enforceable.
Q2) Traditional contract rules do not apply to e-contracts.
A)True
B)False
Q3) Which of the following statements is true of contracts?
A)Parties to an informal contract can use any words they choose to express their contract.
B)A contract under seal is disclosed only to the offeror of the contract.
C)A letter of credit is an informal contract.
D)A void contract is the same as a voidable contract.
Q4) Two brothers Sam and Jim were fighting over the division of their ancestral property.After ten years of legal battle,a frustrated Sam contacted a powerful politician who subjected Jim to extreme duress to make him sign a contract of assent in favor of Sam.When Jim takes this contract to court,the contract will be declared ________.
A)enforceable
B)conditionally enforceable
C)voidable
D)unenforceable
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Page 11
Chapter 10: Agreement
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Sample Questions
Q1) What is the key difference between an agreement and a contract?
A)A contract is always enforceable in the court of law, while an acceptance may or may not be.
B)A contract can only be between two individuals, while an acceptance can have two or more people involved.
C)A contract requires mutual assent from all parties, while an acceptance needs only to be accepted by a majority of people involved.
D)A contract need not be legally binding, while an agreement must be legally binding.
Q2) In an auction with reserve,the seller retains the right to refuse the highest bidder.
A)True
B)False
Q3) The ________ states that an acceptance is effective when it is dispatched,even if it is lost in transmission.
A)rule of silence as acceptance
B)mirror image rule
C)mailbox rule
D)mutual assent rule
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Chapter 11: Consideration and Promissory Estoppel
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Sample Questions
Q1) Contracts falling under past consideration are unenforceable.
A)True
B)False
Q2) Preexisting duty promise is unenforceable because of the introduction of a new consideration.
A)True
B)False
Q3) An out-of-court settlement in exchange for dropping a lawsuit is an example of consideration.
A)True
B)False
Q4) Poweroxi Inc.produces rocket propellant fuel that is used in space shuttles.NASA is an agency that requires rocket propellant fuel to send its rockets to space.NASA enters into a contract with Poweroxi Inc.to purchase all of the propellant fuel it will need that year from Poweroxi.What would this contract be an example of?
A)requirements contract
B)output contract
C)option contract
D)yield contract
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Chapter 12: Capacity and Legality
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Sample Questions
Q1) The intoxicated person is not legally obligated to return consideration,received under the contract,to the competent party.
A)True
B)False
Q2) Lenders can charge interests set higher than the state limit.
A)True
B)False
Q3) According to a minor's duty of restoration,the goods received from an adult should be returned in status quo after the contract has been disaffirmed by the minor.
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 is legal insanity?
Q6) A person who is insane but not adjudged insane cannot void a contract he or she has entered into.
A)True
B)False
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Chapter 13: Genuineness of Assent and Undue Influence
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Q1) A misrepresentation of law is actionable as fraud as the innocent party cannot know every legal detail that applies to the situation.
A)True
B)False
Q2) Intentional misrepresentation is considered fraud.
A)True
B)False
Q3) While signing a contract,one of the parties misinterpreted a legal clause.Neither of the parties is a legal professional.Which of the following statements holds well in this scenario?
A)The party who misinterpreted the law is actionable for fraud.
B)The party who misinterpreted the law may rescind the contract.
C)The party who misinterpreted the law is not actionable for fraud.
D)The contract is declared unenforceable as the law has been misinterpreted.
Q4) Duress is said to have occurred only where a threat involved a physical harm.
A)True
B)False
Q5) Explain the three kinds of mistakes that can be made by either party while entering a contract.When are contracts involving mistakes rescinded?
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Chapter 14: Statute of Frauds and Equitable Exceptions
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Sample Questions
Q1) Which of the following grants a person the right to use real property for a specified period of time?
A)lease
B)mortgage
C)sale
D)barter
Q2) A guaranty contract between people with no bad credit history can be oral.
A)True
B)False
Q3) Section 2-201(1)of the Uniform Commercial Code (UC C)states that a unilateral promise to pay money or property in consideration for a promise to marry must be in writing.
A)True
B)False
Q4) In a guarantee situation,the guarantor's liability is secondary.
A)True
B)False
Q5) Explain the doctrine of equitable estoppel.
Q6) Explain the creation and working of guaranty contracts.
Q7) When is parol evidence admitted in court?
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Chapter 15: Third-Party Rights and Discharge
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Sample Questions
Q1) A party who owes a duty of performance under a contract is called the ________.
A)obligor
B)assignor
C)assignee
D)obligee
Q2) If the assignee fails to provide notice of assignment to the obligor and the obligor continues to render performance to the assignor,the assignee can sue the obligor.
A)True
B)False
Q3) A(n)________ refers to a condition whose occurrence or nonoccurrence of a specific event automatically excuses the performance of an existing contractual duty to perform.
A)Condition precedent
B)Condition subsequent
C)Concurrent condition
D)Implied condition
Q4) An obligee who transfers the right to receive performance is called an assignor.
A)True
B)False
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Chapter 16: Remedies for Breach of Traditional and E-Contracts
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Sample Questions
Q1) How are compensatory damages awarded for construction contracts?
Q2) Which of the following terms refers to a nonbreaching party's legal duty to avoid or reduce damages caused by a breach of contract?
A)tender of performance
B)mitigation of damages
C)liquidation of damages
D)disclaimer of consequential damages
Q3) ________ is a term that denotes the return of goods or property received from the other party to undo a contract.
A)Rescission
B)Recession
C)Restitution
D)Retribution
Q4) The amount of compensatory damages that will be awarded for breach of contract depends on which party breached the contract.
A)True
B)False
Q5) Distinguish minor breach from material breach.
Q6) How are liquidated damages awarded?
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Chapter 17: Digital Law and E-Commerce
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Q1) Each website has a unique online address.
A)True
B)False
Q2) The Anticybersquatting Consumer Protection Act (ACPA)is a federal statute that makes online impersonation of another person,misrepresentation of another person,business,or organization using inappropriate words,images,or other media illegal.
A)True
B)False
Q3) Joan reads e-mails from Harold's personal e-mail folder.Which statute has Joan violated and why? Under what circumstances is she permitted to read Harold's e-mail?
Q4) A ________ refers to a party who is granted limited rights in or access to intellectual property or informational rights owned by another party.
A)lessor
B)lessee
C)licensee
D)licensor
Q5) What measures has Congress taken to regulate spam e-mail?
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) As per the Statute of Frauds provisions,all contracts for the sale of goods costing $500 or more must be in writing.
A)True
B)False
Q2) ________ is a rule that says that if a written contract is a complete and final statement of the parties' agreement,any prior or contemporaneous oral or written statements that alter,contradict,or are in addition to the terms of the written contract are inadmissible in court regarding a dispute over the contract.
A)Parol evidence rule
B)Firm offer rule
C)Open terms rule
D)Gap-filling rule
Q3) Under common law's mirror image rule,an offeree's acceptance must be on the same terms as the offer.
A)True
B)False
Q4) Article 5 of the UCC governs letter of credit.
A)True
B)False
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Chapter 19: Title to Goods and Risk of Loss
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Q1) Which of the following is a good faith purchaser?
A)a person who pays sufficient consideration for good to someone he honestly believes has good title
B)a person who buys stolen goods without being aware of it
C)a buyer who agrees to hold goods for a person until the delivery of the goods is made
D)a buyer to whom goods are delivered by a seller to sell on the seller's behalf
Q2) Steve brings his watch to Knell Watches to be repaired.Knell Watches sells and repairs watches.Steve entrusts his watch at Knell's until it is repaired.The watch store repairs the watch,but then sells it to Kevin,who buys the watch with a fraudulent check that bounced.Kevin then resells the watch to his friend Jonathan,who is unaware of the stolen nature of the watch.Who can legally claim ownership over the watch in court?
A)Jonathan
B)Steve
C)Knell Watches
D)Kevin
Q3) What is the method of identification of goods specified under UCC guidelines?
Q4) Explain in detail the risk of loss in lease contracts.
Q5) When is a buyer in breach of a sales contract?
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Chapter 20: Remedies for Breach of Sales and Lease Contracts
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Q1) A sales contract that requires the seller to send the goods to the buyer but not to a specifically named destination is known as a(n)________.
A)shipment contract
B)destination contract
C)option contract
D)consignment contract
Q2) Which of the following is a seller's remedy?
A)right to recover damages for nondelivery
B)right to dispose of goods
C)right to replevy goods
D)right to obtain specific performance
Q3) A person buying goods from the place where the goods are manufactured would be an example of ________ delivery.
A)noncarrier case
B)carrier case
C)shipment contract
D)destination contract
Q4) Explain how payments are made for contracts under the UCC?
Q5) What is the doctrine of unconscionability under the UCC?
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Chapter 21: Warranties
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Q1) Only written express warranties are valid.
A)True
B)False
Q2) What was the doctrine of caveat emptor in sales or lease contracts?
A)It was law balanced risk of loss between seller and buyer.
B)It was a law that stated the risk of loss was completely on the buyer.
C)It was a law that gave more protection to the buyer in a sales contract.
D)It was a law that stipulated the issue of warrants in sale or lease transactions.
Q3) In a shipment of containers of widgets,which of the following would be considered an implied warranty?
A)that the seller of the widgets has given an oral approval of the widgets in the containers
B)that the description of the uses of widgets is mentioned in the contract
C)that the widgets are of an even kind, quality, and quantity within each unit
D)that a sample of the widget was given to the buyer for inspection
Q4) An "as is" disclaimer implies that all implied warranties are disclaimed.
A)True
B)False
Q5) What is the difference between a full warranty and a limited warranty?
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Chapter 22: Creation of Negotiable Instruments
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Q1) Explain the requirement for a fixed amount in negotiable instruments?
Q2) In a draft transaction,the payee is called the acceptor of the draft.
A)True
B)False
Q3) A(n)________ is type of instrument that is payable to anyone in physical possession of the instrument and presents it for payment when it is due.
A)certificate of deposit
B)order instrument
C)bearer instrument
D)check
Q4) How does an authorized representative's signature work for negotiable instruments?
Q5) Security posted by a promissory note maker to the lender for repayment of money is known as collateral.
A)True
B)False
Q6) The financial institution upon which a check is written is the payee of a check.
A)True
B)False
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Chapter 23: Holder in Due Course and Transferability
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Q1) If a transferred negotiable instrument fails to qualify under Article 3 of the Uniform Commercial Code (UCC),it is known as a(n)________.
A)assignment
B)nonnegotiable contract
C)indorsement
D)restrictive indorsement
Q2) Which of the following is true of a special indorsement?
A)It is only considered valid if it includes words of negotiation.
B)It requires the signature of the indorser to be valid.
C)It can be negotiated just on delivery.
D)It is considered a bearer instrument.
Q3) Explain the requirement for a holder in due course (HD
C)under the Uniform Commercial Code (UC
C)that there be no evidence of forgery, alteration, or irregularity with respect to a negotiable instrument.
Q4) An instrument containing a qualified indorsement can be further negotiated.
A)True
B)False
Q5) What are qualified indorsements?
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Chapter 24: Liability, defenses, and Discharge
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Q1) What are forged negotiable instruments?
Q2) Martha draws a check payable to the order of Stella.Stella indorses the check to Karen.But Leslie steals the check from Karen,forges Karen's indorsement,and cashes the check at a liquor store.Who is liable on the check?
A)the liquor store
B)Martha
C)Stella
D)Leslie
Q3) Discharge of an instrument by payment can be raised against enforcement of a negotiable instrument by an ordinary holder.
A)True
B)False
Q4) The Federal Trade Commission (FTC)holder in due course (HDC)rule applies when a buyer ________.
A) signs a sales contract that includes a check
B) signs a sales contract that includes a promissory note
C) signs an installment sales contract that does not contain a waiver of defenses clause
D) arranges financing with a third-party lender
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Chapter 25: Banking System and Electronic Financial Transactions
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Q1) Francis Jeffers purchased a cashier's check in the amount of $5,000 from Northern Star Bank.The check was made payable to Kyle Naughton and was delivered to him.Twelve months later,the Northern Star Bank branch manager informed Jeffers that the cashier's check was still outstanding.Jeffers subsequently signed a form requesting that payment be stopped and a replacement check be issued.Northern Star Bank issued a replacement check to Jeffers.Eight months later,Naughton deposited the original cashier's check in his bank,which was paid by Northern Star Bank.Northern Star Bank requested that Jeffers repay the bank $5,000.When he refused,Northern Star Bank sued Jeffers to recover this amount and the court awarded Northern Star Bank damages amounting to $5,500.In which of the following circumstances,if true,would the court have ruled in Jeffers' favor?
A)Jeffers cashed the replacement check before Naughton had presented the original check at his bank.
B)Jeffers paid Naughton the $5,000 in cash after obtaining the replacement check from Northern Star Bank.
C)Jeffers indemnified Northern Star Bank for potential damages arising from the issue of the replacement check.
D)Jeffers renewed the stop-payment order on the original check at the end of six months.
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Chapter 26: Credit, mortgages, and Debtors Rights
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Q1) Who is the beneficiary in a deed of trust transaction?
A)the creditor
B)the debtor
C)the trustee
D)the trustor
Q2) Ashton borrows $25,000 from Amanda.Amanda lends the money to Ashton without taking an interest in collateral for the loan.Amanda is relying on Ashton's credit standing when she makes the loan.What kind of creditor is Amanda?
A)an unsecured creditor
B)a secured creditor
C)an administrative claim creditor
D)a post-petition creditor
Q3) The Fair and Accurate Credit Transactions Act (FACT
A)of 2003 permits credit reporting companies to place fraud alerts in their credit files.
A)True
B)False
Q4) The power of sale foreclosure is implied in mortgages and deeds of trust.
A)True
B)False
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Chapter 27: Secured Transactions
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Q1) Which of the following is considered intangible personal property?
A)vehicles
B)equipment
C)accessions
D)deposit accounts
Q2) Financing statements are effective for five years from the date of filing.
A)True
B)False
Q3) Perfection ________ is a situation where the creditor does not have to file a financing statement or take possession of the goods to perfect a security interest.
A)by possession of collateral
B)by attachment
C)by claim
D)without statement
Q4) A creditor who has the only secured interest in the debtor's collateral has priority over unsecured interests.
A)True
B)False
Q5) What is a secured transaction?
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Chapter 28: Bankruptcy and Reorganization
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Q1) ________ is a rehabilitation form of bankruptcy that permits bankruptcy courts to supervise the debtor's plan for the payment of unpaid debts in installments over the plan period.
A)Chapter 7
B)Chapter 13
C)Chapter 11
D)Chapter 12
Q2) Which of the following would be part of the bankruptcy estate of a debtor?
A)interest in jewelry worth $1,000
B)unmatured life insurance policy owned by the debtor
C)interests in wrongful death benefits
D)interest of $3,500 in a motor vehicle
Q3) The bankruptcy judge cannot attend the first meeting of the creditors.
A)True
B)False
Q4) A(n)________ provides for the reduction of a debtor's debts.
A)extension
B)liquidation
C)limitation
D)composition
Page 30
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Chapter 29: Agency Formation and Termination
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Q1) Only a lawyer can become an attorney-in-fact.
A)True
B)False
Q2) 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.Which of the following types of agency existed between Marlon and Nita?
A)apparent agency
B)agency by ratification
C)implied agency
D)express agency
Q3) A special power of attorney empowers the agent to act in any matters on the principal's behalf without limitation.
A)True
B)False
Q4) What is an agent's duty to account?
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Chapter 30: Liability of Principals, agents, and Independent Contractors
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Q1) Principals are liable for negligence caused by an agent during a substantial frolic and detour.
A)True
B)False
Q2) Which of the following is an instance of misuse of confidential information?
A)An agent gives the seller the principal's name and phone number in a fully disclosed transaction.
B)A principal gives the contact details of an agent to a third-party without the agent's knowledge.
C)An agent withholds critical information from the principal about the agency.
D)An agent divulges private details of his past employer to his principal.
Q3) The principal is liable for all torts of independent contractors.
A)True
B)False
Q4) 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
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) ________ is an insurance that employers obtain and purchase from private insurance companies or from government-sponsored programs.
A)Employee insurance
B)Relief fund insurance
C)Provident fund insurance
D)Workers' compensation insurance
Q2) The Fair Labor Standards Act applies to ________.
A)employees in government organizations
B)employees earning less than minimum wages
C)employees engaged in the production of goods for interstate commerce
D)self-employed US citizens
E)A, B, and C
Q3) Vesting occurs when an employee has a non-forfeitable right to receive pension benefits.
A)True
B)False
Q4) Outline the minimum wage requirement established by the Fair Labor Standards Act.How are wages calculated for a tipped employee?
Q5) How is Social Security awarded in the U.S.?
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Chapter 32: Labor Law
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Q1) The Labor Management Reporting and Disclosure Act,enacted in 1950,gives employers the right to engage in free-speech efforts against unions prior to a union election.
A)True
B)False
Q2) Which of the following acts regulates internal union affairs and establishes the rights of union members?
A)Landrum-Griffin Act
B)Gompers-Lewis Act
C)Taft-Hartley Act
D)Wagner Act
Q3) The right to picket is implied from the ________.
A)National Labor Relations Act
B)Norris-LaGuardia Act
C)Labor Management Relations Act
D)Labor Management Reporting and Disclosure Act
Q4) How does the Landrum-Griffin Act regulate the internal affairs of unions? Can unions discipline their members? Elaborate.
Q5) Briefly outline and explain the process of collective bargaining.
Q6) Distinguish between strikes and picketing.When is picketing lawful?
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Chapter 33: Equal Opportunity in Employment
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Q1) Using a sexually explicit picture or screensaver to mock an employee constitutes
A)sex discrimination
B)quid pro quo sex discrimination
C)sexual harassment
D)emotional abuse
Q2) The jurisdiction of the Equal Employment Opportunity Commission (EEOC)is restricted to investigating charges of discrimination based on sex.
A)True
B)False
Q3) 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
Q4) The Bona Fide Occupational Qualification Agency (BFOQA)is the federal administrative agency that is responsible for enforcing most federal antidiscrimination laws.
A)True
B)False
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Chapter 34: Small Business, entrepreneurship, and General Partnerships
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Q1) The Revised Uniform Partnership Act is a federal statute that holds in all states.
A)True
B)False
Q2) An entrepreneur is a person who forms and operates a business.
A)True
B)False
Q3) Receipt of a share of business profits is prima facie evidence of a general partnership.
A)True
B)False
Q4) All general partners have an equal right to participate in the management of the general partnership business unless otherwise specified in the general partnership agreement.
A)True
B)False
Q5) Explain how a sole proprietorship is taxed.
Q6) How are assets distributed after the dissolution of a general partnership?
Q8) Briefly explain the formation of a general partnership. Page 36
Q7) Explain,with an example,the duty of care owed by a general partner.
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Chapter 35: Limited Partnerships and Special Partnerships
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Q1) Which of the following happens when a general partner withdraws from a limited partnership?
A)The partnership must be sold.
B)The partnership is transferred.
C)The partnership is dissolved.
D)The partnership operates normally.
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) Upon dissolution,a limited partnership's affairs must be wound up by partners who have acted wrongfully in actions that resulted in the dissolution.
A)True
B)False
Q4) Partners in a limited partnership who invest capital and manage the business are called general partners.
A)True
B)False
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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) Which of the following shares have the right to vote?
A)unissued shares
B)treasury shares
C)outstanding shares
D)liquidated shares
Q3) ________ is a type of equity security that represents the value of a corporation.
A)Common stock
B)Preferred stock
C)Cumulative preferred stock
D)Participating preferred stock
Q4) Explain how articles of incorporations may be amended.
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Chapter 37: Corporate Governance and the Sarbanes-Oxley Act
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Q1) The duty of loyalty requires directors and officers to subordinate their personal interests to those of the corporation and its shareholders.
A)True
B)False
Q2) Derrick has 2,000 shares of Unistone Corporation,which is planning to vote for two new directors.Through a special voting provision in the corporation's articles of incorporation,Derrick was able to vote for both his preferred candidates with 2,000 shares,which gave him a virtual voting count of 4,000 shares.What voting rule in the articles of incorporation allows Derrick to achieve this?
A)supramajority voting
B)noncumulative voting
C)cumulative voting
D)preemptive voting
Q3) A system in which each shareholder votes the number of shares he or she owns on candidates for each of the positions open is known as cumulative voting.
A)True
B)False
Q4) Explain the term of office for members of a corporate board of directors.
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Chapter 38: Corporate Acquisitions and Multinational Corporations
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Q1) The approval of the surviving corporation's shareholders is not required if the merger or share exchange increases the number of voting shares of the surviving corporation by 20 percent or less.
A)True
B)False
Q2) Which of the following best defines a merged corporation?
A)a corporation that is absorbed in the merger and ceases to exist after the merger
B)a corporation that is absorbed in the merger and continues to exist after the merger
C)a corporation that is not absorbed in the merger but acquired stake in the surviving corporation
D)a corporation that is not absorbed in the merger but is owned by a parent company
Q3) Antitakeover statutes are model acts and do not become laws until a state legislature adopts them.
A)True
B)False
Q4) Distinguish between a merger and a share exchange.
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Chapter 39: Limited Liability Companies and Limited Liability Partnerships
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Q1) The duty of care for managers and members includes the duty not to usurp the LLC's (limited liability company's)opportunities.
A)True
B)False
Q2) An LLC (limited liability company)is not liable for injury caused by an LLC member while acting within the ordinary course of business of the LLC.
A)True
B)False
Q3) Distinguish between a member-managed and a manager-managed LLC (limited liability company).Mention the exceptional actions that cannot be delegated to managers.
Q4) The ________ is a model act that provides comprehensive and uniform laws for the formation,operation,and dissolution of LLCs (limited liability companies).
A)Williams Act
B)Securities Exchange Act
C)Uniform Limited Liability Company Act
D)Uniform Limited Partnership Act
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) My-Wear Inc.is an apparel retailer based in San Francisco.It operates through a franchise named KL Apparels in Santa Clara.After about six years of operation,My-Wear Inc.cancelled the franchise with KL Apparels without any notification.The franchise period specified in the contract had not expired and the franchisee had met all standards stated by the franchisor.This constitutes a ________.
A)termination at will
B)termination for cause
C)contractual termination
D)suspension by franchisor
Q2) Which of the following closely resembles a joint venture?
A)a conglomerate
B)a merged company
C)a franchise
D)a partnership
Q3) Which of the following is true of a joint venture?
A)The parties to a joint venture are considered limited partners.
B)Both parties to a joint venture have equal rights to manage the venture.
C)A joint venture is a partnership that lasts for multiple projects.
D)Parties to a joint venture are exempt from fiduciary duties to each other.
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) Only an established company is permitted to sell new securities to the public.
A)True
B)False
Q2) Which of the following is true of Section 11 of the Securities Act of 1933?
A)It permits injured private parties to bring criminal action against fraudulent registration statements filed by issuers.
B)It imposes liability on those who are negligent in not discovering the fraud.
C)It allows an issuer to assert a due diligence defense against the imposition of Section 11 liability.
D)It cannot be imposed on cases involving negligent omission of a material fact in a registration statement.
Q3) The ________ is a federal statute that permits the SEC to obtain a civil penalty of up to three times the illegal benefits received from insider trading.
A)Securities Act
B)Securities Exchange Act
C)Insider Trading Sanctions Act
D)SEC Rule 506
Q4) What is insider trading? How is it regulated in the United States?
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Chapter 42: Ethics and Social Responsibility of Business
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Q1) The ________ Act,enacted by Congress in 2002,requires public companies to adopt codes of ethics and establishes criminal penalties for companies that partake in violations.
A)Glass-Steagall
B)Sarbanes-Oxley
C)False Claims
D)Business Norms
Q2) Kantian ethics is also referred to as ________ ethics.
A)relativistic
B)utilitarian
C)duty
D)nihilistic
Q3) Which of the following statements describes the moral theory of utilitarianism?
A)People must choose the action or follow the rule that provides the greatest good to society.
B)People must follow actions that are in accordance with a specific ethical rule or principle from a religious text.
C)People must choose to follow actions of a virtuous person.
D)People must follow actions based on moral duties imparted by one's community.
Q4) What is ethical relativism?
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Chapter 43: Administrative Law and Regulatory Agencies
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Q1) Independent federal administrative agencies are federal agencies responsible for enforcing specific administrative statutes enacted by Congress.
A)True
B)False
Q2) Which of the following is true of an administrative law judge (ALJ)?
A)An ALJ's decision is issued in the form of state statutes.
B)An ALJ's decision is final with no appeal.
C)An ALJ is the presider of administrative proceedings.
D)An ALJ is not considered as an employee of an administrative agency.
Q3) A federal administrative agency that proposes to adopt a substantive rule must give interested persons an opportunity to participate in the rule-making process.
A)True
B)False
Q4) State administrative agencies are created by the legislative branch of the federal government.
A)True
B)False
Q5) How is the general public protected from harassment by administrative agencies?
Q6) 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) Describe the Food,Drug,and Cosmetic Act.
Q2) Which of the following is true of the Do-Not-Call Registry for consumers?
A)The registration is valid for the lifetime of the customer who opted for it.
B)Telemarketers have three days to remove the customer's name upon registry.
C)Charitable and political organizations are exempted from the registry.
D)Customers cannot choose the companies that they do not wish to receive calls from.
Q3) The Do-Not-Call Registry allows consumers to designate specific companies not to call them.
A)True
B)False
Q4) Section 5 of the Federal Trade Commission (FTC)Act can be used to prohibit unfair and deceptive business practices.
A)True
B)False
Q5) Statements of opinion and sales talk do not constitute false and deceptive advertising.
A)True
B)False
Q6) 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 pollutant standards under the national ambient air quality standards (NAAQS)are set in two levels.
A)True
B)False
Q2) The Clear Water Act authorizes the Environmental Protection Agency (EPA)to establish national primary drinking water standards.
A)True
B)False
Q3) The EPA (Environmental Protection Agency)administers the NEPA (National Environmental Policy Act)and has the authority to adopt regulations for the enforcement of the act.
A)True
B)False
Q4) The federal government is primarily responsible for the implementation of the Clear Water Act in all states.
A)True
B)False
Q5) Explain the nature and enforcement of the national ambient air quality standards (NAAQS).
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Chapter 46: Antitrust Law and Unfair Trade Practices
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Q1) The FTC Act can be used to recover treble damages.
A)True
B)False
Q2) Which of the following is true of the per se rule in restraint of trade?
A)fails to permit any defenses and justifications to save the restraint of trade
B)applies only to restraints that are found to be unreasonable with certain evidentiary standards being met
C)applies to restraints that are based primarily on the firm's market share and power
D)requires a balancing of the positive and negative effects of the challenged restraint
Q3) The antitrust laws were enacted to promote anticompetitive behavior in commerce and industry.
A)True
B)False
Q4) Predatory pricing has been held to violate Section 2 of the Sherman Act.
A)True
B)False
Q5) What are the three statutory defenses under the Robinson-Patman Act for price discrimination?
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Chapter 47: Personal Property, real Property, and Insurance
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Q1) Which of the following is considered real property?
A)a plantation
B)a car
C)a piece of furniture
D)a copyrighted song
Q2) A gift is a voluntary transfer of property without payment of consideration by the donee.
A)True
B)False
Q3) Which of the following is true about real property?
A)Real property refers to personal property permanently attached to a land.
B)Real property can be either tangible or intangible property.
C)Real property cannot become personal property under any circumstance.
D)Real property includes land and property permanently attached to it.
Q4) Personal property that is permanently affixed to land or buildings is called a(n)________.
A)chattel
B)fixture
C)attachment
D)lien
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Chapter 48: Real Property
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Q1) The doctrine of adverse possession requires the delivery of deed for transfer of property to be valid.
A)True
B)False
Q2) A given or required right to make limited use of someone else's land without owning or leasing it is called a(n)________.
A)zoning ordinance
B)title insurance
C)easement
D)abstract of title
Q3) In the context of a tax sale,many states provide a period of ________ after a tax sale during which the taxpayer can reclaim the property by paying the unpaid taxes and penalties.
A)stipulation
B)consideration
C)redemption
D)exemption
Q4) What is an easement and how is it created?
Q5) Give an account of zoning.What are nonconforming uses?
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Chapter 49: Landlord-Tenant Law and Land Use Regulation
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Q1) A tenancy created when a landlord and a tenant agree on a specific duration for the lease is known as a ________.
A)tenancy for years
B)periodic tenancy
C)tenancy by the entirety
D)tenancy at sufferance
Q2) 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
Q3) Unlawful eviction occurs when a tenant's right to quiet enjoyment is violated. A)True
B)False
Q4) Any lease for a stated period,irrespective of its duration,is called periodic tenancy. A)True
B)False
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Chapter 50: Insurance
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Q1) Which of the following statements is true of a personal articles floater?
A)The insured can insure specific body parts using this policy.
B)The coverage includes insurance of intangible properties.
C)The coverage does not include loss or damage caused during travel.
D)The insurance company will charge an increased premium based on the articles insured.
Q2) An insured can cover his automobile under both collision insurance and comprehensive insurance simultaneously.
A)True
B)False
Q3) A buy-sell agreement made using proceeds from a key-life insurance is not considered valid.
A)True
B)False
Q4) An insurer will issue an umbrella policy only if a stipulated minimum amount of basic coverage on other insurance policies has been purchased by the insured.
A)True
B)False
Q5) What are the duties of an insured and insurer?
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Chapter 51: Accountants Duties and Liability
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Q1) A formal entrance into a contract between a client and an accountant is called abatement.
A)True
B)False
Q2) Registered accounting firms that audit more than 100 public companies annually are subject to inspection and review by the Public Company Accounting Oversight Board (PCAOB)once a year.
A)True
B)False
Q3) ________ is a state law that provides that an accountant's work papers cannot be used against a client in a court action.
A)Work product immunity
B)Accountant-client privilege
C)Foreseeability standard
D)Noerr Doctrine
Q4) The Securities Exchange Commission (SEC)has oversight and enforcement authority over the Public Company Accounting Oversight Board (PCAOB).
A)True B)False
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Chapter 52: Wills, trusts, and Estates
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Q1) What is intestate succession?
Q2) Give an account of the funding and operation of a living trust.
Q3) An oral will that is made before a witness during the testator's last illness is defined as a ________.
A)holographic will
B)nuncupative will
C)living will
D)joint will
Q4) Which of the following statements is true of a testator's signature on a will?
A)The testator's signature must be obtained in the presence of the sole beneficiary as the principal witness.
B)The will need not be signed by the testator if it is already attested by witnesses.
C)The use of nicknames and honorary titles while signing a will render it unenforceable and invalid.
D)The testator's signature must appear at the end of the will to prevent chances of any fraud.
Q5) What are the requirements of the Statute of Wills?
Q6) Who are the beneficiaries of a trust?
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Chapter 53: Family Law
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Q1) What kind of divorce would Sally seek to best represent her state?
A)emancipation
B)annulment
C)at-fault divorce
D)no-fault divorce
Q2) One of the parties being intoxicated at the time of marriage is a ground for a legal annulment.
A)True
B)False
Q3) What financial recourse can Sally,who is now self-sufficient,claim from Colton?
A)annulment
B)child support
C)permanent alimony
D)rehabilitation alimony
Q4) How is the division of debts conducted after a divorce?
Q5) The length of time the parties live together is sufficient to establish a common law marriage.
A)True
B)False
Q6) How is child custody after a divorce dealt in the United States?
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Chapter 54: International and World Trade Law
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Q1) What is the role of the WTO dispute settlement body?
A)to hear appeals on decisions made on a dispute
B)to create panel reports on the findings of the dispute
C)to hear the dispute from the plaintiff
D)to review panel reports and adopt them if necessary
Q2) Which of the following is true of the Islamic law of Shari'a?
A)The Shari'a disallows making a reasonable profit from the sale of goods and services.
B)All Islamic countries strictly follow the Shari'a to govern all aspects of life.
C)The Shari'a encourages riba through the strict payment and collection of interest on loans within stipulated periods of time.
D)The Shari'a is primarily used in the areas of marriage; divorce; inheritance; and, to a limited degree, criminal law.
Q3) The classical Hindu law was based on ________.
A)civil codes
B)court decisions
C)the works of private scholars
D)the canons called Torahs
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