Contracts and Sales Law Test Preparation
Course Introduction
Contracts and Sales Law is an essential course that explores the foundational principles governing the formation, performance, and enforcement of legally binding agreements and the sale of goods. Students will study the elements required for contract creation, including offer, acceptance, consideration, and the defenses to contract enforcement. The course also covers remedies for breach, third-party rights, and the nuances of contract interpretation. In the context of sales law, particular emphasis is placed on the Uniform Commercial Code (UCC), addressing topics such as contract formation for the sale of goods, warranties, risk of loss, and remedies available to buyers and sellers. Throughout the course, students will apply key doctrines to hypothetical and real-world scenarios, preparing them for practical legal problem-solving and analysis.
Recommended Textbook
Business law 9th Edition by Henry Cheeseman
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4463 Verified Questions
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Page 2
Chapter 1: Legal Environment of Business and Online Commerce
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Sample Questions
Q1) ________ 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
Q2) From the following,identify an example of codified law in the United States?
A)judicial rulings
B)federal statutes
C)treaties
D)executive orders
Answer: B
Q3) The Law and Economics School of jurisprudential thought believes that promoting market efficiency should be the central goal of legal decision making.
A)True
B)False
Answer: True
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Chapter 2: Courts and Jurisdiction
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Sample Questions
Q1) Appeals from the Court of International Trade are heard by the U.S.Court of Appeals for the Federal Circuit.
A)True
B)False
Answer: True
Q2) Decisions of the ________ are final unless a question of law is involved that is appealable to the U.S.Supreme Court.
A)courts of appeals
B)courts of records
C)highest state courts
D)general-jurisdiction trial courts
Answer: C
Q3) In general-jurisdiction trial courts,the testimony and evidence at trial are recorded and stored for future reference.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Judicial, alternative, and Online Dispute Resolution
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Sample Questions
Q1) A pretrial hearing is also known as a settlement conference.
A)True
B)False
Answer: True
Q2) ________ refers to the document a plaintiff files with the court that serves on the defendant to initiate a lawsuit.
A)Complaint
B)Order
C)Appeal
D)Rejoinder
Answer: A
Q3) Which of the following statements is true about appellate courts?
A)Appellate courts cannot reverse a finding of fact made by the jury.
B)Appellate courts cannot reverse a finding of fact made by the judge.
C)Appellate courts permit brief oral arguments between attorneys.
D)An appellate court cannot reverse a decision of a lower court.
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 ________ was a document that restricted the newly created U.S.federal government from levying and collecting taxes,regulating commerce with foreign countries,and regulating interstate commerce.
A)U.S. Constitution
B)Declaration of Independence
C)Bill of Rights
D)Articles of Confederation
Q2) The ________ Clause in the Constitution collectively prohibits states from enacting laws that unduly discriminate in favor of their residents.
A)Due Process
B)Equal Protection
C)Establishment
D)Privileges and Immunities
Q3) How is power divided between the federal government and the state governments?
Q4) The U.S.government can gag citizens from criticizing the President.
A)True
B)False
Q5) How is the federal government divided? Why are checks and balances necessary? Explain with instances.
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Chapter 5: Intentional Torts and Negligence
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Sample Questions
Q1) A bystander who suffers severe emotional distress on witnessing a heinous crime can claim damages for intentional infliction of emotional distress.
A)True
B)False
Q2) The obligation people owe each other not to cause any unreasonable harm or risk of harm is termed as ________.
A)libel
B)res ipsa loquitur
C)the Good Samaritan law
D)duty of care
Q3) Res ipsa loquitur switches the burden to the plaintiff to prove that the defendant was negligent.
A)True
B)False
Q4) Under the ________ doctrine,damages are apportioned according to fault.
A)contributory negligence
B)comparative fault
C)proximate cause
D)assumption of risk
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Chapter 6: Product and Strict Liability
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Sample Questions
Q1) Under the doctrine of comparative negligence,if the defendant is 50 percent responsible for injuries worth $10,000 suffered by the plaintiff,then the defendant must pay $5,000 in damages.
A)True
B)False
Q2) ________ is a defect that occurs when a manufacturer does not provide detailed directions for safe assembly and use of a product.
A)Failure to warn
B)Failure to provide adequate instructions
C)Defect in manufacture
D)Defect in design
Q3) A defendant who has not been negligent but is made to pay a strict liability judgment can bring a separate action against the negligent party in the chain of distribution to recover his losses.
A)True
B)False
Q4) A tamperproof seal on a product is considered as a defect in packaging.
A)True
B)False
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Chapter 7: Intellectual Property and Cyber Piracy
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Sample Questions
Q1) A party has to be a member of an organization to use a certification mark.
A)True
B)False
Q2) Intellectual property falls into a category of property known as intangible rights.
A)True
B)False
Q3) The trademark symbol "SM" is used to indicate a mark associated with a product.
A)True
B)False
Q4) How is a copyright different from a patent?
A)Copyrights are applied for inventions, while a patent is applied for tangible writings.
B)Patents have a limited term period, while copyrights carry lifelong terms.
C)Patents fall under the federal law, while copyrights fall under state law.
D)Copyrights should be novel and useful, while patents need not be so.
Q5) Copyrights owned by businesses are protected for 95 years from the year of first publication.
A)True
B)False
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Chapter 8: Criminal Law and Cyber Crime
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Sample Questions
Q1) The exclusionary rule allows for evidence obtained from an unreasonable search and seizure to be introduced in trial.
A)True
B)False
Q2) Extortion of public officials is called extortion under color of official right.
A)True
B)False
Q3) ________ 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
Q4) An indictment is a charge of guilt against the defendant.
A)True
B)False
Q5) Crimes committed by businesspersons are referred to as blue-collar crimes.
A)True
B)False
Q6) Explain the role of penal codes and regulatory statutes in criminal law.
Page 10
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Chapter 9: Nature of Traditional and E-Contracts
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Sample Questions
Q1) Which of the following is true of the equity doctrine?
A)Equity is resorted to when an award of money damages would not be the proper remedy.
B)In an action in equity, a jury decides the equitable issue.
C)An equitable action could be tried with a judge or a jury.
D)The doctrine of equity cannot be applied in contract cases.
Q2) A letter of credit is considered an informal contract as it does not have a special method of creation.
A)True
B)False
Q3) A contract is bilateral contract if the offeror's promise is answered with the offeree's promise of acceptance.
A)True
B)False
Q4) An act of performance is necessary to create a bilateral contract.
A)True
B)False
Q5) Express contract can be stated orally.
A)True
B)False
11
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Chapter 10: Agreement
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Sample Questions
Q1) Which of the following is a difference between acceptance and revocation?
A)Revocation is valid only if the offeree receives it, while an offeree's acceptance is valid when dispatched.
B)Revocation can be done by the offeror or offeree, while an acceptance can only be done by the offeree.
C)An acceptance must be received by the offeror to be valid, while a revocation need not be received by the offeree.
D)A revocation can be made after acceptance, while an acceptance cannot be made after revocation.
Q2) A rejection of an offer is not effective until it is actually received by the offeror. A)True
B)False
Q3) An offer is terminated on the grounds of "lapse of time" if ________.
A)the offeror dies before the offeree has accepted the offer
B)the offer is not communicated to the offeree
C)the offeror has communicated to the offeree a set time which is not mentioned in the offer
D)the offer is not accepted within a stated time period
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Chapter 11: Consideration and Promissory Estoppel
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Sample Questions
Q1) Which of the following is supported by consideration?
A)written contract
B)gift promise
C)illusory promise
D)preexisting duty
Q2) An out-of-court settlement in exchange for dropping a lawsuit is an example of consideration.
A)True
B)False
Q3) Imposition of the best-efforts duty provides sufficient consideration to make a contract enforceable.
A)True
B)False
Q4) Promissory estoppels can be invoked for cases that include consideration.
A)True
B)False
Q5) Contracts falling under past consideration are unenforceable.
A)True
B)False
Q6) What is contract consideration?
Page 13
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Chapter 12: Capacity and Legality
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Sample Questions
Q1) The state of Transas has set a maximum interest rate of 12 percent on loans.Matt borrows $10,000 from Tony to pay off a gambling debt.Both are residents of Transas.They sign a contract,which states that Matt would have to pay $1,500 as interest in one year to pay off the loan.Later,Matt gets to know about the state usury limit and sues Tony.What is the nature of the contract between Matt and Tony?
A)It is illegal as it violates gambling statutes.
B)It is legal as both parties were competent when the contract was signed.
C)The contract is void as it violates usury laws.
D)The contract is void as it is a contract to commit a crime.
Q2) ________ is the act of a minor after he or she has reached the age of majority,by which he or she accepts a contract entered into when he or she was a minor.
A)Exculpation
B)Restitution
C)Ratification
D)Emancipation
Q3) At common law,parties to an illegal contract were considered in equal fault.
A)True
B)False
Q4) What are licensing statutes?
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Chapter 13: Genuineness of Assent and Undue Influence
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Sample Questions
Q1) If an innocent misrepresentation has been made,the aggrieved party may sue for damages.
A)True
B)False
Q2) Which of the following is true of undue influence in entering contracts?
A)Undue influence need not require the overcoming of the innocent party's free will.
B)Undue influence is not grounds for prosecution, as the innocent party has complete freedom to evaluate the terms of the contract.
C)A contract that is entered into because of undue influence is not voidable.
D)A fiduciary or confidential relationship must have existed between the parties for undue influence to be proven.
Q3) During the sale of a house,if the seller does not inform the buyer about construction flaws of the house despite the buyer's enquiry,the seller is liable for fraud by concealment.
A)True
B)False
Q4) Explain fraud in the inducement with an example.
Q5) What should be shown to prove fraud?
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Chapter 14: Statute of Frauds and Equitable Exceptions
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Sample Questions
Q1) If a modification of the lease contract increases the lease payment to $1,000 or more,the modification has to be in writing to be enforceable.
A)True
B)False
Q2) Ida moves to New York from Poland and wants to live in an apartment.However,she does not have sufficient money to buy one.Her colleague Henry said Ida can live in his old apartment for a year,if she pays him $25,000.This contract would be considered a(n)________.
A)lease
B)mortgage
C)installment
D)easement
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) Explain the creation and working of guaranty contracts.
Q5) 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) The promisee is the contracting party who agrees to confer performance for the benefit of the third person.
A)True
B)False
Q2) The American rule provides that the first assignment in time prevails,regardless of notice.
A)True
B)False
Q3) Where there is a valid delegation of duties but the delegatee has not assumed the duties under a contract,the delegation is called a(n)________.
A)condition precedent
B)declaration of duties
C)express condition
D)discharge
Q4) A party who owes a duty of performance under a contract is called the ________.
A)obligor
B)assignor
C)assignee
D)obligee
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Chapter 16: Remedies for Breach of Traditional and E-Contracts
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Sample Questions
Q1) A ________ is an order of the court that orders that wages,bank accounts,or other property of the breaching party held by third persons be paid to the nonbreaching party to satisfy a judgment.
A)writ of attachment
B)writ of garnishment
C)specific performance
D)liquidation of damages
Q2) ________ occurs when one contracting party informs the other that he or she will not perform his or her contractual duties when due.
A)Restitution
B)Rescission
C)Anticipatory repudiation
D)Material breach
Q3) Specific performance is not awarded in contracts for the sale of land.
A)True
B)False
Q4) Consequential damages are unforeseeable damages.
A)True
B)False
18
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Chapter 17: Digital Law and E-Commerce
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Sample Questions
Q1) Registering a domain name of another party's trademarked name or famous person's name in bad faith is called cybersquatting.
A)True
B)False
Q2) What does the E-SIGN Act provide?
A)Electronically signed contracts cannot be denied effect because they are in electronic form.
B)Electronic records can be sent to consumers who make purchases, without their specific consent to receiving the record.
C)It defines which technologies should be used to create a legally binding signature in cyberspace.
D)Only smart card verification creates a legally binding signature in cyberspace.
Q3) A(n)________ uniquely identifies an individual's or company's website.
A)e-signature
B)digital footprint
C)e-mail address
D)domain name
Q4) What measures has Congress taken to regulate spam e-mail?
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19
Chapter 18: Formation of Sales and Lease Contracts
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Sample Questions
Q1) The UCC does not allow for open terms to be read into a sales or lease contract.
A)True
B)False
Q2) The firm offer rule allows the offeror to revoke an offer at any point of time prior to its acceptance.
A)True
B)False
Q3) Article 2 of the Uniform Commercial Code (UC C)is also applied by federal courts to sales contracts governed by federal law.
A)True
B)False
Q4) The ________ is a model act passed in 1949 that includes comprehensive laws that cover most aspects of commercial transactions.
A)Gramm-Leach Bliley Act
B)Social Security Amendment
C)Uniform Sales Act
D)Uniform Commercial Code
Q5) A contract is created only when the offeror receives the offeree's acceptance.
A)True
B)False
20
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Chapter 19: Title to Goods and Risk of Loss
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Sample Questions
Q1) A seller has voidable title interest to goods if he or she obtained the goods through fraud.
A)True
B)False
Q2) The real owner cannot reclaim goods from a good faith purchaser.
A)True
B)False
Q3) In the case of an ordinary lease,if the lessor is a merchant,the risk of loss remains with the lessor even after the lessee receives the goods.
A)True
B)False
Q4) A title for goods obtained by a seller through fraud,impersonation,or a dishonored check is referred to as a(n)________.
A)unenforceable title
B)voidable title
C)conditional title
D)unequivocal title
Q5) Explain in detail the risk of loss in lease contracts.
Q6) When is a buyer in breach of a sales contract?
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Chapter 20: Remedies for Breach of Sales and Lease Contracts
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Sample Questions
Q1) In which of the following does a seller have the right to stop delivery of goods in transit regardless of the size of the shipment?
A)the buyer repudiates the contract
B)the buyer has payments due
C)the seller learns of the buyer's insolvency
D)the seller has been ordered for specific performance
Q2) Which of the following is a ground for revoking an acceptance?
A)if the seller makes a timely cure of nonconforming goods
B)if the goods are accepted after the nonconformity is discovered
C)if the buyer has accepted only one commercial unit from the entire unit
D)if the nonconformity substantially impairs the value of the goods to the buyer
Q3) The right of a seller or lessor to refuse to send goods to a buyer or lessee upon breach of a sales or lease contract by the buyer or lessee or the insolvency of the buyer or lessee is known as the ________.
A)right to recover purchase rent
B)right to reclaim goods
C)right to withhold delivery
D)right to dispose of goods
Q4) What is the doctrine of unconscionability under the UCC?
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Chapter 21: Warranties
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Sample Questions
Q1) A ________ is a seller's or lessor's express or implied assurance to a buyer or lessee that the goods sold or leased meet certain quality standards.
A)bond
B)caveat emptor
C)warranty
D)collateral
Q2) Mark goes to Tony's Lumber Yard to buy some lumber to build a new roof for his cabin.Mark tells Tony,the lumber yard owner,to provide him an exact type of wood that can resist the wood decay caused due to the damp environment around the cabin.Mark buys the lumber after Tony assures him that the wood is exactly what Mark is looking for.But then the dampness affects the wood and it caves in.Which of the following warranties has Tony explicitly breached by not providing Mark the lumber he needed?
A)express warranty
B)statement of opinion
C)implied warranty of fitness for human consumption
D)implied warranty of fitness for a particular purpose
Q3) Thoroughly and completely explain express warranties.
Q4) Explain the different types of warranty disclaimers.
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Page 23
Chapter 22: Creation of Negotiable Instruments
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Sample Questions
Q1) Promises to pay and orders to pay must be unconditional in order to be negotiable.
A)True
B)False
Q2) Which of the following is true of a bearer paper?
A)It will mention a specific person as payee.
B)It will not specify a payee.
C)It will contain the term "payable to the order of."
D)It will contain an additional undertaking besides the payment of money.
Q3) Article 3 of the Uniform Commercial Code (UCC)governs the use of negotiable instruments.
A)True
B)False
Q4) A clause in an instrument that allows the date of maturity of the instrument to be prolonged to sometime in the future is referred to as the ________.
A)forestallment clause
B)acceleration clause
C)prepayment clause
D)extension clause
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24
Chapter 23: Holder in Due Course and Transferability
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Q1) Which of the following is true of an unqualified indorsement?
A)It does not limit or disclaim liability.
B)It obligates the indorser to pay for the instrument.
C)It guarantees payment of the instrument if the maker defaults.
D)It protects subsequent indorsees from liability.
Q2) Indorsements are required to negotiate bearer papers.
A)True
B)False
Q3) An indorsee who accepts a defective instrument qualifies as a holder in due course.
A)True
B)False
Q4) A holder in due course is subject to all the claims and defenses that can be asserted against the transferor.
A)True
B)False
Q5) A qualified indorsement protects subsequent indorsers from liability.
A)True
B)False
Q6) What are qualified indorsements?
25
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Chapter 24: Liability, defenses, and Discharge
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Q1) Those who are secondarily liable on negotiable instruments they endorse are known as ________.
A)unqualified indorsers
B)qualified indorsers
C)accommodation parties
D)agents
Q2) An agent is only liable on the instrument that he or she signs in if it clearly mentions the principal.
A)True
B)False
Q3) Lolek,who owes Stanislaw money,indorses a draft to him with the term "without recourse." The instrument later is dishonored.Which of the following types of indorsers is Lolek?
A)a holder
B)an agent
C)an unqualified indorser
D)a qualified indorser
Q4) A person represented by a representative agent is known as the principal.
A)True
B)False
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Chapter 25: Banking System and Electronic Financial Transactions
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Q1) The bank where the payee or holder of a check has an account is known as the
A)payer bank
B)depository bank
C)intermediary bank
D)private bank
Q2) The Uniform Commercial Code places the risk of loss of an incomplete item on the drawee.
A)True
B)False
Q3) A check that has been outstanding for more than ________ is considered stale.
A)six months
B)one year
C)three months
D)nine months
Q4) If the drawer and the payee of a check have accounts at the same bank,the check is called an "on them" item when it is presented for payment by the payee.
A)True
B)False
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Chapter 26: Credit, mortgages, and Debtors Rights
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Q1) Roundwell Motors purchases a manufacturing plant for $15 million,pays $5 million in cash as down payment,and borrows the remaining $10 million from Home Providence Bank.To secure the loan,Roundwell gives the plant as collateral to Home Providence Bank.What kind of collateral arrangement is in place between Roundwell Motors and Home Providence Bank?
A)a mortgage
B)a garnishment
C)a land sales contract
D)an accommodation
Q2) Which of the following is true of the right of redemption for mortgages?
A)The mortgagor has to pay the full amount of the debt incurred by the mortgagee.
B)The title of possession is passed on to the mortgagee upon completion of redemption.
C)The mortgagee is allowed to pay back partial interest until the statutory period of redemption.
D)The right to redemption is enacted after the foreclosure is complete.
Q3) A deed of trust is a two-party instrument.
A)True
B)False
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Chapter 27: Secured Transactions
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Questions
Q1) A two-party secured transaction occurs when a seller sells goods to a buyer on credit and retains a security interest in the goods.
A)True
B)False
Q2) To be valid,a security agreement must set forth the creditor's rights on the debtor's default.
A)True
B)False
Q3) Distinguish between two-party and three-party secured transactions,and provide some examples.
Q4) Kelly borrows $12,000 from Terry Oswald to pay for her mother's surgery.The debt-repayment period is 15 months,but Kelly manages to repay it in 11 months.Which of the following must be filed by Oswald after receiving the final installment of his money?
A)financing statement
B)statement of collateral claim
C)termination statement
D)continuation statement
Q5) What is a secured transaction?
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Chapter 28: Bankruptcy and Reorganization
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Q1) If the value of the secured interest is less than the value of the collateral securing a loan,the secured creditor is a(n)________.
A)undersecured
B)oversecured
C)in default
D)exempt from Chapter 7 bankruptcy
Q2) Briefly explain the Chapter 11 plan of reorganization.
Q3) An automatic stay refers to the suspension of certain legal actions by creditors against a debtor or the debtor's property.
A)True
B)False
Q4) 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
Q5) Briefly explain what is included in a bankruptcy estate.
Q6) Describe the procedure for filing a bankruptcy petition.
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Chapter 29: Agency Formation and Termination
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Q1) Any property,money,or other benefit received by the agent in the course of an agency belongs to the principal.
A)True
B)False
Q2) Which of the following describes an agency by estoppel?
A)an agency that arises when a principal ratifies a contract created by an unauthorized agent
B)an agency created when a principal and an agent expressly agree to enter into an agency agreement
C)an agency that is not expressly stated but is implied and inferred in the conduct of the parties
D)an agency that arises when a principal creates the appearance of an agency that in actuality does not exist
Q3) An employer-employee relationship exists when an employer gives an employee authority to act and enter into contracts on his or her behalf.
A)True
B)False
Q4) How can a principal extinguish an agent's apparent authority?
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Chapter 30: Liability of Principals, agents, and Independent Contractors
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Q1) A ________ occurs when an agent makes an untrue statement that he or she knows is not true.
A)partially disclosed agency
B)misrepresentation
C)respondeat superior
D)dual-purpose mission
Q2) If an agent competes with the principal without the principal's permission,the principal may recover profits made by the agent.
A)True
B)False
Q3) In a fully-disclosed agency,the contract is between ________.
A)a principal and an agent
B)a principal and a third party
C)an agent and a third party
D)a principal, an agent, and a third party
Q4) If an agent reveals confidential information of a principal to a third party,one of principal's courses of action may be to obtain an injunction against the third party.
A)True
B)False
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Chapter 31: Employment, worker Protection, and Immigration Law
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Q1) If an employee is injured in an automobile accident while she is driving to an off-premises restaurant during her personal lunch hour,the injury is ________.
A)covered by workers' compensation insurance
B)not covered by workers' compensation
C)covered by workers' compensation
D)not covered by employee's medical insurance
Q2) If an employer intentionally injures a worker,the worker cannot collect workers' compensation benefits.
A)True
B)False
Q3) Which of the following is true of the child labor regulations adopted by the U.S.Department of Labor?
A)Children between the ages of 14 and 15 may work unlimited hours in nonhazardous jobs.
B)Children between the ages of 16 and 17 may work limited hours in hazardous jobs.
C)Children in middle school may work limited hours in nonhazardous jobs.
D)Children employed in agriculture have no time or work restriction.
Q4) What is an EB-1 visa? Who qualifies for it?
Page 33
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Chapter 32: Labor Law
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Q1) Which of the following is an illegal strike?
A)sit-down strike at the employer's premises
B)absence from work
C)cessation of work
D)employer lockout
Q2) Section 7 of the National Labor Relations Act is a federal law that gives employers the right to terminate union practices detrimental to the employers' organizations.
A)True
B)False
Q3) The act of negotiating contract terms between an employer and the members of a union is known as mediation.
A)True
B)False
Q4) Which of the following best describes a wildcat strike?
A)Union members occupy the employer's premises while striking.
B)Union members strike part of the day or workweek and work the other part.
C)Individual union members go on strike without proper union authorization.
D)The union declares indefinite cessation of work.
Q5) Distinguish between strikes and picketing.When is picketing lawful?
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Chapter 33: Equal Opportunity in Employment
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Q1) An employer pays higher wages to Shelly-who has worked with the company for six years-than Samuel,who holds a similar position to Shelly and performs the same functions as her and has worked with the company for only five and a half years.Which of the following is true of this case?
A)The employer has violated the Fair Employment Practices Act.
B)The employer is liable for disparaged-treatment discrimination.
C)The employer is liable for disparaged-impact discrimination.
D)The employer may not have violated the Equal Pay Act.
Q2) 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
Q3) If an employer refuses to promote a qualified female to a management position because of her sex,this would be in violation of Title VII.
A)True
B)False
Q4) Explain the scope and provisions of Title VII of the Civil Rights Act.
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Chapter 34: Small Business, entrepreneurship, and General Partnerships
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Q1) The Uniform Partnership Act's definition of a general partner includes other limited partnerships.
A)True
B)False
Q2) The General Partnership Act (GPA)is a model act that codifies sole proprietorship law.
A)True
B)False
Q3) The change in the relationship of partners in a partnership caused by any partner ceasing to be associated in the carrying on of the business is known as ________.
A)action for an accounting
B)indemnification
C)winding up
D)dissolution
Q4) A(n)________ is a partnership created with no fixed duration.
A)partnership for a term
B)partnership at will
C)ordinary partnership
D)limited partnership
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Chapter 35: Limited Partnerships and Special Partnerships
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Q1) A limited liability limited partnership limits the liability of general partners.
A)True
B)False
Q2) Limited partnerships are also known as ________.
A)sole partnerships
B)ordinary partnerships
C)general partnerships
D)special partnerships
Q3) New general partners can be admitted only with the ________.
A)approval of at least two-thirds of the partners
B)specific consent of each partner
C)merger with another limited partnership
D)death of or transfer by a general partner
Q4) A(n)________ is a document that sets forth the rights and duties of general and limited partners.
A)limited trade affidavit
B)limited partnership agreement
C)certificate of registration
D)certificate of limited partnership
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Chapter 36: Corporate Formation and Financing
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Q1) The ________ is the basic governing document of a corporation which must be filed with the secretary of state of the state of incorporation.
A)debt security
B)redeemable stock
C)certificate of authority
D)articles of incorporation
Q2) Which of the following is true of the Delaware General Corporation Law?
A)It makes it easier for other companies to take over a Delaware corporation.
B)The legislature seldom amends the corporation code to meet the demands of big businesses.
C)The statute is particularly written to be of benefit to individual businesses and consumers.
D)It is the most advanced corporation law in the country.
Q3) What is the conversion right for preferred stocks?
Q4) Shareholders cannot seek an injunction against an ultra vires act by a corporation.
A)True
B)False
Q5) Compare and contrast publicly held and closely held corporations.
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Chapter 37: Corporate Governance and the Sarbanes-Oxley Act
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Q1) According to the Sarbanes-Oxley Act,the ________,a federal government agency,may issue an order prohibiting any person who has committed securities fraud from acting as an officer or a director of a public company.
A)United States International Trade Commission
B)Federal Reserve System
C)Federal Communications Commission
D)Securities and Exchange Commission
Q2) According to the Sarbanes-Oxley Act,members of the audit committee must be members of the board of directors.
A)True
B)False
Q3) A ________ is an agreement that requires a selling shareholder to offer his or her shares for sale to the other parties to the agreement before selling them to anyone else.
A)shareholder voting agreement
B)preemptive sale
C)buy-and-sell agreement
D)right of first refusal
Q4) Describe the doctrine of piercing the corporate veil.
Page 39
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Chapter 38: Corporate Acquisitions and Multinational Corporations
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Q1) A proxy statement only requires the name of the proxy holder and the proxy.
A)True
B)False
Q2) A shareholder has a right to have the shareholder resolution included in the corporation's proxy materials if it ________.
A)does not relate to the corporation's business
B)does not concern the payment of dividends
C)concerns the day-to-day operations of the corporation
D)does not concern a policy issue
Q3) Insurgent shareholders are shareholders who propose a slate of directors to replace the incumbent directors.
A)True
B)False
Q4) Explain the factors that lead to a proxy contest.What is its outcome?
Q5) A short-form merger does not require the approval of the board of directors of the subsidiary corporation.
A)True
B)False
Q6) 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) Members of an LLC (limited liability company)have ________ liability.
A)limited
B)unlimited personal
C)unlimited capital
D)strict
Q2) Distinguish between rightful and wrongful disassociation from an LLC (limited liability company).What are the consequences of disassociation?
Q3) A limited liability company cannot be abbreviated as LC.
A)True
B)False
Q4) Managers of LLCs (limited liability companies)are not personally liable for the debts,obligations,and liabilities of the LLC they manage.
A)True
B)False
Q5) Explain the process that exempts members of an LLC (limited liability company)from double taxation.
Q6) How does an LLC (limited liability company)acquire capital? What are the obligations involved in a member's contribution of capital?
Page 41
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Chapter 40: Franchises and Special Forms of Businesses
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Q1) A franchise is an example of a license.
A)True
B)False
Q2) Which of the following is an instance of an area franchise?
A)McDonald's franchises an independently owned restaurant to make and sell its products in Pennsylvania.
B)PepsiCo Inc. ships Pepsi in the form of a drink concentrate which is prepared and bottled locally in Canada.
C)Nokia licenses a retail dealer to retail its products in Jacksonville.
D)Burger King wants to start operating in Mexico and hires a Mexican subfranchisor to sell the franchise on behalf of Burger King.
Q3) A(n)________ is an amount paid by the franchisee to the franchisor for the continued use of the franchisor's trade name,property,and assistance that is often computed as a percentage of the franchisee's gross sales.
A)royalty fee
B)assessment fee
C)lease fee
D)contingency fee
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) An offering circular must be provided to the investors immediately after the purchase of a Regulation A offering.
A)True
B)False
Q2) Investors who purchased unregistered securities can rescind their purchase but not recover damages.
A)True
B)False
Q3) According to Regulation A,securities of up to $5 million can only be sold to accredited investors.
A)True
B)False
Q4) A(n)________ is an exemption from registration which states that securities transactions not made by an issuer,an underwriter,or a dealer do not have to be registered with the SEC.
A)intrastate offering exemption
B)private placement exemption
C)regulation A offering
D)nonissuer exemption
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Chapter 42: Ethics and Social Responsibility of Business
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Q1) Which of the following is a perceived disadvantage of Rawls's social justice theory?
A)It allows for those in advantageous positions to suppress people in least advantageous positions.
B)It doesn't consider the fact that people would not want to maximize benefits for the least advantaged persons.
C)It only allocates people in advantageous positions to set up rules on morality.
D)It postulates that there are no universal ethical rules to guide a person's conduct.
Q2) The theory of moral minimum advocates making profit even while causing harm to others.
A)True
B)False
Q3) Utilitarianism directs an individual to choose the action that provides the greatest good for the greatest number of people.
A)True
B)False
Q4) What is ethical relativism?
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Chapter 43: Administrative Law and Regulatory Agencies
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Q1) When Congress enacted the Securities Act of 1933,it created the Securities and Exchange Commission,a(n)________,to administer and enforce those statutes.
A)law enforcement authority
B)short-term commission
C)federal administrative agency
D)intelligence agency
Q2) ________ advise the president.
A)Independent federal administrative agencies
B)State administrative agencies
C)Cabinet-level federal departments
D)Law enforcement agencies
Q3) Which of the following is true of the Administrative Procedure Act?
A)It was enacted following the September 11, 2001 terrorist attacks.
B)It establishes how rules and regulations can be adopted by federal administrative agencies.
C)It provides for a uniform legal and justice system across the United States.
D)It divides administrative power between the federal legislative branch and state legislatures.
Q4) When are searches by administrative agencies considered reasonable?
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Chapter 44: Consumer Protection and Product Safety
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Q1) The ________ prohibits health insurance companies from terminating health insurance coverage when a person gets sick.
A)Health Care Reform Act
B)Drug Amendment of the FDCA Act
C)Medical Device Amendment Act
D)Food, Drug, and Cosmetic Act
Q2) Give an account of the regulation of medicinal devices in the United States.
Q3) The NLEA applies to packaged foods and other foods regulated by the ________.
A)U.S. Department of Agriculture
B)Consumer Product Safety Commission
C)Patient Protection and Affordable Care Act
D)Food and Drug Administration
Q4) List the new protections that are available under the Health Care Reform Act of 2010.
Q5) Kidney dialysis machines are scrutinized for attainment of quality standards under the Drug Amendment to the FDCA.
A)True
B)False
Q6) Describe the Food,Drug,and Cosmetic Act.
Q7) What is the United Nation's Biosafety Protocol for genetically altered food?
Page 46
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Chapter 45: Environmental Protection
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Q1) Which of the following is a true of the Superfund?
A)It mandates the state government to deal with hazardous wastes that have been spilled, stored, or abandoned.
B)It identifies sites in the United States where hazardous wastes have been disposed of, stored, abandoned, or spilled.
C)It levies extra tax on the people of the state where hazardous wastes have been improperly disposed of.
D)It does not permit states and private parties who clean up hazardous waste sites to seek reimbursement from the fund.
Q2) 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
Q3) Which of the following would be considered a stationary source of air pollution?
A)aircrafts
B)oil rigs
C)cargo ships
D)automobiles
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Chapter 46: Antitrust Law and Unfair Trade Practices
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Q1) Give an account of the Noerr doctrine.
Q2) The unfair advantage theory is intended to prevent wealthy companies from overwhelming the competition in a given market.
A)True
B)False
Q3) Antitrust laws are constant across changes in governmental administration.
A)True
B)False
Q4) A monopoly power is characterized by ________.
A)a market share of below 20 percent
B)an inability to control prices in the market
C)an ability to exclude all competition from other sellers
D)a presence of multiple substitute goods at competing prices
Q5) What are the three statutory defenses under the Robinson-Patman Act for price discrimination?
Q6) Give an account of state antitrust laws.
Q7) Private parties cannot intervene in public antitrust actions brought by the government.
A)True
B)False
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Chapter 47: Personal Property, real Property, and Insurance
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Q1) Which of the following is true of a bailment?
A)Only personal property can be used in a bailment.
B)Intangible property cannot be used in a bailment.
C)Only physical deliveries can become a bailment.
D)All bailments must be expressed in writing to be effective.
Q2) In a mutual benefit bailment,the bailee owes a duty of reasonable care to protect the bailed goods.
A)True
B)False
Q3) What are the elements necessary to create a bailment?
Q4) Which of the following duties is owed by the parties in a mutual benefit bailment?
A)duty of great care
B)duty of slight care
C)duty of ordinary care
D)duty of utmost care
Q5) A gift causa mortis is an irrevocable present transfer of ownership during the donor's lifetime.
A)True
B)False
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Chapter 48: Real Property
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Q1) Karen,Kelsey,Rita,and Lizzi own a large commercial building as concurrent owners.They are tenants with the right to survivorship.Lizzi sells her one-quarter interest in the building to Stella.What kind of concurrent ownership now exists between Karen,Kelsey,Rita,and Stella?
A)a tenancy in common
B)a tenancy by entirety
C)a joint tenancy
D)a community property
Q2) An easement is an example of nonpossessory interest in another's real property.
A)True
B)False
Q3) A deed can only be used to transfer a fee simple absolute interest in real property. A)True B)False
Q4) Separate property is included in community property. A)True B)False
Q5) Explain the role of recording statutes in real property contracts.
Q6) 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 party to whom a tenant transfers all his or her rights under a lease is known as a(n)________.
A)lessee
B)assignee
C)consignee
D)licensee
Q2) Which of the following is true of the process of eminent domain?
A)It does not allow the property owner to make a case for keeping the property.
B)It requires payment of compensation by the government.
C)It does not apply to state and local governments.
D)It allows the government to set up zoning areas.
Q3) A 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
Q4) What is meant by the tenant's duty not to use leased premises for illegal or nonstipulated purposes?
Q5) How are tenants guaranteed a safe and secure leased premise?
Page 51
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Chapter 50: Insurance
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Q1) Lienholders cannot purchase title insurance on a property on which they have a lien.
A)True
B)False
Q2) A personal articles floater provides coverage for loss or damage to the articles while traveling.
A)True
B)False
Q3) Which of the following statements is true of the collision insurance?
A)The coverage is in effect whether the insured's car is moving or standing still.
B)The coverage is in effect even if another car was not involved in damaging the car belonging to the insured.
C)The coverage also gives protection from car thefts, natural calamities, vandalism, and riots.
D)The coverage gives insurance for damages caused by the insured on third parties.
Q4) Collision insurance covers damages to a car in a natural disaster.
A)True
B)False
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Chapter 51: Accountants Duties and Liability
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Q1) The Ultramares doctrine provides the broadest standard for holding accountants liable to third parties for negligence.
A)True
B)False
Q2) Ordinary negligence by an accountant is not a violation of Section 10(b)and Rule 10b-5.
A)True B)False
Q3) The Generally Accepted Auditing Standards (GAASs)are established by the American Institute of Certified Public Accountants.
A)True
B)False
Q4) Most accounting firms in the U.S.operate as limited liability partnerships (LLPs). A)True B)False
Q5) Give an account of the Private Securities Litigation Reform Act of 1995.
Q6) When does an auditor submit a disclaimer of opinion? What is the significance of an auditor's opinion?
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Chapter 52: Wills, trusts, and Estates
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Q1) Trusts are used to transfer property that is to be held and managed for the benefit of another person or persons.
A)True
B)False
Q2) An equitable trust that is implied by law to avoid fraud,unjust enrichment,and injustice is defined as a ________.
A)constructive trust
B)testamentary trust
C)spendthrift trust
D)token trust
Q3) In an inter vivos trust,the settlor transfers legal title of property to a named trustee to hold,administer,and manage for the benefit of named beneficiaries while he or she is alive.
A)True
B)False
Q4) What is a person's right to die? What are the views regarding the legality of euthanasia in the United States?
Q5) What are the requirements of the Statute of Wills?
Q6) What is intestate succession?
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Chapter 53: Family Law
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Q1) According to the fault rule,if the person who gave the engagement ring breaks off the engagement,then the other party can rightfully keep the engagement ring.
A)True
B)False
Q2) A custody arrangement whereby the child of divorcing parents spends a certain amount of time being raised by each parent is known as ________.
A)marital custody
B)joint physical custody
C)arraignment
D)accommodation
Q3) A court decree of divorce need not be obtained to end a common law marriage.
A)True
B)False
Q4) In mediation,the divorcing couple is asked to sort out their issues on their own without any outside interference.
A)True
B)False
Q5) How is the division of debts conducted after a divorce?
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Chapter 54: International and World Trade Law
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Q1) A nation can seek redress on behalf of an individual or a business that has a claim against another country in the International Court of Justice.
A)True
B)False
Q2) Classical Hindu law rests heavily on civil codes adopted during the reigns of different kings.
A)True
B)False
Q3) The United Nations is charged to take enforcement actions to ensure member compliance with the European Union.
A)True
B)False
Q4) ________ is a clause in an international contract that designates which nation's court has jurisdiction to hear a case arising out of the contract.
A)A forum-selection clause
B)The Treaty Clause
C)The Foreign Commerce Clause
D)A choice of law clause
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