Corporate Governance and Ethics Exam Review
Course Introduction
This course explores the principles and practices of corporate governance and ethical decision-making within contemporary organizations. Students will examine the roles and responsibilities of boards of directors, executives, and stakeholders in shaping corporate conduct and accountability. Key topics include regulatory frameworks, codes of conduct, risk management, transparency, and the impact of culture on ethical behavior. Through case studies and real-world examples, the course emphasizes the importance of ethical leadership, sound governance structures, and fostering trust to ensure long-term organizational success and societal value.
Recommended Textbook
The Legal Ethical and Regulatory Environment of Business in a Diverse Society 1st Edition by Dawn
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Page 2
Chapter 1: Introduction to the Business and Ethics
Environment in a Diverse Society
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Q1) What is equity? Distinguish between law and equity.
Answer: Equity stands outside the law to provide relief when legal remedies are not available. It is extralegal relief available when the law does not provide a legal remedy. Equitable remedies are generally available when no law has been violated, but a party wishes to have relief.
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Q2) The theory of natural law is based on the premise that law derives its status as law from the fact that it has been enacted by the sovereign with the power to enforce his or her wishes.
A)True
B)False
Answer: False
Q3) Distinguish between public law and private law.
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Q4) Torts are noncontract violations of _____ law.
A) public
B) substantive
C) civil
D) procedural
Answer: C
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Chapter 2: Alternative Dispute Resolution
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Q1) Which of the following statements is true regarding arbitration?
A) It does not involve a third party.
B) It may be binding or nonbinding.
C) The parties involved in the dispute attempt to resolve their conflict on their own.
D) It is the cheapest and the easiest ADR mechanism.
Answer: B
Q2) Define alternative dispute resolution (ADR).
Answer: Not every dispute will be litigated in court. Litigation is the heavy artillery of the conflict resolution arena and should be used most judiciously. Ideally it should be used only as a means of last resort. Conflicts which do not need litigation can be resolved using several alternatives. These mechanisms have come to be known as alternative dispute resolution.
Q3) Minitrial is generally carried out after the case has been filed with the court. A)True
B)False
Answer: False
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4
Chapter 3: The Court System and Legal Process
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Q1) What is a preemptory strike?
Answer: Jury selection, is the process by which the jurors are chosen. The purpose of the process is to seat a fair and impartial jury that will listen to the case with an open mind and determine the facts accordingly. Challenges to a juror can be made for cause or by using peremptory strikes. A peremptory strike is generally used when the potential juror does not fit the profile of jurors who the attorney feels would most benefit the client. For example, in a trial involving a landlord/tenant dispute, the attorney for the landlord would want to strike any tenants on the jury who might be sympathetic to the tenant's case. An attorney could remove such jurors by using a peremptory strike. No reason has to be disclosed when using a peremptory strike, unless it is subject to a constitutional challenge, such as race-based strikes and gender-based strikes.
Q2) The jurisdictional area of a Court of Appeals is called a(n) _____.
A) closed region
B) circuit
C) district
D) enclosure
Answer: B
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Page 5
Chapter 4: Administrative Law
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Q1) The CIA is an executive agency.
A)True
B)False
Q2) The Wage & Hour division enforces safe workforce laws.
A)True
B)False
Q3) Which of the following agencies enforces minimum wage, overtime and child labor laws?
A) Wage & Hour Division
B) National Labor Relations Board
C) Occupational Safety & Health Administration
D) Federal Trade Commission
Q4) With reference to judicial review, what is a de novo review?
Q5) If only limited review of administrative decisions is permitted upon judicial review then it means the claimant can apply for a judicial review of the administrative decision as a new trial at the trial court level.
A)True
B)False
Q6) Discuss judicial review.
Q7) Describe the powers of administrative agencies.
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Chapter 5: Contracts and Sales
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Q1) Past consideration is an adequate consideration to support a promise, therefore, it can create a contract.
A)True
B)False
Q2) If a contract meets the requirements, except one or both of the parties was not of legal age, or there was fraud in the inducement as the basis for a party to enter the contract then the contract is a(n) _____ contract.
A) voidable
B) bilateral
C) implied in fact
D) quasi
Q3) The consideration requirement of a valid contract ensures that those who enter into agreements understand the nature and effect of their agreements.
A)True
B)False
Q4) What are quasi contracts? Explain with the help of an example.
Q5) Discuss briefly, capacity to contract.
Q6) Discuss undue influence as a challenge to mutual assent.
Q7) Discuss with examples unilateral and bilateral contracts.
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Chapter 6: Torts
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Q1) In order for negligence liability to attach to the tortfeasor, plaintiffs must prove all of the following requirements EXCEPT:
A) damages.
B) actual and proximate cause.
C) breach of duty.
D) intent to harm.
Q2) Rita owns an art business called Rita's Art Works. Rita receives a commission to paint a mural on the side of a building downtown. Three of Rita's employees are painting the mural on the building when the scaffold they erected to do the project falls and injures a passerby. Later it was found that the passerby was drunk and accidentally stumbled into the scaffolding causing it to fall. If the passer by sues Rita for negligence, she can avoid liability by using the defense of:
A) self protection.
B) lack of intent to harm.
C) assumption of risk.
D) contributory negligence.
Q3) Discuss with example appropriation of name or likeness.
Q4) What are the four requirements that must be fulfilled to prove negligence?
Q5) With reference to false imprisonment discuss the shopkeeper's rule.
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Chapter 7: Property, Real and Personal
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Q1) Discuss sole ownership.
Q2) Describe a will.
Q3) Which of the following statements is true regarding reversion?
A) The grantee gets the life estate interest in the land after the death of the grantor.
B) The grantor orders that the land will go to a third party after the life estate is over.
C) The grantee can sell the land after the death of the granter.
D) The grantor dictates that after the life estate the interest is to return to the grantor.
Q4) In the case of joint tenants with right of survivorship, a joint tenant can pass his or her interest by will to anyone other than the other joint tenants.
A)True
B)False
Q5) Even though one plot of land may look much like another, according to the law each piece of real property is unique.
A)True
B)False
Q6) Explain with an example joint tenancy with right of survivorship.
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Page 9
Chapter 8: Business Crimes
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Q1) Entering into the agreement to perform an illegal act is called _____.
A) embezzlement
B) perjury
C) collusion
D) misappropriation
Q2) The _____ Amendment provides the defendant the right to a speedy trial, the right to subpoena witnesses to speak on his or her behalf, the right to confront witnesses, and the right to a jury of his or her peers.
A) First
B) Sixth
C) Second
D) Third
Q3) The Public Company Accounting Oversight Board (PCAOB) was created by the _____.
A) Dodd-Frank Act
B) Deficit Reduction Act
C) Sarbanes-Oxley Act
D) Commodity Futures Modernization Act
Q4) Discuss the Sarbanes-Oxley Act.
Q5) What is embezzlement?
Q6) What are the various categories of white collar crimes?
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Chapter 9: Secured Transactions and Bankruptcy
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Q1) Discuss the various reasons due to which a debtor becomes eligible for involuntary bankruptcy.
Q2) Which of the following categories of collateral is used as a catchall phase for interests not otherwise covered unless they are specifically excluded?
A) Goods
B) Instruments
C) Accounts receivables
D) General intangibles
Q3) What are the three necessary requirements that must be fulfilled so that the security interest can said to be attached?
Q4) Discuss briefly Chapter 7 bankruptcy.
Q5) The debtor must file a repayment plan within _____ days after the petition is filed for a Chapter 13 bankruptcy.
A) 8
B) 14
C) 18
D) 21
Q6) Discuss a surety's right of reimbursement.
Q7) What are the various types of indispensable paper?
Page 11
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Chapter 10: Agency and Business Organizations
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Q1) Which of the following statements is true regarding a principal?
A) A minor or an incompetent person can be a principal.
B) A principal is a person who by agreement with the agent acts on behalf of and subject to the control of the agent.
C) A principal's obligation is to act only in the interest of the agent.
D) A principal must have capacity to contract.
Q2) A(n) _____ is any shareholder with sufficient voting shares to determine the outcome of a shareholder vote.
A) promoter
B) director
C) controlling shareholder
D) executive
Q3) A general agent is an agent who is authorized to conduct only a single transaction, or only a series of transactions not involving continuity of service.
A)True
B)False
Q4) Discuss sole proprietorship.
Q5) Discuss with an example a third party contract where the principal is undisclosed.
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Chapter 11: The Employment Relationship and Equal Employment Opportunity
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Q1) Give three suggestions for creating an atmosphere in which sexual harassment is minimized.
Q2) The _____ was hailed as the "Declaration of Independence" or "Emancipation Proclamation" for the disabled and the most far-reaching civil rights law since the Civil Rights Act of 1964.
A) Health Care and Education Reconciliation Act
B) Lilly Ledbetter Fair Pay
C) Secure Fence Act
D) Americans with Disabilities Act
Q3) Pregnant employees cannot be made to leave work early and take maternity leave at a certain arbitrarily set date.
A)True
B)False
Q4) What is reverse discrimination?
Q5) Bona fide occupational qualification and business necessity are the same.
A)True
B)False
Q6) Discuss hostile environment sexual harassment.
Q7) Discuss disparate impact.
Page 13
Q8) Discuss briefly the Age Discrimination in Employment Act of 1967.
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Page 14
Chapter 12: Labor and Management Relations
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Q1) What are "right to work states?" Name any two such states.
Q2) Describe any three unfair labor practices engaged in by unions.
Q3) _____ are specifically excluded from the NLRA.
A) Part-time workers
B) Nonmanagerial employees
C) Subagents
D) Domestic workers
Q4) The Norris-LaGuardia Act increased the right of courts to issue injunctions against employees, prohibiting them from continuing concerted activities like strikes against their employers.
A)True
B)False
Q5) Wildcat strikes are illegal and subject to unfair labor practice charges.
A)True
B)False
Q6) What is meant by bargaining in good faith?
Q7) Explain the duty of fair representation.
Q8) What are wildcat strikes? When are they subject to unfair labor practice charges?
Q9) Distinguish between mandatory and permissive subjects of bargaining.
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Chapter 13: Securities Regulation and Compliance
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Q1) A security is defined as a negotiable instrument that represents financial value.
A)True
B)False
Q2) The Securities Act of 1933 is directed primarily at the:
A) selling of financial products.
B) distribution of debt securities.
C) original distribution of securities into the market.
D) distribution of dividend to the shareholders.
Q3) In the context of initial public offering, prior to the final prospectus being filed with the SEC, the company must issue a(n) _____ which is a preliminary prospectus whose purpose is to give potential investors as much information as possible before the sale is actually consummated.
A) annual report
B) proxy solicitation
C) article of incorporation
D) red herring prospectus
Q4) Discuss the Regulation Dexemption.
Q5) What is a proxy solicitation?
Q6) What is a stock?
Page 16
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Chapter 14: Antitrust and Trade Regulation
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Q1) Define horizontal and vertical boycott.
Q2) A cement company and a company that supplies sand to the cement manufacturer are _____.
A) lateral competitors
B) vertical competitors
C) horizontal competitors
D) zonal competitors
Q3) According to the American system of economics:
A) the market of goods and services should remain free, and open to all.
B) the market of goods and services is not open to those who deliver shoddy goods.
C) decreased competition will increase consumer choices.
D) decreased competition will lead to improvement in the quality of goods or services delivered. The heart of the American system of economics is its capitalist approach to business.
Q4) Give a few examples under which trade associations can be held liable for violation of the antitrust laws.
Q5) Distinguish between a monopoly and a monopsony.
Q6) What is entrenchment?
Q7) Explain the Hart-Scott-Rodino Act of 1976.
Page 17
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Chapter 15: Intellectual Property
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Q1) The Copyright Office lies within the _____ and is an arm of the legislative branch.
A) Federal Citizen Information Center
B) Federal Election Commission
C) International Trade Commission
D) Library of Congress
Q2) The _____ simply register a name of a business, wait for the business to attempt to register the name, and then contact the business to get the business to buy the name back.
A) early adopters
B) cybersquatters
C) laggards
D) cyberpirates
Q3) The purpose of section 1101 of the Copyright Act is to:
A) allow joint authorship for copyrights.
B) prevent unauthorized fixing or broadcasting of live musical performances.
C) protect trade secrets.
D) allow the Librarian of Congress to appoint the Registrar of the Copyright Office.
Q4) What are the three types of federally protected intellectual property?
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Chapter 16: Environmental Law and Business
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Q1) Which of the following is true regarding an Environmental Assessment (EA)?
A) If an EA is required, the responsible agency must publish a notice of intent in the Federal Register, indicating intent to prepare a draft environmental impact statement.
B) A scoping meeting is mandatory before issuing an EA.
C) The public gets 45 days to comment on an EA after it is reported.
D) It is a public document that serves to provide sufficient evidence and analysis for determining whether to prepare an Environmental Impact Statement.
Q2) The Comprehensive Environmental Response, Compensation, and Liability Act:
A) gave the Council on Environmental Quality power to seek out the parties responsible for any waste release and assure their cooperation in the cleanup. B) was enacted in 1990.
C) is also known as the Superfund and provides a fund of money to clean up uncontrolled or abandoned hazardous waste sites as well as accidents and spills. D) is proactive in nature.
Q3) What is the Global Reporting Initiative?
Q4) Give brief information on the Toxic Substances Control Act?
Q5) What do you understand by "mitigation measures?"
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Page 19
Chapter 17: International Law and Business
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Q1) The Bureau of Industry and Security (BIS) is located within the _____.
A) Department of State
B) Department of Commerce
C) Department of Treasury
D) Department of Justice
Q2) Which of the following mechanisms is most likely to be used to make up for the competitive edge gained by the reduction in cost to produce the item created by the subsidy?
A) Countervailing duty
B) Antidumping laws
C) Product-specific quotas
D) Packaging and labeling conditions
Q3) Discuss the permanent normal trade relations status.
Q4) Which of the following statements is true regarding an export management company (EMC)?
A) An EMC is generally larger in size than an export trading company.
B) An EMC takes titles to the goods while the goods are in the producers country.
C) The sellers are provided with revenue once they sell the products to the EMC.
D) An EMC generally handles only one product or one type of a product.
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