Corporate Governance and Law
Final Exam
Course Introduction
This course explores the fundamental principles of corporate governance and its interplay with legal frameworks in both domestic and global contexts. It examines the roles, rights, and duties of key stakeholders including shareholders, directors, and executives while analyzing regulatory mechanisms designed to foster transparency, accountability, and ethical decision-making within corporations. The course covers topics such as board structure, executive compensation, corporate social responsibility, legal compliance, and the impact of regulatory reforms. Emphasis is placed on case studies and recent developments to illustrate how effective governance and adherence to law contribute to corporate sustainability and value creation.
Recommended Textbook
The Legal Environment of Business A Managerial Approach 1st Edition by Sean P. Melvin
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25 Chapters
2000 Verified Questions
2000 Flashcards
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Page 2
Chapter 1: Legal Foundations
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Sample Questions
Q1) A presidential veto may be overridden by a 2/3 majority vote of the Senate.
A)True
B)False
Answer: False
Q2) Briefly discuss the origins and purposes of law.
Answer: The origins of recorded law were initially a collection of rules created by tribal chieftains in order to perpetuate their domination and authority.Over time the purpose of law has evolved in order to ensure consistency and fairness.The law also sets out a system for resolving disputes by providing a basis for deciding the legal interests and rights of parties.
Q3) A collection of uniform legal principles focused on a particular area of traditional state law is called ________ of the law.
Answer: restatements
Q4) Measures of judicial action intended to compensate an injured party in a civil law suit are called _______.
Answer: remedies
Q5) Trial lawyers are also referred to as _______.
Answer: litigators
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Chapter 2: Business and the Constitution
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80 Flashcards
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Sample Questions
Q1) Assume that Iowa has just passed a statute requiring all non-citizens to sit in the back of public busses.That statute would be reviewed using:
A) rational basis scrutiny
B) intermediate scrutiny
C) strict scrutiny
D) no particular form of scrutiny is required in this situation
Answer: C
Q2) Strict scrutiny requires that a state prove that it is acting to promote an important government objective and that the proposed act is substantially related to the government's objective.
A)True
B)False
Answer: False
Q3) Marbury v.Madison,decided in 1803,is no longer considered valid precedent and has been preempted by statute.
A)True
B)False
Answer: False
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Chapter 3: The American Judicial System,Jurisdiction,and Venue
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Sample Questions
Q1) A business entity is considered a person in terms of assessing personal jurisdiction. A)True
B)False
Answer: True
Q2) A forum selection clause:
A) is written into a contract when the contract is entered into.
B) is created by the contracting parties after the dispute arises after they analyze the fairest location for the trial.
C) is created by the court after determining where jurisdiction is the strongest.
D) is created by the parties after the dispute arises based on the type of dispute and which state's court has the appropriate precedent and statutory law to hear the case Answer: A
Q3) The party petitioning or asking for an appeal is called the _______. Answer: Appellant
Q4) The court's authority over disputes between the parties is called ________ jurisdiction.
Answer: Subject Matter
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Chapter 4: Resolving Disputes: Litigation and Alternative
Dispute Resolution Options
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Sample Questions
Q1) The term litigation refers to the trial,but does not include pretrial events as well.
A)True
B)False
Q2) A complaint will contain each of the following except:
A) a statement of the plaintiff's version of the facts of the case.
B) a statement of the damages suffered.
C) a statement of why the plaintiff believes the defendant is guilty.
D) a statement of the evidence that the plaintiff will produce and a list of potential witnesses to be called
Q3) Which of the following is not required in order to show standing to assert a claim?
A) the party must have suffered an injury in fact
B) the party must be a citizen or taxpayer eligible to use the U.S. court system
C) the party must suffer harm that is direct, concrete and individualized
D) the party must articulate what legal redress exists to compensate for the injury
Q4) The discussions by the jury in a closed room while they attempt to reach a verdict is called _______.
Q5) What is a pretrial conference,when does it occur,and what are its purposes?
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Chapter 5: Business,Societal,and Ethical Contexts of Law
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Sample Questions
Q1) The invisible hand theory advocates do not trust corporate leaders with stewardship over noneconomic values.
A)True
B)False
Q2) Social responsibility is at its highest when the moderate view a/k/a government's hand theory of corporate social responsibility is utilized.
A)True B)False
Q3) A company's Code of Conduct and Code of Ethics may be combined into a single document.
A)True
B)False
Q4) You are the CEO of a major corporation that is suffering financially in the current economy.Your board has tasked you with cutting employee related costs by 5%.Recognizing and referencing the pros and cons of alternative approaches you could take and the ethical theories that apply; what would you do?
Q5) Prioritizing moral values for an organization and ensuring that behaviors are aligned with those values is known as _______.
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Chapter 6: Overview and Formation of Contracts
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Sample Questions
Q1) Generally,mutual mistakes will often lead to the court allowing an avoidance of a contract; however,a unilateral mistake is not usually grounds to cancel a contract.
A)True
B)False
Q2) Wilma has a valid driver's license but has a tendency to get speeding tickets.Fred tells her that he will pay her $1,000.00 if she does not get a ticket for one year.Wilma drives very cautiously and goes one year without a ticket.Is Fred obligated to pay?
A) yes, because Wilma gave up a legal right based on the agreement
B) no, because $1,000.00 is not an adequate amount based on Wilma's detriment
C) no, because Wilma suffered no detriment in this agreement
D) yes, because a promise is a promise and consideration has nothing to do with this agreement
Q3) When a party may,at his or her option,either disaffirm or enforce a contract,that contract is said to be _______.
Q4) A contract that is so blatantly unfair that it shocks the objective conscience would be rendered unenforceable and subject to the defense of _______.
Q5) What does the parole evidence rule say and how does it affect contracts?
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Page 8
Chapter 7: Contract Performance: Conditions, Breach, and Remedies
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Sample Questions
Q1) Anticipatory repudiation may be used when a party has knowledge that either a complete or a partial breach will occur by the other party.
A)True
B)False
Q2) Mel is under contract with a textbook publisher to write a teachers manual to accompany a new textbook.The contract states that the instructor's manual is to be completed by August 1.On July 1,the publisher calls Mel and asks for an update.Mel states that he's working hard and making progress.He then states that the August 1 deadline is "doable but it's going to be tough".Based on Mel's statement the textbook publisher may claim an anticipatory repudiation and find another author to complete the project.
A)True
B)False
Q3) Assignments require the consent and agreement of all parties to the contract.
A)True
B)False
Q4) How does an assignment differ from a delegation? When are they permitted and when are they not permitted?
Q5) How do compensatory damages and consequential damages differ?
Page 9
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Chapter 8: Contracts for the Sale of Goods
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Sample Questions
Q1) Cathy's Coaster Company uses cork in all of the protective drink coasters that they manufacture.If they enter into an agreement with a cork exporter from Portugal to purchase all of the cork they need to produce their products,this would be:
A) an output contract.
B) an input contract.
C) a requirements contract.
D) a necessities contract
Q2) Plastic Enterprises sends a purchase order to Felt Industries to buy recycled soda bottles for delivery at Steven's Point.Felt sends an acknowledgement form confirming all of the terms in the purchase order but designating delivery to be at Johnson's Point,two miles down the coast from Steven's Point.Do the parties have a contract and where will the delivery be?
Q3) Betsy is moving to New Mexico and offers to sell her television to April.April isn't sure if she can afford it and asks for a week to decide.If Betsy agrees to hold the offer open for a week and makes the promise in writing,Betsy has given April a firm offer.
A)True
B)False
Q4) An irrevocable offer made by one merchant to another is called a _______.
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Page 10
Chapter 9: Torts and Product Liability
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Sample Questions
Q1) A commercial airliner has crashed in the middle of the Atlantic.The cause of the crash has been proven to be a wrongly installed part in one of the engines during routine maintenance.If a negligence law suit is brought against the airlines,it will be based on:
A) nonfeasance.
B) misfeasance.
C) res ipsa loquiter.
D) negligence per se
Q2) The merchant's privilege with regard to shoplifters requires each of the following except:
A) the shopkeeper must have reasonable cause to stop the customer.
B) the shopkeeper only may detain the customer for a reasonable time.
C) the shopkeeper must make a reasonable investigation if possible.
D) the shopkeeper must have an eye witness or video evidence of the theft
Q3) Every time you hit the delete button on your new computer you get a small electrical shock.Your friends with the same computer are suffering the same problem.These computers have a ________ defect.
Q4) Store management may detain a suspected shoplifter without liability for false imprisonment based on the concept of ______.
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Page 11
Chapter 10: Agency and Employment Relationships
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Sample Questions
Q1) Generally,regarding employment at-will,employees may be fired just because the boss doesn't like them.
A)True
B)False
Q2) Young has just fired Kathy who was her agent.Young places an ad in the classified section of the various local newspapers stating that "Kathy no longer works for or represents Young in any way".Young would place this ad:
A) to eliminate any possible liability resulting from actual authority.
B) to eliminate any possible liability resulting from apparent authority.
C) to eliminate any possible liability resulting from ratification.
D) to eliminate any possible liability resulting from respondeat superior
Q3) If an agent is acting within the scope of her employment,should she commit an intentional tort harming a third party the principal may be liable for the injuries sustained.
A)True
B)False
Q4) Liability involving one party's liability for another party's act is called ________ liability.
Q5) Expressly firing someone for whistle-blowing constitutes the act of ______.
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Chapter 11: Employment Regulation and Labor Law
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Sample Questions
Q1) Even though children may legally be employed as actors,the Fair Labor Standards Act requires that appropriate educational standards be maintained through tutors and/or home schooling.
A)True
B)False
Q2) Employers are not bound by the FLSA regarding employees classified as ________ employees.
Q3) Leon works in an office environment and during lunch,closes his office door and he uses his personal laptop computer to search the Internet for porn using the company's server via an Ethernet cable connection.The company may monitor his computer usage even though he is using a personally owned computer.
A)True
B)False
Q4) Discuss the differences between an economic strike and an unfair labor practices strike.What are the possible implications and consequences for union employees following each?
Q5) An employee group with mutual interests and goals that is an appropriate unit for negotiating union contracts is called a ________ unit.
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Chapter 12: Employment Discrimination
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Q1) The Americans with Disabilities Act defines a disability as being a physical impairment and does not include or protect employees regarding mental impairments.
A)True
B)False
Q2) Betty Sue suspects that she was turned down for a job as a server at Hooters because she is 40 lbs overweight.She may contact the EEOC who will investigate her case based on a Title VII violation.
A)True
B)False
Q3) Mixed motives discrimination is analyzed using the ________ standard.
Q4) What was the justification for,and the purpose of,the Lilly Ledbetter Fair Pay Act of 2009?
Q5) After conducting an investigation of a discrimination claim,should discrimination be found,the EEOC may immediately file suit on behalf of the aggrieved employee. A)True
B)False
Q6) Disparate impact is analyzed using the ________ standard.
Q7) Disparate treatment is analyzed using the ________ standard.
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Chapter 13:
Choice of Business Entity, Sole Proprietorships, and Partnerships
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Sample Questions
Q1) One disadvantage of a sole proprietorship business entity is that it is restricted to the principal and the principal's immediate family in terms of number of employees that may work for the business.
A)True
B)False
Q2) Bill is a general partner in a four member limited partnership with two general and two limited partners.The partnership is silent with regard to the duration of the partnership and Bill wishes to retire.
A) Bill may withdraw at any time and the partnership continues.
B) Bill must give six months notice before being permitted to withdraw.
C) The other general partner and the limited partner with the largest liability must agree to his withdrawal.
D) The court must grant permission for him to withdraw since the agreement was silent and the other partners and third party customers of the partnership must be protected
Q3) A limited partnership is required to have two or more limited partners.
A)True
B)False
Q4) A business existing in or by right of law is considered a ________ entity.
Page 15
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Chapter 14: Limited Liability Partnerships, limited Liability
Companies, and Other Business Arrangements
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Sample Questions
Q1) LLCs are required to name a member as its registered agent and may not use a commercial registered office provider.
A)True
B)False
Q2) The Small Business Franchise Act provided franchisees each of the following protections except:
A) the right to limited liability should the franchise fail as long as good faith, care and loyalty can be proven.
B) a required 30 day period for the franchisee to cure contract defaults.
C) freedom to work outside of the franchise as long as the franchisee does not work in competition with the franchise.
D) the right to purchase materials from vendors cheaper than the franchisor as long as the quality is comparable
Q3) All states require LLPs to have a written partnership agreement.
A)True
B)False
Q4) What is meant by the term "capital call"? Under what circumstances might it occur and how does it affect partners?
Page 16
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Chapter 15: Corporations
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Sample Questions
Q1) The officer with the least amount of implied authority in relation to the other officers is the _______.
Q2) Once a corporation is recognized as existing by the state,the corporation automatically becomes liable for all contracts which a promoter had entered into on behalf of the corporation.
A)True
B)False
Q3) (p.Reflective Thinking)The corporation with the most shareholders is the:
A) public corporation.
B) professional corporation.
C) publicly held corporation.
D) nonprofit corporation
Q4) The owners of a corporation are the:
A) promoters.
B) officers.
C) board of directors.
D) shareholders
Q5) What does it mean when it is said that corporations are double taxed?
Q6) In a minority of the states,the articles of incorporation are called the ________.
Page 17
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Chapter 16: Regulation of Securities, corporate Governance, and Financial Markets
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Q1) Under the emergency escrow provisions created under the Sarbanes-Oxley Act:
A) the SEC may require corporate payouts into a government controlled emergency escrow fund after the SEC investigation has uncovered wrongdoing by the corporation.
B) the SEC may require corporate payouts into a government controlled emergency escrow fund during their investigation and before the SEC has uncovered wrongdoing by the corporation.
C) the PCAOB may require corporate payouts into a government controlled emergency escrow fund after the PCAOB investigation has uncovered wrongdoing by the corporation.
D) the PCAOB may require corporate payouts into a government controlled emergency escrow fund during their investigation and before the PCAOB has uncovered wrongdoing by the corporation
Q2) If a company files bankruptcy,preferred stock holders have priority over common stock holders and will be paid from the bankruptcy estate first if payments are to be made.
A)True
B)False
Q3) In what two ways do federal securities statutes define a security?
Q4) State security laws are generally referred to as ________ laws.
Page 18
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Chapter 17: Administrative Law
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Q1) In American Medical Association v.United States Internal Revenue Service the IRS had proposed a rule that made changes to the way the allocation of dues and memberships were taxed using a seven factor test.After the comment period the IRS revised the rule to a three factor test that was published as final.The AMA claimed that the rule was invalid because there had been no comment period for the revision.The court held that:
A) the IRS should have given proper notice of the revision. Because they had not done so, the new rule was invalid.
B) the IRS should have given property notice of the revision but it did invalidate the rule because the IRS is not required to go through formal rule making procedure.
C) the IRS did not need to give public notice of the revision because it was a logical outgrowth of the original rule.
D) the IRS did not need to give public notice because the new test was based on the same public policy as the original rule
Q2) Congress has no power to remove an agency head.
A)True
B)False
Q3) Final effective ________ are published in the Code of Federal Regulations.
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Page 19
Chapter 18: Environmental Law
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Sample Questions
Q1) Who sets the water quality standards for the navigable waters in a state under the Clean Water Act (CWA)?
A) states
B) Congress
C) the Waterways Protection Agency
D) the U.S. Army Corps of Engineers
Q2) When is a categorical exclusion for an action available under NEPA?
A) the environmental impact is unknown
B) the environmental impact is significant
C) the environmental impact is little
D) it is required in all instances
Q3) The Clean Air Act (CAA)requires that ________ determine how to achieve the National Ambient Air Quality Standards (NAAQS).
Q4) Only property owners are liable for cleanup costs of contaminated sites under the Superfund laws.
A)True
B)False
Q5) Discuss the purposes of environmental laws.
Q6) The ________ Act is the most important wildlife protection legislation.
Page 20
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Chapter 19: Antitrust and Regulation of Competition
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Q1) The Sherman Act only prohibits contracts,combinations,and conspiracies in restraint of trade.
A)True
B)False
Q2) Horizontal restraints are restrictions on trade through an agreement with a _______ company.
Q3) Give an example of a boycott that would not be a per se horizontal restraint.Explain why it is a per se horizontal restraint.
Q4) Rockefeller's Standard Oil Trust is an example of a company that participated in antitrust behavior.
A)True
B)False
Q5) This economist/philosopher is cited in support of frequent meetings being circumstantial evidence of anticompetitive collusion?
A) Plato
B) Socrates
C) John Locke
D) Adam Smith
Q6) Discuss the difference between horizontal and vertical price fixing.
Page 21
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Chapter 20: Creditors Rights and Bankruptcy
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Sample Questions
Q1) If a person cosigns a loan as a guarantor they become primarily liable for the debt.
A)True
B)False
Q2) Only business are able to file for Chapter 13 bankruptcy.
A)True
B)False
Q3) Nora loaned money to Susan and received a signed security agreement from Susan.What could Nora do to make sure she has priority as a creditor?
A) give the security agreement to her attorney
B) nothing, the date of signing gives Nora priority
C) file the security agreement in a security deposit box
D) take possession of the collateral
Q4) What is the standard that an individual must meet in order to file for Chapter 7 bankruptcy?
A) means test
B) threshold level of debt
C) length of time of debt
D) attempts to repay under Chapter 13
Q5) What is the means test? Provide an example of how it would be applied.
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Chapter 21: Consumer Protection Law
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Q1) The implied warranty of merchantability applies to sales by any seller to any buyer.
A)True
B)False
Q2) Under the Truth in Lending Act,creditors have a week to notify consumers of their right to cancel the transaction.
A)True
B)False
Q3) Credit card companies may give out free umbrellas on campus when a student completes an application for a card.
A)True
B)False
Q4) Which of these is not a requirement for disclaiming a warranty?
A) statutory authorization
B) a conspicuous writing
C) explaining why the warranty is being disclaimed
D) including the word merchantability if merchantability is to be disclaimed
Q5) The CAN SPAM Act does not address spammers who falsify the name of the sender.
A)True
B)False
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Chapter 22: Criminal Law and Procedure in Business
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Q1) Jennifer and Angela are both broke.They have sold most of their possessions and neither can find a job.One evening they decide to rob a bank.They agree that Jennifer will enter the bank pretending to have a bomb strapped to her chest and Angela will drive the getaway car.The next morning they drive to the bank and while they are waiting for it to open they see a church next door.Hoping for divine help while committing the robbery,they step into the church to pray.Suddenly realizing the error of their ways,they abandon their plans and sign up to become nuns.
A) they have committed no crime because they abandoned the plan
B) they are guilty of attempted robbery by driving to the bank
C) they are guilty of a crime only if the bomb was real and not a threat
D) they are guilty of conspiracy
Q2) A fact that does not excuse a crime but may be considered to lessen punishment is called a ________ circumstance.
Q3) This amendment guarantees a speedy public trial.
A) Fourth Amendment
B) Fifth Amendment
C) Sixth Amendment
D) Eighth Amendment
Q4) Evidence that stems from the original evidence is called ________ evidence.
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Chapter 23: Personal Property, Real Property, and Land Use Law
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Q1) Money being held by a neutral third party,to be paid out once a dispute is settled is money being held in ______.
Q2) Sylvia is a student who has parked her car in a university parking lot.To enter the lot she had to swipe her ID card to gain access.During class,a thief has broken into her car and stolen her computer.The school is liable to her under a bailment relationship if they did not exercise proper care in the protection of her car.
A)True
B)False
Q3) Ownership of land is typically evidenced by a ______.
Q4) Sophie is renting a home from Robert.There is no written lease and the agreement is that Sophie will pay rent on the first of every month.Either party may terminate the agreement with thirty days notice.Sophie has a:
A) life estate.
B) periodic tenancy.
C) tenancy for years.
D) easement by grant
Q5) In the event that a landlord breaches a duty owed to a tenant,what are the possible remedies that may be available to the tenant?
Page 25
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Chapter 24: Intellectual Property
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Q1) Name the factors looked at by the court in the "Polaroid Test" used to determine whether trademark infringement has occurred.
Q2) Each of the following is considered trade dress except:
A) the white linen table cloths at the Four Seasons Restaurant in New York City.
B) the font and size of print used in a national store's print advertising.
C) the brown uniforms and trucks at UPS.
D) the costume worn by your school's mascot at sporting and other events
Q3) Philip has taken a patented device and reproduced it leaving out an insignificant function.He would still be violating the original patent according to the doctrine of ______.
Q4) How is it possible for two different parties to have simultaneous rights to use the same trademark?
Q5) If an item has been patented,but has not been marked as patented on the item,should infringement occur,the patent holder is generally barred from collecting damages.
A)True
B)False
Q6) A patent pertaining to an invention is called a ________ patent.
Q7) Illegal acquisition of a company's trade secret constitutes ______.
Page 26
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Chapter 25: International Law and Global Commerce
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Q1) What is the role of the International Court of Justice?
Q2) Mediation and conciliation both involve a ________ process.
Q3) What does the Paris Convention address? What is the major enforcement problem with it?
Q4) American Arbitration Association arbitration rules permit the parties to choose an arbitrator as long as the AAA receives notification of their choice.
A)True
B)False
Q5) The nation of Tobago is looking for new boats for its Coast Guard.Tobago enters into a contract to purchase boats from an American manufacture while visiting their facility in Miami.Tobago revokes the contract after the acceptance period under the UCC.The boat manufacturer sues for contract enforcement in a U.S.federal court.Does the court have jurisdiction over the nation of Tobago?
Q6) Which of these agreements apply to copyrights?
A) Madrid Protocol
B) United Nations Intellectual Property Accord
C) Berne Convention
D) Paris Convention
Q7) What are the sources of international law? Briefly discuss each.
Page 27
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