Corporate Governance and Legal Environment
Exam Preparation Guide
Course Introduction
This course explores the principles and practices of corporate governance, emphasizing the legal frameworks and regulatory environments that shape corporate behavior and accountability. Students will examine the roles and responsibilities of boards of directors, management, shareholders, and other stakeholders, while analyzing issues such as ethical decision-making, transparency, risk management, and corporate social responsibility. Through case studies and current events, the course highlights the interplay between laws, regulations, and codes of best practice in both domestic and international contexts, preparing students to understand and address governance challenges in a dynamic business landscape.
Recommended Textbook
Legal Environment of Business A Managerial Approach 3rd Edition by Sean 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) Philip believes that certain behaviors are inherently wrong,and that moral values inherent in humankind should form the basis of law.To that end,he believes that these principles are a higher authority than human-made law.Philip is a proponent of A) natural law.
B) legal realism.
C) legal positivism.
D) social law.
Answer: A
Q2) Equitable rules intended to be broad statements of rules that are based on notions of fairness and justice are referred to as equitable _______ .
Answer: maxims
Q3) The power of courts to establish law in matters not specifically addressed by statutes is very limited in common law countries.
A)True
B)False
Answer: False
Q4) Attorneys,particularly in a business context,are also referred to as _______.
Answer: counsel
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Chapter 2: Business and the Constitution
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Q1) The government's system of checks and balances is called _______. Answer: separation of powers
Q2) When due process limits the power of the states to regulate certain areas related to individual liberty,this is called
A) state due process.
B) federal due process.
C) substantive due process.
D) procedural due process.
Answer: C
Q3) Kathy was returning to the United States after a vacation when the Customs Service confiscated some goods she had purchased abroad and brought back with her.The determination of whether the government acted properly and the type of hearing that she must be provided is an analysis of
A) procedural due process.
B) substantial due process.
C) the Equal Protection Clause.
D) the Commerce Clause.
Answer: A
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4
Chapter 3: The American Judicial System, Jurisdiction and Venue
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Sample Questions
Q1) The U.S.Supreme Court exercises both original and appellate jurisdiction.In which matters may the Court exercise its original jurisdiction?
Answer: The U.S.Supreme Court may exercise original jurisdiction in cases involving ambassadors and selected other public officials and in cases involving disputes between two states.
Q2) E-mail communications between parties in an ongoing business relationship have been found to create sufficient minimum contacts to establish personal jurisdiction without a separate physical presence,and this rule is the prevailing law throughout the United States.
A)True
B)False Answer: False
Q3) In recent years,the Supreme Court of the United States has generally accepted only about 10 percent of the petitions for a writ of certiorari made to the Court each year.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Resolving Disputes: Litigation and Alternative Dispute
Resolution
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Q1) A trial without a jury is called a ____ trial.
Q2) Which of the following is not true of ADR proceedings?
A) The jury decision in an ADR proceeding is automatically subject to one appeal.
B) The individual conducting the ADR hearing is chosen by the disputing parties themselves in certain instances.
C) ADR hearings generally result in much less publicity than does litigation.
D) ADR hearings usually arrive at a resolution at a much lower cost than does litigation.
Q3) What is a pretrial conference,when does it occur,and what are its purposes?
Q4) Which of the following persons would not attend a pretrial conference?
A) The plaintiff.
B) The judge.
C) The attorneys for the parties.
D) The court reporter.
Q5) From first to last,which of the following trial stages are in the correct order?
A) pretrial conference; pleadings; discovery; deliberations
B) pleadings; discovery; deliberations; jury selection
C) discovery; jury selection; deliberations; charging the jury
D) pleadings; discovery; pretrial conference; jury selection
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Chapter 5: Business, Societal, and Ethical Contexts of Law
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Q1) Generally accepted standards of right and wrong in a given society are called
Q2) What is the difference between ethics and morals?
Q3) Lin-Mara's company has a code of ethics and a separate code of conduct.If she wants to be sure that she complies with the company dress code,she would reference the code of ethics.
A)True
B)False
Q4) A company's code of conduct and code of ethics may be combined into a single document.
A)True
B)False
Q5) In January 2012,about one-third of Facebook's users were the subject of social experiments,without their knowledge.The other two-thirds chose to opt out of the testing. A)True
B)False
Q6) _______ theory is a moral philosophy that certain rights and moral values are timeless and universal and discoverable through human reason.
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Chapter 6: Overview and Language of Contracts
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Sample Questions
Q1) When a store places an advertisement in a newspaper or runs an ad on the radio,what are the store's obligations if a customer arrives at the store and demands to purchase the item at the advertised price? Be complete.
Q2) Helen's cat Fluffy has run away,and she places reward posters throughout her neighborhood.Mark sees one of the reward posters and spends the next six hours searching for Fluffy.While Mark is searching the neighborhood,Fluffy gets hungry and comes home.
A) This is a bilateral contract, and Mark is entitled to be compensated for his efforts.
B) This is a bilateral contract, and Mark is entitled to nothing because he did not perform.
C) This is a unilateral contract, and Mark is entitled to be compensated for his efforts.
D) This is a unilateral contract, and Mark is entitled to nothing because he did not perform.
Q3) A legal defense renders a contract unenforceable,even though it has the necessary elements of a valid contract.
A)True
B)False
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Chapter 7: Contract Enforceability and Performance
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Q1) Which of the following is classified as an equitable remedy?
A) consequential damages
B) reformation
C) restitution
D) liquidated damages
Q2) Lisa is doing some landscaping around her house and ordered a delivery of topsoil.Her contract with the landscape supply company states that the payment for the topsoil must be paid when the truck arrives at her house to deliver the soil.The requirement that payment be made on delivery is an example of a concurrent condition.
A)True
B)False
Q3) The process by which the original parties to a contract agree to allow an outside party to perform the contract is called _______.
Q4) The process by which parties to a contract perform their obligations in good faith and fulfill the terms of the contract is called _______.
Q5) An assignment may be of current and/or future rights.
A)True
B)False
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Chapter 8: Contracts for the Sale of Goods
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Q1) If a merchant sells goods to a buyer who is not a merchant,Article 2 of the UCC will not apply.
A)True
B)False
Q2) UCC risk of loss provisions will govern the terms of a contract even if the parties have specified risk allocation in the contract.
A)True
B)False
Q3) Shovels R Us sends a purchase order to Acme Snow Shovel Inc.for 500 shovels to be delivered by September 30,2017,in time for the winter season.Acme returns an acknowledgment form indicating that the shovels will be delivered on March 1,2018.The acknowledgment letter forms a valid contract.
A)True
B)False
Q4) The UCC permits a contract to be considered formed entirely by the parties' conduct even if no definite time of formation can be determined.
A)True
B)False
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Chapter 9: Torts and Products Liability
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Sample Questions
Q1) You have just purchased a new car.After driving the car for a few days without incident,you go through a puddle of water while turning through an intersection.The water splashes up and your power steering momentarily stops operating.You lose control and run into a car parked along the road.You read in the paper the next day that the power-steering problem has occurred with this model car before and a recall is being considered.If you sue the manufacturer,what are the three theories of product liability you may sue under and how do they differ?
Q2) Which of the following is not a situation in which strict liability applies?
A) T.J. manufactures cheap clothing that falls apart after minimal use.
B) Amanda owns a pet tiger that she keeps in her home in a suburban neighborhood. C) Faye owns a business in which she regularly uses explosives.
D) Aimee manufactures snack cakes that are sold in small grocery stores.
Q3) In Palsgraf v.Long Island Railroad Co.,would the case have turned out differently if the package held by the man being pulled onto the train had been clearly and distinctively marked "DANGER -EXPLOSIVES"? Why or why not?
Q4) Store management may temporarily detain a suspected shoplifter without liability for false imprisonment based on the concept of _______.
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Page 11
Chapter 10: Agency
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Sample Questions
Q1) In California,courts determine independent contractor status by considering each of the following except
A) whether the worker is engaged in a distinct occupation or business.
B) whether the work is usually done under the principal's direction or by a specialist without supervision.
C) the skill required.
D) what the parties agreed to.
Q2) One who agrees to act and is authorized to act on behalf of another,a principal,to legally bind the principal in particular business transactions with third parties pursuant to an agency relationship is the _______.
Q3) Fundamentally,an agency transaction involves creation of agency,performance of obligations and duties,and
A) express agreement.
B) entering of a contract.
C) termination of agency.
D) transaction of business.
Q4) Liability involving one party's liability for another party's act is called _______ liability.
Q5) Explain the three-prong test the IRS uses to determine an agent's status.
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Chapter 11: Employment Relationships and Labor Law
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Q1) The Family and Medical Leave Act applies to employers with a minimum of
A) 10 full-time employees.
B) 15 full-time employees.
C) 25 full-time employees.
D) 50 full-time employees.
Q2) Employees who are classified as key employees and take leave are not automatically entitled to Family and Medical Leave Act reinstatement protections and guarantees.
A)True
B)False
Q3) Ben has applied for a job at a restaurant.As a condition of employment,the restaurant owner may legally require him to take a polygraph test.
A)True
B)False
Q4) Which of the following is also called the Taft-Hartley Act?
A) National Labor Relations Act
B) Labor Management Relations Act
C) Labor-Management Reporting and Disclosure Act
D) Fair Labor Practices Act
Q5) Expressly firing someone for whistle-blowing constitutes an act of _______.
Page 13
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Chapter 12: Employment Discrimination
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Q1) Under what conditions may an employer be held responsible to an aggrieved employee for sexual harassment committed by a co-worker even if the employer is completely unaware of and had no actual knowledge of the illegal conduct?
Q2) Most employers are not subject to affirmative action requirements.
A)True
B)False
Q3) Bella suspects that she was turned down for a job as a server at Hooters because she is 40 pounds overweight.She may contact the EEOC,which will investigate her case based on a Title VII violation.
A)True
B)False
Q4) Once the plaintiff has established a prima facie case under the McDonnell Douglas standard and the defendant has presented justification for the actions taken,the plaintiff must now prove any of the following except
A) the defendant's stated reasons had no basis in fact.
B) the stated reasons were not the true and accurate reasons.
C) the stated reasons were insufficient to explain the defendant's actions.
D) the stated reasons contain a mixed motive.
Q5) Race,religion,color,gender,and national origin are examples of _______.
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Chapter
13:
Choice of Business Entity, Sole Proprietorships, and Partnerships
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Q1) If two people identify themselves as general partners and create a written partnership agreement,the law is obligated to recognize their business entity as a general partnership.
A)True
B)False
Q2) Stefan has opened a sole proprietorship bicycle shop.The business shows a net income of $100,000.Stefan took a salary of $40,000.The remaining money is left in the bank.
A) At tax time, the business pays taxes on $100,000, and Stefan pays taxes on $40,000.
B) At tax time, the business pays taxes on $140,000.
C) At tax time, Stefan pays taxes on $140,000.
D) At tax time, the business pays taxes on $70,000, and Stefan pays taxes on $70,000.
Q3) The Revised Uniform Partnership Act was enacted by Congress to make partnership law more consistent and standardized throughout the United States.
A)True
B)False
Q4) Business owners are also known as _______.
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Chapter 14: Limited Liability Companies and Limited Liability Partnerships
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Q1) Voting rights of LLC principals are governed by A) the laws of the state in which the LLC is filed.
B) the Uniform Limited Liability Company Act.
C) IRS regulations.
D) the operating agreement.
Q2) Personal financial contributions may be required by previous agreement with regard to
A) LLCs.
B) LLPs.
C) business trusts.
D) franchisors.
Q3) When an LLP is formed,who files the initial paperwork?
A) An individual representing two or more persons desiring to start a new business.
B) The principal in a sole proprietorship already in operation.
C) A limited partnership already in operation.
D) A general partnership already in operation.
Q4) What is the purpose of an operating agreement,and what benefits does it afford an LLC?
Q5) How may an LLC be terminated?
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Chapter 15: Corporations
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Q1) A corporation's officers are appointed by-and may be removed by-the _______.
Q2) The _______ are the owners of a corporation.
A) promoters
B) officers
C) board of directors
D) shareholders
Q3) An enterprise may not be a Subchapter S corporation if it owns more than of the stock _______ of a subsidiary corporation.
A) 50 percent
B) 60 percent
C) 70 percent
D) 80 percent
Q4) Shareholders are owners,while bondholders are merely creditors without an ownership interest.
A)True
B)False
Q5) Any corporation that does not make money is classified as a nonprofit corporation.
A)True
B)False
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Chapter 16: Regulation of Securities, Corporate
Governance, and Financial Markets
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Q1) The SEC has the power to suspend or revoke the licenses of brokers that violate securities laws.
A)True
B)False
Q2) Which of the following is not a required preregistration document?
A) the prospectus
B) letters of intent
C) an underwriting agreement
D) comfort letters
Q3) Fernando is the president and CEO of a publicly held corporation and is quoted in the paper as saying that the company is solid and has a bright future.He mentions a number of projects and plans that he anticipates will be successful in both the short term and long term,thus benefiting the company.Braenna reads this article and calls a broker,directing him to buy shares in Fernando's company.After two years the stock is below the price she paid for it,and she brings suit,claiming that Fernando committed fraud when he stated that the company was solid and would be very successful in the future.What must be proved by each side,and what is the likely outcome of this suit?
Q4) What authority does the Bureau of Consumer Financial Protection have?
Q5) In what two ways do federal securities statutes define a security?
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Chapter 17: Administrative Law
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Q1) Name and discuss the four sources of administrative law.
Q2) Final effective regulations are published in the _______.
Q3) How do citizen suits work in the context of administrative law?
Q4) What must Congress do first to establish an administrative agency?
A) Do nothing, as establishing agencies is an executive power.
B) Obtain judicial approval for the creation.
C) Enact an enabling statute.
D) Research whether a new agency is needed.
Q5) The EPA has published a new proposed rule that could have a significant economic impact on small businesses.Does the EPA have any obligation with regard to the impact on small businesses?
A) The EPA has no obligation to treat small businesses any differently than other businesses.
B) The EPA must analyze and take small business concerns into consideration and provide small businesses the opportunity to participate in the rulemaking..
C) The EPA must provide small businesses the opportunity to participate in the rulemaking, but has no other obligations with regard to small businesses.
D) Rulemaking does not apply to small businesses.
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Chapter 18: Environmental Law
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Q1) Government officials do not negotiate with principally responsible parties to figure out their contribution toward cleaning up polluted sites.
A)True
B)False
Q2) The _______ Act is the most important wildlife protection legislation.
Q3) Banks that become owners of contaminated property through foreclosure are jointly and severally liable for cleanup costs even if they had nothing to do with the actions leading to contamination of the property.
A)True
B)False
Q4) _______ is the legislation that established a process for federal agencies for making decisions that may reasonably affect the environment.
A) Environmental Protection Act
B) National Environmental Policy Act
C) Environmental Decision Impact Act
D) Clean Air Act
Q5) Under the Clean Air Act (CAA), _______ determine how to achieve the National Ambient Air Quality Standards (NAAQS).
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Chapter 19: Antitrust and Regulation of Competition
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Q1) The Robinson-Patman Act makes it illegal for a business entity to discriminate in price "between different purchasers of commodities of like quality or grade." In order to violate this act,the business must
A) make sales at different prices to at least three different purchasers.
B) make one sale of a different price to a purchaser.
C) make two or more sales to different purchasers at different prices.
D) give different price quotes to different purchasers.
Q2) The Sherman Act does not always prevent an entity from becoming a monopoly. A)True
B)False
Q3) The Clayton Act was enacted to limit the provisions of the Sherman Act. A)True
B)False
Q4) The _______ Act was designed to prevent companies from creating monopolies through mergers.
Q5) Discuss the differences between the per se and rule of reason standards.
Q6) Discuss the early motivations for enacting antitrust laws.
Q7) _______ restraints are restrictions in which one company colludes with a non-competing company.
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Q8) What constitutes a meeting of the minds for antitrust laws? Why is it important?
Chapter 20: Creditors Rights and Bankruptcy
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Q1) Which of the following is not a major change to bankruptcy law in the Bankruptcy Abuse Prevention and Consumer Protection Act?
A) Credit counseling.
B) Means test.
C) Proof of income.
D) Lowering the priority of alimony payments.
Q2) _______ repayment plans are limited to individuals filing for bankruptcy.
Q3) When does an automatic stay become permanent?
A) Never.
B) Once the bankruptcy proceedings have ended.
C) When the petition is determined to be valid.
D) When the debtor files for bankruptcy.
Q4) Bankruptcy is primarily governed by A) federal statutes.
B) state statutes.
C) a blend of state and federal statutes.
D) administrative regulations.
Q5) Creditors have the power to force a company into bankruptcy proceedings.
A)True
B)False
22
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Chapter 21: Warranties and Consumer Protection Law
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Q1) The FDA enforces both specific and general standards for food safety.
A)True
B)False
Q2) The Equal Credit Opportunity Act is limited to regulating applications for credit and does not apply to the charging of higher interest rates based on the race of the consumer.
A)True
B)False
Q3) The _______ Act establishes a national fraud alert system so that consumers have a timely way to guard their credit.
Q4) Individual consumers do not have the right to see their own credit report unless they are applying for a loan.
A)True
B)False
Q5) The FDA jurisdiction includes administering the Flammable Fabrics Act. A)True
B)False
Q6) Describe how the federal government is protecting consumers online regarding spam.
Page 23
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Chapter 22: Criminal Law and Procedure in Business
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Q1) The judge determines whether a crime is a misdemeanor or a felony.
A)True
B)False
Q2) 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 not committed a crime because the conspiracy requires three or more people.
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.
Q3) The Model Penal Code has been adopted by only about half of the states.
A)True
B)False
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) Professor Smith has placed an ad in the school newspaper advertising a laptop computer for sale.Jasmine is in Professor Smith's economics class and approaches Smith during office hours and purchases the computer.Professor Smith has been at the school for over 10 years and is popular with students and faculty.The price Jasmine pays is just a bit below the fair market value of the computer.Six months later,the police come to Jasmine's home and inform her that the computer was stolen.
A) Jasmine may keep the computer because she bought it in good faith and had no reason to believe that it had been stolen.
B) Jasmine may keep the computer if the state statute regarding ownership by possession of personal property had run.
C) Jasmine will lose the computer because she had a duty to verify that Professor Smith was the rightful owner of the computer.
D) Jasmine will lose the computer because she cannot obtain good title to stolen goods.
Q2) An easement is a nonpossessory interest in land.
A)True
B)False
Q3) A piece of personal property affixed to real property is called a _______.
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Chapter 24: Intellectual Property
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Q1) Mike has been hired by a publishing company to write a companion book for a particular text sold to college students.In 2010,Mike completes the companion book,and he signs over his copyright to the publisher.The publisher actually publishes the book in 2013.When will the publisher's copyright run out and expire?
A) 2080
B) 2083
C) 2105
D) 2108
Q2) Once a patent has been issued by the U.S.Patent and Trademark Office,the patent cannot be challenged or revoked due to the comprehensive investigation performed by the USPTO prior to issuance.
A)True
B)False
Q3) Name the factors looked at by courts in applying the Polaroid test to determine whether trademark infringement has occurred.
Q4) When a trademark has become representative of a broad type of products as opposed to being descriptive of a particular brand,the trademark has become _______ and the holder has lost the right to enforce the mark against competitors.
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Chapter 25: International Law and Global Commerce
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Q1) Private international law primarily addresses relationships among countries,business entities,and international organizations.
A)True
B)False
Q2) Which of the following is not a major part of the Foreign Corrupt Practices Act?
A) Requiring that corporations keep accurate records, books, and accounts.
B) Requiring that corporations refrain from committing copyright violations abroad.
C) Prohibiting bribery of foreign officials by American corporations.
D) Requiring that issuers registered with the Securities and Exchange Commission maintain a responsible internal accounting control system.
Q3) The U.N.Commission on International _______ provides arbitration rules for parties who do not wish to spend money on arbitration services but would like a standard procedure.
Q4) Mediation is an involuntary process that involves a third-party decision maker.
A)True
B)False
Q5) What are the roles of the International Court of Justice?
Q6) The civil law system relies heavily on _______ to define the laws.
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