Corporate Law Exam
Bank
Course Introduction
Corporate Law explores the legal framework governing the formation, operation, and dissolution of corporations. The course covers topics such as corporate personality, shareholder rights, the roles and duties of directors and officers, corporate governance, mergers and acquisitions, and regulatory compliance. Students will also examine contemporary issues such as corporate social responsibility and the legal challenges faced by modern enterprises. Through case studies and practical examples, the course provides a comprehensive understanding of the legal principles underpinning corporate entities and their interaction with stakeholders and the broader legal system.
Recommended Textbook
Essentials of the Legal Environment Today 5th Edition by Roger LeRoy Miller
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20 Chapters
1440 Verified Questions
1440 Flashcards
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Page 2
Chapter 1: Business and Its Legal Environment
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72 Verified Questions
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Sample Questions
Q1) The Uniform Commercial Code has been adopted,at least in part,in
A)all states.
B)forty-five states.
C)thirty-five states.
D)no state.
Answer: A
Q2) Owen is a federal judge whose judicial decisions are part of case law,which does not include interpretations of
A)other case law.
B)constitutional provisions.
C)statutes.
D)sound bites in the media.
Answer: D
Q3) Being a small-business owner means that you will never have to take on the role of finance manager,marketing manager or accountant.
A)True
B)False
Answer: False
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Chapter 2: Courts and Alternative Dispute Resolution
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Sample Questions
Q1) There is one set of procedural rules for federal courts and one set for state courts.
A)True
B)False Answer: False
Q2) U.S.district courts have original jurisdiction in federal matters.
A)True
B)False Answer: True
Q3) A motion for a directed verdict is also known as a motion for judgment as a matter of law.
A)True
B)False Answer: True
Q4) A state long arm statute allows a court to exercise jurisdiction over out-of-state defendants based on activities that took place within the state.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Business Ethics
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Sample Questions
Q1) Compliance with the law does not necessarily fulfill all ethical obligations.
A)True
B)False
Answer: True
Q2) John is sales manager for Kleen 'N Brite Products,Inc.Compared to John's personal activities,his business activities most likely involve
A)more complex ethical issues.
B)no ethical issues.
C)simpler ethical issues.
D)the same ethical issues.
Answer: A
Q3) There is no debate that employees have an absolute right to free expression to make negative posts in social media about other employees and managers.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Business and the Constitution
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Sample Questions
Q1) In 2015,Congress enacts the Act to Restrict Commercial Speech (ARCS).The ARCS will be considered valid if it directly advances a substantial government interest
A)but goes no further than necessary to achieve its purpose.
B)without regard to how "far" it goes.
C)and the parties affected by it can elect how "far" to go in applying it.
D)and goes further than necessary to ensure full coverage.
Q2) Under the Constitution,the judicial branch is responsible for foreign affairs. A)True B)False
Q3) South Dakota,like other states,may regulate private activities to protect or promote the public order,health,safety,and general welfare under
A)the state's police powers.
B)the dormant commerce clause.
C)the due process clause.
D)the free exercise clause.
Q4) The President appoints federal judges with the advice and consent of the Senate. A)True B)False
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Page 6
Chapter 5: Powers and Functions of Administrative Agencies
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Sample Questions
Q1) Rulemaking-the formulation of new administrative regulations-is a major function of Congress,not administrative agencies.
A)True
B)False
Q2) If the meaning of a statute's language is unclear and an agency interprets it,a court must overturn the interpretation.
A)True
B)False
Q3) Nursing Home Care Company is charged with violating a rule of the Social Security Administration.Most likely,Nursing Home Care will be required to appear at a hearing presided over by
A)a federal appellate court judge.
B)a federal district court judge.
C)an administrative law judge.
D)a U.S Marshal.
Q4) Administrative agencies-like the Securities and Exchange Commission,the Federal Trade Commission,and the Food and Drug Administration-make rules.What are the two basic types of rules called,and how binding are they? What must an administrative rule NOT do?
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Chapter 6: Tort Law
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Sample Questions
Q1) A common defense to intentional torts against persons is consent.
A)True
B)False
Q2) Any lawful contract can potentially form the basis for an action based on wrongful in-terference with a contractual relationship.
A)True
B)False
Q3) Richard is an avid baseball fan and attends baseball games whenever he can.Richard considers himself an expert on all things,including risks,related to baseball.One day a ball flies into the stands,hits Richard in the head and seriously injures him.Richard can probably successfully win a case against the sports stadium based on A)negligence.
B)breach of duty of care.
C)defamation.
D)none of the choices.
Q4) Under a dram shop act,liability can be imposed without proof of negligence.
A)True
B)False
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Chapter 7: Criminal Law and Cyber Crime
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Sample Questions
Q1) Criminal law spells out the duties that exist between persons or between citizens and their governments.
A)True
B)False
Q2) Corporations,like persons,can be liable for crimes.
A)True
B)False
Q3) Megan is charged with jaywalking,which is classified as
A)a misdemeanor.
B)a felony.
C)a petty offense.
D)no crime.
Q4) Bruno is a businessperson with investments in legal and illegal opera-tions.Bruno may be subject to penalties under RICO
A)for making an unprofitable,but legal,investment.
B)for the commission of any business fraud.
C)only in a case involving a "racket."
D)only in a case involving organized crime.
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Chapter 8: Intellectual Property Rights
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Sample Questions
Q1) In its ads for athletic shoes,Sleek Feet LLC uses a trademark that is similar,but not identical,to the famous,registered mark of Trend Flash,Ltd.Sleek Feet's unauthorized use of the mark constitutes trademark dilution,provided that A)consumers are confused.
B)Sleek Feet and Trend Flash are competitors.
C)Sleek Feet's use is intentional.
D)Sleek Feet's use is likely to impair the distinctiveness of Trend Flash's mark.
Q2) Caramello Chip & Cookie Corporation (4C)obtains,and gives its employees,a list of the customers of Sugar & Spice Sales,Inc.(3S).Under the law that applies to trade secrets,4C's conduct is actionable provided A)consumers are confused.
B)4C's conduct is intentional.
C)4C uses the list.
D)4C does not have 3S's permission to use the list.
Q3) A fanciful use of ordinary words may be trademarked.
A)True
B)False
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Chapter 9: Internet Law, social Media, and Privacy
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Sample Questions
Q1) Federal law permits the sending of unsolicited commercial e-mail and does not prohibit spamming activities.
A)True
B)False
Q2) Riley obtains permission from Saga Company to use the firm's game app on Riley's smartphone,tablet,and other mobile device.But Riley does not obtain ownership rights in the app.This is
A)a license.
B)a cookie.
C)cloud computing.
D)a violation of the law.
Q3) Because of the loss of significant amounts of revenue as a result of unauthorized digital downloads,file-sharing has created problems for
A)the motion picture industry.
B)recording artists and their labels.
C)the companies that distribute file-sharing software.
D)all of the choices.
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Chapter 10: International Law in a Global Economy
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Sample Questions
Q1) In direct exporting,a U.S.company signs a sales contract with a foreign purchaser that provides for the conditions of shipment and payment of goods.
A)True
B)False
Q2) The chief aim of the World Trade Organization and other trade agreements is to maximize trade barriers among their members.
A)True
B)False
Q3) Optima Medico Corporation,a U.S.firm,signs a contract with Pharma Beneficial,Ltd.,a Canadian firm,to give Pharma the right to sell Optima's products in Canada.This is A)a distribution agreement.
B)a joint venture.
C)direct exporting.
D)licensing.
Q4) Expropriation occurs when a government seizes private property for a proper purpose and awards just compensation.
A)True
B)False
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Chapter 11: Business Organizations
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Sample Questions
Q1) One of the key advantages of the corporate form is the unlimited liability of its owners.
A)True
B)False
Q2) Sylvester buys a franchise from Resistance Athletic Shoes Inc.This relationship,like all other franchise relationships,is governed by
A)contract law.
B)no law.
C)the Franchise Disclosure Document,or FDD.
D)the Uniform Commercial Code.
Q3) Charlie is the founder of Dream Job Apps Corporation.Eloise is a shareholder and director,and Francie is an officer.The day-to-day business operations of Dream Job Apps are overseen by A)Charlie.
B)Eloise.
C)Francie.
D)Charlie and Eloise.
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Page 13
Chapter 12: The Formation of Traditional and E-Contracts
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Sample Questions
Q1) The only requirement for a valid contract is that the parties voluntarily entered into it. A)True B)False
Q2) Every state has a statute that stipulates what types of contracts must be in writing.
A)True
B)False
Q3) On Monday,O'Shea tells Patterson that she will pay Patterson $1,000 if O-Shea's bill processing and office filing are completed by Friday.On Wednesday,when Patterson has finished more than half of the work,O'Shea says that she has changed his mind.Under the modern-day view,these parties had
A)an expired contract when O'Shea said that she changed her mind.
B)a bilateral contract when O'Shea offered to pay for the work.
C)a unilateral contract as soon as Patterson began to perform.
D)no contract.
Q4) An implied contract must be in writing to be enforceable.
A)True B)False
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Chapter 13: Contract Performance, breach, and Remedies
Voluntary Consent
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Sample Questions
Q1) Nora enters into a contract with Oceanic Transport,Inc.,to insure and ship a painting from France to the United States for a certain price.But Oceanic makes a mistake in adding the costs,which results in a contract price that is $1,000 less than the true cost.Most likely,a court would
A)allow the parties to rescind the contract.
B)award damages to Nora for the mistake.
C)award damages to Oceanic for the mistake.
D)enforce the contract as is.
Q2) Drake enters into a contract with Eve,who claims to have access to a stock-trading algorithm that will multiply an investment many times over.When the results do not match this promise,Drake learns that Eve does not have access to any unique software and files a suit against her,alleging fraud.Proof of an injury is required to A)recover damages.
B)rescind the contract.
C)undo Eve's influence.
D)punish the defendant.
Q3) Any breach entitles the nonbreaching party to sue for damages.
A)True
B)False
Page 15
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Chapter 14: Sales, leases, and Product Liability
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Sample Questions
Q1) Goods must be of the highest quality possible to be merchantable.
A)True
B)False
Q2) Every sale or lease by a merchant who deals in goods of the kind sold or leased automatically gives rise to an implied warranty of merchantability.
A)True
B)False
Q3) If,before the time for contract performance,one party clearly communicates to the other the intention not to perform,such an action is not a breach of the contract.
A)True
B)False
Q4) Generally,the implied warranties of merchantability and fitness for a particular purpose cannot be disclaimed.
A)True
B)False
Q5) Statements of fact made during the bargaining process are express warranties.
A)True
B)False
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Chapter 15: Creditors Rights and Bankruptcy
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Sample Questions
Q1) There is no limit to the amount that can be taken from a debtor's weekly take-home pay through garnishment.
A)True
B)False
Q2) A reorganization plan is a plan to conserve and administer a business's assets in the hope of an eventual return to successful operation and solvency.
A)True B)False
Q3) Dina asks Edie to co-sign a credit application so that she can borrow money and buy a piano from First Chair,a musical instruments and supplies seller.If,after the loan agreement is signed,Dina agrees to a higher rate of interest without telling Edie,then Edie is
A)discharged from the agreement.
B)liable at the higher rate of interest.
C)liable at the lower rate of interest.
D)liable for the principal only.
Q4) Liens generally take priority over other claims against the same property.
A)True B)False
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Chapter 16: Employment, immigration, and Labor Law
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Sample Questions
Q1) The privacy rights of private-sector employees are governed by state law,which varies widely.
A)True B)False
Q2) Both employers and employees contribute to help pay for benefits that will partially make up for the employees' loss of income on retirement.
A)True
B)False
Q3) Network Industries,Inc.,wants to monitor its employees' electronic com-munications.To avoid liability under laws related to employee monitor-ing,Network should announce the monitoring to A)no one.
B)the employees.
C)the government.
D)the public generally.
Q4) The basis for an employee's contribution to Social Security is the employee's age. A)True B)False
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Page 18
Chapter 17: Employment Discrimination
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Sample Questions
Q1) Greta is the only female employee in the maintenance department of Hydraulics Inc.Greta's supervisor and co-workers tease and play tricks on her so relentlessly that she feels compelled to quit.This is
A)a constructive discharge.
B)a destructive discharge.
C)an instructive discharge.
D)not a discharge.
Q2) Personnel Staffing Corporation meets all of the requirements to be subject to the federal employment discrimination laws.Among these,the most important statute prohibiting discrimination against members of protected classes is
A)the Age Discrimination in Employment Act of 1967.
B)the Americans with Disabilities Act of 1990.
C)the National Labor Relations Act of 1935.
D)Title VII of the Civil Rights Act of 1964.
Q3) An employer may be liable for the harassment by nonemployees if the employer knew about the harassment and failed to take corrective action.
A)True
B)False
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Chapter 18: Environmental Law
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Sample Questions
Q1) Regulations governing air pollution cover mobile and stationary sources.Those who may be subject to penalties for violations of the Clean Air Act include
A)corporate officers who knowingly violate the act.
B)persons who provide information about violators but otherwise fail to act.
C)private citizens who fail to sue violators.
D)none of the choices.
Q2) Only the federal government may restrict emissions from motor vehicles. A)True
B)False
Q3) Metal Smelting,Inc.,operates a plant-a "major source"-that emits hazardous air pollutants for which the Environmental Protection Agency has set maximum levels of emission.The plant does not use any equipment to reduce its emissions.Under the Clean Air Act,this is most likely A)a violation.
B)not a violation because a "major source" is exempt.
C)not a violation because the plant does not use any equipment.
D)not a violation because the plant is not a mobile source.
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Chapter 19: Antitrust Law and Promoting Competition
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Sample Questions
Q1) A market division by class of customer between rival firms viola-tes antitrust law.
A)True
B)False
Q2) No person may be a director for two competing corporations at the same time.
A)True
B)False
Q3) To acquire monopoly power in its market,Global Positioning Systems,Inc.,sets its prices substantially below the normal costs of production.Under antitrust law,this is
A)a per se violation.
B)a violation if its competitors set similar prices.
C)a violation if it thereby acquires monopoly power.
D)not a violation.
Q4) Size alone determines whether a firm is a mo-nopoly.
A)True
B)False
Q5) The offense of monopolization requires the intent to monopolize.
A)True
B)False
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Chapter 20: Investor Protection and Corporate Governance
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Sample Questions
Q1) Most securities can be resold without registration.
A)True
B)False
Q2) Medico Corporation is a public company whose shares are traded in public securities markets.Medico's officers want to set up and main-tain a system of "good corporate governance." What is "corporate govern-ance"? What is its practical significance? What,at a minimum,should a "good" system of corporate governance include?
Q3) Squeaky Clean Corporation wants to make an offering of securities to the public.This offering is not exempt from registration under the Securities Act of 1933.Before Squeaky sells its securities,it must provide investors with
A)a forward-looking financial forecast.
B)an investment contract.
C)a prospectus.
D)samples of its products.
Q4) Securities can be sold after the effective date of the registration statement without restrictions.
A)True
B)False
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