Corporate Law Exam
Bank
Course Introduction
Corporate Law explores the legal frameworks and principles governing the formation, operation, and dissolution of corporations. The course covers key topics such as corporate personhood, governance structures, fiduciary duties of directors and officers, shareholder rights, mergers and acquisitions, regulatory compliance, and the roles of various stakeholders. Emphasis is placed on understanding statutes and case law that shape corporate practices, as well as ethical considerations and contemporary issues faced by businesses. This course equips students with the foundational knowledge necessary for advising or managing corporate legal matters in a dynamic business environment.
Recommended Textbook
Dynamic Business Law 4th Edition by
Nancy K. Kubasek
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52 Chapters
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Page 2
Chapter 1: An Introduction to Dynamic Business Law
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Sample Questions
Q1) The law in Hannah's state regulating using cell phones would be classified as which of the following?
A)An executive order
B)A type of common law
C)A uniform law
D)A statute
E)A negative law
Answer: D
Q2) What type of law are municipal ordinances?
A)Executive orders
B)Statutes
C)Administrative law
D)Local ordinances
E)Common law
Answer: B
Q3) Because of the law,we rely on the goodwill and dependability of one another.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Business Ethics
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Q1) The ethical theory that requires that we evaluate the morality of an action by imagining ourselves in the position of the person facing the ethical dilemma is called
A)Ethical relativism
B)Relativity ethics
C)Absolutism
D)Situational ethics
E)Consequentialism
Answer: D
Q2) An employee who believes that she should not cheat on a drug test because if everyone did so,the test would be meaningless is applying a[n] ________.
A)Cost-benefit analysis
B)Ethics of care
C)Categorical imperative
D)Virtual analysis
E)Fundamentalist approach
Answer: C
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Page 4
Chapter 3: The Uslegal System
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Sample Questions
Q1) Within the U.S. ,courts may issue advisory opinions.
A)True
B)False
Answer: False
Q2) Which of the following is a question of fact?
A)Is premeditation necessary for a first degree murder conviction?
B)Is speech protected by the First Amendment?
C)What is necessary for service of process?
D)What elements should an answer contain?
E)Did the vehicle run the traffic light?
Answer: E
Q3) Only one party may appeal from a final judgment.
A)True
B)False
Answer: False
Q4) If a potential juror's response to a question indicates bias,an attorney should use a peremptory challenge to remove the juror.
A)True
B)False
Answer: False
Page 5
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Chapter 4: Alternative Dispute Resolution
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Q1) Which of the following is true regarding the federal appellate court system's use of ADR?
A)Almost all federal circuit courts of appeal have mediation programs underway.
B)By law ADR is outlawed at the federal appellate court level.
C)While ADR is popular at the district court level,few federal appellate courts use it.
D)All federal appellate courts use early neutral case evaluation but none use mediation.
E)All federal courts use arbitration but few have mediation programs.
Q2) When would a private trial usually occur?
A)Upon order of a federal judge only.
B)After a case has been filed in either state or district court.
C)Before a case has been filed in any court.
D)After a jury trial and prior to appeal.
E)After a case has been filed in federal court,but parties must wait at least 30 days.
Q3) Private companies do not use mediation to resolve internal disputes with employees.
A)True
B)False
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Chapter 5: Constitutional Principles
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Q1) Leaf wants to file a lawsuit against the Department challenging his termination.What would a court most likely rule?
A)For Leaf,because the work rule violated his free exercise of religion.
B)For the Department because the work rule did not substantially burden Leaf.
C)For the Department because it did not violate the First Amendment.
D)For the Department because it was only a work rule,and not a law.
E)For Leaf,because the work rule violated the establishment clause.
Q2) The Fifth Amendment's protection against self-incrimination encompasses which of the following?
A)A person does not have to be a witness against himself or herself in a criminal case.
B)A person has to be a witness against himself or herself.
C)A person does not have to be a witness against himself or herself if prison time is involved as opposed to a mere fine.
D)A person does not have to be a witness against himself or herself if a first criminal offense is involved.
E)A person only has to be a witness against himself or herself if a felony is involved.
Q3) What is the system of checks and balances,and how does it work?
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Page 7
Chapter 6: International and Comparative Law
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Q1) Assuming that Yoshe decides to make the deal Sam proposes,Sam would be referred to as an) and Yoshe would be referred to as an).
A)Venturor;Venturee
B)Franchisee;Franchisor
C)Representative Offeror;Representative Offeree
D)Affiliator;Affiliatee
E)Franchisor;Franchisee
Q2) principle requires that World Trade Organization member states treat like goods coming from other World Trade Organization member states on an equal basis.
A)The nondiscriminatory
B)The fairness
C)The normal trade relations
D)The quantitative restrictions
E)The like treatment
Q3) For a U.S.court judgment to be enforceable,the court must have either personal jurisdiction or subject-matter jurisdiction.
A)True
B)False
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Chapter 7: Crime and the Business Community
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Q1) Embezzlement is distinguished from larceny because the embezzler does not take the property from another and is already in possession of the property.
A)True
B)False
Q2) Using fraudulent means to obtain information about someone's phone use is which of the following?
A)Pretexting
B)False pretenses
C)Defalcation
D)False token
E)Ponzi scheme
Q3) By buying stock,Claire is guilty of which offense,if any?
A)She is guilty of larceny.
B)She is not guilty of any offense.
C)She is guilty of insider trading because she tipped information.
D)She is guilty of extortion.
E)She is guilty of an insider-trading violation because she traded on tipped information.
Q4) What elements are necessary to establish bribery of a public official?
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9
Chapter 8: Tort Law
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Q1) What of the following is true of a negligence tort?
A)A defendant commits a negligence tort when he accidentally engages in a criminal act and someone is hurt.
B)A defendant commits a negligence tort when he is careless to someone else's detriment.
C)A defendant commits a negligence tort when he forms intent to cause harm but causes a different type of harm.
D)A defendant commits a negligence tort when he subjects someone to a reasonable risk of harm.
E)A defendant commits a negligence tort only if he commits an inherently dangerous action which can never be safe.
Q2) ________ damages are a small amount of money given to recognize that a defendant did indeed commit a tort in a case in which there were no compensable damages suffered by the plaintiff.
A)Retaliatory
B)Nominal
C)Compensatory
D)Revenge
E)Punitive
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Chapter 9: Negligence and Strict Liability
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Q1) What was the final result on appeal in the Case Opener involving whether the doctrine of res ipsa loquitur applied to the lawsuit brought against landowners after the plaintiff fell through a wooden dock located on the defendants' property?
A)That the doctrine of res ipsa loquitur did not apply because it only applies in contractual cases.
B)That the doctrine of res ipsa loquitur applied.
C)That the doctrine of res ipsa loquitur did not apply because there was insufficient proof that the type of accident at issue would not normally happen in the absence of negligence.
D)That the doctrine of res ipsa loquitur did not apply because there was insufficient proof that the dock at issue was in the exclusive control of the defendants.
E)That whether or not the doctrine of res ipsa loquitur applied should be decided by the jury.
Q2) In some situations,the law specifies the duty of care one individual owes to another.
A)True
B)False
Q3) Identify and explain the elements of negligence.
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Page 11
Chapter 10: Product Liability
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Q1) Consumers do not have a right to recover damages for pain and suffering or for emotional distress in German product liability cases.
A)True
B)False
Q2) Which statement is true regarding damages that may be recovered in negligence-based product liability cases?
A)Compensatory damages and punitive damages may be recovered.
B)Compensatory damages may be recovered,but punitive damages may not be recovered.
C)Compensatory damages or punitive damages may be recovered,but not both.
D)Punitive damages may be recovered,but compensatory damages may not be recovered.
E)Manufacturing damages may be recovered in place of compensatory damages and punitive damages,and administrative damages may be recovered.
Q3) The lack of a feasible way to make a safer product prevents liability based upon an alleged defective product as a matter of law.
A)True
B)False
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12
Chapter 11: Liability of Accountants and Other Professionals
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Sample Questions
Q1) Which of the following is viewed as a middle ground test in regard to accounting liability to third-party users?
A)The Ultramares Rule
B)The Restatement Test
C)The Privity Rule
D)The Near Privity Rule
E)The Reasonably Foreseeable Users Test
Q2) For which of the following does the Securities Exchange Act impose liability?
A)Negligence in performing an audit or in the construction of a financial statement.
B)Fraudulent statements made to courts.
C)Fraudulent statements made to a client in connection with performing an audit.
D)Fraudulent statements made to the SEC.
E)Fraud in performing an audit.
Q3) When can an accountant be held liable to his or her client for fraud?
Q4) Discuss the defenses available to an accountant charged with negligence.
Q5) The Sarbanes-Oxley Act prohibits registered public accounting firms from engaging in non-auditing acts for their auditing clients.List any six such non-auditing acts currently prohibited.
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Chapter 12: Intellectual Property
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Questions
Q1) Which of the following statements,if true,would best support dismissal of the lawsuit against Saya?
A)Saya's product,which contained the same ideas as in Ramona's patent,was already in existence before Ramona filed her patent application
B)Saya's product functions more efficiently than Ramona's product.
C)Ramona sold her product before the patent was issued.
D)Ramona sold her product before filing her patent application
E)Saya had the idea for the product ten years ago,but did not have time to perfect it.
Q2) Which of the following is a mark used in conjunction with a service?
A)Certification mark
B)Collective mark
C)Physical activity mark
D)Product trademark
E)Service mark
Q3) The organization responsible for registering domain names on the Internet is Network Solutions,Inc. ,which is funded by the National Science Foundation.
A)True
B)False
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Chapter 13: Introduction to Contracts
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Q1) What was the court's holding in Wrench,LLC,Shields,and Rinks,LLC v.Taco Bell,the case in the text in which the plaintiff contended that,for an implied contract claim,it was only required to prove that Taco Bell understood that Wrench expected to be compensated if Taco Bell used its Psycho Chihuahua character and/or related ideas?
A)The court found that the only relevant question was whether the parties knew compensation was expected,and there was evidence to support an implied in fact contract.
B)The court found that the only relevant question was whether the parties knew compensation was expected,however,there was evidence to support an implied in fact contract
C)The court found that the plaintiff must establish all elements of an implied in fact contract,but failed to do so.
D)The court found that the plaintiff must prove the parties agreed on all essential terms of whatever contract plaintiff alleges was entered into by the parties,and that the plaintiff met this burden of proof.
E)The court found there was no evidence to infer an implied in fact contract.
Q2) There are four elements that are necessary for a contract to exist.Identify and describe each of those elements.
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Page 15
Chapter 14: Agreement
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Q1) Mari tells Daniel that she will mow his yard during the summer for $800.Daniel considers it,and drops a note in the mail to Mari telling her that he rejects her offer.However,he thinks about it again and calls her to tell her that he accepts the offer before she receives his rejection.Which of the following is true under the mailbox rule?
A)The offer was no longer outstanding because of the rejection.
B)The acceptance was invalid because the mailbox rule requires that the time of payment be specifically set forth before an acceptance is formalized.
C)Daniel validly accepted,but his acceptance was revoked when Mari received the rejection.
D)Daniel could not accept verbally.
E)The acceptance is valid,and the rejection has no effect.
Q2) Explain under which circumstances an offer may not be revoked.
Q3) If an offer authorizes certain means of acceptance,use of an unauthorized means of acceptance is acceptable but the contract is not formed until the acceptance is received by the offeror.
A)True
B)False
Q4) List the ways in which an offer can terminate.
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Page 16
Chapter 15: Consideration
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Q1) What is necessary for consideration to be valid?
A)Consideration must be part of an equal exchange.
B)Consideration must be money
C)Consideration must involve performance in exchange for a promise.
D)Consideration must involve a mutual exchange of promises
E)Consideration must be the product of a bargained for exchange.
Q2) Which of the following is true regarding the preexisting duty rule?
A)Unforeseen circumstances and past consideration are exceptions,but additional work is not an exception.
B)Unforeseen circumstances and additional work are exceptions,but past consideration is not an exception.
C)Unforeseen circumstances are an exception,but additional work and past consideration are not exceptions.
D)Additional work is an exception,but unforeseen circumstances and past consideration are not exceptions.
E)Past consideration is an exception,but unforeseen circumstances and additional work are not exceptions.
Q3) What is the preexisting duty rule?
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Chapter 16: Capacity and Legality
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Q1) When a contract is overturned because it is deemed to have illegal subject matter or is illegal to perform,it is generally considered voidable.
A)True
B)False
Q2) A[n] contract is one requiring complete performance by both parties,even if it appears as if the contract contains multiple parts.
A)Justifiable
B)Independent
C)Indivisible
D)Adhesion
E)Divisible
Q3) In Great Britain,a young person may enter into a contract at age 18.
A)True
B)False
Q4) In pari delicto is the term for when both parties are equally responsible for an illegal agreement.
A)True
B)False
Q5) Explain Great Britain's approach to the age of majority.
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Chapter 17: Legal Assent
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Q1) Fraudulent misrepresentation and intentional misrepresentation are not the same thing.
A)True
B)False
Q2) What is the purpose of the concept of legal assent?
Q3) The result of an error by one party about a material fact is a[n] ________ mistake.
A)Clear
B)Unclear
C)Unilateral
D)Mutual
E)Single
Q4) Which statement is true if Jack seeks to rescind the contract for the sale of the Mustang?
A)Jack may not rescind the contract because truth is involved.
B)Jack may rescind the contract on grounds of defamation.
C)Jack may rescind the contract on grounds of duress.
D)Jack may rescind the contract on grounds of fraud.
E)Jack may rescind the contract on grounds of misappropriation of name or likeness.
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Chapter 18: Contracts in Writing
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Q1) In which circumstance may a court find parol evidence admissible to further the court's understanding of an agreement?
A)When a court determines that a written agreement does not represent a complete and final version of the agreement.
B)When a court determines that the plaintiff failed to do sufficient research to determine if signing the agreement was advisable.
C)When a court determines that there is significant disagreement regarding the complete and final version of the agreement.
D)When a court determines that there is disagreement between the parties' over performance of the agreement once performance has actually started.
E)When a court determines that either party failed to do sufficient research to determine if signing the agreement was advisable.
Q2) The concept of performance has no effect on the statute of frauds.
A)True
B)False
Q3) What are the eight exceptions to the parol evidence rule?
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Chapter 19: Third-Party Rights to Contracts
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Q1) Which statement is true regarding Jamal's claim that he had no duty to pick up the paint cans?
A)Jamal is incorrect because his delegation did not affect his obligation to Stephanie.
B)Jamal is correct because he validly delegated that duty to Greg.
C)Jamal is incorrect,but only because the job was for under $1,000.
D)Jamal is correct only because Greg properly painted the house and was,therefore,responsible for ancillary obligations.If Greg had improperly painted the house,Jamal would have still had remaining duties.
E)Jamal is incorrect because the job was for the performance of a personal service,and he had no right to assign either rights or duties under the contract.
Q2) List four situations under which contractual rights cannot be assigned.
Q3) What is the term for the third party who receives an assignment of contract rights?
A)Assignor
B)Assignee
C)Transferor
D)Relator
E)Transferee
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Chapter 20: Discharge and Remedies
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Q1) Which term describes when a party unjustifiably fails to substantially perform his or her obligations under the contract?
A)Crossed breach
B)Immaterial breach
C)Material breach
D)Delineated breach
E)Substantial breach
Q2) A contractual condition of satisfaction may be judged by either a[n] ________ or ________ standard.
A)Objective;absolute
B)Objective;subjective
C)Subjective;express
D)Objective;express
E)Absolute;express
Q3) Describe the actions that bring about an anticipatory repudiation of a contract,and the rights of a non-breaching party when faced with anticipatory repudiation.
Q4) Compensatory damages are frequently awarded damages.
A)True
B)False
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Chapter 21: Introduction to Sales and Lease Contracts
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Q1) Are there any steps Emilia should take in small claims court,or before she goes,regarding the customer who ordered the plain T-shirts?
A)Yes,she should attempt to get the customer to admit that he ordered the T-shirts.
B)No,because once the parties are in court,positions of the parties are frozen.
C)Yes,she should dismiss the case before she is charged with the other party's attorney fees.
D)Yes,she should dismiss the case before she is charged with sanctions.
E)No,because once the parties are in court,only the judge can add evidence.
Q2) Under the UCC,contracts for the sale of goods valued at or more must be in writing in order to be enforceable.
A)$1,000
B)$100
C)$500
D)$5,000
E)$1,500
Q3) Land and service contracts are governed by common law,not the UCC.
A)True
B)False
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Chapter 22: Title,risk of Loss,and Insurable Interest
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Q1) Which of the following is true regarding transportation costs when the designation FOB is used?
A)The buyer and seller with the loss being proportioned 75% to the buyer and 25% to the seller.
B)The buyer and seller with the loss being proportioned 25% to the buyer and 75% to the seller.
C)The selling price does not include transportation costs.
D)The selling price includes transportation costs.
E)The buyer and seller bear transportation costs with the costs apportioned at a rate of 50% to the buyer and 50% to the seller.
Q2) The term tender of delivery refers to the moment goods are picked up by the buyer. A)True
B)False
Q3) In cases where a shipment contract is vague or ambiguous on the issue,an origin contract will be presumed.
A)True
B)False
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24
Chapter 23: Performance and Obligations Under Sales and Leases
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Q1) Lui tells Kai the cupcakes can still be sold.Must Kai accept the cupcakes?
A)No,Kai can treat the contract as void or Kai can ask Lui for a price reduction and then accept the damaged goods.
B)No,Kai's only option is to treat the contract as void.
C)Yes,his only option is to accept the cupcakes and ask for a price reduction.
D)Yes,because they are still sellable and he must pay the price under the contract.
E)No,but Kai must provide Lui with time to cure.
Q2) Under the UCC,the buyer does not automatically have the right to reject the goods when the buyer alleges that goods failed to conform to contract specifications.
A)True
B)False
Q3) means good faith in relation to transactions between parties who are not merchants.
A)Honesty in law and also reasonable commercial standards of fair dealing
B)Honesty in law
C)Honesty in fact and also reasonable commercial standards of fair dealing
D)Honesty in fact and honesty in law
E)Honesty in fact
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Chapter 24: Remedies for Breach of Sales and Lease Contracts
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Q1) When may a lessor seek incidental damages in the event of a breach by a lessee of goods?
A)A lessor may seek incidental damages only if the lessee agreed orally or in writing to pay them.
B)A lessor may seek incidental damages whenever the lease is breached.
C)A lessor may seek incidental damages only if the lessee agreed in writing to pay them.
D)A lessor may seek incidental damages only if the damages are in an amount over $1,000.
E)A lessor may seek incidental damages only if the damages are in an amount over $500.
Q2) Which statement is true regarding a liquidated damages clause?
A)A provision for liquidated damages is voidable because of public policy.
B)A provision for liquidated damages will be enforced regardless of whether it is punitive in nature.
C)A provision for liquidated damages is illegal.
D)A provision for liquidated damages is enforceable so long as it is not punitive in nature.
E)A provision for liquidated damages is void because of public policy.
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Chapter 25: Warranties
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Q1) Which is a true statement regarding a buyer's right to waive warranties?
A)A buyer may waive express warranties but not implied warranties.
B)A buyer may waive implied warranties but not express warranties.
C)A buyer may waive express warranties and the implied warranty of fitness for a particular purpose,but not the implied warranty of merchantability.
D)A buyer may not waive warranties.
E)A buyer may waive both express warranties and implied warranties.
Q2) Under the Magnuson-Moss Act,what is the effect of a full warranty?
A)It means that the buyer must be immediately refunded the full purchase price.
B)It means that the buyer has the option of an immediate refund of the full purchase price or repair of the good.
C)It means only that the good or its defective part will be repaired.The buyer has no other remedy.
D)It means that if the good fails or is defective,the good or its defective part will be replaced;and if replacement cannot be timely effected,the buyer has the right to a refund or a full replacement.
E)It means that the good or its defective part will be repaired or replaced if it cannot be repaired.The buyer has no other remedy.
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Chapter 26: Negotiable Instruments: Negotiability and Transferability
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Q1) Which of the following terms is a specific draft,drawn by the owner of a checking account,ordering the bank to pay the payee from that drawer's account?
A)Certificates of deposit
B)Check
C)Note
D)Time instrument
E)Promissory contract
Q2) Which term refers to the time it takes for a check to go through the traditional check-clearing process and be paid?
A)Float
B)Delay
C)Hold over
D)Defer
E)Shelve
Q3) A contract that is personal or nonassignable cannot be classified as commercial paper.
A)True
B)False
Q4) List the seven requirements for an instrument to be negotiable.
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Chapter 27: Negotiation, holder in Due Course, and Defenses
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Q1) A party cannot be a holder in due course of a non-negotiable instrument.
A)True
B)False
Q2) Which of the following is false regarding the elements a party must meet in order to be considered a holder in due course?
A)The party must be a holder of a complete and authentic negotiable instrument.
B)The holder must take the instrument without notice of defects.
C)The holder must take the instrument for value.
D)The holder must either pay for the instrument or receive it as a gift.
E)The holder must take the instrument in good faith.
Q3) How may the holder endorse the document in the event of a misspelled name?
A)Endorsement is impossible in such a situation.
B)With the holder's actual name,with the misspelled name,or with the misspelled name followed by the actual name.
C)Only with the holder's actual name.
D)Only with the misspelled name.
E)Only with the misspelled name followed by the actual name.
Q4) List the five conditions under which a holder may take an instrument for value.
Page 29
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Chapter 28: Liability, defenses, and Discharge
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Q1) Which of the following is true regarding how an accommodation party may sign an instrument?
A)An accommodation party may sign an instrument only as an endorser or acceptor.
B)An accommodation party may sign an instrument only as a maker or acceptor.
C)An accommodation party may sign an instrument only as a maker.
D)An accommodation party may sign an instrument as a maker,drawer,acceptor,or endorser.
E)An accommodation party may sign an instrument only as a maker or a drawer.
Q2) Which of the following statements is true about the Negotiable Instruments Law in China?
A)China's law requires discrepancies between the Chinese characters and the numbers to be resolved in favor of the Chinese characters.
B)China's law addresses only banks,not individuals,as endorsers.
C)China's law permits monetary amounts to be written in either Chinese characters or numbers.
D)The purpose of China's law is to promote free trade.
E)China's law specifically addresses the use of promissory notes by individuals.
Q3) Set forth the eight real defenses and explain their significance.
Q4) For a holder to turn to secondarily liable parties,what are the requirements?
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Chapter 29: Checks and Electronic Fund Transfers
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Q1) A bank involved in the check collection process may only be classified as one type of bank during the entire process.
A)True
B)False
Q2) The Federal Reserve System consists of ________ central banks.
A)Twenty
B)Eight
C)Six
D)Thirty
E)Twelve
Q3) ________ allows a consumer to directly transfer funds from a banking account to a merchant.
A)A pay-by-electronics system
B)An electronic authorized system
C)An authorized direct pay system
D)A point-of-sale system
E)A direct pay system
Q4) A check that is substituted for a lost check is called a substitute check.
A)True
B)False
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Chapter 30: Secured Transactions
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Q1) Which statement is correct regarding any compensation that Morgan is entitled to from the bank because the bank did not timely file notice that it had no interest in her goods?
A)She may recover $1,000 from the bank.
B)She may recover $200 from the bank.
C)She may recover $100 from the bank.
D)She may recover $500 from the bank.
E)She may not recover anything unless she incurred damages;and,in that event,she may recover the amount of her compensatory damages.
Q2) Set forth the steps that a creditor must take to become a secured party.
Q3) is a writing that demonstrates a right to payment of money.
A)An authorization.
B)An instrument.
C)Chattel paper.
D)Goods paper.
E)Payment paper.
Q4) Value is consideration,according to the UCC.
A)True
B)False
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Chapter 31: Other Creditors Remedies and Suretyship
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Q1) Discuss why a creditor would want to attach property as well as whether attachment is more often sought by secured or unsecured creditors and why.
Q2) A creditor who Pele borrowed money from went to court and asked for the court to bring Pele's checking account under court control until Pele had repaid the money due.This is an example of ________.
A)Attachment
B)Garnishment
C)Law enforcement lien
D)Fixture
E)Contempt
Q3) A statutory lien is a lien created solely through statute,regardless of whether the debtor wishes the lien to be created.
A)True
B)False
Q4) When a creditor,through legal action,seizes a debtor's property to satisfy the debt,the creditor has a judicial lien.
A)True
B)False
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Chapter 32: Bankruptcy and Reorganization
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Q1) Which of the following is false regarding Chapter 13 of the bankruptcy code?
A)Any debtor who files under Chapter 13 could also have filed under Chapter 11.
B)By statute Chapter 13 plans last between 36 and 60 months.
C)Chapter 13 repayment plans are usually simpler and less expensive than Chapter 11 plans.
D)Individuals,partnerships,and corporations may file for a Chapter 13 repayment plan.
E)Chapter 13 permits individuals with regular income to pay their debts to creditors in installment plans under the supervision of the court.
Q2) Under Chapter 7,a debtor must be insolvent to file a voluntary petition for bankruptcy.
A)True
B)False
Q3) Which of the following is NOT true of a Chapter 13 repayment plan?
A)The plan is not required to provide for full payment of all claims.
B)The plan must provide for full payment of all claims.
C)If the court approves of the repayment plan,it is accepted.
D)The plan is required to treat all same-class creditors equally.
E)Creditors do not vote to approve a chapter 13 repayment plan.
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Chapter 33: Agency Formation and Duties
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Q1) A is a written document,created by a principal,expressing his or her wishes for an agent's authority not to be affected by the principal's subsequent incapacity.
A)Lasting power of authority
B)Durable power of attorney
C)Living legal empowerment
D)Notarized order
E)General purpose order of authority
Q2) A person who has a duty to act primarily for another person's benefit is called a[n]
A)Employer
B)Principal
C)Benefitor
D)Fiduciary
E)Trustor
Q3) An agency relationship may be created only for a lawful purpose.
A)True
B)False
Q4) Discuss why agency is especially important for modern firms doing business in foreign countries.
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Chapter 34: Liability to Third Parties and Termination
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Q1) Provide the rationale behind the doctrine of respondeat superior and discuss whether ethically you believe this doctrine is an appropriate doctrine for our society.
Q2) Which of the following is true regarding Jun's liability to Tomás?
A)It is unlikely that Jun will be held liable for Tomás's injuries because Connor had substantially departed from the course of his employer's business.
B)It is unlikely that Jun will be held liable for Tomás's injuries unless it can be proven that Connor had no insurance and lacks the ability to pay.
C)Jun will likely be held liable for Tomás's injuries because while Connor was acting outside the scope of his duties at the time of the accident,he had not substantially departed from the course of his employer's business.
D)Jun will likely be held liable for Tomás's injuries because Jun allowed Connor to take the truck home regardless of Jun's instructions regarding the use of the truck.
E)Jun will likely be held liable for Tomás's injuries because Connor was driving Jun's truck at the time of the accident.
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Chapter 35: Forms of Business Organization
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Questions
Q1) Which of the following are franchises in which the franchisor manufactures a product and licenses a dealer to sell the product in an exclusive territory?
A)Manufacturing arrangement
B)Chain-style business operation
C)Approved business franchise
D)Acknowledged standards operation
E)Distributorship
Q2) What is the correct term for an organization formed by individuals who usually pool their resources to market products?
A)A cooperative
B)A consortium
C)A corporation
D)An enterprise
E)A universe
Q3) An S corporation cannot have more than 75 shareholders.
A)True
B)False
Q4) Describe a franchise that is a distributorship and give an example of a distributorship.
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Chapter 36: Partnerships: Nature, formation, and Operation
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Q1) Is Cruz correct that he is entitled to additional compensation based upon the amount of work he was doing?
A)No,he is incorrect unless he can establish that he honestly did not know the law in regard to partnerships and did the extra work believing that he would be compensated.
B)No,he is incorrect unless he can establish that he did at least 30% more work than any other partner.
C)No,he is incorrect.
D)Maybe;Based upon equitable principles he may be correct,but only if he can establish that the other partners wrongfully refused to do their share of the work.
E)Yes,he is correct.
Q2) Kayla and Yoshi form a partnership to sell rocks for landscaping purposes.They are having trouble getting customers as well as loans for inventory.Kayla falsely tells ABC bank and customers that her parents are partners in the business.Her parents find out but take no steps to provide correct information.Kayla and Yoshi default on a loan to ABC Bank,and the bank sues Kayla's parents.Will the bank likely prevail,and why or why not?
Q3) Describe the liability,if any,of incoming partners.
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Chapter 37: Partnerships: Termination and Limited Partnerships
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Q1) After dissolution of a partnership,any partners who continue to do business cannot use the partnership's name.
A)True
B)False
Q2) ________ is the term for the activity of completing unfinished partnership business,collecting and paying debts,collecting partnership assets,and taking inventory.
A)Delineating
B)Closing up
C)Terminating
D)Reallocating
E)Winding up
Q3) In the case of a limited partnership,if the partners do not sign or do not file the certificate of limited partnership with the secretary of state,the limited partners will not receive limited liability.
A)True
B)False
Q4) When a partner dies,the partnership is terminated by an act of the court.
A)True
B)False
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Chapter 38: Corporations: Formation and Financing
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Q1) If the incorporator or promoters make an error or omission during the incorporation process,courts may rule that the organization is not a corporation,in which case the organization may be ruled a[n] ________ corporation.
A)Defective
B)Illegal
C)Uncertified
D)Expelled
E)Defunct
Q2) Which of the following is false regarding corporations?
A)Courts consider corporations to be "legal persons."
B)Corporations are legal entities.
C)Corporations exist separately from their shareholders.
D)Corporations cannot claim rights under the U.S.Constitution.
E)Corporations can sue or be sued by others.
Q3) Which of the following is not an express power of a corporation?
A)Power to be free from double taxation.
B)Power to sue and be sued in the corporations' name.
C)Power to have perpetual existence.
D)Power to acquire property,make contracts and borrow money.
E)Power to lend money.
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Chapter 39: Corporations: Directors, officers, and Shareholders
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Q1) Which of the following is NOT within the primary role of directors?
A)Authorizing corporate policy decisions
B)Appointing,supervising and removing corporate officers
C)Declaring pay and corporate dividends for shareholders
D)Elect and remove other directors
E)Making financial decisions
Q2) Which of the following is true of the business judgment rule?
A)It protects directors and officers from ever being held accountable for bad decisions.
B)It protects shareholders.
C)It encourages individuals to serve as directors.
D)It is an exception to the fiduciary duty of board members.
E)It applies in insider trading cases.
Q3) Which of the following are outside directors who have business contacts with the corporation?
A)Unaffiliated directors
B)Associated directors
C)Approved directors
D)Affiliated directors
E)Inside directors
41
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Chapter 40: Corporations: Mergers, consolidations, terminations
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Q1) In a merger,which of the following is true regarding the property of the absorbed corporation?
A)It must be held in trust for at least six months to satisfy claims of creditors.
B)It must be placed within the jurisdiction of the secretary of state for at least one year in order to satisfy claims of creditors.
C)It must be sold and distributed to the absorbed corporation's shareholders.
D)It is obtained by the surviving corporation.
E)It must be held in trust for at least one year to satisfy claims of creditors.
Q2) Merger cannot occur between foreign out-of-state)corporations.
A)True
B)False
Q3) A merger or consolidation plan must be approved by the boards of directors of all involved corporations.
A)True
B)False
Q4) When involuntary dissolution occurs,courts automatically appoint a receiver.
A)True
B)False
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Chapter 41: Corporations: Securities and Investor Protection
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Q1) The SEC may issue bounty payments to insider-trading whistle-blowers.
A)True
B)False
Q2) Is Rafal correct in that the SEC would have no authority to send Isaiah to prison?
A)Rafal is incorrect because the SEC criminally prosecutes some violators although the action would only be a misdemeanor.
B)Rafal is correct because there are no criminal penalties for violating the 1933 act.
C)Rafal is incorrect because the SEC criminally prosecutes some violators,and a violation of the act is considered a felony.
D)Rafal is correct in that the SEC itself would not send Isaiah to prison,but the SEC could recommend criminal action to the Department of Justice resulting in imprisonment for up to five years for a violation.
E)Rafal is correct in that the SEC itself would not send Isaiah to prison,but the SEC could recommend criminal action to the Federal Bureau of Investigation resulting in imprisonment for up to ten years for a violation.
Q3) Provide the Howey three-part test for determining if a security exists.
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Chapter 42: Employment and Labor Law
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Q1) Workers' compensation laws are primarily federal laws.
A)True
B)False
Q2) Which of the following is the penalty for an employer who fails to comply with COBRA requirements?
A)The employer may be required to pay up to 20 percent of the annual cost of the group plan or $300,000,whichever is less.
B)The employer may only be required to pay up to a fee of $50,000.
C)The employer may only be required to pay up to 10 percent of the annual cost of the group plan.
D)The employer may only be required to pay up to 20 percent of the annual cost of the group plan.
E)The employer may be required to pay up to 10 percent of the annual cost of the group plan or $500,000,whichever is less.
Q3) Employers may unilaterally determine how much to pay employees and how many hours to require to them to work.
A)True
B)False
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Chapter 43: Employment Discrimination
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Q1) Will Cindy,Zeke,and Keanu be able to go directly to federal court with claims against ABC Corporation?
A)No,Cindy,Zeke,and Keanu must all first file a charge with the EEOC or with an appropriate state agency,and they will not be allowed to proceed in federal court without doing so.
B)Cindy will be able to go straight to court,but Zeke and Keanu will have to first file a charge with the EEOC or an appropriate state agency because only plaintiffs alleging coverage under the act based on a mental disability may go straight to court.
C)Yes,they will be able to do so.
D)Only Keanu must first file a charge with the EEOC or an appropriate state agency because his claim is the only claim that would involve a substantial amount of money.
E)Zeke and Keanu will be able to go straight to court;but plaintiffs alleging coverage based on a mental disability,such as Cindy,must first file a charge with the EEOC or an appropriate state agency.
Q2) Only one state prohibits discrimination on the basis of sexual orientation.
A)True
B)False
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Chapter 44: Administrative Law
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Q1) Which of the following are rules of an agency that are policy expressions that have the effect of law?
A)Procedural
B)Legislative
C)Adjudicative
D)Interpretive
E)None of these
Q2) The Government in Sunshine Act requires that federal agencies publish in the Federal Register places where the public can get information from the agency.
A)True
B)False
Q3) What do the initials ALJ represent in the administrative law arena?
A)Agency Law Jurisprudence
B)Administrative Law Judge
C)Agency Legal Judge
D)Administrative Legal Journal
E)Agency Legal Jargon
Q4) Set forth the steps involved in formal rule making.
Q5) Set forth the stages of informal rule making.
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Chapter 45: Consumer Law
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Q1) ________ laws are state consumer protection laws prohibiting used-car fraud.
A)Orange
B)Lime
C)Onion
D)Prune
E)Lemon
Q2) Which of the following is NOT required for real estate transactions?
A)Homes must be sold with a one year warranty unless they expressly state "As Is"
B)HUD must approve an initial statement of record from anyone planning to sell or lease
100 or more lots of unimproved land
C)Mortgage lenders are required to provide certain disclosures to buyers.
D)A lender must give a buyer an estimate of cost before finalizing a real estate purchase
E)Anyone planning to sell or lease 100 or more lots of unimproved land must file an initial statement of record with HUD
Q3) All public signs and advertisements in Quebec must be solely in French.
A)True
B)False
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Chapter 46: Environmental Law
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Q1) Which of the following is an example of a pollutant covered by the 1990 Air Toxics Program?
A)H20.
B)Asbestos.
C)Sodium.
D)CAAs.
E)MACTs.
Q2) A company purposefully disposes of toxic chemicals into the water supply for a nearby township.What penalties could the company face under the Clean Water Act?
A)A maximum $1 million fine.
B)Jail time only
C)A civil lawsuit only
D)A maximum $250,000 criminal fine
E)A maximum $25,000 per day fine.
Q3) Lawsuits initiated in the state court systems are the primary mode of enforcement for environmental regulations.
A)True
B)False
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Chapter 47: Antitrust Law
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Q1) In what year was the Clayton act enacted?
A)1914
B)1814
C)1890
D)1950
E)2014
Q2) For purposes of determining the relevant market,the type of service Mateo provides would be referred to as which of the following markets?
A)Product
B)Utilized
C)Disputed
D)Offered
E)Consume r
Q3) Group boycotts by which two or more competing sellers refuse to sell their products to a certain customer are generally per se violations of the Sherman Act.
A)True
B)False
Q4) Contrast traditional antitrust theories with the Chicago School theories.
Q5) Please list what constitutes a violation of Section 1 of the Sherman Act.
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Chapter 48: The Nature of Property, personal Property, and Bailments
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Q1) Bank accounts,stocks,and insurance policies are examples of which of the following types of property?
A)Intangible
B)Manifest
C)Tangible
D)Substantive
E)Unsubstantial
Q2) The ________ is the person who transfers possession of personality in a bailment situation.
A)Bailee
B)Transferee
C)Transferor
D)Novator
E)Bailor
Q3) Mislaid property and lost property legally have the same status.
A)True
B)False
Q4) Ownership of property is referred to as "title".
A)True
B)False
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Chapter 49: Real Property
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Q1) Which of the following refers to the right to go onto someone's land and take part of the land or a product of it away from the land?
A)Easement
B)Profit
C)Appurtenance
D)Joint use
E)Fixation
Q2) What type of interest,if any,does Max have in the property?
A)A future estate.
B)A future life estate.
C)A future interest.
D)Max does not yet have an interest in the property.
E)A life estate.
Q3) The ________ of the deed initiates the transfer of property.
A)Registration
B)Acknowledgement
C)Sealing
D)Execution
E)Expressing
Q4) What must a properly drafted deed include?
Page 51
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Chapter 50: Landlord-Tenant Law
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Q1) What type of lease did Jeri want to enter?
A)A tenancy-at-sufferance lease
B)A tenancy-at-will lease
C)A periodic-tenancy lease
D)A monthly-term lease
E)A definite-term lease
Q2) One of the covenants made by a lessee is a covenant of quiet enjoyment.
A)True
B)False
Q3) If Rodney has not made Emilene's electricity repairs,can she withhold her rent until it is fixed?
A)She may withhold all the rent until the defect is fixed.
B)A tenant may never withhold rent,however,she may create an escrow account for the fair market value of the rent.
C)She cannot withhold all the rent;she can withhold only the amount associated with the electricity.
D)She may withhold all the rent in an escrow account until the defect is fixed.
E)No,a tenant's most important duty is to pay rent.
Q4) List the five elements required for the existence of a landlord-tenant relationship.
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Chapter 51: Insurance Law
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Q1) Arbitration clauses are illegal in policies of insurance,as a matter of federal law.
A)True
B)False
Q2) If an insurance company wants to cancel a policy,it must provide the insured with a grace period,but it does not have to provide advanced notice.
A)True
B)False
Q3) If the insured or insurer fails to meet an obligation under the insurance contract,what cause of action might the other party have?
A)Breach of duty
B)Breach of good faith and fair dealing
C)Breach of warranty
D)Breach of contract
E)Breach of implied warranty
Q4) A person who is unable to work due to disability is protected by life insurance.
A)True
B)False
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Chapter 52: Wills and Trusts
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Q1) In the case text In re Estate of Duke,Irving prepared a holographic will in which he left all of his property to his wife,Beatrice.The will provided that,should Irving and Beatrice die at the same time,the estate was to be divided between two named charities.Beatrice died in July 2002 and Irving died in November 2007.The two charities and Irving's nephews disputed the distribution of the estate.What was the result?
A)The charities were successful because Beatrice predeceased Irving.
B)The nephews were successful because the will did not contemplate Beatrice dying first,therefore,the laws of intestacy applied.
C)The nephews were successful because they were the next of kin.
D)The charities were successful because they were named in the will.
E)The case was remanded for additional evidence to be put on to show Irving's intent.
Q2) Property of a decedent that is not part of a probate estate is ________ property.
A)Nonbequeathable
B)Divisible
C)Exempt
D)Nondevisable
E)Nonprobate
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