Corporate Law Exam Review
Course Introduction
Corporate Law explores the legal principles and frameworks governing the formation, operation, and dissolution of corporations. The course examines key topics such as corporate personhood, the roles and duties of directors and officers, shareholder rights, mergers and acquisitions, corporate finance, and regulatory compliance. Emphasis is placed on the interplay between statutory regulations and case law, with a focus on the fiduciary responsibilities within corporate governance and the broader societal impacts of corporate activity. Through case studies and practical scenarios, students will develop an understanding of how law shapes business decisions and the functioning of the corporate sector.
Recommended Textbook
Business Law Today Comprehensive 9th Edition by Roger LeRoy
Miller
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45 Chapters
3172 Verified Questions
3172 Flashcards
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Chapter 1: The Legal Environment
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Sample Questions
Q1) Uniform laws apply in all states,including those in which the laws have not been adopted.
A)True
B)False
Answer: False
Q2) In an action against Elin,Frank obtains a remedy.This is
A)an administrative agency's enforcement of its rule.
B)a principle of the law derived from earlier court cases.
C)a statute enacted by a state legislature or Congress.
D)the legal means to recover a right or to redress a wrong.
Answer: D
Q3) A decision on a given issue by a court is not binding on an inferior court.
A)True
B)False
Answer: False
Q4) Whether a law is constitutional depends on its source.
A)True
B)False
Answer: False
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Chapter 2: Constitutional Law
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Sample Questions
Q1) Dru,a U.S.citizen,is the owner of Egret,Inc.Egret's competitors include Feathered Friends Company (FFC),which is owned by Greg and Huey.The Bill of Rights embodies a series of protections for Dru against types of interference by A)FFC and its other competitors only.
B)FFC,Greg,Huey,others,and the government.
C)Greg,Huey,and other private individuals only.
D)the government only.
Answer: D
Q2) A restriction on commercial speech that implements a substantial government interest may be valid.
A)True
B)False
Answer: True
Q3) The terms "procedural due process" and "equal protection" mean the same thing.
A)True
B)False
Answer: False
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Chapter 3: Courts and Alternative Dispute Resolution
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Sample Questions
Q1) An answer can admit to the allegations made in a complaint.
A)True
B)False
Answer: True
Q2) Marbled Granite Company files a suit against Natural Stone,Inc.,in a Colorado court with general jurisdiction.In a Delaware court with limited jurisdiction,E-Sales Corporation files a suit against First State Bank.The difference between general and limited jurisdiction is
A)the subject matter of the cases that the courts can decide.
B)whether a case is being heard for the first time.
C)whether a suit is filed against a single individual or many people.
D)whether a suit is filed by a citizen or by a business.
Answer: A
Q3) A state court can exercise jurisdiction over any person within the boundaries of the state.
A)True
B)False
Answer: True
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Chapter 4: Torts and Cyber Torts
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Sample Questions
Q1) Lew angrily accuses Mandy,a broker with New Financial Services,of fraudulently inducing him to invest in Open Pit Oil Company,whose wells are dry.The reliance that gives rise to liability for fraud is normally based on a statement of A)emotion.
B)fact.
C)opinion.
D)puffery.
Q2) A party cannot recover damages for severe emotional distress absent a showing of physical injury.
A)True
B)False
Q3) Dian,a clerk at an Entertainment Unlimited store,takes a DVD player from the store without permission.Dian is liable for A)appropriation.
B)benefiting an employee.
C)conversion.
D)wrongful interference with a business relationship.
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Chapter 5: Intellectual Property and Internet Law
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Sample Questions
Q1) A trade name cannot be registered with the federal government if it is also a trademark.
A)True
B)False
Q2) Standard Corporation can not claim a trademark in the phrase "Quality Is Standard" if the phrase
A)has a secondary meaning.
B)is descriptive.
C)is generic.
D)means nothing.
Q3) Sights Unseen,Inc.,(SUI)sells scopes with distinctively designed and made lenses and mirrors to scientists.Telescopes,Etc.Corporation later begins to sell scopes with identical set-ups of lenses and mirrors,without SUI's permission,to consumers.This is most likely
A)copyright infringement.
B)patent infringement.
C)trademark infringement.
D)not infringement.
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Chapter 6: Criminal Law
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Sample Questions
Q1) A criminal case must be proved beyond a reasonable doubt.
A)True
B)False
Q2) Dirk,an employee of Ergonomic Elevators,Inc.,pays Ferbie,an employee of Ergonomic's competitor G-Force Risers Company,for a secret G-Force pricing schedule.This is
A)an effective marketing strategy.
B)commercial bribery.
C)creative legal bookkeeping.
D)money laundering.
Q3) Larceny relies on stealth while robbery relies on fear and force.
A)True
B)False
Q4) It may be a crime to take another's property,but it is not a crime to receive stolen goods.
A)True
B)False
Q5) Thinking about killing someone constitutes the crime of attempted murder.
A)True
B)False
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Chapter 7: Cyber Crime
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Q1) In cyberspace,thieves are as subject to physical limits as they are in the "real" world.
A)True
B)False
Q2) Because embezzlement is considered a white-collar crime,it cannot be considered a computer crime.
A)True
B)False
Q3) Identity theft occurs when a wrongdoer steals another's form of identification.
A)True
B)False
Q4) The appropriate location for a trial can be a key issue in a case involving a cyber crime.
A)True
B)False
Q5) Hacking is not widespread.
A)True
B)False
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Page 9
Chapter 8: Ethics and Business Decision Making
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Sample Questions
Q1) If an action is ethical from an outcome-based perspective,it is always ethical from a duty-based perspective.
A)True
B)False
Q2) One guideline to evaluating the ethics of a particular action is to "let your conscience be your guide."
A)True
B)False
Q3) In studying the legal environment of business,Professor Dooley's students also review ethics in a business context.Ethics includes the study of what constitutes A)fair or just behavior.
B)financially rewarding behavior.
C)legal behavior.
D)religious behavior.
Q4) Setting realistic workplace goals can reduce the probability that employees will act unethically.
A)True
B)False
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Page 10
Chapter 9: Nature and Classification
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Sample Questions
Q1) An express contract must be in writing.
A)True
B)False
Q2) Jack promises to buy Kris's computer for $400.Jack is
A)an executor.
B)an offeree.
C)a promisee.
D)a promisor.
Q3) An offer to form a unilateral contract is accepted by a promise to perform.
A)True
B)False
Q4) Some promises are not legally binding contracts.
A)True
B)False
Q5) Vernon claims that his contract with Ulani is voidable.If their contract is avoided
A)both parties are released from it.
B)both parties must fully perform their obligations under it.
C)a wholly different contract is agreed to.
D)a wholly different contract is imposed "as if" the parties had agreed.
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Chapter 10: Agreement in Traditional and E-Contracts
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Sample Questions
Q1) The UETA applies to an e-transaction unless the parties "opt out."
A)True
B)False
Q2) An online offer should include provisions relating to dispute settlement.
A)True
B)False
Q3) A "sale" of software generally involves a right to use the software and a passage of ownership rights in the software to the buyer.
A)True
B)False
Q4) An invitation to submit bids-"how much would you charge to do this work"-is an offer.
A)True
B)False
Q5) An invitation to negotiate-"can you afford this"-is an offer.
A)True
B)False
Q6) In an auction,the auctioneer is an offeree.
A)True
B)False
Page 12
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Chapter 11: Consideration
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Sample Questions
Q1) Refer to Fact Pattern 11-3.If CCC offers no reason for the extra $100,000,but says only that it will otherwise stop construction,the agreement is
A)enforceable as an accord and satisfaction.
B)enforceable because of unforeseen difficulties.
C)unenforceable as an illusory promise.
D)unenforceable due to the preexisting duty rule.
Q2) Failing to use the word consideration in an agreement means that no consideration has been given.
A)True
B)False
Q3) In a skateboarding accident with Ryan,Starla is injured.Ryan's insurance company's offers her $25,000 to release him from liability,and she accepts.Later,she learns that her injuries are more serious than she realized.The release
A)bars Starla's further recovery from Ryan.
B)is unenforceable because Starla's injuries are unforeseeably difficult.
C)is unenforceable because Ryan has a preexisting duty to pay.
D)is unenforceable because the release is an illusory promise.
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Page 13
Chapter 12: Capacity and Legality
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Sample Questions
Q1) Orin relinquishes the right to his daughter Neko's control,care,custody,and earnings.This act is A)disaffirmance.
B)emancipation.
C)ratification.
D)severability.
Q2) Bret runs an illegal business and pays Cal,a law enforcement officer,not to interfere.The payments are discovered.Bret and Cal are sent to prison.Bret can successfully sue Cal for the return of A)all of the money paid to Cal.
B)only the money paid to Cal that has been spent.
C)only the money paid to Cal that has not been spent.
D)none of the choices.
Q3) Jill is fifteen.In most states,Jill would be considered a minor because she is under the age of A)sixteen.
B)eighteen.
C)twenty.
D)twenty-one.
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Chapter 13: Voluntary Consent
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Sample Questions
Q1) Forcing someone to enter into a contract through fear created by threats is duress.
A)True
B)False
Q2) Dom,a salesperson for Excel Autos,promises Fern that a certain car will give her a "smooth ride." Dom offers a test drive,which Fern declines.She buys the car but soon realizes that its suspension is in poor condition.Fern
A)can rescind the contract on the ground of fraud.
B)can rescind the contract on the ground of misrepresentation.
C)can rescind the contract on the ground of mistake.
D)was not defrauded.
Q3) Refer to Fact Pattern 13-4.Flo sues to rescind the contract.Gail claims that duress is a defense to enforcement of a contract,not a ground for rescission.The court will probably rule in favor of
A)Flo only.
B)Flo and Gail.
C)Flo or Gail,but not both.
D)Gail only.
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Page 15
Chapter 14: The Statute of Fraudswriting Requirement
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Sample Questions
Q1) Clay buys an MP3 player for $200 and a pair of stereo speakers for $600 from a Discount City store,and downloads $300 worth of digital music from E-Music.com.To be enforceable,the contract that must be in writing is the purchase of A)the digital music,the MP3 player,and the speakers.
B)the MP3 player and the speakers only.
C)the MP3 player only.
D)the speakers only.
Q2) Delta,Inc.,agrees to assume a debt of Evenflo Company to First State Bank.The agreement is not in writing.To be enforceable,the promise must be for the benefit of A)any party.
B)Delta.
C)Evenflo.
D)First State.
Q3) A contract that has not been fully performed by the end of a year from the day of its making must be rewritten to continue in force.
A)True
B)False
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Chapter 15: Performance and Discharge
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Sample Questions
Q1) Even-Bilt Construction contracts to build a warehouse for Discount Sales Mart.Even-Bilt completely performs.Discount Sales is entitled to A)an accord. B)rescission.
C)damages.
D)nothing more.
Q2) Any breach of contract discharges the breaching party. A)True B)False
Q3) Anticipatory repudiation discharges a contract. A)True B)False
Q4) A party normally satisfies its duties under a contract by novation. A)True B)False
Q5) Complete performance occurs when conditions in a contract are fully satisfied. A)True B)False
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Chapter 16: Breach and Remedies
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Sample Questions
Q1) Refined Commodities,Inc.,agrees to deliver ten tons of sheet metal to Select Builders Corporation.The agreement states that delivery is to be within "3" days,although the parties intend "30" days.Refined cannot convince Select to amend the contract.Refined should seek A)damages.
B)reformation.
C)rescission.
D)specific performance.
Q2) Specific performance is the remedy customarily used when one party has breached a contract for a sale of land.
A)True
B)False
Q3) Beachside Pools,Inc.,agrees to build a swimming pool for Candy,but fails to build it according to the contract specifications.Candy hires Do-We Fix-It Company to finish the project.Candy may recover from Beachside
A)the contract price less costs of materials and labor.
B)the contract price.
C)the costs needed to complete construction.
D)profits plus the costs incurred up to the time of the breach.
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Page 18
Chapter 17: Third Party Rights
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Q1) Linus and Marlena agree that Linus will fix Marlena's roof in exchange for $8,000.Linus spends half of the amount due under the contract to acquire the materials for the job from Natural Roofing Supplies.Natural Roofing is
A)a delegatee.
B)an intended beneficiary.
C)an incidental beneficiary.
D)an alien to the contract.
Q2) The person to whom rights in a contract are assigned is the delegatee.
A)True
B)False
Q3) Joy and Kris enter into a contract for Kris to lay sod in Joy's yard for which she agrees to pay Kris.When Kris's schedule conflicts,she contacts Leza,to whom Kris "assigns all rights under the contract." Kris is
A)absolved of any liability under the contract.
B)in breach of the contract with Joy.
C)liable to Joy if Leza does not perform.
D)liable to Leza for inducing a prohibited contract.
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Page 19
Chapter 18: The Formation of Sales and Lease Contracts
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Sample Questions
Q1) If a contract for a sale of goods does not include the delivery date,there is no basis for enforcing it.
A)True
B)False
Q2) Under the UCC,the validity of a contract depends on its price term.
A)True
B)False
Q3) For an item to be characterized as a "good" under the UCC,it must be intangible.
A)True
B)False
Q4) A sale of growing crops is a sale of goods.
A)True
B)False
Q5) When an offer does not specify a means of acceptance,it can be accepted by any means reasonable under the circumstances.
A)True
B)False
Q6) The rules governing firm offers apply to all merchants.
A)True
B)False
Page 20
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Chapter 19: Title and Risk of Loss
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Sample Questions
Q1) In a sale or return,the seller delivers the goods to the buyer with the understanding that the buyer can set aside the deal by returning the goods.
A)True
B)False
Q2) A buyer and a seller cannot normally have an insurable interest in identical goods at the same time.
A)True
B)False
Q3) Regal Recreation Sales,Inc.,allows Sandy to take a Regal boat for a "test run." Sandy tries the boat for a few hours,returns,and buys it.This is
A)a bailment.
B)a consignment.
C)a sale on approval.
D)a sale or return.
Q4) When the risk of loss for goods passes from a seller to a buyer is generally determined by the contract between the parties.
A)True
B)False
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Chapter 20: Performance Breach of Sales Lease Contracts
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Sample Questions
Q1) Natural Foods,Inc.,orders "Grade A" oil from Olive Grove Farms to process and sell to Pic 'N Pay Grocers.Olive Grove ships "Grade B" oil,which Natural Foods accepts.To recover damages for the nonconformity,Natural Foods must give notice of the breach within a reasonable time to
A)Olive Grove only.
B)Olive Grove,Pic 'N Pay,and the appropriate government agency.
C)Pic 'N Pay only.
D)the appropriate government agency only.
Q2) If goods fail to conform to a contract in any way,the buyer or lessee must reject them.
A)True
B)False
Q3) Summit Supply Company contracts for a sale of medical equipment to Valley Immediate Care Corporation.Summit can enforce its right to payment
A)only after Valley has actually inspected the goods.
B)only after Valley has had an opportunity to inspect the goods.
C)only before Valley has inspected the goods.
D)whether or not Valley has had the chance to inspect the goods.
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Chapter 21: Warranties and Product Liability
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Sample Questions
Q1) Regional Lumber Company and Superior Builders Corporation enter into a contract for a sale of wood products.Regional,a merchant who deals in goods of the kind sold,makes implied and express warranties in connection with the sale.Under the UCC,if these are inconsistent
A)all implied warranties displace all express warranties.
B)all express warranties displace all implied warranties.
C)the implied warranty of fitness for a particular purpose takes precedence.
D)the implied warranty of merchantability takes precedence.
Q2) Universal Assembly Company makes espresso machines and sells one to Vim through a misrepresentation on the label on which Vim relies and that results in an injury to Vim.Universal is most likely liable for
A)a commonly known danger.
B)fraud.
C)privity.
D)puffery.
Q3) A manufacturer's duty of care does not extend to the inspection and testing of products bought to incorporate in the final product.
A)True
B)False
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Page 23
Chapter 22: Negotiable Instruments: Transferability Liability
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Sample Questions
Q1) An instrument is not defective simply because it is overdue.
A)True
B)False
Q2) A maker is secondarily liable on an instrument.
A)True
B)False
Q3) Rodeo Ranch's agent Slim is authorized to draw checks on Rodeo Ranch's account in Town Bank.Upper Range Corporation is a Rodeo Ranch supplier.Slim writes a check "pay to the order of Upper Range [signed] Slim," indorses the check in Upper Range's name,and deposits it in his account in Verity Bank.If Verity Bank collects payment,the ultimate party most likely to suffer the loss is
A)no one.
B)Rodeo Ranch.
C)Town Bank.
D)Upper Range.
Q4) An unauthorized signature binds the person whose name is forged.
A)True
B)False
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24
Chapter 23: Checks and Banking in the Digital Age
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Q1) Hoppy steals two checks from Eagle Retail Stores,Inc.: a blank check and a check payable to the order of General Supplies Company (GSC),drawn on Eagle's account with First National Bank.Hoppy forges Eagle's signature on the blank check and makes it payable to himself.Hoppy forges GSC's indorsement on the back of the check payable to GSC,and adds "Pay to the order of Hoppy." At Friendly Credit,Inc.,Hoppy indorses the back of both checks with his own name and gives them to Friendly for cash.Friendly does not know about the theft or the forged signatures and presents the checks to First National,which pays them.Eagle,which was not negligent,discovers the forgeries and asks First National to recredit its account.Who suffers the loss on each check
Q2) Thelma signs a check "pay to the order of Uri" drawn on Thelma's account in Verity Bank.Thelma has $400 in her account but the amount of the check is $500,which the bank pays.This is
A)a dishonored check.
B)an overdraft.
C)a postdated check.
D)a stale check.
Q3) A check is a special type of certificate of deposit.
A)True
B)False
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Page 25
Chapter 24: Security Interests in Personal Property
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Q1) A pledge is a promise by a debtor to take reasonable care of the collateral.
A)True
B)False
Q2) Middling Credit Corporation asks Little Supply Company to agree to a security agreement that provides for coverage of the proceeds from the sale of after-acquired property.This is
A)a first-in,first-out rule.
B)a floating lien.
C)a funds guaranty.
D)in violation of secured transactions law.
Q3) Green Landscape Company buys a backhoe on credit from Heavy Equipment Corporation,but does not make a payment on the loan for several months.Heavy repossesses the backhoe by towing it from a public street.Green sues Heavy for breach of the peace.Green will probably
A)not prevail,because Heavy did not use judicial process.
B)not prevail,because the repossession was not a breach of the peace.
C)prevail,because Green did not default on the loan.
D)prevail,because the repossession was a breach of the peace.
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26
Chapter 25: Other Creditors Remedies and Suretyship
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Q1) If the proceeds of a foreclosure sale cover the costs of the sale and the mortgage debt,any surplus is a windfall to the creditor.
A)True
B)False
Q2) If a surety pays the debt owed to a creditor,then the surety acquires any rights that the creditor had against the debtor.
A)True
B)False
Q3) State law governs the procedures that must be followed to create a mechanic's lien.
A)True
B)False
Q4) If a debtor offers to pay a debt owed to a creditor but the creditor refuses the tender,the surety remains obligated on the debt.
A)True
B)False
Q5) A debtor's "business tools" may be exempt from satisfaction of a judgment debt.
A)True B)False
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Chapter 26: Bankruptcy
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Q1) A trustee must call a meeting of the creditors listed in the schedules filed by the debtor.
A)True
B)False
Q2) Before filing for bankruptcy,a consumer-debtor must receive credit counseling.
A)True
B)False
Q3) A bankruptcy court may deny a discharge based on the debtor's conduct.
A)True
B)False
Q4) A reorganization plain is a plan to conserve and administer the debtor's assets in the hope that all of the creditors will eventually be paid in full.
A)True
B)False
Q5) Before obtaining a discharge in bankruptcy,a consumer-debtor must attend a consumer education course (unless such a course is unavailable).
A)True
B)False
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Chapter 27: International Law in a Global Economy
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Q1) The government of Iran violates an international law.Persuasive tactics to remedy the situation fail.The only recourse of other nations is to
A)approve the European Union's enforcement of the law.
B)ask the International Court of Justice to enforce sanctions.
C)seek enforcement of the law through the United Nations.
D)take coercive action-sever relations,impose boycotts,go to war.
Q2) The government of Japan sets a limit on the amount of rice that can be imported from the United States.This is
A)a dumping duty.
B)an antidumping duty.
C)a quota.
D)a tariff.
Q3) Secure Investments,Inc.,a U.S.firm,expands into international markets through a joint venture.In this situation,Secure owns
A)all of the operation,and its profits and liabilities.
B)all of the operation,and none of its profits and liabilities.
C)none of the operation,and none of its profits and liabilities.
D)part of the operation,and shares its profits and liabilities.
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Page 29
Chapter 28: Agency Relationships in Business
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Q1) Jim agrees to act on Kit's behalf,subject to Kit's control,and Kit trusts Jim to so act.This describes a relationship between
A)a business and its competitors.
B)a government and its governed.
C)a parent and a child.
D)a principal and an agent.
Q2) Based on Nan's conduct,Odel reasonably believes that Poppy has the authority to act on Nan's behalf even though Poppy does not have the actual authority to do so.In this circumstance,Poppy has
A)apparent authority.
B)express authority.
C)implied authority.
D)no authority.
Q3) A corporate officer is not an agent for the corporation.
A)True
B)False
Q4) Before a principal can ratify a contract,the agent must withdraw from the deal.
A)True
B)False
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Chapter 29: Employment, immigration, and Labor Law
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Q1) Generally,an employer's monitoring of electronic communications in the workplace does not violate employees' privacy rights.
A)True
B)False
Q2) Healthy Harvest Company runs a candy and fruit processing and packaging plant.Most of Healthy Harvest's business is done during holiday seasons,especially between Halloween and New Year's Day,and in the spring.The company hires a large temporary workforce during its busiest times.Occasionally,a position opens for an individual with highly specialized skills,particularly to operate and maintain the company's inventory and sales control systems.Can Healthy Harvest hire noncitizens for its temporary,seasonal work Can the company hire a noncitizen with special skills for certain jobs If so,what procedures must the employer follow in both situations to do this hiring If not,how can Healthy Harvest be assured that it is hiring only citizens
Q3) Employer who willfully violates safety regulations can be prosecuted under state criminal laws.
A)True
B)False
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Chapter 30: Employment Discrimination
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Q1) To establish a prima facie case of discrimination under Title VII,a plaintiff must show that discriminatory intent motivated an employer's decision.
A)True
B)False
Q2) Lloyd and Milly are employees of NuTech Corporation.They have the same job.Under the Equal Pay Act,NuTech can legitimately pay Lloyd more than Milly on the basis of
A)Lloyd's greater production only.
B)Lloyd's greater production or seniority.
C)Lloyd's greater seniority only.
D)neither Lloyd's greater production nor his greater seniority.
Q3) Under the Equal Pay Act of 1963,all of the women on an employer's staff must be paid the same as all of the men.
A)True
B)False
Q4) All employers in the United States are subject to federal employment discrimination laws.
A)True
B)False
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32
Chapter 31: Sole Proprietorships and Private Franchises
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Q1) Opie buys a franchise from Paradise Clothing Corporation.Because this franchise relationship is,like all other franchise relationships,primarily of a certain type,it is governed by A)contract law.
B)the federal service-station franchise termination law.
C)the Federal Trade Commission's Franchise Rule.
D)the Illinois Franchise Disclosure Act.
Q2) A franchise exists when the owner of a copyright licenses its use to another party to sell goods or services.
A)True
B)False
Q3) A franchisee normally does not pay a fee for a franchise license until after the first year of using it.
A)True
B)False
Q4) A manufacturer's license to an outside dealer to sell a product is a distributorship. A)True
B)False
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Chapter 32: All Forms of Partnerships
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Q1) Cody is a partner in Delta Accounting Service.Cody can inspect
A)all of Delta's books and records.
B)Delta's books and records only as the firm's management permits.
C)Delta's books and records only for a reasonable purpose.
D)Delta's books and records relating to Cody's capital contribution only.
Q2) On a partner's dissociation,his or her right to participate in the management and conduct of the business terminates.
A)True
B)False
Q3) Bo and Clancy decide to do business as Marketing & Promotion Services.To be a partnership,this association can result from an agreement that is
A)express,but not from an agreement that is implied.
B)implied,but not from an agreement that is express.
C)oral,written,or implied by conduct.
D)written,but not from an agreement that is oral or implied.
Q4) General principles of agency law pertain to a partner's authority to bind a partnership in contract.
A)True
B)False
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Chapter 33: Limited Liability Companies Special Business
Forms
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Q1) Petra,Queenie,and Randall want to form Sales-to-Infinity,LLC (limited liability company).What should they provide in their operating agreement If they fail to include some important operating details,what determines these details
Q2) Jin,Karlo,and other consumers form Metro Purchasing Cooperative.This form of business organization makes it possible for these individuals to
A)avoid personal liability for the acts of the cooperative.
B)obtain an exemption from state laws governing corporations.
C)pay no taxes on their business income.
D)pool their resources to gain an advantage in the market.
Q3) Most limited liability company statutes have strict provisions regulating members' meetings.
A)True
B)False
Q4) In a limited liability company,members must participate in the management of the company.
A)True
B)False
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Chapter 34: Corporate Formation and Financing
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Q1) Inez and Jason are the shareholders and directors of Kleen Kustodial Corporation.Lily and Moe are Kleen's officers.As in other corporations,the responsibility for the overall management of Kleen rests with A)the board of directors.
B)the officers.
C)the owners.
D)the shareholders.
Q2) Niki owns O.K.Oil Corporation.Niki uses O.K.'s funds to pay her personal expenses,creates Pure Fuel Corporation to engage in the same business as O.K.,transfers O.K.'s assets to Pure Fuel,and petitions O.K.into bankruptcy.This most likely warrants
A)a bonus to Niki for financial maneuvers.
B)a discharge for O.K.in bankruptcy.
C)a piercing of O.K.'s corporate veil.
D)a review of Pure Fuel's articles of incorporation.
Q3) Usually,a private equity firm buys an entire corporation and may later reorganize it as a publicly held corporation.
A)True
B)False
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Chapter 35: Corporate Directors,officers, Shareholders
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Q1) Lovey is a shareholder of Matchless Corporation with preemptive rights.With these rights,Lovey can
A)buy a prorated share of a new issue of stock before other buyers.
B)choose to have Matchless act exclusively in a certain area.
C)"preempt" managerial decisions that affect shareholders.
D)sell a prorated share of a new issue of stock before other sellers.
Q2) Rusty and Sylvia are shareholders of Triad Hotel Corporation.Triad's directors fail to declare a dividend.Rusty and Sylvia could succeed in asking a court to order the directors to meet and declare a dividend
A)if Triad has sufficient earnings available to pay a dividend.
B)if Triad has cash reserves,even if earmarked for a different purpose.
C)if withholding a dividend is an abuse of the directors' discretion.
D)under no circumstances.
Q3) Clifton is a director of Dri-Cleaning Corporation.In this capacity,Clifton has a right of A)accounting.
B)loyalty.
C)participation.
D)service.
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Chapter 36: Corporate Acquisitions, takeovers, Termination
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Q1) Like other corporations,Beauty Supplies Corporation can extend its operations through
A)a consolidation.
B)a dissolution.
C)a termination.
D)a winding up.
Q2) Ruff Games,Inc.,wishes to acquire a controlling interest in Smart Toy Company by buying its stock.A public offer by Ruff Games to Smart Toy shareholders is
A)a buyout notice.
B)a golden parachute.
C)an acquisition call.
D)a tender offer.
Q3) Eagle Financial Corporation merges with First Bank Corporation,with Eagle Financial absorbing First Bank.After the merger
A)a different,new corporation is the surviving corporation.
B)Eagle Financial and First Bank are both surviving corporations.
C)Eagle Financial is the surviving corporation.
D)First Bank is the surviving corporation.
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38
Chapter 37: Investor Protection,insider Trading, Corp Gov
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Q1) A registration statement must include a financial statement certified by an independent public accounting firm.
A)True
B)False
Q2) Securities that are exempt from the registration requirement can generally be sold and resold without being registered.
A)True
B)False
Q3) When Looking Glass Corporation wishes to issue certain securities,it must provide sufficient information for Alice,and other unsophisticated investors,to evaluate the financial risk involved.Specifically,the law imposes liability for making a false statement or omission that is "material." What sort of information would Alice consider material
Q4) Celfone Corporation is required to file a registration statement with the Securities and Exchange Commission.This statement must contain
A)a copy of prospectuses to be provided to investors.
B)a description of securities being offered for sale.
C)a record of pre-registration sales in securities.
D)a sample of advertising to be used to attract investments in Celfone.
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Chapter 38: Administrative Law
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Q1) Federal administrative agencies can regulate beyond the powers granted by enabling legislation.
A)True
B)False
Q2) The Securities and Exchange Commission decides to create a new rule relating to the dissemination of material nonpublic information through corporate Web sites.The first step is
A)compile the rule with others in the Code of Federal Regulations.
B)conduct an on-site inspection.
C)publish a notice of the proposed rulemaking.
D)solicit public comment.
Q3) The functions of the Social Security Administration,like those of other administrative agencies,include
A)adjudication.
B)declaration.
C)enunciation.
D)pronunciation.
Q4) Only experts can submit comments on a proposed administrative rule.
A)True
B)False
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Chapter 39: Promoting Competition
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Q1) Midwest Agri-Products Corporation offers to sell its sugar substitute to Nice Candies,Inc.,only if Nice Candies agrees to buy all the corn it needs from Midwest Agri-Products,even though there are other corn sellers from whom Nice Candies could buy.This is
A)an exclusive-dealing contract.
B)a tying arrangement.
C)price discrimination.
D)a group boycott.
Q2) Fresh Vegetables,Inc.,a wholesaler,refuses to sell its produce to Good Mart Stores,Inc.,a retailer.Under the Sherman Act,this is A)"an unfair or deceptive act or practice."
B)a per se violation.
C)not a violation.
D)subject to analysis under the rule of reason.
Q3) Acquiring monopoly power through anticompetitive means violates antitrust law.
A)True B)False
Q4) Monopoly power is an extreme amount of market power. A)True B)False
Page 41
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Chapter 40: Consumer Law
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Q1) Brad borrows $20,000 from Citizens Bank to repair his home and to buy a car.Brad buys a stereo from Deep Discount Store in a transaction financed by Deep.If these parties are subject to the Truth-in-Lending Act,Regulation Z applies to
A)the car loan only.
B)the home repair loan only.
C)the retail installment sale only.
D)the car loan,the home repair loan,and the retail installment sale.
Q2) Precise GPS Company's ad states that its product is "the finest that money can buy."
Because of this ad,the Federal Trade Commission is most likely to issue
A)a cease-and-desist order.
B)a counteradvertising order.
C)a multiple product order.
D)none of the choices.
Q3) A consumer who receives unsolicited merchandise must return it within three business days.
A)True
B)False
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Chapter 41: Environmental Law
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Q1) When a release of hazardous chemicals from a site occurs,potentially responsible parties can avoid liability through transfer of ownership.
A)True
B)False
Q2) Consolidated Trucking Company transports radioactive materials.Darla suffers from cancer.To succeed in a strict liability action against Consolidated,Darla must show that her injury was caused by
A)Consolidated's failure to use reasonable care to prevent harm to Darla.
B)Consolidated's intentional lack of regard for the general public.
C)Consolidated's operation.
D)radiation from any source.
Q3) Under the Marine Protection,Research,and Sanctuaries Act (the Ocean Dumping Act),Bayside Chemical Company may dump its chemical waste into the ocean
A)after obtaining a permit.
B)before obtaining a permit.
C)without a permit.
D)not at all.
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43
Chapter 42: Liability of Accountants Other Professionals
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Q1) Travis,an accountant,is subject to the accounting conventions,rules,and procedures that constitute generally accepted accounting principles (GAAP).GAAP are determined by
A)state courts.
B)the American Bar Association.
C)the American Institute of Certified Public Accountants.
D)the Financial Accounting Standards Board.
Q2) Mona,an accountant,prepares for NuTech Corporation a financial statement that omits a material fact.The financial statement is included in NuTech's registration statement,which Pam reads.Pam buys NuTech stock.Under Section 11 of the Securities Act of 1933,for Mona to be liable for the omission,Pam must show that
A)Pam relied on the omission.
B)Pam suffered a loss on the stock.
C)Pam knew about the omission before making her purchase.
D)the omission had no causal connection to her loss.
Q3) An accountant's liability under the Section 10(b)and Rule 10b-5 of the Securities Exchange Act of 1934 requires privity of contract.
A)True
B)False
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Chapter 43: Personal Property and Bailments
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Q1) Ben allows Cody to store his trailer on Ben's property for $20 a month while Cody is out of town.Later,Ben notices rainwater collecting in the trailer and covers it with a tarp at a cost of $40.This cost is most likely borne by A)Ben and Cody.
B)Ben only.
C)Cody only.
D)neither Ben nor Cody.
Q2) Nero and Olav each buy certain quantities of oil to sell to Petro Refinery,and agree to share storage costs until Petro can take delivery.The oil is commingled so that Nero's oil cannot be distinguished from Olav's.This is A)accession.
B)confusion.
C)conversion.
D)irresolution.
Q3) Common carriers are held to a standard of care based on strict liability in protecting bailed property in their possession.
A)True
B)False
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Chapter 44: Real Property and Landlord-Tenant Law
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Q1) Moby leases from National Theater Corporation a theater in which to stage a series of concerts.Ollie buys a ticket to the series.What distinguishes Moby,a tenant,from Ollie,a licensee,is
A)the exclusivity of possession.
B)the quiet enjoyment of rights.
C)the temporary nature of possession.
D)the title to the property.
Q2) Consumer Shops,Inc.,signs a lease for a storefront owned by Downtown Building Company.Unlike a purchaser of real property,Consumer Shops
A)acquires only temporary possession of the premises.
B)enjoys exclusive possession of the premises.
C)holds only temporary title to the premises.
D)retains temporary,exclusive possession and title to the premises.
Q3) A fixed-term tenancy terminates at the end of the specified period without notice.
A)True
B)False
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Chapter 45: Insurance,wills,and Trusts
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Q1) A nuncupative will is an oral will.
A)True
B)False
Q2) Root & Branch Lumber Company obtains a fire insurance policy from Statistical Insurers,Inc.,on a $400,000 warehouse.The policy includes an 80-percent coinsurance clause.Root & Branch insures the property for $320,000.In a fire,the warehouse suffers $200,000 in damage.Root & Branch can recover
A)$400,000.
B)$320,000.
C)$200,000.
D)$80,000.
Q3) An insurer has a duty to avoid the payment of claims.
A)True
B)False
Q4) Misstatements or misrepresentations in an application for insurance can void a policy.
A)True
B)False
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