Corporate Law
Exam Solutions
Course Introduction
Corporate Law explores the legal framework that governs the formation, operation, and regulation of corporations. The course examines essential concepts such as corporate personality, governance structures, shareholder rights, directors duties, and fiduciary responsibilities. Topics include mergers and acquisitions, corporate finance, compliance with statutory provisions, and the role of regulatory bodies. Through case studies and statutory interpretation, students gain insight into the legal mechanisms that support business operations and protect stakeholders, preparing them for practical challenges in corporate practice.
Recommended Textbook
Business Law Today Comprehensive 11th Edition by Roger LeRoy Miller
Available Study Resources on Quizplus
43 Chapters
3096 Verified Questions
3096 Flashcards
Source URL: https://quizplus.com/study-set/1738
Page 2
Chapter 1: The Legal Environment
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34584
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) National law is
A)law that pertains to a particular nation.
B)law that has an extraterritorial effect.
C)all law that is applied within a nation's courts,including interna-tional law and the law of another country.
D)federal law,as opposed to state law.
Answer: A
Q3) As a judge,Baxter applies common law rules. These rules develop from
A)decisions of the courts in legal disputes.
B)regulations issued by administrative agencies.
C)statutes enacted by Congress and the state legislatures.
D)uniform laws drafted by legal scholars.
Answer: A
To view all questions and flashcards with answers, click on the resource link above.
3
Chapter 2: Constitutional Law
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34585
Sample Questions
Q1) Substantive due process limits what the government can do in its legislative and executive capacities.
A)True
B)False
Answer: True
Q2) Orin claims that a Pennsylvania state statute infringes on his "substantive due process" rights. This claim focuses on
A)procedures used to make decisions to take life,liberty,or property.
B)the content of the statute.
C)the similarity of the treatment of similarly situated individuals.
D)the steps to be taken to protect Orin's privacy.
Answer: B
Q3) The President determines the jurisdiction of the federal courts.
A)True
B)False
Answer: False
Q4) The First Amendment protects defamatory speech.
A)True
B)False
Answer: False
Page 4
To view all questions and flashcards with answers, click on the resource link above.
Chapter 3: Courts and Alternative Dispute Resolution
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34586
Sample Questions
Q1) The amount in controversy in a diversity of citizenship case must be more than $1 million before a federal court can take jurisdiction.
A)True
B)False
Answer: False
Q2) The minimum-contacts requirement is usually met if a corporation advertises or sells its products within a state.
A)True
B)False
Answer: True
Q3) Minimum contacts with a jurisdiction are never enough to support jurisdiction over a nonresident defendant.
A)True
B)False
Answer: False
Q4) A motion for summary judgment may be made before,during,or after a trial.
A)True
B)False Answer: False
To view all questions and flashcards with answers, click on the resource link above. Page 5
Chapter 4: Tort Law
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34587
Sample Questions
Q1) In a digital billboard ad,Mainstream Headwaters falsely accuses Northwest Passages,a competitor,of selling stolen kayaks,canoes,and other boats and boating gear. Northwest's sales decrease. Mainstream has most likely committed A)defamation.
B)no tort.
C)slander of quality.
D)slander of title.
Q2) If it can be shown that a trespass to land was warranted,a complete defense exists. A)True
B)False
Q3) A tortfeasor is one who wrongfully alleges that a tort has been committed. A)True
B)False
Q4) Unintentionally causing a party to break a contract may constitute wrongful interference with a contractual relationship. A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Product Liability
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34588
Sample Questions
Q1) Arrow Straight Corporation makes archery supplies. While using an Arrow Straight bow,Jamie is injured due to a defect in the bow that causes an arrow to misfire. Kaley,another archer standing by,is also injured. In a product liability suit based on strict product liability,Arrow Straight may be liable to
A)Jamie and Kaley.
B)Jamie only.
C)Kaley only.
D)no one.
Q2) A failure to exercise reasonable care is negligence
A)True
B)False
Q3) Good Cookin' Products Company makes heat convection ovens. Heidi discovers that her Good Cookin' oven is defective and sues the maker for product liabil-ity based on strict liability. To win,Heidi must show that she
A)bought the oven from Good Cookin'.
B)did not misuse the oven.
C)suffered an injury caused by the defect.
D)did not know of the defect.
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Intellectual Property Rights
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34589
Sample Questions
Q1) Gold & Sweet Company bottles and sells maple syrup from its plant in Vermont. On the labels is a logo that states "100% Genuine New England Maple Syrup Certified by the Northeast Maple Syrup Harvesters Association." This logo is
A)a certification mark.
B)none of the choices.
C)a service mark.
D)trade dress.
Q2) Trade names have the same legal protection as trademarks.
A)True
B)False
Q3) A certification mark distinguishes products approved,or "certified," by the government.
A)True
B)False
Q4) Tosucceed in a lawsuit alleging trademark dilution,the plaintiff must prove that consumers are likely to be confused by the unauthorized use of a mark.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 8
Chapter 7: Internet Law, social Media, and Privacy
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34590
Sample Questions
Q1) InfoFree Inc. makes and sells devices and services for the circumvention of encryption software and other technological antipiracy protection. Under the Digital Millennium Copyright Act,this is
A)a violation of copyright law.
B)prohibited but not a violation of copyright law.
C)a "fair use" exception to the provisions of the act.
D)permitted for reconsideration every three years.
Q2) The employees of The Car Company share company-related resources among multiple computers without requiring a central network server. This is
A)digital sampling.
B)cybersquatting.
C)cloud computing.
D)peer-to-peer (P2P)networking.
Q3) In some states,an unsolicited e-mail must include a toll-free phone number that the recipient can use to ask the sender to send no more unsolicited e-mail.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 9
Chapter 8: Criminal Law and Cyber Crime
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34591
Sample Questions
Q1) Nini,a police officer,wants to search the offices of Operational Business Corporation. She asks Judge Pearl to issue a warrant. Under the Fourth Amendment,no warrant for a search can be issued without A)double jeopardy.
B)probable cause.
C)reasonable doubt.
D)immunity.
Q2) Public officials prosecute criminal defendants.
A)True
B)False
Q3) Jade puts up a collection of sports memorabilia for bids on BuyBay,an Internet auction site. Khalil makes the highest bid and sends the payment,which Jade receives,but she does not send the collection. This is online A)hacking.
B)identity theft.
C)phishing.
D)cyber fraud.
To view all questions and flashcards with answers, click on the resource link above. Page 10
Chapter 9: Business Ethics
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34592
Sample Questions
Q1) Provident Medical Health Center asks its employees,many of which are mem-bers of the American Nurses Association,to apply the utilitarian theory of ethics.This theory does not require
A)a choice among alternatives to produce the maximum so-cietal utility.
B)a determination of whom an action will affect.
C)an assessment of the effects of alternatives on those affected.
D)the acquiring of the means of production by workers.
Q2) Religious rules generally are absolute with respect to the behavior of their adherents. A)True
B)False
Q3) Julie is sales manager for Kelso's Concrete & Stone Products,Inc. In applying ethical principles to the business of the firm,Kelso's and Julie will most likely evaluate
A)what duties and responsibilities should exist for the business.
B)how to maximize profits in the short run
C)how to maximize profits in the long run.
D)marketing campaigns to counter potential bad publicity.
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: Nature and Classification
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34593
Sample
Questions
Q1) On behalf of the rock group Uno,their manager Thalia agrees to a performance in Seaside Amphitheatre on July 4. Rex,acting for Seaside,sends a written copy of the agreement to Thalia to be signed. If Thalia signs the copy,the parties will have
A)an express contract.
B)an implied contract.
C)an implied-in-law contract.
D)no contract.
Q2) Wilson buys a lottery ticket at his local gas station. Wilson has accepted an offer for A)abilateral contract.
B)aunilateral contract.
C)avoid contract.
D)anunenforceable contract.
Q3) The person who makes a promise is the promisee. A)True
B)False
Q4) A bilateral contract comes into existence at the moment promises are exchanged. A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 12
Chapter 11: Agreement
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34594
Sample Questions
Q1) The UETA applies only to electronic records and electronic signatures relating to a transaction.
A)True
B)False
Q2) Waste Management Corporation enters into contracts for its services online. Waste Management can protect itself against disputes involving these contracts by making important terms
A)reasonably clear.
B)vaguely ambiguous.
C)practical.
D)standardized.
Q3) No offer can be accepted by silence.
A)True
B)False
Q4) A price list is treated as an invitation to negotiate.
A)True
B)False
Q5) An acceptance must be unequivocal.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 12: Consideration
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34595
Sample
Questions
Q1) Jenilee promises to pay Kyle $500 because "he does not have as much money as other people." Jenilee's promise is
A)enforceable because society wants people to keep their promises.
B)only if Dave's customers park in Estelle's lot.
C)only if Estelle's customers cannot park in her lot because it is full.
D)under no circumstances.
Q2) In contract law,"consideration" refers to the time that a party takes to evaluate a deal.
A)True
B)False
Q3) Refer to Fact Pattern 12-2."Adequacy" of consideration refers to A)"how much" consideration is given.
B)legally sufficient value in the eyes of the law.
C)the intangible value to a contracting party of a thing exchanged.
D)the substantiality of the consideration exchanged.
Q4) Refer to Fact Pattern 12-5. The agreement between Dex and Carmen is A)a covenant not to sue.
B)anaccord and satisfaction.
C)a release.
D)promissory estoppel.
Page 14
To view all questions and flashcards with answers, click on the resource link above.
Chapter 13: Capacity and Legality
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34596
Sample Questions
Q1) Contracts in restraint of trade generally are enforceable because they positively affect public policy.
A)True
B)False
Q2) Oscar owns Payroll Company,a bookkeeping service losing market share to Quik Bookwork,Inc. Oscar pays Remy $5,000 to steal a list of Quik's clients,to whom Oscar will aggressively market Payroll's services. This deal is A)enforceable.
B)void.
C)voidable at the option of either party.
D)voidable at the option of the party having less bargaining power.
Q3) Boz runs an illegal gambling business and pays Colin,a police officer,not to interfere. The payments are discovered. Boz and Colin are sent to prison. With respect to the amount of the payments,Boz can recover A)all of it.
B)none of it.
C)only as much as Colin has not spent. D)only as much as Colin has spent.
To view all questions and flashcards with answers, click on the resource link above. Page 15
Chapter 14: Voluntary Consent
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34597
Sample Questions
Q1) An innocent party can rescind a fraudulent contract and be restored to his or her original position.
A)True
B)False
Q2) A material fact is a fact that a reasonable person would consider important when determining his or her course of action.
A)True
B)False
Q3) Misrepresentation cannot occur by silence.
A)True
B)False
Q4) Even when a naĂŻve purchaser relies on an opinion from an expert,the innocent party is not entitled to rescission or reformation of a contract.
A)True
B)False
Q5) A contract entered into under undue influence is voidable.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 16
Chapter 15: The Statute of Fraudswriting Requirement
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34598
Sample Questions
Q1) David agrees to assume the debt of eDotCom Company to Fidelity Bank.The agreement is not in writing. To be enforceable,the promise must be for the benefit of A)any of the choices.
B)David.
C)eDotCom.
D)Fidelity.
Q2) The primary purpose of the Statute of Frauds is to ensure that all parties to a contract understand all the terms of the contract.
A)True
B)False
Q3) To be enforceable,a writing evidencing an oral contract must have been signed by the party who seeks to enforce it.
A)True
B)False
Q4) A contract must be in writing to be enforceable if it makes performance possible only over a period of more than one year.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Chapter 16: Performance and Discharge
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34599
Sample Questions
Q1) Barbara and Johann are parties to a contract. They agree on a novation. The novation requires
A)the existence of a previous,valid obligation.
B)consideration greater than $5,000.
C)performanceof the original contract by all of the parties.
D)an accord and satisfaction.
Q2) Water Rites LLC enters into a contract to site and dig a well for Rancho Verde. Water Rites completely performs. Rancho Verde is entitled to A)a discount.
B)rescission.
C)novation.
D)nothing more.
Q3) Built-Rite Contractors,Inc. contracts to build a warehouse for Commercial Storage Company. Built-Rite completely performs. Commercial Storage is entitled to A)damages.
B)nothing more.
C)to be excused from performance.
D)suspend performance.
To view all questions and flashcards with answers, click on the resource link above.
18
Chapter 17: Breach and Remedies
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34600
Sample Questions
Q1) Fortuna enters into a contract to buy fifty acres from Garrison to expand Fortuna's farm. Garrison breaches the contract. Fortuna's normal remedy is A)damages.
B)reformation.
C)rescission.
D)specific performance.
Q2) The most common remedies available to a nonbreaching party include damages,rescission and restitution,and specific performance.
A)True
B)False
Q3) An award of damages for a breach of contract can elevate the nonbreaching party to a better position than he or she would have been in if the contract had not been breached.
A)True
B)False
Q4) Damages that compensate the nonbreaching party for the loss of a bargain are known as consecutive damages.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 19
Chapter 18: Third Party Rights
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34601
Sample Questions
Q1) Merry Music Inc. and Nayda enter into a contract for Nayda to write six songs for which Merry Music agrees to pay her. Nayda transfers her right to payment under the contract to Omni Artists Agency. In the transfer of rights,Nayda is
A)a delegator.
B)an assignor.
C)an obligor.
D)a third party beneficiary.
Q2) Pam borrows $5,000 from Quality Auto Sales to buy a car. When Pam does not pay the loan or return the car,Quality wants to transfers the right to the payment to Rapid Collection Agency. Rapid agrees to pay Quality for this right,but for a price that is less than the amount owed. Can Quality transfer this right to Rapid without Pam's consent? If so,and Quality committed fraud in the deal with Pam,could Pam legiti-mately refuse to pay Rapid? Explain.
Q3) In an assignment,the party assigning the rights to a third party is the assignee.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 20
Chapter 19: International Law in a Global Economy
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34602
Sample Questions
Q1) The Foreign Sovereign Immunities Act spells out what a "foreign state" includes.
A)True
B)False
Q2) When a contract contains a forum selection clause,a lawsuit arising from a dispute under the contract will be heard by a court in the specified forum.
A)True
B)False
Q3) Congress can use a variety of devices to restrict or encourage exports.
A)True
B)False
Q4) Mont Blanc S.A.,a French firm,imports its goods into the United States and offers those goods for sale at "less than fair value." "Fair value" is the price of Mont Blanc's goods in
A)the European market.
B)France.
C)the United States.
D)the world market.
To view all questions and flashcards with answers, click on the resource link above. Page 21
Chapter 20: The Formation of Sales and Lease Contracts
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34603
Sample Questions
Q1) Under the UCC,the meaning of any agreement must be interpreted in light of commercial practices.
A)True
B)False
Q2) Over the course of a year,Retail Marketers,Inc.,sells goods from its inventory and one of its warehouses. In exchange,Retail receives checks and other items that substitute for cash,which Retail uses to repay a loan from Savings Bank. Article 2 of the UCC governs A)the checks.
B)the payment of the loan.
C)the sale of the buildings.
D)the sale of the goods.
Q3) A merchant is a person who deals in goods of the kind involved in the sales contract or who holds herself or himself out as having skill or knowledge peculiar to the practices or goods being purchased or sold.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
22
Chapter 21: Title and Risk of Loss
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34604
Sample Questions
Q1) Varoom Motors,Inc.,sells Weber an Xtrem-Sport motorcycle. The cycle is held by Yeoman's Warehouse for delivery to Weber at Yeoman's location. Risk of loss passes to Weber when she receives
A)acopy of the sales contract from Varoom.
B)acertificate of title from the state.
C)a negotiable document of title from Yeoman.
D)none of the choices.
Q2) Generally,a buyer acquires title that is superior to whatever title the seller had to the goods sold.
A)True
B)False
Q3) Consumers Choice store accepts a shipment of EZ2U-brand tablets from Digital Devices,Inc. Consumers Choice later discovers a defect in the tablets,revokes acceptance,and returns the tablets via GoBack,Inc. During the return,the tablets are lost. The loss is suffered by
A)Consumers Choice.
B)Digital Devices.
C)GoBack.
D)Consumers Choice's customers by an increase in prices of other goods.
To view all questions and flashcards with answers, click on the resource link above.
Page 23
Chapter 22: Performance and Breach of Sales and Lease Contracts
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34605
Sample Questions
Q1) Express warranties can be found in a seller's brochure.
A)True
B)False
Q2) A buyer's failure to cover will bar him or her from using any other remedies available under the UCC.
A)True
B)False
Q3) Roadway Paving Company contracts to buy some paving equipment from Stonework Earthmovers,Inc. Before either party performs,Stonework sells its assets to T-Square Corporation. On learning of the sale,Roadway is concerned about its contract with Stonework. Roadway should
A)demand assurances of performance from Stonework.
B)consider the contract repudiated and sue Stonework for breach.
C)buy the equipment from a different firm and bill Stonework for the price.
D)buy the equipment from a different firm and bill T-Square for the price.
Q4) Stella bought a cup of coffee at the Roasted Bean Drive-Thru. The coffee had been heated to 190 degrees and consequently had dissolved the inside of the cup. When Stella lifted the lid,the cup collapsed,spilling the contents on her lap. To recover for th
Page 24
To view all questions and flashcards with answers, click on the resource link above.
Chapter 23: Negotiable Instruments
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34606
Sample Questions
Q1) To be negotiable,an instrument must be payable on demand.
A)True
B)False
Q2) Mortimer negotiates an instrument to Nelson. Negotiation is the transfer of an instrument
A)for valuable consideration under a contract.
B)in such form that the transferee becomes a holder.
C)pursuant to preliminary contract discussions.
D)without the payment of a recognized medium of exchange.
Q3) To properly present a draft for payment,the holder must present it to the drawer.
A)True
B)False
Q4) A check is a time instrument because it is payable in due time.
A)True
B)False
Q5) A person whose name is forged on an instrument normally has no liability to pay any holder the value of the instrument.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 25
Chapter 24: Banking in the Digital Age
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34607
Sample Questions
Q1) Financial institutions that exchange digital images of checks must also send the original paper checks.
A)True
B)False
Q2) An agency relationship arises between the customer and the bank when the customer writes a check on his or her account.
A)True
B)False
Q3) Homer can write checks on his account at InterCity Bank. Jemma steals the checks,forges Homer's signature,and cashes the checks at InterCity. The bank is excused from any liability if,after receipt of the first forged check,Homer fails to report the forgeries within
A)fourteen days.
B)one year.
C)six days.
D)six months.
Q4) The incompetence of a customer revokes a bank's authority to pay an item.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 26
Chapter 25: Security Interests and Creditors Rights
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34608
Sample Questions
Q1) Jessie's debt to Kayla is past due. Kayla brings a legal action against Jessie to collect the debt. Kayla asks the court to order Liberty Bank,in which Jessie has an account,to pay a portion of the funds to Kayla. This is a request for A)a writ of execution.
B)an order of garnishment.
C)an order that would violate most state laws.
D)a composition agreement.
Q2) Refer to Fact Pattern 25-1. If,after the loan agreement is signed,Slick agrees to a higher rate of interest without telling Tina,then Tina is
A)discharged from the agreement.
B)liable at the higher rate of interest.
C)liable at the lower rate of interest.
D)liable for the principal only.
Q3) Perfection is usually accomplished without filing a financing statement.
A)True
B)False
Q4) Proceedsare whatever is received when collateral is sold.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 27
Chapter 26: Bankruptcy
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34609
Sample Questions
Q1) Cassie files a voluntary petition in bankruptcy for relief through a liquidation. Among her debts that will not be discharged are included claims
A)by creditors who were not notified of the bankruptcy.
B)for money to be paid for goods not delivered.
C)for contributions to employee benefit plans.
D)for long overdue credit-card debt.
Q2) A petition for a discharge in bankruptcy underChapter 13 may be filed by
A)Gracie,the sole proprietor of Home Net Services.
B)Internet Portals & Pages,a partnership.
C)World Web Services,Inc.,a corporation.
D)all of the choices.
Q3) In a few states,statutes allow the homestead exemption only if the judgment debtor has a family.
A)True
B)False
Q4) A debtor's vehicle is never exempt from satisfaction of a judgment debt.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Chapter 27: Agency Relationships in Business
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34610
Sample Questions
Q1) An agency relationship created for an illegal purpose is enforceable.
A)True
B)False
Q2) Rondiholds herself out as possessing special accounting skills. As an agent,she must exercise the degree of skill or care expected of
A)a person having those skills.
B)an average,unskilled person.
C)a reasonable person.
D)the principal.
Q3) Employment laws apply only to the employer-employee relationship.
A)True
B)False
Q4) Bud approves on behalf of Cody-but without authorization-a contract with Dik to build a new silo. Cody does not ratify the contract. Later,Dik tries to enforce the deal. This attempt will be
A)partly successful.
B)partly unsuccessful.
C)totally successful.
D)totally unsuccessful.
To view all questions and flashcards with answers, click on the resource link above. Page 29
Chapter 28: Employment, immigration, and Labor Law
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34611
Sample Questions
Q1) Private retirement plans set up by employers are covered by the Employment Retirement Income Security Act.
A)True B)False
Q2) Whistleblowing occurs when an employer signals the end of a workday by sounding a buzzer,ringing a bell,or otherwise "blowing the whistle "
A)True B)False
Q3) An eligible employee may take leave under the Family and Medical Leave Act to care for the employee's spouse,child,or parent who has a serious health condition.
A)True B)False
Q4) Workers who have been fired for misconduct or who have voluntarily left their jobs are not eligible for unemployment compensation. A)True B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 30
Chapter 29: Employment Discrimination
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34612
Sample Questions
Q1) When the harassment of co-workers creates a hostile working environment,an employee may have a cause of action against an employer.
A)True
B)False
Q2) Lisa brings a successful suit against her employer Metal Mold & Die Corporation for employment discrimination. Lisa may be awarded
A)back pay,but not retroactive promotions.
B)retroactive promotions,but not back pay.
C)damages,but not back pay.
D)back pay,retroactive promotions,and damages.
Q3) Disparate-treatment discrimination occurs when a protected group of people is adversely affected by an employer's practices,procedures,or tests even though they do not appear to be discriminatory.
A)True
B)False
Q4) The Americans with Disabilities Act covers persons with a wide range of disabilities.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Chapter 30: Sole Proprietorships and Franchises
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34613
Sample Questions
Q1) Foster enters into an agreement with Grab n' Eat Burgers,Inc.,to operate a franchise in Home Town. Later,Grab n' Eat grants franchises to others within the same territory,causing Foster to suffer a significant loss in profits. In Foster's suit against Grab n' Eat,Foster's best argument is that the franchisor
A)violated the antitrust laws.
B)violated the implied covenant of good faith and fair dealing.
C)charged Foster a franchise fee.
D)granted Foster the first Grab n' Eat franchise in Home Town.
Q2) Challenge Games Corporation licenses the trademarks to its products to Direct Marketing,Inc.,to reproduce on caps,sweatshirts,and similar goods for sale. This is A)a franchise.
B)none of the choices.
C)an agency relationship.
D)a sole proprietorship.
Q3) A franchisee is generally legally independent of the franchisor.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 32
Chapter 31: All Forms of Partnership
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34614
Sample Questions
Q1) Blythe and Cali do business as Diamond Investments. In acting on the firm's behalf,Blythe makes an honest error in overestimating the value of a particular stock purchase. To her firm,Blythe is
A)liable for breach of the duty of care.
B)liable for breach of the duty of accounting.
C)not liable.
Q2) Jim and Kyle are partners in J&K Sales,which exports technical equipment under a three-year partnership agreement. One year into the term,Congress declares that the equipment can no longer be exported. J&K
A)can continue its business until the end of the three-year term.
B)can continue its business indefinitely.
C)dissolves immediately unless the partners change its business.
D)is immediately subject to criminal prosecution and penalties.
Q3) Abby and Carmen are
A)not partners,because Carmen does not have an ownership interest or management rights in Bowls Bistro.
B)not partners,because the lease includes a "base rental."
C)not partners,because the rent includes only 10 percent of the profits.
D)partners in a partnership for two years.
To view all questions and flashcards with answers, click on the resource link above.
Page 33
Chapter 32: Limited Liability Companies and Special
Business
Forms
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34615
Sample Questions
Q1) Jeri and Knute are members of Lighthouse Tours LLC,a limited liability company. With respect to Lighthouse Tours's liability,as members,Jeri and Knute are shielded from A)all liability.
B)no liability.
C)personal liability.
D)"alter ego" liability.
Q2) Limited liability companies (LLCs)are governed by federal LLC statutes.
A)True
B)False
Q3) Unless a limited liability company indicates otherwise,the Internal Revenue Service automatically taxes it as a partnership.
A)True
B)False
Q4) As the beneficiary of a business trust,Kevin's liability for trust debts and obligations is A)limited to his capital investment in the trust.
B)limited to his personal assets.
C)nothing.
D)unlimited.
Page 34
To view all questions and flashcards with answers, click on the resource link above.
Chapter 33: Corporate Formation and Financing
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34616
Sample Questions
Q1) A court will pierce the corporate veil of a corporation that is formed to accomplish an illegitimate objective.
A)True
B)False
Q2) The shares of Home Mortgage Corporation are publicly traded in securities markets.
Home Mortgage Corporation is
A)a close corporation.
B)a privately held corporation.
C)a public corporation.
D)a publicly held corporation.
Q3) The incorporation of the town of Halfway,Oregon,is approved by the state. Halfway is
A)a publicly held corporation.
B)a public corporation.
C)a private corporation.
D)not a corporation.
Q4) Preferred stock is a stock with preferences.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 35
Chapter 34: Corporate Directors, officers, and Shareholders
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34617
Sample Questions
Q1) Ernesto is a director of Fine Art Dealers,Inc. Ernesto is trained in art valuation. Fine Art makes several purchases in which it pays too much for artwork. Ernesto approves all the transactions without reading the details. Ernesto is most likely liable for breach of A)the duty of care.
B)none of the choices.
C)the duty of loyalty.
D)the business judgment rule.
Q2) A majority shareholder does not owe a fiduciary duty to minority shareholders under any circumstances.
A)True
B)False
Q3) The board of Management Consultants,Inc. (MCI),can delegate work to A)MCI's incorporators.
B)MCI's officers.
C)MCI's shareholders.
D)no one.
Q4) Directors can delegate work to corporate officers and employees.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 36
Chapter 35: Corporate Mergers, takeovers, and Termination
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34618
Sample Questions
Q1) A short-form merger requires the approval of the shareholders of both corporations. A)True
B)False
Q2) A merger involves the legal combination of one or more corporations in such a way that only one of the corporations continues to exist.
A)True
B)False
Q3) The shareholder's appraisal right extends to mergers and consolidations.
A)True
B)False
Q4) Omni GPS Corporation owns 95 percent of the shares of Pinpoint App Inc. Through a certain transaction,Online GPS combines with Pinpoint App,but only Omni GPS continues to exist. This is
A)a consolidation.
B)a share exchange.
C)a short-form merger.
D)a termination.
To view all questions and flashcards with answers, click on the resource link above. Page 37
Chapter 36: Investor Protection, insider Trading, and Corporate Governance
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34619
Sample Questions
Q1) The Securities Exchange Act of 1934 applies to companies that have assets in excess of $5 million and five hundred or more employees.
A)True
B)False
Q2) State securities laws apply mainly to interstate transactions.
A)True
B)False
Q3) Drilling Tools decides to sell its new securities via the Internet. This offering
A)will avoid the payment of commissions to brokers or underwriters.
B)is an investment scam.
C)is a Ponzi scheme.
D)constitutes insider trading.
Q4) Every state has its own corporate securities laws that regulate the offer and sale of securities within tis borders.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 38
Chapter 37: Administrative Law
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34620
Sample Questions
Q1) Closed meetings of the U.S. Forest and Wildlife Service and other federal administrative agencies are permitted when
A)the subject of the meeting concerns accusing a person of a crime.
B)open meetings would frustrate the implementation of future actions.
C)the subject of the meeting involves matters relating to future litigation or rulemaking.
D)all of the choices.
Q2) Congress typically leaves a statute's implementation to an administrative agency. A)True
B)False
Q3) The Merit Systems Protection Board issues a rule. Like other administrative agencies' rules,this rule is as
A)binding as a law passed by Congress.
B)persuasive as an expert's opinion.
C)suggestive as a newspaper's editorial.
D)unenforceable as a salesperson's puffery.
Q4) An agency can make rules that are as legally binding as laws passed by Congress. A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Chapter 38: Antitrust Law and Promoting Competition
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34621
Sample Questions
Q1) In determining the legality of a merger,market concentration has no significance.
A)True
B)False
Q2) A restraint of trade is an agreement between firms that has the effect of reducing anticompetitive business practices.
A)True
B)False
Q3) Joint refusals to deal are not subject to scrutiny under the Sherman Act.
A)True
B)False
Q4) An anti trust action is brought against Carrier Transport Company,alleging the offense of attempted monopolization. To be guilty of this offense,Carrier's attempt must have
A)a dangerous probability of success.
B)a deadly guaranty of success.
C)a distant possibility of success.
D)a distinct improbability of success.
To view all questions and flashcards with answers, click on the resource link above. Page 40
Chapter 39: Consumer and Environmental Law
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34622
Sample Questions
Q1) National Pollutant Discharge Elimination System permits can be issued even if a discharge will violate water-quality standards.
A)True
B)False
Q2) An environmental impact statement must be prepared for every major federal or state action that significantly affects the quality of the environment.
A)True
B)False
Q3) It is a violation of federal law to sell a pesticide or herbicide that has a chemical strength different from the concentration declared on the label.
A)True
B)False
Q4) Federal law provides the basis for issuing regulations to control multistate air pollution.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Chapter 40: Liability of Accountants and Other Professionals
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34623
Sample Questions
Q1) Negligence cases against professionals often focus on the standard of care exercised by the professional.
A)True
B)False
Q2) An accountant's liability under the Securities Act of 1933 requires privity of contract with the purchaser of a security.
A)True
B)False
Q3) Delaney is an accountant charged with negligence by Estimation & Valuation Services Inc.,a client. Delaney may successfully defend against the claim if he can show that
A)scienter was lacking.
B)he complied with all International Financial Reporting Standards.
C)the negligence was not the proximate cause of the client's losses. D)the negligence was only contributory.
Q4) Professionals are governed by the contracts they enter into with their clients. A)True
B)False
Page 42
To view all questions and flashcards with answers, click on the resource link above.
Chapter 41: Personal Property and Bailments
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34624
Sample Questions
Q1) Garth tells his daughter Heidi that she can have his restored 1932 Ford Coupé when he dies,but he does not add this to his will. This is
A)a gift causa mortis.
B)a gift inter vivos.
C)a gift by accession.
D)not a gift.
Q2) The owner of the place where property was mislaid becomes the caretaker of the property.
A)True
B)False
Q3) A gift is effective whether or not it is accepted.
A)True
B)False
Q4) Mallory's sister Naomi gives Mallory a leather working kit. Mallory uses the kit to make a saddle. Mallory's acquisition of the saddle is by A)gift.
B)accession.
C)confusion. D)production.
To view all questions and flashcards with answers, click on the resource link above. Page 43
Chapter 42: Real Property and Landlord-Tenant Law
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34625
Sample Questions
Q1) The covenant of quiet enjoyment guarantees that the buyer will not be disturbed in his or her possession of the land.
A)True
B)False
Q2) A joint tenant's sale of his or her interest terminates the joint tenancy.
A)True
B)False
Q3) Roderick possesses five hundred acres of forested property. Roderick has the right to use the land,including cutting its timber,for life. Roderick also has the right to lease the land for a period not to exceed his life. This ownership interest is
A)a fee simple absolute.
B)a leasehold estate.
C)a life estate.
D)an easement.
Q4) Personal property may become real property by attaching it to real property. A)True B)False
To view all questions and flashcards with answers, click on the resource link above. Page 44
Chapter 43: Insurance, wills, and Trusts
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/34626
Sample Questions
Q1) The assets in Doug's estate,including the value of his home on Elm Street and its contents,are insufficient to pay in full all of the gifts provided for in his will. His heirs will receive
A)full payment in order of seniority until the assets are exhausted.
B)nothing-the assets will descend to the state.
C)reduced benefits.
D)the option of distributing the assets according to their wishes.
Q2) Adam has two children,Bob (the eldest)and Carol,both of whom predecease Adam. Bob is survived by a daughter,Dina,and Carol by two sons,Ed and Fred. On Adam's death,if the estate is distributed per stirpes
A)Dina will receive the entire estate.
B)Dina will receive one-half of the estate,and Ed and Fred will each receive one-fourth.
C)each grandchild will receive one-third of the estate.
D)the grandchildren will not receive anything.
Q3) A will is required to be in writing only if real property is being transferred.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 45