Corporate Law
Exam Solutions
Course Introduction
Corporate Law is a comprehensive course that explores the legal principles and regulations governing the formation, management, and dissolution of corporations. It examines the roles and responsibilities of directors, officers, and shareholders, as well as issues related to corporate governance, fiduciary duties, shareholder rights, and mergers and acquisitions. The course also addresses relevant statutes, case law, and regulatory frameworks that shape the corporate landscape, with a focus on understanding how legal concepts apply to real-world business scenarios. Special attention is given to ethical considerations and evolving trends in corporate regulation, both domestically and internationally.
Recommended Textbook
Dynamic Business Law 4th Edition by
Nancy K. Kubasek
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Chapter 1: An Introduction to Dynamic Business Law
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Q1) Which of the following is an independent agency?
A)The General Services Administration
B)The Federal Deposit Insurance Corporation
C)The Small Business Administration
D)The Office of Personnel Management
E)The Consumer Product Safety Commission
Answer: E
Q2) A decision made in a state supreme court is binding on all lower courts throughout the United States.
A)True
B)False
Answer: False
Q3) When a state supreme court issues a binding ruling on a matter of law,who must follow the precedent set by the state supreme court?
A)Lower courts within the same state
B)The U.S.Congress
C)State legislatures
D)The United States Supreme Court
E)All lower courts in the United States
Answer: A
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Chapter 2: Business Ethics
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Q1) What does the value of freedom mean?
A)To possess a large enough supply of goods and services to meet basic demands
B)To maximize the amount of wealth in society
C)To possess the capacity or resources to act as one wishes
D)To treat all humans identically,regardless of race,class,gender,age and sexual preference.
E)To possess anything that someone is willing to grant you.
Answer: C
Q2) A manager who deceives employees because he believes that the deception maximizes pleasure over pain is acting consistently with which ethical theory?
A)Act utilitarianism
B)Act deontology
C)Rule utilitarianism
D)Ethical fundamentalism
E)Ethical relativism
Answer: A
Q3) Assume you are starting a new company.Write a code of ethics for the firm.
Answer: Student responses may vary.Johnson and Johnson's credo may serve as a guide.
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Page 4
Chapter 3: The Uslegal System
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Q1) Subject-matter jurisdiction is a court's power to hear certain kinds of cases.
A)True
B)False
Answer: True
Q2) Rosalba,a resident of New Mexico,claims that Pet Food Company Inc. ,put out some dog food that made her dog,Champ,sick.Champ is a prize-winning poodle.He survived the pet food fiasco only after traveling to a veterinarian in Florida specializing in poodles and only because he had two very expensive surgeries.Additionally,his ability to sire has been impaired,and Rosalba will earn no more breeding fees from Champ.Her damages are $100,000.Pet Food Company Inc. ,is incorporated in Delaware,with its principal place of business in New Mexico.Rosalba asks you whether she can sue in federal court.What would you tell her and why?
Answer: Rosalba cannot sue in federal court because Pet Food Company Inc.'s,principal place of business is in New Mexico,the same state in which she lives.
Q3) Plaintiffs must prove their cases beyond a reasonable doubt in most civil cases.
A)True
B)False
Answer: False
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Chapter 4: Alternative Dispute Resolution
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Q1) Med-arb is which type of dispute resolution process?
A)A process in which the parties agree to start out in mediation and,if the mediation is unsuccessful on one or more points,to move on to arbitration.
B)A process in which the parties agree to start in arbitration and move to litigation if the mediation is unsuccessful.
C)A process in which the parties agree to start in mediation and move to litigation if the mediation is unsuccessful.
D)A special type of blended mediation and arbitration applicable only in the medical malpractice arena.
E)A process in which the parties agree to start out in arbitration and,if the arbitration is unsuccessful on one or more points,move on to court-annexed ADR.
Q2) Courts are generally critical and unsupportive of ADR methods.
A)True
B)False
Q3) A summary jury trial leads to a binding jury verdict.
A)True
B)False
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Chapter 5: Constitutional Principles
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Q1) Which of the following is the best definition of the term "police power"?
A)The powers granted to state government to imprison citizens of other states who commit crimes within a state.
B)The residual powers retained by each state to safeguard the health and welfare of its citizenry.
C)The powers granted to state governments to tax for the purposes of having law enforcement.
D)The residual powers retained by the federal government to enforce valid laws and regulations.
E)The powers granted to local government to enter residences without a search warrant.
Q2) Which of the following are the three independent branches of the federal government?
A)Executive,safety,and law enforcement.
B)Law enforcement,judicial,and statutory.
C)Legislative,executive,and judicial.
D)Commerce,safety,and law enforcement.
E)Legislative,commerce,and safety.
Q3) Explain "dormant commerce clause" as a concept.
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Chapter 6: International and Comparative Law
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Questions
Q1) Under which of the following circumstances would the Uniform Commercial Code UCC)apply?
A)When both parties to a sales transaction engage in interstate commerce.
B)When the parties are residents of different countries,regardless of the amount of the sales transaction.
C)When both parties to a sales transaction are residents of the United States
D)When the amount of the sales transaction exceeds $10,000.
E)When the parties are residents of different countries and the amount of the sales transaction exceeds $10,000.
Q2) permits adjudication of any claims against a defendant regardless of whether the claim has anything to do with the forum.
A)Local personal jurisdiction
B)Domestic personal jurisdiction
C)Specific person jurisdiction
D)International personal jurisdiction
E)General personal jurisdiction
Q3) The European Union is an example of a customs union.
A)True
B)False
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Page 8
Chapter 7: Crime and the Business Community
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Q1) Which of the following occurs when someone unlawfully enters a building with the intent to commit a felony?
A)Arson
B)Burglary
C)Larceny
D)Criminal fraud
E)Robbery
Q2) Which of the following is a false document or sign of existence used to perpetrate fraud,such as making counterfeit money?
A)Ponzi scheme
B)Pretexting
C)False entries
D)False pretenses
E)False token
Q3) In refusing to testify at trial,Miles relied upon which amendment?
A)The Third Amendment.
B)The Fourth Amendment.
C)The Second Amendment.
D)The Fifth Amendment.
E)The Sixth Amendment.
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Chapter 8: Tort Law
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Q1) Which of the following may a person accused of defamation raise as a defense?
A)Need and truth.
B)Privilege but not truth.
C)Need,truth and privilege.
D)Truth but not privilege.
E)Truth and privilege.
Q2) In a defamation action,privilege is an affirmative defense.
A)True
B)False
Q3) Which of the following are defenses to an action for libel brought by a public figure in the United Kingdom regarding a statement made in the United Kingdom?
A)Only that the statements were made in Parliament.
B)Only that the statements were true.
C)Only that the statements were made in court.
D)That the statements were not made in Parliament or court.
E)That the statements were true,that the statements were made in Parliament,or that the statements were made in court.
Q4) Describe the fair report privilege in relation to defamation,then list the conditions required for it to apply.
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Chapter 9: Negligence and Strict Liability
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Q1) The duty that a business owes to customers is best expressed by which of the following statements?
A)A business owes a negligence per se duty toward customers.
B)A business owes no duty to its customers other than to sell safe products.
C)A business owes an absolute duty to keep its customers safe and is strictly liable for any harm.
D)A business has a duty of care to protect their customers against foreseeable risks about which the owner knew or reasonably should have known.
E)A business only owes a minimal duty toward customers.
Q2) Generally speaking,courts hold that landowners have a duty to protect individuals on their property.
A)True
B)False
Q3) Negligent torts involve willfully refusing to exercise extraordinary care to protect another's person or property.
A)True
B)False
Q4) Identify and explain the elements of negligence.
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11
Chapter 10: Product Liability
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Q1) Which of the following is true concerning Brock's statement that the boats at the dealership were the best in the state?
A)The statement established both a warranty of merchantability and a warranty of fitness for a particular purpose,but not any other type of warranty.
B)The statement constituted an express warranty but not any other type of warranty.
C)The statement constituted a warranty of merchantability but not any other type of warranty.
D)The statement was opinion and did not establish any type of warranty.
E)The statement constituted an implied warranty of fitness for a particular purpose but not any other type of warranty.
Q2) Following the case of MacPherson v.Buick Motor Company,any plaintiff can sue a manufacturer for its breach of duty of care.
A)adult
B)unforeseeable
C)believable
D)contracting
E)foreseeable
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Chapter 11: Liability of Accountants and Other Professionals
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Q1) Discuss the defenses available to an accountant charged with negligence.
Q2) Which statement accurately describes the requirements regarding working papers under the Sarbanes-Oxley Act of 2002?
A)Accountants must maintain working papers for ten years starting with the end of the fiscal period in which the audit was conducted.
B)The act does not require that accountants maintain working papers.
C)Accountants must maintain working papers for five years starting with the end of the fiscal period in which the audit was conducted.
D)Accountants must maintain working papers for one year starting on the last day of the audit.
E)Accountants must maintain working papers for seven years starting on the last day of the audit.
Q3) What must a plaintiff show in order to establish a violation of Section 20a)of the Securities Exchange Act?
Q4) Accountants may not be sued for malpractice because that action is only available in the medical community.
A)True
B)False
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Page 13
Chapter 12: Intellectual Property
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Q1) Which of the following was the result on appeal in In Re Simon Shiao Tam,the case in the text involving a challenge to the Lanham Act's requirement that a mark not be disparaging?
A)The court found the disparagement requirement to be constitutional under the First Amendment,but because the mark was derogatory,affirmed the government's denial of the "Slants" mark.
B)The court found the disparagement requirement to be unconstitutional under the First Amendment,but affirmed the government's denial of the "Slants" mark.
C)The court found the disparagement requirement did not violate the First Amendment,but refused to comment on whether or not the "Slants" mark was disparaging.
D)The court found the disparagement requirement to be unconstitutional under the First Amendment,thus the denial of the "Slants" mark was vacated.
E)The court found the disparagement requirement to be constitutional under the First Amendment,thus the denial of the "Slants" mark was affirmed.
Q2) What four criteria must be satisfied in order to obtain a patent on a product,process,invention,or machine?
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Page 14
Chapter 13: Introduction to Contracts
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Q1) In the Case Opener,Hallmark claimed that an arbitration ruling against a former employee should be upheld.Which of the following was the result of the case?
A)The former employee could proceed with an action in court because there was no consideration for the arbitration agreement and,therefore,no valid agreement.
B)The former employee was allowed to proceed in court because she had exhausted her remedies in the arbitration arena.
C)The former employee was barred from proceeding in court based on the statute of limitations which expired while she was pursuing her remedies in arbitration.
D)The former employee could proceed with an action in court because,as a matter of law,arbitration agreements are barred in the arbitration context.
E)The former employee was barred from proceeding in court because of the binding arbitration clause.
Q2) The response that the offeror expects from the offeree determines whether a contract is bilateral or unilateral.
A)True
B)False
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Chapter 14: Agreement
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Q1) Which of the following is true of the Uniform Electronic Transmission Act rule for emails?
A)It provides that an email is considered received when it enters an information processing system designated by the recipient,provided certain criteria are met.
B)It is an act establishing the circumstances under which an email can be considered an offer.
C)It is a repudiation of the mailbox rule for email.
D)It is a rule establishing when an email creates an implied contract.
E)It is an act prohibiting emails from constituting acceptance to an offer conconst
Q2) Explain the effect of auctions held with reserve and without reserve,and discuss what happens if nothing is said regarding whether an auction is being held with reserve or without reserve.
Q3) In which of the following ways may an offeree accept a unilateral contract?
A)By either verbal acceptance or a signed writing.
B)By signed writing only.
C)By performance only.
D)By performance,by a verbal acceptance,or by a signed writing.
E)By making a counteroffer or by a signed writing.
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Chapter 15: Consideration
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Q1) Which of the following is true regarding the offer of the reward?
A)It pertained to a unilateral contract that could be accepted with consideration consisting of a promise.
B)It pertained to a bilateral contract that could be accepted only with consideration consisting of a promise.
C)It pertained to a bilateral contract that could be accepted with consideration consisting of a promise or performance.
D)It pertained to a unilateral contract that could be accepted with consideration consisting of performance.
E)It pertained to a bilateral contract that could be accepted only with consideration consisting of performance.
Q2) When an accord and satisfaction is at issue,what is the new agreement to pay less than the creditor claims is owed called?
A)Acknowledgement
B)Seal
C)Accord
D)Satisfaction
E)Compromise
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Page 17
Chapter 16: Capacity and Legality
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Q1) Is the SatTV contract legally binding on Zeb?
A)Yes,although Zeb may suffer from mental problems,Zeb appears to still understand the nature of the contract and the obligations it imposes.
B)No,because he did not ratify the contract.
C)Yes,because,even though Zeb understands the nature of the contract and the obligations it imposes,Zeb did not disaffirm the contract within a reasonable period of time.
D)No,because contracts with mentally incapacitated persons are void.
E)No,because contracts with mentally incapacitated persons are void,unless expressly ratified.
Q2) Someone who has been adjudicated insane has no capacity to enter into contracts,and any contract he attempts to enter into is void,even if he has an appointed guardian.
A)True
B)False
Q3) Disaffirmance laws have been found to reflect a policy of discouraging adults from contracting with minors.
A)True
B)False
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Page 18
Chapter 17: Legal Assent
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Q1) If both parties are mistaken about a material fact,the mutual mistake does not void the contract.
A)True
B)False
Q2) Which statement would be the result if Jen attempts to rescind the contract and recover damages only on the basis of the neighbor's objection to a pig farm?
A)Jen may rescind the contract and recover damages because Monique made an implied misrepresentation.
B)Jen may rescind the contract but may not recover damages because Monique made an implied misrepresentation.
C)Jen may not rescind the contract nor may she recover damages because she,Jen,made a unilateral mistake.
D)Jen may rescind the contract but may not recover damages because she,Jen,made a unilateral mistake.
E)Jen may recover damages but may not rescind the contract because Monique made an implied misrepresentation.
Q3) What is the purpose of the concept of legal assent?
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Chapter 18: Contracts in Writing
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Q1) What is a purpose of the parol evidence rule?
A)To restrict oral and written evidence from being admitted that supports an agreement in its written form.
B)To restrict evidence from being admitted that substantially contradicts an agreement in its written form.
C)To restrict oral evidence from being admitted that supports an agreement in its written form.
D)To restrict hearsay from being admitted that supports or contradicts an agreement in its written form.
E)To restrict written evidence from being admitted that supports an agreement in its written form.
Q2) Which of the following is not a type of contract within the statute of frauds that concerns a promise to pay a debt?
A)Suretyship promise.
B)Promissory estoppel.
C)Secondary promise.
D)Collateral promise.
E)Secondary obligation.
Q3) What are the eight exceptions to the parol evidence rule?
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Page 20
Chapter 19: Third-Party Rights to Contracts
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Q1) Jason is excited because a developer plans a subdivision full of high-priced homes that will adjoin his property,and he believes that the subdivision will significantly increase the value of his property.Jason is so pleased that he puts in a new swimming pool to celebrate.However,the developer changes his mind and decides not to develop the subdivision.Jason is angry and asks if he can sue the developer,particularly since he can establish reliance.What would you tell Jason and why? Discuss whether you agree with the law on this issue and why or why not.
Q2) What is one reason why the right to assign monetary payments cannot be denied?
A)Because denial of the right to assign monetary payments would be a violation of the UCC.
B)Because privity of contract gives each party the right to assign monetary payments
C)Because companies often transfer rights to payments in the regular course of business.
D)Because the doctrine of promissory estoppel guarantees the right to assign monetary payments.
E)Because denial of the right to assign monetary payments would be a violation of the statute of frauds.
Q3) List and discuss two reasons why notice of assignment should be given.
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Chapter 20: Discharge and Remedies
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Q1) How do parties generally discharge their obligations in most situations where there is a contract?
A)Discharge by performance
B)Discharge by absolution
C)Discharge by finishing
D)Discharge by reason
E)Discharge by tender.
Q2) Which of the following is NOT a way in which a contract may be discharged by operation of law?
A)Bankruptcy
B)Impossibility of performance
C)Commercial impracticability
D)Accord and satisfaction
E)Alteration of the contract
Q3) There are two types of conditions that can be placed on contracts and affect a party's duty to perform the promise agreed to in the contract.
A)True
B)False
Q4) List the ways by which a party's contractual obligations can be terminated.
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Chapter 21: Introduction to Sales and Lease Contracts
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Q1) A lease that 1)has a value of $25,000 or less and 2)exists between a lessor regularly engaged in the business of leasing or selling and a lessee who leases the goods primarily for a personal,family,or household purpose. ,is called a lease.
A)Commercial
B)Retail
C)Consumer
D)Finance
E)Regulated
Q2) Is Rita correct that her statement to add the utensils did not constitute acceptance?
A)Yes,because additional terms are always permitted in sales contracts under the UCC.
B)No,because additional terms must be in writing.
C)No,because Rita's acceptance was not the mirror-image of Aranda's offer.
D)No,because Aranda never accepted Rita's counter-offer.
E)Yes,because Rita did not expressly condition her acceptance upon Aranda's assent to the additional terms.
Q3) When may a party be considered a "merchant" under the UCC?
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Chapter 22: Title,risk of Loss,and Insurable Interest
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Q1) Which of the following is true if an owner entrusts the possession of goods to a merchant who deals in goods of that kind?
A)The merchant can only transfer voidable title until any funds in the possession of the merchant are transferred to the owner.
B)The merchant must have any purchaser sign a document acknowledging that the purchaser will return the goods upon the request of the owner.
C)The merchant can transfer all rights in the goods to a buyer in the ordinary course of business.
D)The merchant can only transfer void title until any funds in the possession of the merchant are transferred to the owner.
E)The merchant can only transfer temporary title until any funds in the possession of the merchant are transferred to the owner.
Q2) If a buyer and seller execute a contract and the seller subsequently places the goods with a common carrier for delivery to the buyer,the parties have executed a common-carrier delivery contract.
A)True
B)False
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Page 24
Chapter 23: Performance and Obligations Under Sales and Leases
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Q1) Which term refers to the history of dealings between the parties in the particular contract at issue,under the UCC?
A)Usage of trade
B)Trade norm
C)Course of performance
D)Course of dealing
E)Anticipated trade dealing
Q2) Good faith in the performance and enforcement of every contract is required by UCC Section ________.
A)1-007
B)2-205
C)1-203
D)3-301
E)3-302
Q3) The UCC defines as previous commercial transactions between the same parties.
A)Anticipated trade dealing
B)Usage of trade
C)Trade norm
D)Course of dealing
E)Course of performance
Page 25
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Chapter 24: Remedies for Breach of Sales and Lease Contracts
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Q1) When a lessee in possession of the goods is in breach,when may a lessor reclaim goods according to UCC 2A-5252)?
A)When the lessee fails to make payments according to the lease terms
B)When the lessor discovers a significant reduction in the lessee's credit score
C)When the lessor discovers the lessee is insolvent
D)When the lessee has received at least 10 days prior notification of reclamation
E)When the lessor can establish a valid contract for actual purchase of the goods
Q2) A buyer may not seek damages if the buyer has accepted nonconforming goods.
A)True
B)False
Q3) What is the statute of limitations for bringing a lawsuit arising under a breach of contract for the sale of goods?
A)One year
B)Five years
C)Three years
D)Four years
E)Two years
Q4) What a buyer must do in obtaining cover?
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Chapter 25: Warranties
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Q1) If it is generally accepted in the trade that a certain product is always preassembled,the failure of the seller to deliver the goods in that condition would be a breach of the ________.
A)Implied warranty of trade usage
B)Implied warranty of quality
C)Implied warranty of merchantability
D)Express warranty of integrity
E)Implied warranty of fitness for a particular purpose
Q2) Which of the following is true regarding whether a seller must provide a warranty under the Magnuson-Moss Act?
A)A seller must provide at least an express,limited warranty.
B)A seller must provide at least an implied,limited warranty.
C)A seller must provide an express,full warranty.
D)A seller must provide an implied,full warranty.
E)The act does not require that the seller provide any warranties.
Q3) The UCC assumes that the seller has the right to transfer title free and clear of infringements of intellectual property rights of which the buyer does not have knowledge.
A)True
B)False
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Chapter 26: Negotiable Instruments: Negotiability and Transferability
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Q1) Before Mehdi endorsed the check it was a[n] instrument;and after he endorsed it,the check was a[n] ________ instrument.
A)Bearer;bearer
B)Order;order
C)Order;bearer
D)Transactional;bearer
E)Order;transactional
Q2) For an instrument to be negotiable,the instrument must indicate that it was created for the purpose of being ________.
A)Transferred
B)Retained
C)Paid
D)Banked
E)Maintained
Q3) All negotiable documents should be in electronic format.
A)True
B)False
Q4) A draft is an order by a drawer to a drawee to pay a payee.
A)True
B)False
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Chapter 27: Negotiation, holder in Due Course, and Defenses
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Q1) Would the school be able to require that Jenna cover the amount of the check based on the law of negotiable instruments?
A)Yes,because she signed on the back with a special qualified endorsement.
B)Yes,because she signed on the back regardless of the type of endorsement.
C)No,because the check was not properly delivered to Brad.
D)Yes,because she signed on the back with a blank unqualified endorsement.
E)No,because she signed on the back using the words,"without recourse."
Q2) An endorsement to prohibit further endorsement prohibits further transfer.
A)True
B)False
Q3) An)________ endorsement is the endorser's signature along with a named endorsee.
A)Specific
B)Special
C)Qualified
D)Blank
E)Allonge
Q4) A payee may not be a holder in due course.
A)True
B)False
Q5) List the five conditions under which a holder may take an instrument for value. Page 29
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Page 30
Chapter 28: Liability, defenses, and Discharge
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Q1) A secondarily liable party becomes liable even if a primarily liable party does not dishonor the instrument.
A)True
B)False
Q2) What is the name of the party that orders the drawee to pay?
A)Acceptor
B)Promisor
C)Drawer
D)Endorser
E)Maker
Q3) As defined in the UCC,under which of the following circumstances would presentment have occurred?
A)When Rabia requested that Chloe make the check good.
B)When XYZ Bank notified Rabia that it would not pay based upon insufficient funds.
C)When ABC Bank requested payment from XYZ Bank.
D)When Chloe presented the check to The Furniture Shop
E)When Rabia took the check to ABC Bank.
Q4) List the five items that a party warrants when the party transfers an instrument for consideration.
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Chapter 29: Checks and Electronic Fund Transfers
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Q1) Checks are considered by many in the business community to be the near equivalent of cash.
A)True
B)False
Q2) Which of the following is a bank,other than a payor bank,handling the check at any point from the time the check is deposited to the time it reaches the payor bank?
A)Depositary.
B)Transferring.
C)Collecting.
D)Acknowledging.
E)Intermediary.
Q3) Checks are non-negotiable instruments.
A)True
B)False
Q4) Set forth the characteristics that a traveler's check must have.
Q5) What are the six requirements for a check to be considered properly payable?
Q6) The customer cannot order a stop payment on an electronic fund transfer.
A)True
B)False
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Chapter 30: Secured Transactions
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Q1) Regarding protection in movable collateral that is moved from one state to another,what does the UCC provide?
Q2) Which of the following is a writing that indicates both a monetary obligation and a security interest in specific goods?
A)Transactional paper.
B)Specific interest paper.
C)Chattel paper.
D)Combined paper.
E)Monetary and secured paper.
Q3) Shen buys a bicycle on credit from Bike City.Bike City has a security agreement establishing a purchase-money security interest in the bicycle.Shen,however,discovers that he does not have enough money to pay his rent.Therefore,he sells his bicycle to his neighbor,Mindy,who is unaware of Bike City's security interest in the bicycle.Shen fails to make payments on the bicycle and Bike City seeks to repossess it.Discuss the rights and obligations of the parties.
Q4) A description of the collateral does not need to be included in a security agreement.
A)True
B)False
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Chapter 31: Other Creditors Remedies and Suretyship
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Q1) 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
Q2) Which of the following factors would NOT be a factor in determining the size of the homestead exemption in California?
A)Whether the homeowner was over 65.
B)Whether the homeowner was married.
C)Whether the homeowner was disabled.
D)Whether the homeowner was single.
E)Whether the homeowner had purchased his home more than 10 years ago.
Q3) A[n] ________ lien is a lien that is created solely through statute,regardless of whether the debtor wishes the lien to be created.
A)Approved
B)Statutory
C)Judgment
D)Evaluated
E)Consensual
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Chapter 32: Bankruptcy and Reorganization
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Q1) Which of the following is true regarding the number of creditors who must vote to accept a reorganization plan under a Chapter 11 proceeding?
A)For the plan to be accepted,one-half of the class of secured creditors must vote to approve it.
B)For the plan to be accepted,two-thirds of the creditors of each class of creditors must vote to approve it.
C)For the plan to be accepted,three-fourth of the creditors of each class of creditors must vote to approve it.
D)For the plan to be accepted,one-fourth of the class of unsecured creditors must vote to approve it.
E)For the plan to be accepted,one-third of the class of unsecured creditors must vote to approve it.
Q2) Before a debtor files for one specific type of relief,the clerk of courts must give the debtor written notice of the other types of relief available.
A)True
B)False
Q3) List the set of procedures that must be taken in every bankruptcy case.
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Chapter 33: Agency Formation and Duties
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Q1) In the text case,Penny Garrison v.The Superior Court of Los Angeles,plaintiffs sought to sue a residential care facility and avoid the effect of a durable power of attorney by which the decedent's daughter signed agreements to arbitrate disputes involving the facility.Which of the following was the result?
A)The durable power of attorney was effective and the agreements to arbitrate would be upheld.
B)The durable power of attorney was effective but the arbitration agreements were void as against public policy.
C)The durable power of attorney was ineffective because it was revoked after the decedent became ill and the arbitration agreements,therefore,were unenforceable.
D)The durable power of attorney was ineffective because it did not grant the holder authority to enter into arbitration agreements and the arbitration agreements,therefore,were unenforceable.
E)The durable power of attorney was ineffective because it did not specifically give the daughter authority to enter into agreements involving health care and the arbitration agreements,therefore,were unenforceable.
Q2) When must agency agreements be in writing?
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Chapter 34: Liability to Third Parties and Termination
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Q1) Agent liability not only applies to how an agent treats a customer,they also apply to how the agent treats employees too.
A)True
B)False
Q2) What are the two conditions under which the law holds a principal directly responsible for his or her own tortious conduct?
Q3) Which of the following is true regarding whether Sakura is personally bound on the contract with Gwen?
A)Sakura is personally bound unless she can establish that Jason has the funds with which to pay Gwen.
B)Sakura is personally bound.
C)Sakura is not personally bound unless Jason is legally insolvent.
D)Sakura is not personally bound because she was acting on behalf of Jason.
E)Sakura is personally bound unless she can establish that Gwen would not have sold her the book if she had known that Jason was involved.
Q4) A power of attorney is a special type of express agent authority.
A)True
B)False
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Page 37
Chapter 35: Forms of Business Organization
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Q1) Is Rashi correct that she was entitled to cancel all franchise agreements?
A)No,while she was arguably justified in canceling Lola's franchise agreement,she was not justified in canceling other franchise agreements because no breach of the other franchise agreements had occurred.
B)No,she could only cancel all franchises after a judgment was entered against her,and that had not yet occurred.
C)Yes,because a personal service type of franchise was involved,she could cancel all the franchises at will.
D)No,she was not entitled to cancel any franchise agreements.
E)Yes,she can cancel the franchises but only if she can establish that her profits were less than had been expected.
Q2) Which of the following is a voluntary association between two or more persons who co-own a business for a profit?
A)Partnership
B)Joint entity
C)Joint proprietorship
D)Joint corporation
E)Co-owned business
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Chapter 36: Partnerships: Nature, formation, and Operation
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Q1) Dixon CPA,an accounting partnership,makes an offer to Nessa to become one of their partners.Dixon recently took out a loan for $2 million.Nessa is concerned that,if she became a partner,she could be held personally liable for the existing loan.Which of the following statements best describes the liability Nessa could face if she becomes partner?
A)Nessa cannot be held personally liable,and the capital she adds to the partnership cannot be used to pay off the loan.
B)Nessa cannot be held personally liable,but the capital she adds to the partnership can be used to pay off the loan and her salary can be used to pay off the loan.
C)Nessa cannot be held personally liable,but the capital she adds to the partnership can be used to pay off the loan.
D)Nessa can be held personally liable,up to the amount of her percentage of voting rights.
E)Nessa can be held personally liable,and the capital she adds to the partnership can be used to pay off the loan.
Q2) Only the partnership agreement determines the implied authority of partners. A)True B)False
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Chapter 37: Partnerships: Termination and Limited Partnerships
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Q1) Pietro and Avana have a partnership importing exotic birds from South America.Congress passes a law prohibiting the importation of birds.Does the law have any effect on the partnership?
A)No.
B)The partnership is automatically dissolved by operation of law.
C)The partnership has 90 days to continue to operate.
D)The partnership is automatically dissolved by act of court.
E)The partnership can continue to do business because it existed before the law was passed.
Q2) Oslo and Faraya want to form a partnership.Oslo is very ill and they verbally agree that Faraya can continue the business after his death.What type of agreement should they execute in order to ensure that Faraya can keep the partnership property and carry on the business after Oslo's death?
A)Post-death agreement.
B)Continuation agreement.
C)Honorable agreement.
D)Contingent agreement.
E)There is no such agreement.
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Chapter 38: Corporations: Formation and Financing
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Q1) Only the state can challenge a de facto corporation's existence as a corporate entity in a suit called an action of ________.
A)Res ipsa
B)Quo warranto
C)Quo facto
D)Sine qua non
E)Quo jure
Q2) Which of the following is not a type of bond that a corporation may issue?
A)Income
B)Equity
C)Secured
D)Unsecured
E)Convertible
Q3) Regarding the status of XYZ Corporation as a corporation,what would a court likely rule?
A)That the business was a corporation by estoppel.
B)That the business was not a corporation at all.
C)That the business was a veiled corporation.
D)That the business was a de jure corporation.
E)That the business was a de facto corporation.
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Chapter 39: Corporations: Directors, officers, and Shareholders
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Q1) The right of a corporation or its shareholder to purchase any shares of stock offered for resale by a shareholder within a specified period of time is referred to as which of the following?
A)Right of first purchase
B)Right of adequate refusal
C)Right of first acknowledgement
D)Right of first refusal
E)Superior right of purchase
Q2) Which of the following may be redeemed for a certain number of shares at a specified price within a given time period?
A)Share allowances
B)Stock warrants
C)Preemptive shares
D)Allocated shares
E)Share grants
Q3) A stock subscription agreement signed before incorporation may obligate a person to purchase shares in the corporation.
A)True
B)False
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Chapter 40: Corporations: Mergers, consolidations, terminations
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Q1) When two or more corporations are combined,and neither of the original corporations continues to exist legally,it is called:
A)A consolidation
B)A reorganization
C)An alteration
D)A merger
E)A combination
Q2) Federal regulations prohibit the management of target companies from using corporate funds to educate shareholders on the disadvantages of a takeover.
A)True
B)False
Q3) What type of takeover is contemplated in this situation?
A)Takeover acquisition.
B)Exchange tender offer.
C)Beachhead offer
D)Cash tender offer.
E)Beachhead acquisition.
Q4) What steps must a target corporation take once an aggressor has presented its offer to the target corporation's shareholders?
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Chapter 41: Corporations: Securities and Investor Protection
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Q1) are stocks and bonds issued by corporations to raise capital for corporate expansion.
A)Acknowledgements
B)Funding agreements
C)Securities
D)Stock and bond options
E)Investment options
Q2) Should Kassie take her attorney's suggestion to spread the word about the securities so she can obtain more investors?
A)Yes,as long as she does not exceed thirty-five unaccredited investors.
B)No,issuers who make private offerings cannot advertise the securities to the general public.
C)Yes,as long as she does not exceed thirty-five total investors.
D)Yes,as long as she does not exceed thirty-five accredited investors.
E)Yes,the private placement exemption,allows firms to issue an unlimited number of securities to an unlimited number of accredited investors.
Q3) Provide the Howey three-part test for determining if a security exists.
Q4) List the four major responsibilities of the SEC as set forth in the text.
Q5) Describe what a registration statement filed with the SEC generally contains.
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Chapter 42: Employment and Labor Law
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Q1) The Family and Medical Leave Act covers private employers with ________ or more employees.
A)20
B)100
C)75
D)25
E)50
Q2) After an employee has worked for an employer for at least one year,which of the following is required by federal law regarding vacation?
A)That an employee be given five days of vacation.
B)That an employee be given ten days of vacation.
C)That an employee be given three days of vacation.
D)That an employee be given seven days of vacation.
E)Nothing.
Q3) In order to comply with OSHA,employers must prominently display either the federal or a state OSHA poster in the workplace to provide their employees with information on their safety and health rights.
A)True
B)False
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Chapter 43: Employment Discrimination
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Q1) Under Title VII,which of the following statements is true regarding an award of attorney fees?
A)Similar to attorney fees in a motor vehicle accident lawsuit,attorney fees are never awarded to the prevailing party in Title VII cases.
B)Attorney fees are always awarded to the prevailing party in Title VII cases.
C)Attorney fees may be awarded to a successful plaintiff in a Title VII case and are typically denied only when special circumstances would render the award unjust;and if it is determined that a plaintiff's action was frivolous,unreasonable,or without foundation,a court may award attorney fees to the prevailing defendant.
D)Attorney fees are not awarded to a prevailing plaintiff;but if it is determined that a plaintiff's action was frivolous,unreasonable,or without foundation,a court may award attorney fees to the prevailing defendant.
E)Attorney fees may be awarded to a successful plaintiff in a Title VII case and are typically denied only when special circumstances would render the award unjust,but attorney fees are not awarded to prevailing defendant.
Q2) Describe the circumstances under which a seniority system would be a defense to a charge of discrimination under Title VII.
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Page 46
Chapter 44: Administrative Law
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Q1) The Interstate Commerce Commission was created by Congress as a means to better control the anticompetitive conduct of railroads.
A)True
B)False
Q2) 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
Q3) Under the federal Privacy Act of 1974,a federal agency may not disclose information about an individual to other agencies or organizations without that individual's written consent.
A)True
B)False
Q4) Administrative agencies are located at the federal level only.
A)True
B)False
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Chapter 45: Consumer Law
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Q1) The order issued by the Federal Trade Commission dictating that Julia stop advertising and selling the pills is known as which of the following?
A)A stop gap order
B)An approved order
C)A cease-and-desist order
D)An agency acknowledged order
E)An agency requirements order
Q2) Which of the following is the appropriate term for a requirement by the Federal Trade Commission that a company run advertisements in which the company explicitly states that formerly advertised claims were untrue?
A)Notice publication
B)Repeal advertising
C)Notice advertising
D)Corrective advertising
E)Action publication
Q3) What is required by federal law in regard to mail-order sales by the 1975 Mail-Order rule as amended by the Mail or Telephone Order Merchandise rule of 1993?
Q4) What is required by the Telemarketing Sales Rule of 1995?
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Chapter 46: Environmental Law
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Q1) Assuming that Sean's company is engaged in pollution,which of the following identifies the source?
A)Specified
B)Point
C)Identified
D)Standard
E)Specific
Q2) A law limiting the amount of animal waste that a farmer can dump into a local river is an example of:
A)Green taxes.
B)Government subsidies.
C)Marketable discharge permits.
D)Direct regulation.
E)Tort law.
Q3) When a nuisance occurs,what remedies are available to the injured party?
A)Rezoning and permanent damages
B)Injunction or permanent damages
C)Injunction only
D)Rezoning
E)Permanent damages only
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Chapter 47: Antitrust Law
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Q1) Which of the following is false regarding groups and activities that are exempt from antitrust law?
A)States can set their own quotas regarding the amount of oil to be sold in interstate commerce.
B)Regulatory bodies of the airline and banking industry have authority to approve behaviors that would otherwise violate antitrust law,but the same is not true for the utility industry.
C)When insurance businesses are subject to state antitrust regulation,they are exempt from federal antitrust law.
D)Labor unions can organize and bargain.
E)Individuals in the fishing industry can cooperate for purposes of catching and preparing fish for market.
Q2) Contrast traditional antitrust theories with the Chicago School theories.
Q3) What must a plaintiff prove to show a per se violation of the Sherman Act?
A)That trust activity is likely to dilute efficiency among the competition.
B)That the prohibited conduct occurred.
C)That there is an unambiguous presumption of unfair trust activity.
D)An amount of economic harm meeting standards set by the Sherman Act itself.
E)That the prohibited conduct occurred and the proper amount of economic harm.
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Chapter 48: The Nature of Property, personal Property, and Bailments
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Q1) When property that is subject to a bailment is damaged due to an "act of God," which of the following is true?
A)The bailee is not liable for harm to the bailed property.
B)The bailee is strictly liable for harm to the bailed property.
C)The bailee is liable for harm to the bailed property arising only out of the bailee's gross negligence.
D)The bailee is liable for harm to the bailed property arising out of the bailee's ordinary or gross negligence.
E)The bailee is liable for harm to the bailed property caused by even the slightest lack of due care on the part of the bailee.
Q2) Will the hotel be held liable for the value of the stolen jewelry?
A)Yes,because a hotel is strictly liable for the safekeeping of the property of its guests.
B)No,because Lisa and Jason were lodgers,not guests.
C)No,because Lisa was clearly notified of the existence of the hotel safe and chose not to take advantage of it.
D)No,because a hotel has no obligation to safeguard its guests' valuables.
E)Yes,because the jewelry was valued at over $5,000.
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Page 51
Chapter 49: Real Property
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Q1) Which of the following refers to land and everything permanently attached to it?
A)Listed property
B)Personal property
C)Fee property
D)Real property
E)Absolute property
Q2) A ________ deed carries no warranties,and the grantor simply conveys whatever interests he or she holds.
A)General warranty
B)Approved
C)Quitclaim
D)Specific
E)Special warranty
Q3) A estate is granted for the lifetime of an individual with the right to possess the property terminating at the individual's death.
A)Life
B)Leasehold
C)Future interest
D)Fee simple absolute
E)Conditional
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Chapter 50: Landlord-Tenant Law
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Q1) An eviction may only be full,not partial.
A)True
B)False
Q2) What are a lessee's available options when a landlord fails to make needed repairs,and what are any applicable requirements if an option is exercised?
Q3) Parties to a lease may terminate the lease at any time.
A)Tenancy-at-will
B)Tenancy-at-sufferance
C)Definite-term
D)Periodic-tenancy
E)Allowable-term
Q4) Diana rented office space for her business.She added a wall to divide a room and give her more storage space.When Oscar,the landlord,saw what she had done,he became angry and told her that she was liable to him for damages.Discuss any liability of Diana under the majority rule and also under the minority rule.
Q5) Rent ceilings are always illegal.
A)True
B)False
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Chapter 51: Insurance Law
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Q1) A[n] _ clause states that after an insurance policy has existed for a specified period of time,the insurance company cannot contest any statements made in the insurance application.
A)Antilapse
B)Assurance
C)Incontestability
D)Waiver
E)Approval
Q2) If an insured fails to cooperate with the insurer when making a claim,the insurer is not required to pay on the claim.
A)True
B)False
Q3) A commercial general liability policy provides protection against intentional wrongful acts committed by an insured.
A)True
B)False
Q4) Describe the effect of an appraisal clause in a policy of insurance,and explain how these usually work.
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Chapter 52: Wills and Trusts
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Q1) Which of the following is not a valid basis to challenge a will?
A)Fraud
B)Undue influence
C)The will was not in writing
D)Uneven distribution
E)The will was not attested by any witnesses
Q2) A ________ is a gift of personal property by will.
A)Behest
B)Bequeath
C)Grant
D)Bestowment
E)Devise
Q3) Usually,express trusts are written and are called trust instruments or agreements.
A)True
B)False
Q4) A will written on a napkin will satisfy the writing requirement for a valid will.
A)True
B)False
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Page 55