Corporate Law
Final Exam
Course Introduction
Corporate Law explores the legal framework governing the formation, operation, and regulation of corporations. This course covers key topics such as corporate personality, the roles and duties of directors and officers, shareholder rights, corporate governance, mergers and acquisitions, and the regulatory compliance landscape. Students will examine landmark cases, statutory provisions, and policy debates to understand how laws shape corporate behavior and address issues like fiduciary responsibilities, corporate finance, and stakeholder interests. Through practical examples and current events, the course prepares students to navigate the complexities of modern corporate law in both national and international contexts.
Recommended Textbook
Business Law 17th Edition by Arlen W Langvardt
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52 Chapters
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Page 2
Chapter 1: The Nature of Law
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Sample Questions
Q1) The same behavior will sometimes violate both civil law and criminal law,and in such a case,a person may be held both civilly and criminally liable for the same act.
A)True
B)False
Answer: True
Q2) Which of the following is applied in a lawsuit between two private parties?
A)Criminal law
B)Civil law
C)Procedural law
D)Public law
Answer: B
Q3) Which of the following is not required for a plaintiff to demonstrate standing to sue?
A)Direct stake
B)Tangible stake
C)Monetary stake
D)Substantial stake
Answer: C
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Chapter 2: The Resolution of Private Disputes
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Q1) Brennan sues Melissa for breach of contract.In her reply,Melissa claims,among other things,that she should not be liable as she only entered the contract because Brennan defrauded her.This assertion is called an affirmative defense.
A)True
B)False Answer: True
Q2) As in a criminal case,a defendant in a civil case may not be compelled by the plaintiff to testify.
A)True
B)False Answer: False
Q3) The plaintiff can sue the defendant in whatever court and locale that the plaintiff wishes.
A)True
B)False Answer: False
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Chapter 3: Business and the Constitution
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Q1) Which of the following are limits put in place by the Constitution limiting both state and federal power?
A)Federalism
B)Independent checks
C)Checks and balances
D)Separation of powers
Answer: B
Q2) In the context of commercial speech,the Supreme Court developed the ________ test,which amounts to intermediate scrutiny.
A)means-ends
B)still-controlling
C)proximate cause
D)rational basis
Answer: B
Q3) Enumerated powers are those powers that ________ can exercise.
A)states
B)Congress
C)U.S.Supreme Court
D)trial courts
Answer: B
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Chapter 4: Business Ethics, Corporate Social Responsibility,
Corporate Governance, and Critical Thinking
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Sample Questions
Q1) Which of the following fallacies results from observing two events and concluding that there is a causal link between them when there is no such link?
A)False cause
B)False dichotomy
C)False dilemma
D)Appeal to ignorance
Q2) Which of the following ethical theories judges our actions as good or bad depending on their consequences and is expressed as "the ends justify the means"?
A)Rights theory
B)Utilitarianism
C)Kantianism
D)Deontological theory
Q3) ________ can identify potential opportunities and suggest potential problems.
A)Bias
B)Parables
C)Fallacies
D)Analogies
Q4) What is confirmation bias and how can it be detrimental? How can it be avoided?
Q5) Explain the difference between shareholder theory and utilitarianism.
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Chapter 5: Criminal Law and Procedure
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Q1) In Miranda v.Arizona,the United States Supreme Court mandated that police officers have to give suspects a warning about their rights.
A)True
B)False
Q2) The standard of proof in a criminal case is:
A)proof by a preponderance of the evidence.
B)proof beyond a reasonable doubt.
C)proof that is "more likely than not."
D)proof beyond the presumption of innocence.
Q3) When a judge's sentencing decision is challenged on appeal,the governing standard will be one of reasonableness.
A)True
B)False
Q4) The Fifth Amendment prevents the government from coercing a defendant into making incriminating statements and thereby assisting his own prosecution.
A)True
B)False
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Chapter 6: Intentional Torts
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Sample Questions
Q1) In the case in the text,Jordan v.Jewel Food Stores,Inc. ,the court reversed the trial courts judgment because:
A)the ad was a form of image advertising aimed at promoting goodwill for the store by exploiting public affection for Jordan during an auspicious moment in his career.
B)Jewel had an economic motivation for the speech.
C)Jewel's bold red logo was prominently featured in the center of the ad and was in a font size larger than any other on the page.
D)the ad was unclear and it did not appear Jewel was promoting any specific product.
Q2) Where a plaintiff landowner's use and enjoyment of his land is interfered with by a harm and such harm is not common to the public generally,this is called a ________.
A)trespass to land
B)private nuisance
C)public nuisance
D)trespass to chattels
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Chapter 7: Negligence and Strict Liability
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Q1) What must a possessor of property do in order to exercise reasonable care for the safety of his invitees?
A)He must take appropriate steps to protect them against only the dangers he is aware of on his premises.
B)He must take appropriate steps to protect them against dangerous on-premises conditions that he is aware of,or reasonably should discover,whether or not the invitee is likely to discover them on her own.
C)He must take appropriate steps to protect them against dangerous on-premises conditions that he is aware of,or reasonably should discover,and that the invitee is unlikely to discover.
D)He must take appropriate steps to protect them against only the abnormally dangerous on-premises conditions that he is aware of,and that the invitee is unlikely to discover.
Q2) In some states,social guests are classified as licensees.
A)True
B)False
Q3) The doctrine of res ipsa loquitur means "the thing speaks for others."
A)True
B)False
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Page 9
Chapter 8: Intellectual Property and Unfair Competition
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Sample Questions
Q1) A trademark is considered to be abandoned when:
A)the owner fails to use it.
B)it acquires a generic meaning.
C)it has been obtained by fraud.
D)it is suggestive or arbitrary.
Q2) Which of the following statements about noncompetition agreements is false?
A)Without a noncompetition agreement,the ex-employee is normally free to compete with her former employer on the basis of trade secrets and skills obtained during the employment relationship.
B)Noncompetition agreements often go well beyond the important and legally recognized interest in preserving trade secrets.
C)Noncompetition agreements that strike the court as too broad may be ruled unenforceable.
D)Noncompetition agreements that extend beyond trade secret protection will be enforced if they have narrowly defined terms of duration,geographic area,and a relationship to legitimate business interests of the employer.
Q3) Customer lists are not patentable but may be subject to trade secret protection.
A)True
B)False
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Page 10
Chapter 9: Introduction to Contracts
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Sample Questions
Q1) Speaking generally,a quasi-contract applies where there has been foreseeable reliance on an express promise.
A)True
B)False
Q2) A voidable contract creates no obligation and is not enforceable by any party.
A)True
B)False
Q3) Alan and Ben have a contract.Alan has performed 100 percent and Ben has performed 50 percent of it.This contract is now executory.
A)True
B)False
Q4) If no Code rule applies to an issue regarding a sale of goods contract,the common law rules apply.
A)True
B)False
Q5) Why was the emergence of large corporations so important in shaping the 20th century contract law?
Q6) Why are 20th century contract law rules so often uncertain and discretionary rather than precise and rigid?
Page 11
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Chapter 10: The Agreement: Offer
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Questions
Q1) Adam offers to sell Bill his house.The offer is complete and certain as to all material terms.The offer also contains a promise that for a price of $100,Adam will keep the offer open for 30 days.Bill never pays Adam the $100.Ten days after making the offer,Adam telephones Bill to revoke it.Three days after that,Bill accepts.Is there a contract here? Why or why not?
Q2) The offeror's death automatically terminates an offer,but the offeree's death does not.
A)True
B)False
Q3) The offeror is said to be "the master of the offer." This means that offerors have the power to determine the terms and conditions under which they are bound to a contract.
A)True
B)False
Q4) Generally speaking,advertisements for the sale of goods at specified prices are considered to be offers.
A)True
B)False
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Page 12
Chapter 11: The Agreement: Acceptance
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Sample Questions
Q1) A bilateral contract is accepted when the offeree:
A)performs the requested act.
B)makes the promise requested by the offer.
C)accepts the offer in silence without prior indication.
D)makes additional inquiries regarding the terms.
Q2) Which of the following actions is considered to reflect a counteroffer?
A)A grumbling acceptance
B)An inquiry regarding terms
C)A demand for additional terms
D)A silent acceptance
Q3) Under the UCC,an acceptance sent by unreasonable means:
A)would be effective on dispatch as long as it is actually received by the offeror.
B)cannot form a contract.
C)would be effective on dispatch if it is received within the time that an acceptance by a reasonable means would normally have arrived.
D)would be effective on receipt only.
Q4) What is the "mailbox rule"? What risk does it create for the offeror?
Q5) Why is an offeree's silence not considered to be acceptance of an offer?
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Chapter 12: Consideration
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Q1) Joe promises to give his brother Bill a $30,000 new car for $50.Which of the following best describes the $50?
A)Nominal consideration
B)Past consideration
C)Adequate consideration
D)Requirements contract
Q2) An agreement in which a party promises to supply all the other party's needs for a particular commodity is called a(n):
A)requirements contract.
B)composition agreement.
C)output contract.
D)nominal consideration.
Q3) Unlike the UCC,the CISG requires new consideration to modify a contract.
A)True
B)False
Q4) For the consideration requirement in contracts to be met:
A)the consideration given by each party must be of roughly equal value.
B)each party must give consideration.
C)the consideration must have monetary value.
D)the consideration must consist of some form of property.
Page 14
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Chapter 13: Reality of Consent
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Q1) David entered into a contract to sell Ruth a parcel of land fully aware that Ruth's intention of the purchase was to construct a high-rise commercial building.David was also aware that the subsurface soil condition of the property would prevent such construction.The soil condition was not readily discoverable in the course of normal inspections or soil evaluations.David did not disclose the existence of the condition to Ruth,nor did Ruth make any inquiry of David as to the suitability of the land for the intended development.David's silence as to the soil condition:
A)renders the contract voidable at Ruth's discretion.
B)entitles Ruth only to monetary damages.
C)makes the contract a case of a mutual mistake.
D)does not affect the validity of the contract.
Q2) A mistake of law will not justify a recession in a contract.
A)True
B)False
Q3) Concealment involves the active hiding of a fact,whereas nondisclosure is the failure to volunteer information.
A)True
B)False
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Chapter 14: Capacity to Contract
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Q1) In January 2002,a court with the necessary subject-matter jurisdiction holds Marvin mentally incompetent and appoints a guardian for him.In November 2002,Marvin escapes his guardian's care and takes off on his own.While eating lunch with Clara,who knows about Marvin's condition,Marvin signs an agreement to sell a valuable property he owns.When he signs the contract,Marvin believes that he is the President of the United States signing an important treaty.The agreement between Marvin and Clara is best described as:
A)void.
B)voidable.
C)unenforceable.
D)perfectly valid,if the price Clara pays for the property is fair.
Q2) Ted failed to disaffirm a contract during his minority or within a reasonable time after reaching majority.The contract was automatically:
A)ratified.
B)rescinded.
C)set aside.
D)made voidable at the option of the minor.
Q3) Courts may sometimes be sympathetic to an adult who has suffered losses due to a minor who misrepresented his age.How so?
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Page 16
Chapter 15: Illegality
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Q1) Roger and Erick make a bet concerning whether a certain rich citizen will die within the next year.Neither party has any economic interest in this person's fate,except for that created by the bet.This agreement is:
A)unenforceable if statutes prohibit wagering agreements.
B)unenforceable because it tends toward the commission of a crime.
C)unconscionable because it contemplates the destruction of life.
D)a valid and enforceable risk-allocation agreement.
Q2) Agreements made by unmarried people who are living together:
A)are unenforceable regardless of their nature.
B)are enforceable if they do not involve the division of property.
C)are unenforceable if one of the parties is married to someone else.
D)are considered to be against public policy.
Q3) Courts will always enforce an exculpatory clause from a properly executed contract.
A)True
B)False
Q4) Public policy never changes and courts always apply it in the same way.
A)True
B)False
Q5) What is an exculpatory clause?
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Chapter 16: Writing
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Sample Questions
Q1) Which of the following is a uniform state law designed to "remove barriers to electronic commerce by validating and effectuating electronic records and signatures"?
A)Uniform Electronic Transactions Act (UETA)
B)Electronic Signatures in Global and National Commerce Act (E-Sign)
C)Electronic Communications Privacy Act (ECPA)
D)Graham-Leach-Bliley Act (GLBA)
Q2) Stewart,who wants to help Marcy establish her own business,promises ABC Bank that he will repay the loan that ABC Bank makes to Marcy if Marcy fails to pay it.In this instance,Marcy is the:
A)principal debtor.
B)obligor.
C)guarantor.
D)guarantee.
Q3) In general,ambiguities in a written agreement are resolved against the party who drafted the agreement.
A)True
B)False
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18
Chapter 17: Rights of Third Parties
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Q1) In Johnson v.Bank of America,N.A. ,the case in the text,the court held that:
A)the contractual duty was delegable because it did not materially change the benefit of the bargain and Johnson did not have any interest in Bank of America performing the contract.
B)the contractual duty was delegable because delegations in the trade were common. C)the contractual duty was not delegable because Fiserv had an improper financial motive.
D)the contractual duty was not delegable because it was prohibited by statute.
Q2) Mr.Blue is in a contract with Mr.Brown for the repair of Mr.Blue's roof for $9,000.Mr.Blue tells Mr.Brown that Ms.White will pay him the $9,000 for the work performed.Ms.White's role in the contract is called what?
A)Delegation
B)Assignment
C)Incorporation
D)Organizing
Q3) Antiassignment clauses in contracts are not enforceable.
A)True
B)False
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Chapter 18: Performance and Remedies
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Q1) Pat promises to install granite countertops in the home at 123 Main Street that Bruce is purchasing "provided that the escrow on the sale of 123 Main Street closes." The close of escrow on the sale of 123 Main Street is a condition precedent to Pat's promise.
A)True
B)False
Q2) Mr.Green contracts to repair his roof with Mr.Brown.Prior to the work starting a tornado destroys Mr.Green's home.Mr.Brown fails to perform under the contract,but the court will not consider Mr.Brown to be in breach due to impossibility.
A)True
B)False
Q3) A contract is ________ when each party's performance can be divided in two or more parts and each part is exchanged for some corresponding consideration from the other party.
A)whole
B)divisible
C)unenforceable
D)material
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Chapter 19: Formation and Terms of Sales Contracts
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Q1) In the case in the text,Janke v.Brooks,the court concluded that:
A)the UCC did not apply because the contract was primarily for services.
B)the UCC did not apply because Janke did not buy the car from Brooks.
C)the UCC did apply because the services rendered were incidental.
D)the UCC did apply because the cost of the parts was more than the services.
Q2) Maple Interiors,located in Boston,contracted to sell and ship sofas to Peach Furniture,located in Atlanta.The contract stated that the goods were to be shipped "F.O.B.Boston,via XYZ railroad." Maple delivered the sofas to XYZ railroad.They were shipped from Boston but never seen again.Both Peach and Maple assumed that the other party had the risk of loss,so neither had obtained insurance.Who must bear this loss?
A)Peach must bear the loss because the risk passed to it after the sofas were placed on the loading dock at Maple's warehouse.
B)Peach must bear the loss because the risk passed to it after the sofas were delivered to XYZ railroad.
C)Maple must bear the loss because the goods were never tendered to Peach.
D)Maple must bear the loss because in any sale by a merchant,risk does not pass until the actual delivery of the goods to the buyer.
Q3) What is the UCC approach to the risk of loss of goods during transportation?
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Page 21
Chapter 20: Product Liability
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Q1) Which damages are awarded to punish the defendant?
A)Punitive
B)Compensatory
C)Monetary
D)Liquidated
Q2) Mr.Green purchases a treadmill from Mr.Brown.Mr.Green tells Mr.Brown that he is purchasing the treadmill to jog and sprint.The treadmill that Mr.Green purchases does not allow for speeds faster than walking.Mr.Green should be able to recover his purchase money or receive a different machine based on the UCC warranty of fitness for a particular purpose.
A)True
B)False
Q3) Several firms within an industry are involved in manufacturing a harmful product.It is impossible to prove which firm produced the product and caused injury.Identify the type of liability that would arise in these circumstances.
A)Industrywide Liability
B)Strict Liability
C)No-privity determination
D)Breach of expresses warranty
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Page 22
Chapter 21: Performance of Sales Contracts
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Q1) Sam agrees to make partial deliveries of goods over three months to Winston.The first delivery was late by two weeks.Why should Winston object to this late delivery?
A)Winston may be required to pay in advance for future deliveries.
B)Winston may waive his rights to cancel the contract if other deliveries are late.
C)Sam may cancel the contract.
D)Sam may be excused from performing all his contractual obligations.
Q2) If the goods required for the performance of a contract are destroyed without fault of either party prior to the time that the risk of loss passed to the buyer,the contract is voided.
A)True
B)False
Q3) If there is a conflict between the express terms of the contract and the past course of dealing between the parties,the:
A)past course of dealing between the parties will prevail.
B)express terms of the contract prevail.
C)contract is voided.
D)seller is excused.
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Chapter 22: Remedies for Breach of Sales Contracts
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Q1) In which of the following transactions is the buyer most unlikely to be entitled to specific performance of the contract?
A)A contract for the purchase of a historical artifact
B)A contract for the purchase of 10,000 tons of wheat
C)A contract for the purchase of a Rembrandt painting
D)A contract for the purchase of a 1910 Ford
Q2) In case of resale of goods arising out of a breach of contract,if the seller sets aside goods intended for the contract or completes the manufacture of such goods,he is:
A)not obligated to try to resell the goods to someone else.
B)obligated to try to resell the goods to someone else.
C)obligated to enter into future contracts with the buyer.
D)obliged to destroy the goods.
Q3) ________ include expenses that the buyer incurs in receiving,inspecting,transporting,and storing goods shipped by the seller that do not conform to those called for in the contract.
A)Unconscionable damages
B)Incidental damages
C)Punitive damages
D)Consequential damages
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Page 24
Chapter 23: Personal Property and Bailments
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Q1) Gil has stolen a "Lancer" from Yu and changed the look and interior of the car.Gil is now using it for his personal purposes.After some months,Yu comes to know about his car and demands it back.However,Gil demands for the amount he spent on modifications.Is Yu liable to pay that?
Q2) Rachel was jogging when she slipped and fell on the jogging track and her diamond bracelet fell off her wrist.She got and up resumed her jog,unaware of what had happened.A little later,Judy came jogging on the same track and discovered the bracelet.Which of the following is true of the case?
A)The bracelet is lost property that Judy can hold until the owner claims it.
B)The bracelet is abandoned property.
C)The bracelet has two rightful owners.
D)The bracelet now belongs to the local authorities.
Q3) Bob parked his new Porsche with the restaurant valet.The valet gave Bob a claim receipt.A bailment has been created.
A)True
B)False
Q4) The warehouse receipt or the bill of lading must be nonnegotiable.
A)True
B)False
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Chapter 24: Real Property
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Q1) An easement by prior use is created by:
A)grant.
B)prescription.
C)reservation.
D)implication.
Q2) One requirement of a joint tenancy is that the co-owners must be married.
A)True
B)False
Q3) To create an easement by prescription a person must,in addition to fulfilling other requirements,have:
A)recorded the easement immediately upon its creation.
B)received the express or implied consent of the true owner.
C)used the land of another out of necessity.
D)used the land of another openly,continuously,and adverse to the owner's rights.
Q4) In community property states,land acquired during marriage will be deemed community property.
A)True
B)False
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Chapter 25: Landlord and Tenant
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Q1) Landlord wishes to evict Tenant from his apartment because Tenant is three months' behind on the rent.Tenant indicated that he is unwilling to move out.Which of the following is an accurate statement about Landlord's rights and/or obligations under the circumstances?
A)Landlord cannot sue Tenant;instead,Landlord must negotiate further with Tenant.
B)Landlord may use the degree of force necessary to physically remove Tenant from the apartment.
C)Landlord may change the locks on the apartment while Tenant is temporarily away,so that Tenant cannot get back in.
D)Landlord has to follow the prescribed procedure for eviction in that state.
Q2) Which of the following is often used by landlords to attempt to insulate themselves from negligence liability?
A)Assignment
B)Tort liability
C)An exculpatory clause in a lease
D)Constructive eviction
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Chapter 26: Estates and Trusts
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Q1) A personal representative under a will is also known as the executor.
A)True
B)False
Q2) Thomas wants to create an inter vivos trust for the benefit of his adult children.To create a valid inter vivos trust,he must have a level of mental capacity that is the same as that required to:
A)make a valid contract.
B)make a valid will.
C)stand trial in a criminal case.
D)testify under oath in a criminal case.
Q3) If an individual dies without a will,then they are said to have died intestate.
A)True
B)False
Q4) A person making a will is called the ________.
A)settlor
B)heir
C)testator
D)bequest
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Chapter 27: Insurance Law
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Q1) Bradley suffers a covered loss under his homeowner's policy but the insurer stonewalled for years before finally paying.Bradley can sue the insurer for ________.
A)Bad faith breach
B)Professional misconduct
C)Failure to exercise the reservation of rights
D)Compensatory damages for contractual breach
Q2) Which of the following costs does an insurer agree to pay in a liability policy?
A)Sums an insured becomes legally obligated to pay to another party.
B)Sums an insured loses because he experiences damages to his personal property.
C)Sums an insured loses because he experiences damage to his personal property.
D)Sums an insured loses because of coinsurance costs after an accident.
Q3) With respect to property insurance,the insurable interest requirement:
A)need only be satisfied at the time the policy is issued.
B)must be satisfied both at the time the policy is issued and at the time of the loss.
C)will be satisfied only if the insured owns the property in fee simple absolute.
D)will be satisfied by an insured who possesses a lienhold interest in the property.
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Chapter 28: Introduction to Credit and Secured Transactions
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Q1) Which of the following is generally true about state statutes establishing mechanic's and materialman's liens?
A)Most of them require the mechanics and the materialmen to sign a deed of trust.
B)They require that work be done in the performance of a contract to improve real property.
C)They do not allow subrogation by mechanics and materialmen.
D)They require mechanics and materialmen to enter into a quasi contract with the contractor.
Q2) To be relieved of obligations as surety,a compensated surety must show that:
A)he is secondarily liable for the payment of the debt.
B)a change in the contract was material and prejudicial to him.
C)he lacks the capacity to fulfill his promise.
D)he has provided adequate collateral to the creditor.
Q3) A subcontractor is a person who contracts with the owner of a property to build or remodel.
A)True
B)False
Q4) Who are party to a deed of trust?
Q5) What is an equity of redemption?
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Chapter 29: Security Interests in Personal Property
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Q1) ________ refer(s)to the goods used or bought primarily for personal purposes.
A)Inventory
B)Fixtures
C)Consumer goods
D)Equipment
Q2) Which of the following statements about security agreements is false?
A)The security agreement must reasonably describe the collateral so that it can readily be identified.
B)The security agreement cannot require the debtor to insure the goods.
C)The security agreement usually contains a promise by the debtor to pay certain amounts of money in a certain way.
D)The security agreement usually specifies which events constitute a default.
Q3) Which of the following elements is an exception that validates a financing statement,which covers goods that are to become fixtures,without it being lapsed?
A)Name of the debtor
B)Name of the secured party
C)Description of a real estate mortgage
D)Description of a nonfixture
Q4) What is the general priority rule established by the Uniform Commercial Code?
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Chapter 30: Bankruptcy
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Q1) In the case in the text,In re Rogers,the court found in favor of Rogers and held that she was entitled to her full homestead exemption.In reaching this conclusion,the court analyzed:
A)the statute's legislative history.
B)preemption law.
C)whether Wallace was entitled to recover as a matter of law.
D)when exactly Wallace and Rogers entered into the contract.
Q2) Bankruptcy judges are appointed by the president for a term of ________ years.
A)4
B)8
C)12
D)14
Q3) The debtor is permitted to void ________ liens against exempt properties that impair her exemptions.
A)medical
B)tax
C)attorney
D)judicial
Q4) Describe the different approaches taken to transnational insolvencies.What is the approach taken currently?
Page 32
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Chapter 31: Negotiable Instruments
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Q1) Which of the following statements about commercial paper is false?
A)The law of commercial paper is covered in Article 2 of the UCC.
B)Commercial paper is a contract for the payment of money.
C)Commercial paper may serve as a substitute for money payable immediately.
D)Commercial paper can be used as a means of extending credit.
Q2) Selena Johnson has a checking account at the Union Bank of New York.She goes to Home Depot and agrees to buy a room heater priced at $200.She writes a check to pay for it.Home Depot is the:
A)payer.
B)drawer.
C)payee.
D)drawee.
Q3) Instruments cannot be negotiable if they are payable in a foreign currency. A)True
B)False
Q4) If an instrument is negotiable,the general rules of contract law control. A)True
B)False
Q5) What are the conditions necessary for a person to be able to accept a negotiable instrument as a substitute for money?
Page 33
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Chapter 32: Negotiation and Holder in Due Course
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Q1) Which of the following is NOT a defense specified in Revised Article 3?
A)Claims for damages
B)Real defenses
C)Claims to an instrument
D)Claims in recoupment
Q2) What are the three significant effects resulting from the indorsement of a negotiable instrument?
Q3) John received a check from his employer marked "pay to the order of John Jones." John used this check to pay for groceries from ABC Foods.He wrote on the back of the check: "pay to ABC Foods,for groceries." Was this check properly negotiated?
A)No,because the statement that the check was for payment to ABC Foods defeats this negotiation.
B)No,because John did not indorse the check.
C)Yes,because John transferred possession of the check and ABC Foods acted in good faith.
D)Yes,because a holder's signature is not always needed in order to negotiate a check.
Q4) What are the general requirements to become a holder in due course?
Q5) What is the shelter rule in Article 3?
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Chapter 33: Liability of Parties
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Q1) Which of the following is not one of the presentment warranties that the holder of an unaccepted draft makes to the drawee?
A)That the draft has not been altered.
B)That the draft is not subject to a defense or a claim in recoupment.
C)That the holder has no knowledge that the signature of the drawer is unauthorized.
D)That the holder is entitled or authorized to obtain payment.
Q2) Potter owes George $500.Potter writes a check payable to George for that amount.Later,George loses the check.Potter is now discharged from his liability on the check.
A)True
B)False
Q3) When a person is ________,he or she is released from liability.
A)liquidated
B)converted
C)dismissed
D)discharged
Q4) How can an indorser avoid secondary liability on the instrument? Can an indorser disclaim transfer warranty liability?
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Chapter 34: Checks and Electronic Transfers
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Q1) Ben,a Big Bank checking account customer,wrote a check for $1,000 to Mia.At the time that Mia presents the check for payment to Big Bank,Ben has $1,500 in his account.However,the clerk mistakenly refuses to pay the check and stamps it NSF.Mia then goes to the local prosecutor,and Ben is later arrested for writing a bad check.Ben could recover from Big Bank the damages involved in his arrest,such as attorney's fees.
A)True
B)False
Q2) Under the Electronic Funds Transfer Act how many days do operators of EFT systems have to investigate errors or provisionally recredit a consumer's account?
A)10 working days
B)60 days
C)14 working days
D)90 days
Q3) Banks often take the position that a stop-payment order must:
A)be in writing.
B)explain why the check is to be stopped.
C)give notice at least 3 business days before the check is presented.
D)be correct to the penny because they rely on computers.
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Chapter 35: The Agency Relationship
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Q1) Termination of the agency relationship at the option of the agent is known as
A)revocation
B)renunciation
C)falsification
D)liquidation
Q2) ________ is actual authority that the principal has manifested to the agent using very specific or detailed language.
A)Implied authority
B)Primary authority
C)Express authority
D)Apparent authority
Q3) Which of the following describes the type of relationship that exists between an agent and a principal?
A)Dependent
B)Manifest
C)Objective
D)Fiduciary
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Chapter 36: Third-Party Relations of the Principal and the Agent
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Q1) When is a principal directly liable for tortious behavior connected with the retention of a nonemployee agent?
A)When the principal hires a dangerously incompetent nonemployee agent.
B)When third parties believe the nonemployee agent has apparent authority.
C)When third parties believe the nonemployee agent has express authority.
D)Never
Q2) Which of the following is true of implied authority?
A)It can contradict a principal's express statements.
B)It exists even when the principal has limited the agent's authority through clear instructions.
C)It is usually derived from a grant of express authority by the principal.
D)It exists only if there is a relevant grant of express authority.
Q3) Implied ratification arises when:
A)the principal's conduct justifies a reasonable assumption that he consents to the agent's act.
B)the principal manifests assent that his legal relations be affected.
C)the third party withdraws from the contract before the principal manifests assent.
D)the principal binds himself to an unauthorized or illegal act done by an agent.
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Chapter 37: Introduction to Forms of Business and Formation of Partnerships
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Q1) Generally,professional shareholders are personally liable for the obligations of the professional corporation.
A)True
B)False
Q2) As of December 2014,________ states plus the District of Columbia and the Virgin Islands have adopted the RUPA.
A)37
B)24
C)50
D)44
Q3) Which of the following is true about a partnership?
A)It is not a tax-paying entity for federal income tax purposes.
B)Business losses are deductible based on the limit on a partner's individual tax return.
C)It does not have a life apart from its owners.
D)Partners of a partnership do not assume personal liability for obligations of the business.
Q4) Babs,Mindy,and Eric decide to leave a large accounting firm and start their own accounting business.What form of business should they elect?
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Chapter 38: Operation of Partnerships and Related Forms
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Q1) When a partnership and the other partners are held liable for a partner's tort,they may recover the amount of their ________ liability from the wrongdoing partner,but only if the partner fails to comply with ________.
A)vicarious;the fiduciary duty of care
B)joint and several;duty of loyalty
C)vicarious;duty of loyalty
D)joint and several;the fiduciary duty of care
Q2) A partnership's liability for the torts of a partner committed within the ordinary course of partnership business or within the authority of that partner is:
A)joint and several.
B)joint or several,at the option of the tort creditor.
C)joint only.
D)several only.
Q3) According to the RUPA,a partner:
A)is entitled to a salary or wages.
B)is entitled to compensation based upon his capital contribution.
C)is entitled to an equal share of the profits.
D)is entitled to compensation based on the amount of time he contributes to the business.
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Chapter 39: Partners Dissociation and Partnerships
Dissolution and Winding up
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Q1) Mark is a partner in Harbin Associates,a partnership.The term of the partnership agreement is one year and does not include a clause on buyouts.After the term expires,Mark decides to dissociate while the remaining partners wish to continue.Under the RUPA:
A)the remaining partners must wind up and terminate the partnership.
B)they must buy out Mark of his interest on Mark's demand for the same.
C)they must not pay Mark the greater of the liquidation price or the sale price of the business.
D)they can renew their partnership agreement.
Q2) As discussed in the text,which of the following would not cause a partnership to dissolve in Austria?
A)Expiration of the period for which it was entered into
B)Bankruptcy proceedings against the partnership assets
C)Continuing business would only create a loss.
D)Judicial decision
Q3) The buyout price includes interest from the date:
A)of the dissociation.
B)of the written request.
C)the partnership formed.
D)the partnership formally dissolved.
Page 41
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Chapter 40: Limited Liability Companies, limited
Partnerships,
and Limited
Liability Limited Partnerships
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Q1) Each partner in a limited partnership owns an interest in the partnership.This is deemed his personal property.
A)True
B)False
Q2) Under the RULLCA,which of the following is true about a transferee in an LLC?
A)A transferee has the right to hire managers in a manager-managed LLC.
B)A transferee has limited rights to manage the ordinary business of the LLC.
C)A transferee has only a limited right to information about the LLC's accounts.
D)A transferee is a member of the LLC.
Q3) Except for the liability of limited partners,limited partnerships and LLLPs are identical. A)True
B)False
Q4) Sandra starts a new LLLP for her gelato business.She becomes the general partner of the LLLP and her friend Katy becomes a limited partner.There are no other general or limited partners in the LLLP.Apart from being a general partner,Sandra wishes to become a limited partner in the LLLP to increase her share of profit.Can she do it? If not,suggest a method by which she might be able to do it.
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Chapter 41: History and Nature of Corporations
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Q1) Wheelies is an auto parts retailer.It operates a retail megastore in a city where the city ordinance prohibits retailers from being open on consecutive Sundays.The management of Wheelies realizes that their maximum sales happen on Sundays.They create a wholly-owned subsidiary,CarBasics,and start leasing the megastore building and its inventory to CarBasics every alternate Sunday.Who is liable for violating the city ordinance?
A)Neither Wheelies nor CarBasics
B)Wheelies only
C)CarBasics only
D)Both Wheelies and CarBasics
Q2) Under the general incorporation law,the minimum number of owners a business needs to be incorporated as a for-profit corporation is:
A)10.
B)5.
C)1.
D)20.
Q3) Incorporating a business involves following state law.
A)True
B)False
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Chapter 42: Organization and Financial Structure of Corporations
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Q1) John is the promoter of Wheelies Corp. ,an automotive wheel manufacturing business.To escape personal liability on preincorporation contracts,John planned to make only nonbinding preincorporation contracts.He made one such contract in March 2011 with his friend David for supplying Wheelies with auto parts.After getting payment for the contract,David refused to make the supply.Wheelies has not been incorporated yet.Is David liable?
A)No,David is not liable because John is not liable on the contract.
B)No,David is not liable because Wheelies has not been formed yet.
C)Yes,David is liable to Wheelies but not to John.
D)Yes,David is liable to both John and Wheelies.
Q2) A bank may lend money to a corporation in exchange for the corporation's short-term promissory notes,which are called: A)shares.
B)commercial paper.
C)debentures. D)bonds.
Q3) An organizer is the individual that incorporates a business.
A)True B)False
Page 44
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Chapter 43: Management of Corporations
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Q1) The ________ recognizes that directors may be conflicted by their interest in saving their jobs,yet it allows directors to oppose the takeover if they mostly are concerned about protecting the company from the takeover's threat to the company's policies.
A)Sarbanes-Oxley Act
B)Unocal test
C)business judgment rule
D)Dodd-Frank Wall Street Reform and Consumer Protection Act
Q2) The most perplexing issue with regard to the authority of officers is whether an officer has ________ authority merely by virtue of the title of his office.
A)express
B)implied
C)apparent
D)inherent
Q3) Directors and officers are liable to the corporation for losses resulting from their lack of care.
A)True
B)False
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Chapter 44: Shareholders Rights and Liabilities
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Q1) A ________ is a decrease in the number of shares of a class such that,for example,two shares become one share.
A)share split
B)reverse share split
C)share dividend
D)redemption
Q2) Corporation law authorizes a shareholder to bring a class action on behalf of the corporation and for its benefit.
A)True
B)False
Q3) What is the term for when controlling shareholders pay themselves high salaries while not employing or not paying out dividends to noncontrolling shareholders?
A)Quid pro quo
B)Squeeze-out
C)Collateral
D)Liquidity
Q4) Only those shareholders who sign a shareholder voting agreement are bound by it.
A)True
B)False
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Chapter 45: Securities Regulation
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Q1) The classic underwriting arrangement is a ________ underwriting.
A)standby
B)sponsorship
C)best efforts
D)firm commitment
Q2) The Securities and Exchange Commission (SEC)has the power to impose civil fines up to $500,000 and issue cease and desist orders.
A)True
B)False
Q3) Kirrah Company makes a registered offering of its common shares under the Securities Act of 1933.A year after the offering,the federal government cancels a contract with Kirrah.The contract had provided and was expected to continue to provide 30 percent of Kirrah's business.The material risks section of the registration statement failed to state that the federal government provided 30 percent of Kirrah's business and that the federal government had the right to terminate the contract at any time.Among others,Amy Arston,the president and chief executive officer of Kirrah,is sued by purchasers of the shares under Section 11 of the Securities Act.What is Amy's due diligence defense under Section 11? Is Amy likely to be able to prove she met that defense?
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Chapter 46: Legal and Professional Responsibilities of Auditors,
Consultants, and Securities Professionals
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Q1) Under the Sarbanes-Oxley Act of 2002,public accounting firms that audit financial statements of public companies are required to register with the Public Company Accounting Oversight Board and submit to its rules.
A)True
B)False
Q2) For proving liability of a professional under ________,the plaintiff need not prove reliance on the wrongful conduct.
A)Section 17(A)of the Securities Act of 1933
B)Section 10(B)of the Securities Exchange Act of 1934
C)Section 18 of the Securities Exchange Act of 1934
D)Section 12(a)(2)of the Securities Act of 1933
Q3) The Securities Exchange Act of 1934 does not impose any criminal liability for violation of any of its provisions.
A)True
B)False
Q4) Usually,only clients sue professionals under the securities law.
A)True
B)False
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Chapter 47: Administrative Law
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Q1) The powers an agency possess that are granted by its enabling legislation are called:
A)Formal
B)Ministerial
C)Discretionary
D)Adjudicatory
Q2) Agency action may be overturned if it is unsubstantiated by the facts before the agency when it acted.
A)True
B)False
Q3) An agency rule created through a(n)________ rulemaking method reduces the chances of voluntary compliance.
A)informal
B)executive
C)democratic
D)hybrid
Q4) Administrative agencies are created by orders from the courts.
A)True
B)False
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Chapter 48: The Federal Trade Commission Act and Consumer
Protection Laws
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Q1) The ________ Act is not limited to consumer credit;it also covers business and commercial loans.
A)Truth in Lending
B)Equal Credit Opportunity
C)Fair and Accurate Credit Transactions
D)Fair Credit Reporting
Q2) Section 5 of the FTC Act prohibits unfair acts or practices that cause substantial consumer harm.Which of the following examples would generally not qualify as a substantial harm?
A)Emotional distress
B)Monetary loss
C)Unwarranted health risks
D)Unwarranted safety risks
Q3) The Truth in Lending Act (TILA)has provisions dealing with consumer credit advertising that prevents a creditor from "baiting" customers.
A)True
B)False
Q4) Describe the similarities between the United States' approach to advertising regulation and that taken by other countries. To
Chapter 49: Antitrust: the Sherman Act
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Q1) The Sherman Act states that corporations convicted of violating it may be fined as much as:
A)$50 million per violation
B)$100 million per violation
C)$200 million per violation
D)$150 million per violation
Q2) Rockchalk Paving Co. ,a Kansas firm,paves public streets and highways in Kansas and the surrounding states of Nebraska,Colorado,Oklahoma,and Missouri.Wildcat Pavers,Inc. ,a paving contractor that competes with Rockchalk in Kansas,Oklahoma,and Missouri,filed suit against Rockchalk and Jayhawk Corp. ,another paving contractor.Wildcat alleges that Rockchalk owns 65 percent of the outstanding stock of Jayhawk and that the defendants violated Sections 1 and 2 of the Sherman Act by engaging in collusive bid-rigging practices.The defendants have moved to dismiss for failure to state a cause of action.Should their motion be granted? Explain your reasoning.
Q3) A domestic corporation attempting to monopolize outside the United States with foreign nations is guilty of a crime under the Sherman Act.
A)True
B)False
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and Immunities
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Q1) The ________ provides that an American court cannot adjudicate a politically sensitive dispute whose resolution would require the court to judge the legality of a foreign government's sovereign act.
A)state action doctrine
B)sovereign compulsion doctrine
C)doctrine of sovereign immunity
D)act of state doctrine
Q2) The Robinson-Patman Act outlawed secondary and tertiary price discrimination. A)True B)False
Q3) Soundco,Inc. ,a leading manufacturer of stereo equipment,sells equipment to both wholesalers and retailers.Soundco regularly charges wholesalers less than it charges retailers for the same equipment.Contending that this pricing practice violated the Robinson-Patman Act,various retailers have sued Soundco.What should Soundco argue in an effort to avoid liability?
Q4) Vertical mergers directly result in an increase in concentration. A)True B)False
Page 52
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Chapter 51: Employment Law
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Q1) Although the Occupational Safety and Health Administration (OSHA)administers the Occupational Safety and Health Act,OSHA is not empowered to inspect businesses to enforce those regulations.
A)True
B)False
Q2) The ________ gave employees the right to organize by enabling them to form,join,or assist labor organizations.
A)Norris-LaGuardia Act
B)Wagner Act
C)Taft-Hartley Act
D)Landrum-Griffin Act
Q3) Which of the following is a similarity between Title VII and the employment discrimination provision known as "Section 1981"?
A)Both Title VII and Section 1981 apply to sex discrimination.
B)Both Title VII and Section 1981 apply to racial discrimination.
C)Both Title VII and Section 1981 impose limits on covered employees.
D)Both Title VII and Section 1981 impose limits on compensatory damages.
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Chapter 52: Environmental Regulation
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Q1) The Ocean Dumping Ban Act of 1987 set up a permit system regulating the dumping of all types of materials into ocean waters.
A)True
B)False
Q2) Which of the following statements about vehicle emission standards under the Clean Air Act is accurate?
A)Individual owners need to get their vehicles certified by EPA for emission standards. B)Manufacturers are required to warrant that certified vehicles will always meet emission standards.
C)EPA can order manufacturers to recall and repair vehicles that do not meet emission standards.
D)EPA performs emission tests on all the vehicles it certifies for emission standards.
Q3) The Clean Air Act provides the framework for the current approach to air pollution. A)True
B)False
Q4) How are the cleanups of hazardous waste sites required by CERCLA funded?
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