Corporate Law
Final Test Solutions
Course Introduction
Corporate Law examines the legal framework governing the formation, operation, and regulation of corporations. The course covers key topics such as corporate personality and liability, the roles and duties of directors and officers, shareholders rights, corporate governance, and compliance with securities regulations. Through the analysis of statutes, case law, and real-world scenarios, students develop a comprehensive understanding of the mechanisms for resolving corporate disputes and the evolving regulatory environment. This course is essential for those interested in careers in business law, corporate governance, or entrepreneurship.
Recommended Textbook
The Legal Environment Today 8th Edition by Roger LeRoy Miller
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28 Chapters
1818 Verified Questions
1818 Flashcards
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Page 2
Chapter 1: Business and Its Legal Environment
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72 Verified Questions
72 Flashcards
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Sample Questions
Q1) Businesspersons are expected to make decisions that are ethically sound.
A)True
B)False
Answer: True
Q2) The Tenth Amendment to the U.S.Constitution
A)reserves to the states all powers not granted to the federal government.
B)reserves to the federal government all powers not granted to the states.
C)requires each state in the union to have its own constitution.
D)does not exist.
Answer: A
Q3) Many different laws may apply to a single business transaction.
A)True
B)False
Answer: True
Q4) State constitutions are supreme within their respective borders.
A)True
B)False
Answer: True
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Chapter 2: Business Ethics
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72 Verified Questions
72 Flashcards
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Sample Questions
Q1) To assist in detecting illegal bribes, International Civil Engineers, Inc., and all other U.S.companies must
A)conceal financial records that reveal past bribes.
B)keep records that "accurately and fairly" reflect their financial activities
C)make bribes through third parties rather than directly to officials.
D)permit payments to foreign officials that are unlawful in that country.
Answer: B
Q2) Corporations can be perceived as owing ethical duties to groups other than their shareholders.
A)True
B)False
Answer: True
Q3) Managers should apply the same ethical standards to themselves and to their employees.
A)True
B)False
Answer: True
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Chapter 3: Courts and Alternative Dispute Resolution
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72 Verified Questions
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Sample Questions
Q1) Lyn files a suit against Karl.Karl denies Lyn's charges and sets forth his own claim that Lyn breached their contract and owes Karl money for the breach.Karl's claim is
A)a contrary charge.
B)a counterclaim.
C)a counterpoint.
D)a cross complaint.
Answer: B
Q2) Hua, a resident of Illinois, owns a warehouse in Indiana.A dispute arises over the ownership of the warehouse with Jac, a resident of Kentucky.Jac files a suit against Hua in Indiana.Regarding this suit, Indiana has
A)federal jurisdiction.
B)in personam jurisdiction.
C)in rem jurisdiction.
D)no jurisdiction.
Answer: C
Q3) A summary judgment is granted only if there is no genuine question of law.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Business and the Constitution
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Sample Questions
Q1) A Massachusetts state statute imposes a prison term, without a trial, on all street performers who operate in certain areas.A court would likely review this statute under the principles of
A)the commerce clause.
B)the equal protection clause.
C)the due process clause.
D)the First Amendment.
Q2) The President appoints federal judges with the advice and consent of the Senate.
A)True
B)False
Q3) South Dakota, like other states, may regulate private activities to protect or promote the public order, health, safety, and general welfare under
A)the state's police powers.
B)the dormant commerce clause.
C)the due process clause.
D)the free exercise clause.
Q4) The President determines the jurisdiction of the federal courts.
A)True
B)False
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Chapter 5: Torts and Strict Liability
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Sample Questions
Q1) Any lawful contract can potentially form the basis for an action based on wrongful interference with a contractual relationship.
A)True
B)False
Q2) Self-defense is a defense to an allegation of both assault and battery.
A)True
B)False
Q3) Susan takes her car to Ken's repair shop and asks him to fix the car's brakes.Ken completes the work and sends Susan a bill for $100.Susan refuses to pay so Ken refuses to return Susan's car.Susan can probably successfully sue Ken for A)battery.
B)conversion.
C)trespass to property.
D)none of the choices.
Q4) The public disclosure of private facts about a person is an invasion of privacy. A)True
B)False
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Chapter 6: Criminal Law and Cyber Crime
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Sample Questions
Q1) Any criminal activity occurring via a computer in the virtual community of the Internet is a cyber crime.
A)True
B)False
Q2) A criminal case must be proved beyond a reasonable doubt.
A)True
B)False
Q3) Divestiture of a business interest is a possible penalty under RICO.
A)True
B)False
Q4) Ordinarily, "ignorance of the law" is a valid defense to criminal liability.
A)True
B)False
Q5) Gina sells "Bulk Up" steroids over the Internet.She is arrested and charged with the sale of a controlled substance.This is cyber crime, which is
A)a new category of crime that is not related to older types of crime.
B)a crime that occurs the virtual community of the Internet.
C)a crime that is less real than the same crime in the physical world.
D)no crime.
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Chapter 7: International Law in a Global Economy
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72 Verified Questions
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Sample Questions
Q1) In some cases, foreign states are not immune from the jurisdiction of U.S.courts.These circumstances are governed by the
A)Uniform Commercial Code.
B)Foreign Sovereign Immunities Act.
C)European Union.
D)North American Free Trade Agreement.
Q2) Restrictions on imports may include prohibitions.
A)True
B)False
Q3) Soleful Shoes, Inc.owns property in Somalia.The Somalian government seizes the property.In order for the seizure to be considered an expropriation and not a confiscation, the Somalian government must
A)pay just compensation to Soleful Shoes.
B)give Soleful Shoes at least thirty days notice of the seizure.
C)give Soleful Shoes at least ninety days notice of the seizure.
D)notify the U.S.government before the seizure.
Q4) Dumping is the exporting of environmentally polluting goods to a foreign market.
A)True
B)False
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Chapter 8: Intellectual Property Rights
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72 Verified Questions
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Sample
Questions
Q1) In 2012, Online Marketing Corporation registers its trademark as provided by federal law.After the first renewal, this registration
A)is renewable every ten years.
B)is renewable every twenty years.
C)runs for the life of the corporation plus seventy years.
D)runs forever.
Q2) A copy does not need to be exactly the same as the original to infringe a copyright. A)True B)False
Q3) College Copy Shop (CCS) compiles, copies, and sells reading materials to students.The compilations are prepared on the instructions of professors, who indicate which parts of which publications should be included for their students.The copied materials include texts published by Deep Topics, Inc.CCS does not obtain the permission of Deep Topics, or any of the other original publishers of the copied materials, and does not pay royalties on the sales of the compilations.Deep Topics and others file a suit against CCS, alleging infringement of their intellectual property rights.Which type of intellectual property is involved in this situation? What is CCS's likely defense? How is a court most likely to rule? Explain.
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Page 10
Chapter 9: Internet Law, Social Media, and Privacy
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72 Verified Questions
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Sample Questions
Q1) InfoFree Inc., makes and sells devices and services for the circumvention of encryption software and other technological antipiracy protection.Under the Digital Millennium Copyright Act, this is
A)a violation of copyright law.
B)prohibited but not a violation of copyright law.
C)a "fair use" exception to the provisions of the act.
D)permitted for reconsideration every three years.
Q2) Mobile Device Company (MDC) discovers that defamatory statements about its policies and products are being posted in an online forum.NuView Inc., the Internet service provider whose users are posting the messages, refuses to disclose the identity of the person or persons responsible.MDC should
A)bring a suit against "John Doe" and use the authority of the court to obtain the identity from NuView.
B)bring a suit against NuView for publishing the statements.
C)counter the statements with its own posts in an effort to enhance the company's goodwill.
D)post defamatory statements about NuView and its users.
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Page 11
Chapter 10: The Formation of Traditional and E-Contracts
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72 Verified Questions
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Sample Questions
Q1) A counteroffer is a rejection of the original offer and the simultaneous making of a new offer.
A)True
B)False
Q2) Genovese Contracting, Inc., agrees to build a warehouse for Hawthorne Wholesale Distributors.When Genovese runs into the types of difficulties that contractors ordinarily confront, Hawthorne agrees to pay extra compensation to overcome them.Regarding the agreement to pay more, a court would likely
A)enforce it.
B)rescind it.
C)order the parties to renegotiate it.
D)not enforce it.
Q3) Odina signs a covenant not to compete with her employer, Penultimate Sales Corporation.A court decides that the covenant is overly restrictive.Depending on the jurisdiction, the court will likely
A)enforce it as written so as not to undercut the freedom of contract.
B)enforce it but evaluate its effects over time.
C)reform its terms to prevent any undue burden.
D)refuse to enforce it unless Penultimate pays a fine to the court.
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Page 12
Chapter 11: Contract Performance, Breach, and Remedies
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Sample Questions
Q1) Emil enters into a contract to buy Foley's cultivated bottomland and hill and bench acreage if County AgriCredit will lend Emil the funds to pay for the land.Emil's duty to perform is
A)absolute.
B)conditional.
C)manifest
D)irresolute
Q2) A party who in good faith performs substantially all of the terms of a con-tract can enforce the contract against the other party.
A)True
B)False
Q3) Byron agrees to sell to Charity, for $1,500, a remote parcel of land.They believe the land to be worthless, but beneath it is a gold mine.Byron can
A)not rescind the contract.
B)rescind the contract on the basis of fraud.
C)rescind the contract on the basis of mistake.
D)rescind the contract on the basis of undue influence.
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Chapter 12: Sales, Leases, and Product Liability
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72 Verified Questions
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Sample Questions
Q1) The types of product defects that have traditionally been recognized in product liability law include inadequate warnings.
A)True
B)False
Q2) Commercial Leasing Corporation and Quarry Construction Company enter into a contract for a lease of three excavators.Under the perfect tender rule, Commercial Leasing must ship or tender goods to the lessee that
A)approximately conform to the contract description.
B)entirely conform to the contract description in most ways.
C)conform to the contract description in every way.
D)substantially conform to the contract description.
Q3) Generally, the implied warranties of merchantability and fitness for a particular purpose cannot be disclaimed.
A)True
B)False
Q4) Under the UCC, a sales or lease contract will fail for indefiniteness if one or more terms are left open.
A)True
B)False
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Chapter 13: Creditor-Debtor Relations and Bankruptcy
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Sample Questions
Q1) Wild River Tours Corporation wants to formulate a plan under which it pays a portion of its debts and is discharged of the remainder while continuing in business.To accomplish this goal, Wild River should file a petition in bankruptcy for relief through A)a liquidation.
B)a reorganization.
C)a repayment plan.
D)a family-farmer bankruptcy plan.
Q2) To adjust debt and institute a repayment plan, Delton, a family fisherman in the Gulf of Mexico, may file a petition in bankruptcy for relief under the Bankruptcy Code's Chapter
A)1.
B)3.
C)5.
D)12.
Q3) In putting together a repayment plan under Chapter 13, a debtor must apply the means test to identify the amount of disposable income that will be available to repay creditors.
A)True
B)False
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Page 15
Chapter 14: Small Business Organizations
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Sample Questions
Q1) A limited liability partnership allows its partners to avoid personal liability for the malpractice of other partners.
A)True
B)False
Q2) Jay is a member of Kitchen Cookouts, LLC, a limited liability company.Jay is liable for Kappa's debts
A)in proportion to the total number of members.
B)to the extent of his investment in the firm.
C)to the extent that the other members do not pay the debts.
D)to the full extent.
Q3) Bernie wants to go into the business of construction contracting.Among the reasons that would probably convince Bernie to set up his business as a sole proprietorship would be
A)its greater flexibility.
B)its limited liability.
C)its perpetual existence.
D)the ease of transferring the business to other family members.
Q4) Limited liability companies (LLCs) are governed by state LLC statutes.
A)True
B)False
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Chapter 15: Corporations
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72 Verified Questions
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Sample Questions
Q1) Shareholders are the ultimate authority in every corporation.
A)True
B)False
Q2) Gladys is a shareholder of Frozen Yogurt, Inc.As a shareholder, Gladys must approve
A)amending the bylaws.
B)declaring a corporate dividend.
C)hiring a chief executive officer.
D)issuing additional shares.
Q3) Skyla and Terry want to form and do business as Unbound Games Corporation.Most statutes governing the formation and use of corporations are guided by A)city or county corporate codes.
B)the Entrepreneur's Corporate Handbook.
C)the federal Administrative Procedure Act.
D)the Revised Model Business Corporation Act.
Q4) One of the key advantages of the corporate form is the unlimited liability of its owners.
A)True
B)False
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Chapter 16: Agency Relationships
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Sample Questions
Q1) Without authorization, Rolf contracts on behalf of Sari to have Tige paint the interior and exterior of Sari's house.Sari ratifies the contract.Later, Sari tries to rescind the part of the contract relating to the exterior.This attempt will be
A)partly successful.
B)partly unsuccessful.
C)totally successful.
D)totally unsuccessful.
Q2) Will is an agent for MaryElise.MaryElise gives Will clear instructions to only enter into contracts on Mondays, Wednesdays, or Fridays.Will enters into a contract on MaryElise's behalf on Tuesday.Will has breached
A)the duty of performance.
B)the duty of loyalty.
C)no duty.
D)the duty of obedience.
Q3) An independent contractor is an employer who controls his or her agent's performance.
A)True
B)False
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18
Chapter 17: Employment, Immigration, and Labor Law
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Sample Questions
Q1) Employers are not allowed to interfere with employees' efforts to form or join a union under
A)the Norris-LaGuardia Act.
B)the National Labor Relations Act.
C)the Labor-Management Reporting and Disclosure Act.
D)the Labor-Management Relations Act.
Q2) Only the federal government sets safety standards governing workplaces.
A)True
B)False
Q3) An employee can usually recover workers' compensation for injuries occurring on the commute to and from work.
A)True
B)False
Q4) Clive works for Digby Excavation Corporation.While operating a backhoe, Clive suffers an injury.Clive will be compensated under state workers' compensation laws only if
A)he does not have health insurance.
B)he is completely disabled.
C)his injury was accidental.
D)his injury was intentional.
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Chapter 18: Employment Discrimination
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Sample Questions
Q1) Lisa brings a lawsuit against her employer for unlawful discrimination.Lisa is successful in proving that she was unlawfully discriminated against by her employer.Lisa may be awarded
A)back pay, but not retroactive promotions.
B)retroactive promotions, but not back pay.
C)damages, but not back pay.
D)back pay, retroactive promotions and damages.
Q2) The Americans with Disabilities Act requires that employers accommodate the needs of applicants or employees with disabilities who are not otherwise qualified for the work
A)True
B)False
Q3) Eton files a suit in a federal district court against Florida, alleging employment discrimina-tion under the Age Discrimination in Employment Act.The state asks the court to dismiss the suit.The court is most likely to rule that
A)the state is immune from the suit.
B)the suit can proceed.
C)Eton is immune from any defense the state might offer.
D)the court is immune from such request.
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Page 20
Chapter 19: Powers and Functions of Administrative Agencies
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Sample Questions
Q1) Persons who favor the creation of a National Biotech Agency to regu-late the production of genetically altered agricultural products should concentrate their lobbying efforts on
A)Congress.
B)federal administrative agencies that oversee agricultural products.
C)the United States Supreme Court.
D)the president of the United States.
Q2) By delegating some of its authority to make and implement laws, Congress violates the U.S.Constitution.
A)True
B)False
Q3) A party can challenge an administrative regulation as so irrational as to be arbitrary and capricious.
A)True
B)False
Q4) If a business firm refuses to comply with an agency's request to inspect facilities or business records, the agency must defer to the refusal.
A)True
B)False
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Chapter 20: Consumer Protection
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Sample
Questions
Q1) Counteradvertising occurs when a salesperson lures a consumer into a store by advertising a low-priced item in order to switch the consumer to a more expensive item.
A)True
B)False
Q2) Wellness Insurance Company offers health and medical insurance to consumers.Under current federal health-care laws, Wellness is prohibited from
A)denying coverage for preexisting conditions.
B)enabling more children to obtain health-insurance coverage.
C)allowing adults under age twenty-six to remain on their parents' health insurance.
D)ending lifetime and most annual limits on care.
Q3) The Fair Debt Collection Practices Act generally applies only to debt-collection agencies that regularly attempt to collect debts on someone else's behalf.
A)True B)False
Q4) The Food and Drug Administration must ensure the safety of new medications.
A)True
B)False
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22
Chapter 21: Environmental Law
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Sample Questions
Q1) Metro City operates its own municipal public drinking water system for which the Environmental Protection Agency has set maximum levels of pollutants.Metro does not use any equipment to meet these standards.With regard to any contamination of the water, under the Safe Drinking Water Act, this is most likely
A)a violation.
B)not a violation because Metro does not set the standards.
C)not a violation because water is not a stationary source.
D)not a violation because Metro does not use any equipment.
Q2) Rural Electric Company submits a bid to build a dam on federal land as part of a federal project.For this action, an environmental impact statement is most likely A)prohibited.
B)required.
C)unnecessary.
D)voluntary.
Q3) National effluent (pollution) standards are set by the Environmental Protection Agency for each industry.
A)True
B)False
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23
Chapter 22: Real Property and Land-Use Control
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Sample Questions
Q1) Emmett, the owner of Fallow Fields Farm, sells Greta a right to camp on Fallow land overnight.Greta's right is
A)a fixed-term tenancy.
B)a license.
C)an easement.
D)a profit.
Q2) One of the public-policy reasons for the adverse possession doctrine is ensuring that real property remains in the stream of commerce.
A)True
B)False
Q3) Rosalie leases from Sports Arena Corporation a venue in which to stage a series of concerts.Tammy buys a ticket to the series.What distin-guishes Rosalie, a tenant, from Tammy, a licensee, is
A)the exclusivity of possession.
B)nothing-a tenant and a licensee are indistinguishable.
C)the temporary nature of possession.
D)the title to the property.
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Chapter 23: Antitrust Law and Promoting Competition
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Sample Questions
Q1) Monopoly power may be proved by evidence that a firm used its power to control prices.
A)True
B)False
Q2) A market division by class of customer between rival firms violates antitrust law.
A)True
B)False
Q3) Territorial and consumer restrictions are per se violations.
A)True
B)False
Q4) To acquire monopoly power in its market, Perfect Plastics, Inc., sets its prices lower than its competitors.Under the Sherman Act, this is
A)a per se violation.
B)a violation if its competitors make similar deals.
C)a violation if it thereby acquires monopoly power.
D)not a violation.
Q5) An act must substantially affect interstate commerce to violate antitrust law. A)True
B)False
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Chapter 24: Investor Protection and Corporate Governance
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Sample Questions
Q1) Securities of nonprofit, educational, and charitable organizations are not exempt from the registration requirement of the 1933 Securities Act.
A)True
B)False
Q2) Corporations' chief executive officers are directly accountable for the accuracy of financial statements filed with the Securities and Exchange Commission.
A)True
B)False
Q3) Heavy Hauling, Inc., is a public company whose shares are traded in the public securities markets.Under the Sarbanes-Oxley Act of 2002, to ensure that Heavy Hauling's financial results are accurate and timely, the firm's senior officers must set up and maintain
A)internal "disclosure controls and procedures."
B)external "release and reveal timetables."
C)personal "peruse and review liability policies."
D)public "information and discussion forums."
Q4) Generally, federal seurities law are patterned after states' antifraud laws.
A)True
B)False
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Chapter 25: How to Brief Cases and Analyze Case Problems
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Sample Questions
Q1) Lora initiates a sequence of events involving Mike that results in an injury to Nell.According to the New York Court of Appeals in Palsgraf v.Long Island Railroad Co., if Lora was negligent with respect to Mike, Lora
A)is solely liable for Nell's injury.
B)is not liable for Nell's injury.
C)may be liable for Nell's injury this is a separate issue.
D)shares liability with Mike for Nell's injury.
Q2) In a brief filed in Lea's suit against Mica in a state court, Neil, Lea's attorney, cites, Ole! Cafe v.Pan Foods Corp., an unpublished opinion.With respect to the persuasiveness of unpublished opinions, most states
A)allow their courts to consider such opinions.
B)do not allow their courts to consider such opinions.
C)impose certain hierarchical rankings.
D)require their courts to consider such opinions.
Q3) Keisha is a state court judge.A statute of limitations limits
A)the amount of a judgment that Keisha can issue in any one case.
B)the length of a trial in Keisha's court.
C)the number of cases that Keisha is permitted to hear.
D)the time during which a certain suit can be brought in Keisha's court.
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Page 27
Chapter 26: the Constitution of the United States
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Sample Questions
Q1) Nguyen has her family buy and ship textbooks legally produced in Vietnam to her for resale in the United States.The U.S.owners of the copyrights on the items file a suit against Nguyen, alleging infringement.Applying a decision of the United State Supreme Court in a similar case, the court in this case is most likely to rule in favor of Nguyen on the basis that
A)U.S.copyright law does not apply to works that are made outside the United States.
B)Nguyen offered "good" prices for the books.
C)Nguyen imported the books "with the authority of the owner" (her family).
D)the first sale doctrine applies in these circumstances.
Q2) Click & Mortar, Inc., collects and amasses considerable information about its customers.Under President Obama's proposed Consumer Privacy Bill of Rights, without giving consumers choices about what data are collected and how it is used, Click & Mortar can
A)collect the information without violating consumers' privacy.
B)pass the information that it collects on to its affiliates.
C)use this information to predict what a consumer might want.
D)none of the choices.
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Chapter 27: the Uniform Commercial Code Article 2 and 2a
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Sample Questions
Q1) Taco-Taco Pizza, Inc., offers entrepreneurs the opportunity to operate a franchise under the Taco-Taco Pizza trade name as a member of a select group of dealers.To possible investors, Taco-Taco Pizza makes claims about the earnings potential of a franchise.For those claims, the franchisor must have
A)a hypothetical basis.
B)a reasonable basis.
C)an actual basis.
D)no basis.
Q2) Geo Global Corporation, a U.S.firm, requires its employee Marcy to stay connected with work after office hours through a smartphone.In the United States, Marcy and other employees who are required to use mobile devices after work may have a valid claim to overtime wages if they
A)are not exempt under the overtime regulations of the Fair Labor Standards Act.
B)are not reimbursed by their employers for the use.
C)are supplied with the devices by their employers.
D)do business with international contacts.
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Chapter 28: Answers to the Issue Spotters
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Source URL: https://quizplus.com/quiz/37581
Sample Questions
Q1) Penquin Ltd.agrees with Apple Corporation to use the "agency" model of setting prices and paying commissions on the sales of e-books for iPads.Under this model, publishers
A)agree to sell e-books exclusively through certain "agents."
B)match Amazon.com's e-book prices.
C)price e-books below cost to sell more e-book readers.
D)set their own prices.
Q2) Wiley trades in securities on a regional securities exchange.These trades are subject to regulation by
A)the National Securities Markets Agency.
B)the Securities and Exchange Commission.
C)the Securities Enforcement Remedies Administration.
D)the U.S.Department of Justice.
Q3) Deutsche Werke, GmbH., a German firm, is harmed by a price-fixing scheme engineered by Collider Industries, S.A., an international cartel.The European Union is most likely to
A)do nothing.
B)actively pursue Collider and impose criminal penalties.
C)actively pursue Collider and impose civil penalties.
D)contact Collider and issue a reprimand but impose no penalties.
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