Corporate Law
Final Test Solutions
Course Introduction
Corporate Law examines the legal principles governing the formation, operation, and dissolution of corporations. This course covers topics such as corporate personality, governance structures, fiduciary duties of directors and officers, shareholder rights, financing of corporations, mergers and acquisitions, and regulatory compliance. Students will explore the roles and responsibilities of stakeholders within the corporate framework and gain an understanding of relevant statutes, case law, and contemporary legal issues affecting business entities at both national and international levels.
Recommended Textbook
Business Law 7th Edition by Henry
R. Cheeseman
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54 Chapters
4195 Verified Questions
4195 Flashcards
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2
Chapter 1: Legal Heritage and the Information Age
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71 Verified Questions
71 Flashcards
Source URL: https://quizplus.com/quiz/11749
Sample Questions
Q1) Documents such as the U.S.Constitution,the Magna Carta,and the United Nations Charter reflect what legal theory?
A) the Natural Law school
B) the Historical school
C) the Sociological school
D) the Analytical school
Answer: A
Q2) What are the good and bad aspects of relying on precedent to decide current cases? Give an example of precedent that either was not followed in the past,or should not be followed in the future.How much leeway do judges have in deciding whether to follow precedent? How much leeway should they have?
Answer: Precedent provides consistency in the law,but can lead to bad decisions when precedent becomes outdated or when the precedent-setting decision was wrong.
Q3) The supreme law of the land in the United States of America is the Constitution.
A)True
B)False
Answer: True
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3
Chapter 2: Court Systems and Jurisdiction
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52 Verified Questions
52 Flashcards
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Sample Questions
Q1) The following are examples of limited jurisdiction trial courts except:
A) small claims court
B) appellate court
C) family law court
D) traffic court
E) probate court
Answer: B
Q2) In the U.S.Circuit Courts of Appeals,a review en banc is an appeal heard by a three-judge panel.
A)True
B)False
Answer: False
Q3) Which of the following is correct with regard to the Court of Appeals for the Federal District?
A) It hears appeals of all federal district court cases.
B) It hears its cases in New York City.
C) It includes three Supreme Court justices on its panel of judges.
D) It hears appeals only from within the District of Columbia.
E) It reviews decisions of the Patent and Trademark Office.
Answer: E
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Chapter 3: Judicial, Alternative, and Online Dispute Resolution
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82 Verified Questions
82 Flashcards
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Sample Questions
Q1) The statute of limitations begins to run at the time the plaintiff first has the right to sue the defendant.
A)True
B)False
Answer: True
Q2) A defendant who fails to answer the complaint will have a default judgment entered against him or her.
A)True
B)False Answer: True
Q3) Each party must submit a trial brief at the time of trial that contains legal support for its side of the case.
A)True
B)False Answer: True
Q4) Interrogatories are oral testimony given by a party or witness prior to trial.
A)True
B)False
Answer: False
Page 5
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Chapter 4: Constitutional Law for Business and
E-Commerce
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71 Verified Questions
71 Flashcards
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Sample Questions
Q1) Under the Supremacy Clause of the U.S.Constitution,when Congress chooses to regulate in an area,which of the following is true?
A) It will automatically have exclusive jurisdiction to regulate in that area.
B) States will always remain able to freely regulate in that area.
C) States will always be able to regulate in that area so long as the state law does not directly and substantially conflict with the federal law.
D) Whether the state has any authority to regulate in the area will depend on whether Congress provides that the federal government has exclusive authority to regulate in that area.
E) The state will be able to regulate in that area only with prior permission of the U.S. Supreme Court.
Q2) To what extent should "speech" over the Internet be regulated? Should the Internet be treated like television,or should different standards apply? Or is the Internet more like print media such as books or newspapers? Give reasons for your positions.
Q3) Assume that a city passes an ordinance that prohibits all smoking in restaurants and bars,except in outdoor seating areas.Evaluate an equal protection challenge to this ordinance.
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Page 6
Chapter 5: Intentional Torts and Negligence
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65 Verified Questions
65 Flashcards
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Sample Questions
Q1) Which best describes assumption of the risk in a negligence case?
A) The plaintiff knowingly and willingly subjected herself to a risk,and by doing so,is not able to collect from a defendant even if all of the elements of negligence are present.
B) The defendant gave advance warning to the plaintiff that an injury would occur.
C) The plaintiff is more at fault than the defendant in causing the accident.
D) The plaintiff was involved in an abnormally dangerous activity.
E) The defendant knew that the conduct was risky,but nonetheless chose to engage in it.
Q2) A nonpublic figure in a defamation case must prove the following except that:
A) there was an untrue statement
B) the statement contained a factual assertion
C) the statement was communicated by the defendant to at least one person other than the plaintiff
D) the defendant knew the statement was false
E) the statement caused an injury to the plaintiff's reputation
Q3) Physical contact is not necessary to be liable for the tort of assault.
A)True
B)False
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Page 7
Chapter 6: Strict Liability and Product Liability
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Sample Questions
Q1) In evaluating the adequacy of a product's design,the courts apply a risk-utility analysis.
A)True
B)False
Q2) Which of the following is true about statutes of limitation and statutes of repose?
A) Statutes of limitation,but not statutes of repose,set time limits on bringing legal actions.
B) Neither type of statute applies in the event of serious injuries.
C) These statutes are federal law and apply nationwide even to state law actions.
D) A statute of repose requires that a claim be brought within the specified number of years that the product was originally sold.
Q3) All parties in the chain of distribution of a defective product are not strictly liable for injuries caused by the product.
A)True
B)False
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Chapter 7: Intellectual Property and Cyber Piracy
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76 Verified Questions
76 Flashcards
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Sample Questions
Q1) It is easy and inexpensive to pursue a patent infringement case.
A)True
B)False
Q2) Should a drug manufacturer that holds a patent on a drug that is very effective for many AIDS patients be able to sell that drug well above its cost of production during the period of patent protection? If so,under what circumstances? Should these companies sell,or be required to sell,these drugs at lower prices to persons in poor nations that have a larger problem with AIDS than the United States?
Q3) Customer lists and compilations of data are among items considered to be trade secrets.
A)True
B)False
Q4) If an owner fails to take all reasonable precautions in preventing a trade secret from being discovered,the secret is no longer protected under state unfair competition laws.
A)True
B)False
Q5) Why are patents protected for a limited period of time? Does this argue in favor of not patenting an item?
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Page 9
Chapter 8: Criminal Law and Cyber Crimes
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86 Verified Questions
86 Flashcards
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Sample Questions
Q1) Because of the prohibition against double jeopardy:
A) criminal defendants are never tried twice on the same charge
B) all criminal defendants are entitled to an attorney
C) the prosecution cannot appeal when a verdict of "not guilty" is rendered
D) persons are allowed one phone call when arrested
E) a jury's verdict in a criminal case is final and cannot be appealed
Q2) Which of the following statements is true?
A) The Fifth Amendment guarantee against self-incrimination does not prohibit the taking of fingerprints against a suspect's will.
B) The guarantee has been extended to include all business records and documents.
C) Even if immunity from prosecution has been granted,the defendant may still refuse to testify.
D) The attorney-client privilege is the only privilege that has been recognized under the Fifth Amendment.
Q3) In proving the crime of receiving stolen property,knowledge and intent cannot be inferred from the circumstances.
A)True
B)False
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Chapter 9: Nature of Traditional and E-Contracts
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Sample Questions
Q1) Wilma tells Sidney that she will buy his house from him.Before any paperwork is signed,Sidney backs out of the deal.Wilma sues Sidney for breach of contract.What is Sidney's best defense?
A) The contract is void.
B) The contract is voidable.
C) The contract is unenforceable.
D) The contract is illegal.
Q2) Quasi-contracts and implied-in-law contracts are two terms for the same situation.
A)True
B)False
Q3) Jana and Annie enter into a written agreement whereby Jana promises to sell and Annie promises to buy a certain parcel of land for $5,000.There is adequate consideration,the contract is legal,and both parties have contractual capacity.The contract is fully performed by both parties on January 1.Which of the following best describes this contract as of January 2?
A) bilateral,express,executed,valid
B) unilateral,express,executed,valid
C) unilateral,express,executory,valid
D) unilateral,implied,executory,valid
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Page 11
Chapter 10: Agreement
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85 Verified Questions
85 Flashcards
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Sample Questions
Q1) To be entitled to collect on a reward offer,a person need only perform the requested act.
A)True
B)False
Q2) Mary,the seller,and Jane contract for the sale of 500 sweaters.They agree on color and style,but not on price or time of delivery.Mary refuses to deliver the sweaters,and Jane sues.What results?
A) Mary wins; because all these terms were omitted from the agreement,the contract is not definite enough to be valid.
B) Jane wins; the courts will fill in all the above-mentioned missing terms.
C) Mary wins; the courts will fill in many missing terms,but never price.
D) Mary wins; the courts will fill in many missing terms,but never time of delivery.
Q3) Advertisements are usually considered to be:
A) offers that can be accepted only by those who have seen the advertisement
B) invitations to deal
C) offers that can be accepted by anyone attempting to purchase the item whether or not that person has seen the actual advertisement
D) counteroffers to any previous advertisements
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Chapter 11: Consideration and Promissory Estoppel
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67 Verified Questions
67 Flashcards
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Sample Questions
Q1) An agreement that is lacking consideration:
A) is void as against public policy
B) is not enforceable,and thus cannot be performed C) is enforceable only if in writing D) will be enforced only against the party who gave consideration E) is not enforceable,but can be voluntarily performed
Q2) The imposition of a best efforts clause is generally viewed as sufficient consideration.
A)True
B)False
Q3) Bigbyte is a manufacturer of personal computers.Bigbyte has agreed with Max Harddrives to purchase from Max "all the hard-disk drives we need if we determine that your hard drives will meet our needs in our manufacturing of computers." Bigbyte does testing of the Max drives and other drives of competitors.Bigbyte determines that the drives made by another manufacturer perform somewhat better.Bigbyte then sends a letter to Max stating that "unfortunately we have determined that your drives do not meet our needs and we have decided to purchase elsewhere." Max Harddrives wants to force Bigbyte to stop purchasing disk drives from other manufacturers.Discuss the legal issues.
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Page 13
Chapter 12: Capacity and Legality
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90 Verified Questions
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Sample Questions
Q1) On your first spring break,you go in a bar after reading a large sign outside saying,"Beers $1.00 each all night long.If you can drink 30,they're all free?we'll pay for a taxi." You pay for your beers as you drink,and you manage to drink 30 beers.The bar agrees that you drank 30 beers,but refuses to refund your money.You sue the bar.Which is most likely true?
A) This contract is voidable by the bar if you get so intoxicated while drinking the 30 beers that you don't comprehend the nature of what you are doing.
B) The sign is an offer for a bilateral contract because both you and the bar must do something.
C) A court would ignore this contract on the basis of illegality even if it does not violate a specific statute.
D) There is no consideration on your part if you don't pay for the beer.
Q2) Exculpatory clauses often are found illegal because they violate state statutes.
A)True
B)False
Q3) A minor's ratification of a contract must be express and cannot be implied.
A)True
B)False
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Chapter 13: Genuineness of Assent and Undue Influence
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79 Verified Questions
79 Flashcards
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Sample Questions
Q1) A misrepresentation of law is actionable if one party to the contract is a professional and should know what the law is and intentionally misrepresents the law to a less sophisticated contracting party.
A)True
B)False
Q2) The threat to bring a criminal charge (lawsuit)or civil lawsuit is duress.
A)True
B)False
Q3) Neil owned a violin that he wanted to sell and Linda wanted to purchase.Both parties thought the violin to be a rare Stradivarius violin.They agreed on a price of $200,000.Later,it was discovered that the violin was just an ordinary violin,the value of which was only $10,000.Linda sues to recover her money.Discuss whether Linda is entitled to the return of her money or any other remedies.Fully discuss the legal theories involved.
Q4) A prediction,if proven to be incorrect,can form the basis of a fraud case.
A)True
B)False
Q5) Assent may only be demonstrated by words.
A)True
B)False
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Chapter 14: Statute of Frauds and Equitable Exceptions
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87 Verified Questions
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Sample Questions
Q1) Peter signs a contract with a tour company that reads as follows: Fun Times Travel will provide the customer with airline travel to and from Washington and with seven night's accommodations at the Happy Holiday Hotel.This package includes a half-day city tour and one day's admission to the museum of the customer's choice.Also included is one ticket to a major league baseball game if there are any home games during the trip.
Peter later claims that before the contract was signed,he was told that he would be staying at the downtown Happy Holiday Hotel,which is much nicer than the suburban Happy Holiday Hotel where the tour company plans for him to stay.Peter also claims the tour company told him that meals are included and that he could substitute a second day of museum admission for the baseball ticket,both of which the tour company denies.Can Peter present evidence of his claims?
Q2) If Amy hires Cyrina,a licensed real estate agent and broker,to sell his cabin,the contract does not have to be in writing as long as Cyrina's real estate license is in writing. A)True
B)False
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Chapter 15: Third-Party Rights and Discharge
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100 Verified Questions
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Sample Questions
Q1) In general,contract rights may be assigned.Which of the following types of contract rights may not be assigned?
A) personal service contracts
B) assignments of future rights
C) contracts for the sale of goods
D) A and C only
E) A and B only
Q2) A force majeure clause:
A) prohibits assignment of contract rights
B) creates a third-party beneficiary
C) excuses performance in the event of a natural disaster
D) requires that the performance meet the personal satisfaction of the promisee
E) operates as a delegation of duties
Q3) The reasonable person test is a subjective test that is used to judge contracts involving the mechanical fitness and most commercial contract.
A)True
B)False
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17
Chapter 16: Remedies for Breach of Traditional and E-Contracts
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82 Verified Questions
82 Flashcards
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Sample Questions
Q1) The Smiths hire a contractor to build a home for them.The total cost of the contract is for $110,000.Some of the building materials are delivered,and the contractor refuses to build the house.An alternate contractor agrees to build the house using the same materials for $125,000.Are the Smiths entitled to damages? If so,how much?
A) No; the contract was terminated before construction began and the house was still built.
B) Yes; they are entitled to contract damages in the amount of $15,000.
C) Yes; they are entitled to contract damages in the amount of $110,000.
D) Yes; they are entitled to contract damages in the amount of $125,000.
Q2) Many states have held that there is an implied covenant of good faith and fair dealing in certain contracts.
A)True
B)False
Q3) Punitive damages are always available for breach of contract.
A)True
B)False
Q4) Only those consequential damages that are unforeseeable can be collected. A)True
B)False
Page 18
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Chapter 17: Internet Law and E-Commerce
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Sample Questions
Q1) In order to obtain a domain name,one must:
A) obtain clearance that the name is not confusingly similar to another name,and pay the appropriate fee
B) apply for the name and,if within the waiting period,there are no objections to the applicant taking the name,pay the appropriate fee
C) verify that the name is not already taken,directly notify parties who might object to obtain their waiver of objection,and pay the appropriate fee
D) verify that the name is not already taken and pay the appropriate fee or,if already taken,negotiate to purchase the name from its current owner
E) apply for the name,state the purpose for which the name will be used,and if the use is approved,pay the appropriate fee
Q2) Unfortunately,breach of a licensing agreement by one party leaves the aggrieved party without any type of remedy.
A)True
B)False
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Chapter 18: Formation of Sales and Lease Contracts
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84 Verified Questions
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Sample Questions
Q1) A "firm offer" can be held open as long as 3 months.
A)True
B)False
Q2) Is it reasonable for certain provisions of the UCC to apply to merchants only or to apply differently to merchants than to nonmerchants? Shouldn't anyone who chooses to enter into a commercial transaction be held to the same standard? Is it unfair to have the two standards?
Q3) A "firm offer" may be made by a nonmerchant seller.
A)True
B)False
Q4) The common law of contracts governs if either Article 2 or Article 2A is silent on the issue.
A)True
B)False
Q5) For the firm offer rule to apply,who must be a merchant?
A) the offeror
B) the offeree
C) both the offeror and the offeree
D) neither the offeror nor the offeree
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Chapter 19: Title to Goods and Risk of Loss
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Sample Questions
Q1) Under the UCC,the risk of loss depends on who had title to the goods.
A)True
B)False
Q2) If goods are held by the seller to be picked up by the buyer,the risk of loss passes to the buyer upon "tender of delivery," if the seller is a merchant.
A)True
B)False
Q3) When the seller breaches,the risk of loss often passes to the buyer sooner than it otherwise would.
A)True
B)False
Q4) When a buyer may return goods to a seller if the buyer does not resell them within a stated period of time,this is known under the UCC as:
A) a sale or return
B) a sale contingent upon no return
C) a consignment sale
D) a sale on approval
E) a preliminary sale
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21
Chapter 20: Remedies for Breach of Sales and Lease Contracts
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91 Verified Questions
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Sample Questions
Q1) A buyer contracts to buy an automobile from a seller (an individual who is not a car dealer)for $1,000.The buyer fails to accept and pay for this car,so the seller sells it to another party for $1,200.This second sale cost the seller an extra $50 in advertising.The seller sues the buyer for damages for breach of contract.In this situation,which of the following is true?
A) The seller can collect $250.
B) The seller can collect $200.
C) The seller can collect $50.
D) The seller collects nothing,but keeps the extra amount received.
E) The seller collects nothing,but must give buyer the extra $150.
Q2) Seller entered into a contract to sell goods at a contract price of $2,000.At the delivery date,the seller refuses to deliver the goods.If the buyer covers on the date delivery is supposed to occur,the cost to acquire alternate goods,also the fair market value,is $2,200.One week later the fair market value is $2,500.Discuss the remedies available to the buyer.
Q3) The buyer or lessee may obtain specific performance of a sales or lease contract if the goods are unique or the remedy at law is inadequate.
A)True
B)False
Page 22
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Chapter 21: Sales and Lease Warranties
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Sample Questions
Q1) Generally,manufacturers are liable for express warranties made by wholesalers.
A)True
B)False
Q2) Which of the following is presumed to become "part of the basis of the bargain?"
A) all statements of fact by the seller at the time the contract is made
B) all statements of opinion by the seller
C) most statements of value by the buyer
D) A and C only
E) A and B only
Q3) States apply two tests when deciding whether there has been a breach of the warranty of fitness for human consumption.What are these two tests and how do they differ? Which test is better? Should one or the other apply in all situations,or should one test apply in some situations and the other apply in other situations?
Q4) Under the implied warranty of merchantability,fungible goods need only meet the highest level of quality.
A)True
B)False
Q5) Is the Magnuson-Moss Warranty Act tilted too much in favor of the consumer? If you think so,how would you change it?
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Chapter 22: Creation of Negotiable Instruments
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Sample Questions
Q1) A sight draft that arises when credit is extended with the sale of the goods is known as:
A) a time draft
B) a trade acceptance
C) a check
D) a time note
Q2) Sandy signs a negotiable instrument that orders Sally to pay $1,000 to the order of Pat on May 4,2001.What type of instrument is this?
A) promissory note
B) time draft
C) check
D) sight draft
E) money order
Q3) Negotiable instruments serve as a record-keeping device.
A)True
B)False
Q4) Negotiable instruments enable the credit economy of the United States.
A)True
B)False
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Chapter 23: Transferability and Holder In Due Course
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Sample Questions
Q1) Why are there so many different kinds of indorsements? Why is a restriction in an indorsement that limits payment to the named payee not effective? Shouldn't the parties be allowed to set these terms between themselves?
Q2) Which of the following is not required in order for someone to be a holder in due course of a negotiable instrument?
A) taking the instrument directly from the maker or drawer
B) taking the instrument in good faith
C) taking the instrument without notice of any defenses
D) taking the instrument for value
Q3) A holder in due course can acquire greater rights than his transferor had.
A)True
B)False
Q4) In order to become a holder in due course,one must take a negotiable instrument without notice of the following EXCEPT:
A) that the instrument is overdue
B) that the instrument has been dishonored
C) that the instrument was signed by an agent
D) that there was a claim to it by another person
E) that there is a defense against it
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Chapter 24: Liability,Defenses and Discharge
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Sample Questions
Q1) Martha is elderly,does not speak or read English very well,and is unsophisticated in business matters.A salesman convinces her to sign a negotiable note by telling Martha that it is a receipt for his visit.The salesman properly negotiates this note to a holder in due course,who tries to collect from Martha.Martha's defense to this note is:
A) breach of contract; a personal defense
B) fraud in the inducement; a real defense
C) fraud in the inception; a real defense
D) extreme duress; a real defense
E) illegality; a real defense
Q2) Which of the following best describes what a transfer is?
A) A transfer is when one bank account is shifted to another bank account.
B) A transfer is a holder who takes an instrument free from personal defenses.
C) A transfer is any passage of an instrument other than its issuance and presentment for payment.
D) A transfer is a universal defense to a negotiable instrument.
Q3) Qualified indorsers are secondarily liable on instruments because they have not expressly disclaimed liability.
A)True
B)False
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Page 26
Chapter 25: Checks, the Banking System, and E-Money
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Sample Questions
Q1) Which of the following is true?
A) All banks must process all checks through the Federal Reserve System.
B) All banks must process all "on them" checks through the Federal Reserve System.
C) The Federal Reserve System includes at least one regional bank in each state.
D) The Federal Reserve System is not permitted to charge a fee for its processing services.
E) Many banks use private clearinghouses instead of the Federal Reserve System to process checks.
Q2) If a bank wrongfully dishonors a check,then it is:
A) liable to the drawer for damages
B) liable to the payee or holder for damages
C) liable to the drawee for damages
D) A and C only
E) A and B only
Q3) An oral stop-payment order is effective for only 7 days.
A)True
B)False
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Chapter 26: Creditor's and Debtor's Rights
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Sample Questions
Q1) How are mortgages and deeds of trust related to one another?
A) They are two different methods to give a lender a security interest in real property of the debtor.
B) They are two names for the same instrument,and thus can be used interchangeably.
C) They are two distinct aspects of a security agreement covering real property,both of which must be present for the security interest to be valid.
D) Mortgages are used for real property,and deeds of trust are used for personal property.
E) Mortgages are used to create a security agreement covering residential real property,and deeds of trust are used in connection with commercial real property.
Q2) Generally,a creditor would rather be a secured creditor than an unsecured one. A)True
B)False
Q3) A land sales contract is often referred to as "carrying the paper."
A)True
B)False
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Chapter 27: Secured Transactions and Electronic Filing
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Sample Questions
Q1) Which of the following persons can defeat a perfected security interest?
A) a buyer in the ordinary course of business
B) certain buyers of secondhand consumer goods when a financing statement has not been filed
C) people with artisan's or mechanic's liens
D) A,B,and C
E) A and B only
Q2) Which of the following items does not need to be included in a financing statement?
A) the debtor's name
B) the debtor's mailing address
C) the secured party's name
D) a description of the collateral
E) what constitutes a default in the underlying loan agreement
Q3) When the creditor repossesses the collateral,the creditor always retains the right to keep the collateral rather than sell it to satisfy the debt.
A)True
B)False
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Chapter 28: Bankruptcy and Reorganization
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Q1) Which of the following types of petitions in a Chapter 7 bankruptcy constitute an order for relief?
A) voluntary petitions only
B) all involuntary petitions,but no voluntary petitions
C) voluntary petitions and unchallenged involuntary petitions
D) voluntary petitions and challenged involuntary petitions
E) all voluntary and involuntary petitions
Q2) A liquidation bankruptcy is also known as straight bankruptcy.
A)True
B)False
Q3) Homestead exemptions in some "debtor haven" states are huge compared to those allowed under the federal bankruptcy laws.Should states be able to have homestead exemptions much larger than the federal exemptions and those of most other states? Why would a state choose to have a large homestead exemption? What are the advantages and disadvantages to such a state?
Q4) Mary is considering filing bankruptcy because she is unable to pay her debts as they come due.Mary has a steady job and can pay some of her obligations.Mary is especially worried about losing all her assets,and thus is afraid to file bankruptcy.Generally discuss Mary's situation.
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Chapter 29: Agency Formation and Termination
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Sample Questions
Q1) An express written agency agreement that is often used to give an agent the power to sign legal documents on behalf of the principal is know as a(n):
A) exclusive agency contract
B) power of attorney
C) employer-employee relationship
D) employer-independent contractor relationship
Q2) The death of which party or parties will cause an agency to terminate?
A) the principal only
B) the agent only
C) either the principal or the agent
D) neither the principal nor the agent
Q3) John is hired at minimum wage in a fast-food restaurant.John works at the counter taking customer orders,accepting payment,and giving the orders to the customer.John must work in accordance with a detailed procedures manual.John is:
A) an independent contractor,but not an agent
B) an employee,but not an agent
C) an independent contractor as well as an agent
D) an employee as well as an agent
Q4) Why is capacity required for the principal,but not for the agent?
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Chapter 30: Liability of Principals, Agents, and Independent Contractors
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Sample Questions
Q1) Edward is an employee of Huge Corporation who works in one of the company's stores.One day Edward sees one of his ex-girlfriends,who jilted him,in the store.He is still mad at her for this,so he goes over and slugs her in the face.She sues Edward and Huge Corporation.If the state applies the motivation test,which of the following is true?
A) Huge and Edward could each be liable for the tort.
B) Huge,but not Edward,would be liable for the tort.
C) Edward,but not Huge,would be liable for the tort.
D) Neither Edward nor Huge would be liable for the tort.
E) Huge and Edward could each be liable for the tort,but the plaintiff must first seek recovery from Edward.
Q2) All of the following are duties of the agent to the principal except:
A) loyalty
B) notification
C) reimbursement
D) obedience
E) accountability
Q3) An agent can usurp an opportunity available to the principal.
A)True
B)False
Page 32
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Chapter 31: Employment,Worker Protection,and Immigration Laws
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Q1) All employers are required to inspect documents to determine that an employee is a citizen or is otherwise entitled to work in the United States.
A)True
B)False
Q2) Should there be a lower minimum wage for some workers,for example,workers under age 18? What are the arguments for and against a two-tier minimum wage?
Q3) The Employee Retirement Income Security Act allows up to 25 percent of a retirement plan's assets to be invested in the securities of the sponsoring employer.
A)True
B)False
Q4) Unemployment contributions are paid by employees.
A)True
B)False
Q5) Employment law is a mixture of contract law,agency law and government regulation.
A)True
B)False
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Chapter 32: Labor Law and Collective Bargaining
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Sample Questions
Q1) The National Labor Relations Board supervises which type(s)of union elections.
A) contested elections only
B) uncontested elections only
C) both contested and uncontested elections
D) neither contested nor uncontested elections
Q2) Mebs Motor Company has decided to close down its plant in Sunburn,Michigan.The demand for its cars is falling dramatically,and the plant has been losing money for years.Mebs management has heard of some federal law that requires notice being given to employees about plant closings under certain conditions.Which of the following is not true regarding this law?
A) The act covers employers with 100 or more employees.
B) The act generally requires 60 days notice.
C) The act applies to plant closings and to mass layoffs.
D) There are no exceptions to the notification rules.
Q3) Employers may prevent all union solicitation on their company property.
A)True
B)False
Q4) In an agency shop,workers are required to join a union after being hired.
A)True
B)False
Page 34
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Chapter 33: Equal Opportunity in Employment
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Q1) Who is protected under the Age Discrimination in Employment Act?
A) all workers who are age 40 or over
B) all workers of any age who are discriminated against for being too old
C) all workers who are in a job in which they were 40 years of age or over when hired
D) any worker who is replaced with a younger worker
Q2) Three persons have been turned down for jobs because of their age.Alice,age 72,was turned down because she was too old.Betty,age 45,had applied for a job where most of her customers would be senior citizens and was turned down because she was too young.Cathy,age 35,was turned down for a teaching job because the school wanted very young teachers and thought she was too old.Assuming each was otherwise qualified for the job sought,who has a valid claim for illegal age discrimination?
A) Alice only
B) Alice and Cathy
C) Alice and Betty
D) Betty only
E) Alice,Betty,and Cathy
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Chapter 34: Small Businesses, Entrepreneurs, and General Partnerships
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Sample Questions
Q1) The "fictitious name statutes" require all sole proprietorships to file a statement indicating whether or not they use a trade name.
A)True
B)False
Q2) A large business can be operated as a sole proprietorship.
A)True
B)False
Q3) Each partner's vote is based on his or her capital contribution or share in the partnership profits.
A)True
B)False
Q4) Which of the following businesses can be operated as a sole proprietorship?
A) any business,so long as there are no employees other than the proprietor
B) any service-type business
C) any business,so long as revenues are not excessively large
D) any business,so long as the number of employees is not excessively large
E) any business
Q5) A sole proprietorship is a separate legal entity from the sole proprietor.
A)True
B)False
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Chapter 35: Limited Partnerships and Limited Liability
Limited Partnerships
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Sample Questions
Q1) Which of the following is not required to be included in a certificate of limited partnership?
A) the general character of the business
B) the amount of capital contributed by each partner
C) the name and business of each limited and general partner
D) the portion of profits to be distributed to each limited and general partner
E) the latest date on which the limited partnership is to dissolve
Q2) Lisa entered into a limited partnership as a limited partner by investing $25,000 in cash.There was a total of 50 limited partners and 20 general partners.The partners elected a management committee that included two of the general partners and Lisa as one of the limited partners.The certificate of limited partnership was completed,but was filed with the wrong office.The partnership then commenced business.Some of the parties with whom it conducted business assumed that the partnership was a general partnership because they searched the records of the secretary of state and found no certificate of limited partnership or any other record.Others assumed that it was a general partnership but had not actually searched the filings.Still others assumed that it was a limited partnership.In addition,among those who assumed that it was a limited partnership,some assumed that Lisa was a general partner and others did not.Discuss Lisa's situation with respect to personal liability for partnership debts.
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Chapter 36: Corporate Formation and Financing
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Q1) Termination only occurs after the winding up of the corporation's affairs.
A)True
B)False
Q2) Which of the following is not true about promoters of a corporation?
A) A promoter can be relieved of liability on a contract entered into on behalf of a corporation with a third party if,after the corporation is formed,the third party agrees to a novation.
B) A promoter can be relieved of liability on a contract entered into on behalf of a corporation with a third party if,at the time the contract is entered into,the third party agrees to a novation to occur automatically upon the valid creation of the corporation.
C) The creation of the corporation does not automatically release the promoter from contracts entered into on behalf of the corporation.
D) If the corporation fails to come into existence,the promoter cannot be held liable on a contract entered into on behalf of the corporation.
Q3) A debenture is a long-term secured debt instrument.
A)True
B)False
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Page 38
Chapter 37: Corporate Governance and the Sarbanes
Oxley Act
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Sample Questions
Q1) There are 100,000 shares of outstanding stock outstanding for a corporation.A shareholders' meeting is called to amend the articles of incorporation.At the meeting,50,001 shares attend the meeting to vote on the proposed amendment.Is there a quorum present? If 25,001 vote to amend the articles,does the amendment pass?
A) There is a quorum present,and a vote of 25,001 will be sufficient to pass the amendment.
B) There is a quorum present,but a vote of less than 50% of the outstanding shares of stock will result in the failure of the proposed amendment.
C) There is not a quorum present,but the 25,001 votes are sufficient to pass the amendment.
D) There is not a quorum present,and the number of votes will not result in passage of the amendment.
Q2) Absent an agreement to the contrary,a corporate officer can be removed by the board of directors anytime the removal is deemed to be in the corporation's best interest.
A)True B)False
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Page 39
Chapter 38: Corporate Acquisitions and Multinational Corporations
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Sample Questions
Q1) Most shareholder resolutions have a good chance of being enacted because large-scale investors usually support management.
A)True B)False
Q2) Expansive Corporation made a tender offer of $65 per share to the shareholders of Hometown Corporation to acquire 75 percent,but no more than that,of the shares of Hometown.Because only 68 percent of the shares had been tendered in 30 days,Expansive offered $75 per share,and another 20 percent of the shares were tendered in 4 days.Expansive terminated the higher offer on the fifth day,paid $65 for all the shares tendered at that price,and paid $75 for some of the shares tendered at the higher price.Discuss Expansive's actions.
Q3) The Williams Act provides that if fraud is committed,both civil and criminal charges may be brought.
A)True B)False
Q4) When proxies are solicited,each issue must be able to be voted on separately. A)True B)False
Page 40
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Chapter 39: Limited Liability Companies and Limited Liability Partnerships
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Q1) Members who are not managers of a manager-managed LLC still have rights to manage the LLC regardless of the operating agreement.
A)True
B)False
Q2) A non-manager member of an LLC is entitled to remuneration for services performed for the LLC including the winding up of the business of the LLC.
A)True
B)False
Q3) Two CPA firms,one having 70 partners,and one having 40 partners,are planning to form a new CPA firm.They want to use a form of business organization that will give each of the 110 owners of the new firm limited liability.What are the available options to meet this goal?
A) a limited liability partnership or a limited liability company
B) a limited liability partnership,a limited liability company,or an S corporation
C) a limited liability partnership,a limited liability company,or a limited partnership
D) a limited liability partnership,a limited partnership,or an S corporation
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Chapter 40: Franchises and Special Forms of Business
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Sample Questions
Q1) Franchise agreements frequently include training requirements for franchisees and their employees.
A)True
B)False
Q2) Which statute would a franchisee be violating if she continued to use the trademark of a franchisor after the franchise had been terminated?
A) the Domestic Corrupt Practices Act
B) the Franchisor Trademark Protection Act
C) the Lanham Trademark Act
D) the Franchise Investment Law
Q3) A franchisee is also a licensee.
A)True
B)False
Q4) Licensing occurs when the owner of intellectual property contracts to permit another party to use intellectual property.
A)True
B)False
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Chapter 41: Investor Protection and Online Securities Transactions
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Sample Questions
Q1) A covered issuer need not file a written registration statement,as the SEC does not require any written formalities.
A)True
B)False
Q2) The Securities Exchange Act of 1934 covers the following except:
A) trading of certain securities following their initial issuance
B) regulation of securities exchanges
C) initial issuances of securities that are exempt under the 1933 Act
D) ongoing periodic financial reporting by companies listed on national exchanges
Q3) What actions can the SEC take against a violator of the Securities Exchange Act of 1934?
A) It may enter into consent orders with defendants.
B) It may seek injunctions in Federal District Court.
C) It may seek a court order requiring defendants to disgorge illegal profits.
D) It may seek civil penalties up to three times the illegal profits from insider trading.
E) All of the above.
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43
Chapter 42: Ethics and Social Responsibility of Business
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Q1) Which of the following is a frequently raised criticism of "utilitarianism?"
A) Under utilitarianism,moral and ethical rules are too rigid and fixed over time.
B) Under utilitarianism,actions taken must harm the smallest number of people,thereby failing to consider the effect on the majority.
C) Decisions made using utilitarianism require the measurement of qualities that are not subject to precise measurements.
D) Decisions made using a utilitarian analysis are not allowed to take into account an individual's station or place in society.
Q2) Big Green Company is considering introducing a new product to replace an existing product.The new product would result in increased revenues,but slightly lower overall profits because the product will cause injury to a few users and Big Green will compensate persons who are injured.The introduction of this product would be the proper decision under:
A) both the moral minimum theory and the profit maximization theory
B) neither the moral minimum theory nor the profit maximization theory
C) the moral minimum theory,but not under the profit maximization theory
D) the profit maximization theory,but not under the moral minimum theory
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Page 44
Chapter 43: Administrative Law and Regulatory Agencies
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Sample Questions
Q1) Administrative law is comprised of mostly substantive law.
A)True
B)False
Q2) Decisions of state administrative agencies may be appealed to the appropriate federal court.
A)True
B)False
Q3) It is constitutional for an administrative agency to have powers of all three branches of the government.
A)True
B)False
Q4) The Department of Justice and the Department of Commerce are part of the executive branch of the government.
A)True
B)False
Q5) Administrative agencies have been referred to as the fourth branch of government.
A)True
B)False
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Chapter 44: Consumer Protection and Product Safety
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Q1) Unfair and deceptive trade practices are generally regulated by the:
A) Federal Trade Commission
B) Food and Drug Administration
C) Securities and Exchange Commission
D) Consumer Product Safety Commission
Q2) Which of the following statements would not be deceptive under Section 5 of the Federal Trade Commission Act?
A) "This toothpaste cleans 50 percent better than others," but this claim cannot be proven.
B) "This car is a great car," but it is not a great car.
C) "This car is a 2002 PT Cruiser" when it really is a 2001 model.
D) "This deodorant keeps you drier than any other brand," but there is no evidence of this.
Q3) Unfortunately there has been no law to date to regulate quack medical devices on the market.
A)True
B)False
Q4) Under the FDCA,some contamination of foods is lawful.
A)True
B)False
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Chapter 45: Environmental Protection and Global Warming
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Q1) NEPA applies to actions by the federal government.
A)True
B)False
Q2) Congress set national ambient air quality standards in the Clean Air Act.
A)True B)False
Q3) Great Plains Electric Company has several electric power plants that emit sulfur dioxide.Under EPA regulations,each of these plants can emit a certain amount of sulfur dioxide in a year.The limits on these plants will all be reduced by about 10 percent in a couple of years from the present.What options should Great Plains consider when deciding how to meet the new standards?
Q4) New chemicals must be tested by the manufacturers before marketing,and the manufacturers must keep records of the test results,but they need to report results to the EPA only for chemicals found to pose an environmental or health risk.
A)True B)False
Q5) The federal government has adopted regulations governing indoor air quality. A)True B)False
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Chapter 46: Antitrust Law and Unfair Trade Practices
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Q1) A horizontal division of markets can be a per se violation of the Sherman Act if it is based on:
A) geography
B) customers
C) products
D) geography and customers
E) A,B,and C
Q2) Which of the following best describes a tying arrangement?
A) Two companies jointly market their products or services.
B) A seller requires the purchase of one product or service in order to be able to purchase a second product or service.
C) A seller sets her price according to a market index.
D) A seller offers a volume discount for purchases of large quantities.
E) A seller refuses to deliver merchandise until payment has been received.
Q3) For an antitrust action to be sustained under Section 2 of the Sherman Act,the defendant must possess monopoly power in the relevant market.
A)True
B)False
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Chapter 47: Personal Property and Bailment
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Q1) A person who dies without a will usually has his or her property distributed to his or her heirs according to the relevant state's inheritance statute.
A)True
B)False
Q2) Dean is preparing to go into surgery.He tells his friend,Jerry,"You have been such a good friend to me all of my life.I want you to take this ring and keep it if anything should happen to me in surgery." Jerry is uncomfortable and reluctant to accept the ring.Dean insists.Dean does well in surgery,and subsequently asks Jerry to return the ring.Must he?
A) No; this was a clear gift inter vivos,made during the life of Dean.
B) No,because Dean insisted that Jerry accept the ring.
C) Yes; Dean lacked the capacity to make such a gift during the duress of pending surgery.
D) Yes; Dean's death was a condition requisite for the gift to take effect.
Q3) Acquiring property by capture is much less important today than it was in the early days of the United States.
A)True
B)False
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Page 49
Chapter 48: Real Property
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Questions
Q1) Amy transfers a piece of realty,"to Bill for his life,and then to John." What type of ownership interest has Amy created?
A) life estate to Bill; reversion to Amy
B) life estate to Bill; reversion to John
C) life estate to Bill; remainder to John
D) life estate to Bill; remainder to John; reversion to Amy
E) life estate to Bill; remainder to Amy
Q2) Which form of real property ownership includes the greatest degree of ownership?
A) fee simple limitless
B) fee simple defeasible
C) fee simple absolute
D) absolute life estate
E) remainder
Q3) A quitclaim deed provides the most amount of protection because only the grantor's interest is conveyed.
A)True
B)False
Q4) Co-ownership of real property is known as concurrent ownership.
A)True
B)False
Page 50
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Chapter 49: Landlord Tenant Law and Land Use Regulation
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Q1) If a tenant transfers only some of his rights under a lease to another party,such that the original tenant is still liable on the lease,it is called a(n):
A) assignment
B) sublease
C) restrictive covenant
D) lease renewal
E) illegal action
Q2) At common law,how much notice was necessary to terminate a periodic tenancy?
A) 1 month
B) 1 year
C) one period,the length of the period being the period of the payment period
D) A periodic tenancy can be terminated without notice.
E) A periodic tenancy is automatically terminated at the end of the period.
Q3) Which of the following is not one of the types of commercial leases commonly used?
A) gross lease
B) double gross lease
C) net lease
D) double net lease
E) triple net lease
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Page 51
Chapter 50: Insurance
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Sample Questions
Q1) A homeowners policy has the same coverages as a fire insurance policy except that it is written for a homeowner rather than a business.
A)True B)False
Q2) Insurance companies need only refund policy premiums if an insured commits suicide before the date specified in the suicide clause of the life insurance policy.
A)True B)False
Q3) Under an automobile insurance policy,what does comprehensive coverage protect against?
A) All types of loss in connection with the ownership and operation of a vehicle.
B) All types of losses caused by the insured to other parties.
C) All types of damage to the covered vehicles of the insured.
D) All types of damage to the covered vehicles of the insured except for damage caused by collision.
E) Coverage for all losses in connection with the vehicle of the insured that are caused by other parties.
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Chapter 51: Accountants' Liability
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Q1) Smiley,a CPA,was performing the audit at a client when he noticed that the client did not properly account for certain miscellaneous revenues.These revenues were a small portion of overall revenues,but were nonetheless material to the overall financial statements.What type of opinion should Smiley render on the financial statements?
A) unqualified opinion
B) qualified opinion
C) adverse opinion
D) disclaimer of opinion
Q2) Under the federal securities laws,the Securities and Exchange Commission decides whether to bring criminal charges against an accountant.
A)True
B)False
Q3) An accountant is liable for unintentional negligent misstatements in financial statements under which of the following?
A) Section 11 of the Securities Act of 1933
B) Section 10(b) of the Securities Exchange Act of 1934
C) Both A and B
D) Neither A nor B
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Chapter 52: Wills, Trusts, and Elder Law
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Q1) When someone has been left a specific item that is no longer owned by the testator at the testator's death,the beneficiary receives nothing under the doctrine of:
A) ademption
B) abatement
C) intestacy
D) per stirpes distribution
Q2) Which of the following best describes the doctrine of ademption?
A) When there are not enough assets to satisfy all the gifts in the will,the residual gifts will be the last to be paid.
B) When assets are distributed to lineal descendants,equal shares are given to all descendants regardless of which generation they are in.
C) If a decedent dies without owning the property that was the subject of a specific gift in the will,the beneficiary will receive nothing for it.
D) When there are not enough assets in the estate to satisfy all general gifts,they are all satisfied on a pro-rata basis.
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Chapter 53: Family Law
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Sample Questions
Q1) David and Lisa were married for 9 years,during which time they had only one child named Chloe.Chloe,at the time of the couple's divorce,was 6 years old.Since Chloe was used to having only the best of everything,including a butler and a private attendant to help select which clothes she would wear for any given day,she had a lifestyle atypical of most children her age.Lisa wants David to pay the largest amount of child support allowed by law.What are some of the factors that the court will consider in determining the amount of child support to be paid?
Q2) What is considered when a court awards child support?
A) the net income of the parents
B) the net income of the children
C) any special medical or other needs of the children
D) A,B,and C
E) A and C only
Q3) All property acquired during the marriage using income earned during the marriage is considered community property.
A)True
B)False
Q4) Discuss the ethical issues involved if a woman keeps an engagement ring once a couple has called their engagement off.
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Chapter 54: International and World Trade Law
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Q1) In which of the following circumstances would a foreign government not be subject to suit in a U.S.court according to the Federal Sovereign Immunities Act?
A) If the foreign government has explicitly waived immunity.
B) If the foreign government has impliedly waived immunity.
C) If the action is based on a tort committed by the foreign government.
D) If the action is based on commercial activity by the foreign government.
E) B and C only.
Q2) The courts of one nation cannot question the actions undertaken by another nation within the other nation's borders under the:
A) act of state doctrine
B) sovereign immunity doctrine
C) extradition doctrine
D) expropriation doctrine
E) comity doctrine
Q3) The Security Council is responsible for maintaining international peace.
A)True
B)False
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