Corporate Law for Managers Exam Review
Course Introduction
Corporate Law for Managers offers an essential overview of the legal principles and frameworks that impact modern business organizations. The course is designed to equip managers with a comprehensive understanding of corporate structures, governance, and compliance requirements, including the duties and liabilities of directors and officers, shareholder rights, mergers and acquisitions, and regulatory obligations. Emphasizing practical application, students will analyze case studies and real-world scenarios to better understand risk management and ethical conduct within corporate decision-making. By the end of the course, managers will be prepared to navigate legal complexities and contribute to responsible and effective organizational leadership.
Recommended Textbook
The Legal Environment of Business A Managerial Approach 1st Edition by Sean P. Melvin
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25 Chapters
2000 Verified Questions
2000 Flashcards
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Page 2
Chapter 1: Legal Foundations
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Sample Questions
Q1) States tend to amend their constitutions less frequently than is the case with the United States Constitution.
A)True
B)False
Answer: False
Q2) When a Pennsylvania appellate court makes a decision,stare decisis requires that Delaware trial courts follow the case precedent when a case with a similar fact situation arises.
A)True
B)False Answer: False
Q3) Legal positivists believe that agreed upon laws should be uniformly and strictly enforced and may only be changed by the government.
A)True
B)False
Answer: True
Q4) Equitable rules used in the context of Common Law rules that guide courts in deciding cases or controversies are called equitable _______. Answer: maxims
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Chapter 2: Business and the Constitution
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Sample Questions
Q1) According to the decision in Cavel International,Inc.v.Madigan,the clearest case of a state law that violates the commerce clause is a law that discriminates in favor of foreign or international firms.
A)True
B)False
Answer: False
Q2) If Alabama passes a statute specifically permitting high school girls to try out and play on varsity high school football teams if qualified,that statute would be reviewed using:
A) rational basis scrutiny
B) intermediate scrutiny
C) strict scrutiny
D) no particular form of scrutiny is required in this situation
Answer: B
Q3) The government's system of checks and balances is called the _______. Answer: separation of powers
Q4) Powers granted to the three branches of the federal government in the Constitution are known as ________ powers.
Answer: Enumerated
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Chapter 3: The American Judicial System,Jurisdiction,and Venue
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Sample Questions
Q1) The United States Supreme Court exercises both original and appellate jurisdiction.In which matters may the court exercise its original jurisdiction?
Answer: The United States Supreme Court may exercise original jurisdiction in cases involving,ambassadors,selected other public officials and cases involving disputes between two states.
Q2) Name the five instances in which a federal trial court may establish personal jurisdiction over a defendant.
Answer: A federal court can establish personal jurisdiction over a defendant by finding,(1)that the defendant is located in the state where the federal court sits; (2)that the defendant nonresident has sufficient minimum contacts within the state; (3)that the nonresident owns property within the state in which the federal court sits; (4)that the nonresident defendant intentionally acted in such a way as to evidence an injurious effect harming a resident of the state where the federal court sits; or (5)that the defendant has voluntarily submitted to the court's jurisdiction,usually through a forum selection clause in a contract.
Q3) A person with an ownership interest in a business venture is called a _______.
Answer: Principal
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Page 5
Chapter 4: Resolving Disputes: Litigation and Alternative
Dispute Resolution Options
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Sample Questions
Q1) Arbitration can at times be legally mandated but mediation is entered into only on a voluntary basis.
A)True
B)False
Q2) What is a pretrial conference,when does it occur,and what are its purposes?
Q3) Wanda has graduated from a university and after nine months has failed to find a job.She graduated with a degree in business and her college was AACSB accredited.(AACSB accreditation is a specialized accreditation for business schools that evidences a quality program.)In her complaint,she alleges that four years of school and tuition should guarantee a job in the field of study and she wants her money back.At no time did her school guarantee job placement,either through express or implied statements.Wanda does not disagree with this but still thinks she was wronged and that it's unfair to graduate and not get a job automatically.The school will be successful in extinguishing Wanda's law suit if their attorney files a:
A) motion to dismiss because Wanda does not have standing.
B) motion for summary judgment.
C) motion to dismiss for mistrial.
D) motion for a judgment as a matter of law
Q4) A jury which cannot agree on a verdict is called a ________ jury.
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Chapter 5: Business,Societal,and Ethical Contexts of Law
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Sample Questions
Q1) As a result of the AIG bailout,the U.S.Government received a/an ________ stake in the company.
A) 50%
B) 60%
C) 70%
D) 80%
Q2) Social responsibility is at its highest when the moderate view a/k/a government's hand theory of corporate social responsibility is utilized.
A)True
B)False
Q3) Valarie is employed as a sales representative at a major corporation.On occasion she feels like the,the men at her office stare at her and they occasionally make suggestive comments which upset her and make her uncomfortable.When she complains to her Human Resource Department,they inform her that they will send out a memo asking the male employees to start acting more professionally but the HR Department doesn't feel that the conduct has broken any laws.When she says the company and the male employees are not acting ethically,that implies that this is a legal but not an ethical matter.Do you agree or disagree and why?
Q4) The notion of ________ is a central theme in Immanuel Kant's work.
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Chapter 6: Overview and Formation of Contracts
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Sample Questions
Q1) In many states,if a person has been declared incompetent,contracts that person enters into are classified as void ________ or not valid from the onset.
Q2) An agreement to purchase $499 worth of land does not have to be in writing to be enforceable.
A)True B)False
Q3) According to the mailbox rule,a revocation is valid the moment that it is mailed. A)True
B)False
Q4) Consideration in a small or minimal amount that is written into a contract but never actually paid is called ________ consideration.
Q5) If an offer does not specify a required type or form of acceptance,the offeree is required to provide a written acceptance for valid mutual assent to be proven.
A)True B)False
Q6) The legal term for guilty knowledge that is an element of fraudulent misrepresentation is _______.
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Page 8
Chapter 7: Contract Performance: Conditions, Breach, and Remedies
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Sample Questions
Q1) Each of the following is a discharge by mutual consent except:
A) accord and satisfaction.
B) novation.
C) rescission.
D) frustration of purpose
Q2) In Mobil Oil Exploration & Producing Southeast,Inc.v.United States:
A) Mobil was able to get out of the contract for the $156 million lease because the new law passed at the last minute changed the terms of the original contract amounting to repudiation by the United States.
B) Mobil was able to get out of the contract for the $156 million lease because the new law passed at the last minute changed the terms of the contract, barring certain types of oil exploration, frustrating Mobil's contractual purpose.
C) Mobil could not claim an anticipatory repudiation because even though as new law had been passed, they had not yet filed their oil excavation plan so they could not know whether they were facing a problem.
D) Mobil could not claim an anticipatory repudiation because even though as new law had been passed, it did not substantially change the terms of the original contract
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Page 9
Chapter 8: Contracts for the Sale of Goods
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Sample Questions
Q1) Annie agrees to purchase a television from Huge Buy,a merchant electronics seller.Her agreement is that she will pick the television up on Friday at Huge Buy.On Friday morning Huge Buy calls to verify that the television is marked with her name and is available for pickup.Annie tells them that she can't come until Saturday.Friday evening a huge storm damages the Huge Buy facility caving in the roof and destroying her television.Huge Buy demands payment from Annie claiming that they tendered the goods and if she had picked up the television on Friday as originally agreed there would not have been a loss.Does Annie have to pay? Why or why not.
Q2) When a buyer rejects nonconforming goods and purchases the appropriate goods from a different seller,the buyer is said to be _______.
Q3) Cathy's Coaster Company uses cork in all of the protective drink coasters that they manufacture.If they enter into an agreement with a cork exporter from Portugal to purchase all of the cork they need to produce their products,this would be:
A) an output contract.
B) an input contract.
C) a requirements contract.
D) a necessities contract
Q4) A ________ is one that is regularly engaged in the sale of a particular good.
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Chapter 9: Torts and Product Liability
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Sample Questions
Q1) Define and explain how the negligence defenses of contributory and comparative negligence differ.
Q2) Carl Critic has just announced his choices of the worst Hollywood actresses of the year and Stella Starr has been named the worst of the worst.Carl's announcement,made in his weekly column titled "Random Musings by Carl Critic" and published in the local paper,claims that he believes her to have the least amount of talent in the movie industry and that she "can't act her way out of a paper bag".When Stella reads Carl's column she immediately starts to cry hysterically and then decides to sue him.Does she have a valid case of libel?
A) yes, her crying proves injury
B) yes, but only if his statements cause her to lose money by losing movie roles
C) no, Carl committed slander, not libel
D) no, this was merely Carl's opinion
Q3) Which of the following is not a defense to defamation?
A) conditional privilege
B) absolute privilege
C) publication
D) truth
Q4) Conversion occurs when a party interferes with the ________ of another's property.
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Chapter 10: Agency and Employment Relationships
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Sample Questions
Q1) Robin is an employee-at-will and works from 8 am until 6:30 pm Monday through Thursday.She gets ½ hour for lunch.It is a presidential election day and she goes to the polls at lunch where she discovers a one hour line.She calls her employer who tells her she has to be back within the ½ hour.She is told that the polls close at 6 pm so she stays because she really wants to vote.When she returns to work late she is fired.The employer may do so under the employment-at-will doctrine.
A)True
B)False
Q2) When hiring a new employee,or when continuing the current employment of an employee,how and why must an employer take specific steps to protect the public?
Q3) An agent is generally prohibited from using their own judgment in substitution of the principal's judgment unless specifically authorized by the principal.
A)True
B)False
Q4) Liability involving one party's liability for another party's act is called ________ liability.
Q5) Expressly firing someone for whistle-blowing constitutes the act of ______.
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Page 12
Chapter 11: Employment Regulation and Labor Law
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Sample Questions
Q1) The courts have very narrowly defined whether the Fair Labor Standards Act requires that time commuting to work sites when performing work during the commute should be compensated and no clear standard yet exists.
A)True
B)False
Q2) COBRA requires that employers provide health care coverage,at the former employee's cost,for up to ________ after the employee leaves the company.
Q3) The Family and Medical leave Act applies to employers with a minimum of:
A) 10 full time employees.
B) 15 full time employees.
C) 25 full time employees.
D) 50 full time employees
Q4) Social security provides benefits for those workers who become disabled on the job. A)True
B)False
Q5) Discuss the differences between an economic strike and an unfair labor practices strike.What are the possible implications and consequences for union employees following each?
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Chapter 12: Employment Discrimination
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Sample Questions
Q1) Martha and Bill have applied for teaching positions in your school's accounting department.Martha is a recent graduate with her PhD in accounting and one published paper.She has no teaching experience except for classes taught as a teaching assistant during her PhD program.Bill also has a PhD in accounting and has been teaching for five years at a major university.He has eight published papers.Both are hired as tenure track assistant professors and assigned two 101 courses and one 102 course.When Martha later discovers that Bill's salary is $10,000 higher than hers she is furious and files suit under the Equal Pay Act.Will she be successful?
A) she is being paid less to do the exact same job that her male counterpart is doing so she does have a valid cause of action
B) Bill's five years of seniority allows the University to pay him more without liability
C) Martha does not have a valid cause of action because she is not a minority eligible for EPA protections
D) Martha does not have a valid cause of action because Bill is being paid a different salary based on factors other than sex
Q2) What was the justification for,and the purpose of,the Lilly Ledbetter Fair Pay Act of 2009?
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Page 14
Chapter
13:
Choice of Business Entity, Sole Proprietorships, and Partnerships
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Sample
Questions
Q1) A sole proprietorship automatically is dissolved when the owner dies.
A)True
B)False
Q2) Which of the following does not require the filing of a form with a governmental agency to come into existence?
A) a general partnership
B) a sole proprietorship
C) a corporation
D) a limited partnership
Q3) Bud and Lou own and operate a bakery.They each perform all of the functions in the bakery from baking to cleaning up.They make decisions jointly and hold themselves out to the public as business equals.When starting the business,Bud contributed $60,000 and Lou $40,000 to capitalize the business.They have a written agreement stating that they will share profits equally,however; responsibility for losses will be allocated at 60% to Lou and 40% to Bud.If Helen slips and falls in the shop and gets a judgment for $100,000,how may Helen proceed?
Q4) Business entities are sometimes referred to as business _______.
Q5) Name and discuss the fiduciary duties owed by general partners to the partnership as set out in the Revised Uniform Partnership Act.
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Chapter 14: Limited Liability Partnerships, limited Liability
Companies, and Other Business Arrangements
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Sample Questions
Q1) Typically,day to day decision making in an LLC is performed by:
A) the individual principal who filed the initial paperwork to form the business.
B) its board of directors.
C) the top 10% principal investors.
D) its managing members
Q2) The procedure for collecting additional capital contributions from partners as necessary is called _______.
Q3) What is meant by the term "capital call"? Under what circumstances might it occur and how does it affect partners?
Q4) A corporation may be a principal of an LLC.
A)True
B)False
Q5) Which of the following would not generally be formed as an LLP?
A) three frat brothers opening a bar
B) two attorneys operating a law firm
C) four licensed physical therapists running a clinic
D) twenty CPAs running an accounting firm
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Q6) Explain the similarities and differences,if any,with regard to tax treatment of LLCs and LLPs.
Chapter 15: Corporations
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Q1) Courts are generally inclined to be predisposed to piercing the corporate veil whenever a corporation causes economic harm to others.
A)True
B)False
Q2) A corporation incorporated in Utah and doing business in Nevada is classified as ________ in Nevada.
Q3) Kathy is the president of a corporation.She has just made the news by being discovered with a male prostitute while at a conference.Mike,a shareholder,may successfully present a proposal at the next shareholder meeting calling for a shareholder vote to have her removed from office.
A)True
B)False
Q4) Burt has come across an excellent recipe for a new beer and he and twenty college friends decide to go into business.They form a corporation named New Brew Inc.,issuing stock only to the twenty one of them and not selling any stock outside of the group.The beer is a huge success and they soon have the need to expand.They decide to sell stock to members of the public to raise capital.Aside from stock disclosure requirements,what must they do and how will it affect their corporate status?
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Page 17
Chapter 16: Regulation of Securities, corporate Governance, and Financial Markets
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Q1) The Financial Stability Oversight Board created by the Restoring American Financial Stability Act of 2010 has the power to:
A) break up companies deemed to pose a threat to the nation's financial markets even if the company is not insolvent.
B) compel the SEC to assume an oversight position over institutions that pose a global risk to financial markets.
C) approve or disapprove executive compensation packages, including bonuses, regarding companies deemed "too big to fail".
D) criminally prosecute officers and board members of companies found to have committed fraud and who have harmed the public or the national economy
Q2) Preferred stock always has voting rights.
A)True
B)False
Q3) Investors holding debt instruments are primarily interested in a fixed rate of return on their investment regardless of the profitability of the company.
A)True
B)False
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Page 18
Chapter 17: Administrative Law
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Sample Questions
Q1) An agency's prosecutorial discretion is seen as practically unreviewable by the judiciary.
A)True
B)False
Q2) Administrative law hearings are presided over by ________ judges.
Q3) States often have their own versions of federal administrative agencies.
A)True
B)False
Q4) What is the logical outgrowth test?
Q5) Citizen suits may be brought against an agency,but may not be brought against a private party.
A)True
B)False
Q6) Publishing a new rule in the Federal Register is the first step in the rulemaking process after research and study is performed.
A)True
B)False
Q7) What is the arbitrary and capricious standard and how is it used by the courts?
Page 19
Q8) Describe the probable cause standard used for administrative warrants.
Q9) Name and discuss the four sources administrative law.
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Page 20
Chapter 18: Environmental Law
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Sample Questions
Q1) Discuss the purposes of environmental laws.
Q2) Nuisance suits allow an individual to sue a polluter to protect the community from environmental damage.
A)True
B)False
Q3) ________ is the common law doctrine basis for modern environmental protection laws.
Q4) Car performance standards are regulated by the EPA.
A)True
B)False
Q5) The Resource Conservation and Recovery Act (RCRA)applies only to active facilities,not future ones.
A)True
B)False
Q6) Government officials do not negotiate with principally responsible parties to figure out their contribution towards cleaning up polluted sites.
A)True
B)False
Q7) The ________ Act is the most important wildlife protection legislation.
Page 21
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Chapter 19: Antitrust and Regulation of Competition
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Q1) In American Needle Inc.v.National Football League,the 32 football teams were treated as a single entity because they belong to the same sports league.
A)True
B)False
Q2) In U.S.v.Microsoft the appellate court reversed the finding of the district court that:
A) Microsoft fundamentally employed illegal anticompetitive means to maintain and further their monopoly the operating systems market.
B) Microsoft should be broken apart.
C) Microsoft business practices were a per se violation of the Sherman Act.
D) Microsoft did not employ illegal anticompetitive means to maintain and further their monopoly of the operating systems market
Q3) Antitrust laws designed to combat the problem of monopolization is known as:
A) horizontal restraints.
B) structural offenses.
C) rules of reason.
D) consent orders
Q4) The Sherman Act prohibits ________ by a business to gain monopoly power.
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Chapter 20: Creditors Rights and Bankruptcy
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Q1) Which option does not attempt to repay and discharge debt?
A) out of existence
B) workout
C) Chapter 7 bankruptcy
D) Chapter 11 bankruptcy
Q2) Trish makes $30,000 a year.The median income for her state is $28,000.She owes over $50,000 in various debts and is considering ways to address her situation.Which of the following is not one of her options to fix her debt issues?
A) attempt to negotiate a workout with her creditors
B) pay off her loans
C) Chapter 7 bankruptcy
D) Chapter 13 bankruptcy
Q3) What is not a major change to bankruptcy law in the Bankruptcy Abuse Prevention and Consumer Protection Act?
A) credit counseling
B) means test
C) proof of income
D) lowering the priority of alimony payments
Q4) An ________ stops creditors from pursing their collection actions.
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Chapter 21: Consumer Protection Law
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Q1) Regarding business owners and managers,what is generally considered the most important part of the Truth in Lending Act? Why?
Q2) Advertising coffee as "the best in world" is prohibited by UCC rules.
A)True
B)False
Q3) In order to _______ a warranty,the seller must do so in a conspicuous writing such as capital letters or bold print.
Q4) Seller lists his car on Craigslist "as is" and "with all faults" in bold,conspicuous letters in the advertisement.Seller knows that the brakes are faulty.Buyer purchases the car and is later injured when the brakes fail and the car is wrecked.Did Seller limit his liability against Buyer in a lawsuit by using the term "as is"?
Q5) Who is typically empowered by the states to protect consumers from deceptive trade practices?
A) the governor
B) the state bureau of investigation
C) the local police
D) the state attorney general
Q6) What is puffery? Provide an example.
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Chapter 22: Criminal Law and Procedure in Business
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Q1) Although it may vary because of the nature of the case,generally,a delay of more than ________ is presumptively an unconstitutional violation of a defendant's right to a speedy trial.
A) four months
B) six months
C) eight months
D) ten months
Q2) The same act cannot cause a criminal and civil wrong at the same time.
A)True
B)False
Q3) Fred has been charged with a crime where the maximum punishment is a fine and up to six months in jail.The crime he has been charged with is a misdemeanor.
A)True
B)False
Q4) You can be guilty of bribery even if the party you have made the offer to turns the offer down.
A)True
B)False
Q5) If a jury is unable to come to a conclusion,a _______ will be declared.
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Chapter 23: Personal Property, Real Property, and Land Use Law
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Q1) An easement by prescription:
A) creates ownership of the land in question.
B) creates a right of use in the land in question.
C) occurs when landlocked property is purchased.
D) creates a leasehold estate
Q2) Penny is renting an apartment from Albert.Every time Penny flushes the toilet the toilet overflows and she must clean and mop the floor of her bathroom.She has complained numerous times but Albert will not fix the problem.Albert is breaching Penny's right to:
A) habitability.
B) quiet enjoyment.
C) possession.
D) fair use
Q3) Water rights are also known as ________ rights.
Q4) Zoning is generally done at the state level through statutes passed by the state legislature.
A)True
B)False
Page 26
Q5) When ownership in land is subject to being cancelled it is said to be ______.
Q6) A piece of personal property affixed to real property is called a ______.
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Chapter 24: Intellectual Property
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Q1) Why are trademarks worthy of protections as valuable business assets?
Q2) In Custom Vehicles v.Forest River,Custom sued because Forest used the term "Work and Play" to describe a van they manufactured after Custom had registered the mark "Work-N-Play" to describe a vehicle they had built.The court found no trademark infringement because:
A) Work-N-Play had not acquired a secondary meaning so as to qualify as a suggestive trademark.
B) Work-N-Play was not distinctive enough to qualify as a fanciful trademark.
C) Work-N-Play was not distinctive enough to qualify as an arbitrary trademark.
D) Work-N-Play had not acquired a secondary meaning so as to qualify as a descriptive trademark
Q3) Mary Beth has written a novel.Copyright protection regarding her work will be for:
A) 70 years beginning from the date she began writing the novel.
B) 70 years beginning from the date that she completed the novel.
C) 70 years beginning from the date the novel is published.
D) 70 years after her death
Q4) All trade secrets are protectable by either patent or copyright laws.
A)True
B)False
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Chapter 25: International Law and Global Commerce
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Q1) The International Court of Justice primarily hears civil and criminal cases.
A)True
B)False
Q2) Saudi Arabia uses Islamic law for personal conduct and civil law for business transactions.Because of this,it has a religious-based legal system.
A)True
B)False
Q3) What is the purpose of the International Chamber of Commerce Terms?
A) to standardize contractual terms and avoid confusion due to language barriers
B) to provide basic contract law for international sales of goods
C) to standardize the monetary units used in international contracts
D) to provide a forum for arbitration of UNCISG contracts
Q4) How are the International Court of Justice's rulings enforced?
A) there are no means to enforce the judgments
B) through the U.N. Security Council
C) through monetary sanctions
D) through unilateral agreement by the parties before their case is heard
Q5) Discuss the ways the three major international arbitration organizations choose arbitrators.
Q6) The civil law system relies heavily on ________ to define their laws.
Page 29
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