Corporate Law Question
Bank
Course Introduction
Corporate Law examines the legal framework governing the formation, operation, and regulation of corporations and other business entities. The course covers key topics such as corporate governance, fiduciary duties of directors and officers, shareholder rights, mergers and acquisitions, and compliance with securities regulations. Students will gain an understanding of how corporate entities interact with each other and with various stakeholders, while exploring contemporary issues in corporate regulation and ethical considerations in business decision-making. This foundational course prepares students for advanced studies in business law and provides essential knowledge for careers in corporate practice.
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The Legal Environment of Business A Managerial Approach Theory 2nd Edition by Sean
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P. Melvin
Chapter 1: Legal Foundations
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Q1) Kathy, a fashion model, witnessed a motor vehicle accident but did not stop because she was late for her pedicure and simply didn't want to get involved. Had she stopped, she could have saved the life of Tom, who was thrown from the car and landed in a water-filled ditch, without danger to herself. When Tom's widow hears that Kathy could have easily saved Tom's life but chose to ignore the situation, she sues Kathy. The state has no "good samaritan" laws or duty-to-assist laws, but such cases have been brought in the past. Which of the following will the court apply when making a decision in this case?
A) statutory law
B) administrative law
C) common law
D) equity law
Answer: C
Q2) Restatements of the Law are written and revised by Congress and state legislatures as needed.
A)True
B)False
Answer: False
Q3) Much of the origins of the law dealt with issues related to _______. Answer: property ownership
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Chapter 2: Business and the Constitution
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Q1) The right to privacy is a specifically named right established in the Bill of Rights.
A)True
B)False
Answer: False
Q2) Government acts that affect semi-suspect or quasi-suspect classifications require that the court apply ________ scrutiny to determine the act's validity.
Answer: intermediate-level
Q3) Treaties:
A) may be entered into by the president without oversight or approval.
B) are entered into by the president subject to House approval.
C) are entered into by the president subject to Senate approval.
D) are entered into by the president subject to joint House and Senate approval.
Answer: C
Q4) The power to impeach and remove is a check and balance power:
A) of the executive branch.
B) of the legislative branch.
C) of the judicial branch.
D) that is shared by all three government branches.
Answer: B
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Chapter 3: The American Judicial System, Jurisdiction, and Venue
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Q1) A forum selection clause:
A) is written into a contract when the contract is entered into.
B) is created by the contracting parties after the dispute arises and they analyze the fairest location for the trial.
C) is created by the court after determining where jurisdiction is the strongest.
D) is created by the parties after the dispute arises based on the type of dispute and which state's court has the appropriate precedent and statutory law to hear the case.
Answer: A
Q2) The physical presence of an out-of-state party in a particular state is generally an automatic basis for jurisdiction over the defendant by both that state's courts and the federal trial court within that state.
A)True
B)False
Answer: True
Q3) A person with an ownership interest in a business venture is called a _______.
Answer: principal
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5
Chapter 4: Resolving Disputes: Litigation and Alternative
Dispute Resolution Options
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Q1) A motion for a summary judgment may be filed by either the plaintiff or the defendant.
A)True
B)False
Q2) The discussions by the jury in a closed room while they attempt to reach a verdict are called _______.
Q3) In the civil system, the term litigation refers to:
A) matters that occur prior to the trial.
B) the trial itself.
C) both the pretrial and the trial.
D) posttrial enforcement of judgments.
Q4) What is a pretrial conference, when does it occur, and what are its purposes?
Q5) Discuss the potential advantages of ADR over litigation.
Q6) Scoop Masters Inc. has been charged by Fab Flavors Corp. with stealing Fab Flavors' patented process for making ice cream. After the papers are filed, Scoop Masters begins shredding all documents pertaining to its ice cream-making process. Since no motion has been made requesting production of documents, Scoop Masters has done nothing wrong.
A)True
B)False Page 6
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Page 7
Chapter 5: Business, Societal, and Ethical Contexts of Law
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Q1) Social responsibility is at its highest when the moderate view, or government's hand theory, of corporate social responsibility is utilized.
A)True
B)False
Q2) The moderate view of assessing corporate citizenship holds that:
A) corporate officers and boards of directors should provide the exclusive view of corporate responsibility.
B) corporate employees below the senior executive level should provide the exclusive view of corporate responsibility.
C) community groups where the corporation is located should provide the exclusive view of corporate responsibility.
D) the government should provide the exclusive view of corporate responsibility.
Q3) The final result of the AIG bonusgate scandal was that no new laws or taxes were enacted, nor were there any additional official actions taken by Congress or the president.
A)True B)False
Q4) The notion of ________ is a central theme in Immanuel Kant's work.
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Chapter 6: Overview and Language of Contracts
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Q1) In Advanced Technology Services Inc., v. KM Docs, LLC, company employees signed an employment agreement that contained a noncompetition covenant, a nonsolicitation agreement, and a nondisclosure agreement. It also contained a severability clause. The employees, who resigned and started their own competing company, claimed that the noncompetition agreement was too broad and the entire agreement was unenforceable. What did the court determine about the severability of the contract?
Q2) Randy is home when a landscaping crew enters his yard and begins working on his front garden beds and lawn. Randy did not hire the crew, but he allows them to continue working. Explain whether Randy will have to pay for the work.
Q3) Mike is walking through a parking lot and finds Kathy lying unconscious. He puts her in his car and takes her to the hospital. The hospital saves her life, and when she becomes conscious, it presents her with a bill.
A) Kathy has to pay based on a unilateral contract.
B) Kathy has to pay based on an implied contract.
C) Kathy has to pay based on a quasi-contract.
D) Mike has to pay because he brought her to the hospital.
Q4) The reason and outcome of the contract must be a ___________ purpose.
Q5) A contract is a promise or set of promises __________ by law.
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Chapter 7: Contract Formation
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Q1) Jeff goes to a car dealership and the salesperson tells him that the car he's looking at is a great car and an excellent value. The statements made by the salesperson, if untrue, will not be adequate to create either an innocent misrepresentation or a fraudulent misrepresentation.
A)True
B)False
Q2) A basic fact or assumption in a contract is said to be ________ to the contract.
Q3) Ike has orally agreed to paint Tina's portrait. The oral agreement is for the portrait to be completed in nine months. Even if the portrait actually takes 13 months to complete, the agreement will be enforceable.
A)True
B)False
Q4) After an offer is made, the offeror may revoke that offer at any time, even if the offeree has not been given a reasonable period of time to decide whether or not to accept.
A)True
B)False
Q5) Consideration in a small or minimal amount that is written into a contract but never actually paid is called ________ consideration.
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Chapter 8: Contract Performance: Conditions, Breach, and
Remedies
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Q1) Pablo has entered into a contract to paint Linda's portrait. The next day, Pablo is called by the White House to paint the official portrait of the first family. Since it will be impossible for Pablo to do both simultaneously, Pablo calls Salvador and asks him to substitute for him and paint Linda's portrait. Because Salvador is a world-famous artist with paintings hanging in the New York Metropolitan Museum of Art and the Louvre in Paris, Salvador does not have to get Linda's permission for this novation as long as none of the contract terms and conditions are changed.
A)True
B)False
Q2) Beth has just signed a contract to work for a bank. A clause in the contract says that before she begins work, she must pass a drug test and should drug use be discovered, the contract becomes void. This clause would be a:
A) condition precedent.
B) condition subsequent.
C) concurrent condition.
D) nothing of consequence since Beth has already signed the contract.
Q3) When one party has failed to perform his or her duties under a contract, that party is said to be in total _______.
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Chapter 9: Contracts for the Sale of Goods
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Q1) Mackey Pharmacy Corp. orders 5,000 cases of regular-strength aspirin from MAK Pharmaceuticals. When they are delivered, an inspection shows that while the delivery is conforming to the contract with regard to the quantity and quality of the aspirin, none of the aspirin are in childproof bottles. The contract was silent regarding the issue of childproof bottles. Mackey rejects the delivery, and MAK sues for breach of contract. How should the courts analyze and resolve this matter?
Q2) On February 1, Frank's Fedora Manufacturers sends an offer to Metropolitan Outfitters by letter with all price, quality, quantity, and delivery terms clearly stated, indicating that the offer will remain open until October 1. On September 1 Metropolitan sends an acceptance of the offer to Frank's with no material alterations to any of the stated terms in the offer. The acceptance makes the contract valid and enforceable.
A)True
B)False
Q3) Wrongfully revoking an acceptance will constitute a breach of contract by the buyer.
A)True
B)False
Q4) A ________ is one that is regularly engaged in the sale of a particular good.
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Chapter 10: Torts and Products Liability
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Q1) Res ipsa loquitur does not require that the plaintiff prove the exact cause of negligence.
A)True B)False
Q2) Physical harm or injury is required to prove a case of intentional infliction of emotional distress.
A)True B)False
Q3) Delta Tau Chi is a college fraternity and is recruiting new members. Although hazing is banned, the members nevertheless take the pledges to the local zoo, where they hand them bows and ribbons and order them to break into the monkey house exhibit and decorate the inhabitants. The monkey house has a distinct sign stating, "DANGEROUS ANIMALS, DO NOT APPROACH OR ENTER THE PREMISES!" The pledges go in anyway, and two of the pledges are severely injured and sue the zoo for their injuries. Discuss the liability of the zoo and the pledges.
Q4) Lost revenue or profits, whether actual or potential, are called ________ harm.
Q5) Every time you hit the delete button on your new computer you get a small electric shock. Your friends with the same computer are suffering the same problem. These computers have a ________ defect.
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Chapter 11: Agency
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Q1) Acceptance of an agent's previously unauthorized act by a principal is called _____.
Q2) If an agent is acting within the scope of his or her employment and commits an intentional tort harming a third party, the principal may be liable for the injuries sustained.
A)True
B)False
Q3) The manager at an apartment complex has no prior criminal record but has just been arrested for possession of child pornography. If he is convicted but given probation and not jailed, the apartment complex may be liable if it does not fire him and he later harms a child on the premises.
A)True
B)False
Q4) Which of the following is an example of terminating the agency relationship by express act?
A) The principal calls the agent and tells her to stop working.
B) The principal dies.
C) The principal files for bankruptcy.
D) The thing the agent was hired to work on is destroyed in a fire.
Q5) Explain the three-prong test the IRS uses to determine an agent's status.
Page 14
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Chapter 12: Employment Relationships and Labor Law
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Q1) An employee group with mutual interests and goals that is an appropriate unit for negotiating union contracts is called a ________ unit.
Q2) Discuss the differences between an economic strike and an unfair labor practice strike. What are the possible implications and consequences for union employees after each?
Q3) The Fair Labor Standards Act does not cover all employees.
A)True
B)False
Q4) The shift from an agricultural society toward industrial production began almost immediately after the end of the U.S. Revolution.
A)True
B)False
Q5) Which of the following is also called the Taft-Hartley Act?
A) National Labor Relations Act
B) Labor Management Relations Act
C) Labor-Management Reporting and Disclosure Act
D) Fair Labor Practices Act
Q6) In what ways does OSHA (the act and the agency) work to establish and maintain workplace safety?
Page 15
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Chapter 13: Employment Discrimination
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Q1) What are the four defenses available to an employer under the Equal Pay Act that will permit different levels of pay between men and women?
Q2) The Equal Employment Opportunity Commission was created by:
A) the Civil Rights Act of 1964.
B) the Americans with Disabilities Act.
C) the Lilly Ledbetter Fair Pay Act.
D) Executive Order 11246 creating affirmative action.
Q3) In Diaz v. Pan Am Word Airways Inc., the plaintiff was denied a job as a flight attendant because the airline had a policy of hiring only women as flight attendants. The court held that:
A) because the airline proved women were better in certain aspects of the job, gender was a bona fide qualification for the position.
B) because customer and employee preference was so high, gender was a bona fide qualification for the position.
C) while important, more effective performance by women in nonmechanical functions and customer preference did not make gender a bona fide qualification for the position. D) hiring men as flight attendants would lead to sexual harassment.
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Chapter
14: Choice of Business Entity, Sole Proprietorships, and Partnerships
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Q1) Which of the following does not require a duty of care or good faith to other principals?
A) a sole proprietorship
B) a general partnership
C) a limited partnership
D) a family limited partnership
Q2) Dissolving a limited partnership requires:
A) a unanimous vote among all partners.
B) a unanimous vote of the general partners and a majority vote of the limited partners.
C) a unanimous vote of the general partners and consent of any limited partner who owns a majority of the rights to receive a distribution as a limited partner.
D) a unanimous vote of the limited partners and consent of any general partner who owns a majority of the rights to receive a distribution as a general partner.
Q3) If a sole proprietorship loses money, the principal may deduct the losses from her or his own personal tax liability, if any.
A)True
B)False
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Page 17
Chapter 15: Limited Liability Companies and Limited Liability Partnerships
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Q1) The operating agreement of the LLC often controls the amount and methods of capitalizing the business.
A)True
B)False
Q2) Many states have eased the filing requirements for creating an LLC, switching from requiring extensive amounts of information to now requiring minimal information similar to that required in a corporate filing.
A)True
B)False
Q3) If an LLP does not have a partnership agreement, the courts will look to ________ to resolve internal management disputes.
A) the Revised Limited Liability Partnership Act or the Limited Liability Partnership Act if the RLLPA is not adopted
B) the Revised Limited Liability Company Act or the Limited Liability Company Act if the RLLCA is not adopted
C) the Revised Uniform Partnership Act or the Uniform Partnership Act if the RUPA is not adopted
D) common law
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Chapter 16: Corporations
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Q1) Happy Hops Brewery Inc., has found that its business is expanding very quickly. The decision to fire three new delivery drivers would be made by:
A) the shareholders.
B) the officers.
C) the board of directors.
D) the board of directors with the consent of the officers.
Q2) The officer with the least amount of implied authority in relation to the other officers is the _______.
Q3) The authority of an officer to bind the corporation must expressly flow from the bylaws or through board of director mandates.
A)True
B)False
Q4) What is the difference between a derivative action and a direct action regarding shareholder lawsuits, and what are the typical grounds for these suits?
Q5) Private equity funding provided by a group of professional investors for use in developing a business is called _______.
Q6) The expiration date of a corporate bond is also called its _______.
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Page 19
Chapter 17: Regulation of Securities, Corporate
Governance, and Financial Markets
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Q1) Violation of Section 16, a finding of short-swing liability, does not require evidence of the use of insider information and is deemed a strict liability provision.
A)True
B)False
Q2) State security laws are generally referred to as ________ laws.
Q3) With regard to financial reporting and corporate governance, what is now required of public companies under the Sarbanes-Oxley Act?
Q4) If a company files bankruptcy, preferred stockholders have priority over common stockholders and will be paid from the bankruptcy estate first if payments are to be made.
A)True
B)False
Q5) The SEC has the power to suspend or revoke the licenses of brokers that violate securities laws.
A)True B)False
Q6) On a bond, the face amount is also called the _______.
Q7) In what two ways do federal securities statutes define a security?
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Chapter 18: Administrative Law
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Q1) The EPA would like to propose a new rule lowering the emissions requirements for coal factories. The agency writes a new rule. Where is the EPA in the rulemaking process? What is the next step?
Q2) Proposed agency rules are published in the _____.
Q3) Name and discuss the four sources of administrative law.
Q4) The Supreme Court has held that agencies have very narrow discretion regarding when and whom to regulate.
A)True
B)False
Q5) The president's authority to exercise power over administrative agencies is derived from:
A) federal law.
B) judicial decisions.
C) the Constitution.
D) congressional delegations.
Q6) Disputes on matters under an agency's jurisdiction are adjudicated:
A) in administrative law hearings.
B) in state courts.
C) in federal courts.
D) by licensing boards.
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Chapter 19: Environmental Law and Policy
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Q1) The nickname for the Comprehensive Environmental Response Compensation and Liability Act (CERCLA) is _____.
Q2) The Environmental Protection Agency (EPA) does not work with other agencies to carry out its duties.
A)True
B)False
Q3) When is a categorical exclusion for an action available under the NEPA?
A) when the environmental impact is unknown
B) when the environmental impact is significant
C) when the environmental impact is little
D) never (NEPA procedures are required in all instances.)
Q4) In order to file a lawsuit to enforce an environmental regulation, an individual must be authorized to do so by the statute.
A)True
B)False
Q5) An oil tanker crashes off the coast of California. It dumps millions of gallons of oil into the ocean. During the investigation of the crash, it is suspected that there might be gross negligence on the part of the ship's captain. Is the ship owner liable for the damages? Why or why not?
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Chapter 20: Antitrust and Regulation of Competition
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Q1) Discuss the difference between horizontal and vertical price-fixing.
Q2) In the case of U.S. v. Colgate, the court found that ________ boycotts do not fall under the Sherman Act.
Q3) The Robinson-Patman Act makes it illegal for a business entity to discriminate in price "between different purchasers of commodities of like quality or grade." In order to violate this act, the business must:
A) make sales at different prices to at least three different purchasers.
B) make one sale of a different price to a purchaser.
C) make two or more sales to different purchasers at different prices.
D) give different price quotes to different purchasers.
Q4) Which act does the Robinson-Patman Act amend?
A) McCarthy Act
B) Hart-Scott-Rodino Act
C) Sherman Act
D) Clayton Act
Q5) Vertical price-fixing occurs when a seller attempts to control the resale price at a _______ in the supply chain.
Q6) Horizontal restraints are restrictions on trade through an agreement with a _______ company.
Page 23
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Chapter 21: Creditors Rights and Bankruptcy
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Q1) A ________ allows the debtor in possession to avoid any obligation that he or she would otherwise be forced to perform.
Q2) Chapter 7 allows business entities to keep some exempt property.
A)True
B)False
Q3) Give four examples of nondischargeable debt in bankruptcy.
Q4) 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
Q5) Which of the following creditors has first priority?
A) an ex-spouse who is due alimony
B) unpaid employees
C) general creditors
D) the court, for its costs
Q6) Chapter 13 repayment plans are limited to ________ filing for bankruptcy.
Page 24
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Chapter 22: Consumer Protection Law
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Q1) The CAN SPAM Act does not address spammers who falsify the name of the sender.
A)True
B)False
Q2) "The buyer agrees to take the table with all faults and as is"
A)True
B)False
Q3) Victims of odometer tampering may receive:
A) actual damages.
B) double damages.
C) triple damages.
D) liquidated damages.
Q4) Individual consumers do not have the right to see their own credit report unless they are applying for a loan.
A)True
B)False
Q5) Casey's identity was stolen. The thieves stole lots of money and took out a loan in Casey's name. She notified all the necessary banks and agencies as soon as she discovered the identity theft. Is Casey's credit protected in this situation?
Q6) What is the primary purpose of the Truth in Lending Act?
Page 25
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Chapter 23: Criminal Law and Procedure in Business
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Q1) A court order authorizing an official to do something the official would otherwise be prohibited from doing is called a _____.
Q2) Criminal ________ deals with the limits set on the government's authority when applying or enforcing criminal law.
Q3) Jonathan is a junior in college and has started dating a secretary who works in the college president's office. She is madly in love with him, and when he asks for the passwords to access the school's main computers, she gladly gives them to him. He uses the passwords to change his grades. Jonathan has violated the Patriot Act.
A)True
B)False
Q4) In U.S. v. Kozeny, the court of appeals found that the defendant was not guilty of conspiracy to commit bribery because he did not have actual knowledge of the bribery scheme.
A)True
B)False
Q5) Being blameworthy in criminal law is called _____.
Q6) Evidence that stems from the original evidence is called ________ evidence.
Q7) If a jury is unable to come to a conclusion, a _______ will be declared.
Page 26
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Chapter 24: Personal Property, Real Property, and Land Use Law
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Q1) Brad has left 50 acres of land to the First Church of Magnolia with the condition that it shall own and have rights to it forever; however, if the church ever permits alcohol to be served on the premises, the property will immediately go back to Brad or, if Brad is deceased, to his heirs. Brad has granted the church a:
A) fee simple.
B) fee tail.
C) life estate.
D) fee simple defeasible.
Q2) Company A and company B own adjacent pieces of land. The companies own the full bundle of rights in their respective properties. Company A digs a mine that starts on its own property but extends, below ground, across the property line. If company A finds minerals below company B's surface property, it may mine and use the minerals for its own use because it has not gone onto or disturbed company B's property.
A)True
B)False
Q3) When ownership in land is subject to being canceled it is said to be ______.
Q4) What is meant by the concept that title to personal property and title to real property provide the owner a bundle of rights?
Page 27
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Chapter 25: Intellectual Property
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Q1) United Parcel Service has determined that the fewer left turns their trucks make, the more fuel they can conserve and the savings are significant. As a result, the company has gone to great lengths to design and schedule delivery routes that primarily make right turns. This business method is patentable.
A)True
B)False
Q2) Patent applicants often rely on trade secret laws to protect their inventions while patent applications are in progress.
A)True
B)False
Q3) The rule of omission applies when someone creates something exactly like an item already patented but deletes a feature included in the original product. The new product will not be considered a patent infringement if the deleted feature was a significant element of the original.
A)True
B)False
Q4) An essentially minimal improvement to an existing invention that is not worthy of patent protection is called a ________ improvement and is considered relatively obvious.
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Chapter 26: International Law and Global Commerce
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Q1) Public international law primarily addresses relationships between countries, business entities, and international organizations.
A)True
B)False
Q2) The use of treaties as a modern source of international law dates to World War I and the Treaty of Versailles.
A)True
B)False
Q3) Under the concept of ______, nations are exempt from jurisdiction in other nations' courts.
Q4) Common law jurisdictions adhere to the concept of ________, whereby a court may strike down a piece of legislation if it violates an overriding principle of law.
Q5) 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
Q6) The civil law system relies heavily on ________ to define the laws.
Q7) What are the four major differences between the UCC and the CISG?
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