Corporate Law Review Questions
Course Introduction
Corporate Law explores the legal framework governing the creation, operation, and dissolution of corporations. The course covers key topics such as the formation and structure of companies, corporate governance, directors duties, shareholders rights, regulatory compliance, and mergers and acquisitions. Students also examine the legal implications of corporate financing, insider trading, and corporate liability. Through case studies and analysis of statutes and judicial decisions, students gain a comprehensive understanding of how law shapes corporate behavior and protects the interests of stakeholders in a dynamic business environment.
Recommended Textbook
Business Law Text and Exercises 7th Edition by Roger LeRoy Miller
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Page 2
Chapter 1: Introduction to the Law and Our Legal System
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Sample Questions
Q1) Many different laws may apply to a single business transaction.
A)True
B)False
Answer: True
Q2) Equity is a branch of law,founded in justice and fair dealing,that seeks to supply a fairer and more adequate remedy than money damages.
A)True
B)False
Answer: True
Q3) Leona enters into a contract with Munchie Bakery to cater a sales conference.When the conference is postponed indefinitely,Leona asks a court to cancel the contract and return the parties to the positions that they held before its formation.This request involves
A)an equitable remedy.
B)an unenforceable demand.
C)a remedy at law.
D)a type of harm.
Answer: A
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3
Chapter 2: Ethics in Business
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Sample Questions
Q1) John is sales manager for Kleen 'N Brite Products,Inc.Compared to John's personal activities,his business activities most likely involve
A)more complex ethical issues.
B)no ethical issues.
C)simpler ethical issues.
D)the same ethical issues.
Answer: A
Q2) Fealty Credit Corporation asks its employees to evaluate their actions and get on the ethical business decision-making "bandwagon." Guidelines for judging indi?vidual actions most likely include all of the following except A)an individual's conscience.
B)business rules and procedures.
C)loopholes in the law or company policies.
D)promises to others.
Answer: C
Q3) Ethical codes of conduct can set the ethi?cal tone of a firm.
A)True
B)False
Answer: True
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Page 4
Chapter 3: The Courts and Alternative Dispute Resolution
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Sample Questions
Q1) During a trial between Gene and Homer over the use of Gene's lakeside vacation cabin,Gene's attorney asks questions of the plaintiff's witness Illya.This is A)a cross-examination.
B)a deposition.
C)a direct examination.
D)an interrogatory.
Answer: C
Q2) The U.S.Tax Court is a trial court with original jurisdiction. A)True
B)False
Answer: True
Q3) Kit loses her suit against Lou in a Minnesota state trial court.Kit appeals to the state court of appeals and loses again.Kit would appeal next to A)a U.S.district court.
B)the Minnesota Supreme Court.
C)the United States Supreme Court.
D)the U.S.Court of Appeals for the Eighth Circuit.
Answer: B
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5
Chapter 4: Constitutional Law
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Sample Questions
Q1) Tami's Tasty Tacos,a fast food outfit,files a suit against the state of Utah,claiming that a Utah state law violates the commerce clause.The court will agree if the statute imposes a substantial burden on A)a local government.
B)interstate commerce.
C)noneconomic activity.
D)the state.
Q2) Marie claims that a Nebraska state statute infringes on her "procedural due process" rights.This claim focuses on A)procedures used in making decisions to take life,liberty,or property.
B)the content of the statute.
C)the similarity of the treatment of similarly situated individuals.
D)the steps to be taken to protect Marie's privacy.
Q3) When there is a direct conflict between a federal and a state law,the state law is rendered invalid.
A)True
B)False
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6
Chapter 5: Torts and Cyber Torts
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Sample Questions
Q1) The public disclosure of private facts about a person is an invasion of privacy.
A)True
B)False
Q2) A house is an example of personal property.
A)True
B)False
Q3) Ralph,a van driver for Speedy Delivery Company,causes a multi-vehicle accident on a city street.Ralph and Speedy are liable to
A)all those who were injured.
B)only those who were uninsured.
C)only those whose injuries could have been reasonably foreseen.
D)only those whose vehicles were closest to Ralph's van.
Q4) Some risks are obvious but,with respect to the duty of care required to establish negligence,a warning is always necessary.
A)True
B)False
Q5) Unlawfully taking personal property is conversion.
A)True
B)False
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Chapter 6: Intellectual Property and Internet Law
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Q1) Wendy works as a weather announcer for a TV station under the character name
Weather Wendy.Wendy can register her name as a
A)a certification mark.
B)a collective mark.
C)a service mark.
D)a trade name.
Q2) The need to protect intellectual property is recognized in the Declaration of Independence.
A)True
B)False
Q3) A trademark need not be registered to support a trademark infringement action.
A)True
B)False
Q4) The TRIPS agreement covers computer programs.
A)True
B)False
Q5) A patent may be valueless to its owner if the owner cannot afford to protect it.
A)True
B)False
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Chapter 7: Criminal Law and Cyber Crime
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Sample Questions
Q1) Torts are considered crimes.
A)True
B)False
Q2) All persons who are arrested have the constitutional right to remain silent.
A)True
B)False
Q3) Sandy,a businessperson,is convicted of RICO offenses.Sandy's penalties may include
A)closing a business,but not selling it.
B)not closing a business or selling it.
C)selling a business,but not closing it.
D)closing a business or selling it.
Q4) Any act that is directed against computers and computer parts is considered a computer or cyber crime.
A)True
B)False
Q5) It is not a crime to defraud the public through the use of ads on television.
A)True
B)False
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Page 9
Chapter 8: Introduction to Contracts
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Sample Questions
Q1) Quasi contracts are often used by courts,even in cases where there is an actual contract that covers the area in controversy.
A)True
B)False
Q2) An implied contract is implied from the conduct of the parties.
A)True
B)False
Q3) In contract law,intent is determined by the objective theory of contracts.
A)True
B)False
Q4) A contract is valid only if both of the parties entering into it have the capacity to do so.
A)True
B)False
Q5) The only requirement of a valid contract is that it be voluntarily entered into.
A)True
B)False
Q6) A quasi contract is not a true contract.
A)True
B)False
Page 10
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Chapter 9: Offer and Acceptance
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Q1) Tomato Farms (TF) offers to sell Unified Grocers,Inc.,a boxcar load of tomatoes.The offer is sent via fax.An acceptance is re?quired urgently.It would be most reasonable for Unified to accept via
A)a fax,a letter,or a phone call to TF within two weeks.
B)a fax sent to TF as soon as the offer is received.
C)a letter mailed to TF within two days.
D)a phone call to TF within five business days.
Q2) Revocation is effective on dispatch.
A)True
B)False
Q3) Barney offers to sell his Call Marketing Center to Domino for $100,000.Domino replies,"The price is too high.I will offer to buy it for $90,000." Domino has A)accepted the offer.
B)made a counteroffer without rejecting the offer.
C)rejected the offer and made a counteroffer.
D)rejected the offer without making a counteroffer.
Q4) When an offeree makes a counteroffer,he or she becomes the offeror.
A)True
B)False
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Chapter 10: Consideration
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Sample Questions
Q1) An illusory promise is unenforceable.
A)True
B)False
Q2) There are exceptions to the preexisting duty rule.
A)True
B)False
Q3) William buys Liz's house for $100,000,which is the fair market value of the house.If the contract is later disputed in court,the court is likely to declare William's consideration
A)inadequate.
B)unconscionable.
C)legally sufficient.
D)illusory.
Q4) Sandra promises to pay Jay $50 per month if he will let her park her car in his parking space at work.Sandra's consideration is
A)the destruction of a legal relationship.
B)the creation of a legal relationship.
C)a forbearance.
D)an exchange of money.
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Page 12
Chapter 11: Capacity
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Sample Questions
Q1) Cherry and Basil are minors who marry each other.Their minority status may be terminated under the laws of
A)all states.
B)most states.
C) some states.
D)no states.
Q2) Mica,a minor,signs a contract to pay Natural Health Club a monthly fee for twenty-four months to use its facilities.Six months later,after reaching the age of majority,Mica continues to use the club.This act is
A)a disaffirmance.
B)an emancipation.
C)a ratification.
D)a restitution.
Q3) Phil is a minor.He makes many purchases.For which of the following items will Phil be held liable for the reasonable value of the goods?
A)Apples
B)Insurance
C)Baseball cards
D)A car
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Page 13
Chapter 12: The Legality of Agreements
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Sample Questions
Q1) Cindy agrees in writing to pay Bob $5,000 to "accidentally" hit and kill her horse,which has a large insurance policy,with his truck.Bob hits but does not kill the horse,and Cindy refuses to pay him.In their suit against each other for breach of contract,the court will consider
A)only Bob to be at fault.
B)only Cindy to be at fault.
C)both Bob and Cindy to be at fault,but Bob to be more at fault than Cindy.
D)Bob and Cindy to be equally at fault.
Q2) As long as both parties agree,it is legal to charge any interest rate for an ordinary loan.
A)True
B)False
Q3) Boz runs an illegal gambling business and pays Colin,a police officer,not to interfere.The payments are discovered.Boz and Colin are sent to prison.With respect to the amount of the payments,Boz can recover
A)all of it.
B)none of it.
C)only as much as Colin has not spent.
D)only as much as Colin has spent.
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Page 14
Chapter 13: Mistakes and Other Contract Defects
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Sample Questions
Q1) Wilma,who lives in New York,enters into a contract to buy a painting from Fred,who lives in France.The contract includes all the costs of insuring and shipping the painting from France to New York.The agent that made the shipping estimate make a mistake when adding up the costs and,as a result,the shipping cost listed in the contract is $1,000 less than the shipping actually costs.A court will most likely
A)allow the parties to rescind the contract.
B)award damages to Wilma for the mistakes.
C)award damages to Fred for the mistakes.
D)enforce the contract without requiring changes.
Q2) A contract entered into under undue influence is voidable.
A)True
B)False
Q3) Misrepresentation can occur through conduct.
A)True
B)False
Q4) Punitive damages are meant to reward the defendant.
A)True
B)False
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Page 15
Chapter 14: Written Contracts
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Sample Questions
Q1) Century Properties.Inc.,and Broadview Capital Corporation enter into a con?tract for a sale of land.To be enforceable,the contract must be in writing if the land is valued at A)$50.
B)$500.
C)$5,000.
D)$50,$500,or $5,000.
Q2) Dixie May enters into a contract to buy one hundred pounds of pecans from Margaret.The contract must be in writing if the pecans cost A)$100.
B)$150.
C)$250.
D)$500.
Q3) A contract must be in writing to be enforceable if it makes performance possible only over a period of more than one year. A)True
B)False
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Chapter 15: Third Party Rights
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Q1) Musica Production Company and Nora enter into a contract for Nora to write six songs for which Musica agrees to pay her.Nora transfers her right to payment under the contract to Omni Entertainment Agency.Nora is
A)a delegator.
B)an assignor.
C)a payor.
D)a third party beneficiary.
Q2) A contract cannot prevent the assignment of the right to receive funds.
A)True
B)False
Q3) John promises to paint Kay's house in exchange for Lila's promise to plant trees on John's property.This is
A)a delegation.
B)an assignment.
C)a third party beneficiary contract.
D)not a delegation,an assignment,or a third party beneficiary contract.
Q4) Banks may NOT assign their loan contracts to other firms.
A)True
B)False
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Chapter 16: Contract Discharge and Remedies
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Sample Questions
Q1) Kris contracts to work exclusively for Little Manufacturing Company during May for $5,000.On April 30,Little cancels the contract.Kris finds another job dur?ing May but earns only $3,000.Kris files a suit against Little.As compen?satory damages,Kris can recover
A)$3,000.
B)$2,000.
C)$1,000.
D)$0.
Q2) Mona and Nero want to discharge their contract by executing and per?forming a new agreement.They can best accomplish this by A)accord and satisfaction.
B)novation.
C)reinvention.
D)specific performance.
Q3) Usually,a contract that involves mechanical fitness only needs to be performed to the satisfaction of a reasonable person.
A)True
B)False
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18
Chapter 17: E-Contracts
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Sample Questions
Q1) Mark is creating a Web site through which he will enter into contracts over the Internet.Important terms to include in his offers include
A)provisions specifying the remedies if the contract is breached.
B)a detailed history of his business.
C)glowing reviews from former customers.
D)his educational background.
Q2) The UETA does not require that an agreement to conduct a transaction electroni?cally be made electronically.
A)True
B)False
Q3) A shrink-wrap agreement is an agreement whose terms are expressed in?side a box in which the goods are packaged.
A)True
B)False
Q4) Under the UETA,a typed name at the end of an email message is NOT considered an e-signature.
A)True
B)False
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Chapter 18: Introduction to Sales and Lease Contracts
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Q1) Mountaineer Sales,Inc.,is the offeror and Camping Goods Corporation is the offeree under a unilateral sales contract in which Forest Recreation Products Company is also interested.Mountaineer is not notified of Camping's performance within a rea?son?able time.Mountaineer
A)may treat the offer as having lapsed.
B)must assume that Camping has started to perform.
C)must contact Camping.
D)must contract with Forest.
Q2) An unconscionable contract is a contract so one-sided and unfair at the time it is made that enforcing it would be unreasonable.
A)True
B)False
Q3) Curtis enters into a contract with Drive-Away Lease Company for a three-year lease of a car.This contract is subject to
A)Article 2 of UCC.
B)Article 2A of the UCC.
C)Article 3 of the UCC.
D)the common law only.
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Page 20
Chapter 19: Title and Risk of Loss
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Q1) In contracts involving a sale of unborn animals to be born within twelve months,identification takes place when the animals are born.
A)True
B)False
Q2) Twyla buys an HD TV from Viewpoint Electronics store,which agrees to keep the TV for Twyla until she picks it up.Before she gets the TV,a fire destroys the store and the set.The loss is suffered by
A)neither Twyla nor Viewpoint
B)Twyla and Viewpoint.
C)Twyla only.
D)Viewpoint only.
Q3) Future goods are goods that are not both existing and identified to the contract.
A)True
B)False
Q4) A bill of lading serves as a con?tract for the transportation of goods.
A)True
B)False
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21
Chapter 20: Performance and Breach
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Q1) Big Eggs,Inc.agrees to supply Omelet Express with five hundred eggs.Big Eggs cannot reasonably ask Omelet Express to pick up the eggs at
A)1:00 P.M.
B)2:00 P.M.
C)3:00 P.M.
D)4:30 A.M.
Q2) Sparkling Gem Corporation agrees to sell Jewel Outlets,Inc.(JOI),fifty new diamonds,but the contract does not specify a place of delivery.JOI is expected to pick up the goods.The place of delivery is
A)Sparkling's place of business.
B)JOI's place of business.
C)the Annual Gems and Jewels Convention in New York City.
D)the U.S.Postal Service office nearest to JOI's place of business.
Q3) If a lessee wrongfully refuses to accept goods that conform to a contract,the lessor must tender substitute goods.
A)True
B)False
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Page 22
Chapter 21: Warranties and Product Liability
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Q1) Sweet Candy,Inc.,and Tasty Treats stores enter into a contract for a sale of confections.Sweet,a merchant who deals in goods of the kind sold,makes express warranties in connection with the sale.Under the UCC,at the time a contract is formed,an express warranty can be disclaimed or modified
A)by clear,conspicuous language called to the buyer's attention.
B)by implied affirmations of fact relating to the goods.
C)in any way that the seller sees fit for the ordinary purpose.
D)in no way.
Q2) A manufacturer's liability to an injured party on a strict product liability theory is limited to a refund or a replacement of the defective product. A)True
B)False
Q3) Warranties of title do not arise in most sales contracts. A)True
B)False
Q4) Express warranties can be limited in contracts. A)True
B)False
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Page 23
Chapter 22: Consumer Protection
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Q1) Albert's All-You-Can-Eat Buffet is a national chain with restaurants in every state.Under the Patient Protection and Affordable Care Act of 2010,Albert's must post the A)caloric content of the foods.
B)origin of the foods.
C)price of the foods.
D)chemical composition of the foods.
Q2) Package labels must use words that the ordinary consumer understands. A)True B)False
Q3) Rely Battery Corporation makes batteries for motor vehicles.The Federal Trade Commission (FTC) learns that Chuck's Automotive Stores,a retail company that sells Rely's batteries,engages in deceptive advertising practices.What actions can the FTC take against Chuck's?
Q4) Federal law governs the use of terms such as low fat on food labels. A)True B)False
Q5) State consumer protection laws are directed at deceptive trade practices. A)True B)False
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Chapter 23: The Essentials of Negotiability
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Q1) A check is a draft drawn by a drawer ordering the drawee bank or financial institution to pay a certain amount of money to the holder on demand.
A)True
B)False
Q2) To finance the purchase of a house from Tuna,Uri signs an instrument promising to pay to "Verity Mortgage Service" $160,000 with interest in installments with the final payment due July 10,2040.To be negotiable,this instrument must include the signature of A)a non-party witness.
B)Tuna or Tuna's realtor.
C)Uri.
D)Verity's chief financial officer.
Q3) Ollie negotiates an order instrument to Phil by
A)assignment of its rights under a contract.
B)delivery with any necessary indorsement.
C)making an unconditional promise to pay.
D)presenting it in response to a demand by B.
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Chapter 24: Transferability and Liability
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Q1) A person whose name is forged on an instrument is liable to pay only a holder in due course the value of the forged instrument.
A)True
B)False
Q2) Jeff's grandmother is the payee of a promissory note for $7,500.Jeff's grandmother gives Jeff the note for his sixteenth birthday.Jeff is
A)an HDC.
B)not an HDC,because he received the note as a gift.
C)not an HDC,because he is a minor.
D)not an HDC,because the note was for less than $10,000.
Q3) Presentment war?ranties protect the person to whom the instrument is presented. A)True
B)False
Q4) Primary liability is unconditional.
A)True
B)False
Q5) An instrument is not defective simply because it is overdue.
A)True
B)False
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Chapter 25: Checks and Banking in the Digital Age
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Q1) Guaranty Bank receives a check drawn on the account of Get-Rich Industries,Inc.,one of the bank's customers,at 3 p.m.Friday.Garry,the pre?senter of the check,is not one of the bank's customers.The bank uses de?ferred posting with a 2 p.m.cutoff hour.If it decides to dis?honor the check,it must do so by midnight
A)Saturday.
B)Sunday.
C)Monday.
D)Tuesday.
Q2) A customer can stop payment on a check that has been certified or accepted by a bank.
A)True
B)False
Q3) Brendan signs a check "pay to the order of City College Bookstore" drawn on his account in Delta Bank to pay for his current semester's textbooks.The bookstore deposits the check in its account in Eagle Bank.Like most checks,this check is A)a one-party instrument.
B)a nonnegotiable instrument.
C)a type of draft.
D)not a substitute for cash.
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Page 27
Chapter 26: Agency
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Q1) Joli,acting within the scope of her authority for the Cake Bake Shop,contracts with Valley View Berry Farms to buy an assortment of fruit.Cake Bake is liable on the contract,and Joli is not,if Cake Bake is
A)a disclosed principal.
B)a partially disclosed principal.
C)an undisclosed principal.
D)an apparent agent.
Q2) An agent's duties to the principal are implied from the agency relationship only if the identity of the principal is disclosed to a third party.
A)True
B)False
Q3) Iggy hires Joy to act as his agent to purchase Kup-a-Koffee Company.Iggy tells Joy to reveal only that she is buying the firm on behalf of a third party,without telling Kup-a-Koffee's seller who that third party is.Iggy is
A) a disclosed principal.
B) an implied principal.
C) an undisclosed principal.
D) a partially disclosed principal.
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Chapter 27: Employment and Immigration Law
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Q1) All unemployed workers are eligible for unemployment compensation.
A)True
B)False
Q2) Generally,an employer's monitoring of electronic commu?nications in the workplace does not violate employees' privacy rights.
A)True
B)False
Q3) Federal law does NOT restrict employers' use of the results of genetics tests.
A)True
B)False
Q4) Workbilt Hardware Company employs workers,including Gina,at six locations in two states.Workbilt's discharge of Gina outside the terms of an employment contract may result in
A)Workbilt's liability for damages.
B)Gina's deportation under the Immigration Act.
C)discontinuance of Gina's health-plan coverage.
D)monitoring Workbilt's communications for privacy violations.
Q5) There is federal regulation of employers' retirement plans for employees.
A)True
B)False
29
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Chapter 28: Discrimination and Labor Law
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Q1) Unfair labor practices are defined by the Norris-LaGuardia Act.
A)True
B)False
Q2) The Age Discrimination in Employment Act of 1967 prohibits employ?ment discrimi?nation on the basis of age against persons under eighteen.
A)True
B)False
Q3) Race can be a bona fide occupational qualification.
A)True
B)False
Q4) The Norris-LaGuardia Act effectively declared a national policy permitting employees to organize.
A)True
B)False
Q5) Under the Americans with Disabilities Act of 1990,disabled employees are entitled to "reasonable accommodation."
A)True
B)False
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Chapter 29: Sole Proprietorships,partnerships, Limited
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Q1) In winding up a general partnership,creditors are paid before partners receive their capital contributions.
A)True
B)False
Q2) Jim organized,and owns and operates,Jim's Landscaping Service in the simplest form of business organization.This is
A)a limited liability partnership.
B)a limited liability company.
C)a partnership.
D)a sole proprietorship.
Q3) On a partner's dissociation,his or her interest in the partnership must be purchased.
A)True
B)False
Q4) The managers of a limited liability company must be members.
A)True
B)False
Q5) Foreign investors cannot be limited liability company members.
A)True
B)False
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Chapter 30: Formation and Termination of a Corporation
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Q1) A close corporation can operate as an S corporation.
A)True
B)False
Q2) Ruff Games,Inc.,wishes to ac?quire a controlling interest in Smart Toy Com?pany by buying its stock.Smart Toy is
A)an alien corporation.
B)an acquiring corporation.
C)a receiver.
D)a target corporation.
Q3) A corporation whose shares are all held by a single person is called a close corporation.
A)True
B)False
Q4) A corporation does NOT possess the same right of access to the courts as citizens.
A)True
B)False
Q5) Only a board of directors can initiate the dissolution of a corporation.
A)True
B)False
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Chapter 31: Management and Ownership of a Corporation
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Q1) Frawsty Corporation distributes beverages in the greater Northwest.Frawsty's board of directors can delegate some of its functions to
A)Frawsty's incorporators.
B)Frawsty's officers.
C)Frawsty's shareholders.
D)no one.
Q2) Thor Power Products Corporation permits its directors to be elected by cumulative voting.This
A)allows minority shareholders to be represented on the board.
B)assures directors that they will be selected by their peers.
C)guarantees Thor's executive officers of the final choice.
D)ensures against persons who may "cloud" the corporate direction.
Q3) Directors can use corporate funds and confidential information for personal advantage as long as they disclose that they are doing so.
A)True
B)False
Q4) Shareholders' meetings must occur at least annually.
A)True
B)False
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Chapter 32: Secured Transactions
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Q1) The last security interest to be perfected is the first in priority over any other perfected security interests.
A)True
B)False
Q2) Intermittent advances against a line of credit can be subject to the same collateral.
A)True
B)False
Q3) Sweetwater Café defaults on debts to Town & Country Bank and Uno Loan Company.Town & Country perfected its security interest before Uno.Town & Country takes possession of the collateral in which it has a security interest.On a sale of the collat?eral,the proceeds will be applied first to
A)Sweetwater's previous payments on the debts.
B)Sweetwater's unpaid payments on the debts.
C)the balance of Sweetwater's debt to Town & Country.
D)the balance of Sweetwater's debt to Uno.
Q4) Proceeds consist of whatever is received when collateral is sold.
A)True
B)False
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34
Chapter 33: Creditors Rights and Remedies
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Q1) Refer to Fact Pattern 33-2.If BSI stops paying the rent,li?ability for the un?paid rent will be assessed against
A)Amy and BSI.
B)BSI only.
C)Cool only.
D)no one.
Q2) A mechanic's lien is possessory.
A)True
B)False
Q3) Khali's debt to Lew is past due.Lew obtains a judgment against Khali to collect the debt,but Khali refuses to pay.Lew asks the court to order Khali's employer to pay a portion of Khali's paycheck to Lew.This is a request for
A)an exemption from most federal limits on creditors' actions.
B)an order of garnishment.
C)an order that would violate most state laws.
D)a right of contribution.
Q4) A surety is secondarily liable on an obliga?tion.
A)True
B)False
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Chapter 34: Bankruptcy
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Q1) Wilson wants to file an ordinary,or straight,bankruptcy.Wilson should file using
A)Chapter 7.
B)Chapter 11.
C)Chapter 13.
D)his state's bankruptcy code.
Q2) Unsecured creditors do not have a vote to confirm a Chapter 13 plan.
A)True
B)False
Q3) Lionel files a voluntary petition for bankruptcy under Chapter 7.The court will likely deny a discharge of Lionel's debts if he
A)conceals records of his financial condition with the intent to defraud a creditor.
B)does not have sufficient assets to pay all his secured creditors.
C)filed for bankruptcy 12 years ago.
D)has a criminal record.
Q4) If the assets in a debtor's estate in bankruptcy are insufficient to pay fully all creditors,the debtor is liable for the difference.
A)True
B)False
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Chapter 35: Insurance
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Q1) U-Rents Company wants to insure the equipment that it rents to consum?ers.To obtain insurance,U-Rents must have an insurable inter?est in the property
A)at any time.
B)at the time a loss occurs.
C)at the time a policy is obtained.
D)continuously from the time a policy is obtained to the time a loss occurs.
Q2) An incorrect statement as to the age of the insured provides an insurance company with an excuse to avoid payment on the insured's death.
A)True
B)False
Q3) Insurance coverage can be effective before a formal written policy is issued.
A)True
B)False
Q4) Risk management is the transfer of certain risks from an individual to an insurance company.
A)True
B)False
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Chapter 36: Morgages and Foreclosures
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Q1) Alan applies for a mortgage loan at Class Act Bank.Class Act Bank does not fully disclose all terms of the loan to Alan.This is
A)commercial lending.
B)false lending.
C)predatory lending.
D)an acceptable way of doing business.
Q2) Geoffrey does not qualify for a standard mortgage.He can apply for A)a balloon mortgage.
B)an interest-only mortgage.
C)a subprime mortgage.
D)a construction loan.
Q3) Rebecca has a fixed-rate mortgage that has a fixed interest rate for three years and then adjusts annually.Rebecca's mortgage is a
A)5/1 ARM.
B)3/1 ARM.
C)1/3 ARM.
D)3 ARM.
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Chapter 37: Personal Property and Bailments
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Q1) Property voluntarily placed by its owner and inadver?tently forgotten is mislaid property.
A)True
B)False
Q2) Klondike and Leola own 10,000 shares of stock in My-T Gro Corporation.On the death of either owner,that owner's interest in the stock passes to the surviving owner.This is
A)a joint tenancy.
B)community property.
C)a tenancy in common.
D)ownership in fee simple.
Q3) In a bailment,possession of the property is transferred to the bailee.
A)True
B)False
Q4) Angela is young and healthy when she gives Annie a prize-winning horse.The gift meets all the requirements to be effective.This is a gift
A)inter vivos.
B)causa mortis.
C)by accession.
D)by confusion.
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Chapter 38: Real Property
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Q1) The exterior boundaries of land extend straight down for 500 feet and straight up for 500 feet.
A)True
B)False
Q2) Patsy possesses twenty-four acres of remote,rugged land.Patsy has the right to use the property,in?cluding extracting silver from an existing mine,for life.Patsy also has the right to lease the land for a period not to exceed her life.Patsy's ownership interest is A)a fee simple absolute.
B)a profit.
C)a life estate.
D)the power of eminent domain.
Q3) Refer to Fact Pattern 38-1.Nika deeds some of her land to Polly.The deed states,"To Polly,for life,then to Quay." Nika has given Polly
A)a fee simple absolute.
B)a license.
C)a life estate.
D)an easement.
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Chapter 39: Landlord and Tenant
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Q1) Paula owns Main Street Apartments.Paula may legally turn down a prospective tenant based on the tenant's A)race.
B)gender.
C)ability to pay rent.
D)religion.
Q2) Bill leases an apartment from Cathy.Two months later,Bill moves out,and arranges with Dian to move in and pay the rent to Cathy for the rest of the term.This is
A)an assignment.
B)an eviction.
C)a tenancy at sufferance.
D)a sublease.
Q3) Under the covenant of quiet enjoyment,a landlord promises that a ten?ant will not be disturbed in the possession of the premises.
A)True
B)False
Q4) A tenant is NOT responsible for damages he or she causes through negligence.
A)True
B)False
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Chapter 40: Wills and Trusts
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Q1) A trustee is a person for whose benefit a trust is held.
A)True
B)False
Q2) The assets in Doug's estate,including the value of his home on Elm Street and its contents,are insufficient to pay in full all of the gifts provided for in his will.His heirs will receive
A)full payment in order of seniority until the assets are exhausted.
B)nothing-the assets will descend to the state.
C)reduced benefits.
D)the option of distributing the assets according to their wishes.
Q3) Kit has two children,Lea (the eldest) and Merl,both of whom prede?cease Kit.Lea is survived by a son,Nat,and Merl by two daughters,Opal and Pearl.On Kit's death,if the estate is distributed per capita
A)Nat will receive one-half of the estate,and Opal and Pearl will each receive one-fourth.
B)Nat will receive the entire estate.
C)the grandchildren will each receive one-third of the estate.
D)the grandchildren will not receive anything.
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Page 42
Chapter 41: Administrative Law
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Q1) The Nuclear Regulatory Commission is an independent regulatory agency.Its basic functions include making rules,investigating activities that it regulates,enforcing its rules and adjudicating disputes.All of these functions are part of
A)the judicial process.
B)the legislative process.
C)the administrative process.
D)the executive process.
Q2) With some exceptions,every portion of every meeting of the Federal Reserve System Board of Governors and other federal administrative agencies must be open to public observation under
A)no federal or state law.
B)the Freedom of Information Act.
C)the Government in the Sunshine Act.
D)the Public Accountability Act.
Q3) Independent regulatory agencies such as the Federal Trade Commission are
A)not part of the government's executive branch.
B)outside the major departments of the government's executive branch.
C)subagencies of executive agencies.
D)subject to more executive authority than executive agencies.
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Page 43
Chapter 42: Antitrust Law
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Q1) In determining the legality of a merger,a crucial consideration is market concentration.
A)True
B)False
Q2) Insurance companies are exempt from antitrust laws whenever state regulation exists.
A)True
B)False
Q3) Some agreements are so blatantly and substantially anticompetitive that they are deemed illegal per se under Section 1 of the Sherman Act.Which of the following is NOT a per se violation?
A)A price-fixing agreement
B)A group boycott
C)A trade association
D)A market division
Q4) A price-fixing agreement that is reasonable does not violate antitrust law.
A)True
B)False
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Page 44
Chapter 43: International Law
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Questions
Q1) Bango! Business,Inc.,a U.S.firm,may have committed,in Chile,acts that would constitute,in the United States,violations of U.S.anti?trust laws.These laws apply
A)extraterritorially.
B)only to signatories of the North American Free Trade Agreement.
C)only to members of the World Trade Organization.
D)only within U.S.borders.
Q2) All international sales contracts should have a choice-of-language clause to designate the official language by which the contract will be interpreted.
A)True
B)False
Q3) International franchisees usually do NOT pay fees for the license to use a trademark or trade name.
A)True
B)False
Q4) The Foreign Sovereign Immunities Act spells out what a "foreign state" includes. A)True
B)False
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45