Corporate Law
Textbook Exam Questions
Course Introduction
Corporate Law examines the legal principles and regulations governing the formation, management, and dissolution of corporations. The course explores topics such as corporate personality, fiduciary duties of directors and officers, shareholders rights, corporate governance, mergers and acquisitions, and regulatory compliance. Students will develop a foundational understanding of corporate structures and the relationship between corporations and stakeholders, with attention to case studies and contemporary legal challenges in the corporate sector.
Recommended Textbook Business Law
8th Edition by Henry
R. Cheeseman
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4442 Verified Questions
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Chapter 1: Legal Heritage and the Digital Age
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Q1) Administrative agencies are created by the judicial branch of government.
A)True
B)False
Answer: False
Q2) Imposing a ban on public smoking can serve as an example of a law that adheres to the ________ School of jurisprudence.
A)Command
B)Sociological
C)Law and Economics
D)Analytical Answer: B
Q3) Equitable orders and remedies of the Court of Chancery took precedence over the legal decisions and remedies of the law courts.
A)True
B)False
Answer: True
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Chapter 2: Courts and Jurisdiction
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Q1) In small claims courts, it is necessary that the parties are represented by a lawyer at all times.
A)True
B)False
Answer: False
Q2) Why do courts need to accomplish a service of process?
A)to obtain personal jurisdiction over the plaintiff in a lawsuit
B)to obtain personal jurisdiction over the defendant in a lawsuit
C)to obtain jurisdiction to hear a case where the court has jurisdiction over the property in the lawsuit
D)to obtain jurisdiction over nonresidents who were not served summons within the state
Answer: B
Q3) Where a long-arm statute is present, a defendant need not have minimum contact with a state for that state's courts to have jurisdiction over the defendant.
A)True
B)False
Answer: False
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4
Chapter 3: Judicial,Alternative,and E-Dispute Resolution
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Sample Questions
Q1) In which of the following cases does a class action occur?
A)There are no factual disputes to be decided by the jury.
B)The defendant has multiple grounds for appeal.
C)A group of plaintiffs collectively bring a lawsuit against a defendant.
D)The plaintiff does not reply to the defender's cross-complaint.
Answer: C
Q2) The act of other interested parties joining as parties to an existing lawsuit is termed as ________.
A)intervention
B)consolidation
C)class action
D)arbitration
Answer: A
Q3) Which of the following is a method of alternative dispute resolution?
A)pretrial hearing
B)settlement conference
C)appeal
D)fact- finding
Answer: D
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Page 5
Chapter 4: Constitutional Law for Business and
E-Commerce
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Sample Questions
Q1) Lila, a newspaper columnist from Chicago, is unhappy with the soaring price of fuel in the U.S.She publishes an article that criticizes the government's refusal to offer gasoline at a subsidized price.This is an example of fully protected speech.
A)True
B)False
Q2) Vanessa was born to American parents from a minority group in Miami.She applies to a public university which offers scholarships only to students from minority groups.Which of the following standards of review is used to decide if the university violates the Equal Protection Clause by offering Vanessa the scholarship?
A)rational basis
B)intermediate scrutiny
C)strict scrutiny
D)cogent basis
Q3) The Privileges and Immunities Clause prohibits states from enacting laws that unduly discriminate in favor of their residents.
A)True
B)False
Q4) How is power divided between the federal government and the state governments?
Page 6
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Chapter 5: Intentional Torts and Negligence
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Q1) Sending an objectionable telegram to a third party and signing another's name constitutes the tort of ________.
A)invasion of the right to privacy
B)defamation of character
C)battery
D)intentional misrepresentation
Q2) A doctor driving on the wrong side of the road crashes into an eight-year-old boy riding a bicycle.Fearing the consequences, the doctor flees without reporting the accident or giving first-aid to the boy.The doctor is liable for professional malpractice.
A)True
B)False
Q3) How is assault different from battery?
Q4) Michael wanted to shoot Gary but accidentally injured Stella with the bullet.Which of the following can Stella use to recover damages from Michael?
A)doctrine of unintentional tort
B)doctrine of proximate cause
C)doctrine of negligence
D)transferred intent doctrine
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Chapter 6: Product and Strict Liability
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Q1) Mary was getting a ride home in John's new car.On the way, a malfunctioning brake caused an accident and both Mary and John were injured.Which of the following statements is true of this situation?
A)Mary can recover from a strict liability lawsuit against the manufacturer of John's car.
B)Mary can file a strict liability lawsuit against John.
C)Mary can file a negligence lawsuit against the dealership that sold John his car.
D)John can file a negligence lawsuit against the dealership from which he bought the car.
Q2) Intentional misrepresentation occurs when a seller or lessor ________.
A)fails to warn customers about the dangerous propensities of a product
B)shows negligence in product design
C)fails to assemble a product carefully
D)conceals a defect in a product
Q3) Courts can apply a consumer expectation test to evaluate the adequacy of a product's design.
A)True
B)False
Q4) What is the purpose of the crashworthiness doctrine?
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Page 8
Chapter 7: Intellectual Property and Cyber Piracy
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Q1) How is a copyright different from a patent?
A)Copyrights are applied for inventions, while a patent is applied for tangible writings.
B)Patents have a limited term period, while copyrights carry lifelong terms.
C)Patents fall under the federal law, while copyrights fall under state law.
D)Copyrights should be novel, and useful, while patents need not be so.
Q2) What federal statute was enacted by the Congress to protect trade secrets?
A)Economic Espionage Act
B)Sarbanes-Oxley Act
C)Lanham Act
D)Telecommunication Act
Q3) A party that does not register its brand name has no legal right over it.
A)True
B)False
Q4) Which of the following statements is true of the patent period in the United States?
A)It follows the first-to-file rule.
B)The patent period for an invention is 17 years.
C)The patent term begins to run from the date the patent application is filed.
D)The patent term begins to run from the date the patent is issued.
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Page 9
Chapter 8: Criminal Law and Cyber Crimes
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Sample Questions
Q1) Theft committed by an unauthorized entry through an unlocked door would be considered burglary.
A)True
B)False
Q2) Which of the following Amendments protects criminal defendants from cruel and unusual punishment, and also protects criminals from torture?
A)Fifth Amendment
B)Fourth Amendment
C)Eighth Amendment
D)Fourteenth Amendment
Q3) Why do governments and defendants enter into plea bargains?
Q4) ________ is the fraudulent conversion of property by a person to whom that property was entrusted.
A)Bribery
B)Extortion
C)Embezzlement
D)Forgery
Q5) Explain the role of penal codes and regulatory statutes in criminal law.
Q6) Discuss "receiving stolen property" as a crime.
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Chapter 9: Nature of Traditional and E-Contracts
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Sample Questions
Q1) An offeror uses blackmail to make an offeree sign a contract that involves the sale of the offeree's house.The contract is ________.
A)valid
B)void
C)voidable
D)unenforceable
Q2) Which of these is an instance of a quasi-contract?
A)an employee receiving his or her paycheck every month
B)an unconscious man being nursed by a hospital, having been brought in by a passer-by
C)two companies signing a business agreement that spans an undefined duration
D)a woman hiring a caterer only after the caterer promises to deliver the food on time
Q3) ________ is a doctrine that permits judges to make decisions based on fairness, equality, moral rights, and natural law.
A)Common law of contracts
B)Restatement of the Law of Contracts
C)Equity
D)Objective theory of contracts
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Chapter 10: Agreement
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Sample Questions
Q1) In auction without reserve, the seller is the offeree.
A)True
B)False
Q2) To meet the mirror image rule, the offeree must accept the terms of the offer without modification.
A)True
B)False
Q3) In an auction with reserve, the bidder can withdraw his bid after an acceptance has been indicated from the offeror.
A)True
B)False
Q4) The legal power to accept an offer belongs to the ________.
A)offeror
B)offeree
C)agent
D)seller
Q5) Implied terms in a contract can be supplied by the courts.
A)True
B)False
Q6) Give an account of termination of offer due to lapse of time.
Page 12
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Chapter 11: Consideration and Promissory Estoppel
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Sample Questions
Q1) Hartman, who has worked for Aratize Inc.for 25 years, is retiring.Upon hearing the news of his retirement, the president of Aratize announces a bonus of $250, 000 to Hartman for his exceptional services toward Aratize thus far.But upon retiring, Hartman isn't paid the bonus.Hartman decides to sue the president and Aratize to recover the promised bonus.Which of the following is true of this case?
A)It will be enforceable in court because it is a gift promise.
B)It will not be enforceable in court because of past consideration.
C)It will not be enforceable because the president is not authorized to make such a promise.
D)It will not be enforceable because it is an unlawful consideration.
Q2) A gift promise requires the promisee to provide consideration.
A)True
B)False
Q3) Output contracts serve the legitimate business purposes of assuring the seller of a purchaser for all its output.
A)True
B)False
Q4) Explain the preexisting duty principle in private sector contracts.
Q5) What is a best-efforts contract?
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Chapter 12: Capacity and Legality
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Q1) The state of Transas has set a maximum interest rate of 12 percent on loans.Matt borrows $10, 000 from Tony to pay off a gambling debt.Both are residents of Transas.They sign a contract, which states that Matt would have to pay $1, 500 as interest in one year to pay off the loan.Later Matt finds out the state usury limit and sues Tony.What is the nature of the contract between Matt and Tony?
A)It is illegal as it violates gambling statutes.
B)It is legal as both parties were competent when the contract was signed.
C)The contract is void as it violates usury laws.
D)The contract is void as it is a contract to commit a crime.
Q2) The parental duty of support is terminated if a minor becomes emancipated.
A)True
B)False
Q3) Describe the infancy doctrine with reference to legal contracts.
Q4) Which of the following is an example of a contract contrary to statutes by its very existence?
A)a usurious loan contract
B)a contract between two minors
C)a contract where one party is insane but not adjudged insane
D)a contract of adhesion
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Chapter 13: Genuineness of Assent and Undue Influence
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Q1) Predictions about the future generally do not form the basis for fraud.
A)True
B)False
Q2) The measure of damages, recovered from a misrepresentation, is ________.
A)the actual value of the property
B)the represented value of the property
C)the difference between the value of the property as represented and the actual value of the property
D)twice the actual value of the property which includes punitive damages
Q3) ________ is a mistake made by both parties concerning an object that is important to the subject matter of a contract.
A)Mutual mistake of value
B)Mutual mistake of material fact
C)Elementary unilateral mistake
D)Fraud by concealment
Q4) Describe a case that involves fraud in the inducement.
Q5) A misrepresentation is considered fraud even if it is made without intent to deceive another party.
A)True
B)False
Page 15
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Chapter 14: Statute of Frauds and Equitable Exceptions
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Q1) Any oral or written words outside the four corners of the written contract are called parol evidence.
A)True
B)False
Q2) In a guaranty situation, the original contract is between the ________.
A)creditor and the guarantor
B)debtor and the creditor
C)debtor and the guarantor
D)creditor and the lessee
Q3) Under which of the following conditions does a promissory estoppel provide for the enforceability of an oral contract?
A)when the promise induces action or forbearance of action by another
B)when the reliance on the oral promise was unforeseeable
C)when enforcing the oral promise provides for faster resolution of the case
D)when the oral promise provides for reduced damages to the defendant
Q4) In a guaranty situation, there is only one contract among three parties.
A)True
B)False
Q5) Explain the creation and working of guaranty contracts.
Q6) When is parol evidence admitted in court?
Page 16
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Chapter 15: Third-Party Rights and Discharge
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Q1) Which of the following phrases describes the term covenant?
A)an unconditional promise to perform
B)a breach of contract
C)mutual rescission of a contract
D)successive assignments of a right
Q2) A party who is owed a right under a contract is called the obligor.
A)True
B)False
Q3) Unilateral rescission of a contract constitutes a breach of that contract.
A)True
B)False
Q4) Which of the following is true of discharge of performance by agreement?
A)A partially executed contract cannot be rescinded.
B)Mutual rescission requires parties to enter into a second agreement that expressly terminates the first one.
C)A party is allowed to rescind a contract without the consent of the other party.
D)Unilateral rescission is not regarded as breach of contract.
Q5) Explain the process of transfer of rights.
Q6) Distinguish between conditions and covenants.
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Chapter 16: Remedies for Breach of Traditional and E-Contracts
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Q1) Disclaimer of consequential damages is unlawful in the United States.
A)True
B)False
Q2) ________ refers to an equitable doctrine that permits the court to rewrite a contract to express the parties' true intentions.
A)Reformation
B)Injunction
C)Conjunction
D)Garnishment
Q3) The amount of compensatory damages that will be awarded for breach of contract depends on which party breached the contract.
A)True
B)False
Q4) ________ damages are awarded when the nonbreaching party sues the breaching party even though no financial loss has resulted from the breach.
A)Consequential
B)Compensatory
C)Nominal
D)Liquidated
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Chapter 17: E-Commerce and Digital Law
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Q1) The.org domain name extension represents a U.S.website.
A)True
B)False
Q2) Data and software do not constitute intellectual property.
A)True
B)False
Q3) The parties to a contract for the licensing of information owe a duty to perform the obligations stated in the contract.
A)True
B)False
Q4) Registering a domain name of another party's trademarked name or famous person's name in bad faith is called cybersquatting.
A)True
B)False
Q5) A network extension is a unique name that identifies an individual's or company's website.
A)True
B)False
Q6) Briefly explain the working of an e-license.
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Chapter 18: Formation of Sales and Lease Contracts
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Q1) Shipment of the original offer to a buyer is called an accommodation.
A)True
B)False
Q2) Which of the following is true of a finance lease?
A)It involves leasing out money to a lessee.
B)The lessor is the supplier of goods.
C)It consists of a lessor, a lessee, and a supplier.
D)The lessee acquires the title of the goods.
Q3) What is the nature of the contract between Miranda Airways and Wurtherton?
A)sale of goods
B)lease
C)counteroffer
D)option contract
Q4) A ________ is defined as the passing of title of goods from a seller to a buyer for a price.
A)lease
B)sale
C)loan
D)gift
Q5) What are the provisions for contracts with services under Article 2 of the UCC?
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Chapter 19: Title to Goods and Risk of Loss
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Q1) ________ refers to an arrangement in which a seller delivers goods to a buyer to sell on his or her behalf.
A)Consignment
B)Void entitlement
C)Entrustment
D)Leasing
Q2) Larry, a merchant seller, had contracted with Simon, to buy welding equipments.The contract stipulated that Larry would pick up the equipments from Simon's warehouse on the 14<sup>th</sup> day from the date of the contract.But Larry could not make the pick up on that date and before he could do so on the 15<sup>th</sup> day, the warehouse was burned down by miscreants.In this situation, who bears the risk of loss of the goods that were to be received by Larry?
A)The risk of loss lies with Larry for delaying the pick up.
B)The risk of loss lies with Simon for not protecting the goods.
C)The risk of loss is equally shared by Larry and Simon.
D)The risk of loss is shifted to the persons responsible for the fire.
Q3) An undeveloped real estate property is an example of future goods.
A)True
B)False
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Page 21
Chapter 20: Remedies for Breach of Sales and Lease Contracts
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Q1) Liquidated damages can be claimed in addition to actual damages.
A)True
B)False
Q2) If a buyer accepts nonconforming goods, the buyer may seek remedies against the seller.
A)True
B)False
Q3) If a buyer breaches a sales contract before the seller has delivered the goods, the seller cannot recover damages from the buyer.
A)True
B)False
Q4) The UCC statutes of limitations cannot be reduced by the contracting parties.
A)True
B)False
Q5) ________ is an action a party to a sales or lease contract is required by law to carry out.
A)Obligation
B)Breach
C)Capture
D)Revocation
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Chapter 21: Warranties
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Q1) What kind of warranty did TinCar Autos provide Eliza?
A)limited warranty
B)full warranty
C)warranty of good title
D)warranty of no interference
Q2) The foreign food test is used to find breaches in implied warranty of fitness for human consumption.
A)True
B)False
Q3) What is the difference between a full warranty and a limited warranty?
Q4) A statement that negates express and implied warranties is known as a ________.
A)warranty disclaimer
B)limited warranty
C)warranty infringement
D)warranty of no interference
Q5) What are the damages recoverable for a breach of warranty?
Q6) Sellers and lessors are not required to make express warranties.
A)True
B)False
Q7) Explain the implied warranty of fitness for a particular purpose.
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Chapter 22: Creation of Negotiable Instruments
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Q1) Promises to pay and orders to pay must be unconditional in order to be negotiable.
A)True
B)False
Q2) What is a trade acceptance?
Q3) Who is the acceptor of a draft in a draft transaction?
A)the drawer
B)the drawee
C)the payee
D)the financee
Q4) A promise or order is only considered negotiable if ________.
A)the promise or order to pay is unconditional
B)it states that the promise or order is subject to or governed by another writing
C)the rights to the promise or order are stated in another writing
D)an express condition to payment is mentioned
Q5) To be negotiable, a draft or check must contain the drawer's unconditional order to pay a payee.
A)True
B)False
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Chapter 23: Holder in Due Course and Transferability
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Q1) The ________ is a doctrine that says a holder who does not qualify as a holder in due course in his or her own right becomes a holder in due course if he or she acquires an instrument through a holder in due course.
A)exclusionary rule
B)acceleration clause
C)shelter principle
D)good faith principle
Q2) Under the UCC's ________ requirement, a person cannot qualify as an HDC if he or she has noticed that the instrument is overdue.
A)no evidence of forgery, alteration, or irregularity
B)taking in good faith
C)taking without notice of defect
D)taking for value
Q3) If a virgule is used, both parties are necessary to negotiate the instrument.
A)True
B)False
Q4) An order paper that is indorsed in blank becomes bearer paper.
A)True
B)False
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Chapter 24: Liability, Defenses, and Discharge
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Q1) Adjudicated mental incompetence is a universal defense that can be raised against holders and HDCs.
A)True
B)False
Q2) Maria is the treasurer of Rex Caldwell Corporations.As treasurer, she makes out and signs the payroll checks for the company.Maria draws a payroll check payable to the order of her maid Carolyn Doss, who does not work for the company.Maria does not intend Carolyn to receive this money.She indorses Carolyn's name on the check and names herself as the indorsee.She cashes the check at a liquor store.Under which rule of forged instruments is Maria accountable?
A)good faith rule
B)exclusionary rule
C)imposter rule
D)fictitious payee rule
Q3) An unqualified indorser has secondary liability on negotiable instruments.
A)True
B)False
Q4) A presentment is a demand for the acceptance of a dishonored instrument.
A)True
B)False
Page 26
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Chapter 25: Banks, E-Money, and Financial Reform
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Q1) An oral order to stop payment on a check is binding on the payer bank for a period of 14 calendar days.
A)True
B)False
Q2) Which of the following describes the "deferred posting rule"?
A)Banks can fix an afternoon hour of 2:00 or later as a cutoff hour for the purpose of processing checks and deposits.
B)When a customer deposits a check for collection, the depository bank does not have to pay the customer until the check clears.
C)Banks have to mail their checking account customers monthly statements of their accounts and any canceled checks should accompany this statement.
D)A customer is liable for payment to his bank if he fails to report any unauthorized transactions within 30 days from the receipt of the account statement.
Q3) A deposit of cash to an account becomes available for withdrawal at the opening of the next banking day following the deposit.
A)True B)False
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Chapter 26: Credit,Mortgages,and Debtor's Rights
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Q1) The creditor who has to rely on collateral to secure payment is known as an unsecured creditor.
A)True
B)False
Q2) Ashton borrows $25, 000 from Amanda.Amanda lends the money to Ashton without taking an interest in collateral for the loan.Amanda is relying on Ashton's credit standing when she makes the loan.What kind of creditor is Amanda?
A)an unsecured creditor
B)a secured creditor
C)an administrative claim creditor
D)a post-petition creditor
Q3) Which of the following Acts is particularly designed to regulate the home loan market, and put the burden on lenders to verify that a borrower can afford to repay the loan for which he or she has applied?
A)Fair Credit Reporting Act
B)Consumer Financial Protection Act of 2010
C)Truth-in-Lending Act
D)Mortgage Reform and Anti-Predatory Lending
Q4) Give an account of the Consumer Financial Protection Act of 2010.
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Chapter 27: Secured Transactions and E-Filing
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Q1) Which of the following refers to the resulting assets from the exchange or disposal of collateral subject to a security agreement?
A)sale proceeds
B)future advances
C)floating lien
D)after-acquired property
Q2) Which of the following transactions occurs when a seller sells goods to a buyer on credit and retains a security interest in the goods?
A)two-party secured
B)three-party secured
C)perfected
D)attached
Q3) In a three-party secured transaction, the party that purchases the good or service is known as the buyer-secured creditor.
A)True
B)False
Q4) Only one continuation statement can be filed for a financing statement.
A)True
B)False
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Chapter 28: Bankruptcy and Reorganization
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Q1) Which of the following is a feature of the Chapter 11 plan of reorganization?
A)an equilateral division of the Chapter 11 estate among all creditors
B)division of the bankruptcy estate according to the debt to be paid to each creditor
C)discharge of a debtor's unsecured debts and payment of secured debts
D)a proposed new capital structure for a debtor to assume when it emerges from Chapter 11 bankruptcy
Q2) A Chapter 13 discharge is granted to the debtor before the debtor's plan of payment begins.
A)True
B)False
Q3) Describe the procedure for filing a bankruptcy petition.
Q4) Which of the following is true of a debtor's bankruptcy estate?
A)Only intangible personal property constitutes the bankruptcy estate.
B)No property solely owned by the debtor is exempted from constituting the bankruptcy estate.
C)Creditors are allowed to claim exempt property.
D)Government benefits and compensations are exempted from constituting the bankruptcy estate.
Q5) Explain in brief the constitution of a bankruptcy estate.
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Chapter 29: Agency Formation and Termination
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Q1) List the circumstances that can lead to termination by impossibility of performance.
Q2) Helga owns a piece of real estate.She goes to Stranton Lace Bank to obtain a loan against the property.The bank makes the loan but requires Helga to sign a mortgage pledging the property as collateral for the loan.The mortgage agreement appoints the bank as Helga's agent.If Helga defaults on her payments, the agreement permits the bank to sell the property and recover the amount of the loan from the sale proceeds.What kind of agency exists between Helga and the bank?
A)agency coupled with an interest
B)apparent agency
C)agency by ratification
D)incidental agency
Q3) What role does Chris perform?
A)independent contractor
B)agent
C)principal
D)trustee
Q4) Only a lawyer can become an attorney-in-fact.
A)True
B)False
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Chapter 30: Liability of Principals, Agents, and Independent Contractors
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Q1) Harrison hires an agent to look for a three-bedroom house in Atlanta.Elaine, the agent, finds a three-bedroom house in Harrison's budget but buys it herself without informing Harrison.This is an instance of the agent's ________.
A)self-dealing
B)conflict of interest with the principal
C)competing with the principal
D)usurping an opportunity
Q2) ________ occurs where a principal is liable for an agent's tortious conduct because of the employment contract between the principal and agent, not because the principal was personally at fault.
A)Vicarious liability
B)Negligence
C)Liability with fault
D)Misrepresentation
Q3) Principals are liable for negligence caused by an agent during substantial frolic and detour.
A)True
B)False
Q4) Explain in brief the liability for an independent contractor's torts.
Page 32
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Chapter 31: Employment, Worker Protection, and Immigration Law
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Q1) Under FUTA, employers are exempted from paying unemployment taxes.
A)True
B)False
Q2) Under common law, employees who were injured on the job could not sue their employers for negligence.
A)True
B)False
Q3) States usually require employers to purchase ________ from private insurance companies or state funds to cover workers' compensation claims.
A)employee insurance
B)relief fund insurance
C)provident fund insurance
D)workers' compensation insurance
Q4) The Department of Labor permits employers to pay less than the minimum wage to students and apprentices.
A)True
B)False
Q5) Describe the measures taken by the U.S.Department of Labor against oppressive child labor.
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Chapter 32: Labor Law and Collective Bargaining
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Q1) Which of the following is provided by the National Labor Relations Act of 1935?
A)to regulate internal affairs of each union
B)to represent employees according to their sectors of employment
C)to bargain collectively with employers
D)to equally represent every union member
Q2) Unskilled and semi-skilled workers did not qualify as members of the CIO.
A)True
B)False
Q3) Employees who choose not to strike or return to work after joining the strikers for a period of time are known as ________ workers.
A)locked-out
B)wildcat
C)borderline
D)crossover
Q4) Secondary boycott picketing is not lawful if it is against the primary employer's product.
A)True
B)False
Q5) List and explain strikes that are held to be illegal be federal labor law.
Q6) Outline the act of collective bargaining.
Page 34
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Chapter 33: Equal Opportunity in Employment
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Q1) If a light-skinned member of a race refuses to hire a dark-skinned member of the same race, it constitutes racial discrimination.
A)True
B)False
Q2) Using a sexually explicit picture or screensaver to mock an employee constitutes
A)gender discrimination
B)quid pro quo sex discrimination
C)sexual harassment
D)physical abuse
Q3) Which of the following is considered a major physiological impairment by the ADAAA?
A)undergoing mental stress
B)a history of surgery
C)nursing a temporary but contagious ailment
D)having cancer
Q4) Federal workers are not covered under the Equal Pay Act.
A)True
B)False
Q5) Explain the scope and provisions of Title VII of the Civil Rights Act.
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Chapter 34: Small Business, Entrepreneurship, and General Partnerships
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Q1) Instead of suing the partnerships or other partners at law, general partners are given the right to bring a(n)________ against other partners.
A)claim for damages
B)tort action
C)call for action
D)action for an accounting
Q2) Which of the following is true of a sole proprietorship?
A)A business operated under sole proprietorship cannot be transferred.
B)Large businesses cannot be operated under sole proprietorship.
C)A business operated under sole proprietorship should be owned by one or more people of the same family.
D)Creditors can recover claims against the business from the sole proprietor's personal assets.
Q3) An entrepreneur is a person who forms and operates a business.
A)True
B)False
Q4) How are assets distributed after the dissolution of a general partnership?
Q5) Explain in brief the formation of a general partnership.
Q6) List the advantages and disadvantages of a sole proprietorship.
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Chapter 35: Limited Partnerships and Special Partnerships
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Q1) Who among the following get first priority in the distribution of assets upon the dissolution of a partnership?
A)investors
B)limited partners
C)general partners
D)creditors
Q2) Which of the following is true of the admission of a new general partner to an existing limited partnership?
A)Only limited partners can be admitted to an existing partnership.
B)A limited partnership agreement cannot waive the right of partners to approve the admission of new general partners.
C)The oral consent of all partners is enough for a general partner admission.
D)Consent of all general partners is sufficient for the admission of a new limited partner.
Q3) The creation of a limited partnership is formal and requires public disclosure.
A)True
B)False
Q4) Explain the events that cause the dissolution of a limited partnership under RULPA.
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Chapter 36: Corporate Formation and Financing
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Q1) Which of the following acts is seen as conclusive proof for the existence of a corporation?
A)creation of the promoter's contracts
B)filing of the articles of incorporation
C)acquiring the domain name for the corporation
D)selecting a state for incorporation
Q2) Convertible preferred stock permits the preferred stockholders to convert their shares into common stock.
A)True
B)False
Q3) Shareholders cannot move an injunction against an ultra vires act engaged by the corporation.
A)True
B)False
Q4) What is the conversion right for preferred stocks?
Q5) Treasury shares cannot be issued by the corporation.
A)True
B)False
Q6) Give an account of how articles of incorporations are amended.
Q7) Give an account of publicly held and closely held corporation.
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Chapter 37: Corporate Governance and the
Sarbanes-Oxley Act
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Q1) The election of directors of the corporation can be held by electronic transmission.
A)True
B)False
Q2) Which of the following is true of stock dividends?
A)They are the redistribution of corporate assets as shares.
B)They increase an existing shareholder's proportionate ownership interest.
C)They are additional stocks distributed as dividends.
D)They are distributed according to existing ownership interest of the board of members.
Q3) A director who personally competes with the corporation he is employed in would be in breach of duty of obedience.
A)True
B)False
Q4) The ________ Act prohibits public companies from making personal loans to their directors or executive officers.
A)Foreign Corrupt Practices
B)Deregulation and Monetary Control
C)Sarbanes-Oxley
D)Commodity Futures Modernization
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Chapter 38: Corporate Acquisitions and Multinational Corporations
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Questions
Q1) Shareholder approval is required to make fundamental changes in a corporation.
A)True
B)False
Q2) A merger increases the number of voting shares of the surviving corporation by 23 percent.Which of the following is required in this context?
A)a unanimous vote of the incumbent directors
B)a majority vote among the board of directors
C)a majority vote of shareholders
D)an affirmative vote by at least 30 percent of shareholders
Q3) A corporation that uses subsidiary corporations to operate in more than one country cannot be termed as a multinational corporation.
A)True
B)False
Q4) The approval of the surviving corporation's shareholders is not required if the merger or share exchange increases the number of voting shares of the surviving corporation by 20 percent or less.
A)True
B)False
Page 40
Q5) Explain the factors that lead to a proxy contest.What is its outcome?
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Chapter 39: Limited Liability Companies and Limited Liability Partnerships
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Q1) A member or a shareholder is the owner of an LLC.
A)True
B)False
Q2) The existence of an LLC begins when the articles of organization are filed.
A)True
B)False
Q3) A member's distributional interest in an LLC is ________ and may be transferred in whole or in part.
A)a vote
B)a proxy
C)personal property
D)an authority in management
Q4) An operating agreement can be amended orally.
A)True
B)False
Q5) A nonmanager member of an LLC is not entitled to remuneration for services performed for the LLC at any time.
A)True
B)False
Q6) What is a distributional interest? Explain the terms of its transfer. Page 41
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Chapter 40: Franchises and Special Forms of Businesses
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Q1) Joint venturers do not owe each other fiduciary duties of a loyalty and care as they are not bound by a contract.
A)True
B)False
Q2) A distributorship franchisee is called a subfranchisor.
A)True
B)False
Q3) Partners to a strategic alliance can be potential competitors to each other.
A)True
B)False
Q4) ________ is a business arrangement that occurs when the owner of intellectual property contracts to permit another party to use the intellectual property.
A)General partnership
B)Leasing
C)Licensing
D)Joint venturing
Q5) What are the steps a prospective franchisee must take in order to acquire a franchise? What properties are generally licensed by franchisors?
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Chapter 41: Investor Protection, E-Securities, and Wall Street Reform
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Q1) The SEC is concerned with regulating issues and trading of securities alone and cannot regulate the activities of securities brokers and advisors.
A)True
B)False
Q2) The issuer is permitted to assert a due diligence defense against the imposition of Section 11 liability.
A)True
B)False
Q3) The Securities Act of 1933 regulates the purchase and sale of securities online.
A)True
B)False
Q4) A(n)________ is a person who discloses material nonpublic information to another person.
A)issuer
B)tippee
C)grantor
D)tipper
Q5) How does a company sell its shares to the public for the first time? Explain the contents of a registration statement.
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Chapter 42: Ethics and Social Responsibility of Business
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Q1) According to ethical relativism, ________.
A)ethics rely on duties based around universal rules which one is morally bound to follow
B)each person is presumed to have entered into a social contract with all others in society to obey moral rules
C)there are no universal ethical rules to guide a person's conduct
D)people must choose an action or follow a rule that provides the greatest good to society
Q2) A corporation that pollutes a body of water has not met its moral minimum duty of social responsibility even if the business later compensates those whom the pollution has injured.
A)True
B)False
Q3) A social responsibility theory of business which says that a corporation's duty is to make a profit while avoiding causing harm to others is referred to as ________.
A)stakeholder interest
B)corporate citizenship
C)maximizing profits
D)moral minimum
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Chapter 43: Administrative Law and Regulatory Agencies
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Q1) Independent federal administrative agencies are federal agencies responsible for enforcing specific administrative statutes enacted by Congress.
A)True
B)False
Q2) State administrative agencies are created by the legislative branch of the federal government.
A)True
B)False
Q3) Which of the following is true of state administrative agencies?
A)They are created by federal administrative agencies.
B)They act as advisory boards for the president.
C)Their decisions can be appealed to a state court..
D)They are not empowered to enforce statutes.
Q4) ________ are federal agencies that have broad regulatory powers over key areas of the national economy.
A)Independent federal administrative agencies
B)State administrative agencies
C)Law enforcement agencies
D)Cabinet-level federal departments
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Chapter 44: Consumer Protection and Product Safety
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Q1) Which of the following consumer products comes under the purview of the CPSC?
A)aircrafts
B)motor vehicles
C)firearms
D)children's toys
Q2) The FDA places a complete ban on the use of animal testing in the production of cosmetic goods.
A)True
B)False
Q3) The mislabeling of medicinal devices is prohibited under the Nutrition Labeling and Education Act.
A)True
B)False
Q4) Sellers of raw fruits and vegetables can adopt a voluntary approach when it comes to labeling requirements.
A)True
B)False
Q5) Give an account of the regulation of medicinal devices in the United States?
Q6) What is the bait and switch advertising model?
Q7) What is the United Nation's Biosafety Protocol for genetically altered food?
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Chapter 45: Environmental Protection
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Q1) The EPA requires special labeling of toxic substances.
A)True
B)False
Q2) The federal government is primarily responsible for the implementation of the Clear Water Act in all states.
A)True
B)False
Q3) The Comprehensive Environmental Response, Compensation, and Liability Act is commonly called the Superfund.
A)True
B)False
Q4) The right to enforce air pollution standards is an exclusive prerogative of the federal government.
A)True
B)False
Q5) The Clear Water Act authorizes the EPA to establish national primary drinking water standards.
A)True
B)False
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Chapter 46: Antitrust Law and Unfair Trade Practices
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Q1) The ________ is a rule that is applicable to restraints of trade considered inherently anticompetitive.
A)consent decree
B)Noerr doctrine
C)per se rule
D)rule of reason
Q2) A merger between two or more companies that compete in the same business and geographical market is known as ________.
A)horizontal merger
B)vertical merger
C)market extension merger
D)conglomerate merger
Q3) Natural monopolies are found to violate Section 2 of the Sherman Act.
A)True
B)False
Q4) Treble damages cannot be sought for the violation of antitrust laws.
A)True
B)False
Q5) Give an account of state antitrust laws.
Q6) Give an account of the Noerr doctrine.
Page 49
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Chapter 47: Personal Property and Bailment
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Q1) Common carriers are not liable for the loss, damage, or destruction of goods caused by an act of God.
A)True
B)False
Q2) What kind of agreement existed between Randy and Carl over the car?
A)bailment for the sole benefit of the bailor
B)bailment for the sole benefit of the bailee
C)mutual benefit bailment
D)bailment at will
Q3) If an accession is mistakenly made by an improver and the improvement cannot be removed from the original article, the owner owns title to the improved property without any payment.
A)True
B)False
Q4) What does the Uniform Transfers to Minors Act establish?
A)rights for what a minor is allowed in case of inheritances without involving custodians
B)rights for what a minor can accept from an adult
C)procedures for adults to make gifts of money and securities to minors
D)procedures for making gifts of money and securities between minors
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Chapter 48: Real Property
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Q1) Plant life and vegetation growing on the surface of land are considered personal property.
A)True
B)False
Q2) A ________ is an exception that permits a type of building or use in an area that would not otherwise be allowed by a zoning ordinance.
A)variance
B)fixture
C)dominant estate
D)servient estate
Q3) What is a profit-à-prendre?
A)a document that grants a person the right to remove something from another's real property
B)a form of insurance obtained for losses caused by undiscovered defects in real property title
C)a judicial proceeding where a certificate of title is awarded to the real owner to property
D)a type of easement that grants a person a right to use another's land but disallows the usage of any personal property
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Chapter 49: Landlord-Tenant Law and Land Use Regulation
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Q1) What is an unlawful detainer action?
A)a legal process that a tenant must complete before he or she is allowed to sublet
B)a legal lawsuit brought against the landlord for breach of the implied warranty of habitability
C)a lawsuit brought by the tenant against the landlord on wrongful eviction
D)a legal process that a landlord must complete to evict a holdover tenant
Q2) The liability of tenants who destroy the premises of a rented property is called premises liability.
A)True
B)False
Q3) Not painting the house on time is a violation of a tenant's duty not to commit waste. A)True
B)False
Q4) The attorney general may seek equitable relief and civil fines for any violation of the ADA.
A)True
B)False
Q5) How are tenants guaranteed a safe and secure leased premise?
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Chapter 50: Insurance
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Q1) A homeowner's policy does not cover theft that takes place at the insured's workplace even if the item is insured.
A)True
B)False
Q2) Under the replacement cost insurance, the insurer has the right to either pay the insured for the loss or pay to have the property restored.
A)True
B)False
Q3) A(n)________ is a comprehensive insurance policy that includes coverage for the risks covered by a fire insurance policy as well as personal liability insurance.
A)homeowners' policy
B)life insurance policy
C)umbrella insurance
D)omnibus policy
Q4) A no-fault insurance assures the insured party that coverage is available if they are injured in an automobile accident.
A)True
B)False
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Chapter 51: Accountants' Duties and Liability
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Q1) ________ is a law that prohibits any manipulative or deceptive practice in connection with the purchase or sale of a security.
A)Section 11(a)of the Securities Act of 1933
B)Section 32(a)of the Securities Exchange Act of 1934
C)Section 10(b)of the Securities Exchange Act of 1934
D)Section 101 of the Uniform Securities Act
Q2) Under the foreseeability standard, an accountant is liable even if he or she had no knowledge of the intended user of the audited financial statements.
A)True
B)False
Q3) Generally Accepted Accounting Principles (GAAPs)specify the methods and procedures that are to be used by public accountants when conducting external audits of company financial statements.
A)True
B)False
Q4) Accountants can be held liable for negligence in preparing unaudited financial statements.
A)True
B)False
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Chapter 52: Wills Trusts and Estates
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Q1) Who receives the trust res upon the termination of a trust?
A)the heir
B)the trustor
C)the remainder beneficiary
D)the income beneficiary
Q2) What is a person's right to die? What are the views regarding the legality of euthanasia in the United States?
Q3) A ________ is created when a person deposits money in a bank account in his or her own name and holds it as a trustee for the benefit of another person.
A)resulting trust
B)Totten trust
C)spendthrift trust
D)testamentary trust
Q4) A mutual will cannot be unilaterally revoked after one of the parties has died.
A)True
B)False
Q5) A will has to be composed on legal paper to be considered valid.
A)True
B)False
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Chapter 53: Family Law
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Q1) A couple that lives separated for a certain time is considered to be divorced.
A)True
B)False
Q2) How is child custody after a divorce dealt in the United States?
Q3) What kind of financial recourse can Sally, who is now self-sufficient, claim from Colton?
A)annulment
B)child support
C)permanent alimony
D)rehabilitation alimony
Q4) To be enforced, a prenuptial agreement must be in writing.
A)True
B)False
Q5) Which of the following is a requirement for marriage?
A)Neither party can be currently married to someone else.
B)Neither party can be eligible to marry if they are emancipated.
C)Both parties have to be above 18 years to marry even if they are emancipated.
D)The marrying couple must be closely related by blood.
Q6) What is an annulment? On what grounds are annulments provided?
Q7) What is child support? How is it awarded?
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Chapter 54: International and World Trade Law
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Q1) ________ is a rule which states that judges of one country cannot question the validity of an act committed by another country within that other country's borders.
A)Doctrine of sovereign immunity
B)Act of state doctrine
C)Colgate Doctrine
D)Noerr Doctrine
Q2) Which of the following statements is true of the European Union?
A)All issues have to be passed unanimously by the EU members to be enforced.
B)Every country in the European Union has adopted the euro as its monetary unit.
C)Custom duties have been removed among member nations of the European Union.
D)Custom tariffs have been removed for trade between the EU and the rest of the world.
Q3) Individuals and businesses can directly approach the International Court of Justice to fight a case involving international contracts.
A)True
B)False
Q4) The UN Security Council is composed of all the UN member nations.
A)True
B)False
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