Employment Law Review Questions
Course Introduction
Employment Law explores the legal framework governing the relationship between employers and employees. This course examines key topics such as employment contracts, workplace rights and responsibilities, anti-discrimination laws, wage and hour regulations, occupational health and safety, wrongful termination, and collective bargaining. Students will analyze case law, statutory provisions, and regulatory guidelines to understand how employment disputes are resolved and how laws protect both employers and the workforce. Through practical scenarios and legal analysis, students will develop the skills necessary to navigate the complexities of modern employment law and advise on compliance in various workplace situations.
Recommended Textbook
Contemporary Business Law 8th Edition by
Henry R. Cheeseman
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41 Chapters
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Page 2
Chapter 1: Legal Heritage and the Digital Age
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Sample Questions
Q1) Which of the following is true of how legal precedent is used between courts of different states?
A) Courts of a state cannot cite the judicial decisions of courts of another state in its decisions.
B) Courts of a state must always follow precedent set from courts of another state for similar cases.
C) Courts of a state can use precedent from courts of another state as a form of guidance.
D) Courts of a state cannot challenge the precedence of courts of another state.
Answer: C
Q2) Law is described as ________.
A) a body of rules of action or conduct prescribed by controlling authority, and having binding legal force
B) a study of fundamental problems, such as those connected with existence, knowledge and language
C) a system that builds and organizes knowledge in the form of testable explanations and predictions
D) a group of hypotheses employed to explain a phenomenon
Answer: A
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3
Chapter 2: Constitutional Law for Business and E-commerce
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Q1) How does the Supreme Court decide whether the government's different treatment of people or businesses violates or does not violate the Equal Protection Clause?
Answer: The Supreme Court has adopted three different standards of review for deciding whether the government's different treatment of people or businesses violates or does not violate the Equal Protection Clause.They include the strict scrutiny test,intermediate scrutiny test,and rational basis test.
The strict scrutiny test is a test that is applied to classifications based on suspected classes such as race,national origin,and citizenship,and fundamental rights such as voting.
The intermediate scrutiny test is a test that is applied to classifications based on protected classes such as gender.
The rational basis test is a test that is applied to classifications not involving a suspect or protected class.
Q2) The Free Exercise Clause guarantees that there will be no state-sponsored religion.
A)True
B)False
Answer: False
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4
Chapter 3: Courts and Jurisdiction
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Q1) Which of the following similarities is observed between tie and plurality decisions reached by the U.S.Supreme Court?
A) the decisions can be appealed against in the U.S. courts of appeals
B) the decisions do not set precedent for later cases
C) the decision of the lower court is affirmed
D) new evidence and testimony is heard before reaching decisions
Answer: B
Q2) Which of the following U.S.Supreme Court decisions creates precedent for future cases?
A) plurality decisions
B) majority decisions
C) tie decisions
D) concurring decisions
Answer: B
Q3) In which of the following cases do federal courts have exclusive jurisdiction?
A) cases involving sales and lease contracts
B) federal question cases
C) suits against the United States
D) diversity of citizenship cases
Answer: C
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Chapter 4: Judicial Alternative Administrative and E-Dispute Resolution
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Q1) 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
Q2) Which of the following statements is true about the pretrial litigation process?
A) To initiate a lawsuit, the plaintiff must file an appeal in the proper court.
B) If the plaintiff does not answer a complaint, a default judgment is entered against him or her.
C) A plaintiff files a cross-complaint against the defendant to seek damages.
D) A default judgment establishes the defendant's liability.
Q3) Which of the following statements is true of deposition?
A) A deposition has to be a written statement.
B) A witness' deposition is voluntary and not pursuant to a court order.
C) A deposition can only be given after the trial.
D) A deponent is given a chance to correct his or her deposition.
Q4) What is the procedure to be adopted by a party to initiate a lawsuit?
Page 6
Q5) What is the purpose of a pretrial hearing?
Q6) How has the Internet revolutionized the way lawyers and courts operate?
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Page 7
Chapter 5: Intentional Torts and Negligence
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Q1) Bartie's,Inc.sells watercolors and pastels that are marketed as safe for use by children.However,several accounts of lead poisoning were reported in children who used the products.An investigation revealed that the company was knowingly manufacturing colors that contained toxic amounts of the heavy metal.Which of the following torts has Bartie's,Inc.committed?
A) battery
B) disparagement
C) deceit
D) professional malpractice
Q2) The plaintiff in a product liability lawsuit has suffered $100,000 worth of damages from an automobile accident.A defect in manufacture of the plaintiff's vehicle is found to be 35 percent responsible for the accident,while the plaintiff's own negligence is 65 percent responsible.Under the doctrine of partial comparative negligence,how much would the defendant-the manufacturer of the vehicle-have to pay the plaintiff in damages?
A) $60,000
B) $40,000
C) $100,000
D) The defendant would not have to pay any amount in damages.
Q3) Differentiate between assumption of risk and intervening events with an example.
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Chapter 6: Criminal Law and Cyber Crimes
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Q1) 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
Q2) In the United States,what recourse does an accused person have in case he cannot afford a private defense lawyer?
A) The government will provide an attorney for the accused free of charge.
B) He will have to spend his time in jail till he can collect enough money to afford one.
C) A public defender will be appointed to the accused by the government for a fee.
D) He will have to defend himself when the trial starts.
Q3) Money laundering refers to the process of legitimizing money obtained through illegal activities.
A)True
B)False
Q4) Explain felony murder rule with an example.
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Chapter 7: Intellectual Property and Cyber Piracy
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Q1) A trade secret is a product formula,pattern,or design of a company that the company publishes openly to the market.
A)True
B)False
Q2) Which of the following is true of the fair use doctrine?
A) It advocates the idea that a copyright holder's right in a work is absolute by law.
B) It forbids the use of copyrighted material in a satire or parody.
C) It helps copyright holders recover for copyright infringement where fair use is found.
D) It permits lawyers to use copyrighted material in a court proceeding.
Q3) ________ is any trade name,symbol,word,logo,design,or device used to identify and distinguish goods of a manufacturer or seller or services of a provider from those of other manufacturers,sellers,or providers.
A) Trade secret
B) Trademark
C) Patent
D) Copyright
Q4) Can encryption and its legal enforcement keep up with digital piracy?
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Chapter 8: Ethics and Social Responsibility of Business
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Q1) Analyze the business environment that led to the enactment of the Sarbanes-Oxley Act.
Q2) ________ is a moral theory which asserts that fairness is the essence of justice.
A) Kantian ethics
B) moral relativism
C) utilitarianism
D) Rawls's social justice theory
Q3) Which of the following theories of morality is Rawls's Social Justice Theory fundamentally derived from?
A) the theory of utilitarianism
B) the theory of ethical fundamentalism
C) the social contract theory
D) the moral relativism theory
Q4) A person deriving his or her ethics from a religious book is an example of ethical fundamentalism.
A)True
B)False
Q5) Explain with an example how the law may permit something that is ethically wrong.
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Chapter 9: Nature of Traditional and E-Contracts
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Q1) An offeree can respond with a promise of acceptance to an offeror's promise to form a ________ contract.
A) bilateral
B) unilateral
C) quasi-contractual
D) void
Q2) Yvonne finds a carpenter to do some repairs for her house and tells him that if he finishes the job within Saturday,she would pay him $1,000.This offer creates a(n)________ contract.
A) executed
B) executory
C) unilateral
D) bilateral
Q3) A contract is ________ if the offeror's promise is answered with the offeree's promise of acceptance.
A) unilateral
B) bilateral
C) executed
D) void
Q4) What are the guidelines for dealing with attempts to revoke unilateral offers?
Page 12
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Chapter 10: Agreement and Consideration
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Q1) Why does an illusory contract lack consideration?
A) because the consideration promised is unlawful and therefore void
B) because the person promises to perform an act or do something he is already under an obligation to do
C) because one or both parties can choose not to perform their contractual obligations
D) because the compensation paid is for work done in the past
Q2) A completed gift promise cannot be rescinded for lack of consideration.
A)True
B)False
Q3) List the four ways in which an offer can be terminated by operation of law and explain them in brief.
Q4) Section 24 of the Restatement (Second)of Contracts defines a(n)________ as the manifestation of willingness to enter into a bargain,so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.
A) order
B) offer
C) advertisement
D) revocation
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13
Chapter 11: Capacity and Legality
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Q1) An exculpatory clause can be used in situations involving intentional torts.
A)True
B)False
Q2) What is the significance of the age of majority in relation to legal contracts?
A) People below the age of majority can directly enter into lawful contracts.
B) Mentally incompetent persons need to achieve the age of majority in order to enter into a legal contract.
C) It is the age above which people of capacity can enter into a legal contract.
D) Minors who have entered the age of majority require his or her parents or guardian's consent to enter into a legal contract with adults.
Q3) ________ is a rule that states that a minor is obligated only to return the goods or property he or she has received from the adult in the condition it is in at the time of disaffirmance.
A) Duty of restoration
B) Duty of restitution
C) Infancy doctrine
D) Emancipation doctrine
Q4) What is a noncompete clause? When is it considered to be lawful?
Q5) Analyze the effects of a minor's duty of restoration.
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Chapter 12: Genuineness of Assent and Statute of Frauds
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Q1) John buys a watch for $100 at a vintage store.Later,the store learns that the watch was worn by Sean Connery in a James Bond movie and wishes to rescind the sales contract they had with John.Which of the following statements is true in this regard?
A) The store can rescind the contract immediately and refund $100 to John.
B) The store can recover from John the difference between the value of the watch and the amount paid by John.
C) The store can declare the contract void and pay John no money.
D) The store cannot rescind or void the contract.
Q2) Heather chooses to buy a scarf at Macy's and reads the price on the tag as $50.She uses her credit card to pay for the scarf,but post-purchase,she notices that the price tag actually says $500.This is an instance of a(n)________.
A) bilateral mistake
B) mutual mistake of value
C) innocent misrepresentation
D) unilateral mistake
Q3) A person enters into a contract with another by writing the terms of the contract on a notepad.Is this a valid contract? Does the law accept writing on the notepad as a proof of that contract?
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Chapter 13: Third-Party Rights and Discharge
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Q1) Which of the following should provide a notice of assignment to the obligor?
A) the assignee
B) the assignor
C) the obligee
D) the facilitator
Q2) According to the accord and satisfaction agreement,the duties under the original contract is discharged when the ________.
A) parties do not agree to the accord
B) alternative contract is not satisfied
C) original contract is suspended
D) accord is performed
Q3) The time period to bring suit for breach of contract remains constant across all states.
A)True
B)False
Q4) Which of the following is true about accord and satisfaction?
A) It usually arises in settlement of a dispute under the original contract.
B) It brings a new third party into the contract.
C) It discharges the original contract's duties upon reaching the accord.
D) It cannot be enforced by a party in the contract.
16
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Chapter 14: Breach of Contract and Remedies
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Q1) Rescission and restitution restore the parties to the positions they occupied prior to the contract.
A)True
B)False
Q2) ________ damages are usually awarded in a small amount.
A) Consequential
B) Compensatory
C) Nominal
D) Liquidated
Q3) Kinetosphere Automation,Inc.(K.A.)makes a mandatory employment contract with all its employees.The contract states that K.A.'s employees are not to work for any other organization while they are employed by K.A.If K.A.finds an employee who is also serving another company,it can approach the court to obtain a(n)________ to prevent the employee from working in the other company.
A) restitution
B) rescission
C) injunction
D) subjugation
Q4) Discuss the effects of liquidated damage on contracts.
Q5) Why would a buyer want to rescind an existing contract with a seller?
Page 17
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Chapter 15: Digital Law and E-Commerce
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Q1) LetsConnect is a three-month-old Internet service provider in the U.S.A.In the last two months,it was discovered that several LetsConnect users exchanged online material that is illegal in the United States.The ISP took no measures to investigate the matter or prevent it.Which of the following holds true in this case?
A) The users of LetsConnect are not liable for the material they exchanged.
B) LetsConnect is not liable for the content transmitted over its network.
C) LetsConnect will be prosecuted for abusing the freedom of speech.
D) LetsConnect will be prosecuted for violating the Communications Decency Act.
Q2) Individuals cannot register personalized domain names for their websites.
A)True
B)False
Q3) Which of the following is true about domain name registration?
A) A single domain name can be registered with multiple users at the same time.
B) Domain names can be registered online through the Internet.
C) Domain name registration is typically an expensive process.
D) A company cannot register its own name as its domain name.
Q4) How does the E-SIGN Act recognize electronic contracts as equivalent to written contracts?
Q5) Explain the circumstances under which email contracts are legally enforceable?
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Chapter 16: Formation of Sales and Lease Contracts
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Q1) The ________ is a model act passed in 1949 that includes comprehensive laws that cover most aspects of commercial transactions.
A) Gramm-Leach Bliley Act
B) Sarbanes-Oxley Act
C) Uniform Sales Act
D) Uniform Commercial Code
Q2) Under the UCC,an offeree's acceptance must be on the same terms as the offer.
A)True
B)False
Q3) When is the course of performance considered in a written contract?
A) when oral modification is required for a written contract
B) when a sale or lease contract is not evidenced by writing
C) when the express terms of a written contract are not clear
D) when there is a prior oral or written agreement statement contradicting the written agreement
Q4) A lease transaction can involve a supplier apart from the lessor and lessee.
A)True
B)False
Q5) Is an oral modification to a contract enforceable? Explain with an example.
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Chapter 17: Title to Goods and Risk of Loss
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Q1) Which of the following contracts is an example of future goods?
A) an option contract for a lessor's real estate property
B) a contract to buy growing crops
C) a preordered video game
D) a contract to sell a newborn animal
Q2) A title for goods obtained by a seller through fraud,impersonation,or a dishonored check is referred to as a(n)________.
A) unenforceable title
B) voidable title
C) conditional title
D) unequivocal title
Q3) A purchaser does not acquire title to the goods purchased from a thief who has stolen them.
A)True
B)False
Q4) If a shipment contract specifies "F.O.B.point of shipment," the buyer is responsible for making all the shipping arrangements.
A)True
B)False
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Chapter 18: Remedies for Breach of Sales and Lease Contracts
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Q1) A seller has the right to stop delivery of goods in transit regardless of the size of the shipment when ________.
A) the buyer repudiates the contract
B) the buyer has payments due
C) the seller learns of the buyer's insolvency
D) the seller has been ordered for specific performance
Q2) A sales contract that requires the seller to send the goods to the buyer but not to a specifically named destination is defined as a(n)________ contract.
A) shipment
B) destination
C) option
D) noncarrier
Q3) Goods are considered to be in transit while they are in possession of carriers or bailees.
A)True
B)False
Q4) A decree of specific performance orders the lessor to perform the contract.
A)True
B)False
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Chapter 19: Warranties and Product Liability
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Q1) Which of the following is true of an implied warranty of merchantability?
A) It is made by the buyer or lessee.
B) It is implied by law if the seller or lessor is a nonmerchant.
C) It is implied by law if the seller or lessor is a merchant.
D) It has to be explicitly expressed in the contract.
Q2) Sam expresses interest in buying a motorbike from Jake,a salesman.In an attempt to force a sale,Jake promises Sam that the motorbike in question is capable of providing a mileage of 70 miles for every gallon of gas in its tank.Jake's promise is an example of
A) a disclaimer
B) puffing
C) an express warranty
D) slander
Q3) The doctrine of strict liability applies to sellers and lessors of products who are engaged in the business of selling and leasing products.
A)True
B)False
Q4) Compare defects of failure to warn and failure to provide adequate instructions with regard to strict liability.
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Chapter 20: Creation and Transfer of Negotiable Instruments
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Q1) For a certificate of deposit,the depositor is the maker of the certificate.
A)True
B)False
Q2) One of the fundamental requirements for a negotiable instrument is that it must be
A) supplemented with interest upon payment
B) secured with collateral
C) a three-party instrument
D) written on an ordinary paper
Q3) Which of the following is true about a promissory note?
A) It is always a three-party transaction.
B) It is a promise to pay.
C) The party who makes the promise is the lender.
D) The payee cannot transfer the note to a third party.
Q4) Which of the following is a distinct characteristic of a check?
A) It always draws its money from a financial institute.
B) It is created when credit is extended to a buyer by a seller.
C) It is a two-party instrument.
D) It is an unconditional written promise to pay.
Q5) Compare and contrast qualified and unqualified indorsements.
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Chapter 21: Holder in Due Course and Liability of Parties
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Q1) Ellen draws a check on his checking account at Center Bank "payable to the order of Cary Gardner." When Cary presents the check for payment,Center Bank refuses to pay it even though there are sufficient funds in Ellen's account to pay Cary.Can Cary collect the amount of the check? If yes,how?
Q2) Personal defenses cannot be raised against HDCs to deny the payment of negotiable instruments.
A)True B)False
Q3) Liability in which a person cannot be held contractually liable on a negotiable instrument unless his or her signature appears on the instrument is referred to as ________.
A) warranty liability
B) unqualified liability C) contract liability
D) accommodation
Q4) An agent is a person who is in possession of a negotiable instrument that is drawn,issued,or indorsed to him or to his order,or to bearer,or in blank.
A)True B)False
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Chapter 22: Banking System and Electronic Financial Transactions
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Q1) A(n)________ check is a type of check for which a bank agrees in advance to accept the check when it is presented for payment.
A) certified
B) stale
C) promissory
D) ordinary
Q2) A check that has been outstanding for less than three months is called a stale check.
A)True
B)False
Q3) The bank on which a check is drawn is called the ________.
A) drawer
B) drawee
C) payee
D) indorser
Q4) The Dodd-Frank Wall Street Reform and Consumer Protection Act requires mortgage lenders to make a reasonable and good-faith determination that a borrower has the ability to repay the loan.
A)True
B)False
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Chapter 23: Credit, Real Property Financing, and Secured Transactions
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Q1) ________ is a situation in which the creditor does not have to file a financing statement or take possession of the goods to perfect his or her security interest.
A) Perfection by possession of collateral
B) Perfection by attachment
C) Perfection by claim
D) Perfection without statement
Q2) A business purchases an airplane from an airplane manufacturer.The business obtains a loan from a bank to purchase the airplane.The bank obtains a security interest in the airplane.The airplane manufacturer is paid for the airplane from of the proceeds of the loan.This is an example of a ________ transaction.
A) two-party secured
B) three-party secured
C) three-party unsecured
D) two-party unsecured
Q3) A deficiency judgment permits a secured lender to recover other property or income from a defaulting debtor if the collateral is insufficient to repay the unpaid loan.
A)True
B)False
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Chapter 24: Bankruptcy and Reorganization
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Q1) Explain reaffirmation agreement with an example.
Q2) Paulo Dessario is the owner of Paulo's Pizzeria,which has not been doing well in the last year.He files for bankruptcy under Chapter 13.Which of the following is true in accordance with the constitution of the Chapter 13 estate?
A) Paulo must terminate all his business operations in the United States.
B) If the pizzeria is not exempt from Chapter 13 estate, Paulo must surrender it.
C) Paulo is allowed to continue operating the pizzeria, irrespective of it being exempt.
D) Paulo can only operate the pizzeria but cannot remain in possession of it.
Q3) 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) All interests of a debtor's spouse are included in the bankruptcy estate.
Q4) Chapter 7 liquidation bankruptcy is also known as straight bankruptcy.
A)True
B)False
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Chapter 25: Agency law
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Q1) ________ occur when an agent makes statements that he or she knows are not true.
A) Intentional misrepresentations
B) Innocent misrepresentations
C) Negligent misrepresentations
D) Frolic misrepresentations
Q2) Unless otherwise agreed upon,the principal owes a duty to cooperate with and assist the agent in the performance of the agent's duties and the accomplishment of the agency.
A)True
B)False
Q3) In a partially disclosed agency,if the agent is made to pay the contract,the agent can sue the principal for indemnification.
A)True
B)False
Q4) Which of the following statements is true of an employer-employee relationship?
A) An employee has implied power of attorney towards the principal.
B) An employee has authority to act on behalf of the principal.
C) An employee can enter into contracts on behalf of the employer.
D) An employee is hired to perform a task or service.
Q5) Analyze a principal's duties toward an agent.
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Chapter 26: Small Business, Entrepreneurship, and Partnerships
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Q1) Upon the death of a partner,the deceased partner's right in specific partnership property ________.
A) vests in the remaining partner or partners
B) vests in his or her heirs or next of kin
C) is held in trust for the deceased's heirs or next of kin until the last remaining partner dies
D) is forfeited upon his or her death
Q2) The right to share in the profits of the partnership is considered to be the right to share in the earnings from the investment of capital.
A)True
B)False
Q3) General partnerships that exist for more than one year must be in writing under the Statute of Frauds.
A)True
B)False
Q4) A person cannot be forced to be a partner or to accept another person as a partner.
A)True
B)False
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Chapter 27: Corporate Formation and Financing
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Q1) A long-term debt security that is secured by some form of collateral is referred to as a ________.
A) treasury share
B) bond
C) note
D) debenture
Q2) A corporation that is incorporated in another country is known as a(n)________ corporation.
A) alien
B) domestic
C) public
D) municipal
Q3) Which of the following is true of a C Corporation?
A) It doesn't pay tax at the corporate level.
B) Shareholders of such a corporation don't pay tax on their dividends.
C) It must have more than 100 shareholders.
D) Nonresident aliens cannot be shareholders.
Q4) The parties who sign the articles of incorporation are called promoters.
A)True
B)False
Page 30
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Chapter 28: Corporate Governance and the Sarbanes-Oxley Act
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Q1) Stephen,the chief of operations of an insurance company,accepts bribes in exchange of expediting paperwork regarding applications for certain insurance policies.In terms of the duty of loyalty,Stephen's behavior is an example of ________.
A) competing with the corporation
B) making a secret profit
C) piercing the corporate veil
D) violating a voting trust
Q2) Anne,a shareholder of an insurance company,is unable to attend the shareholders' meeting held by the board of directors of the company.In order to make her vote count,she appoints Dexter,a friend,to attend the meeting and cast a vote in her name.This is an example of a ________.
A) liability
B) proxy
C) dividend
D) scienter
Q3) Officers are liable on an unauthorized contract if the corporation does not ratify it.
A)True
B)False
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Chapter 29: Corporate Acquisitions and Multinational Corporations
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Q1) The ________ plan provides that existing shareholders of the target corporation may convert their shares for a greater number of shares of the acquiring corporation.
A) employee stock ownership
B) flip-in rights
C) flip-over rights
D) voting rights
Q2) The Williams Act is an amendment to the Securities Exchange Act of 1934 made in 1968 that specifically regulates tender offers.
A)True
B)False
Q3) A shareholder resolution may exceed 500 words.
A)True
B)False
Q4) Section 14(a)of the Securities Exchange Act of 1934 is a(n)________.
A) investment provision
B) antifraud provision
C) share exchange provision
D) antitakeover statute
Q5) Examine the need for antitakeover statutes.
Page 32
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Chapter 30: Limited Liability Companies and Limited Liability Partnerships
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Q1) In a member-managed LLC,each member has equal rights in the management of the business of the LLC,regardless of the size of his or her capital contribution.
A)True
B)False
Q2) Jeeves,the member of an LLC with three other members,injures a pedestrian while driving to work at a speed above the highway speed limit.Can the pedestrian sue the LLC for his negligence? Give reasons to support your answer.
Q3) Which of the following is true of the ULLCA?
A) It fails to cover problems that arise in the formation and operation of LLCs.
B) It provides uniform laws for the dissolution of LLCs.
C) It has been adopted by all the states as their LLC law.
D) It governs the operation of proprietorships and LLPs.
Q4) A unanimous vote of the members of an LLC is required for appointing or removing a manager.
A)True
B)False
Q5) Under the ULLCA,at least five members are required to form an LLC.
A)True
B)False
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Chapter 31: Franchise and Special Forms of Business
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Q1) In a(n)________ franchise,the franchisor authorizes the franchisee to negotiate and sell franchises on behalf of the franchisor.
A) processing plant
B) chain-style
C) area
D) distributorship
Q2) Explain the circumstances that make a franchisor liable for the negligence of a franchisee.
Q3) Sky Toys,a chain of toy stores,charges its franchisees a fee for the use of its name that is approximately 12.5 percent of monthly gross sales.In this instance,the franchisees are paying ________ fees.
A) royalty
B) contingency
C) assessment
D) lease
Q4) A strategic alliance allows the companies to reduce risks,share costs,combine technologies,and extend their markets.
A)True
B)False
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Chapter 32: Investor Protection, E-Securities, and Wall Street Reform
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Q1) A(n)________ is a person who discloses material nonpublic information to another person.
A) issuer
B) tippee
C) grantor
D) tipper
Q2) Utilities Ltd.decided to go public by an initial public offering.It sold securities,some of which were bought by James Jefferson.Six months later,Mr.Jefferson sold the Utilities shares he had purchased to Martha Graham and Mark Franco.Two years later,Mr.Jefferson bought back the Utilities shares from Ms.Graham and Mr.Franco and made a profit out of both transactions.Who is the issuer in this scenario?
A) Utilities Ltd.
B) James Jefferson
C) Martha Graham
D) Mark Franco
Q3) The issuance of securities by an issuer is called an initial private offering (IPO).
A)True
B)False
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Chapter 33: Antitrust Law and Unfair Trade Practices
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Q1) The unfair advantage is intended to prevent wealthy companies from overwhelming the competition in a given market.
A)True
B)False
Q2) A merger between two or more companies that compete in the same business and geographical market is known as a ________.
A) horizontal merger
B) vertical merger
C) market extension merger
D) conglomerate merger
Q3) With the help of examples,differentiate between statutory and implied exemptions from antitrust laws.
Q4) Under Section 3 of the Clayton Act,a tying arrangement is lawful if there is some justifiable reason for it.
A)True
B)False
Q5) What are tying arrangements? Explain with the help of an example.
Q6) What effect can a government judgment have on an antitrust violation case?
Q7) What is the difference between horizontal and vertical price fixing?
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Chapter 34: Consumer Safety and Environmental Protection
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Q1) The national ambient air quality standards ________.
A) divide pollutants into five groups based on the risks they pose to humans
B) represent a set of values for certain pollutants that have two levels
C) apply to all sources of pollution
D) are administered exclusively by the federal government
Q2) ________ laws are federal and state statutes and regulations that promote product safety and prohibit abusive,unfair,and deceptive business practices.
A) Profit-à-prendre
B) Canon
C) Consumer protection
D) Caveat emptor
Q3) Which of the following is true of the Health Care Reform Act?
A) Employers of big corporations are given subsidies for providing health insurance to their employees.
B) All employers are mandatorily required to provide health insurance coverage to their employees.
C) Persons who do not obtain coverage are required to pay a tax penalty to the federal government.
D) Insurers can establish an annual spending cap for benefit payments.
Page 37
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Chapter 35: Labor, Worker Protection, and Immigration Laws
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Q1) Wages,hours,and other terms and conditions of employment are compulsory subjects of collective bargaining.
A)True
B)False
Q2) The learned professional exemption applies to employees compensated on a salary or fee basis that perform work that is predominantly intellectual in character,who possess advanced knowledge in a field of science or learning,and whose advanced knowledge was acquired through a prolonged course of specialized intellectual instruction.
Q3) Is it mandatory for union members to take part in a strike? How can a management continue operations during a strike period?
Q4) According to the Department of Labor,children under the age of 14 can only be employed as ________.
A) stocking staff at stores
B) newspaper deliverers
C) waiters
D) store assistants
Q5) When is an election necessary to form a union? Can a union be created without an employer contesting the election results?
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Chapter 36: Equal Opportunity in Employment
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Q1) Which of the following is true of the Equal Pay Act?
A) It protects both sexes from pay discrimination based on gender.
B) Federal workers are covered under the Equal Pay Act.
C) Employees cannot bring a private cause of action against an employer for violating the Equal Pay Act.
D) An employer who has violated the Equal Pay Act must lower the wages of employees whose wages had been increased.
Q2) Title VII does not cover the discrimination of a woman employee having a medical condition related to pregnancy or childbirth.
A)True
B)False
Q3) Under Title VII,an employer is under a duty to reasonably accommodate the religious beliefs of its employees if doing so does not cause an undue hardship on the employer.
A)True
B)False
Q4) Discuss with an example how discrimination of a protected class other than race or color is permitted.
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Chapter 37: Personal Property, Bailment, and Insurance
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Q1) Both personal property and real property can be bailed.
A)True
B)False
Q2) When John Lacey's car was stolen,he lodged a complaint with the police.After a while,the police were able to trace the car to a professional auto thief and return it to John.When John got his car back,he realized that the thief had installed a new engine,changed the upholstery,and put in a new stereo player in his car.Which of the following is true with regard to the new engine,upholstery,and stereo player the thief installed in John's car?
A) These improvements have to be returned to the thief.
B) These improvements now rightfully belong to John.
C) The improvements have to be paid for by John if he wants to retain them.
D) The improvements will be confiscated by the police.
Q3) Which of the following is true of ownership titles when confusion occurs?
A) Title to the goods can never be shared between the owners involved.
B) Title to goods commingled without permission goes to the innocent party.
C) Title to goods cannot be acquired by confusion.
D) Title to goods can only be acquired if goods were commingled by accident.
Q4) Discuss the difference between comprehensive insurance and liability insurance.
Q5) Differentiate tangible and intangible property with an example.
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Chapter 38: Real Property, Landlord-Tenant Law, and Land Use Regulation
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Q1) When one of the spouses owning a community property dies,and there is no will,the surviving spouse automatically receives one-half of the community property;and the other half passes to the heirs of the deceased spouse,according to a(n)________.
A) intestate statute
B) zoning ordinance
C) express easement
D) nonconforming use
Q2) There are only two types of freehold estates: fee simple absolute (or fee simple)and fee simple defeasible (or qualified fee).
A)True
B)False
Q3) A ________ is a situation in which a person holds an interest in another person's property without actually owning any part of the property.
A) present possessory interest
B) future interest
C) reversion
D) nonpossessory interest
Q4) What is the Fair Housing Act of 1968? Evaluate the weaknesses of this law.
Page 41
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Chapter 39: Family Law, Wills, and Trusts
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Q1) Jane and Will got married three years ago,after which Will moved into Jane's ancestral home.Over the three years of their marriage,Jane bought a new car for Will and a farmhouse in the suburbs from her own funds.The farmhouse was registered jointly in their names.Will invested heavily in stocks and bonds from their collective income and transferred his existing stocks and bonds in Jane's name.In the event of Jane and Will opting for a divorce,the ________ would be considered separate property for Jane.
A) ancestral home
B) new car
C) stocks and bonds
D) farmhouse
Q2) Which of the following does a health care directive outline?
A) Which life-saving measures the signor does and does not want.
B) What treatments are to be withdrawn if doctors determine there is no hope of a meaningful recovery.
C) Why the signor has decided to withdraw life-support systems.
D) Who is to make all health care decisions in accordance with the living will on behalf of the signor.
Q3) When does a doctrine of abatement apply to a will? Explain with examples.
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Chapter 40: Accountants' Duties and Liability
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Q1) Which of the following statements is true of accountants?
A) Accountants cannot be hired to perform nonaudit services.
B) Accountants cannot be held liable by provisions of common law.
C) Accountants can be held liable to clients but not to third parties.
D) Accountants who lack CPA certification are called public accountants.
Q2) Which of the following statements is true of accountants' liability to clients in fraud cases?
A) Actual fraud occurs when an accountant acts with "reckless disregard" for the truth or consequences of his or her actions.
B) If an auditor does not verify information from third parties, constructive fraud is said to have been committed by the auditor.
C) Punitive damages may be awarded in cases of actual fraud.
D) The client can only recover nominal damages in cases of constructive fraud.
Q3) While conducting an audit,an auditor must verify information from third parties.
A)True
B)False
Q4) Violations of GAAPs or GAASs are prima facie evidence of negligence.
A)True
B)False
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Chapter 41: International and World Trade Law
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Q1) Which of the following is true of the Islamic law of Shari'a?
A) The Shari'a disallows making a reasonable profit from the sale of goods and services.
B) All Islamic or muslim-majority countries strictly follow the complete Shari'a to govern all aspects of life.
C) The Shari'a encourages riba through the strict payment and collection of interest on loans within stipulated periods of time.
D) The Shari'a is primarily used in the areas of marriage, divorce, and inheritance and, to a limited degree, criminal law.
Q2) Treaties arranged by international organizations like the United Nations are known as ________.
A) arraignments
B) easements
C) amendments
D) conventions
Q3) AKFTA sets quotas on the output of oil production by member nations.
A)True
B)False
Q4) Omar lives in Saudi Arabia.Describe the religious law that Omar follows.
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