Entrepreneurship and Law
Test Preparation
Course Introduction
This course explores the critical intersection between entrepreneurial ventures and the legal frameworks that shape their success. Students will examine key legal concepts affecting start-ups and small businesses, including business formation, intellectual property, contracts, financing, employment law, and regulatory compliance. Through case studies and practical scenarios, learners will develop an understanding of how to identify legal risks and seek opportunities for innovation within the bounds of the law. The course equips future entrepreneurs with the knowledge to navigate legal challenges and make informed decisions that support sustainable business growth.
Recommended Textbook
Dynamic Business Law 4th Edition by
Nancy K. Kubasek
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52 Chapters
4658 Verified Questions
4658 Flashcards
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Page 2
Chapter 1: An Introduction to Dynamic Business Law
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Sample Questions
Q1) Where can you find local common law?
A)Municipal ordinances
B)State reporters
C)The state administrative code
D)The local courthouse and clerk's office
E)Regional reporters
Answer: D
Q2) Which of the following is reported in the United States Code?
A)Statutes
B)Local ordinances
C)Administrative law
D)Common law
E)Executive orders
Answer: A
Q3) Presidents base the power to issue executive orders on Article II,Section 1 of the Constitution,which establishes the constitutional power of the president to "take care that the laws be faithfully executed."
A)True
B)False
Answer: True
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Chapter 2: Business Ethics
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Sample Questions
Q1) Which of the following is not a theory of business ethics.
A)Profit motive
B)Deontology
C)Ethical relativism
D)Absolutism
E)Consequentialism
Answer: A
Q2) Ethical relativism and situational ethics mean the same thing.
A)True
B)False
Answer: False
Q3) Under the WPH framework for ethical business decisions,business decisions are made in pursuit of a particular purpose and are instruments toward an ethical end.
A)True
B)False
Answer: True
Q4) Assume you are starting a new company.Write a code of ethics for the firm.
Answer: Student responses may vary.Johnson and Johnson's credo may serve as a guide.
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Chapter 3: The Uslegal System
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Sample Questions
Q1) Intermediate Courts of Appeal:
A)Are analogous to the U.S.Supreme Court
B)Are analogous to federal circuit courts of appeal
C)Exist in every state
D)Are courts of last resort
E)Have very limited jurisdiction
Answer: B
Q2) If a defendant is a corporation:
A)Generally either the president of the corporation or an agent can be served
B)Only the agent of the corporation can be served
C)Only the president of a corporation can be served
D)The corporation does not have to receive service
E)No service of process is required
Answer: A
Q3) Discuss the items that should appear in a complaint.
Answer: The complaint states the names of the parties to the action,the basis for the court's subject-matter jurisdiction,the facts on which the plaintiff bases the claim,and the relief sought.
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5
Chapter 4: Alternative Dispute Resolution
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Sample Questions
Q1) Would the arbitration agreement be deemed void because it provided that the arbitrator was not bound by the federal rules of evidence?
A)Only if the arbitrator was not also a lawyer.
B)Yes.
C)Only if the arbitrator was a lawyer.
D)The agreement to arbitrate would be upheld so long as the arbitrator agreed to at least apply federal hearsay rules.
E)No,because the rules of evidence applicable in a trial are typically relaxed in arbitration.
Q2) What is a criticism of arbitration,according to the text?
A)That parties have less control through the arbitration process than through a judicial action.
B)That arbitration is more expensive than court litigation.
C)That arbitration actions are less private than judicial actions.
D)That companies and employers can more easily hide disputes.
E)That it is too easy to get an arbitration award reversed by a judge.
Q3) One type of ADR method is med-arb.
A)True
B)False
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Page 6
Chapter 5: Constitutional Principles
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Sample Questions
Q1) What does the free-exercise clause of the First Amendment provide?
A)Government cannot make a law establishing a religion.
B)Government cannot make a law referencing religion in any manner.
C)Government must establish laws respecting religion in order to prevent disruptive behavior such as terrorism and to allow free-exercise by the majority.
D)Government cannot make a law prohibiting choice in relation to religion.
E)That only religions recognized when the First Amendment was passed are entitled to recognition and protection.
Q2) States are prohibited from discriminating against citizens of other states when those nonresidents engage in ordinary and essential activities,such as seeking employment,because of ________.
A)The first amendment
B)The contract clause
C)The full faith and credit clause
D)The citizens' rights clause
E)The privileges and immunities clause
Q3) Set forth the Central Hudson Test for Commercial Speech.
Q4) What is the system of checks and balances,and how does it work?
Q5) Explain "dormant commerce clause" as a concept.
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Chapter 6: International and Comparative Law
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Sample Questions
Q1) In order for any judgment in Illinois to be enforceable against DroneTek,what must the court have?
A)Subject-matter jurisdiction and general personal jurisdiction
B)Subject-matter jurisdiction and either general or specific personal jurisdiction.
C)Subject-matter jurisdiction or personal jurisdiction.
D)Subject-matter jurisdiction and specific personal jurisdiction.
E)Subject-matter jurisdiction,general personal jurisdiction,and specific personal jurisdiction
Q2) Which of the following is an international agreement governing the arbitration of private international disputes that has been ratified by the U.S.?
A)The International Arbitration Convention
B)The French Convention
C)The New York Convention
D)The NAFTA Convention
E)The Hague Convention
Q3) The United States has no bilateral trade agreements.
A)True
B)False
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Chapter 7: Crime and the Business Community
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Sample Questions
Q1) Which of the following is an example of the imposition of strict liability?
A)A robber pulls a gun to rob a bank teller.
B)A burglar breaks into a home to steal jewelry.
C)A business sells cigarettes to a minor.
D)An adult shoplifts in a department store.
E)A minor shoplifts in a department store.
Q2) Which of the following is true regarding the manner in which the exclusionary rule is derived from the U.S.Constitution?
A)It is specifically set forth in the Sixth Amendment.
B)It is specifically set forth in the Fifth Amendment.
C)It is specifically set forth in the Fourth Amendment.
D)It is specifically set forth in the Eighth Amendment.
E)No section of the U.S.Constitution specifically states the provisions of the exclusionary rule.
Q3) Which of the following requires a "pattern"?
A)The False Claims Act.
B)The crime of false pretenses.
C)The Sarbanes-Oxley Act of 2002.
D)The crime of false token.
E)The Racketeer Influenced and Corrupt Organizations Act.
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Chapter 8: Tort Law
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Sample
Questions
Q1) Which of the following occurs when someone engages in outrageous,intentional conduct likely to cause extreme emotional distress to the party toward whom the conduct is directed?
A)Intentional infliction of strict-liability distress.
B)Intentional infliction of emotional distress.
C)Negligent infliction of emotional distress.
D)Reckless invasion of solitude.
E)Psychological infliction of distress.
Q2) Zach gets angry because Austin earned a better grade on a test than he did.They get into an argument,and Zach takes a swing at Austin,intending to hit him.Austin shoves Zach in order to avoid the blow.Which of the following is true regarding Austin's actions?
A)Austin has committed both an assault and a battery.
B)Austin cannot rely on self-defense because he was involved in the argument and not completely innocent.
C)Austin cannot rely upon self-defense because his life was not in danger.
D)Austin has not committed an assault or a battery because he acted in self-defense.
E)Austin has committed a battery.
Q3) List and explain the four different types of privacy torts.
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Chapter 9: Negligence and Strict Liability
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Sample Questions
Q1) To use the assumption of the risk defense successfully,a defendant must prove that the plaintiff voluntarily and unreasonably encountered the risk of the actual harm the defendant caused.
A)True
B)False
Q2) Which of the following is sometimes referred to as proximate cause?
A)Legal cause.
B)Factual Cause.
C)Actual cause.
D)Significant cause.
E)Cause in fact.
Q3) The term strict liability refers to liability without fault.
A)True
B)False
Q4) Negligent torts involve willfully refusing to exercise extraordinary care to protect another's person or property.
A)True
B)False
Q5) Identify and explain the elements of negligence.
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Chapter 10: Product Liability
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Sample Questions
Q1) If Alessia is awarded a million dollars in her lawsuit,how would the judge apportion liability under the Market Share Theory?
A)ColorCo,PaintCo,and BrightCo would be liable for their share of the market at the time the product was produced.
B)ColorCo,PaintCo,and BrightCo would be liable for their share of the market at the time of Alessia's injury.
C)ColorCo,PaintCo,and BrightCo would be liable for their share of the market at the time of the judgment.
D)ColorCo,PaintCo,and BrightCo would each be liable for 1/3 of the judgment.
E)ColorCo,PaintCo,and BrightCo would be liable for their share of the market at the time the paint was purchased.
Q2) Product liability law is based primarily on ________.
A)Administrative law.
B)Corporate law.
C)International law.
D)Contract law.
E)Tort law.
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Page 12
Chapter 11: Liability of Accountants and Other Professionals
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Sample Questions
Q1) The role of accountants became a question of significant public interest after a significant amount of responsibility for the bankruptcy of ________ Corporation was placed on the firms that provided accounting services for the corporation.
A)Acron
B)Deltoid
C)Enron
D)Prolific
E)Selinas
Q2) The contract that Andrew and Dominique entered into setting the scope of Andrew's duties is referred to as a[n] ________.
A)Accounting contractual letter
B)Engagement letter
C)GAAP letter
D)GAAS letter
E)Auditing contractual letter
Q3) When can an accountant be held liable to his or her client for fraud?
Q4) The Sarbanes-Oxley Act prohibits registered public accounting firms from engaging in non-auditing acts for their auditing clients.List any six such non-auditing acts currently prohibited.
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Chapter 12: Intellectual Property
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Sample Questions
Q1) The address of a business website ends with ________.
A).net
B).gov
C).com
D).edu
E).org
Q2) Property that is primarily the result of mental creativity rather than physical effort is protected by the laws of intellectual property.
A)True
B)False
Q3) Felicia's agreement with Mei allowing Mei to sell the mask is referred to as which of following?
A)A franchise agreement
B)A license
C)An illegal agreement
D)A patent agreement
E)A trade agreement
Q4) An invention might be protected by trade secret.
A)True
B)False
Page 14
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Chapter 13: Introduction to Contracts
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Sample Questions
Q1) In the Case Opener,Hallmark claimed that an arbitration ruling against a former employee should be upheld.Which of the following was the result of the case?
A)The former employee could proceed with an action in court because there was no consideration for the arbitration agreement and,therefore,no valid agreement.
B)The former employee was allowed to proceed in court because she had exhausted her remedies in the arbitration arena.
C)The former employee was barred from proceeding in court based on the statute of limitations which expired while she was pursuing her remedies in arbitration.
D)The former employee could proceed with an action in court because,as a matter of law,arbitration agreements are barred in the arbitration context.
E)The former employee was barred from proceeding in court because of the binding arbitration clause.
Q2) First,define an express contract and an implied contract.Next,present the three conditions that generally must be met for the courts to find an implied contract,and provide an example of an express contract,and an implied contract.
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Chapter 14: Agreement
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Sample Questions
Q1) When is an ad treated as an offer?.
A)An advertisement is only treated as an offer if the language of the advertisement says "THIS IS AN OFFER."
B)An advertisement is always treated as an offer.
C)An advertisement is treated as an offer if the ad specifies a limited quantity and provides a specific means by which the offer can be accepted.
D)An advertisement is treated as an offer if the ad specifies a price that it is willing to sell a product for.
E)An advertisement is never treated as an offer.
Q2) Which of the following provides that a revocation is effective only when received by the offeree?
A)The Contract Rule
B)The Acceptance Rule
C)The Contract Legality Rule
D)The Mailbox Rule
E)The Reasonable Rule
Q3) An acceptance is still valid if it is received after a rejection is received.
A)True
B)False
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Page 16
Chapter 15: Consideration
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Sample Questions
Q1) In a bilateral contract,the consideration for each promise is ________.
A)An acknowledgement
B)An agreement
C)A completed act
D)A return promise
E)The beginning of action in acceptance,even if it is not complete
Q2) Which of the following is NOT an example of the exception to the rule regarding liquidated debt?
A)A debtor offers a credit card company a rare book in full settlement of a $3,000 debt and the credit card company accepts.
B)A car owner offers her car to the bank as full settlement of the remaining balance owed on the loan and the bank accepts.
C)A debtor disputes the amount of money that is owed,so does not pay half of the debt and the creditor cashes the check.
D)A student offers the use of his picture in a school brochure in full settlement of the $100 debt he owes to the university bookstore and the school accepts.
E)There are no exceptions to the rule regarding liquidated debt.
Q3) What is the preexisting duty rule?
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17
Chapter 16: Capacity and Legality
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Sample Questions
Q1) Is the SatTV contract legally binding on Zeb?
A)Yes,although Zeb may suffer from mental problems,Zeb appears to still understand the nature of the contract and the obligations it imposes.
B)No,because he did not ratify the contract.
C)Yes,because,even though Zeb understands the nature of the contract and the obligations it imposes,Zeb did not disaffirm the contract within a reasonable period of time.
D)No,because contracts with mentally incapacitated persons are void.
E)No,because contracts with mentally incapacitated persons are void,unless expressly ratified.
Q2) If a minor enters into contract with an adult,both parties may disaffirm a contract based upon the minor's lack of majority.
A)True
B)False
Q3) In Great Britain,a young person may enter into a contract at age 18.
A)True
B)False
Q4) Explain Great Britain's approach to the age of majority.
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Page 18
Chapter 17: Legal Assent
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Sample Questions
Q1) Assuming that Monique made a fraudulent misrepresentation regarding the spring running through the corner of the farm knowing the statement was not correct,which of the following is true,considering only the lack of a spring issue,if Jen does not want to go through with the sale?
A)Jen must allow Monique an opportunity to cure,or fix,the problem;and in the event that is not done,she may not rescind the contract although she can sue for damages.
B)Jen may rescind the contract,or she may keep the contract and sue for damages.
C)Jen may sue for damages,but she may not rescind the contract.
D)Jen may rescind the contract,but she may not recover damages.
E)Jen may rescind the contract and recover compensatory damages.
Q2) Which of the following involves the active hiding of the truth about a material fact?
A)Negligence
B)Masking
C)Concealment
D)Nondisclosure
E)Veiling
Q3) What is the purpose of the concept of legal assent?
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Page 19
Chapter 18: Contracts in Writing
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Q1) Which of the following is a type of contract that does not fall within the scope of the statute of frauds?
A)Contracts related to any lease of land-related equipment
B)Contracts whose terms prevent possible performance within one year
C)Contracts related to an interest in land
D)Contracts for one party to pay the debt of another if the initial party fails to pay
E)Promises made in consideration of marriage
Q2) Within the statute of frauds,"land" encompasses not only the land and soil itself but anything ________ to the land.
A)Attached
B)Contracted
C)Pertinent
D)Relating
E)Adjacent
Q3) What are the eight exceptions to the parol evidence rule?
Q4) There is federal U.S.legislation titled "Statute of Frauds".
A)True
B)False
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Chapter 19: Third-Party Rights to Contracts
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Q1) A[n] ________ beneficiary is one who unintentionally gains a benefit from a contract between other parties.
A)Creditor
B)Donee
C)Accidental
D)Incidental
E)Vested
Q2) A third party,who is not part of an original contract,but to whom a duty to perform contained in the original contract is transferred,is called a[n] .
A)Delegator
B)Assignee
C)Assignor
D)Transferor
E)Delegatee
Q3) Most countries do not grant third-party rights to contracts.
A)True
B)False
Q4) List four situations under which contractual rights cannot be assigned.
Q5) List and discuss two reasons why notice of assignment should be given.
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Chapter 20: Discharge and Remedies
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Q1) Which of the following is used as a basis for discharge by operation of law when performance is still objectively possible but would be extraordinarily injurious or expensive to one party?
A)Commercial impracticability
B)Frustration of purpose
C)Alteration of the contract
D)Anticipatory renunciation
E)Anticipatory repudiation
Q2) An offer for the sale of a vehicle contained the condition that the buyer must return the signed offer with a $1,000 deposit upon acceptance.The requirement to send $1,000 is an example of what type of condition?
A)At large
B)Implied
C)Concurrent
D)Conditional
E)Express
Q3) Describe the elements of substantial performance of a contract and the effect of a finding of substantial performance on damages.
Q4) List the ways by which a party's contractual obligations can be terminated.
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Chapter 21: Introduction to Sales and Lease Contracts
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Q1) Is Rita correct that there is no contract because there is nothing at all in writing?
A)Yes,although the UCC is lenient about the statute of frauds,there must at least be something in writing to evidence the existence of a contract.
B)Yes,because Rita made no payment.
C)Yes,unless the good were specifically manufactured for Rita.
D)No,but only if Rita has made a payment under the contract.
E)No,because there has been partial-performance of the contract.
Q2) Which of the following is true regarding Kim's statement that the UCC does not apply in the retail arena?
A)Kim is partially correct.The UCC does not apply in the retail arena if the parties have had significant past dealings under common law.
B)Kim is partially correct.The UCC does not apply in the retail arena if the parties are located in the same state.
C)Kim is incorrect.
D)Kim is partially correct.The UCC does not apply in the retail arena if the contract at issue is for an amount under $10,000.
E)Kim is correct in that the UCC does not apply in the retail arena.
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Chapter 22: Title,risk of Loss,and Insurable Interest
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Q1) If an owner entrusts the possession of goods to a merchant who deals in goods of that kind,the merchant has no authority to transfer any rights in the goods to a buyer in the ordinary course of business.
A)True
B)False
Q2) Which of the following is true regarding transportation costs when the designation FOB is used?
A)The buyer and seller with the loss being proportioned 75% to the buyer and 25% to the seller.
B)The buyer and seller with the loss being proportioned 25% to the buyer and 75% to the seller.
C)The selling price does not include transportation costs.
D)The selling price includes transportation costs.
E)The buyer and seller bear transportation costs with the costs apportioned at a rate of 50% to the buyer and 50% to the seller.
Q3) Most buyer breaches occur when a buyer changes his or her mind about the price of the goods.
A)True
B)False
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Page 24
Chapter 23: Performance and Obligations Under Sales and Leases
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Q1) Which of the following did the appellate court recognize in SCM Group,U.S.A. ,Inc. ,v.Custom Designs & Manufacturing Co. ,Inc. ,the case in the text in which the plaintiff sued the defendant after the defendant refused to pay for equipment?
A)That the issue of whether a reasonable time for inspection of goods has passed is generally a question of law for the judge,not the jury,to decide.
B)That an effective acceptance is not made unless the buyer affirmatively notifies the seller in writing that the goods were conforming.
C)That an effective acceptance is not made unless the buyer affirmatively notifies the seller orally or in writing that the goods while not conforming were acceptable with appropriate deductions.
D)That a failure to reject results in liability not only for the contractual price,but also for damages suffered as a result.
E)That an effective acceptance is not made unless the buyer affirmatively notifies the seller in writing that the goods while not conforming were acceptable with appropriate deductions.
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Chapter 24: Remedies for Breach of Sales and Lease Contracts
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Q1) What is the statute of limitations for bringing a lawsuit arising under a breach of contract for the sale of goods?
A)One year
B)Five years
C)Three years
D)Four years
E)Two years
Q2) Which of the following is true regarding whether usage of trade may impose a remedy in the event of a breach?
A)Usage of trade may impose an exclusive remedy in the event of a breach only if a contract signed by both parties specifically provides as such.
B)Usage of trade may impose an exclusive remedy in the event of a breach.
C)Usage of trade may impose an exclusive remedy in the event of a breach only if both sides are represented by an attorney.
D)Usage of trade may not impose a remedy in the event of a breach.
E)Usage of trade may impose a remedy in the event of a breach but it may not impose an exclusive remedy.
Q3) What a buyer must do in obtaining cover?
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Chapter 25: Warranties
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Q1) What was the result in the case of Webster v.Blue Ship Tea Room Inc. ,the case in which the plaintiff sued after getting a bone caught in her throat while eating fish chowder?
A)That the plaintiff could recover based upon the implied warranty of merchantability.
B)That the plaintiff could recover based on an express warranty.
C)That the plaintiff could recover based upon the implied warranty of fitness for a particular purpose.
D)That the plaintiff could not recover because the bone was not a foreign substance to the fish and should have been expected.
E)That the plaintiff could recover based on either breach of an express warranty or breach of the implied warranty of merchantability.
Q2) Unless the seller proves otherwise,the UCC assumes that the seller has defective title to the goods.
A)True
B)False
Q3) List the exceptions to title warranties.
Q4) According to the UCC,what needs to be shown for goods to be found merchantable?
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Chapter 26: Negotiable Instruments: Negotiability and Transferability
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Q1) The UCC requirement that the signature of the creator appear in order for an instrument to be negotiable can be satisfied by an automated signature.
A)True
B)False
Q2) Arising in the 20th century,a currency or cash substitution is a relatively new development in the law.
A)True
B)False
Q3) A note is a promise,by the maker of the note,to pay a payee.
A)True
B)False
Q4) What are the two exceptions to the time-certain requirement for negotiability discussed in the text?
Q5) Article 3 of the UCC recognizes three types of negotiable instruments: notes,drafts,and checks.
A)True
B)False
Q6) What is the difference between a demand instrument and a time instrument?
Q7) Provide the definition of a traveler's check.
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Chapter 27: Negotiation, holder in Due Course, and Defenses
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Q1) When an instrument is being transferred to an agent or trustee for the benefit of either the endorser or a third party,which kind of endorsement is used?
A)Trust endorsement.
B)Endorsement to prohibit further endorsement.
C)Conditional endorsement.
D)Bearer endorsement.
E)Conditional bearer endorsement.
Q2) What happens when an instrument lists two payees but is silent as to whether they are joint or alternative?
A)The instrument is non-negotiable and may not be endorsed by either payee.
B)Courts interpret the instrument as containing joint payees,and the endorsements of both listed payees are required to negotiate it.
C)The instrument may be endorsed by one or the other payee,but may not be endorsed by both payees.
D)Only the endorsement of the first listed payee is required to negotiate it.
E)Courts interpret the instrument as containing alternative payees,and the endorsement of only one listed payee is required to negotiate it.
Q3) List the five conditions under which a holder may take an instrument for value.
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Chapter 28: Liability, defenses, and Discharge
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Q1) Which of the following statements is true about the Negotiable Instruments Law in China?
A)China's law requires discrepancies between the Chinese characters and the numbers to be resolved in favor of the Chinese characters.
B)China's law addresses only banks,not individuals,as endorsers.
C)China's law permits monetary amounts to be written in either Chinese characters or numbers.
D)The purpose of China's law is to promote free trade.
E)China's law specifically addresses the use of promissory notes by individuals.
Q2) Serayah received a check written by Sam whom she did not really trust.Accordingly,she rushed to his bank to get the check cashed.The bank told her that presentment would be considered as being made on the next business day and refused to immediately give her the funds.The bank representative told her that the bank's cut-off hour was 2:00 p.m.and that she did not present the check until 3:00 p.m.Serayah was upset and told the bank that it wrongfully dishonored the check in violation of provisions of the UCC.Discuss the rights of the parties.
Q3) A bank is primarily liable for the amount of a check when it accepts the check.
A)True
B)False
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Page 30
Chapter 29: Checks and Electronic Fund Transfers
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Q1) The ________ bank is ultimately responsible for granting funds for a check.
A)Collecting
B)Transferring
C)Depositary
D)Payor
E)Intermediary
Q2) Arturo's bank tells him they have placed an eight-day hold on the funds.Arturo tells them they cannot do so.Is he correct?
A)No,if one of the checks was over $10,000.
B)Yes,because they must make the funds available on the fifth business day following the day of deposit of the non-local check.
C)Yes,because a depositary bank must release funds on the fifth business day after transfer to a Federal Reserve Bank.
D)Yes,because they must make the funds available on the third business day following the day of deposit of the non-local check.
E)No,if one of the checks was over $5,000.
Q3) What are the six requirements for a check to be considered properly payable?
Q4) A stop payment order should list which five items?
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Chapter 30: Secured Transactions
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Q1) What is the likely effect on perfection when a financing statement is filed under an incorrect name?
A)Perfection is effective if the secured party's name is incorrect,but not if the debtor's name is incorrect.
B)Perfection is effective if the error involves the name of a corporation,but not if the error involves the name of an individual.
C)The perfection is likely not effective.
D)Perfection is effective if the debtor's name is incorrect,but not if the secured party's name is incorrect.
E)There is usually no effect on perfection.
Q2) What is the term for the type of agreement Michael had with ABC Electronics?
A)A collateralized interest.
B)A pledged money interest.
C)A security perfection interest.
D)A purchase-money security interest.
E)A cash deferred security interest.
Q3) The property that is subject to a security interest is called collateral.
A)True
B)False
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Page 32
Chapter 31: Other Creditors Remedies and Suretyship
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Q1) How much may a debtor's wages be garnished,according to the Federal Consumer Credit Protection Act?
A)That a debtor must be able to keep the 75 percent of his or her weekly net income.
B)That a debtor must be able to keep 30 times the federal minimum wage.
C)Nothing because the Federal Consumer Credit Protection Act does not address garnishment.
D)Nothing because there is no Federal Consumer Credit Protection Act.
E)That a debtor must be able to keep the greater of the following two options: 75 percent of his or her weekly net income or 30 times the federal minimum wage.
Q2) What is the purpose of a creditor seeking a court order for attachment?
A)To protect secured creditors
B)To garnish a debtor's wages
C)To obtain court permission to immediately allow a creditor to seize a debtor's property
D)To ensure a debtor doesn't sell or hide property to try to avoid paying debt
E)Creditors cannot seek a court order for attachment
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Chapter 32: Bankruptcy and Reorganization
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Q1) Liquidation may be voluntary,but not involuntary,under Chapter 7
A)True
B)False
Q2) When the debtor agrees to pay a debt even though it could be discharged,it is referred to as which of the following?
A)A settlement
B)An affirmance
C)A reaffirmation agreement
D)An acknowledgement agreement
E)An accord and compromise
Q3) A[n] ________ is a written federal court order signed by a bankruptcy judge stating that the debtor is immune from creditor actions to collect debts.
A)Grant of immunity
B)Release
C)Abandonment
D)Discharge
E)Relinquishment
Q4) In order of priority,list the first four classes of priority claims among unsecured creditors in a Chapter 7 bankruptcy case.
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Chapter 33: Agency Formation and Duties
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Q1) When an individual misrepresents himself or herself as another party's agent and the principal accepts the unauthorized act,which of the following has occurred?
A)Agency by implied authority
B)Agency by agreement
C)Agency by ratification
D)An expressed agency
E)Apparent agency
Q2) Not only must a principal agree to have a person act as an agent,but the agent must also agree to act for the principal.
A)True
B)False
Q3) The right of a principal to sue an agent to recover any amount assessed against the principal for a breach of contract caused by the agent's negligence is referred to as which of the following?
A)Contribution
B)Recoupment
C)Reformation
D)Reimbursement
E)Indemnification
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Page 35
Chapter 34: Liability to Third Parties and Termination
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Q1) Which of the following is true regarding the rights of an employer who is held liable and pays a third party,not because of the employer's negligence,but under the doctrine of respondeat superior based upon negligence of an employee?
A)The employer can recover all amounts paid from a negligent employee but only if it can be shown that the employee's negligence was based upon the violation of a statute.
B)The employer has no right to receive any reimbursement from the negligent employee.
C)The employer has a right to recover only 50% of any amounts paid from a negligent employee.
D)The employer has a right to recover all amounts paid from the negligent employee.
E)The employer can recover 50% of any amounts paid from a negligent employee but only if it can be shown that the employee's negligence was based upon the violation of a statute.
Q2) What are the two conditions under which the law holds a principal directly responsible for his or her own tortious conduct?
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Chapter 35: Forms of Business Organization
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Q1) Which of the following statements is false regarding limited liability companies?
A)Owners of an LLC are referred to as incorporators.
B)Limited liability companies have the limited liability of corporations yet may be taxed like partnerships.
C)Members need not be citizens of the U.S.
D)For purposes of jurisdiction,an LLC is considered a citizen of every state in which its members reside.
E)A limited liability company is formed by filing articles of organization in the state in which members want to establish their LLC.
Q2) Daria initially set up which type of business?
A)An individual proprietorship
B)A franchise
C)An S corporation
D)A general company
E)A sole proprietorship
Q3) What are the advantages and disadvantages of a sole proprietorship form of business.?
Q4) List the advantages and disadvantages of forming a general corporation.
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Chapter 36: Partnerships: Nature, formation, and Operation
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Q1) Partners own partnership property as ________,meaning that the partners own the property as a group.
A)Tenants in property
B)Tenants in the entirety
C)Common tenants
D)Joint tenants
E)Partnership tenants
Q2) Which of the following statements is false regarding when a partner may demand an accounting?
A)A partner may demand an accounting whenever the partnership agreement provides for an accounting.
B)A partner may demand an accounting whenever circumstances render an accounting as "just and reasonable."
C)A partner may demand an accounting whenever the copartners wrongfully exclude a partner from the partnership or from access to the books.
D)A partner may demand an accounting whenever any partner fails to disclose a profit or benefit from the partnership.
E)A partner may demand an accounting for any time for any reason.
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Chapter 37: Partnerships: Termination and Limited Partnerships
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Q1) Which of the following is false regarding dissolution of a partnership either by act of a partner or by operation of law?
A)Death of a partner results in dissolution of a partnership by operation of law.
B)A partnership engaging in an activity that suddenly becomes illegal results in dissolution of a partnership by operation of law.
C)A partner withdrawing from the partnership at will results in dissolution through an act by a partner.
D)A partner withdrawing or being expelled pursuant to the partnership agreement results in dissolution through an act by a partner.
E)A partner's engagement in any other business activity results in dissolution of a partnership through an act by a partner.
Q2) A partnership can continue after dissolution is complete.
A)True
B)False
Q3) When a partner dies,the partnership is terminated by an act of the court.
A)True
B)False
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Page 39
Chapter 38: Corporations: Formation and Financing
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Q1) The determination of who has the power to amend the corporate bylaws after the first organizational meeting is made by the articles of incorporation.
A)True
B)False
Q2) In the state in which it is incorporated,a corporation is a[n] ________ corporation.
A)Approved
B)Home
C)Domestic
D)Certified
E)Recognized
Q3) What type of corporation is created by the government to help administer law?
A)Domestic
B)Publicly held
C)Public
D)Closely held
E)Private
Q4) Corporations do not exist separately from their shareholders.
A)True
B)False
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Chapter 39: Corporations: Directors, officers, and Shareholders
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Q1) Which of the following,if any,is an authorization of a shareholder to allow someone else to vote in his or her place?
A)Permissive voucher
B)Proxy
C)Approval
D)Acknowledgement
E)There is no such document because a shareholder may not allow someone else to vote in the shareholder's place.
Q2) Prior to an annual meeting,which of the following items,containing proposals made by shareholders,are sent to shareholders?
A)Proxy materials
B)Meeting proposals
C)Presidential materials
D)Meeting agenda
E)Officer materials
Q3) There are two types of self-dealing in which officers and directors might engage.List and describe both types,as well as the penalty for doing so.
Q4) What are the requirements for being a director?
Page 41
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Chapter 40: Corporations: Mergers, consolidations, terminations
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Q1) In a merger,which of the following is true regarding the property of the absorbed corporation?
A)It must be held in trust for at least six months to satisfy claims of creditors.
B)It must be placed within the jurisdiction of the secretary of state for at least one year in order to satisfy claims of creditors.
C)It must be sold and distributed to the absorbed corporation's shareholders.
D)It is obtained by the surviving corporation.
E)It must be held in trust for at least one year to satisfy claims of creditors.
Q2) When two or more corporations are combined,and neither of the original corporations continues to exist legally,it is called:
A)A consolidation
B)A reorganization
C)An alteration
D)A merger
E)A combination
Q3) Merger cannot occur between foreign out-of-state)corporations.
A)True
B)False
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Chapter 41: Corporations: Securities and Investor Protection
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Q1) Is Kassie's attorney correct that she does not have to provide financial information contained in the registration statement because the proposed offering is a private placement offering?
A)If Kassie offers securities to any unaccredited investor,then she must provide all investors with the basic information that would be contained in a registration statement.
B)If Kassie offers securities to any unaccredited investor,then she must provide the unaccredited investors with the basic information that would be contained in a registration statement.
C)She does not have to disclose any information because it is a private offering.
D)If Kassie offers securities to any investor,then she must provide all investors with the basic information that would be contained in a registration statement.
E)All issuers must,at a minimum,disclose the information that would have been in a registration statement.
Q2) The SEC issues opinions regarding the worth of securities.
A)True
B)False
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Chapter 42: Employment and Labor Law
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Q1) Under ERISA,employers are required to provide to plan participants all of the following except:
A)A yearly outline of anticipated investments.
B)Assurances that those in charge of managing plan assets have fiduciary responsibility.
C)A grievance and appeals process for participants to get benefits from their plans.
D)Plan information i.e. ,features and funding).
E)The right to sue for benefits and breaches of fiduciary duty.
Q2) Is Doria likely entitled to receive workers' compensation for her injury?
A)Yes,because,even though the injury occurred while Doria was performing her job,she was negligent in not noticing the cord.
B)Yes,because Doria was performing her job at the time of the injury.
C)No,because upper level executives are prohibited from receiving workers' compensation.
D)No,because the injury occurred on a business trip.
E)No,because under the premises rule,Doria is not entitled to workers' compensation.
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Chapter 43: Employment Discrimination
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Q1) Which of the following measures a psychological trait needed to perform a job?
A)Performance validity
B)Content validity
C)Construct validity
D)Criterion-related validity
E)Object validity
Q2) In the area of employee testing,which of the following shows a statistical relationship between test scores and objective criteria of job performance,in the area of employee testing?
A)Content validity
B)Performance validity
C)Object validity
D)Construct validity
E)Criterion-related validity
Q3) How does a plaintiff in an action under the Age Discrimination in Employment Act establish a prima facie case of age discrimination involving a termination?
Q4) Title VII is not applicable to American firms' overseas operations.
A)True
B)False
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Chapter 44: Administrative Law
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Q1) If Talia appeals to court after she is unable to resolve the issue through the agency,what would likely be the result?
A)The court would immediately dismiss her appeal because she had no right to an appeal a decision of an agency of this type.
B)She would lose unless she could establish bias against her because of her race,color,gender,age,or national origin.
C)She would lose unless she could establish that she was singled out for unfair treatment based on a review of others in her position who pled guilty to similar charges.
D)She would lose because courts will review agency interpretations of regulations only when there is clear and convincing evidence of a factual dispute,which is nonexistent because she pled guilty to the DUI charge.
E)She would win because it appears that the agency exceeded its authority under the statute in that her DUI conviction did not involve matters,such as honesty,that the statute was meant to protect.
Q2) Administrative law consists of procedural,but not substantive,rules.
A)True
B)False
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Page 46
Chapter 45: Consumer Law
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Q1) A statute or administrative rule serving to protect consumer interests is a consumer law.
A)True
B)False
Q2) Which of the following was passed in response to the growing number of identity theft cases?
A)The Fair and Accurate Credit Transactions Act
B)The Credit Card Fraud Act
C)The Fair Credit Reporting Act
D)The Identity Crisis Act
E)The Fair Credit Billing Act
Q3) The Federal Food,Drug,and Cosmetic Act is enforced by which agency?
A)The U.S.Food and Drug Administration
B)The Federal Safety Commission
C)The Federal Consumer Administration
D)The Federal Consumption Administration
E)The U.S.Uniform Drug Commission
Q4) Canada's cigarette labeling requirements are less strict than those in the U.S.
A)True
B)False
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Chapter 46: Environmental Law
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Q1) Regarding Sean's statement that swimming is not a concern of the government,which of the following is accurate?
A)Sean is partially correct.Swimming may be a concern of the states,but such swimming is not a concern of the federal government because it does not directly affect harm through,for example,drinking contaminated water.
B)Sean is incorrect.
C)Sean is correct.
D)Sean is incorrect only if it can be established that the area was designated as an official tourist destination.
E)Sean is incorrect only if it can be established that swimmers were incurring physical symptoms such as rashes.
Q2) taxes reference the taxation of environmentally harmful activities.
A)Black
B)Red
C)Lime
D)Green
E)Lemon
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Chapter 47: Antitrust Law
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Q1) Section ________ of the Clayton Act prohibits anticompetitive mergers or acquisitions.
A)6
B)4
C)7
D)2
E)10
Q2) In attempting to establish a violation of the Sherman Act,what type of trade violation would the government most likely allege?
A)A horizontal restraint
B)A rule-of-reason restriction
C)A vertical restraint
D)An agreed restriction
E)A corresponding restriction
Q3) Foreign companies are never subject to the Sherman Act.
A)True
B)False
Q4) Antitrust laws prohibit farmers from belonging to cooperatives that set prices.
A)True
B)False
Page 49
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Chapter 48: The Nature of Property, personal Property, and Bailments
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Q1) Which of the following practices is NOT a means of acquiring ownership of property?
A)Evolution
B)Confusion
C)Creation
D)Voluntary transfer
E)Possession
Q2) A ________ of personal property is a relationship that arises when one party transfers possession of personality to another to be used in an agreed-upon manner for an agreed-upon time period.
A)Transfer
B)Bailment
C)Loan
D)Release
E)Lease
Q3) Mislaid property and lost property legally have the same status.
A)True
B)False
Q4) What is meant by the concept of confusion in terms of acquiring ownership,and when and how is it applied?
Page 50
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Chapter 49: Real Property
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Q1) Which of the following are promises voluntarily entered into by property owners by which the owners promise to use or not to use their land in particular ways?
A)Restrictive covenants
B)Zoning
C)Approved use requirements
D)Obligatory covenants
E)Public use agreements
Q2) Which of the following refers to government restriction of property use?
A)Zoning
B)Obligatory covenants
C)Public use agreements
D)Restrictive covenants
E)Approved use requirements
Q3) An owner cannot deprive landowners downstream of the use of the water by diverting it elsewhere.
A)True
B)False
Q4) What must a properly drafted deed include?
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Chapter 50: Landlord-Tenant Law
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Q1) Regarding a tenant's use of rented premises,which of the following is false?
A)A tenant may not cut down trees in the yard of rental property.
B)A tenant is responsible for negligent damages to an apartment.
C)A tenant had a duty not to cause substantial injury to the landlord's property.
D)A tenant has a duty not to commit waste.
E)A tenant is responsible for carpet that becomes worn.
Q2) Which of the following is a clause in a lease agreement allowing the landlord to increase the rent in association with increases in costs of living,property taxes,or the tenant's commercial business?
A)An inflation clause
B)A cost clause
C)A rent escalation clause
D)A landlord protection clause
E)A rent expense agreement
Q3) Surrender occurs when a landlord or tenant fails to perform a condition stated in the lease.
A)True
B)False
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Chapter 51: Insurance Law
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Q1) ________ insurance protects a garage owner from liability to persons who are injured by the operation of the garage.
A)Garage liability
B)Peril
C)Employee liability
D)Vehicle liability
E)Transportation liability
Q2) A[n] ________ is a term identifying the person who receives insurance proceeds in the event of injury or damage.
A)Identified
B)Beneficiary
C)Obtainer
D)Insured
E)Receiver
Q3) If a person who is in good health lies about their age on a life insurance application and the misrepresentation is discovered at the time of the person's death,what is usually the effect?
Q4) Describe the effect of an appraisal clause in a policy of insurance,and explain how these usually work.
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Chapter 52: Wills and Trusts
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Q1) A ________ is a person who creates a trust.
A)Trustee
B)Settlor
C)Settlee
D)Trustor
E)Benefact or
Q2) Which of the following is not one of the reasons suggested by the text as to why people create trusts?
A)Protect an animal.
B)Prevent individuals from gaining access to certain assets.
C)Protect another person.
D)Avoid paying taxes.
E)Hide assets from creditors.
Q3) Dominic's state does not allow a testamentary disposition to a pet;therefore,Dominic should consider placing funds for his pet in a trust,which would be allowed.
A)True
B)False
Q4) What are the four requirements needed for a valid will?
Q5) What are the two usual components of trusts,and what are their functions?
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