Entrepreneurship and the Law
Exam Answer Key
Course Introduction
Entrepreneurship and the Law explores the intricate legal landscape that entrepreneurs and start-up founders must navigate to build and sustain successful ventures. The course examines foundational topics such as entity formation, intellectual property protection, contract negotiation, employment law, and regulatory compliance. Special emphasis is placed on risk management, legal issues in raising capital, and the evolving legal challenges of digital and global business environments. Through case studies and practical exercises, students gain insights into identifying legal pitfalls and leveraging law as a strategic asset for innovation and growth.
Recommended Textbook Business Law and the Regulation of Business 10th Edition by Richard A. Mann
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Page 2
Chapter 1: Introduction to Law
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Sample Questions
Q1) Identify three essential functions of law.
Answer: The primary function of law is to maintain stability in the social, political, and economic system while simultaneously permitting change.A second essential function of law is to protect the private ownership of property and to assist in the making of contracts relating to exchanges of property and services.A third function of law is preservation of the state.
Q2) Which of the following is correct regarding the English courts of equity?
A)They were presided over by a chancellor.
B)They could only award money damages.
C)They could issue a decree ordering a defendant to do or to refrain from doing a specific act.
D)Both (a) and (c) are correct.
Answer: D
Q3) Decisions of courts of appeal are published in volumes known as "reports" or "reporters."
A)True
B)False
Answer: True
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3
Chapter 2: Business Ethics
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Sample Questions
Q1) Which arguments oppose business involvement in socially responsible activities?
A)Lack of corporate focus on profitability.
B)Unfairness to company employees and shareholders.
C)Lack of accountability.
D)All of the above.
E)(a) and (c), but not (b)
Answer: D
Q2) Social egalitarians believe:
A)the ends justifies the means.
B)society should provide each person with equal amounts of goods and services regardless of the contribution each makes to increase society's wealth.
C)society should divide wealth based on each person's contribution.
D)that if persons wish to act morally, they should emulate those in the society who always seem to do the right thing.
Answer: B
Q3) It is possible for legal acts to be immoral.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Civil Dispute Resolution
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Sample Questions
Q1) An appeal from a small claims court is taken to the state court of appeals where a trial de novo is begun.
A)True
B)False
Answer: False
Q2) A court will grant summary judgment after a trial if the judge makes a final, binding determination on the merits of the case.
A)True
B)False
Answer: False
Q3) In diversity of citizenship cases, federal courts apply:
A)federal substantive and procedural law.
B)state substantive and procedural law.
C)state procedural and federal substantive law.
D)federal procedural and state substantive law.
Answer: D
Q4) In many states, judges are elected by the voters for a stated number of years.
A)True
B)False
Answer: True
Page 5
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Chapter 4: Constitutional Law
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Sample Questions
Q1) For the purposes of procedural due process, __________ includes certain entitlements conferred by government, such as social security payments and food stamps.
A)the right of free speech
B)equal protection
C)property
D)liberty
Q2) The U.S.Constitution reserves to the states or to the people:
A)powers also delegated to the federal government by the Constitution.
B)the powers the Constitution does not prohibit to the states.
C)police power.
D)employee safety matters.
Q3) If private entities engage in public functions, constitutional guarantees such as free speech and due process may apply to their actions under the __________ doctrine.
A)state action
B)federal preemption
C)interstate commerce
D)supremacy
Q4) Briefly discuss the Contract Clause of the Constitution.
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Chapter 5: Administrative Law
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Sample Questions
Q1) Only documentary evidence may be admitted at an administrative hearing.
A)True
B)False
Q2) What limits are imposed on administrative agencies by each of the following: (a) the courts; (b) Congress; and (c) the executive branch?
Q3) Where there has been informal rulemaking or informal adjudication by an administrative agency and the decision by that agency is then appealed to the courts, the court will generally apply what standard in reviewing factual determinations?
A)The unwarranted by the facts standard.
B)The substantial evidence standard.
C)The arbitrary and capricious standard.
D)The beyond a reasonable doubt standard.
Q4) When reviewing factual determinations of an administrative agency, the courts must always use the arbitrary and capricious test.
A)True
B)False
Q5) Explain what is considered a "major rule" and the effect of an administrative rule's being in this category.
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Chapter 6: Criminal Law
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Sample Questions
Q1) Losses due to computer crimes are estimated to be:
A)in the millions of dollars.
B)in the tens of billions of dollars.
C)in the trillions of dollars.
D)decreasing because of stricter security measures now in place.
Q2) Although mens rea is a required element for most crimes, many regulatory statutes dispense with it.
A)True
B)False
Q3) Selling liquor to a minor can result in criminal liability only if the seller intended to sell to an underage person.
A)True
B)False
Q4) RICO defines a pattern of racketeering as the commission of three or more predicate acts within a five-year period.
A)True
B)False
Q5) What six elements must be present for the crime of larceny to exist?
Q6) Briefly discuss legislation relating to computer crimes.
Page 8
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Chapter 7: Intentional Torts
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Sample Questions
Q1) The terms "nuisance" and "trespass to real property" refer to the same tort.
A)True
B)False
Q2) In some instances the same facts will give rise to an action for both false light and defamation.
A)True
B)False
Q3) A major difference between trespass to personal property and conversion is that the latter does not require intent to harm whereas trespass does.
A)True
B)False
Q4) Identify the elements of a tort and the objectives of tort law.
Q5) The purpose of tort law is to punish the wrongdoer.
A)True
B)False
Q6) Define appropriation and give an example.
Q7) The tort of nuisance includes only the trespassory invasion of real property.
A)True
B)False
Page 9
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Chapter 8: Negligence and Strict Liability
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Sample Questions
Q1) There is an established rule in the law of torts that even one who has not created a peril has a duty to take affirmative action to assist an imperiled person, no matter what the relationship with that person, when the imperiled person can be saved from harm at little or no personal risk to the rescuer.
A)True
B)False
Q2) default judgment
Q3) negligence
Q4) Which of the following must the plaintiff prove in an action for negligence?
A)Injury.
B)Res ipsa loquitur.
C)A reasonable person.
D)All of the above.
Q5) private law
Q6) pleadings
Q7) If a defendant acts under emergency conditions, these conditions will be taken into account in applying the reasonable person standard.
A)True
B)False
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Chapter 9: Introduction to Contracts
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Sample Questions
Q1) What is the difference between a valid contract and a void contract?
Q2) The concept of consideration in contract law includes:
A)that each party to a contract must unintentionally exchange a legal benefit.
B)an inducement to each party to make a return exchange.
C)that each party takes out an insurance bond if the possibility of damages is above $500.
D)All of the above.
Q3) A valid contract is one that meets all of the requirements of a binding contract.
A)True
B)False
Q4) Brian makes a material misrepresentation of fact regarding his horse to Rosalind while out riding one day.Later that day, Rosalind makes an offer to buy the horse which Brian accepts, without correcting his earlier misrepresentation of fact.
A)Brian may avoid the contract.
B)Rosalind may avoid the contract.
C)Either or both Brian or Rosalind may avoid the contract.
D)Neither Brian nor Rosalind may avoid the contract.
Q5) What is the doctrine of promissory estoppel, and when is it used?
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Chapter 10: Mutual Assent
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Sample Questions
Q1) Discuss how parties show mutual assent and what standard is used to determine agreement.
Q2) In the case of Lefkowitz v.Great Minneapolis Surplus Store, Inc., the court decided that the store's advertisement was not a valid offer to enter into a contract but was merely an invitation to make an offer.
A)True
B)False
Q3) The mirror image rule applies to:
A)an offer.
B)a rejection.
C)an acceptance.
D)a revocation.
Q4) Elvis makes an offer to Fred, but before Fred can accept, the state supreme court decides a case that makes Elvis's offer illegal.What is the effect of the court's decision on the offer?
A)The court's decision automatically terminates the offer.
B)The court's decision has no effect on the offer.
C)The court's decision acts as a condition on the offer.
D)The court's decision acts as a rejection of the offer by the offeree.
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Chapter 11: Conduct Invalidating Assent
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Sample Questions
Q1) Define undue influence and name some of the relationships that would be affected.
Q2) Identify two situations in which silence or nondisclosure constitutes a misrepresentation.
Q3) Al owns a farm that he believes is worth $150,000.Betty knows that there is oil under the farm and offers Al $160,000 for it.Al accepts and sells the farm to Betty.Al later realizes that the land was worth more than $160,000.Al can have the contract avoided based upon fraud.
A)True
B)False
Q4) Which of the following is correct with regard to duress?
A)It always renders a contract void.
B)Duress by improper threats is the most common form of duress.
C)The wrongful act must be either a crime or a tort in order to be considered wrongful.
D)All of the above.
Q5) There are two distinct types of fraud.
A)True
B)False
Q6) What elements need to be proved to establish each type of fraud?
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Chapter 12: Consideration
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Sample Questions
Q1) Nancy, who lives in Birdville, wants to open a McHenry Roast Chicken franchise.Mark, a representative of McHenry, told Nancy, "If you will buy a lot and build a building in River City, we will give you a franchise." Nancy bought the lot and built the building as instructed only to discover that McHenry had awarded the franchise to a large corporation.McHenry claims no liability to Nancy since there was no consideration.Which statement best describes the situation?
A)McHenry is not liable to Nancy since there was no consideration.
B)McHenry is not liable to Nancy since there was past consideration.
C)McHenry is liable to Nancy since adequate consideration was given by both parties.
D)McHenry is liable to Nancy based on the concept of promissory estoppel.
Q2) An illusory promise has the form of a promise but imposes no real obligation.
A)True
B)False
Q3) In a unilateral contract, a promise is exchanged from one party to another for a promise to forbear to act.
A)True
B)False
Q4) Is a promise to pay a pre-existing moral obligation enforceable? Explain.
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Page 14
Chapter 13: Illegal Bargains
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Sample Questions
Q1) A covenant not to compete is a type of restraint of trade that courts today will enforce under certain circumstances.
A)True
B)False
Q2) An agreement in connection with the sale of a business that prohibits the seller from engaging in the same or similar business for a period of twenty-five years would be unreasonable and unenforceable.
A)True
B)False
Q3) Bargains are illegal if they violate a crime or tort but not if they are merely against public policy.
A)True
B)False
Q4) Identify five exceptions to the general rule that illegal contracts are unenforceable.
Q5) State-operated lotteries have come under increasing regulation because of statutes criminalizing wagers.
A)True
B)False
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Chapter 14: Contractual Capacity
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Sample Questions
Q1) The minority of states require that the minor, when effecting a disaffirmance of the contract, pay at least a reasonable amount for the use of the property or the amount by which the property depreciated while in the hands of a minor.
A)True
B)False
Q2) Trina, while 17, purchases a laptop computer.Discuss the implications of her actions as to whether she can disaffirm the contract of purchase if she: (a) tries to sell the computer one year later; (b) continues to use the computer for eighteen months; or (c) has not yet made all of the payments when she turns 18, but continues to make monthly payments.
Q3) In a contract to sell necessaries to a minor, these goods and services are limited to medical care, food, and shelter.
A)True
B)False
Q4) In general, if a minor lies about her age in order to induce the seller to contract with her, she cannot disaffirm that contract.
A)True
B)False
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Page 16
Chapter 15: Contracts in Writing
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Sample Questions
Q1) On March 1, Tammy, a student, received a telephone call from Watterson, Inc.offering her a job for one year beginning on June 15, after completion of the school year.According to the personnel manager, she will have to move to California and be ready to start work at 8:00 A.m.on June 15.Should Tammy ask for a letter confirming the telephone conversation if she accepts the offer immediately?
A)Yes, because the job offer is a collateral promise.
B)Yes, because the job offer is covered by the parol evidence rule.
C)Yes, because the job offer is for longer than one year from March 1.
D)No, because the job offer is for one year from June 15.
Q2) An example of language creating a suretyship as meant under the statute of frauds would be the following: "If my business partner does not write out the check for the supply bill for our company, I will."
A)True
B)False
Q3) The word "parol" literally means release.
A)True
B)False
Q4) Under the Restatement and the Code, when can supplemental evidence be used with a written contract?
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Chapter 16: Third Parties to Contracts
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Sample Questions
Q1) In England and in a minority of states, the first of two or more assignees to give notice to the obligor is entitled to the assigned performance.
A)True
B)False
Q2) A delegation still leaves the one who delegated the duty responsible for performance of the duty.
A)True
B)False
Q3) A gratuitous assignment is revocable even after the assignor has made an effective delivery of the assignment to the assignee.
A)True
B)False
Q4) The general rule is that an assignee stands in the shoes of the assignor.He acquires the rights of the assignor but acquires no new or additional rights.
A)True
B)False
Q5) Give an example of an assignment of rights and explain the relationship of the parties.
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Chapter 17: Performance, Breach, and Discharge
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Sample Questions
Q1) Steven owes Tina $100 for a used computer which he bought last year at Tina's garage sale.The two agree that the debt can be paid by Steven's shoveling snow from Tina's driveway from January through March.The new contract is a(n): A)accord.
B)satisfaction. C)novation. D)rescission.
Q2) An accord and satisfaction discharges the original duty. A)True
B)False
Q3) Concurrent conditions occur when mutual duties of performance are to take place simultaneously.
A)True B)False
Q4) Robert and John entered into a bilateral contract and Robert has fully performed.Their mutual rescission of the contract is binding at common law. A)True
B)False
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Chapter 18: Contract Remedies
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Sample Questions
Q1) bilateral contract
Q2) undue influence
Q3) unilateral contract
Q4) Bartow signed a contract to coach baseball for Washington High for a period of three years.After two years he is offered and accepts an assistant coaching position at State University.Contract law will not allow Washington High to ask for:
A)specific performance of his contract.
B)payment of compensatory damages.
C)an injunction against coaching at the university.
D)liquidated damages.
Q5) The purpose of reliance damages is to place the injured party in a position as good as he would have held if the contract had not been made.
A)True
B)False
Q6) Restitution requires a return of value to the aggrieved party.
A)True
B)False
Q7) output contract
Q8) executed contract
Page 20
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Chapter 19: Introduction to Sales and Leases
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Sample Questions
Q1) Contracts containing unconscionable clauses are void and unenforceable.
A)True
B)False
Q2) What is a "merchant?" Identify the subject matter of four provisions in Article 2 that apply to merchants, but not to others.
Q3) If a contract does not comply with the statute of frauds, it is void.
A)True
B)False
Q4) Substantive unconscionability involves scrutiny by the court for "bargaining naughtiness."
A)True
B)False
Q5) A contract to purchase stocks and bonds is governed by Article 2 of the UCC.
A)True
B)False
Q6) If a merchant signs a written offer to buy or sell goods, this will be irrevocable only if accompanied by consideration.
A)True
B)False
21
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Chapter 20: Performance
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Sample Questions
Q1) If an anticipatory repudiation substantially impairs the value of the contract, the aggrieved party may:
A)await performance for a commercially reasonable time.
B)resort to any appropriate remedy for breach.
C)Both (a) and (b) are correct.
D)None of the above.
Q2) A merchant buyer who has rightfully rejected goods must follow reasonable instructions from the seller regarding disposal of the goods when the seller has no agent at the place of rejection.
A)True
B)False
Q3) A merchant buyer of goods receives nonconforming goods.The merchant buyer rightfully rejects and appropriately notifies the seller, but the seller has no agent in the buyer's city.The goods are perishable and threaten to decline in value speedily.The merchant buyer has no further duty to the seller other than to await the seller's instructions.
A)True
B)False
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22
Chapter 21: Transfer of Title and Risk of Loss
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Sample Questions
Q1) A voidable title is no title.
A)True
B)False
Q2) The Code has enlarged the common law voidable title doctrine by providing that a good faith purchaser for value obtains title from one possessing voidable title even if that person obtained voidable title by:
a.criminal fraud punishable as larceny.
b.fraud as to her identify.
c.exchange for a subsequently dishonored check.
d.an agreement that the transaction was to be a cash sale, and the sales price has not been paid.
e.All of the above.
Q3) The parties, by agreement, may divide the risk and shift the allocation of risk. A)True
B)False
Q4) The seller has an insurable interest in goods even though he no longer owns them, if he continues to retain a security interest in them.
A)True
B)False
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Chapter 22: Product Liability: Warranties and Strict Liability
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Sample Questions
Q1) The word "merchantability" must be mentioned in a disclaimer of an implied warranty of merchantability.
A)True
B)False
Q2) Under the CISG, the seller must deliver goods, unless otherwise agreed, that are fit for the purposes for which goods of the same description would ordinarily be used.
A)True
B)False
Q3) Terrell asks a salesperson what size of water heater he should buy for their twenty-unit motel.If Terrell purchases a tank based on the salesperson's suggestion, the salesperson's recommendation is:
A)an express warranty of merchantability regarding the water heater.
B)an implied warranty of merchantability regarding the water heater.
C)an implied warranty of fitness for a particular purpose.
D)no warranty, but only a statement of opinion.
Q4) An implied warranty is found in the language of a sales contract.
A)True
B)False
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Page 24
Chapter 23: Sales Remedies
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Sample Questions
Q1) Which type of contractual provision affects remedies?
A)Cover.
B)Liquidation or limitation of damages.
C)Modification or limitation of remedy.
D)Both (b) and (c) are correct.
Q2) incidental damages
Q3) Under the CISG, avoidance of a contract cancels any provision for settlement of disputes.
A)True
B)False
Q4) Under the CISG, if the buyer fails to perform any obligations, the seller may either require the buyer to pay the price or fix an additional period of time for the buyer to perform.
A)True
B)False
Q5) A buyer's incidental damages include reasonable expenses or commissions in effecting cover.
A)True
B)False
Q6) vertical privity
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Chapter 24: Form and Content
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Sample Questions
Q1) X signs a negotiable instrument ordering Y to pay Z the sum of $500.Y is the:
A)drawee.
B)maker.
C)payee.
D)drawer.
Q2) Revised Article 3 eliminates the particular fund doctrine by providing that a promise or order is not made conditional because payment is to be made only out of a particular fund.
A)True
B)False
Q3) The drawee is the individual who signs a check and promises to pay.
A)True
B)False
Q4) To be negotiable, the instrument must satisfy all except which one of the following requirements?
A)It must contain a promise or order to pay.
B)It must be for a certain amount.
C)It must be payable on demand.
D)It must be signed.
Q5) Who are the parties to checks and notes?
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Chapter 25: Transfer
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Q1) An indorsement "Pay Alice Adams" is an assignment rather than a negotiation since it lacks words of negotiability.
A)True
B)False
Q2) An indorsement must be written on the instrument itself.
A)True
B)False
Q3) Maxine indorsed her paycheck by signing her name on the back, but she lost it on the way to the bank.The check is now comparable to cash because it is a bearer instrument.
A)True
B)False
Q4) The Code specifies that the signer is to be treated as an indorser if it is impossible to tell the nature of the signer's liability with certainty from the appearance of the signature on an instrument.
A)True
B)False
Q5) What is negotiation? How does one become a "holder" of an instrument?
Q6) What is the effect of a qualified indorsement and a restrictive indorsement?
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Chapter 26: Holder in Due Course
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Q1) Carmen needs quick cash, so she hits upon a scheme.She tells Frank she's collecting for Laotian refugees.Frank writes a check for $100 payable to the order of Carmen.Carmen indorses the check and delivers it to Joanne, who doesn't know of Carmen's scam, for $90 cash.Joanne gives it to Margaret as a present.Frank discovers Carmen's deception and refuses to pay Margaret.Will he win?
A)No, because Margaret is a holder in due course.
B)No, because of the shelter rule.
C)Yes, since Margaret did not take the check for value.
D)Yes, since the check was not negotiated to Margaret.
Q2) Notice of which of the following circumstances should alert a purchaser of a negotiable instrument that he might not be accorded the favored position of a holder in due course?
A)The instrument has a limited indorsement.
B)The instrument is overdue.
C)The instrument is given as a security interest.
D)None of the above.
Q3) It is not necessary that one own the instrument to be a "holder."
A)True
B)False
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Page 28
Chapter 27: Liability of Parties
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Q1) Brad wrote a check to Clara for $1,000 on his account at First Bank.He then took it to his bank for certification.The bank wrote "certified" on the face of the check.Brad then gave the check to Clara.When Clara took the check to First Bank, they refused to pay, claiming that there was not enough money in Brad's account to cover the check.Which of the following is correct?
A)First Bank is primarily liable on the check, because it has already accepted it.
B)Clara has no recourse under the circumstances.
C)Brad is secondarily liable on the check, because he is the drawer.
D)Two of the above, (a) and (c), are correct.
Q2) The signature of the maker of a note may be typewritten or signed by means of a signature stamp so long as it represents a present intention to authenticate the instrument.
A)True
B)False
Q3) An accommodation maker is not liable on a note since he only agreed to sign as a favor to the maker.
A)True
B)False
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Page 29
Chapter 28: Bank Deposits, Collections, and Funds
Transfers
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Q1) Banks like electronic funds transfers, because they eliminate the float time that a drawer enjoys on a checking account and the paperwork involved in processing checks.
A)True
B)False
Q2) What are a payor bank's rights to subrogation upon an improper payment of an instrument?
Q3) Adjudication of drawer's incompetence will not affect the bank's ability to act with respect to the drawer until the bank knows and has a reasonable opportunity to act on this knowledge.
A)True
B)False
Q4) A bank customer may encode its own checks, and if it does, the encoder warrants to any subsequent collecting bank and to the payor that information is properly encoded.
A)True
B)False
Q5) drawee
Q6) blank indorsement
Q7) check
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Chapter 29: Relationship of Principal and Agent
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Q1) The fiduciary duty of an agent has no bearing upon his ability to act on behalf of a competitor of his principal.
A)True
B)False
Q2) Which of the following is correct with regard to the capacity of an agent?
A)The incapacity of the agent disqualifies him from making a contract that is binding on his principal.
B)No mental capacity is necessary for an agent.
C)If an incompetent person who is not under guardianship appoints an agent, contracts made by that agent are voidable.
D)A corporation has no capacity to act as an agent.
Q3) Diane appoints Edward as her agent to sell goods in markets where the highest price can be obtained.Edward sells the goods in a market that is glutted and obtains a low price, even though he could have obtained a higher price in a nearby market by using more care in obtaining the available market information.Edward is liable to Diane for breach of the duty of diligence.
A)True
B)False
Q4) Discuss the nature of agency, including the scope of agency purposes.
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Chapter 30: Relationship With Third Parties
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Q1) A person may ratify a prior unauthorized act and may later revoke the ratification.
A)True
B)False
Q2) Sam is George's agent.George decides to fire Sam.Mel is an old customer of George's and he has dealt on credit with Sam for over 20 years.Ellie is a prospective customer that Sam has spoken with on numerous occasions in his capacity as George's agent, and George was aware of the preliminary negotiations.Mel orders goods from Sam after Sam has been fired but Mel has no knowledge of the firing.Later, Sam takes an order from Ellie.Under the Second Restatement, if George does not give notice of the firing, George will:
A)be liable for the contract with Mel.
B)not be liable on the contract with Mel.
C)not be liable on the contract with Ellie.
D)Both (a) and (c).
E)Both (b) and (c).
Q3) An agent who has either actual or apparent authority has the power to bind his principal.
A)True
B)False
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Chapter 31: Formation and Internal Relations of General Partnerships
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Q1) A business form devised to avoid the burdens of corporate regulation, particularly the formerly widespread prohibition denying corporations the power to own and deal in real estate, and used primarily for asset securitization ventures is the:
A)limited liability limited partnership.
B)limited partnership.
C)limited liability company.
D)business trust.
Q2) To be partnership property, title to real estate bought with partnership assets and used by the partnership may be put in the name of:
A)any partner in that individual's name.
B)the partnership only.
C)the partnership in its name, or one or more partners in their capacity as partners in the partnership if the name of the partnership is indicated in the instrument transferring title.
D)None of the above.
Q3) Assignment of a partner's interest will cause dissolution.
A)True
B)False
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Chapter 32: Operation and Dissolution of General Partnerships
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Q1) Winding up involves all but which one of the following?
A)Selling assets for cash.
B)Collecting debts owed to the partnership.
C)Taking orders for business.
D)Paying creditors.
Q2) The UPA provides that partners are __________ liable on all debts and contract obligations of the partnership.
A)jointly
B)strictly
C)jointly and severally
D)partially
Q3) Which of the following describes the imposing of partnership duties and liabilities upon a person who is not a partner in an existing partnership by reason of his consenting to representation that he is a partner?
A)Partnership by estoppel.
B)Delectus personae.
C)A fiduciary duty.
D)Torts of partnership.
Q4) Define dissolution under the UPA and discuss its three causes.
34
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Chapter 33: Limited Partnerships and Limited Liability Companies
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Q1) Discuss the duties of general partners to limited partners and the standard used in the Wyler case.
Q2) One of the most appealing features of a limited partnership is the limited personal liability it offers to all of the partners.
A)True
B)False
Q3) Under the RULPA, a limited partnership may not use a name that is deceptively similar to that of any corporation or other limited partnership.
A)True
B)False
Q4) Describe an LLC and the rights of its members.
Q5) Which of the following need NOT be included in the certificate filed by a limited partnership?
A)The name of the limited partnership.
B)The name and address of the agent for service of process.
C)The names and addresses of each of the limited partners.
D)The name and business address of each general partner.
Page 35
Q6) What are the liabilities of a limited partner in a limited partnership?
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Chapter 34: Nature and Formation of Corporations
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Q1) Which of the following may influence a promoter to choose to incorporate in a particular state?
A)Corporate laws.
B)Its tax on corporate earnings.
C)The state court system.
D)All of the above.
Q2) Under which of the following provisions of the U.S.Constitution is a corporation not a "person"?
A)The Fifth Amendment Due Process Clause.
B)The Fourteenth Amendment Due Process Clause.
C)The Fourteenth Amendment Equal Protection Clause.
D)The Fifth Amendment right against self-incrimination.
E)The Fourth Amendment protection against unreasonable searches and seizures.
Q3) A corporation whose principal place of business operation is Florida must be incorporated in Florida.
A)True
B)False
Q4) Define "promoter" in reference to a corporation.
Q5) What are the principal attributes of a corporation?
Q6) What statutory powers does a corporation normally possess?
Page 36
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Chapter 35: Financial Structure of Corporations
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Q1) Discuss the use of and types of stock options.
Q2) "Blue Sky Laws" are state laws that regulate corporate stock issuance and sales.
A)True
B)False
Q3) A distribution may be in the form of:
A)declaration of a dividend.
B)a purchase, redemption, or other acquisition of shares.
C)a distribution of indebtedness.
D)All of the above.
Q4) Par value:
A)indicates the worth of the stock at issue.
B)is the minimum price at which the corporation may sell the stock at issuance.
C)represents the maximum price at which the stock may be sold at issuance.
D)represents the amount for which the stock must be traded.
Q5) A prospectus is an offer a corporation makes to interest people in buying securities. A)True
B)False
Q6) Discuss preemptive rights.Are preemptive rights more important in a closely held corporation or in a publicly held corporation? Explain.
Page 37
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Chapter 36: Management Structure of Corporations
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Q1) The remedy for a director's breach of fiduciary duty is:
A)a suit in equity by the corporation.
B)a derivative suit instituted by a shareholder to require the director to pay to the corporation the profits obtained through the breach.
C)a class action suit by the shareholders.
D)Both (a) and (b).
Q2) The RMBCA states that "all corporate powers shall be exercised by or under the authority of, and the business and affairs of a corporation managed under the direction of, its":
A)board of directors.
B)chief executive officer.
C)officers.
D)shareholders.
Q3) Directors are elected at the annual meeting of shareholders.
A)True
B)False
Q4) The members of the board of directors are essentially trustees of the corporation.
A)True
B)False
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Chapter 37: Fundamental Changes of Corporations
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Q1) subscriber
Q2) If the sale of substantially all of a corporation's assets takes place in the usual and regular course of business, approval by neither the board nor shareholders is required.
A)True
B)False
Q3) Management buyouts commonly make extensive use of borrowed funds.
A)True
B)False
Q4) Shareholders do not have vested property rights resulting from provisions in the articles of incorporation.
A)True
B)False
Q5) The statutory provisions governing dissolution and liquidation usually prescribe procedures to safeguard the interests of the corporation's creditors.These procedures include:
A)the required mailing of notice to known creditors.
B)a general publication of notice.
C)the preservation of claims against the corporation.
D)All of the above.
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Chapter 38: Secured Transactions and Suretyship
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Q1) Gary decided to borrow from Jones Bank since it promised that his loan interest rate would be systematically reduced every year when the board met.The loan rate was never reduced, but actually increased monthly.Gary refused to pay the interest demanded and sued for rescission of the contract.The bank attempted to collect from Lewis, a surety under the loan.Does Lewis have to pay?
A)Yes, because there is no defense.
B)No, because a fraud perpetrated upon Gary will be a defense.
C)Yes, since the surety obligation is separate from the underlying contract.
D)No, because the surety stands in the shoes of the debtor for all purposes.
Q2) Upon the surety's payment of the principal debtor's entire obligation, the surety gets no rights.
A)True
B)False
Q3) If the debtor is in default and the secured party wants to repossess the collateral in order to sell it, he must get a court order to do so.
A)True
B)False
Q4) Explain how the Revised Act facilitates electronic filing of a financing statement.
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Chapter 39: Bankruptcy
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Q1) Under Chapter ___________, the bankruptcy estate does not include wages earned after commencement of the case.
A)7
B)11
C)13
D)All of the above
Q2) All but which one of the following would be exempt from bankruptcy under the federal law?
A)$500 received in child support.
B)A $300 cocktail ring.
C)A $200 cashmere sweater.
D)A $10,000 truck.
Q3) An automatic stay ends:
A)upon termination or dismissal of the bankruptcy case.
B)upon the debtor's receipt of a discharge.
C)only by court order.
D)Both (a) and (b).
Q4) assignment for benefit of creditors
Q5) security interest
Q6) exoneration
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Chapter 40: Securities Regulation
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Q1) The 2008 amendments to the SEC rules regarding registration and reporting define a small business issuer as a noninvestment company with less than $20 million in public float.
A)True
B)False
Q2) Which of the following are basic objectives of the 1933 Securities Act?
A)To provide investors with material information concerning securities offered for sale to the public.
B)To prohibit misrepresentation, deceit, and other fraudulent acts and unfair practices in the sale of securities generally, whether or not they are required to be registered.
C)Both (a) and (b).
D)None of the above.
Q3) Willful violations of the Securities Act of 1933 are subject to a fine of not more than __________ and/or imprisonment of not more than __________ or both.
A)$5,000, one year.
B)$10,000, five years.
C)$100,000, five years.
D)$250,000, ten years.
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Chapter 41: Intellectual Property
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Q1) Russ would violate the Federal Trademark Act by passing off his product as Kristy's, but not by passing off Kristy's product as his (reverse passing off).
A)True
B)False
Q2) Identify the three types of patents, their requirements, and duration.
Q3) While employed, an employee who has no restrictive employment contract with his employer may divulge secrets to a competitor.
A)True
B)False
Q4) A copyright would protect a photograph.
A)True
B)False
Q5) The owner of a collective mark must produce the goods it seeks to mark.
A)True
B)False
Q6) The union mark attached to many goods in the United States is a collective mark.
A)True
B)False
Q7) Discuss the concept of fair use in relation to copyright law.
Page 43
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Chapter 42: Employment Law
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Q1) Which of the following is NOT true about social security?
A)The purpose is to provide full retirement to almost all employees.
B)Employers and employees share the cost of contributions.
C)Self-employed individuals pay the full cost of contributions.
D)Social Security consists of four main programs: OASI, DI, Medicare, and SSI.
Q2) Tony is a U.S.citizen, working in Germany for a U.S.-owned company. U.S.statutes, such as the Americans with Disabilities Act and Title VII of the Civil Rights Act, do not apply to him while he is working outside of the United States.
A)True
B)False
Q3) Under federal law, employers may use a lie detector test if it is part of an ongoing investigation of economic loss to its business.
A)True
B)False
Q4) Comprehensive federal legislation now governs drug and alcohol testing by employers.
A)True
B)False
Q5) What are the powers of the Equal Employment Opportunity Commission (EEOC)?
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Chapter 43: Antitrust
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Q1) The 1992 and 1997 Horizontal Merger Guidelines:
A)were issued by the Justice Department to be additional to the FTC's separate guidelines.
B)require a mechanical application; in order to reduce the previously used analytic framework, which was far too subjective and uncertain.
C)rejects use of the Herfindahl-Hirschman Index.
D)consist of four market concentration categories.
E)None of the above.
Q2) If United Widgets lowers its price to all buyers of 10 or more widgets, it is not a violation of the Robinson-Patman Act.
A)True
B)False
Q3) Agreements by which the seller or lessor of a product conditions the agreement upon the buyer's or lessee's promise not to deal in a competitor's goods are:
A)tying arrangements.
B)exclusive dealing arrangements.
C)attempts to monopolize.
D)None of the above.
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Chapter 44: Accountants Legal Liability
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Q1) Under the 1934 Act, an accountant's liability for false or misleading statements is based on a good faith negligence standard.
A)True
B)False
Q2) Accountants are subject to civil liability under the 1933 Act if the financial statements they prepare or certify for inclusion in a registration statement contain any untrue statement or omit any material fact, but only if reliance on the financial statements is proven.
A)True
B)False
Q3) Taylor, who is conducting an audit of Oakwood Corporation, becomes aware of information that indicates Oakwood was involved in an illegal payment.Discuss Taylor's responsibilities.
Q4) Historically, an accountant's liability for negligence extended to the client and third party beneficiaries.
A)True
B)False
Q5) What are the requisite elements of fraud?
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Chapter 45: Consumer Protection
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Q1) The federal Truth-in-Lending Act:
A)requires the lender to show how much profit is made on a particular sale.
B)regulates the maximum cost of credit.
C)is a uniform law made available to all states, like the UCC.
D)is intended to allow comparison of various credit offers or advertisements.
Q2) The Consumer Product Safety Commission enforces the:
A)Federal Hazardous Substances Act.
B)Flammable Fabrics Act.
C)Refrigerator Safety Act.
D)All of the above.
E)None of the above.
Q3) Federal regulation prohibits a credit seller or lender from obtaining a nonpossessory security interest in household goods if the interest is not a purchase money security interest.
A)True
B)False
Q4) When first established, the Consumer Product Safety Commission promulgated a number of mandatory safety standards.
A)True
B)False
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Chapter 46: Environmental Law
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Q1) The Toxic Substances Control Act authorizes the EPA to:
A)require testing of only new substances if their manufacture may present an unreasonable risk of injury to the environment.
B)require testing of any new or existing substance that may present an unreasonable risk of injury to health or the environment.
C)establish a priority list for testing that contains no more than 20 substances at any time.
D)impose civil penalties of up to $50,000 per day for statutory violations.
Q2) The Clean Air Act requires the EPA Administrator to do what, regarding new stationary sources?
A)Establish federal standards of performance that reflect the best technological system of emission reduction.
B)Establish performance standards that will match emissions from existing sources.
C)Allow no discharge of any pollutants.
D)All of the above.
Q3) Milly owns a car rental business that nets over $2 million.How is Milly contributing to the CERCLA trust fund?
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Chapter 47: International Business Law
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Q1) copyright
Q2) "Normal value" is the price that would be charged for the same or a similar product in the ordinary course of trade for domestic consumption in the exporting country, under the World Trade Organization's:
A)tariff regulations.
B)nontariff barrier.
C)Antidumping Code.
D)export controls.
Q3) When a treaty and a right declared under a subsequent federal statute conflict, the treaty must prevail.
A)True
B)False
Q4) Which of the following is an objective of the North American Free Trade Agreement (NAFTA)?
A)Create trade barriers to the movement of goods and services across the borders.
B)Promote conditions of fair competition in the free trade area.
C)Decrease investment opportunities in certain parts of the area.
D)Provide adequate and effective enforcement of all types of property rights.
Q5) due diligence
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Chapter 48: Introduction to Property, Property Insurance,
Bailments, and Documents of Title
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Q1) At the end of a bailment, a bailee may correctly deliver the bailed property to a third party (other than the bailor) in certain cases.
A)True
B)False
Q2) A gift causa mortis is a gift:
A)made by a donor after death in her will.
B)that is conditional.
C)made in the contemplation of the donor's imminent death.
D)Both (b) and (c) are correct.
E)Both (a) and (b) are correct.
Q3) Fire insurance policies are standardized in the United States, either by statute or by order of the state insurance departments, so coverage cannot be enlarged to cover any other perils.
A)True
B)False
Q4) When goods have been commingled, it is sometimes possible to get title by confusion.
A)True
B)False
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Chapter 49: Interests in Real Property
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Q1) The implied warranty of habitability:
A)is a warranty that the land is well maintained.
B)is a concept created by Congress to protect consumers who rent homes.
C)requires leased premises to be fit for ordinary residential purposes.
D)All of the above.
Q2) Jack, a landlord, sells his apartment house to Bob, who knows that each of the four apartments is rented.May Bob tell the tenants to vacate and install his own tenants?
A)Yes, since he is now the owner.
B)Yes, the leases terminate when Jack's ownership ends.
C)No, he must wait until their leases expire.
D)No, they may stay as long as they wish.
Q3) An easement that is appurtenant usually passes to the new owner of the land.
A)True
B)False
Q4) A condominium differs from a cooperative in that a tenant in the latter:
A)rents his apartment from the cooperative.
B)owns his apartment in cooperation with corporate owner.
C)owns all the space except the common areas.
D)owns only the internal space.
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Chapter 50: Transfer and Control of Real Property
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Q1) Explain the difference between the lien theory and the title theory in relation to mortgages.
Q2) A typical enabling statute grants municipalities all but which of the following powers? The power to:
A)regulate the bulk of buildings to be erected.
B)divide the entire municipality into districts of such number and shape as may be deemed best.
C)determine the area of open spaces within buildings.
D)All of the answer choices are typical powers granted by enabling statutes.
Q3) Eminent domain would permit condemnation of land for all the following purposes except:
A)constructing a railroad bridge over a river.
B)building senior citizens' home.
C)building a discount store.
D)building a post office.
Q4) A right of redemption of a mortgage cannot be defeated by operation of law.
A)True
B)False
Q5) Discuss the types of deeds that can be used to transfer title.
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Chapter 51: Trusts and Wills
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Q1) A living will is a document that:
A)is videotaped.
B)contains the maker's wishes regarding extraordinary medical treatment.
C)is capable of being changed from time to time, unlike other wills.
D)cannot be revoked.
Q2) will (testament)
Q3) The owner of legal title to the property in a trust is the: A)grantor.
B)settlor.
C)beneficiary.
D)trustee.
Q4) Which of the following is true about a constructive trust?
A)It normally contains detailed instructions for the trustee to follow.
B)The court imposes it to redress an injustice.
C)It is revocable by the trustee.
D)It carries out the intentions of the trustee.
Q5) Clarence is the trustee of a trust.With $75,000 of his own money, Clarence purchases a parcel of real estate.Two months later, he sells the parcel to the trust for $150,000 and pockets the profit.Discuss the situation in terms of the duties and powers of the trustee.
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