Entrepreneurship and the Law
Mock Exam
Course Introduction
This course explores the intersection of entrepreneurship and legal issues, providing students with a foundational understanding of the legal landscape that shapes startups and new ventures. Key topics include intellectual property protection, business formation and structure, contract negotiation, financing, regulatory compliance, and employment law. Through case studies and practical examples, students will learn how to identify and manage legal risks, navigate common legal challenges faced by entrepreneurs, and leverage the law as a strategic tool for business growth. The course equips prospective entrepreneurs with the skills necessary to make informed decisions and work effectively with legal counsel in launching and growing successful enterprises.
Recommended Textbook
Dynamic Business Law 4th Edition by
Nancy K. Kubasek
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4658 Verified Questions
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Chapter 1: An Introduction to Dynamic Business Law
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Q1) If a victim of assault does not want the abuser arrested but the prosecutor brings charges anyway since the assault violated criminal laws,the reason for the prosecutor's actions is:
A)A violation of criminal laws is an act against the public as a whole.
B)The prosecutor's responsibility is to regulate disputes between private individuals under criminal law
C)Natural law has been violated and the prosecutor has a duty to act
D)The abuser has committed a civil law violation in addition to a criminal one
E)Private law has been violated and the prosecutor has a duty to act.
Answer: A
Q2) Another name for case law is common law.
A)True
B)False
Answer: True
Q3) When courts overturn precedent and create new precedent,they are obeying the principle of stare decisis.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Business Ethics
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Q1) Which theory most accurately fits the advice given by Mia?
A)Act utilitarianism
B)Rule utilitarianism
C)Virtue ethics
D)Deontology
E)Ethical relativism
Answer: A
Q2) Business ethics results in a set of correct decisions.
A)True
B)False
Answer: False
Q3) What does the value of freedom mean?
A)To possess a large enough supply of goods and services to meet basic demands
B)To maximize the amount of wealth in society
C)To possess the capacity or resources to act as one wishes
D)To treat all humans identically,regardless of race,class,gender,age and sexual preference.
E)To possess anything that someone is willing to grant you.
Answer: C
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Page 4
Chapter 3: The Uslegal System
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Q1) Which statement about state and federal court jurisdiction is true?
A)In all cases,state courts have exclusive jurisdiction unless the state's Supreme Court grants jurisdiction to a federal court in the state.
B)In some cases,state courts have exclusive jurisdiction;in some cases,state courts have concurrent jurisdiction with the federal courts;and state courts also have the power to hear all cases not within the exclusive jurisdiction of the federal court system.
C)In all cases,state courts have concurrent jurisdiction with the federal courts.
D)State courts begin with exclusive jurisdiction until a federal court intervenes.
E)Federal courts begin with exclusive jurisdiction until a state court intervenes.
Answer: B
Q2) Only one party may appeal from a final judgment.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Alternative Dispute Resolution
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Q1) If Coleman decides to arbitrate,which of the following would most likely be false?
A)Coleman and Jade would be more likely to continue a business relationship after arbitration than if they engaged in litigation.
B)The dispute would be resolved quicker than litigation.
C)Coleman would spend less money on arbitration than if he engaged in litigation.
D)Coleman would not be allowed to bring any witnesses.
E)Coleman's assistant,a professional athlete,could testify about the poor quality of the shoes provided by Jade.
Q2) Which of the following is true regarding the federal appellate court system's use of ADR?
A)Almost all federal circuit courts of appeal have mediation programs underway.
B)By law ADR is outlawed at the federal appellate court level.
C)While ADR is popular at the district court level,few federal appellate courts use it.
D)All federal appellate courts use early neutral case evaluation but none use mediation.
E)All federal courts use arbitration but few have mediation programs.
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6
Chapter 5: Constitutional Principles
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Q1) Some other countries' constitutions provides rights that American citizens do not have.
A)True
B)False
Q2) After his termination,Leaf returned to his office to pack his belongings.He uploaded a message on the Department's website,which stated that Milo was a thief and has stolen thousands of dollars from the State of California.Milo,who had not stolen money from the State,later sued Leaf for defamation.How would a court likely rule?
A)For Leaf because he has an absolute right to free speech under the First Amendment.
B)For Milo,but only if Leaf also used fighting words.
C)For Leaf because the rational-basis test applies.
D)For Leaf because he did not use any lewd,profane,or obscene words.
E)For Milo because the First Amendment does not protect defamatory speech.
Q3) Corporations are not protected by the First Amendment.
A)True
B)False
Q4) Explain "dormant commerce clause" as a concept.
Q5) Set forth the Central Hudson Test for Commercial Speech.
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Chapter 6: International and Comparative Law
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Q1) Which type of legal system exists in North Korea?
A)Socialist legal system
B)Civil legal system
C)Asian legal system
D)Common law legal system
E)Islamic legal system
Q2) Which of the following is true regarding nontariff barriers?
A)Embargoes are nontariff barriers,but quotas are not.
B)Quotas and embargoes are nontariff barriers,but indirect barriers are not.
C)Quotas,embargoes,and indirect barriers are all nontariff barriers.
D)Quotas are nontariff barriers,but embargoes are not.
E)Indirect barriers are nontariff barriers,but quotas and embargoes are not.
Q3) Which of the following refers to an agent who distributes,represents,or sells goods on behalf of a foreign seller?
A)Export representative
B)Foreign exportation proponent
C)International sales and importation expert
D)Import representative
E)Foreign sales representative
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Page 8
Chapter 7: Crime and the Business Community
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Q1) A crime can be a felony,misdemeanor,or petty offense.How is this determination usually made?
A)The statute defining the crime usually establishes whether the judge or jury decides if the crime is a felony,misdemeanor,or petty offense.
B)The judge decides.
C)The prosecutor decides how the charges will read.
D)The jury decides.
E)The statute defining the crime usually establishes whether the crime is a felony,misdemeanor,or petty offense.
Q2) When companies bill consumers for optional services that the consumers did not order,it is called which of the following?
A)Fraudulent adding
B)Stuffing
C)Slamming
D)Fraudulent transfer
E)Cramming
Q3) Discuss the four alternative ways,in addition to fines,to punish white-collar criminals discussed in the text.Discuss the pros and cons of each.
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Chapter 8: Tort Law
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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) Which of the following is not a typical type of compensatory damage?
A)Damages to punish the defendant for wrongdoing.
B)Pain and suffering.
C)Lost wages.
D)Medical expenses.
E)Cost to repair damaged property.
Q3) A strict-liability tort occurs when a defendant acts with the intention of engaging in a specific act that ultimately results in injury.
A)True
B)False
Q4) List and explain the four different types of privacy torts.
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Chapter 9: Negligence and Strict Liability
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Q1) Identify and explain the elements of negligence.
Q2) Which of the following is not a consideration when courts attempt to determine whether a reasonable person would have owed a duty of care to others?
A)The intent of the defendant to cause the harm experienced by the plaintiff.
B)How socially beneficial the defendant's conduct was which posed the risk of harm
C)The severity of the harm
D)The likelihood of harm
E)The costs which would have been necessary to reduce the risk of harm.
Q3) Which of the following is not an example of a situation where a duty of care exists.
A)When you hire an employee and know the employee is in a dangerous situation.
B)When you hit someone with your car and injure the person.
C)When you are a landowner and invite someone onto your property.
D)When you are a business owner and customers enter company property.
E)When you walk by a stranger who is drowning in a lake in your neighborhood.
Q4) Three-quarters of the states remain contributory negligence states.
A)True
B)False
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Chapter 10: Product Liability
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Sample Questions
Q1) What was the result in the case opener involving the lawsuit against the sperm bank for providing sperm with a genetic defect?
A)The lawsuit was not dismissed,and the court ruled that a sperm bank could be sued under product liability laws.
B)The lawsuit was not dismissed although the court ruled that the plaintiff could proceed only under a negligence theory.
C)The lawsuit was dismissed because of the court's decision that the sperm was not defective.
D)The lawsuit was dismissed because of the court's decision that the plaintiffs had suffered no damages.
E)The lawsuit was dismissed because of the court's decision that sperm is not a product.
Q2) If a manufacturer fails to provide adequate warnings about potential dangers associated with a product,the product may be found defective. A)True B)False
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Chapter 11: Liability of Accountants and Other Professionals
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Q1) Accountants may not be sued for malpractice because that action is only available in the medical community.
A)True
B)False
Q2) Whether third parties have a claim against an accountant on the basis of their reliance upon negligently prepared financial statements is the same in all states because it is governed by federal law.
A)True
B)False
Q3) A[n] ________ liability insurance policy can protect a company doing business in the cloud.
A)Storage
B)Cloud
C)Online
D)Cyber
E)Data
Q4) What must a plaintiff show in order to establish a violation of Section 20a)of the Securities Exchange Act?
Q5) Discuss the defenses available to an accountant charged with negligence.
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Chapter 12: Intellectual Property
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Questions
Q1) Which of the following is true about the requirements for trademark dilution and trademark infringement?
A)Both require the mark be famous and a showing of consumer confusion.
B)Only infringement requires the mark be famous;only dilution requires a showing of consumer confusion
C)Only dilution requires the mark be famous;only infringement requires a showing of consumer confusion.
D)Both require the mark be famous.
E)Both require a showing of consumer confusion.
Q2) As long as copies are used only for educational purposes,a teacher cannot be held liable for copyright infringement under the Fair Use Doctrine
A)True
B)False
Q3) A trademark does not encompass ideas such as storefront design and shelves in a store.
A)True
B)False
Q4) In order to succeed on a claim of trade-dress infringement,what must a party prove?
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Chapter 13: Introduction to Contracts
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Sample Questions
Q1) Which of the following terms refers to the $50 to be provided by Dylan and the book to be provided by Yasmeen?
A)Encouragement
B)Consideration
C)Material
D)Provisions
E)Inducement
Q2) Of the following,which was introduced by prominent legal scholars who were recruited by the American Law Institute?
A)Common law.
B)The Restatement of the Law Second,Contracts.
C)Common law and the Convention on Contracts for International Sales of Goods.
D)The Convention on Contracts for the National Sales of Goods.
E)The Convention on Contracts for the National Sales of Goods and the Restatement of the Law Second,Contracts.
Q3) Contracts do not have to fall under the common law or the Uniform Commercial Code.
A)True
B)False
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Page 15
Chapter 14: Agreement
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Questions
Q1) What is an implied- in- fact contract?
A)A contract that is created when a party's intent to enter into a contract is unclear but the other party relies on a belief that promises have been made.
B)A contract created when one party makes an offer that can be accepted only by performance.
C)A contract created when an offeror provides a benefit to an offeree in a unilateral contract.
D)A contract that is created by a mutual exchange of promises.
E)A contract created when an offeree receives and accepts in silence the benefits of an offered service with reasonable opportunity for rejection and with an understanding some form of compensation will be required.
Q2) An acceptance is still valid if it is received after a rejection is received.
A)True
B)False
Q3) Reasonably definite terms are one of the elements of an offer.
A)True
B)False
Q4) List the elements of an offer under the common law.
Q5) List the ways in which an offer can terminate.
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Chapter 15: Consideration
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Q1) Which of the following is true regarding whether an accepted offer to pay part of a debt is consideration?
A)Partial payment is consideration if a liquidated debt is involved.
B)Partial payment is consideration if an exception applies to the general rule that partial payment is not consideration for an unliquidated debt.
C)Partial payment is not consideration under any circumstances.
D)Partial payment is consideration if an unliquidated debt is involved.
E)Partial payment is consideration under all circumstances.
Q2) What is necessary for consideration to be valid?
A)Consideration must be part of an equal exchange.
B)Consideration must be money
C)Consideration must involve performance in exchange for a promise.
D)Consideration must involve a mutual exchange of promises
E)Consideration must be the product of a bargained for exchange.
Q3) What is the preexisting duty rule?
Q4) The court will never look at adequacy of consideration.
A)True
B)False
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Page 17
Chapter 16: Capacity and Legality
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Q1) How many states engage in at least some regulation of gambling?
A)50
B)35
C)10
D)40
E)47
Q2) Which of the following involves overly harsh or lopsided substance in an agreement?
A)Exculpatory clauses.
B)An in pari delicto agreement.
C)Adhesion conscionability.
D)Substantive unconscionability.
E)Procedural unconscionability.
Q3) Depending on the size of the print on the back of the contract,which of the following could Tevis possibly use as a defense?
A)Unclear drafting
B)Outrageous wording
C)Procedural unconscionability
D)Substantive unconscionability
E)Adhesion conscionability
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Page 18
Chapter 17: Legal Assent
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Q1) For fraudulent misrepresentation to be the basis for a contract rescission,the statement of fact must be an actual assertion.
A)True
B)False
Q2) The reasoning in innocent misrepresentation cases resembles the reasoning in a[n] case.
A)Mutual mistake
B)Duress
C)Negligent misrepresentation
D)Fraudulent misrepresentation
E)Unilateral mistake
Q3) Which of the following is found when one party was forced into an agreement by the wrongful act of another?
A)Duress
B)Negligence
C)Browbeating
D)Coercion
E)Fraud
Q4) What is the purpose of the concept of legal assent?
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Chapter 18: Contracts in Writing
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Q1) What type of contract falls within the scope of the statute of frauds?
A)Contracts involving the provision of any goods
B)Contracts involving the provision of services
C)Contracts involving any debt
D)Contracts whose terms prevent possible performance within one year
E)Contracts involving services in relation to computer equipment
Q2) Does the agreement to purchase the bicycles for $100 each fall outside the statute of frauds and,thus,would likely be enforceable against Milton?
A)No,because the agreement is for the sale of goods over $500,which is within the statute of frauds and must be in writing.
B)Yes,because the contract can be performed within one year.
C)Yes,because the agreement involved the lease of goods,which need not be in writing.
D)No,because the agreement involved the lease of goods and must be in writing.
E)Yes,because the agreement is for the sale of goods under $500,which need not be in writing.
Q3) What types of contracts does the statute of frauds require to be in writing? Include in your answer contracts,if any,the UCC requires to be in writing.
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Page 20
Chapter 19: Third-Party Rights to Contracts
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Q1) When a party to a contract transfers his or her rights to a contract to a third party,which of the following occurs?
A)Disgorgement
B)Privity
C)Transfer
D)Assignment
E)Referral
Q2) The party who makes the promise that benefits the third party is the ________ in a third-party beneficiary contract.
A)Promisor
B)Obligee
C)Promisee
D)Assignor
E)Obligor
Q3) How do courts generally treat antiassignment clauses?
A)As promises
B)As ineffective clauses
C)As void under statute of frauds
D)As invalid clauses
E)As clauses against public policy
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Chapter 20: Discharge and Remedies
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Q1) Whenever a party fails to perform his or her obligations under the contract,a ________ occurs.
A)Breach
B)Misdeed
C)Break
D)Mistake
E)Split
Q2) When a party's obligations under a contract are terminated,the party is said to be
A)Discharged
B)Recoursed
C)Terminated
D)Completed
E)Finished
Q3) A material breach does not discharge the non-breaching party from his obligations under the contract.
A)True
B)False
Q4) Describe the three main situations in which the courts find objective impossibility.
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Chapter 21: Introduction to Sales and Lease Contracts
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Q1) Which of the following is true regarding the holding of the court in The Travelers Property Casualty Company of America and Hellmuth Obata & Kassabaum,Inc. ,v.Saint-Gobain Technical Fabrics Canada Limited,the case in the text involving whether the statute of frauds barred enforcement of a contract and also whether the United Nations Convention on Contracts of the International Sale of Goods CISG)applied to a contract in view of the fact that a particular state's law was referenced in the contract?
A)That the CISG did not apply because a construction of an arena,which would result in a type of realty,was concerned and that the statute of frauds contained within the UCC barred enforcement of the contract.
B)That the CISG applied and that oral discussions could have formed a contract.
C)That the CISG applied and that no contract could have resulted because of the lack of a writing.
D)That the CISG did not apply because the contract referred to provisions of the UCC and that the statute of frauds contained within the UCC barred enforcement of the contract.
E)That the CISG did not apply because significant provisions in the contract were left unwritten but that the statute of frauds was inapplicable.
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Chapter 22: Title,risk of Loss,and Insurable Interest
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Q1) A contract is a sale-or-return contract if the seller allows the buyer to take possession of the goods before deciding whether to complete the contract by making the purchase.
A)True
B)False
Q2) If the contract between the parties had been an origin contract,who would bear the risk of loss for the second delivery?
A)ScubaCo,because the risk of loss remains with the seller
B)The Dive Shop but only to the extent of its insurance,the remainder transfers to ScubaCo
C)The Dive Shop,because the risk of loss transferred to the buyer on delivery,but only the remainder of the loss not covered by ScubaCo's insurance
D)Both parties share the risk of loss equally
E)ScubaCo,because they had no right to refuse delivery of conforming goods
Q3) The terms FOB and FAS mean the same thing.
A)True
B)False
Q4) List and describe good title and void title,and give an example of when void title would be passed.
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Chapter 23: Performance and Obligations Under Sales and Leases
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Q1) Which statement is true regarding the claim of Solid Wood that Kristin failed to properly reject the goods?
A)Solid Wood is correct only if Solid Wood can show that the goods were priced at reasonable market value.
B)Solid Wood is incorrect only if Kristin can show that the goods were overpriced.
C)Solid Wood is correct.
D)Solid Wood is incorrect because under the UCC Kristin had 30 days in which to reject the goods.
E)Solid Wood is incorrect only if Kristin can establish that Let Us Help You miscalculated the amount of interest she owed.
Q2) Can Toshi reject the dolls with minor facial flaws?
A)Yes,because they are not perfect,under the perfect tender rule
B)Yes,because a buyer does not have to accept goods with flaws
C)Yes,because they do not conform to the contract specifications
D)No,as long as they substantially conform to the contract specifications
E)No,if it is the norm in the doll industry not to permit a buyer to reject dolls with minor flaws
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Page 25
Chapter 24: Remedies for Breach of Sales and Lease Contracts
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Q1) Discuss when specific performance is available as a remedy against a seller or lessor when the sale of goods is involved,and what is involved if specific performance is required.
Q2) Which of the following is true regarding Blake's options in regard to the pontoon boat?
A)She has only one year in which to return the pontoon boat and seek monetary damages to give her the benefit of the bargain,but she may not seek specific performance.
B)She has only 90 days in which to return the pontoon boat and seek either specific performance or monetary damages to give her the benefit of the bargain.
C)She may keep the pontoon boat and seek monetary damages to give her the benefit of the bargain.
D)She has only one year in which to return the pontoon boat and seek specific performance,but she cannot sue for damages.
E)She has no options in regard to recovery from the seller because she retained the pontoon boat knowing that the seller refused to grant relief.
Q3) What a buyer must do in obtaining cover?
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Page 26
Chapter 25: Warranties
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Q1) Is it likely that Ryan will be able to recover damages based upon a breach of the implied warranty of merchantability?
A)No,because of the lack of an implied warranty of fitness for a particular purpose.
B)Yes,because Kristin told Ryan that the car would pull the boat.
C)Yes,because Ryan informed Kristin about the need for the car to pull the boat.
D)No,because there was no warranty of merchantability.
E)No,because the implied warranty of merchantability was that the car would,for example,be fit for the ordinary purposes for which such goods are used.Pulling the boat was not an ordinary purpose for that small car.
Q2) A salesman selling sneakers says "These are the coolest kicks I've ever sold!" Does this statement create an express warranty?
A)No because this statement is an example of puffing.
B)No because oral statements by sales people never create warranties.
C)Yes if the salesmen made the statement in an attempt to make the sale.
D)Yes,under all circumstances.
E)No because it is impossible to objectively measure coolness.
Q3) According to the UCC,what needs to be shown for goods to be found merchantable?
Q4) List the exceptions to title warranties.
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Chapter 26: Negotiable Instruments: Negotiability and Transferability
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Q1) Which is the correct term for a promise made by a bank to pay a payee a certain amount of money at a future time?
A)A certificate of deposit
B)A check
C)A novation
D)A note
E)A draft
Q2) Before Mehdi endorsed the check it was a[n] instrument;and after he endorsed it,the check was a[n] ________ instrument.
A)Bearer;bearer
B)Order;order
C)Order;bearer
D)Transactional;bearer
E)Order;transactional
Q3) Which Article of the UCC governs negotiable instruments?
A)Article 4
B)Article 8
C)Article 9
D)Article 3
E)Article 2
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Chapter 27: Negotiation, holder in Due Course, and Defenses
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Q1) At any date after the expressed due date on a time instrument,the instrument becomes overdue.
A)True
B)False
Q2) Was the check properly delivered to Brad?
A)Yes,because both Brad and the bank are considered holders in due course.
B)Yes,because it was bearer paper,delivery occurred whenever possession was taken.
C)No,because he was not intended to receive it.
D)Yes,because it was order paper,delivery occurred whenever possession was taken.
E)Yes,but only because it was thereafter presented to the bank and cashed.
Q3) List the five conditions under which a holder may take an instrument for value.
Q4) An endorsement to prohibit further endorsement prohibits further transfer.
A)True B)False
Q5) A payee may not be a holder in due course. A)True B)False
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Chapter 28: Liability, defenses, and Discharge
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Q1) Which of the following is not a real defense to enforcement of a negotiable instrument?
A)Infancy being below the legal age of consent),to the extent that it makes a contract void
B)Impairment of collateral
C)Discharge through insolvency proceedings bankruptcy)
D)Forgery
E)Fraud in the factum
Q2) When a holder presents an instrument in a timely and proper manner,but acceptance or payment is refused,the instrument has been ________.
A)Rejected
B)Converted
C)Dishonored
D)Refused
E)Destroyed
Q3) If Teren sends Clem a letter,telling Clem he will not sue to enforce a promissory note,Clem's liability under the note has been discharged.
A)True
B)False
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Chapter 29: Checks and Electronic Fund Transfers
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Q1) The first bank that receives the check for payment is a[n] ________ bank.
A)Payer
B)Payee
C)Depositary
D)Acceptor
E)Transfer
Q2) Which statement is true regarding the manager's statement that stop-payment orders may not be oral?
A)It depends on the amount of the check because oral stop-payment orders may only be given for checks in an amount over $500.
B)It depends on the amount of the check because oral stop-payment orders may only be given for checks in an amount under $500.
C)The manager is correct.
D)It depends on the amount of the check because oral stop-payment orders may only be given for checks in an amount under $1,000.
E)The manager is incorrect because under the UCC,a stop-payment order may be given orally.
Q3) Set forth the characteristics that a traveler's check must have.
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Chapter 30: Secured Transactions
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Q1) The UCC defines default as when a debtor fails to make payments on a loan.
A)True
B)False
Q2) Which statement is false regarding types of collateral?
A)Collateral may include indispensable paper such as documents of title.
B)Collateral may include goods such as equipment.
C)Collateral may include farm products.
D)Collateral may include proceeds.
E)Collateral may include intangibles such as chattel paper.
Q3) Which of the following is a writing that indicates both a monetary obligation and a security interest in specific goods?
A)Transactional paper.
B)Specific interest paper.
C)Chattel paper.
D)Combined paper.
E)Monetary and secured paper.
Q4) Explain three advantages described in the text associated with perfection by possession.
Q5) Set forth the steps that a creditor must take to become a secured party.
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Chapter 31: Other Creditors Remedies and Suretyship
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Q1) Regarding the amount that may be garnished from a pay check,what is the rule established by the Federal Consumer Credit Protection Act?
Q2) A statutory lien is a lien created solely through statute,regardless of whether the debtor wishes the lien to be created.
A)True
B)False
Q3) Kyla hires a contractor to remodel her home.She does not agree to a lien or sign any documentation giving the contractor a lien.He claims a lien on the house anyway.What type of lien does he have?
A)Approved
B)Judgment
C)Evaluated
D)Statutory
E)Consensual
Q4) When a creditor,through legal action,seizes a debtor's property to satisfy the debt,the creditor has a judicial lien.
A)True
B)False
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Chapter 32: Bankruptcy and Reorganization
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Q1) Which of the following is false regarding provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005?
A)Under the act,if a party completes a Chapter 7 bankruptcy,the party is not permitted to seek a Chapter 7 bankruptcy again for 180 days.
B)Under the act,an individual may not generally be considered a debtor unless within 180 days prior to filing,the debtor receives credit counseling from a nonprofit budget and credit counseling agency.
C)Under the act,if a party completes a Chapter 7 bankruptcy,the party is not permitted to seek a Chapter 7 bankruptcy again for eight years.
D)Under the act,if a previous bankruptcy was completed rather than dismissed,the individual is generally permitted to file for bankruptcy again.
E)Under the act,if an individual was a debtor in a bankruptcy case that was dismissed within 180 days of the current case,the individual is generally not eligible to be a debtor under Chapters 7,11,or 13.
Q2) List the set of procedures that must be taken in every bankruptcy case.
Q3) What are the two general goals of bankruptcy laws as set forth in the text?
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Chapter 33: Agency Formation and Duties
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Q1) Which of the following is true regarding agency contracts?
A)Agency contracts must clearly define the agent's compensation.
B)A contract is not required to create an agency but if a contract exists,it must meet all requirements prescribed by contract law.
C)A contract is required to create a valid agency
D)An agency contract only needs to be signed by the principal.
E)An agency contract cannot create an agency agreement longer than two years.
Q2) Meryl is an avid doll collector and has been searching for the Beach Doll to complete her 200- piece collection.There were only 5 Beach Dolls created in the world.Meryl is envious of her neighbor Nancy,who has the first Beach Doll ever created.Nancy refuses to sell the doll because she thinks it will be worth a million dollars someday.While Nancy is on vacation,Meryl hires Alex to steal the doll from Nancy's home.Has an agency relationship been formed?
A)No,because the agreement has an illegal purpose.
B)No,because the agreement must be in writing.
C)No,because the amount or form of compensation was not contemplated.
D)Yes,because the agreement may be oral or in writing.
E)Yes,because Alex's objective was unambiguous.
Q3) When must agency agreements be in writing?
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Chapter 34: Liability to Third Parties and Termination
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Q1) If Zack sues Night Club for his injury based on Trevor's acts,would it be liable?
A)Night Club would not be liable because Trevor's acts toward Zack were not criminal or tortious.
B)Night Club would not be liable because Trevor was not acting within the scope of his employment.
C)Night Club would be liable because it should have anticipated an injury similar to Zack's based on the type of business it conducts.
D)Night Club would be liable because it was unnecessary for Trevor to jump on Zack's back.
E)Night Club would not be liable,only Pat is liable.
Q2) The most typical way to provide constructive notice of agency termination is
A)By posting a notice at the courthouse
B)By telephone
C)By newspaper publication
D)By e-mail
E)By letter
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Chapter 35: Forms of Business Organization
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Q1) Which of the following partnerships is distinguishable from other forms of partnership because the partners' liability for professional malpractice is limited to the partnership?
A)Limited liability partnership
B)Loss limiting partnership
C)Professional partnership
D)Limited partnership
E)General partnership
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) Which corporation can avoid double taxation,assuming all requirements are met?
A)The S corporation.
B)The D corporation.
C)The F corporation.
D)The C corporation.
E)A corporation cannot avoid double taxation.
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Chapter 36: Partnerships: Nature, formation, and Operation
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Q1) Which of the following is false regarding the rights and obligations of partners?
A)As long as one partner has authority to act and the partnership is bound by the act,each partner has unlimited personal liability for the obligation.
B)As long as the partner has authority to act,each partner's act in making agreements with third parties is binding on the partnership.
C)As long as the partner has authority to act,each partner's act in performing business duties is binding on the partnership.
D)Each partner can serve as an agent for the partnership.
E)A partner cannot serve as an agent for other partners.
Q2) A partner who refuses to obey the articles of partnership may be held liable for any losses that the partnership incurs.
A)True
B)False
Q3) Under joint and several liability,partners must be sued jointly.
A)True
B)False
Q4) Describe the liability,if any,of incoming partners.
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Chapter 37: Partnerships: Termination and Limited Partnerships
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Q1) Which of the following was the result on appeal in Urbain v.Beierling,the case in the text in which the court decides whether or not to dissolve a partnership?
A)The appellate court reversed the dismissal of plaintiff's claims because,although the partnership was not successful,plaintiff was entitled to a distribution of assets.
B)The appellate court affirmed the dismissal of plaintiff's claims because she failed to show she was a "co-owner" of the partnership.
C)The appellate court remanded the case to the trial court to determine the amount of assets or profits of the partnership for distribution.
D)The appellate court reversed the dismissal of plaintiff's claims because she was a "co-owner" of partnership property and entitled to a valuation of the property.
E)The appellate court affirmed the dismissal of plaintiff's claims because she failed to show she was damaged since there were no assets or profits of the partnership to distribute to her.
Q2) Set forth the order the Uniform Partnership Act establishes for the distribution of liquidated assets when a partnership is dissolved and has debt.
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Chapter 38: Corporations: Formation and Financing
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Q1) What do nonprofit corporations do with profits?
A)Provide services to members and reinvest in the business.
B)Distribute them to shareholders.
C)Sell them to stockholders.
D)Distribute them to stockholders.
E)Nonprofit corporations are not allowed to earn profits.
Q2) Stock for sale to the general public is frequently offered by closely held corporations.
A)True
B)False
Q3) Corporations do not exist separately from their shareholders.
A)True
B)False
Q4) In which situations is a court likely to pierce the corporate veil?
Q5) A promoter is not permitted to enter into contracts.
A)True
B)False
Q6) Corporations have implied powers.
A)True
B)False
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Chapter 39: Corporations: Directors, officers, and Shareholders
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Q1) What remedy will be imposed on Tatiana,if any,for her home kite sales?
A)She will be required to cede to the corporation only profits she earned as a result of the breach that the corporation can prove by a preponderance of the evidence it lost as a result of her actions.
B)She will be required to cede to the corporation half of any profits she earned as a result of the breach.
C)She will be required to cede to the corporation any profits she earned as a result of the breach unless she can by a preponderance of the evidence prove that the corporation lost no sales as a result of her actions.
D)She will be required to cede to the corporation all the profits she earned as a result of the breach.
E)Nothing because Tatiana did not engage in any wrongdoing.
Q2) 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.
Q3) Directors each have one vote.
A)True
B)False
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) When merger or consolidation is at issue,some states deny the right to vote and receive dividends to dissenting shareholders who exercise their appraisal rights.
A)True
B)False
Q2) Which of the following statements is true about procedures for appraisal rights of dissenting shareholders?
A)Depending on the jurisdiction,dissenting shareholders may be stripped of their rights,including the right to vote.
B)Dissenting shareholders need only express their dissent,the procedures do not need to be strictly followed.
C)Shareholders who lose their legal status also lose their right to sue.
D)The procedures governing appraisal rights are minimal.
E)The legal status of dissenting shareholders never changes.
Q3) Merger cannot occur between foreign out-of-state)corporations.
A)True
B)False
Q4) After acquiring a substantial number of the target corporation's shares,what is generally the next step for an aggressor,and why?
Page 42
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Chapter 41: Corporations: Securities and Investor Protection
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Q1) Noelle,a Montana resident,purchases Valley Vineyard securities in January.In July,after the restaurant opens,Noelle wants to sell the securities to a well-known investor from Idaho.Is the sale permissible?
A)No,Noelle cannot resell to a nonresident for at least nine months after the period of sale.
B)No,Noelle cannot resell to a nonresident for at least twelve months after the period of sale.
C)Yes,Noelle can resell after six months from the time of sale,regardless of the residency of the purchaser.
D)Yes,Noelle can resell to a nonresident after six months from the time of sale.
E)Yes,Noelle can resell to a nonresident after three months from the time of sale.
Q2) State securities laws can also be referred to by which of the following terms?
A)Green-grass laws
B)Orange-sky laws
C)Blue-sky laws
D)Pink-sky laws
E)Brown-ground laws
Q3) Provide the Howey three-part test for determining if a security exists.
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Chapter 42: Employment and Labor Law
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Q1) Private employers are required to keep employees informed about all types of pension and health plans.
A)True
B)False
Q2) Picketing designed to truthfully inform the public of a labor dispute between an employer and the employees is called _ picketing and is protected by law.However,_ picketing,which prevents deliveries or services to the employer,is unprotected behavior.
A)Informational;signal
B)Economic;intrusive
C)Truthful;boycott
D)Recognized;coercive
E)Acknowledged;block
Q3) Which of the following federal laws regulates the payment of wages and overtime?
A)The Fair Pay Act
B)The Fair Labor Standards Act
C)The Legal Pay Act
D)The Regulatory Wage Act
E)The Subsistence Pay Act
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Chapter 43: Employment Discrimination
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Q1) At-will employment applied in all states in the U.S.until the year ________.
A)1959
B)1932
C)1964
D)1944
E)1920
Q2) Under the bona fide occupational qualified defense,can an employer discriminate on the basis of sex,religion,race,or national origin?
A)Yes,but an employer must show there were no other applicants.
B)An employer cannot discriminate on the basis of national origin.
C)Yes,but an employer must show it is the only way to achieve its goal.
D)An employer cannot discriminate on the basis of race.
E)Yes,an employer can always discriminate if it is necessary for the performance of the job.
Q3) 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
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Chapter 44: Administrative Law
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Q1) An example of an executive agency is the Small Business Administration.
A)True
B)False
Q2) ________ grant agencies executive power to investigate potential violations of rules or statutes.
A)Interpreting rules
B)Rule making legislation
C)Enabling statutes
D)Empowering statutes
E)Investigative authority
Q3) ________ create[s] more rules than ________ and the courts combined.
A)The U.S.Senate;the U.S.House of Representatives
B)Congress;administrative agencies
C)Administrative agencies;Congress
D)Administrative agencies;the U.S.Senate
E)The U.S.House of Representatives;administrative agencies
Q4) Explain why administrative agencies are sometimes referred to as the "fourth branch of government," and discuss if administrative agencies are,in fact,a fourth branch of government.
Q5) Set forth the stages of informal rule making.
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Chapter 45: Consumer Law
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Q1) What is the purpose of the Do Not Call Registry?
A)To give consumers a choice regarding telemarketing calls.
B)To prohibit landline sales calls.
C)To prohibit cell phone sales calls
D)To prohibit all telephone sales calls.
E)To give telemarketers restrictions on the hours in which phone calls may be made.
Q2) If a person believes that she is a victim of identity theft,she may contact the FTC and an alert will be placed in her credit files.
A)True
B)False
Q3) Which of the following is the term used for the requirement of the Federal Trade Commission that advertisers have a reasonable basis for claims made in advertisements?
A)Acknowledgement of ad veracity
B)Ad verification
C)Ad substantiation
D)Proof of ad veracity
E)Illustration of ad veracity
Q4) What is required by the Telemarketing Sales Rule of 1995?
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Chapter 46: Environmental Law
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Q1) An Environmental Impact Statement should contain which of the following items?
A)Expected profit of the project over a five-year span.
B)The number and type of jobs the project would create.
C)The number of federal contractors involved along with a projection on the effect of the local economy.
D)Expected short-term profit of the project.
E)Alternatives to the proposed action.
Q2) Which Act or regulation protects wetlands?
A)The Remedial Water Act
B)The Ambient Quality Water Standards
C)The Navigable Water Act
D)The Clean-Up Water Act
E)The Clean Water Act
Q3) The United States Acid Rain Trading Program of 1990 set up what type of incentive for reducing acid rain?
A)Green taxes.
B)Marketable discharge permits.
C)Direct regulation.
D)Tort law.
E)Government subsidies.
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Chapter 47: Antitrust Law
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Q1) Which of the following is false regarding enforcement of the Sherman Act?
A)The limit on fines for a corporation found in violation of the Sherman Act is $10,000,000.
B)The limit on fines for a person found in violation of the Sherman Act is $350,000.
C)Every person who makes any contract in violation of the Sherman Act is guilty of a felony.
D)The Sherman Act only applies to business practices that restrain trade or commerce only within the United States.
E)The courts have determined the Sherman Act to prohibit efforts by competitors to fix prices,restrict output,and exclude rival companies.
Q2) Which of the following standards allows a defendant to offer justification for a per se violation of Section 1 of the Sherman Act,in which case the court will engage in a rule-of-reason analysis?
A)Justifiable
B)Quick-look
C)Reasonableness
D)Needful
E)Necessary
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Chapter 48: The Nature of Property, personal Property, and Bailments
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Q1) Which of the following statements is not a right of a bailee?
A)The right to retain the bailed property until payment is received.
B)The right to alter the property in order to accomplish the reason for which the bailment was created.
C)The right to possess the bailed property during the term of the bailment.
D)The right to receive compensation for the bailment unless the bailment is gratuitous.
E)The right to use the property in a manner consistent with the terms and purpose of the bailment.
Q2) Stocks,bonds,and other items that can be owned but cannot be seen or touched are examples of tangible property.
A)True
B)False
Q3) What is meant by the concept of confusion in terms of acquiring ownership,and when and how is it applied?
Q4) By law,a document of title may not be negotiable.
A)True
B)False
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Chapter 49: Real Property
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Q1) A certification by an official of the state that he or she saw the signing of a deed and was provided evidence that the signatories were who they claimed to be is referred to as an)_ .
A)Execution
B)Notarization
C)Sealing
D)Acknowledgement
E)Certification
Q2) Which of the following terms refers to property which would originally have been considered personal property,but became part of realty after being permanently attached to real property?
A)An enclosure
B)A consolidation
C)A fixture
D)A fee
E)A mix
Q3) In most states,a broker cannot act as an agent for both buyer and seller unless both parties consent.
A)True
B)False
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Chapter 50: Landlord-Tenant Law
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Q1) An eviction may only be full,not partial.
A)True
B)False
Q2) Regarding the liability of a landlord,which of the following is false?
A)If premises are used for commercial purposes,the landlord has a responsibility to ensure that the premises are in reasonably good condition before the tenant takes control of the property.
B)If the premises are used for commercial purposes,the landlord is responsible for maintaining the premises.
C)If the landlord is aware of a dangerous condition but hides the condition from the tenant,the landlord will be responsible for any resulting injury.
D)If the landlord is aware of a dangerous condition but does not make the tenant aware of the condition,the landlord will be responsible for any resulting injury.
E)If an injury occurs on residential premises because of a condition that the landlord knew or should have known about,the landlord can be held responsible for the injury.
Q3) List the five elements required for the existence of a landlord-tenant relationship.
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Chapter 51: Insurance Law
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Q1) Which of the following best describes the insured's duty to cooperate with the insurer?
A)The insured must provide information regarding the incident that led to the claim and provide a deposition within 30 days of the claim.
B)The insured must provide information regarding the incident that led to the claim.
C)The insured must provide information regarding the incident unless he or she is being sued as a result of the incident.
D)The insured must provide information he or she finds relevant to the incident that led to the claim.
E)The insured must provide information regarding the incident but does not have to provide self-incriminating information.
Q2) The beneficiary is another name for the insured in an insurance contract. A)True B)False
Q3) What is an incontestability clause in a policy of insurance,and what is its effect? Discuss whether you believe that ethically these clauses should be required of insurers.
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Chapter 52: Wills and Trusts
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Q1) Which of the following is a true statement regarding Laura's claim that Winona unfairly coerced Samuel into naming her as a beneficiary in the written will and that the written will is ineffective?
A)The written will is ineffective if Samuel wrote it under circumstances by which Winona took advantage of his weak physical or emotional condition to persuade him to write the will leaving her everything.
B)There is a presumption of undue influence based upon the age difference between Winona and Samuel.
C)The written will is ineffective only if a witness is available who will testify that Samuel admitted that he would never have left all his possessions to Winona if he were not dependent on her for his wellbeing.
D)Winona is legally entitled to a presumption of no undue influence because she was Samuel's girlfriend at the time the will was written.
E)Winona is legally entitled to a presumption of no undue influence only if she can establish through the testimony of a disinterested witness that Samuel had asked her to marry him.
Q2) What are the four requirements needed for a valid will?
Q3) As set forth in the text,for what two reasons are wills usually contested?
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