Entrepreneurship and the Law
Pre-Test Questions
Course Introduction
This course explores the intersection of entrepreneurship and legal principles, equipping students with the foundational knowledge required to navigate the legal landscape of starting and running a business. Topics include business formation, intellectual property rights, financing strategies, contract law, regulatory considerations, liability, and compliance. Through case studies and practical exercises, students learn how to identify legal risks and leverage the law as a strategic resource, supporting innovation and sustainable business growth. The course is ideal for aspiring entrepreneurs, business leaders, and anyone interested in understanding the vital role of law in the dynamic world of startups and new ventures.
Recommended Textbook
Business Law 17th Edition by Arlen W Langvardt
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Chapter 1: The Nature of Law
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Q1) The U.S.Constitution recognizes the states' power to make law in certain areas.
A)True
B)False
Answer: True
Q2) A(n)________ is a cancellation of a contract and a return of the parties to their precontractual position.
A)injunction
B)ordinance
C)rescission
D)reformation
Answer: C
Q3) ________ are model statutes drafted by private bodies of lawyers and scholars.
A)Precedents
B)Uniform acts
C)Ordinances
D)Equitable remedies
Answer: B
Q4) What do statutes and administrative regulations have in common?
Answer: Like statutes,administrative regulations appear in a precise form in one authoritative source.
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Chapter 2: The Resolution of Private Disputes
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Q1) Mike sues Randy for "aesthetic pollution." The basis for his suit is Randy's habit of wearing clothes that Mike considers to be ugly.Mike's complaint offers details of Randy's "ugly" clothing in many separate,numbered paragraphs.However,no law requires one to pay damages for wearing clothes that another considers ugly and for causing aesthetic dissatisfaction to some other party.Thus,Randy wants to defeat Mike's claim as fast as possible.The best procedural device for doing so is the:
A)motion to dismiss.
B)motion for summary judgment.
C)motion for judgment notwithstanding the verdict.
D)motion for a directed verdict.
Answer: A
Q2) A(n)________ is the plaintiff's point-by-point response to the allegations in the answer or counterclaim.
A)affirmative defense
B)interrogatory
C)motion to dismiss
D)reply
Answer: D
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4
Chapter 3: Business and the Constitution
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Q1) Congress has the power to regulate commerce among the states.Pursuant to this power,Congress passed legislation forbidding women from crossing state lines to buy or sell goods.Will the statute be held constitutional?
A)Yes,because Congress has the power to regulate interstate commerce.
B)Yes,because Congress has not exceeded its enumerated power in enacting the legislation.
C)No,because it conflicts with the equal protection guarantee.
D)Yes,because federal laws are always superior.
Answer: C
Q2) The equal protection standard is generally judged in a lenient manner.However,laws that discriminate regarding ________ are made to undergo a much more rigorous test.
A)education
B)profession
C)race
D)age
Answer: C
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Chapter 4: Business Ethics, Corporate Social Responsibility,
Corporate Governance, and Critical Thinking
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Q1) Utilitarianism is based on the laissez faire theory of capitalism.
A)True
B)False
Q2) Which of the following ethical theories requires decision makers to maximize utility for society as a whole?
A)Profit maximization theory
B)Deontological theory
C)Rights theory
D)Utilitarian theory
Q3) Which of the following ethical theories judges our actions as good or bad depending on their consequences and is expressed as "the ends justify the means"?
A)Rights theory
B)Utilitarianism
C)Kantianism
D)Deontological theory
Q4) Asking whether a decision will produce the right results is an example of deontological theory.
A)True
B)False
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Chapter 5: Criminal Law and Procedure
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Q1) A(n)________ is a formal charge signed by the prosecutor outlining the facts supporting the charges against the defendant.
A)booking
B)indictment
C)information
D)arraignment
Q2) The Equal Protection Clause is derived from which amendment to the U.S.Constitution?
A)First
B)Fourteenth
C)Tenth
D)Second
Q3) Through the concept of agency,a corporation's higher level corporate officials may be held criminally liable even in the absence of proof that they ordered the criminal acts.
A)True
B)False
Q4) In the United States,a defendant in a criminal case is presumed innocent.
A)True
B)False
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Chapter 6: Intentional Torts
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Q1) Which of the following is NOT one of the four distinct torts that make up the invasion of privacy cause of action?
A)Intrusion on Solitude
B)Breach of Contract
C)Public Disclosure of Private Facts
D)False Light Publicity
Q2) A(n)________ shields the author of a defamatory statement regardless of his/her knowledge,motive,or intent.
A)demurrer
B)transferred intent
C)intentional tort
D)absolute privilege
Q3) Under the principle of respondeat superior,an employer is not liable for torts committed by employees.
A)True
B)False
Q4) A tort is a civil wrong,which is also the same as breach of contract.
A)True
B)False
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Chapter 7: Negligence and Strict Liability
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Q1) Unforeseeable acts are held to be an intervening cause.
A)True
B)False
Q2) Parsons,a pedestrian watching a construction project,sees that a metal beam being lifted by a crane is about to drop on some unsuspecting workers.Thus,he rushes to the scene to warn the workers.For his efforts,the falling beam strikes him.He sues the construction company for negligence.Which of the following is true? Assume that the falling beam was caused by a breach of duty on the construction company's part.
A)Parsons will recover against the construction company.
B)Parsons will recover,because construction companies are strictly liable for their employees' acts.
C)Parsons will not recover,because he knowingly and voluntarily assumed the risk of being struck by the beam.
D)Parsons will not recover,because he should have instead sued the worker operating the crane.
Q3) The doctrine of res ipsa loquitur means "the thing speaks for others."
A)True
B)False
Q4) What are the strategies followed by the tort reform movement?
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Chapter 8: Intellectual Property and Unfair Competition
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Q1) A trademark is considered to be abandoned when:
A)the owner fails to use it.
B)it acquires a generic meaning.
C)it has been obtained by fraud.
D)it is suggestive or arbitrary.
Q2) Which of the following recognizes a civil cause of action for misappropriation of trade secrets?
A)Defend Trade Secrets Act
B)Economic Espionage Act of 1996
C)America Invents Act
D)Patent Act
Q3) Which of the following is least likely to fall within the scope of what is protected by the copyright on the work in which it appears?
A)The physical arrangement and ordering of pieces of factual information on pages in a reference book.
B)The melody of a song.
C)The dialogue spoken by actors in a TV commercial.
D)The theme of a short story.
Q4) When does a patent infringement occur?
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Chapter 9: Introduction to Contracts
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Q1) A fundamental difference between promissory estoppel and traditional contract principles is that promissory estoppel protects:
A)reliance.
B)bargains.
C)agreements.
D)consideration.
Q2) ________ is the actual or implied receipt and retention of that which is tendered or offered.
A)Consideration
B)Capacity
C)Acceptance
D)Quasi-contract
Q3) The essence of a contract is that it is a legally enforceable promise or set of promises.
A)True
B)False
Q4) A voidable contract creates no obligation and is not enforceable by any party.
A)True
B)False
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Chapter 10: The Agreement: Offer
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Q1) Ashley says to Bob: "I promise to pay you $20 if you shovel my sidewalk." Bob begins to shovel,and he soon completed 90% of the job.Then Ashley tells him: "Thanks,but I revoke." Bob then finishes the job in about ten minutes.Can Bob recover against Ashley in contract? Why or why not? In any event,what other theory might Bob use? Assume that an offer for a unilateral contract is accepted by full performance of the requested act.
Q2) E-Systems,Inc. ,a manufacturer of computer chips,offers to sell 1,000 chips to Swell Computers for $2,000 in a signed memo that states the offer is good for one year.Four months later,E-Systems revokes the offer,having never received an acceptance from Swell.After receiving the revocation,Swell wants to accept E-Systems's offer.What is the result?
Q3) A revocation is effective at the time it is dispatched by the offeror.
A)True
B)False
Q4) An advertisement offering a reward for the return of lost property is usually treated as an offer for a unilateral contract.
A)True
B)False
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Chapter 11: The Agreement: Acceptance
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Q1) Mr.Green creates a unilateral contract with his nephew,Paul.Mr.Green promises to buy Paul a laptop if he gets accepted to college.In order for Paul to accept this contract what must he do?
A)Get accepted into college
B)Send a certified letter to Mr.Green agreeing to the terms of the contract
C)Immediately call and orally accept the terms of the contract with Mr.Green
D)Notify the Secretary of State's office that he accepts Mr.Green's contract
Q2) Which party to contract negotiations is the master of the offer and can specify what behavior is necessary to constitute a valid acceptance?
A)The Offeror
B)The Offeree
C)The Secretary of State
D)The court
Q3) Which of the following actions constitutes acceptance of an offer?
A)Offeree made material alterations to the terms of the offer
B)Offeree intended to enter the contract only if requisite changes were made
C)Offeree reflected assent to the terms of the offer in the requisite manner
D)Offeree suggested addition of new terms that were earlier not addressed in the offer
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Page 13
Chapter 12: Consideration
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Q1) Which of the following meets the requirements of consideration?
A)A promise not to engage in a crime or tort
B)A promise without a binding obligation
C)A promise that involves the exchange of a legal value
D)A promise to do a preexisting duty
Q2) Helen worked for ABC Motors for 25 years.The president of ABC said to her: "In consideration of your past service for 25 years,I promise to give you a new car next week." However,he did not give the car.Is this promise legally enforceable?
A)Yes,a contract was formed.
B)Yes,promissory estoppel requires enforcement of the promise.
C)No,legal consideration is absent.
D)No,legal capacity is absent.
Q3) Unlike the UCC,the CISG requires new consideration to modify a contract.
A)True
B)False
Q4) Which of the following is an element of promissory estoppel?
A)The promisee should reasonably expect to induce reliance
B)Reliance on the promise by the promisor
C)A promise to pay liquidated debts
D)Injustice to the promisee as a result of reliance
Page 14
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Chapter 13: Reality of Consent
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Q1) Which of the following ends the right to rescind a voidable contract?
A)Acquiescence
B)Ratification
C)Concealment
D)Assertion
Q2) In contract law,________ refers to taking active steps to prevent another from learning the truth.
A)concealment
B)deceit
C)fraudulent misrepresentation.
D)scienter
Q3) Bob's threat to breach an existing contract unless Lauren makes another contract with Bob is considered:
A)an act of duress,because breach of an existing contract violates a criminal statute.
B)an act of duress,depending mainly on the coerciveness of the threat.
C)not an act of duress,because it does not involve physical force.
D)not an act of duress,because breaking a contract normally does not violate a criminal statute.
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15
Chapter 14: Capacity to Contract
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Q1) Which of the following occurs when a child under the age of 18 gets married?
A)Disaffirmance
B)Adjudication
C)Ratification
D)Emancipation
Q2) Janet,age 15,has to make it on her own.To protect herself from the winter winds,Janet buys a coat on credit for $200 from the Lifestyle Clothing Store.The coat's reasonable value is $80.Before making any payments on the coat,Janet tells the store that she wants to disaffirm,i.e. ,she wants her money back in exchange for the coat.Can Janet disaffirm? If not,what must she pay?
Q3) Ratification makes a contract valid from its inception.
A)True
B)False
Q4) The test to determine whether a person has the mental capacity to contract is a(n)________ one.
A)objective
B)reasonable person
C)cognitive
D)intellectual
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Chapter 15: Illegality
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Q1) Which of the following is not a factor when a court considers whether an agreement is illegal for public policy reasons?
A)The importance of the public policy involved.
B)Whether both parties knew the agreement was illegal.
C)The seriousness of any wrongdoing involved.
D)If enforcement of the agreement would interfere with the public policy involved.
Q2) Whether a statute is a regulatory statute or a revenue-raising statute depends on:
A)common law.
B)the plain meaning of the language.
C)the intent of the legislature.
D)interpretation by administrative agencies.
Q3) Courts may decline to enforce unconscionable terms or contracts.This provision is provided in:
A)Section 12 of UCC.
B)Section 208 of UCC.
C)Section 4 of UCC.
D)Section 208 of Restatement (SeconD)of Contracts.
Q4) What is an exculpatory clause?
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Chapter 16: Writing
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Q1) In order to satisfy the statute of frauds,the parties' writing must be:
A)signed by both parties.
B)in legalese.
C)signed by the "party to be charged."
D)compressed into a single document.
Q2) Rick tells Dan that Sue will inherit a mansion if she pays him back an old debt.Since Sue is unable to pay the debt,Dan offers to pay it,provided that he gets the mansion from Rick.The agreement between Dan and Rick need not be in writing under the:
A)collateral contract rule.
B)parol evidence rule.
C)leading object rule.
D)part performance rule.
Q3) Arnold promised to sell his car to Adams in lieu of full payment of his debt.However,in the written contract,Adams had forgotten to specify which car he wants to sell.Is there any remedy?
Q4) All contracts must be in writing to be enforceable.
A)True
B)False
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Chapter 17: Rights of Third Parties
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Q1) Hugo sells his pharmacy,Prescriptions Plus,to Andrew.Their contract of sale contains a covenant whereby Hugo agrees not to operate a competing pharmacy within a 30-mile radius of Prescriptions Plus for five years after the sale.Two years later,Andrew sells Prescriptions Plus to Marvin.Within a month of the sale,Marvin learns that Hugo opened a new pharmacy within 25 miles of Prescriptions Plus.Which of the following statements is true?
A)Only Andrew can enforce the noncompete provision against Hugo.
B)Marvin could enforce the noncompete against Hugo.
C)Marvin must sue Andrew to enforce the noncompete provision against Hugo.
D)The time prescribed in the noncompete provision has expired,and Marvin has no viable claims.
Q2) As a general rule,members of the public are held to be ________ of contracts entered into by their municipalities or other governmental units in the regular course of carrying on governmental functions.
A)promisees
B)incidental beneficiaries
C)donee beneficiaries
D)creditor beneficiaries
Q3) What is the purpose of vesting?
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Page 19
Chapter 18: Performance and Remedies
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Q1) There is prescribed formal language that must be used to create an express condition as part of a contract.
A)True
B)False
Q2) A ________ occurs when the contract calls for the parties to perform at the same time.
A)concurrent condition
B)condition subsequent
C)condition precedent
D)constructive condition
Q3) Which of the following is a condition subsequent?
A)"I promise to do X if I succeed in getting a loan."
B)"I promise to do X on the condition that the Cubs win the World Series."
C)"I promise to do X unless Al Gore is elected President in 2000."
D)"I promise to do X assuming that inflation stays below 3% in 1997."
Q4) The term condition means an event that may affect a party's duty to perform under a contract.
A)True B)False
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Chapter 19: Formation and Terms of Sales Contracts
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Q1) Under Article 2 of the UCC,why does it matter whether a party to a contract is a merchant?
A)It is the test for applying Article 2 of the UCC.
B)Merchants are treated differently than other parties.
C)All contracts in which one or both parties are merchants are handled under Article 2A of the UCC.
D)Article 2 does not concern itself with cases regarding the transactions of goods.
Q2) Frank,a business law professor who has never sold a car before;sells his 1995 Honda Civic to Wanda.This sale is governed by:
A)the common law of contracts.
B)Article 2 of the UCC.
C)Article 2A of the UCC.
D)section 208 of Restatement (SeconD)of Contracts.
Q3) When determining the risk of loss,it makes no difference whether the goods delivered by the seller conformed to the contract.
A)True
B)False
Q4) What is the UCC approach to the risk of loss of goods during transportation?
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Chapter 20: Product Liability
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Q1) A(n)________ is a clause attempting to block recovery of certain damages.
A)promissory estoppel
B)condition subsequent
C)implied warranty
D)remedy limitation
Q2) Bob,an attorney,purchased licensed software from Bill Able Inc.to prepare his clients' invoices online.The shrinkwrap packaging for the program disks and the software manuals contained a limitation of remedies clause,which limited the buyer's remedies to the $50 purchase price of the software.Bob later discovered that his invoices for the past year were too low due to a malfunction in the software,costing him over $10,000 in lost revenue.Bob sues Bill Able Inc.for breach of warranty.What is the likely result?
A)Bob wins because he has equal bargaining power with Bill Able,Inc.
B)Bob wins because a shrinkwrap's limitation of remedies clause is generally unenforceable.
C)Bob wins because the court will likely view the limitation of remedies clause as unconscionable and unenforceable.
D)Bob loses because the disclaimer is effective.
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Page 22
Chapter 21: Performance of Sales Contracts
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Q1) If the goods are covered by a negotiable warehouse receipt,then the seller must:
A)notify the bailee about the buyer.
B)endorse the receipt and give it to the buyer.
C)obtain bailee's consent before selling his goods.
D)release the goods to the buyer.
Q2) Generally,the UCC uses the test of impossibility to determine if a person can be excused from performing his contractual obligations.
A)True
B)False
Q3) Bob contracts to sell Ben 20 bales of hay.A bale is the accepted commercial unit in hay transactions.Ben accepts only 9 1/5 of the 20 bales.Under the UCC,Ben is considered to have accepted:
A)all 20 bales.
B)10 bales.
C)9 bales.
D)nothing.
Q4) List a few scenarios under which sellers may be excused from performing contractual obligations.
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Page 23
Chapter 22: Remedies for Breach of Sales Contracts
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Q1) If the seller fails or refuses to deliver the goods called for in the contract,the buyer can purchase substitute goods and recover as damages from the seller the difference between the contract price and the cost of the substitute goods.
A)True
B)False
Q2) Tire Depot sells Jake a tire for his car,warranting it to be four-ply construction.Jake unintentionally drives over a nail,which punctures the tire.The tire goes flat and Jake discovers that the tire is really only two-ply.Jake promptly notifies Tire Depot of the breach.Which of the following is the likely result?
A)Jake cannot recover because the difference between two-ply and four-ply tires is immaterial for the purpose of his purchase.
B)Jake is entitled to a new four-ply tire.
C)Jake has to give the tire back and is entitled to a refund from Tire Depot.
D)Jake is entitled to keep the tire and recover from Tire Depot the difference in value between a two-ply and a four-ply tire.
Q3) Explain the concept of a buyer's right to cover.
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Chapter 23: Personal Property and Bailments
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Q1) Watley took his old bicycle to the municipal dump.Vandelay retrieved it from the dump and repaired it.Newman stole the bicycle from Vandelay's garage,made substantial improvements to it,and then sold it to Banya.Banya did not know that the bicycle had been stolen.Who owns the bicycle? Explain your reasoning.
Q2) A hotelkeeper is liable for loss or damage to property if it can be proved that it was caused by:
A)the bailor's negligence.
B)an act of a government authority.
C)the nature of the goods.
D)the bailee's or hotel's own conduct.
Q3) Personal property is defined by a process of ________.
A)exclusion
B)tangibility
C)consideration
D)inheritance
Q4) If property is controlled by the government,like a park,then it is private property.
A)True
B)False
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Page 25
Chapter 24: Real Property
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Q1) The implied warranty of habitability amounts to a guarantee that the house is free of latent defects that would render it unsafe or unsuitable for human habitation.
A)True
B)False
Q2) As discussed in the case in the text,Wykeham Rise,LLC v.Federer,a restrictive covenant is ________ when it involves the use,value or character of the land,rather than being merely a personal obligation of one of the original parties.
A)binding
B)appurtenant
C)in gross
D)unenforceable
Q3) What is the term for a temporary right to enter another person's land for a specific purpose?
A)License
B)Profit
C)Conveyance
D)Estate
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26
Chapter 25: Landlord and Tenant
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Q1) Which of the following means to deprive the tenant of the possession of leased premises?
A)Waste
B)Holdover
C)Eviction
D)Surrender
Q2) Tanya,a tenant,gave Lou,her landlord,a $1,000 security deposit when she moved in.When she moved out four years later,Lou withheld $500 from Tanya's deposit because the carpet was 50% worn out.This was the only damage in the apartment.The carpet has a normal useful life of eight years,and it costs $1,000.How much of the security deposit was Lou entitled to withhold?
A)$500,because wear and tear is the responsibility of the tenant.
B)Nothing;Tanya should replace the carpet before moving out.
C)Nothing,because the wear and tear here was ordinary and reasonable.
D)The entire value of the carpet,i.e. ,$1,000.
Q3) When a tenant remains in possession of the property after the expiration of a lease,a tenancy at will occurs.
A)True
B)False
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Page 27
Chapter 26: Estates and Trusts
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Q1) A(n)________ is a gift of personal property or money.
A)estate
B)bequest
C)will
D)deed
Q2) To be valid,a holographic will must be typed.
A)True
B)False
Q3) Incorporation by reference refers to:
A)the specification of heirs in a will without naming them,e.g. ,to my children.
B)the necessity that witnesses to a will do not benefit from it in any way.
C)the inclusion of extrinsic documents in a will.
D)the requirement that a will is executed according to state law.
Q4) Before he died,Aaron created a charitable trust for the plantation of Analytica Beni trees,nominating David as the trustee.Some years later,planting Analytica Beni trees is declared illegal by the state.What remedies does David have available to him?
Q5) A durable power of attorney terminates when the principal becomes incapacitated.
A)True
B)False
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Chapter 27: Insurance Law
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Q1) West is seeking to collect on a property insurance policy covering certain described property which was destroyed.The insurer has denied recovery based upon West's alleged lack of an insurable interest in the property.In which of the situations described below will the insurance company prevail?
A)West is not the owner of the insured property but a long-term lessee.
B)The insured property belongs to someone else,but West holds the mortgage on it.
C)The insured property does not belong to West,but instead to a corporation which he controls.
D)The property has been willed to West's father for life,and upon his father's death,to West as the remainderman.
Q2) When an insurer agrees to pay a sum of money to a third party in exchange for the third party giving up his or her legal right to pursue litigation against the insured,this is called a(n)________.
A)settlement
B)reservation of rights
C)declaratory judgment
D)indemnification
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Page 29
Chapter 28: Introduction to Credit and Secured Transactions
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Q1) What Article of the UCC deals with carriers' liens and warehousemen's liens?
A)Article 2
B)Article 7
C)Article 3
D)Article 1
Q2) Which of the following is the oldest and also the simplest security device?
A)Pledge
B)Chattel mortgage
C)Deed of trust
D)Surety
Q3) A(n)"________" is a person who is liable for the payment of another person's debt or for the performance of another person's duty.
A)beneficiary
B)trustee
C)surety
D)executor
Q4) Possession of the goods must have been entrusted to the artisan for the artisan lien to come into play.
A)True
B)False
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Chapter 29: Security Interests in Personal Property
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Q1) In the case in the text,In re Lance,the court held that the credit union's security interest in the snowmobile automatically perfected because:
A)the snowmobile was a consumer good.
B)the credit union filed a financing statement with the secretary of state.
C)the credit union possessed the snowmobile.
D)the credit union filed a continuation statement before the financing statement lapsed.
Q2) A security agreement may grant a creditor a security interest in the after-acquired property of the debtor.
A)True
B)False
Q3) In which of the following orders are the proceeds from the sale of collateral by the secured party distributed?
A)Debtor,creditor's debt,selling expenses,and junior interests
B)Selling expenses,creditor's debt,junior interests,and debtor
C)Creditor's debt,selling expenses,debtor,and junior interests
D)Junior interests,debtor,selling expenses,and creditor's debt
Q4) What are the three basic requirements for a security interest to be attached to the goods of a debtor?
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Page 31
Chapter 30: Bankruptcy
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Q1) Describe the different approaches taken to transnational insolvencies.What is the approach taken currently?
Q2) An objection to the discharge of the bankrupt may be filed by:
A)the trustee,a creditor,or the U.S.attorney.
B)the trustee only.
C)the trustee or creditor only.
D)the U.S.attorney only.
Q3) An involuntary bankruptcy petition can be filed against:
A)banking corporations.
B)multinational companies.
C)credit unions.
D)nonprofit organizations.
Q4) If a dispute falls within a ________ proceeding,the bankruptcy judge can hear and determine the controversy.
A)substantive
B)special
C)principal
D)core
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Chapter 31: Negotiable Instruments
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Q1) Shania Watson has a checking account at the Capital Bank of New York.She goes to Lowe's and agrees to buy an electric water heater priced at $700.She writes a check to pay for it.Shania is the ________ of the check.
A)payer
B)drawer
C)payee
D)drawee
Q2) A cashier's check is a check on which the same bank is both drawer and drawee.
A)True
B)False
Q3) A check is a draft that is payable on demand.
A)True
B)False
Q4) A(n)________ is a person who has good title to the instrument,paid value for it,acquired it in good faith,and had no notice of certain claims of defenses against payment.
A)holder in due course
B)beneficiary
C)assignee
D)assignor
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Chapter 32: Negotiation and Holder in Due Course
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Q1) An instrument that is payable "to cash" can be negotiated simply by giving it to the person to whom you wish to transfer it.
A)True
B)False
Q2) In the case in the text RR Maloan Investment v,New HGE,what affect did post-dating the check have on the negotiability of the check at issue?
A)The negotiability of the check was not affected by post-dating.
B)The check was no longer negotiable because it was post-dated over a month.
C)The check was no longer negotiable because it was post-dated at the holder's discretion.
D)The check was no longer negotiable because it was post-dated "until the watch is authenticated."
Q3) A person who makes an executory promise in return for a negotiable instrument has given value for it.
A)True
B)False
Q4) Value is identical to simple consideration.
A)True
B)False
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Chapter 33: Liability of Parties
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Q1) The transferor of which of the following instrument cannot disclaim transfer warranties?
A)Check
B)Promissory note
C)Draft
D)Invoice
Q2) Bill submits a time card for a non-existent employee.The employer issues the payroll check.Bill forges the indorsement and negotiates the check to Ted.Which of the following statements is true?
A)The loss from the forged check is borne by the holder in due course.
B)The check cannot be negotiated as it carries the signature of a non-existent person.
C)The employer has the right to refuse payment to Ted.
D)Ted submits the check to the employer and receives the face amount.
Q3) A transferor of a negotiable instrument for consideration warrants to his transferee that the negotiable instrument has not been altered.
A)True
B)False
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Chapter 34: Checks and Electronic Transfers
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Q1) ________ is a financial management tool offered by banks and by third-party,Internet-based companies.
A)Account management
B)Check management
C)Account aggregation
D)Check scraping
Q2) A check on which one bank is the drawer and another bank is a drawee is a:
A)cashier's check.
B)antedated check.
C)certified check.
D)teller's check.
Q3) Mike buys a new $25,000 turbocharged Dodge Vampire for cash.The dealer requires a certified check for that amount,so Mike gets his bank to certify his check for $25,000.One day later,the bank goes bankrupt.Rather than trying to recover in bankruptcy,the dealer pursues Mike.One of the dealer's theories is that Mike is secondarily liable on the check,and that the bank's default makes Mike liable on the instrument.Is the bank right?
Q4) A teller's check is a check on which a bank is both the drawer and the drawee.
A)True
B)False
Page 36
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Chapter 35: The Agency Relationship
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Q1) Termination of the agency relationship at the option of the agent is known as
A)revocation
B)renunciation
C)falsification
D)liquidation
Q2) Lucia is paying Martha to sell properties that Lucia owns.Can Martha sell one of Lucia's properties to herself?
A)Yes,as long as she sells it for fair market value.
B)Yes,as long as Lucia did not prohibit this type of transaction.
C)No,because an agent may not deal with himself.
D)No,because that would make Martha a subagent of Lucia
Q3) Juan is going to be out of town when the purchase of his car is completed.He empowers his sister,Tanya,to sign the contract for the purchase of the car.Tanya is a
A)general agent
B)special agent
C)subagent
D)principal
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Chapter 36: Third-Party Relations of the Principal and the Agent
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Q1) Borg is the vice-president of purchasing for Crater Corp.He has authority to enter into purchase contracts on behalf of Crater provided that the price under a contract does not exceed $2 million.Dent,who is the president of Crater,is required to approve any contract that exceeds $2 million.Borg entered into a $2.5 million purchase contract with Shady Corp.without Dent's approval.Shady was unaware that Borg exceeded his authority.Neither party substantially changed its position in reliance on the contract.What is the most likely result of this transaction?
A)Crater will be bound because of Borg's apparent authority.
B)Crater will not be bound because Borg exceeded his authority.
C)Crater will only be bound up to $2 million,the amount of Borg's authority.
D)Crater will be bound because of Borg's actual authority.
Q2) What happens if a third-party gives proper notification to an agent with apparent authority to receive it?
A)The principal is bound only if the agent had express authority to receive notification.
B)The principal is bound based on the doctrine of third party estoppel.
C)The principal is bound as if the notification had been given directly to him.
D)The principal is not bound unless it is proven the agent transmitted the notification.
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Page 38
Chapter 37: Introduction to Forms of Business and Formation of Partnerships
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Q1) Selena joins Kona's management consulting business.They do not indicate whether Selena is Kona's partner,but Selena receives 34 percent of the profits of the business and makes decisions regarding which clients the business should accept.Two years later,Selena leaves the business to start a singing career.Selena claims she owns a portion of the value of the business.Is Selena correct?
Q2) Regarding the formation of a general partnership,which of the following is not a legal requirement but has been described as "highly desirable"?
A)A formal,written partnership agreement
B)An oral agreement
C)An exchange of mutual consideration
D)An agreement limiting the liability of the partners
Q3) A partner's ownership interest is called a ________.
A)partnership interest
B)shareholder interest
C)partnership liability
D)charging order
Q4) A mining partner's interest is not freely transferable.
A)True
B)False
Page 39
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Chapter 38: Operation of Partnerships and Related Forms
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Q1) Gillie,Taft,and Dall are partners of an architectural firm.The partnership agreement is silent about the payment of salaries and the division of profits and losses.Gillie works full-time in the firm,and Taft and Dall each work half-time.Taft invested $120,000 in the firm,and Gillie and Dall invested $60,000 each.Dall is responsible for bringing in 50 percent of the business,and Gillie and Taft 25 percent each.How should profits of $120,000 for the year be divided?
A)Gillie $60,000,Taft $30,000,Dall $30,000
B)Gillie $40,000,Taft,$40,000,Dall $40,000
C)Gillie $30,000,Taft $60,000,Dall $30,000
D)Gillie $30,000,Taft $30,000,Dall $60,000
Q2) According to the RUPA,a partner:
A)is entitled to a salary or wages.
B)is entitled to compensation based upon his capital contribution.
C)is entitled to an equal share of the profits.
D)is entitled to compensation based on the amount of time he contributes to the business.
Q3) LLP partners are personally liable for contractual obligations and may be sued.
A)True
B)False
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Chapter 39: Partners Dissociation and Partnerships
Dissolution and Winding up
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Q1) Only the dissociations listed in the RUPA are allowed.
A)True
B)False
Q2) Which of the following is true about the effect of LLP statutes after appointment of a new partner?
A)RUPA provides that the new partner has full liability for the LLP's obligations.
B)The former partners will be personally responsible on committing a malpractice.
C)For obligations incurred before his admission,the new partner may not be held liable.
D)LLP partnership agreements often change the RUPA rule about a new partner's liability.
Q3) Which of the following is true about partnership rules for mining partnerships?
A)Mining partnerships are easiest to dissolve.
B)The transferability of mining partnership interest is restricted.
C)A mining partner may sell his interest to another person.
D)The death of a mining partner affects a dissolution.
Q4) Discuss the rules of dissociation and dissolution for mining partnerships.
Q5) Discuss a partner's authority to borrow money during winding up.
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Chapter
Partnerships, and Limited Liability
Limited Partnerships
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Q1) A general partner in an LLLP will have unlimited liability if the LLLP was formed defectively.
A)True
B)False
Q2) What is the document that is filed with the secretary of state to form an LLC?
A)Articles of incorporation
B)Certificate of organization
C)Operating agreement
D)Bylaws
Q3) Josh,Betty,and Danny formed an LLC to manage their accounting business.Josh contributed $20,000 to the LLC.Betty and Danny contributed $40,000 each.Being close friends,they did not include a profit and loss sharing plan in the operating agreement.A year later,they realize their working styles do not match.All the members agree to dissolve the LLC and sell all of its assets.Assuming that the LLC did not have any creditors and a total of $175,000 was obtained after the sale of all the assets of the dissolved LLC,how much will Betty get?
A)$100,000
B)$75,000
C)$50,000
D)$65,000
Page 42
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Chapter 41: History and Nature of Corporations
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Q1) Nearly all for-profit corporations are incorporated under what laws?
A)Government owned incorporation law
B)General incorporation law
C)State LLC law
D)State Nonprofit law
Q2) A pastor of a church (a nonprofit corporation)believes that his salary is too small to cover his meager expenses.When repeated requests to superiors do not lead to a salary increase,he starts supplementing his salary with church donations.What risk is he running?
A)None,because the pastor and the church are separate and distinct legal entities.
B)None,because the pastor's meager salary justifies this action.
C)The veil between the pastor and the church will be pierced because the pastor's act is immoral.
D)The veil between the pastor and the church will be pierced because the pastor's act is defrauding church members.
Q3) A corporation is a legal entity independent of its owners.
A)True
B)False
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Chapter 42: Organization and Financial Structure of Corporations
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Q1) A(n)________ occurs when parties,by mutual agreement,discharge a valid existing obligation by the substitution of a new valid obligation on the part of the debtor or another.
A)adoption
B)novation
C)ratification
D)automatic novation
Q2) In close corporations,free transferability of shares as a legal matter is a threat to:
A)the balance of power among shareholders.
B)the stock market.
C)the board of directors.
D)the inherent right of freedom of contract.
Q3) An organizer is the individual that incorporates a business.
A)True
B)False
Q4) Corporations are generally liable on preincorporation contracts signed by their promoters.
A)True
B)False
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Chapter 43: Management of Corporations
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Q1) Passive investors follow the ________ rule: Either support management or sell the shares.
A)co-determination
B)vicarious liability
C)Wall Street
D)business judgment
Q2) Alan,Bob,Charles,David,and Edward are the only shareholders of Harbin Corporation.It is a close corporation.Each owns 20 percent of the shares.There are five director positions and each serves as a director.One day the other four find out that Edward has committed a serious crime.They decide that they wish to expel him from the corporation.What action may the others take? Discuss.
Q3) Many corporation statutes,unlike the MBCA,state that the same person may not hold the offices of ________ and ________.
A)president;treasurer
B)president;secretary
C)vice-president;secretary
D)vice-president;treasurer
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Chapter 44: Shareholders Rights and Liabilities
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Q1) Only those shareholders who sign a shareholder voting agreement are bound by it.
A)True
B)False
Q2) In the case in the text,Reynolds Health Care Services,Inc.v.HMNH,Inc. ,the court found that the intended long-term shareholder voting agreement:
A)was valid and enforceable against both parties.
B)was invalid because long-term proxies are only allowed for 11 months.
C)was never created,and instead,the parties created an irrevocable proxy.
D)was never created,and instead,the parties created a revocable proxy.
Q3) What are the various ways through which a corporation can be dissolved?
Q4) Which of the following is true about mergers?
A)The shareholders of the surviving corporation must approve the merger.
B)The MBCA does not recognize mergers done solely for the profit motive.
C)A merger may be invalidated if it freezes out minority shareholders.
D)Shareholders of the acquired corporation must be paid a premium on their shares.
Q5) Shareholders have a right of full participation in board of directors' meetings.
A)True
B)False
Q6) Under what circumstances can a shareholder have liability for corporate debts?
Page 46
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Chapter 45: Securities Regulation
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Q1) Which of the following is not a basic purpose of either the Securities Act of 1933 or the Securities Exchange Act of 1934 as discussed in the text?
A)To create transparency for the general public to deter white-collar crime
B)To require the disclosure of meaningful information about a security and its issuer to allow investors to make intelligent investment decisions
C)To impose liability on those persons who make inadequate and erroneous disclosures of information
D)To regulate insiders,professional sellers of securities,securities exchanges,and other self-regulatory securities organizations
Q2) Section 5 of the 1933 Act permits the securities to be offered but not sold during the ________ period.
A)pre-filing
B)quiet
C)waiting
D)post-effective
Q3) An insurance policy is exempt from registration under the 1933 Act.
A)True
B)False
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Chapter 46: Legal and Professional Responsibilities of Auditors,
Consultants, and Securities Professionals
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Q1) Which of the following are not working papers?
A)Data reconciling the accountant's report with the client's records
B)Comments about the client's internal controls
C)Evidence of the testing of accounts
D)Accounting records
Q2) Brown & Co. ,a CPA firm,issued an unqualified opinion on the financial statement of its client,King Corp.Based on the strength of King's financial statements,Safe Bank loaned King $500,000.Brown was unaware that Safe would receive a copy of the financial statements or that they would be used in obtaining a loan by King.King defaulted on the loan.If Safe commences an action for common law fraud against Brown,then to be successful,Safe must prove that in addition to other elements it:
A)was in privity of contract with Brown.
B)was not contributorily negligent.
C)was in privity of contract with King.
D)justifiably relied on the financial statements.
Q3) The duty of trust requires a professional to maintain confidentiality.
A)True
B)False
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Chapter 47: Administrative Law
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Q1) The Department of Homeland Security:
A)is an executive administrative agency.
B)is a non-profit organization.
C)is a cabinet-level department.
D)has no effect on governmental organization.
Q2) Agencies that invoke a power to search and seize evidence as part of an effort to prove a regulatory violation are subject to what constitutional prohibitions?
A)First Amendment Freedom of Press
B)Fourth Amendment Protection against Unreasonable Searches
C)Tenth Amendment State Powers
D)Second Amendment Right to Bear Arms
Q3) The Administrative Procedure Act (APA)was passed by Congress to standardize federal agency procedure.
A)True
B)False
Q4) The Securities and Exchange Commission (SEC)is an example of an independent agency.
A)True B)False
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Chapter 48: The Federal Trade Commission Act and Consumer Protection Laws
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Q1) The Truth in Lending Act (TILA)specifies that if a home equity plan involves a variable interest rate,the "index rate" to which changes in the APR are pegged must be based on some publicly available rate and must not be under the creditor's control.
A)True
B)False
Q2) A credit card issuer that fails to comply with the Fair Credit Billing Act forfeits its right to collect $50 of the disputed amount from the cardholder.
A)True
B)False
Q3) Which of the following is defined by the Truth in Lending Act as a plan that contemplates repeated transactions and involves a finance charge that may be computed on the unpaid balance?
A)Revolving credit
B)Interest credit
C)Open-end credit
D)Closed-end credit
Q4) Describe the similarities between the United States' approach to advertising regulation and that taken by other countries.
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Chapter 49: Antitrust: the Sherman Act
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Q1) Chicago School theorists argue that antitrust policy's primary thrust should feature:
A)pro-intra-industry competition efforts.
B)proregulation efforts.
C)anticoncentration efforts.
D)anticonspiracy efforts.
Q2) Methods of antitrust analysis are commonly called Chicago School theories because many of their major premises were advanced by scholars affiliated with:
A)Loyola University.
B)Chicago State University.
C)the University of Chicago.
D)the University of Illinois at Chicago.
Q3) Which of the following constitutes a necessary part of a larger joint undertaking serving procompetitive ends?
A)Ancillary vertical restraints
B)Ancillary horizontal restraints
C)Naked vertical restraints
D)Naked horizontal restraints
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and Immunities
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Q1) Which type of merger occurs between two firms that neither compete with each other nor have a supplier-consumer relationship with each other?
A)Conglomerate merger
B)Vertical merger
C)Horizontal merger
D)Product-extension merger
Q2) The quantitative substantiality test was employed by the Supreme Court in the landmark case of:
A)Standard Oil Co.v.United States
B)Tampa Electric Co.v.Nashville Coal Co.
C)Olin Corporation v.Federal Trade Commission
D)Federal Trade Commission v.Staples,Inc.
Q3) The Clayton Act exempts the formation and collective marketing activities of ________ from antitrust liability.
A)funeral homes and services
B)roofers and shingle manufactures
C)agricultural cooperatives
D)wireless phone services
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Chapter 51: Employment Law
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Q1) For a business to be covered under the Family and Medical Leave Act (FMLA)how many employees must the business employ?
A)50 or more
B)5 or more
C)75 or more
D)2 or more
Q2) Agnes,a waitress at a restaurant,suffers severe anxiety attacks when business gets really busy at her job.As a result,she is a very ineffective waitress when the restaurant is crowded.For this reason,she is fired.Maybe her employer could have assigned Agnes to shifts when the restaurant is not busy,but this would have irritated the other waitresses,caused significant scheduling difficulties,and appreciably increased expenses.If Agnes sues the restaurant under the Americans with Disabilities Act (ADA),the restaurant's best argument would be:
A)that Agnes's anxiety attacks are not a disability under the ADA.
B)that the ADA doesn't require employers to accommodate such disabilities.
C)that accommodating Agnes would cause the restaurant undue hardship.
D)that the ability to handle stress is a BFOQ for the job of being a waitress.
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Chapter 52: Environmental Regulation
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Q1) In the case in the text,Massachusetts v.Environmental Protection Agency,the U.S.Supreme Court held that:
A)EPA failed to demonstrate public policy required a different result.
B)EPA was not legally justified to refuse to regulate greenhouse gas emission from automobiles.
C)the State of Massachusetts did not have legal standing to sue EPA.
D)the State of Massachusetts failed to demonstrate global warming caused the water to rise.
Q2) Which of the following can issue both National Pollution Discharge Elimination System (NPDES)permits and industrial discharge permits?
A)The states
B)The federal government
C)Sewage treatment plants
D)EPA
Q3) A shortcoming of the Comprehensive Environmental Response,Compensation,and Liability Act (or "Superfund")is that the federal and state governments must bear the sole financial burden for cleaning up the sites.
A)True
B)False
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