Entrepreneurship and the Legal Environment Exam Review
Course Introduction
This course explores the intersection of entrepreneurship and the legal landscape, equipping students with essential knowledge about the laws and regulations that impact start-ups and growing businesses. Key topics include business formation, intellectual property, contracts, financing, liability, employment law, and government regulations. Students will learn to identify legal risks and opportunities, understand compliance requirements, and develop strategies for protecting their ventures while fostering innovation. Through case studies and real-world examples, this course provides a practical foundation for navigating the complex legal environment entrepreneurs face when launching and managing enterprises.
Recommended Textbook
Legal Environment of Business A Managerial Approach 3rd Edition by Sean Melvin
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25 Chapters
2000 Verified Questions
2000 Flashcards
Source URL: https://quizplus.com/study-set/2317
Page 2
Chapter 1: Legal Foundations
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80 Flashcards
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Sample Questions
Q1) The power of courts to establish law in matters not specifically addressed by statutes is very limited in common law countries.
A)True
B)False
Answer: False
Q2) Jurisprudence is roughly defined as the science and philosophy of law.
A)True
B)False
Answer: True
Q3) Laws relating to contracts for the sale of goods are primarily found in the common law.
A)True
B)False Answer: False
Q4) Restatements of the Law are written and revised by Congress and state legislatures as needed.
A)True
B)False Answer: False
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Chapter 2: Business and the Constitution
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Sample Questions
Q1) Protections for the citizenry from unlawful or repressive acts by the government are contained primarily in
A) the Preamble to the Constitution.
B) Article I of the Constitution.
C) Article V of the Constitution.
D) the Bill of Rights.
Answer: D
Q2) The Bill of Rights recognizes fundamental constitutional rights of citizens. A)True
B)False
Answer: True
Q3) In the cases of Heart of Atlanta Motel v.U.S.and Katzenbach v.McClung,the Supreme Court found illegal discrimination under the Civil Rights Act of 1964 by applying A) the Commerce Clause.
B) the Supremacy Clause.
C) the Necessary and Proper Clause.
D) the Equal Protection Clause.
Answer: A
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Chapter 3: The American Judicial System, Jurisdiction and Venue
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Sample Questions
Q1) Which of the following does not typically trigger the use of a long-arm statute?
A) The defendant transacts business within the plaintiff's state borders.
B) The defendant violates a plaintiff's state statutory law.
C) The defendant commits negligence resulting in loss to the plaintiff within the plaintiff's state borders.
D) The defendant owns property in the plaintiff's state.
Answer: B
Q2) A discretionary order issued by the Supreme Court and other federal courts granting a request to argue an appeal is called a _______.
Answer: writ of certiorari
Q3) When a Mississippi defendant does business or extensively advertises in Louisiana,the defendant subjects himself or herself to personal jurisdiction in Louisiana based on the concept of _______.
Answer: minimum contacts
Q4) A court may hear a case if it has jurisdiction over either the subject matter of the dispute or the parties in the case.
A)True
B)False
Answer: False
Page 5
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Chapter 4: Resolving Disputes: Litigation and Alternative Dispute
Resolution
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Sample Questions
Q1) Liana and Sabine had a motor vehicle accident,and Sabine has sued Liana claiming severe back injuries.If Liana wants to obtain a copy of Sabine's doctor and hospital reports,she should serve a request for admissions to Sabine.
A)True
B)False
Q2) The filing of the complaint begins which stage of litigation?
A) the pleadings
B) discovery
C) voir dire
D) the trial
Q3) At trial,the judge decides the facts and the jury decides the law.
A)True
B)False
Q4) For the courts to allow a lawsuit to proceed,both the plaintiff and the defendant must be able to prove standing or the suit will be dismissed.
A)True
B)False
Q5) A jury that cannot agree on a verdict is called a ____ jury.
Q6) Evidence that proves innocence or nonliability is called ____ evidence.
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Chapter 5: Business, Societal, and Ethical Contexts of Law
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Sample Questions
Q1) Modern Corporation operates a steel mill.It has never contributed anything to the local community,and it knowingly pollutes both the air and the river that runs by its mill.The corporation's reasoning is that the cost of installing pollution control devices would diminish its profits,and it doesn't support the community because it provides jobs and doesn't think it owes anything else to the citizens in its area.Donating to the community would also diminish profits.Which theory of corporate social responsibility is Modern Corporation exhibiting?
A) the narrow view, or invisible hand theory
B) the moderate view, or government's hand theory
C) the hybrid view, or citizen's hand theory
D) the broad view, or management's hand theory
Q2) A company's code of conduct and code of ethics may be combined into a single document.
A)True
B)False
Q3) Under the maximizing profits theory,a company strives to do no harm,as long as the company continues to be profitable.
A)True
B)False
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Page 7
Chapter 6: Overview and Language of Contracts
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Sample Questions
Q1) A promise is illusory and will not be enforced by courts when the offeror is not truly bound by his or her vague promise.
A)True
B)False
Q2) Franz asks Joe if he will paint his office building for $1,000.Joe says he will do the job for $2,000.Joe's response is
A) an acceptance.
B) a rejection.
C) a counteroffer.
D) a mirror image offer.
Q3) Mike is walking through a parking lot and finds Kathy lying unconscious.He puts her in his car and takes her to the hospital.The hospital saves her life,and when she becomes conscious,it presents her with a bill.
A) Kathy has to pay based on a unilateral contract.
B) Kathy has to pay based on an implied contract.
C) Kathy has to pay based on a quasi-contract.
D) Mike has to pay because he brought her to the hospital.
Q4) To have _______ assent,there must be an offer and agreement between the parties.
Q5) Contracts that involve goods and services are known as _______ contracts.
Page 8
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Chapter 7: Contract Enforceability and Performance
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Sample Questions
Q1) Mark is an accounting major at a private university.His goal is to go to graduate school to obtain the education and appropriate credits necessary to become a certified public accountant.Mark's goals are well-known to his instructors and to the administration,who are also aware that Mark's parents and grandparents are CPAs,as are his older brothers and sisters.As Mark enters his junior year,and after paying his tuition and room and board fees in full,his school loses its regional accreditation,making any degree issued by the school essentially worthless.A worthless degree will not be recognized by graduate schools and will not be recognized by state accounting boards.When Mark demands a refund of his tuition and fees,the school refuses,claiming that it will still provide classes and knowledge.On what grounds,if any,can Mark have the contract terminated and receive a refund?
Q2) Which of the following involves a third-party substitution?
A) novation
B) accord and satisfaction
C) substitute agreement/modification
D) rescission
Q3) Assignments require the consent and agreement of all parties to the contract.
A)True
B)False
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Page 9
Chapter 8: Contracts for the Sale of Goods
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Sample Questions
Q1) Lon's GPS,Inc.,orders 500 Class A widgets to be installed in GPS units it is manufacturing.When delivery is made on Monday,the widgets delivered are Class B.Lon's signs a receipt accepting the nonconforming shipment.The next day,Lon's installs some of the Class B widgets and finds that they perform with half the accuracy of the Class A widgets.What,if any,options does Lon's have?
Q2) What is the underlying goal and function of the UCC,and why is it crucial to business?
Q3) Cat's Coaster Company uses cork in all of the protective drink coasters that it manufactures.If Cat's enters into an agreement with a cork exporter from Portugal to purchase all of the cork it needs to produce its products,this would be
A) an output contract.
B) an input contract.
C) a requirements contract.
D) a necessities contract.
Q4) UCC gap fillers will not be used and are not applicable to contracts when the contract clearly specifies a contract term or condition.
A)True
B)False
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Page 10
Chapter 9: Torts and Products Liability
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Sample Questions
Q1) Bruno is a technician at a university chemistry lab and is in charge of safety inspections and prevention of injury due to faulty equipment.One morning,as a result of his inspection,Bruno discovers a gas burner with a broken valve.Bruno gets distracted and fails to put an "OUT OF ORDER/DO NOT USE" sign on the faulty burner.When the morning class arrives,Halle uses the faulty burner and is burned when it catches fire.Bruno's negligence is based on A) nonfeasance.
B) misfeasance.
C) negligence per se. D) res ipsa loquitur.
Q2) Physical harm or injury is required to prove a case of intentional infliction of emotional distress.
A)True B)False
Q3) Alec drives drunk and causes a collision,killing Toni.When Toni's grandmother hears the news,she has a heart attack and dies.Can Alec be successfully sued for negligence in causing the grandmother's death?
Q4) _______ is typically defined as intentionally committing a wrongful act with intent to harm.
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Chapter 10: Agency
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Sample Questions
Q1) Tom has been injured on the job,so his employer hires Harry to fill in for him.The agreement with Harry is that he will work until Tom is ready to return.When Tom is indeed ready to return,Harry's position is terminated by an express act defined as _______.
Q2) Liability involving one party's liability for another party's act is called _______ liability.
Q3) If a principal wants to keep her identity secret,she would use
A) a disclosed agency.
B) a partially disclosed agency.
C) an undisclosed agency.
D) an independent agency.
Q4) An agency relationship is terminated by expiration in all of the following situations except when
A) the time period ends.
B) an event occurs.
C) the purpose has been accomplished.
D) the principal dies.
Q5) Explain the three-prong test the IRS uses to determine an agent's status.
Q6) Agents who act on behalf of a principal without receiving any compensation are called _______ agents.
Page 12
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Chapter 11: Employment Relationships and Labor Law
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Sample Questions
Q1) If an employee is killed on the job,the Occupational Safety and Health Act requires that the employer notify the administration as soon as possible but no later than _______ after the accident.
A) 8 business hours
B) 12 business hours
C) 24 hours regardless of business hours
D) 48 hours regardless of business hours
Q2) An employee group with mutual interests and goals that is an appropriate unit for negotiating union contracts is called a[n] _______ unit.
Q3) Morris is a nonexempt employee with a salary of $400 a week based on a 40-hour week.If he works 50 hours in a particular week,his paycheck should be for A) $450.
B) $500.
C) $550.
D) $600.
Q4) The purpose of the 1959 enactment of the Labor-Management Reporting and Disclosure Act was to uncover fraud and prevent corruption among union officials.How does the Act operate to accomplish this goal?
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Page 13
Chapter 12: Employment Discrimination
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Sample
Questions
Q1) Kim,a CPA,works for a small accounting firm consisting of two managing partners,six accountants,and four secretaries.During a skiing vacation,Kim has a serious fall and is paralyzed from the waist down.While she cannot walk,her mind is not affected and she is 100 percent capable of performing her accounting duties.She has asked the firm to widen the aisles between cubicles so that she can maneuver her wheelchair and to provide a special desk that is wheelchair friendly.These accommodations would cost less than $1,000.
A) Under provisions of the Americans with Disability Act, her requests should be granted because they are reasonable.
B) Under provisions of the Americans with Disability Act, her requests should not be granted because they are not reasonable.
C) Since she can still do her job, she is not deemed to have suffered a limitation to a major life activity.
D) The company is not required to make or offer any accommodations to Kim.
Q2) A person must exhibit some sort of distinctive physical characteristic,obvious to a neutral observer,in order to be considered disabled.
A)True
B)False
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Page 14
Chapter 13: Choice of Business Entity, Sole Proprietorships, and Partnerships
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Sample Questions
Q1) The Revised Uniform Partnership Act mandates that with regard to partnership debts and liabilities,general partners are
A) not personally liable for non-debt liabilities, which may be charged only to the partnership, but personally liable for debts.
B) personally jointly liable for unpaid debts and liabilities.
C) personally jointly and severally liable for unpaid debts and liabilities.
D) not personally liable for debts or liabilities, which may be charged only to the partnership.
Q2) A general partner who rightfully dissociates from a partnership remains liable for predissociation debts of the partnership.
A)True
B)False
Q3) Name and discuss the fiduciary duties owed by general partners to the partnership as set out in the Revised Uniform Partnership Act.
Q4) You have just graduated and you want to start your own business.You have a degree in horticulture,so you have chosen to open a florist shop and plant nursery.What type of business entity will you choose? Explain its benefits and detriments in detail.
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Chapter 14: Limited Liability Companies and Limited Liability Partnerships
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Sample Questions
Q1) The first LLP legislation was enacted in A) New York.
B) Texas.
C) Florida.
D) Iowa.
Q2) An operating agreement for an LLC can set out only the structure of the entity.
A)True
B)False
Q3) Trish is a partner in an LLP,and the partnership is having a cash flow problem.To alleviate the problem,the partnership has initiated a capital call for each partner to contribute an additional $25,000 to the business.If Trish cannot come up with the necessary funds,she may be forced to sell her interest in the partnership.
A)True
B)False
Q4) LLCs may choose to be taxed as a pass-through entity or may elect to be taxed as a corporation.
A)True
B)False
Page 16
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Chapter 15: Corporations
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Sample Questions
Q1) To qualify for Subchapter S status,a supermajority of the shareholders must consent to the Subchapter S designation.
A)True
B)False
Q2) Describe the corporate opportunity doctrine.What factors does the court examine to determine whether an opportunity belongs to a corporation?
Q3) Officers and directors owe fiduciary duties to the corporation and its shareholders; however,none of the shareholders owe such duties because they cannot bind the company.
A)True
B)False
Q4) Which of the following statements is incorrect?
A) A corporation may file suit in its own name without the principals filing suit.
B) A corporation may form a contract in its own name without the principals guaranteeing the contract.
C) A corporation can be sued without the principals being sued.
D) A corporation may not incur obligations separate from those of its principals.
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Chapter 16: Regulation of Securities, Corporate
Governance, and Financial Markets
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Sample Questions
Q1) Wayne is the president and CEO of a corporation.He owns 25 percent of the company's total stock and has been selling large chunks of his holdings over the past three months.If the SEC investigates him for short-swing profits,it would do so under
A) Regulation D of the 1933 Act.
B) Rule 10(b)(5) of the 1934 Act.
C) Section 16 of the 1934 Act.
D) the Private Securities Litigation Reform Act of 1995.
Q2) Fernando is the president and CEO of a publicly held corporation and is quoted in the paper as saying that the company is solid and has a bright future.He mentions a number of projects and plans that he anticipates will be successful in both the short term and long term,thus benefiting the company.Braenna reads this article and calls a broker,directing him to buy shares in Fernando's company.After two years the stock is below the price she paid for it,and she brings suit,claiming that Fernando committed fraud when he stated that the company was solid and would be very successful in the future.What must be proved by each side,and what is the likely outcome of this suit?
Q3) Preferred stock is the most frequently used form of equity instrument.
A)True B)False
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Chapter 17: Administrative Law
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Sample Questions
Q1) Congress has oversight over administrative agencies through the Senate's power of advice and consent.
A)True
B)False
Q2) Proposed agency rules are published in the _______.
Q3) The EPA would like to propose a new rule lowering the emissions requirements for coal factories and writes a new proposed rule.What is the EPA's involvement in the rulemaking process? What is the next step?
Q4) The Supreme Court established guidelines for lower courts on applying the arbitrary and capricious standard in which case?
A) Motor Vehicle Manufacturing Association v. State Farm Mutual Automobile
B) Chevron v. NRDC
C) Buckley v. Valeo
D) Fox v. the Federal Communications Commission
Q5) An administrative law judge is typically an _______ who is employed by the agency to adjudicate disputes.
Q6) How do citizen suits work in the context of administrative law?
Q7) What are the four primary functions of administrative agencies?
Q8) Final effective regulations are published in the _______.
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Chapter 18: Environmental Law
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Sample Questions
Q1) Most federal environmental laws require that states work in conjunction with the EPA to implement and enforce them.
A)True
B)False
Q2) Debbie recently purchased some property that she knew used to be home to a chemical plant 50 years ago.The plant was removed 30 years ago.Today the property is full of trees and the stream running through it is clear and looks clean,but Debbie did not commission any environmental testing to confirm this fact.Last month the EPA determined that her property,as well as several neighboring properties,is contaminated.The EPA placed the entire site on the National Priorities List for cleanup.Discuss Debbie's potential liability for the contamination caused by the hazardous waste.
Q3) Jed and Abby are local real estate developers who want to build a new office park on a piece of forested land that is home to many spotted owls,an endangered species.The office park is expected to bring new companies and jobs to the area.Robert is an environmentalist and is particularly fond of the owls.He wants to see them thrive and opposes Jed and Abby's plan to develop the owls' natural habitat.Is there anything that Robert can do to stop construction?
Q4) The _______ Act is the most important wildlife protection legislation.
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Chapter 19: Antitrust and Regulation of Competition
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Sample Questions
Q1) In the case of O'Bannon v.National Collegiate Athletic Association (NCAA),the trial court ruled that the NCAA's compensation rules were an unlawful restraint of trade.The NCAA appealed the decision to the U.S.Court of Appeals for the Ninth Circuit.What was the Ninth Circuit's response? To what level of scrutiny did the appellate court hold the NCAA's amateurism rules?
Q2) Which act does the Robinson-Patman Act amend?
A) McCarthy Act.
B) Hart-Scott-Rodino Act.
C) Sherman Act.
D) Clayton Act.
Q3) The U.S.Major League Soccer (MLS)league wants to have more similarity in its licensed goods.To that end,the league decides to contract with a single company to produce all the licensed goods for every team.Will MLS be able to do so? Explain your answer,including any case law that supports your opinion.
Q4) Which president led the antitrust reform movement?
A) Theodore Roosevelt
B) Harry Truman
C) Woodrow Wilson
D) Franklin Roosevelt
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Chapter 20: Creditors Rights and Bankruptcy
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Sample Questions
Q1) Which of the following is not a role of the bankruptcy trustee?
A) Void certain transfers.
B) Turn the assets into cash.
C) Provide debt counseling.
D) Collect the debtor's assets.
Q2) The reorganization plan is unique to what type of bankruptcy filing?
A) Chapter 7
B) Chapter 11
C) Chapter 12
D) Chapter 13
Q3) A creditor with an interest in real property is called
A) a surety.
B) an unsecured creditor.
C) a mortgagee.
D) a mortgagor.
Q4) Unsecured creditors may seize any asset of the borrower once they have a debt collection judgment.
A)True
B)False
Q5) Describe the role of a trustee in bankruptcy proceedings.
Page 22
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Chapter 21: Warranties and Consumer Protection Law
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Q1) In U.S.Consumer Financial Protection Bureau v.Pressler & Pressler,LLP,which involved the CFPB's investigation of a law firm's debt collection practices,what was the outcome of the case?
A) The case was dismissed as the CFPB has no authority to file suit after investigation of debt collection practices.
B) The parties entered a Consent Order, under which Pressler agreed to halt certain debt collection practices; however, no fine was agreed upon.
C) The parties entered a Consent Order, under which Pressler paid a fine of $1 million and agreed to halt certain debt collection practices.
D) Pressler was fined and given a citation.
Q2) Which act regulates the leasing relationship in which the consumer has possession of a motor vehicle in exchange for monthly payments?
A) Consumer Lending Act.
B) Truth in Lending Act.
C) Magnuson-Moss Act.
D) Equal Credit Opportunity Act.
Q3) What is puffery? Provide an example.
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Page 23
Chapter 22: Criminal Law and Procedure in Business
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Sample Questions
Q1) A grand jury will issue a[n] _______ if its investigation indicates that a defendant should be held over for trial.
A) indictment
B) information
C) warrant
D) summons
Q2) Criminal law regulates the rights and duties between private parties.
A)True
B)False
Q3) What are the three purposes or aims of imposing punishment for criminal acts?
Q4) If a defendant is found guilty in a criminal trial,he or she may not appeal due to double jeopardy.
A)True
B)False
Q5) The mental element,or "guilty mind," required for criminal liability to occur,is called _______.
Q6) A court order authorizing an official to do something the official would otherwise be prohibited from doing is called a _______.
Q7) Evidence that stems from the original evidence is called _______ evidence.
Page 24
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Chapter 23: Personal Property, Real Property, and Land Use Law
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Q1) When an adverse possession of real property occurs,title to land may transfer without the delivery of a deed from the former owner to the new owner.
A)True
B)False
Q2) Ownership of land is typically evidenced by a _______.
Q3) Creden has left 50 acres of land to the First Church of Magnolia with the condition that it shall own and have rights to it forever; however,if the church ever permits alcohol to be served on the premises,the property will immediately go back to Creden or,if Creden is deceased,to his heirs.Creden has granted the church a:
A) fee simple.
B) fee tail.
C) life estate.
D) fee simple defeasible.
Q4) The government must pay when it exercises its right of eminent domain.
A)True
B)False
Q5) A life estate gives the owner more rights than a fee simple.
A)True
B)False
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Chapter 24: Intellectual Property
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Sample Questions
Q1) Which of the following would generally not be patentable?
A) A mathematical formula that allows one to calculate the gross national product.
B) A new business method that streamlines and improves production.
C) A business process that changes water into wine.
D) An engine that runs on water.
Q2) United Parcel Service has determined that the fewer left turns their trucks make,the more fuel they can conserve,and the savings are significant.As a result,the company has gone to great lengths to design and schedule delivery routes that primarily make right turns.This business method is patentable.
A)True
B)False
Q3) The standard that must be met for a plaintiff to win a trademark dilution claim is likelihood of confusion.
A)True
B)False
Q4) A process or procedure is not eligible for copyright protection.
A)True
B)False
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Chapter 25: International Law and Global Commerce
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Q1) Common law jurisdictions adhere to the concept of _______,whereby a court may strike down a piece of legislation if it violates an overriding principle of law.
Q2) Reciprocity is an important concept in the Berne Convention.
A)True
B)False
Q3) The only major difference between the UCC and the CISG is the lack of a writing requirement under the CISG.
A)True
B)False
Q4) In a sale between Mark Merchant and Nicole Nonmerchant,the CISG rules for the sale of goods are applicable.
A)True
B)False
Q5) Under the concept of sovereign immunity,a foreign country is exempt from jurisdiction in U.S.courts.
A)True
B)False
Q6) What are the four major differences between the UCC and the CISG?
Q7) Describe the current state of international protections of trademarks.
Page 27
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