Entrepreneurship Law
Chapter Exam Questions
Course Introduction
Entrepreneurship Law explores the fundamental legal principles and frameworks that govern the creation, financing, and operation of new businesses. The course covers essential topics such as business entity selection, intellectual property protection, contract negotiation, employment law, regulatory compliance, and venture capital arrangements. Students learn how to identify legal risks and opportunities faced by startups and entrepreneurs, with a focus on real-world problem-solving and decision-making. By the end of the course, students gain practical insights into navigating the legal landscape to effectively launch and manage innovative business ventures.
Recommended Textbook Business Law 8th Edition by
Henry R. Cheeseman
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54 Chapters
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4442 Flashcards
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Page 2
Chapter 1: Legal Heritage and the Digital Age
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Q1) The Critical Legal Studies School proposes that legal rules are unnecessary and are used as an obstacle by the powerful to maintain the status quo.
A)True
B)False
Answer: True
Q2) Businesses that are organized in the United States are subject to its laws, but not to the laws of other countries in which they do business.
A)True
B)False
Answer: False
Q3) ________ is described as the theory or philosophy of law.
A)Morality
B)Ethics
C)Natural law
D)Jurisprudence
Answer: D
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Chapter 2: Courts and Jurisdiction
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Q1) Federal judges of the U.S.district courts are appointed for 14-year terms.
A)True
B)False
Answer: False
Q2) ________ refers to an official notice that the Supreme Court will review a case.
A)Writ of certiorari
B)Stare decisis
C)En banc review
D)Sua sponte
Answer: A
Q3) In the United States, each state has only a single district court.
A)True
B)False
Answer: False
Q4) Appellate court decisions are final and cannot be appealed to any higher courts.
A)True
B)False
Answer: False
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Page 4
Chapter 3: Judicial,Alternative,and E-Dispute Resolution
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Sample Questions
Q1) A class action lawsuit is certified only if there is commonality among the plaintiffs' claims.
A)True
B)False
Answer: True
Q2) A deposition is oral testimony given by a party or witness during the trial.
A)True
B)False
Answer: False
Q3) The motion for summary judgment alleges that if all the facts presented in the pleadings are taken as true, the party making the motion would win the lawsuit when the proper law is applied to these asserted facts.
A)True
B)False
Answer: False
Q4) Once a default judgment is established, the plaintiff only has to prove damages. A)True
B)False Answer: True
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Chapter 4: Constitutional Law for Business and E-Commerce
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Q1) Which of the following is established by the Supremacy Clause of the U.S.Constitution?
A)The President is the supreme and sovereign head of the United States.
B)The legislative branch of the federal government is the supreme law-making authority in the country.
C)The judiciary is the supreme law-enforcing authority and cannot be influenced by anyone, however powerful, in any manner.
D)The U.S.Constitution and federal treaties, laws, and regulations are the supreme law of the land.
Q2) The Indian Gaming Regulatory Act sets the terms of ________ activities on tribal land.
A)casino gambling
B)hunting and gathering
C)agriculture and animal rearing
D)mining
Q3) State governments do not have the power to regulate commerce with foreign nations.
A)True
B)False
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Chapter 5: Intentional Torts and Negligence
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Q1) In order to claim damages for negligence per se, the plaintiff has to prove that
A)the defendant was in exclusive control of the situation
B)the plaintiff was within a class of persons meant to be protected by the violated statute
C)the defendant made a false representation of material fact
D)the plaintiff was affected by malicious statements made by the defendant about his/her character
Q2) Which of the following statements is true of battery?
A)Battery refers to intentional infliction of emotional distress.
B)Assault and battery often occur together.
C)Actual physical contact is not necessary for a tort to be termed as battery.
D)Indirect physical contact between the victim and the perpetrator is not battery.
Q3) Under negligence, a person is liable only for ________ events.
A)intervening
B)foreseeable
C)superseding
D)overruling
Q4) How is assault different from battery?
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Chapter 6: Product and Strict Liability
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Q1) Describe the functions of the statute of limitations and the statute of repose.
Q2) ________ is a doctrine that says automobile manufacturers are under a duty to design automobiles so they take into account the possibility of harm from a person's body striking something inside the automobile in the case of a car accident.
A)Crash avoidance
B)Crashworthiness
C)Risk compensation
D)Conspicuity
Q3) Under the defense of contributory negligence, if Mary is partially responsible for her injuries, then she can recover partial damages from the defendant.
A)True
B)False
Q4) Which of the following statements is true about strict liability?
A)It applies only to manufacturers of a defective product.
B)It is liability without fault.
C)It requires privity of contract between the plaintiff and the defendant.
D)It covers casual sales and transactions.
Q5) What is the purpose of the crashworthiness doctrine?
Q6) Compare the tort doctrines of negligence and misrepresentation.
Page 8
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Chapter 7: Intellectual Property and Cyber Piracy
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Q1) If a competitor reverse engineers a trade secret, then the competitor is ________.
A)allowed to use the trade secret but not the original trademark
B)rightfully allowed co-ownership to the trade secret and its original trade mark
C)not allowed to gain commercially from the trade secret
D)obliged to inform the original owner of the trade secret
Q2) Utility patents for inventions are valid for the whole of the inventor's life and 70 years after that.
A)True
B)False
Q3) Explain the process of copyright registration.
Q4) A patent in the public domain can be purchased by a non-patent holder.
A)True
B)False
Q5) Distinctive marks are ordinary words or symbols that have acquired special meaning with a product or service.
A)True
B)False
Q6) What is a provisional patent application?
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Chapter 8: Criminal Law and Cyber Crimes
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Q1) According to the ________, evidence obtained from an unreasonable search and seizure can generally be prohibited from introduction at a trial or an administrative proceeding against the person searched.
A)presumption of innocence doctrine
B)double jeopardy rule
C)exclusionary rule
D)Miranda rights
Q2) A person charged with a crime in the United States is presumed guilty until proven innocent.
A)True
B)False
Q3) Which illegal activity are Rhonda and Frank guilty of when it came to using Dawson's money for the charity?
A)bribery
B)extortion
C)forgery
D)criminal conspiracy
Q4) Why do governments and defendants enter into plea bargains?
Q5) Discuss "receiving stolen property" as a crime.
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Chapter 9: Nature of Traditional and E-Contracts
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Q1) Equity is a doctrine that permits judges to make decisions based on fairness, equality, moral rights, and natural law.
A)True
B)False
Q2) Which of the following is true of UCITA?
A)It establishes the rules for operation of franchises in the U.S.A.
B)It does not become law until a state adopts it as a statute.
C)It solely deals with the formation of electronic contracts, not licenses.
D)It addresses most of the legal issues that are encountered while starting an entrepreneurial venture.
Q3) An offeror uses blackmail to make an offeree sign a contract that involves the sale of the offeree's house.The contract is ________.
A)valid
B)void
C)voidable
D)unenforceable
Q4) Compare valid, void, voidable and unenforceable contracts.
Q5) What are the possible problems that can come up in a unilateral contract?
Q6) Explain the doctrine of equity with reference to contracts.
Page 11
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Chapter 10: Agreement
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Q1) An offer is terminated on the grounds of "supervening illegality" when ________.
A)the set period in the offer has expired
B)the subject matter in the offer has been destroyed
C)a statute or court decision deems an object of the offer unlawful
D)the offeror or offeree passes away prior to the offer being accepted
Q2) If an offeree dispatches a rejection before an acceptance, then the rejection will not be applicable.
A)True
B)False
Q3) A contract is created upon an equivocal response to an offer from the offeree.
A)True
B)False
Q4) An offer terminates upon the expiration of a stated time in the offer.
A)True
B)False
Q5) In auction without reserve, the seller is the offeree.
A)True
B)False
Q6) Explain implied and express modes of acceptance.
Q7) Give an account of the express terms that are parts of an offer.
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Chapter 11: Consideration and Promissory Estoppel
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Sample Questions
Q1) An accord is a compromise reached between two parties to settle a claim.
A)True
B)False
Q2) Which of the following is true about output contracts?
A)It cannot contain the best-efforts clause.
B)It provides the seller with reduced selling costs.
C)It assures the purchaser that the seller will use their best efforts to achieve the contract's objective.
D)It assures the seller of a purchaser for all its outputs.
Q3) Considerations can only be monetary or economic in nature.
A)True
B)False
Q4) What is contract consideration?
Q5) Explain the preexisting duty principle in private sector contracts.
Q6) What is a best-efforts contract?
Q7) Once an accord has been reached, the original contract cannot be enforced under any circumstance.
A)True
B)False
Page 13
Q8) Give an account of promissory estoppels.
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Chapter 12: Capacity and Legality
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Q1) A contract with an intoxicated person is not voidable by the other party if that party had contractual capacity.
A)True
B)False
Q2) Persons who entered into an illegal contract but withdraw before the illegal act was performed can sue to recover consideration.
A)True
B)False
Q3) A ratified contract can be disaffirmed even after the minor reaches the age of majority.
A)True
B)False
Q4) The infancy doctrine binds an adult to the minor's decision on a contract.
A)True
B)False
Q5) An exculpatory clause must be reciprocal to be considered enforceable.
A)True
B)False
Q6) What is legal insanity?
Page 14
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Chapter 13: Genuineness of Assent and Undue Influence
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Q1) A unilateral mistake occurs if both parties know the object of the contract but are mistaken as to its value.
A)True
B)False
Q2) The measure of damages awarded to the innocent party for fraud is the difference between the value of the property as represented and the actual value of the property.
A)True
B)False
Q3) ________ is a situation in which one party threatens to do a wrongful act unless the other party enters into a contract.
A)Scienter
B)Duress
C)Battery
D)Assault
Q4) What is scienter?
A)knowledge that a representation is false
B)undue influence used on a party to a contract
C)another term for duress
D)damages given to a victim of fraud
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Chapter 14: Statute of Frauds and Equitable Exceptions
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Q1) While interpreting contract words and terms, specific terms are presumed to qualify general terms.
A)True
B)False
Q2) The ________ states that if the main purpose of a transaction and an oral collateral contract is to provide pecuniary benefit to the guarantor, the collateral contract does not have to be in writing to be enforced.
A)merger clause
B)leading object exception
C)collateral contract rule
D)parol evidence rule
Q3) Placing several documents in the same envelope indicates implied integration.
A)True
B)False
Q4) A life estate will be transferred to another party in the event of the holder's death. A)True
B)False
Q5) When is parol evidence admitted in court?
Q6) How are contract words and terms interpreted?
Page 16
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Chapter 15: Third-Party Rights and Discharge
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Q1) Mr.Jacob, who is terminally ill, writes a will transferring all his assets to his daughter Silvia, in the event of his death.The doctors say that Mr.Jacob will live for about six months.The day after the will is written, Silvia wishes to transfer her expected inheritance to her son, Jacob Jr.This assignment will be ________.
A)valid
B)conditionally valid
C)invalid
D)re-assignable by Jacob Jr
Q2) The party to whom the duty is owed is the delegatee.
A)True
B)False
Q3) A creditor beneficiary refers to an original creditor who becomes a beneficiary under the debtor's new contract with another party.
A)True
B)False
Q4) The right to sue another party for a violation of personal rights can be assigned.
A)True
B)False
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17
Chapter 16: Remedies for Breach of Traditional and E-Contracts
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Q1) Consequential damages are unforeseeable damages.
A)True
B)False
Q2) Which of the following torts arises when a third party induces a contracting party to breach the contract with another party?
A)intentional interference with contractual relations
B)breach of the covenant of good faith and fair dealing
C)tort of bad faith
D)malicious breach of contractual relations
Q3) Kinetosphere Automation Inc.(K.A.)makes a mandatory employment contract with all its employees.The contract states that K.A.'s employees are not to work for any other organization while they are employed by K.A.If K.A.finds an employee who is also serving another company, it can approach the court to obtain a(n)________ to prevent the employee from working in the other company.
A)restitution
B)rescission
C)injunction
D)subjugation
Q4) How are liquidated damages awarded?
Page 18
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Chapter 17: E-Commerce and Digital Law
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Q1) E-mail contracts are enforceable even if they don't meet traditional contract requirements.
A)True
B)False
Q2) Joan reads e-mails from Harold's personal e-mail folder.Which statute has Joan violated and why? Under what circumstances is she permitted to read Harold's e-mail?
Q3) A(n)________ uniquely identifies an individual's or company's website.
A)e-signature
B)digital footprint
C)e-mail address
D)domain name
Q4) Which of the following is true of e-commerce?
A)Lessors cannot use web addresses to lease goods.
B)Intellectual property cannot be explicitly listed for sale on a website.
C)A Web contract is not binding, as opposed to an e-mail contract, which is.
D)A Web contract is not valid if it does not fulfill all the elements of a traditional contract.
Q5) Briefly explain the working of an e-license.
Q6) What measures has Congress taken to regulate spam e-mail?
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Chapter 18: Formation of Sales and Lease Contracts
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Q1) ________ is a rule that says that if a written contract is a complete and final statement of the parties' agreement, any prior or contemporaneous oral or written statements that alter, contradict, or are in addition to the terms of the written contract are inadmissible in court regarding a dispute over the contract.
A)Parol evidence rule
B)Firm offer rule
C)Open terms rule
D)Gap-filling rule
Q2) Under the common law, a written contract must be signed by the party against whom enforcement is sought.
A)True
B)False
Q3) Which of the following describes a mixed sale?
A)a sale that involves two or more intangible goods
B)a sale that involves the passing of title of goods from a seller to a buyer for a price
C)a sale that involves the possession and use of named goods for a set
D)a sale that involves the provision of a service and a good in the same transaction
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Chapter 19: Title to Goods and Risk of Loss
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Q1) Acceptance of nonconforming goods is a breach of contract by the buyer.
A)True
B)False
Q2) Which of the following is a difference between a sale or return contract and a sale on approval contract?
A)For sale or return, the risk of loss is borne by the buyer; while in a sale on approval, it is borne by the seller.
B)For sale or return, the goods are sold to the buyer; while in a sale on approval, the buyer is allowed a time period to test the goods.
C)For sale or return, failure to notify rejection is not acceptance; while in a sale on approval, failure to notify rejection is acceptance.
D)For sale or return, goods sold can be returned; while in a sale on approval, goods sold can never be returned.
Q3) An entrusted merchant has the power to transfer all rights in the goods to a buyer in the ordinary course of business.
A)True
B)False
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21
Chapter 20: Remedies for Breach of Sales and Lease Contracts
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Q1) Give an account of the seller's right to recover damages for breach of contract.
Q2) A seller can claim lost profits in case of damages not putting them in a position as the performance of the contract would have.
A)True
B)False
Q3) An unconscionable contract can be enforced if the unconscionable clause is removed.
A)True
B)False
Q4) Which of the following is grounds for revoking an acceptance?
A)if the seller makes a timely cure of nonconforming goods
B)if the goods were accepted after the nonconformity was discovered
C)if the buyer has accepted only one commercial unit from the entire unit
D)if the nonconformity substantially impairs the value of the goods to the buyer
Q5) In a shipment contract, delivery occurs when the shipment reaches the destination.
A)True
B)False
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Q6) How does the UCC deal with issues that are not present in express terms in a contract?
Chapter 21: Warranties
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Q1) An express warranty can only be limited if the warranty disclaimer and the warranty can be reasonably construed with each other.
A)True
B)False
Q2) A person selling stolen property would be breaching the warranty of good title.
A)True
B)False
Q3) Which of the following is true of the Magnuson-Moss Warranty Act?
A)It requires all warrantors to make express written warranties.
B)It obligates all warrantors to make disclaimer warranties for their products.
C)It authorizes warrantors to establish an informal dispute-resolution procedure.
D)Implied warranties are voidable under this Act.
Q4) The foreign food test is used to find breaches in implied warranty of fitness for human consumption.
A)True
B)False
Q5) Express warranties are always implied by law.
A)True
B)False
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Chapter 22: Creation of Negotiable Instruments
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Q1) A(n)________ is an exception in promissory notes, as it does not require the maker's unconditional and affirmative promise to pay.
A)trade acceptance
B)collateral note
C)remittance advice
D)certificate of deposit
Q2) An extension clause allows the date of maturity of an instrument to be extended to sometime in the future.
A)True
B)False
Q3) A clause in an instrument that allows the date of maturity of the instrument to be prolonged to sometime in the future is referred to as the ________.
A)forestallment clause
B)acceleration clause
C)prepayment clause
D)extension clause
Q4) A conditional promise is not a negotiable instrument.
A)True
B)False
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Chapter 23: Holder in Due Course and Transferability
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Q1) Which of the following is true about an assignment?
A)It is considered as a negotiation under Article 3 of the UCC.
B)The transferee is known as a holder in due course.
C)Defenses against the transferor can be raised against the transferee.
D)Only negotiable instruments can become assignments.
Q2) Explain the no evidence of forgery, alteration, or irregularity requirement for an HDC under the UCC.
Q3) If an instrument is payable jointly using the word "and, " both persons' indorsements are necessary to negotiate the instrument.
A)True
B)False
Q4) Which order paper when indorsed becomes a bearer paper?
A)unqualified indorsement
B)black indorsement
C)special indorsement
D)special qualified indorsement
Q5) A restrictive indorsement can also be a bearer instrument.
A)True
B)False
Q6) What are qualified indorsements?
Page 25
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Chapter 24: Liability, Defenses, and Discharge
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Q1) Absolute liability to pay a negotiable instrument, subject to certain universal or real defenses is known as ________.
A)primary liability
B)secondary liability
C)warranty liability
D)signature liability
Q2) Those who disclaim liability and are not secondarily liable on instruments they endorse are referred to as ________.
A)unqualified indorsers
B)qualified indorsers
C)agents
D)accommodation parties
Q3) Which of the following actions renders all parties as discharged from liability to a negotiable instrument?
A)when the instrument is presented for payment
B)when the signature of the indorser is intentionally struck out
C)when the instrument is accidentally destroyed or mutilated
D)when a drawee in good faith pays an unaccepted instrument in full to the holder
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Chapter 25: Banks, E-Money, and Financial Reform
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Q1) In this case, Raj is the ________.
A)drawer
B)drawee
C)indorser
D)indorsee
Q2) Checks are the most common form of negotiable instruments used in the United States.
A)True
B)False
Q3) The drawee is the party to whom a check is written.
A)True
B)False
Q4) Which of the following statements is true of certified checks?
A)Banks are obligated to certify checks that for amounts greater than $10, 000.
B)Certified checks are payable at any time from the date they are issued.
C)A drawer can stop payment on a certified check if it is indorsed.
D)Banks can charge a fraction of the check value as a fee for certifying it.
Q5) What responsibility do banks and checking account customers have with respect to examining bank statements?
Q6) Describe how a check can be indorsed.
Page 27
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Chapter 26: Credit,Mortgages,and Debtor's Rights
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Q1) Credit that requires collateral that protects payment of the loan is referred to as
A)unsecured credit
B)secured credit
C)equal credit
D)fair credit
Q2) Which of the following Acts is particularly designed to regulate the home loan market, and put the burden on lenders to verify that a borrower can afford to repay the loan for which he or she has applied?
A)Fair Credit Reporting Act
B)Consumer Financial Protection Act of 2010
C)Truth-in-Lending Act
D)Mortgage Reform and Anti-Predatory Lending
Q3) The property on which a security interest is taken is called collateral.
A)True
B)False
Q4) What are foreclosure sales?
Q5) The power of sale foreclosure is implied in mortgages and deeds of trust.
A)True
B)False
28
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Chapter 27: Secured Transactions and E-Filing
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Q1) A ________ is a written document signed by a debtor that creates a security interest in personal property.
A)license
B)lease agreement
C)security agreement
D)chattel paper
Q2) The property in which a security interest is taken is called collateral.
A)True
B)False
Q3) Which of the following constitutes default?
A)repaying a debt before it is due
B)bankruptcy of the debtor
C)increase of rate of interest by the creditor midway through debt repayment
D)theft of the collateral
Q4) Security interest is the rate of interest per annum which is entitled to the party that secures payment or performance of an obligation
A)True
B)False
Q5) Outline the priority of claims.
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Chapter 28: Bankruptcy and Reorganization
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Q1) The property of a Chapter 13 estate consists of nonexempt property acquired after the case is closed.
A)True B)False
Q2) An order of relief occurs upon the filing of either a voluntary petition or an unchallenged involuntary petition.
A)True
B)False
Q3) Which of the following is true of a debtor's bankruptcy estate?
A)Only intangible personal property constitutes the bankruptcy estate.
B)No property solely owned by the debtor is exempted from constituting the bankruptcy estate.
C)Creditors are allowed to claim exempt property.
D)Government benefits and compensations are exempted from constituting the bankruptcy estate.
Q4) What is liquidation? How does the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 affect the process of liquidation?
Q5) Describe the procedure for filing a bankruptcy petition.
Q6) Explain in brief the constitution of a bankruptcy estate.
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Chapter 29: Agency Formation and Termination
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Q1) For an implied agency to function, implied authority cannot conflict with express authority.
A)True
B)False
Q2) An orally agreed upon power of attorney is acceptable in court.
A)True
B)False
Q3) Which of the following qualifies as termination of an agency by impossibility of performance?
A)the loss of a required qualification
B)the bankruptcy of the principal
C)the insanity of either the principal or the agent
D)the conviction of either the principal or the agent
Q4) In a contingency-fee contract, the principal must pay the agent prior to completion of agency.
A)True
B)False
Q5) An express agency contract cannot be orally agreed upon.
A)True
B)False
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Chapter 30: Liability of Principals, Agents, and Independent Contractors
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Q1) The party that employs an independent contractor is called an agent.
A)True
B)False
Q2) A client hires a lawyer as an independent contractor to represent her in a civil lawsuit against a defendant to recover monetary damages.If the client authorizes the lawyer to settle a case within a certain dollar amount and the lawyer does so, which of the following would be true?
A)The agreement is invalid after the lawyer's contract with the principal terminates.
B)The agreement is void because independent contractors cannot enter into contracts.
C)The agreement is binding only when there is no financial settlement involved.
D)The settlement agreement is binding for the client.
Q3) Under the ________ test, the principal is liable for any intentional torts committed by an agent during working hours on the principal's premises.
A)work-related
B)motivation
C)promotional
D)self-dealing
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Chapter 31: Employment, Worker Protection, and Immigration Law
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Q1) Which of the following is true of the federal minimum wage?
A)An employer may not reduce minimum wage although he or she provides other benefits like food to the employees.
B)Managerial employees are not subject to minimum wage requirements.
C)Apprentices cannot be paid less than minimum wages.
D)Employees who earn tips, such as waiters and valets, are not entitled to minimum wage.
Q2) If an employee is injured in an automobile accident while she is driving to an off-premises restaurant during her personal lunch hour, the injury is ________.
A)covered by workers' compensation insurance
B)not covered by workers' compensation
C)covered by workers' compensation
D)not covered by employee's medical insurance
Q3) The general duty standard requires an employer to provide a work environment that does not result in its employees' mental stress.
A)True
B)False
Q4) How is Social Security awarded in the U.S.A.?
Page 33
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Chapter 32: Labor Law and Collective Bargaining
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Q1) The NLRB oversees union elections, prevents employers and unions from engaging in illegal and unfair labor practices.
A)True
B)False
Q2) Under an agency shop agreement, an employer may hire anyone whether she belongs to a union or not.
A)True
B)False
Q3) Once a strike begins, the employer may continue operations by ________ to take the place of the striking employees.
A)hiring replacement workers
B)temporarily demoting supervisors
C)acquiring crossover workers
D)acquiring wildcat strikers
Q4) Only skilled craft workers such as silversmiths and artisans were allowed to belong to the American Federation of Labor.
A)True
B)False
Q5) Outline the act of collective bargaining.
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Chapter 33: Equal Opportunity in Employment
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Q1) The ADEA is a federal statute that prohibits age discrimination practices against employees who are 40 years and older.
A)True
B)False
Q2) A person having origins in any of the original peoples of the Middle East belongs to the Caucasian racial group.
A)True
B)False
Q3) Federal antidiscrimination laws prohibit employers from engaging in retaliation against an employee for filing a charge of discrimination.
A)True
B)False
Q4) The jurisdiction of the EEOC is restricted to investigating charges of discrimination based on gender.
A)True
B)False
Q5) Labor unions are not covered under Title VII of the Civil Rights Act. A)True B)False
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Chapter 34: Small Business, Entrepreneurship, and General Partnerships
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Q1) Orlando opened a hot dog stand in Brooklyn which unfortunately did not earn him a profit.He had borrowed $5, 000 from the bank to set it up, which had to be repaid to the bank in two days.However, Orlando's friend Bob agreed to partner with him starting the subsequent month.From which of the following sources can the bank recover its $5, 000 with interest?
A)Orlando's secondary financer
B)Orlando's savings account
C)Orlando's family
D)Bob, Orlando's prospective business partner
Q2) Which of the following best describes an entrepreneur?
A)a person who forms and operates a business
B)a person who invests in an existing business
C)a person who lends capital to a new business
D)a person who derives a profit from a new or an existing business
Q3) General partners have ________ for the debts and obligations of the partnership.
A)limited exemption
B)conditional exemption
C)limited organizational liability
D)unlimited personal liability
Q4) How are assets distributed after the dissolution of a general partnership?
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Chapter 35: Limited Partnerships and Special Partnerships
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Q1) Which of the following happens when a general partner withdraws from a limited partnership?
A)The partnership must be sold.
B)The partnership is transferred.
C)The partnership is dissolved.
D)The partnership operates normally.
Q2) Which of the following partners in a limited partnership invest capital, manage the business, and are personally liable for partnership debts?
A)specific partners
B)limited partners
C)general partners
D)sole proprietors
Q3) Defective formation of a limited partnership occurs when a certificate of limited partnership is not properly filed.
A)True
B)False
Q4) A limited partnership cannot have general partners.
A)True
B)False
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Chapter 36: Corporate Formation and Financing
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Q1) Give an account of publicly held and closely held corporation.
Q2) A corporation is dissolved upon the effective date of the articles of dissolution.
A)True
B)False
Q3) Authorized shares that have been sold by the corporation are called issued shares.
A)True
B)False
Q4) A corporation that is incorporated in another country is known as a(n)________.
A)alien corporation
B)public corporation
C)domestic corporation
D)municipal corporation
Q5) What is the conversion right for preferred stocks?
Q6) An S corporation can have nonresident aliens as shareholders.
A)True
B)False
Q7) What are the express powers of a corporation?
Q8) What is an indenture agreement?
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Chapter 37: Corporate Governance and the Sarbanes-Oxley Act
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Q1) The determination of whether a corporate director or officer has met his or her duty of care is measured in hindsight.
A)True
B)False
Q2) The ________ is a requirement that a greater than majority of shares constitutes a quorum of the vote of the shareholders.
A)supramajority voting
B)shareholder majority voting
C)quorum share voting
D)cumulative voting
Q3) If an Inkilwas Corporation amendment for its articles of incorporation is put to vote at this meeting, which of the following statements would be true with respect to the passing of the amendment?
A)The amendment would not pass as all 30, 000 votes have to be represented.
B)The amendment would only pass if all 17, 501 votes approve.
C)The amendment would be passed if 4, 376 votes approve.
D)The amendment will pass if 8, 751 votes approve.
Q4) What is the supramajority voting requirement for shareholders?
Q5) What is self-dealing?
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Chapter 38: Corporate Acquisitions and Multinational Corporations
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Q1) The federal proxy rules promote ________ during proxy solicitation.
A)full disclosure of the proxy
B)forfeiture of shares
C)meeting of all shareholders
D)direct representation of shareholders
Q2) Explain the factors that lead to a proxy contest.What is its outcome?
Q3) Which of the following defines a proxy contest?
A)an instance of proxies being awarded to the shareholder with the highest bid
B)an event in which insurgent shareholders and incumbent directors solicit proxies from other shareholders
C)an event in which proxies are chosen by voting between different factions of shareholders
D)an event in which a corporation seeks affirmative majority from its shareholders in the event of a hostile tender
Q4) Which of the following best defines a surviving corporation?
A)a corporation that continues its operations after filing for bankruptcy
B)a corporation that has been in existence for at least 50 years
C)a proprietorship or partnership that evolved into a corporation
D)a corporation that continues to exist after a merger
Page 40
Q5) Distinguish between a merger and a share exchange.
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Chapter 39: Limited Liability Companies and Limited Liability Partnerships
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Q1) An at-will LLC refers to an LLC that has no specified term of duration.
A)True
B)False
Q2) Agents of an LLC are not permitted to enter into contracts on behalf of the LLC.
A)True
B)False
Q3) Which of the following is true of the management of an LLC?
A)Members cannot become managers of an LLC.
B)A manager-managed LLC shares management powers between members and managers.
C)A nonmember can become a manager of an LLC.
D)An LLC can be both member-managed and manager-managed simultaneously.
Q4) Explain the process which exempts members of an LLC from double taxation.
Q5) The owner of an LLC is called ________.
A)general partner
B)limited partner
C)proprietor
D)member
Q6) Limited liability companies are created by federal law.
A)True
B)False Page 41
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Chapter 40: Franchises and Special Forms of Businesses
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Q1) In a ________ franchise, the franchisor licenses the franchisee to make and sell its products or services to the public from a retail outlet serving an exclusive geographical territory.
A)chain-style
B)area
C)distributorship
D)processing plant
Q2) Uniform Franchise Offering Circular refers to a uniform disclosure document that requires a franchisor to make specific presale disclosures to prospective franchisees.
A)True
B)False
Q3) What are the steps a prospective franchisee must take in order to acquire a franchise? What properties are generally licensed by franchisors?
Q4) Explain in brief the concept of joint venture as a business arrangement.
Q5) Joint venturers do not owe each other fiduciary duties of a loyalty and care as they are not bound by a contract.
A)True
B)False
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Chapter 41: Investor Protection, E-Securities, and Wall Street Reform
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Q1) Blue-sky laws are state laws that regulate the issuance and trading of securities. A)True
B)False
Q2) The issuer is permitted to assert a due diligence defense against the imposition of Section 11 liability.
A)True
B)False
Q3) Which of the following constitutes insider trading?
A)an employee makes a profit by personally purchasing shares of the corporation prior to public release of favorable information
B)a manager purchases all shares of a corporation available to the public
C)a director purchases enough shares of a public company to gain a majority stake in its management
D)an employee sells his shares of the company to another employee without notice to the company
Q4) EDGAR is the world's largest electronic securities exchange. A)True B)False
Page 44
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Chapter 42: Ethics and Social Responsibility of Business
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Q1) In Kantian ethics, the principle of inconsistency postulates treating all ethical cases differently.
A)True
B)False
Q2) Charlotte works as a teacher in Africa.Every Sunday, she visits nearby villages and convinces families to send their children to school.She arranges accommodation for these children and helps them with their education.In a recent interview, Charlotte mentioned that she looks up to Mother Teresa not only for inspiration but also to resolve ethical dilemmas.Which of the following theories would support Charlotte's approach to ethics?
A)ethical fundamentalism
B)utilitarianism
C)Kantian ethics
D)ethical relativism
Q3) Which of the following is a perceived disadvantage of Kantian ethics?
A)It treats morality as if it were an impersonal mathematical calculation.
B)It does not allow people to have subjective notions of right and wrong.
C)It is based on universal rules that have no common consensus.
D)It distinguishes between the morality one uses to judge others and the morality one uses on oneself.
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Chapter 43: Administrative Law and Regulatory Agencies
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Q1) Even in an emergency situation, a warrantless search conducted by an administrative agency constitutes a violation of the Fourth Amendment.
A)True
B)False
Q2) Which of the following acts establishes procedures that federal administrative agencies must follow in conducting their affairs?
A)APA
B)SEA
C)UCITA
D)HSA
Q3) The legislative branch is permitted to authorize existing administrative agencies to enforce new statutes.
A)True
B)False
Q4) An ALJ's decision is issued in the form of a(n)________.
A)jury instruction
B)petition
C)administrative procedure
D)administrative order
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Chapter 44: Consumer Protection and Product Safety
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Q1) Which of the following is a new protection provided by the Health Care Reform Act for people seeking health coverage?
A)imposition upon the insurers to provide a lifetime limit on health benefits to all legal citizens
B)continuation of medical insurance for people who have developed a terminal disease
C)prevention of insurance companies from providing health care insurance to individuals with preexisting health conditions
D)provision of mandatory medical insurance for health coverage for illegal immigrants
Q2) The FDA places a complete ban on the use of animal testing in the production of cosmetic goods.
A)True
B)False
Q3) The FDA cannot recall any cosmetics that contain unsubstantiated claims of preserving youth or increasing virility from the market.
A)True
B)False
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Chapter 45: Environmental Protection
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Q1) The Endangered Species Act applies only to private parties.
A)True
B)False
Q2) A geographical area that does not meet established air quality standards is designated as a(n)________.
A)limited pollution area
B)nonattainment area
C)zoned ordinance area
D)federal regulation area
Q3) Sources of thermal pollution are subject to the provisions of the Clean Water Act and the regulations adopted by the EPA.
A)True
B)False
Q4) Oil refineries are an example of stationary sources of air pollution.
A)True
B)False
Q5) The Clear Water Act authorizes the EPA to establish national primary drinking water standards.
A)True
B)False
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Chapter 46: Antitrust Law and Unfair Trade Practices
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Q1) The Federal Trade Commission and the Department of Justice share the power to enforce the FTC Act.
A)True
B)False
Q2) Which of the following is considered an invalid antitrust injury?
A)lost profits
B)an increase in the cost of doing business
C)injury resulting from higher prices being "passed on"
D)a decrease in the value of tangible or intangible property caused by the antitrust violation
Q3) Group boycotts can be either a per se violation or rule of reason violation.
A)True
B)False
Q4) A merger between two regional fruit-sellers that do not sell fruit in the same geographical area is an example of a ________.
A)market extension merger
B)conglomerate merger
C)horizontal merger
D)vertical merger
Q5) Give an account of the Noerr doctrine.
Page 49
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Chapter 47: Personal Property and Bailment
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Q1) ________ occurs if two or more persons commingle fungible goods.
A)Confusion
B)Accession
C)Bailment
D)Easement
Q2) Property that an owner has discarded with the intent to relinquish his or her rights in it is known as ________.
A)real
B)lost
C)mislaid
D)abandoned
Q3) Only intangible property qualifies as personal property.
A)True
B)False
Q4) Which of the following is true about fixtures?
A)They are categorized as real property.
B)They are easily portable.
C)They are typically removed prior to a sale.
D)They can only have one owner at a time.
Q5) Explain the title to goods when fungible goods are commingled.
Page 50
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Chapter 48: Real Property
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Q1) If an owner of real property fails to pay property taxes, the government can obtain a lien on the property for the amount of the taxes.
A)True
B)False
Q2) Air rights enable the owner of a property to ________.
A)develop natural and cultivated plant life on the land
B)drill into the earth to utilize ground water for personal use
C)rent or sell the space above the property for commercial purposes
D)create fixtures inside the real property that become a part of the sale agreement
Q3) What are surface rights in real property?
A)the right to possess the earth beneath the land
B)the right to occupy the land
C)the right to possess personal property
D)the right to convert personal property to negotiable instruments
Q4) Plant life that is severed from the land is considered ________.
A)intangible property
B)immovable property
C)real property
D)personal property
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Chapter 49: Landlord-Tenant Law and Land Use Regulation
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Q1) Under this arrangement, ________ is obligated to pay rent to Chad.
A)Donald
B)Dave
C)Pam
D)Chris
Q2) Which of the following kinds of lease agreements exists between Dave and Pam?
A)an easement
B)a sublease
C)a cooperative
D)a net lease
Q3) The liability of tenants who destroy the premises of a rented property is called premises liability.
A)True
B)False
Q4) Rent-control ordinances are ________.
A)enacted and enforced by the federal government
B)stipulated amounts for rent and annual increases
C)deemed unconstitutional by the U.S.Supreme Court
D)derived from zoning ordinances and building codes
Q5) Explain a landlord's right to transfer leased property.
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Chapter 50: Insurance
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Q1) What is the importance of title insurance in real property?
Q2) Which of the following is the insurer's duty to pay?
A)to pay back the insured's money on demand
B)to pay back the premiums paid by the insured upon an endorsement of insurance
C)to pay legitimate claims up to the insurance policy limits
D)to pay interest for the premiums paid by insured on a monthly or yearly basis
Q3) Which of the following statements is true of the suicide clause in a life insurance?
A)The insurer is liable to pay in cases of legitimate suicides even if the life insurance policy had elapsed.
B)The suicide clause has a specified date set.
C)The insurer doesn't have to pay the beneficiary even if the suicide takes place after the specified date.
D)The suicide has to occur within the specified date for payment.
Q4) Who are the different parties to a life insurance contract? How is a beneficiary determined for a life insurance?
Q5) For a life insurance, insurable interest is necessary at the time of loss.
A)True
B)False
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Chapter 51: Accountants' Duties and Liability
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Q1) The ________ Act of 1976 specifically imposes penalties and fines for the willful understatement of a client's tax liability.
A)Tax Reform
B)Racketeer Influenced and Corrupt Organizations
C)Private Taxation Litigation Reform
D)Uniform Securities
Q2) Which of the following opinions is necessary for a company to avoid unfavorable repercussions on the company?
A)an adverse opinion
B)a qualified opinion
C)a disclaimer of opinion
D)an unqualified opinion
Q3) Pursuant to federal securities laws, an audit must be performed by a CPA who works closely with the company in the capacity of a chief executive officer (CEO)or a chief financial officer (CFO).
A)True
B)False
Q4) Give an account of the Private Securities Litigation Reform Act of 1995
Q5) What is the accountant-client privilege?
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Chapter 52: Wills Trusts and Estates
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Q1) What is a trust corpus?
A)property and asset that are claimed in case of intestacy
B)property and assets that the trustee has an equitable right to C)property and assets escheated to the government in the absence of a trustee
D)properties and assets held in trust to be used for the benefit of a third person
Q2) Which of the following is a benefit of a living trust?
A)It helps reduce estate taxes more than a will does.
B)It helps avoid probate on the property.
C)It is not subject to property division upon divorce.
D)It does not allow creditors to obtain liens against the property.
Q3) According to the doctrine of ademption, the lineal descendants inherit by representation of their parent.
A)True
B)False
Q4) A codicil is considered to be a separate instrument from the will it references.
A)True
B)False
Q5) What is a person's right to die? What are the views regarding the legality of euthanasia in the United States?
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Chapter 53: Family Law
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Q1) ________ occurs when a parent fails to provide a child with the necessities of life or other basic needs.
A)Child custody
B)Child neglect
C)Emancipation of a child
D)Annulment
Q2) What kind of financial recourse can Sally, who is now self-sufficient, claim from Colton?
A)annulment
B)child support
C)permanent alimony
D)rehabilitation alimony
Q3) Cohabitation is not sufficient in and of itself to establish a common law marriage.
A)True
B)False
Q4) How is the division of debt conducted after a divorce?
Q5) What is an annulment? On what grounds are annulments provided?
Q6) What is child support? How is it awarded?
Q7) How is child custody after a divorce dealt in the United States?
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Chapter 54: International and World Trade Law
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Q1) The ________ prescribes comprehensive and integrated rules of religious, political, and legal life that together form Jewish thought.
A)Canon
B)Torah
C)dharmasastra
D)Riba
Q2) Ecuador, Algeria, and the United Arab Emirates are members of the ________.
A)North American Free Trade Agreement
B)Dominican Republic-Central America Free Trade Agreement
C)Association of Southeast Asian Nations
D)Organization of the Petroleum Exporting Countries
Q3) The ________ is an international organization created by a multilateral treaty in 1945 to promote social and economic cooperation among nations and to protect human rights.
A)United Nations
B)League of Nations
C)General Agreement on Tariffs and Trade
D)World Trade Organization
Q4) What is the World Bank? What is its function?
Q5) What does the act of state doctrine assert?
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