Entrepreneurship Law
Final Test Solutions
Course Introduction
Entrepreneurship Law explores the legal principles and frameworks essential for launching, operating, and scaling new ventures. This course examines various legal structures for startups, including sole proprietorships, partnerships, limited liability companies, and corporations, and considers their implications for liability, governance, and funding. Key topics include intellectual property protection, contract negotiation, employment law, regulatory compliance, venture capital investment, and exit strategies such as mergers and acquisitions. Students will gain practical insights into navigating the legal landscape faced by entrepreneurs, with an emphasis on minimizing risk and making informed business decisions.
Recommended Textbook Essentials of Business Law 5th Edition by Jeffrey
F. Beatty
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34 Chapters
1589 Verified Questions
1589 Flashcards
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Chapter 1: Introduction to Law
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Sample Questions
Q1) A rule that establishes maximum length of work shifts for air traffic controllers is an example of an administrative regulation.
A)True
B)False
Answer: True
Q2) Hasbro,Inc. ,the trademark owner of "Candy Land," sought a court injunction to stop Internet Entertainment Group,LTD from using the domain name,"candyland.com." Internet Entertainment Group had established a sexually explicit site at the domain name.This injunction would have to be issued by:
A)a jury.
B)a judge exercising equitable powers.
C)an executive order.
D)a subpoena.
Answer: B
Q3) The case citation Pereda v.Parajon,957 So.2d 1194 (2007)reveals that Pereda is the plaintiff.
A)True
B)False
Answer: True
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Page 3
Chapter 2: Business Ethics and Social Responsibility
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Sample Questions
Q1) Lying is always considered unethical,even if it seems to be justified by the ends.
A)True
B)False
Answer: False
Q2) Unethical behavior in an organization can create:
A)a cynical workforce.
B)a resentful workforce.
C)an unproductive workforce.
D)All of these.
Answer: D
Q3) The Chief Executive Officer of Ticor,Inc.must decide about the disposal of toxic waste materials.Which of the following considerations should help the CEO reach an ethical business decision?
A)Toxic waste disposal law.
B)The harm the disposal could cause to the environment.
C)The impact on the business if the decision is publicly disclosed through the news media.
D)All of these.
Answer: D
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Page 4
Chapter 3: Dispute Resolution
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Sample Questions
Q1) When an appellate court hears a case,it may:
A)affirm the decision.
B)reverse the decision.
C)modify the decision.
D)All of these are correct.
Answer: D
Q2) In Jones v.Clinton,the court held:
A)Paula Jones did not demonstrate the essential elements for her claim.
B)Paula Jones was entitled to a summary judgment.
C)public policy required that the case be dismissed because of the President's governmental position.
D)President Clinton failed to comply with a discovery order.
Answer: A
Q3) Primary methods of alternative dispute resolution include litigation and mediation.
A)True
B)False
Answer: False
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Chapter 4: Common Law, Statutory Law, and Administrative Law
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Q1) Karen is a strong swimmer.One afternoon she is having a picnic at a lake and sees a man she does not know drowning.Generally,Karen:
A)has a legal duty to rescue the man.
B)has a legal duty to rescue the man,but only if her efforts will not pose a serious threat to her own safety.
C)has a legal duty to rescue the man since,as a strong swimmer,she is treated as a "special class" of persons who must get involved in such situations.
D)has no legal duty to rescue the man.
Q2) Administrative agencies exist at the federal,state,and local levels.
A)True
B)False
Q3) Administrative agency rules consist of:
A)executive and independent rules.
B)legislative and interpretive rules.
C)informal and "notice and comment" rules.
D)promulgated and unpromulgated rules.
Q4) Discuss the four most important limitations on the power of federal administrative agencies.
Page 6
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Chapter 5: Constitutional Law
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Q1) Nevada passed a law banning all commercial billboards along state highways to improve the appearance of the environment.If this law were to be challenged,which of the following would a court examine to determine if the law is constitutional?
A)It would have to be established that the law furthers an interest of the state of Nevada to create a more aesthetically pleasing environment.
B)It would have to be shown that the law directly and materially advances the state's goal of a more aesthetically pleasing environment.
C)It would have to be shown that the law reaches no further than necessary to promote the state goal.
D)All of the above.
Q2) The idea that courts should not be heavily involved in lawmaking,but rather should only rule in cases where the Constitutionality is clear is known as:
A)judicial review.
B)judicial activism.
C)judicial reform.
D)judicial restraint.
Q3) Discuss the Miller test to determine if a creative work is obscene.
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Chapter 6: Torts and Product Liability
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Q1) If Gloria threw a rock which hit Merle,she is liable for an intentional tort of battery only if she intended to injure or harm Merle.
A)True
B)False
Q2) Trein,Inc.entered into a one-year,$1 million contract with Mia,a sports celebrity,to promote Trein's products.E-presto Inc. ,a competitor of Trein,was interested in having Mia promote its products but knew of her contract with Trein.E-presto offered Mia a three-year,$5 million contract.Mia left Trein and signed with E-presto.If Trein sues E-presto for tortious interference with a contract,E-presto:
A)will be able to establish a justification since E-presto was acting to protect an existing economic interest.
B)will be able to establish a justification because,in talking to Mia,E-presto was exercising its First Amendment freedom of speech.
C)will be able to establish a justification because to decide otherwise would subject Mia to involuntary servitude.
D)will not be able to establish a justification.
Q3) List and discuss the elements necessary to establish negligence.
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Chapter 7: Crime
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Sample
Questions
Q1) Sara sent letters to 1,000 people offering to send them information that would guarantee them a profit in the stock market if they sent her $99.95.If they sent her the money,the brief,generally known information she sent them said:"Buy stocks when their prices are low,and sell when the prices are high." Sara is guilty of:
A)mail fraud.
B)larceny.
C)embezzlement.
D)nothing.She merely thought of and executed a clever way to make money.
Q2) The primary purpose of RICO was:
A)to be a tool against organized crime.
B)to raise revenue.
C)to prosecute non-citizens.
D)to prosecute those engaged in tax fraud.
Q3) The Miranda warning insures that the criminal suspects understand their constitutional rights relating to:
A)search and seizure.
B)self incrimination.
C)double jeopardy.
D)having a jury trial.
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Page 9
Chapter 8: International Law
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Sample Questions
Q1) Explain the origin and purpose of the World Trade Organization.
Q2) What is a major argument against the GATT Treaty?
A)The United States will have to compete against countries with unlimited pools of exploited labor.
B)The United States will lose millions of jobs involving low-end employment and these types of workers are least capable of finding other employment.
C)Both a and b above are major arguments against GATT.
D)Neither a nor b above is a major argument against GATT.
Q3) The United States has agreed to which of the following?
A)GATT.
B)NAFTA.
C)CISG.
D)All of the above.
Q4) International comity holds that the courts of one nation lack the jurisdiction to hear suits against foreign governments.
A)True
B)False
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Chapter 9: Introduction to Contracts
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Sample Questions
Q1) Under a contract,Danielle is required to paint a room with paint chosen by the homeowners,the Flynns.After Danielle paints the room according to the contract requirements,her duties under the contract are discharged.
A)True
B)False
Q2) An agreement in which parties intend to form a valid bargain,but a court declares that some rule of law prevents enforcing it.is:
A)void
B)voidable
C)Unenforceable
D)none of the above.
Q3) On January 16,Deb offers to sell her waterbed to Colleen for $600.Colleen accepts and agrees to pay Deb $600 on January 27.Which of the following is correct?
A)Until January 16,the contract was executory.
B)On January 16,the contract was executed.
C)This contract is a unilateral contract.
D)There is no contract until January 27.
Q4) List and briefly describe the basic elements of a contract.
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Chapter 10: Agreement
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Sample Questions
Q1) The Johnsons decided to sell their summer cabin on Beech Lake.They sent flyers out to all who previously had expressed an interest in buying the cabin stating that they were planning on selling their cabin.The flyer described the location of the property,the size of the lot,and the price.If one of the recipients responds by sending a letter accepting,an agreement:
A)will not be formed because the flyer was sent out as an invitation to make an offer.
B)will be formed because the first to respond gets the property.
C)will be formed because the price is included.
D)will not be formed because of the parol evidence rule.
Q2) Which of the following are generally considered to be legal offers?
A)Placing an item up for auction.
B)Catalog advertisements.
C)Price lists.
D)A note scribbled on a restaurant napkin that includes the details of the offer.
Q3) Revocation is the withdrawal of an offer by the offeror.
A)True
B)False
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Chapter 11: Consideration
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Q1) If Crosby and Dash are in disagreement as to the exact amount of money that Crosby owes Dash,then they may choose to form a new agreement at a set amount.If they both perform the new agreement,their conduct would be an example of:
A)a rescission.
B)a contract modification.
C)a preexisting duty.
D)an accord and satisfaction.
Q2) Frank's Furniture Company promised in a written agreement to purchase as much walnut wood "as it desires" from Forestry Products,Inc.If Frank's purchased walnut wood from another source and Forestry Products sued,what is the likely result?
Q3) If Rudy offers Oscar $200 for his laptop valued at $600 and Oscar agrees,a court will probably:
A)set aside the agreement as being unfair.
B)set aside the agreement because the consideration is inadequate.
C)not set aside the agreement based on the adequacy of the consideration.
D)not set aside the agreement because of the UCC.
Q4) Discuss the concept of consideration.
Q5) What two exceptions did the UCC create for accord and satisfaction check cases?
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Chapter 12: Legality
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Q1) Roger parked his car at a garage that has a large sign at the entrance saying,"This garage is not liable for items stolen from a car." This type of notice is referred to as an exculpatory clause.
A)True
B)False
Q2) Which of the following relationships will ordinarily not create an insurable interest?
A)Husband and wife.
B)Doctor and patient.
C)Debtor and creditor.
D)Chief executive officer and corporation.
Q3) If a contract is made with a person required by law to hold a license,and the purpose of the license is protection of the public,the contract made by an unlicensed person will generally be unenforceable.
A)True
B)False
Q4) In many states it is illegal to lend money to help someone gamble.
A)True
B)False
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Chapter 13: Capacity and Consent
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Sample Questions
Q1) Deborah purchased a boat from Sun 'N Surf Marine.She later learned that the salesman had made misrepresentations to induce her to make the purchase.Under UCC Section 2-721,Deborah can rescind the contract:
A)only if the misrepresentation was fraudulent.
B)and sue for damages whether the misrepresentation was fraudulent or innocent.
C)but cannot sue for damages if the misrepresentation was innocent.
D)but must forego all other remedies.
Q2) When courts consider economic duress,they consider all the following factors EXCEPT:
A)relative bargaining power.
B)financial distress.
C)legitimate business actions.
D)relative size of the contract.
Q3) Frank suffers from a mental impairment due to a brain injury from a airplane accident.He contracts with Glena to purchase her dining room furniture.A month later,he tries to void the contract.If he is unable to return the furniture,a court will not rescind the agreement unless Frank can show that Glena acted in bad faith.
A)True
B)False
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Page 15
Chapter 14: Written Contracts
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Q1) Amanda,a recent university graduate,needed a car to get to her new job.To help Amanda secure a loan for the car,Ted,a friend,agreed to pay the loan should Amanda default.Ted's promise to pay the loan is a collateral promise.His promise must be in writing to be enforceable.
A)True
B)False
Q2) Any contract involving a sale of goods of $100 or more must be in writing.
A)True
B)False
Q3) Tuan is president and sole shareholder of Entertainment,Inc.Entertainment,Inc.wishes to borrow money,but to do so,the bank requires Tuan to orally agree to personally pay the debt of the corporation if Entertainment,Inc.cannot.Tuan's guarantee to repay is:
A)enforceable under the parol evidence rule.
B)unenforceable because there is no insurable interest.
C)enforceable because of the leading object rule.
D)unenforceable because it is a collateral promise.
Q4) Explain the reason behind having a statute of frauds and give arguments for and against having such a statute.
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Page 16
Chapter 15: Third parties
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Q1) Char-Glo Industries contracted with Evergreen Lawn Service to mow and trim the company's lawn.In the contract,Char-Glo included a clause prohibiting Evergreen from delegating its duties.Courts will ordinarily not enforce such a clause.
A)True
B)False
Q2) An assignment is valid and enforceable against all parties:
A)from the moment it is made.
B)from the moment the assignor notifies the obligor.
C)from the moment the assignee notifies the obligor.
D)from the moment the obligor is notified from any source.
Q3) Kirk purchases a sailboat on credit from Lakefront Sales,and Lakefront keeps a security interest in the boat.Lakefront then assigns the security interest to First Finance Co.Explain what having a security interest means.Under the UCC,what defenses can Kirk assert against First Finance?
Q4) Generally,the assignment of the obligation to perform personal services is valid,as long as the services are equivalent in value.
A)True
B)False
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Page 17
Chapter 16: Performance and Discharge
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Q1) The distinction between a condition precedent and a condition subsequent:
A)is important because it determines whether the burden of proof is beyond a reasonable doubt or preponderance of the evidence.
B)seldom arises in insurance cases.
C)determines who has the burden of proof.
D)is important because it determines whether the condition must be express or whether it can be implied.
Q2) Sea Rovers,Inc.contracted to sell 1,000 pounds of shrimp to the Seafood Shack with delivery on June 1.On May 1 Sea Rovers advised the Seafood Shack that it would not be able to deliver the shrimp.The Seafood Shack:
A)can sue Sea Rovers immediately for breach of contract.
B)must wait until June 1 to see if Sea Rovers will perform before suing for breach of contract.
C)cannot sue Sea Rovers because Sea Rovers gave adequate notice.
D)must wait until actual damages are determined before it can sue.
Q3) Concurrent conditions arise when there is both a condition precedent and a condition subsequent.
A)True
B)False
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Page 18
Chapter 17: Remedies
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Q1) Reformation is:
A)a type of restitution
B)a form of quantum meruit.
C)a form of quasi-contract.
D)uncommon.
Q2) Most courts hold that a seller of goods is not entitled to consequential damages.
A)True
B)False
Q3) Specific performance may be available for the breach of a contract to sell:
A)an original painting.
B)20 shares of WalMart stock.
C)a Nintendo WII video game system.
D)a 2007 Mustang in mint condition.
Q4) Costs to store a vehicle for a short period of time after an auto dealer fails to complete the contract to purchase the vehicle would be:
A)compensatory damages.
B)incidental damages.
C)consequential damages.
D)punitive damages.
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Chapter 18: practical Contracts
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Q1) Farmer's Fortune Insurance has a contract with Farmer Fran to insure her crops against insect damage.The contract does not specify which insects are covered or how much damage is necessary to make a claim.The contract will probably be enforced in favor of:
A)Farmer Fran.
B)Farmer's Fortune Insurance.
C)Neither side,as it is ridiculous to try to insure against insects.
D)Cannot determine...would have to go through litigation to decide.
Q2) Statements of facts about the past and present are called:
A)provisions and terms.
B)promises and covenants.
C)representations and warranties.
D)damages and remedies.
Q3) The legal term for a promise in a contract is "provision."
A)True
B)False
Q4) Contracts must begin with the word,"whereas" in order to be legal.
A)True
B)False
Q5) Define and compare the terms "vagueness" and "ambiguity."
Page 20
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Chapter 19: Introduction to Sales
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Q1) The UCC is federal legislation enacted by Congress.
A)True
B)False
Q2) In a "mixed contract," one involving a sale of both goods and services,the court will:
A)apply the UCC to the provisions of the contract involving the sale of goods and the common law to the provisions involving the sale of services.
B)apply the lex mercatoria to the contract.
C)first determine the dominant purpose of the contract.If the sale of goods dominates the contract,then the court will apply the law of the UCC,Article 2.If the sale of services dominates the contract,the court will apply the common law.
D)apply UCC Article 2A.
Q3) In a breach of contract the injured seller may resell goods not accepted by the buyer.If the resale is commercially reasonable,the seller may recover the difference between the resale price and contract price,but cannot recover incidental damages.
A)True
B)False
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Chapter 20: Ownership and Warranties
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Sample Questions
Q1) A contract that requires a seller to deliver goods to the carrier is:
A)a destination contract.
B)a shipment contract.
C)a C.I.F.contract.
D)a C.O.D.contract.
Q2) Van is using his wrench as a hammer when the wrench breaks and a piece flies off,injuring his neighbor who is helping Van change a tire on Van's car.If Van sues the tool manufacturer,its best defense will be:
A)consent.
B)warranties have been disclaimed.
C)product misuse.
D)that the claim is an economic loss only.
Q3) In a breach of warranty case,the buyer must:
A)notify the seller of defects within a reasonable time.
B)bring any lawsuit no later than three years after the defect was discovered.
C)extend the statute of limitations in writing rather than orally if they choose to allow a longer time for bringing suit.
D)notify the seller of defects within six months of their discovery or they cannot bring a lawsuit.
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Page 22
Chapter 21: Performance and Remedies
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Q1) When a party to a contract notifies the other party that it will not perform the contract as agreed,this conduct is referred to as:
A)specific performance.
B)cover.
C)repudiation.
D)assurance.
Q2) If Chuck buys frozen cheese from Cheese Inc. ,then fails to inspect the cheese within a reasonable amount of time and does not reject the shipment,Chuck has accepted the shipment even if there is non-conformity.
A)True
B)False
Q3) Precision had a contract to supply Higgins,Co.with 500 medical instruments for delivery in three months.Several weeks later Higgins reads in the Wall Street Journal that Precision has been sued for selling defective instruments.Higgins could:
A)require written assurances from Precision.
B)sue Precision for damages immediately.
C)"cover."
D)declare the contract is breached.
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23
Chapter 22: Negotiable Instruments
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Q1) Which of the following would be notice of an overdue instrument?
A)Taking a demand instrument after a request for payment is made.
B)Taking an instrument one day after the due date.
C)Taking a check 91 days after its issue date.
D)All of the above illustrate overdue instruments.
Q2) Commercial paper is a contract to pay money.
A)True
B)False
Q3) Drawers and indorsers are secondarily liable on negotiable instruments.
A)True
B)False
Q4) A drawee has primarily liability on a draft.
A)True
B)False
Q5) The term "issuer":
A)is not used in relation to commercial paper.
B)is an all-purpose term that means both maker and drawer.
C)is synonymous with drawee.
D)is used in relation to commercial paper only to indicate the bank which creates a certificate of deposit.
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Chapter 23: Secured Transactions
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Q1) Which of the following parties can defeat a perfected security interest?
A)A "buyer in ordinary course of business."
B)A buyer of consumer goods if the buyer is not aware of the security interest,gives value for the goods,will continue to use the goods as consumer goods,and the secured party has not filed a financing statement.
C)A buyer who purchases chattel paper or an instrument in the ordinary course of business,and then takes possession.
D)All of the above are correct.
Q2) There is no way to attach a security interest in electronic chattel paper.
A)True
B)False
Q3) Faith owns a copyright in a book she recently wrote.She applies for a $10,000 loan through Cumberland Bank and wants to use the copyright as collateral.Explain if and how the bank can perfect a security interest in such collateral.
Q4) The initial term for which a financing statement will be effective is:
A)one year.
B)five years.
C)ten years.
D)two years.
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Chapter 24: Bankruptcy
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Q1) Ramona has received a discharge in bankruptcy,but wants to reaffirm a debt to her sister.To be valid,the reaffirmation:
A)will be scrutinized by the court to make sure her sister has not unfairly pressured Ramona.
B)will be automatically disallowed because allowing Ramona to promise to pay a discharged debt would be contrary to the goals of the bankruptcy proceedings.
C)will be automatically allowed if Ramona voluntarily chooses to make it.
D)must clearly disclose that Ramona has the right to rescind at any time since the debt was already discharged.
Q2) What are the three main purposes of the federal Bankruptcy Code? How are these purposes supported and fostered in the Code?
Q3) Francesca cannot serve as a trustee in a bankruptcy case because she is not a lawyer.
A)True
B)False
Q4) Generally,filing bankruptcy stops the collection activity of creditors.
A)True
B)False
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Page 26
Chapter 25: Agency
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Q1) Janet was employed as a sales representative for Esday,Inc.An appreciative customer gave her a diamond bracelet for all her hard work on a complicated contract.Can Janet keep the bracelet?
A)Yes.The bracelet was given to Janet personally and intended for her.
B)Yes,but only if she discloses the gift to Esday and Esday consents to her keeping the bracelet.
C)No.An agent is not allowed under any circumstances to personally profit as a result of the agency relationship.
D)No.The bracelet is regarded as an unfair trade practice and violates antitrust law.
Q2) An agency relationship can be created:
A)by the conduct of the parties.
B)by an oral agreement in all circumstances.
C)only by a written agreement.
D)only by the meeting of all the standards of contract law.
Q3) An agent is always liable for his or her own torts committed within the scope of the agency relationship.
A)True
B)False
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Chapter 26: Employment and Labor Law
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Q1) Roxanne was fired from her job when her employer instituted a new policy that prohibited employees from smoking cigarettes.This requirement applied to off-duty time as well as job-related time.Roxanne claimed that she could not quit smoking and that she was wrongfully fired since she did not smoke in the workplace -- only when she was outside the building and during off-duty time.
A)The company has wrongfully fired Roxanne and is liable to her for damages.
B)The company would be liable to Roxanne only if there is a state statute prohibiting employers from passing such job-related requirements.
C)The company is not liable to Roxanne since the nonsmoking requirement is reasonable given the high cost of treating smoking-related illness.
D)The company is not liable to Roxanne since the United States Supreme Court has expressly ruled such a company policy does not violate the worker's right to privacy.
Q2) Identify some of the trends and characteristics of organized labor.For example,discuss how the statistics compare for percentage of government vs.private sector employees with union membership,what occupational groups and industries have the highest percentage of unionized workers,and what regions of the country have the highest and lowest union membership.
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Chapter 27: Employment and Discrimination
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Q1) What accommodations might an employer be expected to make for a disabled employee? What standard is used to determine whether an employer would be expected to make these accommodations?
Q2) What are three general defenses an employer can raise if sued for violating Title VII of the Civil Rights Act?
Q3) Which of the following is TRUE in cases based on claims of disparate treatment?
A)The plaintiff must prove that the defendant intentionally discriminated.
B)The defendant must have made a disparaging remark about the plaintiff.
C)The defendant must prove that the plaintiff is not qualified for the position.
D)The plaintiff must prove that he or she was discriminated against because of his or her education level.
Q4) Which of the following traits is NOT currently protected under Title VII?
A)National origin
B)Sexual orientation (homosexual vs.heterosexual)
C)Gender (male vs.female)
D)Family responsibility (mothers vs.fathers)
Q5) Explain the Title VII requirements on affirmative action,and identify three sources of affirmative action programs.
Q6) Discuss the two categories of sexual harassment.
Page 29
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Chapter 28: Starting a Business
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Q1) Corporations have a distinct advantage over other forms of business organization in the area of taxation.
A)True
B)False
Q2) The Federal Trade Commission requires franchisors to:
A)give prospective franchisees an offering circular at least 14 business days prior to the signing of a contract or payment of any money.
B)disclose the exact amount of the initial investment required.
C)disclose any litigation the company has ever been involved in
D)disclose how many franchisees have gone out of business in the prior five years.
Q3) The Federal Trade Commission will not allow the sale of franchises that are unfair to the franchisee.
A)True B)False
Q4) Limited liability is a major advantage of a partnership as compared to a corporation.
A)True
B)False
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Chapter 29: Corporations
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Q1) Loraine is a shareholder of Taley Corp.She would like to inspect and copy the company's minute book,accounting records,and shareholder lists.Under what circumstances is Loraine allowed to inspect or copy corporate records?
Q2) Discuss how a corporation is terminated.Identify four circumstances that might persuade a court to pierce the corporate veil.
Q3) The Model Business Corporation Act states:"All corporate powers shall be exercised by or under the authority of,and the business and affairs of the corporation managed by or under the direction of its:
A)shareholders."
B)officers."
C)board of directors."
D)executive committee."
Q4) Kalina is the CEO of Northfield Corporation.Who sets her compensation,and what types of compensation would she likely receive in addition to her salary? Can shareholders do anything to challenge her level of compensation if they think it is unfairly high in comparison to average employee compensation within the company?
Q5) What are some of the advantages for a business to incorporate in Delaware?
Q6) What is the definition of the business judgment rule? Discuss its purposes.
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Chapter 30: Government Regulations:Securities and Antitrust
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Q1) Violations of antitrust law are either per se violations or rule of reason violations.What are the differences between these two types of violations? Give examples of each.
Q2) Ed was an independent owner of a chain of TV stores.He successfully got customers into his store by cutting his prices on widely advertised name-brand products in order to sell other products for which he received a bigger profit.When the manufacturers of three of the name-brand products discovered Ed's actions,they agreed secretly to stop selling him their TVs.The three manufacturers:
A)are doing nothing illegal,as they did not get Ed to agree to anything.
B)are free to agree not to deal with Ed since the public can go elsewhere and will not be hurt economically.
C)can choose either as a group to deal or not to deal with any retailer they want.
D)are engaged in a rule of reason violation of the antitrust laws if their action harms competition.
Q3) Per se violations are subject to both civil and criminal penalties.
A)True
B)False
Q4) Discuss when monopoly power is not a violation of Section 2 of the Sherman Act.
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Chapter 31: Consumer Protection
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Q1) In a closed-end credit transaction:
A)the lender makes a series of loans with a maximum amount set before the first loan is made.
B)if the lender is offering a "teaser rate," this must be clearly disclosed.
C)the Federal Reserve Board should be consulted before a lender is chosen.
D)there is only one loan,and the borrower knows the amount and payment schedule in advance.
Q2) If you lease a car rather than buy one on credit,you have no statutory consumer protection.
A)True
B)False
Q3) The issue in the Gray v.American Express Co.case involved:
A)lost credit cards.
B)disputed bills.
C)unfair interest rates.
D)privacy.
Q4) The Trimbles apply to Community Savings & Loan for an installment loan of $20,000 to remodel their bathroom.Discuss the disclosures Community is required to make.
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Chapter 32: Cyberlaw
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Q1) Sherry,a 12-year-old,visited a website that wanted to know her family size,her parents' educational level,and her weekly allowance.The site also asked Sherry's name,mailing and e-mail addresses,and age.
A)Under COPPA,the website must disclose how it will use the information it acquires from Sherry.
B)COPPA prohibits the Internet operator from collecting such information without her parents' permission.
C)COPPA does not apply to Sherry's situation since she is over the age limit for those protected by the statute.
D)Both a and b
Q2) Lois receives an e-mail asking her to update her personal information on a website that is an illegal imitation of a legitimate site.This practice:
A)is a crime called phishing.
B)is a tort called information theft.
C)is a breach of contract action known as shilling.
D)may be prosecuted under the GLB Privacy Act.
Q3) Discuss common abuses that occur with auctions on the Internet and how these abuses are being addressed.
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Chapter 33: Intellectual Property
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Q1) The advantages of trademark registration include all EXCEPT:
A)potential damages are higher.
B)after five years the mark becomes almost impossible to challenge.
C)it allows the trademark owner to use the TM symbol to put others on notice of the protection.
D)the mark is valid nationally.
Q2) Unlike with patents,the ideas underlying copyrighted material need not be novel. A)True
B)False
Q3) Jason and Stacey go to the movie theater and decide to use a camcorder to film the show so they can watch it again with their friends later at home.They have:
A)made an ethical,legal,wise economic decision since the cost of viewing the movie in the theater again is too high for their limited budget.
B)violated the Family Entertainment and Copyright Act,and committed a criminal offense.
C)violated the No Electronic Theft Act.
D)committed an illegal act by violating the Digital Millennium Copyright Act.
Q4) Briefly define a patent,copyright,and trademark and distinguish among them.
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Chapter 34: Real and Personal Property
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Q1) A landlord's substantial interference with a tenant's use of the property is considered:
A)a constructive eviction.
B)a tort.
C)a violation of federal housing law.
D)permissible in a periodic tenancy.
Q2) If you grant a nonpossessory interest to Eagle Logging to enter your land and remove timber from ten acres,you have granted Eagle a profit.
A)True
B)False
Q3) The Moore's lease contains a clause allowing their landlord to raise their rent during the course of their lease if the landlord's property taxes increase on the leased premises.This clause is unenforceable,since tenants deserve to know their rent amount is fixed during their agreed rental time.
A)True
B)False
Q4) Discuss the tenant's and the landlord's basic duties under a landlord-tenant relationship.
Q5) Discuss a bailor's liability for defects in the bailed property.
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