Entrepreneurship Law
Final Test Solutions
Course Introduction
Entrepreneurship Law examines the legal concepts essential for launching, operating, and scaling entrepreneurial ventures. The course covers topics such as business formation, intellectual property protection, contracts, financing strategies, regulatory compliance, employment law, and managing legal risks associated with startups. It addresses the unique legal challenges faced by entrepreneurs and provides practical insights into navigating the dynamic legal landscape of new business creation, preparing students to make informed legal decisions as founders, investors, or advisors in the startup ecosystem.
Recommended Textbook
Business Law Text and Cases 14th Edition by
Kenneth W. Clarkson
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61 Chapters
3772 Verified Questions
3772 Flashcards
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Page 2
Chapter 1: Law and Legal Reasoning
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Sample Questions
Q1) The Bay City Planning Department, the Coastal County Zoning Commission, the California Environmental Quality Agency, and the U.S. Bureau of Land Management issue regulations. These rules constitute
A) administrative law.
B) case law.
C) constitutional law.
D) statutory law.
Answer: A
Q2) The Regional Counties Commission approves a new property tax measure, and the professors and students at State Law School publish the results of their most recent legal research. Sources of law include
A) measures approved by governing bodies.
B) legal scholars' research.
C) measures approved by governing bodies and legal scholars' research.
D) neither measures approved by governing bodies nor legal scholars' research.
Answer: A
Q3) Remedies in equity include decrees of specific performance.
A)True
B)False
Answer: True
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Chapter 2: Courts and Alternative Dispute Resolution
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Sample Questions
Q1) A choice-of-law clause is a provision in a contract that excuses a party from liability for nonperformance due to "acts of God."
A)True
B)False
Answer: False
Q2) If Cornel and Deanna resolve their dispute by having a neutral third party render a binding decision, they will have used the method of A) arbitration.
B) conciliation.
C) intervention.
D) mediation.
Answer: A
Q3) An Oklahoma state court can exercise jurisdiction over Petro Resources Inc., an out-of-state company, if the firm has
A) minimum contacts with the state.
B) maximum contacts with the state.
C) median contacts with the state.
D) no contacts with the state.
Answer: A
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Page 4
Chapter 3: Court Procedures
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Sample Questions
Q1) Lyn files a suit against Karl. Karl denies Lyn's charges and sets forth his own claim that Lyn breached their contract and owes Karl money for the breach. Karl's claim is
A) a counterclaim.
B) a motion for judgment on the pleadings.
C) a motion for summary judgment.
D) a motion to dismiss.
Answer: A
Q2) Isabel and Josh engage in a business transaction that leads to a dispute. Isabel initiates a lawsuit against Josh by filing a complaint. The sheriff serves Josh with a summons. If Josh chooses to ignore it,
A) Isabel must file an amended complaint.
B) Isabel will have a judgment entered in her favor.
C) Josh must be served with a second summons.
D) Josh will have a judgment entered in his favor.
Answer: B
Q3) No party can appeal a judge's ruling on a pretrial motion.
A)True
B)False
Answer: False
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Chapter 4: Business and the Constitution
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Sample Questions
Q1) Mary creates a design that expresses support for a particular presidential candidate and distributes t-shirts emblazoned with the design to the candidate's supporters. This is an example of
A) unprotected speech.
B) controlled speech.
C) symbolic speech.
D) illegal speech.
Q2) Some constitutional protections apply to business entities.
A)True
B)False
Q3) The police obtain a search warrant and search Jordan's apartment. After yelling obscenities at the officers, Jordan confesses to a crime and implicates his friends. The Constitution protects against A) obscene speech.
B) implication of others.
C) unreasonable searches.
D) none of the choices.
Q4) The First Amendment protects even speech that violates criminal laws. A)True
B)False
Page 6
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Chapter 5: Business Ethics
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Sample Questions
Q1) Unless a corporation violates a law, its actions do not raise questions about corporate ethics.
A)True
B)False
Q2) Daisy works for eMarketing, Inc. Her job includes putting "spin" on the firm's successes and failures. In this context, ethics has to do with how businesspersons, in making their decisions, apply
A) legal doctrine.
B) moral and ethical principles.
C) corporate guidelines.
D) financial priorities.
Q3) Julie is sales manager for Kelso's Concrete & Stone Products, Inc. In applying ethical principles to the business of the firm, Kelso's and Julie will most likely evaluate
A) what duties and responsibilities should exist for the business.
B) how to maximize profits in the short run
C) how to maximize profits in the long run.
D) marketing campaigns to counter potential bad publicity.
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Chapter 6: Tort Law
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Sample Questions
Q1) If it can be shown that a trespass to land was warranted, a complete defense exists.
A)True
B)False
Q2) Some risks are obvious but, with respect to the duty of care required to establish negligence, a warning is always necessary.
A)True
B)False
Q3) Fraud occurs only when there is justifiable reliance on a true statement.
A)True
B)False
Q4) After a dinner at Rosario's Italian Café, Susie believes that she was overcharged and shoves Theo, the waiter. Theo sues Susie, alleging that the shove was a battery. Susis is liable
A) if Rosario's did not actually overcharge Susis.
B) if the shove was offensive.
C) if Susis acted out of malice.
D) under no circumstances-there was no physical injury.
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8
Chapter 7: Strict Liability and Product Liability
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Sample Questions
Q1) Level Grade Engineering, Inc., sometimes uses explosives to prepare land for construction projects. Strict liability is imposed on this activity because
A) Level Grade is a corporation.
B) the activity is inherently negligent.
C) the activity is extremely risky.
D) the amount of liability can be added to the costs of construction.
Q2) Suppliers are generally required to expect reasonably foreseeable misuses of their products.
A)True
B)False
Q3) Under the doctrine of strict liability, liability is imposed only if a person fails to use reasonable care.
A)True
B)False
Q4) Under a theory of market-share liability, a manufacturer sells "shares" of its potential strict liability and thereby spreads the risk and the cost.
A)True
B)False
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Chapter 8: Intellectual Property Rights
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Sample Questions
Q1) Constellation Research Inc. uses a mark associated with its name to distinguish its services from those of other tech firms. This mark is
A) a certification mark.
B) a collective mark.
C) a service mark.
D) trade dress.
Q2) Production techniques are not trade secrets.
A)True
B)False
Q3) A personal name is not protected under trademark law if it acquires a secondary meaning.
A)True
B)False
Q4) States do not have trademark statutes.
A)True
B)False
Q5) Protection of trade secrets extends both to ideas and to their expression.
A)True
B)False
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Chapter 9: Internet Law, Social Media, and Privacy
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Sample Questions
Q1) Using another's trademark in a meta tag does not normally constitute trademark infringement, even if it is done without the owner's permission.
A)True
B)False
Q2) Downloading music into a computer's random access memory, or RAM, is not copyright infringement, even if it is done without authorization.
A)True
B)False
Q3) Federal law permits the sending of unsolicited commercial e-mail and does not prohibit spamming activities.
A)True
B)False
Q4) Much of the material on the Internet, including software and database information, is not copyrighted.
A)True
B)False
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Chapter 10: Criminal Law and Cyber Crime
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Sample Questions
Q1) Jade puts up a collection of sports memorabilia for bids on BuyBuy, an Internet auction site. Khalil makes the highest bid and sends the payment, which Jade receives, but she does not send the collection. This is online
A) hacking.
B) identity theft.
C) phishing.
D) cyber fraud.
Q2) Bruno is a businessperson with investments in legal and illegal operations. Bruno may be subject to penalties under RICO
A) for making an unprofitable, but legal, investment.
B) for the commission of any business fraud.
C) only in a case involving a "racket."
D) only in a case involving organized crime.
Q3) A stolen credit card is more likely to hurt the cardholder than a merchant.
A)True
B)False
Q4) It is not a crime to defraud the public through the use of e-mail ads.
A)True
B)False
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Chapter 11: Nature and Terminology
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Sample Questions
Q1) Francisca and Garden Estate, Inc., enter into a contract for the use of a Victorian mansion and its grounds for a wedding and reception. If ambiguities appear in the contract, they will be construed against the party who
A) drafted the contract.
B) has the greater bargaining power.
C) made the offer to contract.
D) offers the most confusing explanation of the terms.
Q2) When a rainstorm erupts outside Rita's Gift Shop, Rita and Shaw enter into an implied contract to split the revenue from Shaw's sale of umbrellas to Rita's customers. The terms of this contract are defined by
A) the conduct of the parties.
B) the words of the parties.
C) the unforeseeable storm that gave rise to the deal.
D) the unexpressed subjective intent of the parties.
Q3) When a contract's writing is not clear, a court will not consider evidence outside the contract to interpret its terms.
A)True
B)False
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Chapter 12: Agreement in Traditional and E-Contracts
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Sample Questions
Q1) Simone offers Thom a dozen piano lessons for a certain price per lesson but conditions the deal on Thom accepting the offer by April 1. Simone may revoke the offer
A) before Thom accepts the offer.
B) before April 1, whether or not Thom has accepted the offer.
C) only after Thom accepts the offer.
D) only after April 1.
Q2) Due on Receipt, Inc., makes tax software, which is packaged with a shrink-wrap agreement. Evenflo Products Company distributes the software to retailers, including a Flatprice discount store, where Greta buys a package of it. The parties to the shrink-wrap agreement are
A) does not read it.
B) learns of it after the contract is formed.
C) learns of it before the contract is formed.
D) has difficulty learning how to play the game.
Q3) In a bilateral contract, communication of acceptance is necessary.
A)True
B)False
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14
Chapter 13: Consideration
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Sample Questions
Q1) Rescission is the unmaking of a contract so as to return the parties to the positions they occupied before the contract was made.
A)True
B)False
Q2) Stephen offers Theresa $1,000 for her collection of rare coins. She accepts. If a dispute arises, a court would likely
A) enforce the deal after questioning the adequacy of consideration.
B) not question the adequacy of the consideration.
C) rewrite the deal after questioning the adequacy of consideration.
D) set aside the deal after questioning the adequacy of consideration.
Q3) Refer to Fact Pattern 13-2. If, as Boyd claims, the consideration in this problem is inadequate, it may indicate a lack of
A) accord in Boyd's satisfaction with the value of the deal.
B) voluntary consent.
C) flexibility on the part of College Credit to accommodate Boyd's needs.
D) "heft," "substance," or "weight" in the terms of the contract.
Q4) Essentially, adequacy of consideration concerns the fairness of the bargain.
A)True
B)False
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Chapter 14: Capacity and Legality
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Sample Questions
Q1) Games Galore Corporation hires Haley, a minor, to create new customized game software for certain clients. Haley signs a contract that requires her to work for Games Galore for eighteen months. Before beginning work, however, Haley tells Games Galore that she will not create new software for Games Galore and that she is going to work for Ideal Worldcraft, Inc., a Games Galore competitor. Is Games Galore's contract with Haley enforceable? Why or why not?
Q2) A person who is intoxicated can avoid liability on any contract due to the intoxication.
A)True
B)False
Q3) Justin is mentally incompetent but has not been so adjudged by a court. Any contract Justin enters into is voidable if, at the time of contracting, Justin A) has a lucid interval. B) lacks the capacity to comprehend the consequences. C) does not inform the other party that he is incompetent. D) none of the choices.
Q4) Gambling involves the distribution of property by chance.
A)True
B)False
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Chapter 15: Mistakes, Fraud, and Voluntary Consent
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Sample Questions
Q1) Duress is a possible ground for rescission of a contract.
A)True
B)False
Q2) A threat to exercise a legal right ordinarily constitutes duress.
A)True
B)False
Q3) If a contractor's bid contains a mistake in addition when totaling the estimated costs, the contract may not be enforceable.
A)True
B)False
Q4) Berry enters into a contract with Clyde for a guided tour of Deep Canyon. Clyde represents that he is an experienced, knowledgeable guide, when in reality he has never been in the canyon. Berry is most likely a victim of
A) undue influence.
B) fraud.
C) mistake.
D) unconscionability.
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Chapter 16: The Writing Requirement in Our Digital World
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Sample Questions
Q1) A contract must be in writing to be enforceable if it makes performance possible only over a period of more than one year.
A)True
B)False
Q2) primary obligation is a promise to pay another's debt only if that party fails to pay.
A)True
B)False
Q3) Colin and Delta Water Company enter into an oral contract under which Delta agrees to provide Colin with lifetime employment. This contract may be enforceable by A) Colin only.
B) Delta only.
C) any interested third party, such as a Delta supplier.
D) either Colin or Delta.
Q4) An oral contract for the transfer of an interest in land can sometimes be enforced if partial performance has taken place.
A)True
B)False
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Chapter 17: Third Party Rights
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Sample Questions
Q1) An incidental third party beneficiary cannot sue to enforce the contract because the benefit is unintentional.
A)True
B)False
Q2) Bill and Charlene enter into a contract for the clearing, plowing, and preparing of Charlene's 100-acre tract for which she agrees to pay $1,000. Bill transfers his duty under this contract to Dewey. Dewey is
A) a delegatee.
B) an assignee.
C) an obligee.
D) a delegator.
Q3) Refer to Fact Pattern 17-1. Delta will realize a profit from the sale of products to Four-Square to remodel Carol's store. Delta is
A) a delegatee.
B) an assignee.
C) an incidental beneficiary.
D) an intended beneficiary.
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Page 19
Chapter 18: Performance and Discharge
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Q1) Leah and Mason are parties to a contract for the sale of Mason's day care facility to Leah. Before the deal closes, they agree to substitute Nell for Leah as a party to the deal. This novation does not require
A) the existence of a previous, valid obligation.
B) the agreement by all of the parties to the new contract.
C) performance of the original contract by all of the parties.
D) a new, valid contract.
Q2) The law allows an innocent party to be discharged when the other party has materially altered a written contract without consent.
A)True
B)False
Q3) Omar and Penn want to discharge their contract by executing a new agreement with performance different from what they originally promised. They can best accomplish this by
A) a mutual agreement to rescind.
B) an accord and satisfaction.
C) a novation.
D) an alteration of the original contract.
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Chapter 19: Breach of Contract and Remedies
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Sample Questions
Q1) The standard measure of compensatory damages is the value of breaching party's promised performance.
A)True
B)False
Q2) Damages that compensate the nonbreaching party for the loss of a bargain are known as consecutive damages.
A)True
B)False
Q3) The measure of compensatory damages often varies by type of contract.
A)True
B)False
Q4) Expenses that are caused directly by a breach of a contract are known as primary damages.
A)True
B)False
Q5) A remedy is the relief provided to an innocent contracting party when the other party breaches the contract.
A)True
B)False
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Chapter 20: The Formation of Sales and Lease Contracts
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Sample Questions
Q1) The UCC requires that the mirror image rule be followed for all acceptances.
A)True
B)False
Q2) Under the UCC, an oral contract for a sale of goods is enforceable if goods have been received and accepted.
A)True
B)False
Q3) Under the UCC, good faith means honesty in fact and the observance of reasonable commercial standards of fair dealing in the trade.
A)True
B)False
Q4) Talk, Inc., offers to buy from Ultra Corporation 1,000 smartphones. Without notifying Talk, Ultra timely ships phones of a different quality. With respect to the offer and a possible contract, this shipment is an acceptance and A) a breach.
B) an accommodation.
C) complete performance.
D) a counteroffer.
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Chapter 21: Title, Risk, and Insurable Interest
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Sample Questions
Q1) Quaff n' Quench Café buys twenty-five crates of oranges from Reynaldo Produce, Inc. The parties agree to ship the oranges "F.O.B. Quaff n' Quench " via Swiftline Trucking Company. The oranges rot in transit. The loss is suffered by A) Quaff n' Quench.
B) Sham.
C) F.O.B.
D) Reynaldo.
Q2) If a seller is not a merchant, and the goods are not to be moved, the risk of loss passes to a buyer on tender of delivery.
A)True
B)False
Q3) Both the buyer and the seller can have an insurable interest in identical goods at the same time.
A)True
B)False
Q4) Any explicit understanding between the buyer and the seller determines when title passes.
A)True
B)False
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Chapter 22: Performance and Breach of Sales and Lease Contracts
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Sample Questions
Q1) Refer to Fact Pattern 22-1. Enriched can
A) assign its rights under the contract but cannot terminate it.
B) terminate the contract and seek damages.
C) suspend performance under the contract until Enriched is fully paid.
D) do nothing.
Q2) Unless otherwise agreed, inspection of goods can take place at any reasonable place and time and in any reasonable manner.
A)True
B)False
Q3) If a buyer breaches a contract, the seller can choose to simply cancel the contract. A)True B)False
Q4) Revocation of acceptance is effective on notice to the seller or lessor. A)True B)False
Q5) If goods in every respect conform to a contract, the buyer or lessee does not have a right to reject the goods.
A)True B)False
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Chapter 23: Warranties
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Q1) Banquet Furnishings, Inc., and Christina enter into a contract for a lease of tables, chairs, and items for a wedding reception. Banquet Furnishings, a merchant who deals in goods of the kind sold, generally describes the goods, details technical specifications, and shows a sample. Under the UCC, if these are inconsistent
A) the general description displaces the sample.
B) the general description displaces the technical specifications.
C) the sample takes precedence over the general description.
D) the sample takes precedence over the technical specifications.
Q2) Arnold buys a backhoe from Big Dig Equipment Inc. Arnold is unaware that Credit Collection Company holds a lien against the backhoe when he buys it. If Credit Collection repossesses the backhoe, Arnold can
A) recover from Big Dig for breach of warranty.
B) do nothing.
C) file criminal charges against Big Dig and Credit Collection.
D) recover damages from Credit Collection for breach of warranty.
Q3) General descriptions take precedence over inconsistent samples.
A)True
B)False
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25
Chapter 24: International and Space Law
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Q1) The chief aim of the European Union is to maximize trade barriers among its members.
A)True
B)False
Q2) Chocolate Delectable, Inc., a U.S. firm, enters into an agreement with Columbiana Cacao, S.A., a South American firm, to fix the price of imported chocolate in the U.S. market. If the agreement is a per se violation of U.S. antitrust laws, a U.S. court could exercise jurisdiction over A) both firms.
B) Chocolate Delectable only.
C) Columbiana Cacao only.
D) neither firm.
Q3) The Outer Space Treaty declares that internationally recognized political boundaries extend from Earth into the farthest reaches of space.
A)True
B)False
Q4) Quotas include limits on the amounts of goods that can be exported.
A)True
B)False
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Chapter 25: Negotiable Instruments
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Q1) For an instrument to be negotiable, it must not contain an express promise or order to pay.
A)True
B)False
Q2) For an instrument to be negotiable, the word "negotiable" must appear on it.
A)True
B)False
Q3) To be negotiable, an instrument must have portability.
A)True
B)False
Q4) An instrument that promises to pay "in goods" can be negotiable.
A)True
B)False
Q5) Quincy draws a check payable to "Replay Stadium" to buy two season tickets to the next year's State College football games. This instrument is A) a bearer instrument.
B) an order instrument.
C) nonnegotiable.
D) void.
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Chapter 26: Transferability and Holder in Due Course
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Q1) A holder cannot become an HDC if he or she has notice of any claim to the instrument or defense against it.
A)True
B)False
Q2) Dan signs a check payable to Ed, who indorses the back, gives it to Foodway Market, and receives cash. The transfer of the check from Dan to Ed is
A) an assignment.
B) a negotiation.
C) none of the choices.
D) a sale.
Q3) Under the UCC, a transfer of rights under a contract is a negotiation.
A)True
B)False
Q4) An instrument is defective if it is overdue.
A)True
B)False
Q5) An instrument can only be transferred by negotiation.
A)True
B)False
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Chapter 27: Liability, Defenses, and Discharge
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Q1) To borrow the money to buy a car, Megan signs a note "payable to the order of Purchase Financing." Olaf cosigns the note to guarantee the repayment of the loan. Olaf's liability on this note is
A) contractual.
B) primary.
C) secondary.
D) qualified.
Q2) Curt writes a check on his account at North Bank to Mandy, a famous singer. The person claiming to be Mandy is an imposter, however, named Debra. Debra indorses the check to Portions, a casino, for which North Bank cashes it. Ultimately, the loss will most likely fall on
A) Curt.
B) North Bank.
C) Mandy.
D) Portions.
Q3) A person is not liable on an instrument unless he or she has signed it personally or through an authorized representative.
A)True
B)False
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Chapter 28: Banking in the Digital Age
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Q1) Refer to Fact Pattern 28-1. If Choice pays the check, the bank
A) is liable to Auto Repair for the time and trouble to return the payment.
B) is liable for Kelly's loss due to the wrongful payment.
C) can sue Auto Repair for breach of contract.
D) can sue Kelly for a wrongful stop-payment order.
Q2) A check is a special type of draft.
A)True
B)False
Q3) Any local check deposited must be available for withdrawal by check or as cash within one business day from the date of deposit.
A)True
B)False
Q4) The Federal Reserve System acts as a clearinghouse where banks exchange checks. A)True
B)False
Q5) A bank's duty to honor its customer's check is subject to the stipulation that the account has sufficient funds to pay the check.
A)True
B)False
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Chapter 29: Creditors Rights and Remedies
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Q1) Olive borrows money from Capital Loan Company. For Capital to obtain a writ of execution, Olive must
A) be unable or refuse to pay the amount of a judgment.
B) be unable to redeem her exempt property.
C) be notified in writing (in a "writ") of the lender's intent.
D) surrender possession of her property to a court.
Q2) A surety is primarily liable for the debt of a principal. A)True B)False
Q3) A default occurs when a debtor fails to pay a creditor as promised. A)True
B)False
Q4) Denise borrows $90,000 from Clear Lake Credit Union to buy a home. Denise loses her job and fails to make payments on the mortgage, but assures Clear Lake Credit that she will soon secure a new job. The lender agrees to postpone the payments. This is A) a right of redemption.
B) a forbearance.
C) a short sale.
D) a workout agreement.
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Chapter 30: Secured Transactions
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Q1) Where and how to perfect a security interest sometimes depends on the classification of the collateral.
A)True
B)False
Q2) Bagels Café defaults on debts to Country Bank and Hillside Loan Company. Country Bank perfected its security interest before Hillside. The bank takes possession of the collateral in which it has a security interest. On a sale of the collateral, the proceeds will be applied first to
A) the debtor's previous payments on the debts.
B) the debtor's unpaid payments on the debts.
C) the balance of the debtor's debt to Country Bank.
D) the balance of the debtor's debt to Hillside Loan.
Q3) Olaf is the creditor in a transaction with Phil. Once certain requirements are met, Olaf's rights will attach, which means that Olaf will have
A) an indivisible ownership right to Phil's property.
B) an enforceable security interest in Phil's property.
C) a notice affixed to Phil's property.
D) the permission of a court to seize Phil's property.
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Chapter 31: Bankruptcy Law
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Q1) Any "person"-defined as including corporations-may be a debtor in a liquidation proceeding.
A)True
B)False
Q2) Bankruptcy proceedings are held in state courts.
A)True
B)False
Q3) A bankruptcy court may deny a discharge based on a debtor's conduct.
A)True
B)False
Q4) Larry has fifteen creditors. To force Larry into bankruptcy proceedings, at least three creditors must join the petition and their unsecured claims must add up to at least A) $500.
B) $15,325.
C) $100,000.
D) $500,000.
Q5) Unsecured creditors do not have a vote to confirm aChapter 13 plan. A)True
B)False
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Chapter 32: Agency Formation and Duties
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Q1) An agency relationship created for an illegal purpose is enforceable.
A)True
B)False
Q2) Through agents, a principal can conduct more than one business operation at a time.
A)True
B)False
Q3) An agency by estoppel arises when the principal's actions have created the appearance of an agency that does not in fact exist.
A)True
B)False
Q4) Refer to Fact Pattern 32-2. Garage Door authorizes Homer to sell garage door upgrades and accessories at the buyers' locations at prices that Homer negotiates with those buyers. With respect to sales at those locations, Homer is
A) an independent contractor.
B) an employee only.
C) an employee and agent.
D) a principal.
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Chapter 33: Agency Liability and Termination
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Questions
Q1) Lima, an agent for Mindwonder Games LLC, executes an unauthorized contract with NOW Marketing Inc. The deal is highly advantageous to Mindwonder, and the company ratifies the contract. The contract is
A) valid.
B) vicarious.
C) void.
D) voidable.
Q2) Bud approves on behalf of Cody-but without authorization-a contract with Dik to build a new silo. Cody does not ratify the contract. Later, Dik tries to enforce the deal. This attempt will be
A) partly successful.
B) partly unsuccessful.
C) totally successful.
D) totally unsuccessful.
Q3) An agency can terminate once its purpose is achieved.
A)True
B)False
Q4) An agent's implied authority cannot be implied by custom.
A)True
B)False
Page 35
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Chapter 34: Employment, Immigration, and Labor Law
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Q1) Children aged fourteen and fifteen are allowed to work in hazardous occupations.
A)True
B)False
Q2) Steel Production Industries, Inc., employs five hundred workers. For the Occupational Safety and Health Administration, Steel Production must do all of the following except
A) keep occupational injury and illness records for each employee.
B) report any work-related diseases.
C) report any work-related injuries.
D) pay employees higher wages for working in more dangerous areas.
Q3) Interstate Storage & Trucking, Inc., keeps a file of I-9 verifications forms, which are required by the Immigration Reform and Control Act. To monitor compliance with the act, random audits and enforcement actions are conducted by
A) the local office of the National Labor Relations Board.
B) the governments of interested foreign nations.
C) the government of the state in which Restocking is based.
D) the federal government.
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Chapter 35: Employment Discrimination
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Q1) Compensatory damages are not available in cases of intentional discrimination in violation of Title VII of the Civil Rights Act.
A)True
B)False
Q2) Sexual harassment occurs when sexual favors are demanded in return for job opportunities.
A)True
B)False
Q3) For an employer to successfully defend against a charge of a supervisor's sexual harassment, the plaintiff-employee must have taken a tangible employment action against the supervisor.
A)True
B)False
Q4) A plaintiff who sues on the basis of disparate-treatment discrimination does not need to make out a prima facie case.
A)True
B)False
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Chapter 36: Small Businesses and Franchises
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Q1) Mai-Lin's Martial Arts, Inc., grants a franchise to Naomi to operate a Mai-Lin's school.
Mai-Lin's may require Naomi to pay the franchisor a percentage of her
A) annual sales or volume of business.
B) weekly payroll expense.
C) monthly overhead savings.
D) income from unrelated business activities.
Q2) Typically, the franchisee determines the territory to be served by the franchise.
A)True
B)False
Q3) The laws governing franchising are primarily designed to protect franchisors from dishonest franchisees.
A)True
B)False
Q4) When lending capital to a small business, a bank may require a personal guaranty of its repayment from the owner.
A)True
B)False
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Chapter 37: All Forms of Partnerships
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Q1) Emma is one of three partners in Fast Work, a commercial janitorial service. With respect to her interest in the firm, when she dies, her heirs are most likely entitled to A) nothing.
B) a payout of her capital contribution without more.
C) the buyout price paid by the firm for the interest.
D) one-third of the value of the interest.
Q2) Generally, each state limits the liability of partners in a limited liability partnership in some way.
A)True
B)False
Q3) In a general partnership, the acts of one partner in the ordinary course of business can subject the other partners to personal liability.
A)True
B)False
Q4) Unlike most agents, each partner in a partnership has an ownership interest in the business.
A)True
B)False
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Chapter 38: Limited Liability Companies and Special Business Forms
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Q1) Bee Hive Honey, LLC's members include Charlie and Donna. For purposes of suing and being sued, Bee Hive Honey is
A) an aggregate of its members.
B) a non-entity
C) a legal entity apart from its members.
D) a non-participating third party.
Q2) Tax Accounting, LLC, is a member-managed limited liability company. If the law in Tax Accounting's state is like the law in most states, unless the members have agreed otherwise, voting rights are apportioned according to
A) capital contributions.
B) participation in management.
C) the number of members.
D) members' seniority.
Q3) In most states, a limited liability company must have at least two members.
A)True
B)False
Q4) Limited liability companies are entities apart from their owners.
A)True
B)False
40
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Chapter 39: Corporate Formation and Financing
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Q1) Tech Talent, Inc., is a corporation. Techno Talent's implied powers enable it to
A) none of the choices.
B) depart significantly from traditional corporate formalities.
C) bind the corporation to an action that will greatly affect its purpose.
D) borrow funds and lend funds.
Q2) A corporation does not have perpetual existence in most states unless the articles of incorporation state otherwise.
A)True
B)False
Q3) Allen wants Wilderness Outfitters to join with him to form and do business as Canyon River Rafting Corporation. A corporation can be owned by
A) natural persons only.
B) other businesses only.
C) other businesses or natural persons.
D) none of the choices.
Q4) A court will not pierce the corporate veil of a corporation simply because it is too thinly capitalized.
A)True
B)False
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Chapter 40: Corporate Directors, Officers, and Shareholders
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Q1) For shareholders to act during a shareholders' meeting, a quorum must be present.
A)True
B)False
Q2) Shareholders must approve fundamental changes affecting a corporation.
A)True
B)False
Q3) Eve is a director of Fab Style Corporation. Without informing Fab, Eve goes into business with Gro Trend, Inc., in competition with Fab. Eve is most likely liable for breach of
A) none of the choices.
B) the business judgment rule.
C) the duty of care.
D) the duty of loyalty.
Q4) A new position on a board of directors can be created by an amendment to the bylaws.
A)True
B)False
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Chapter 41: Mergers and Takeovers
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Q1) A short-form merger can be accomplished only with the approval of the shareholders.
A)True
B)False
Q2) B-Sharp Corporation and Coding Company wish to combine all assets, stock, and personnel into a new firm to be called DigiSongs Inc. This is
A) a consolidation.
B) a merger.
C) a share exchange.
D) a takeover.
Q3) Dissolution of a corporation can be brought about by an agreement between the shareholders and the board of directors.
A)True
B)False
Q4) If one corporation owns all of the shares of another corporation, it is referred to as the subsidiary corporation.
A)True
B)False
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Page 43
Chapter 42: Investor Protection, Insider Trading, and Corporate Governance
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Q1) The definition of security in the Securities Act of 1933 includes interests that involve the right to buy a security on a national security exchange.
A)True
B)False
Q2) To raise $120 million to expand operations, Primo Content Inc. makes a stock offering directly to sixty accredited investors and twenty sophisticated, but unaccredited investors. The firm plans to notify the SEC of sales. Under the Securities Act of 1933, this issue may qualify as an "exempt" transaction
A) as is.
B) if all of the investors are also given material information about the firm, including its most recent financial statements.
C) if the offering is also made to the general public.
D) under no circumstances.
Q3) Every state has its own corporate securities laws that regulate the offer and sale of securities within tis borders.
A)True
B)False
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Page 44
Chapter 43: Administrative Agencies
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Q1) The Federal Aviation Administration uses notice-and-comment rulemaking. The final rule in such a proceeding has binding legal effect
A) after a court affirms it.
B) until the next presidential election.
C) once Congress approves it.
D) unless a court overturns it.
Q2) The Nuclear Regulatory Commission (NRC) files a complaint against Energy Plant Corporation. The firm may want to settle the dispute, before formal adjudicatory proceedings begin, to avoid
A) appearing uncooperative.
B) eliminating the need for additional proceedings.
C) rectifying the problem to the NRC's satisfaction.
D) saving the expense of formal proceedings and later appeals.
Q3) The Federal Trade Commission (FTC) is an independent regulatory agency. As such, the FTC is subject to A) no higher authority.
B) less executive authority than executive agencies.
C) more executive authority than executive agencies.
D) the authority of nongovernmental oversight committees.
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Page 45
Chapter 44: Consumer Law
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Q1) Package labels must use words that the ordinary consumer understands.
A)True
B)False
Q2) Rely Battery Corporation makes batteries for motor vehicles. The Federal Trade Commission (FTC) learns that Chuck's Automotive Stores, a retail company that sells Rely's batteries, engages in deceptive advertising practices. What actions can the FTC take against Chuck's?
Q3) Pro Motor Company makes cars. Federal law requires Pro to attach a label that includes the Environmental Protection Agency's fuel economy estimate for a vehicle to A) every new car.
B) no car-compliance with the law is voluntary.
C) select old and new cars.
D) whichever vehicles the car maker chooses.
Q4) Account numbers on credit-card receipts must be truncated (shortened).
A)True B)False
Q5) Imported foods do not have to meet U.S. safety standards.
A)True
B)False
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Chapter 45: Environmental Protection
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Q1) County Water District operates a public water supply system. The district must send to every household that it supplies with water an annual statement describing
A) the district's financial situation and material facts that might affect it.
B) other operations, such as irrigation and water conservation, in which the district is involved and to what extent.
C) parties who might be held liable if pollution problems arise.
D) the source of the water, and any contaminants and health concerns.
Q2) Fire Retardants Inc. operates without required pollution control technology, causing a discharge of chemical waste into Green Lake. This can result in A) a fine.
B) an injunction.
C) imprisonment.
D) all of the choices.
Q3) Each supplier of drinking water is required to send an annual statement describing the source to every household it supplies.
A)True
B)False
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Chapter 46: Antitrust Law
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Q1) Joint refusals to deal are not subject to scrutiny under the Sherman Act.
A)True
B)False
Q2) Labor unions can organize and bargain without violating antitrust law.
A)True
B)False
Q3) Price discrimination occurs when a seller charges different prices to competing buyers for identical goods or services.
A)True
B)False
Q4) Fiesta Food Company, Gourmet Cheeses, Inc., and Healthy Eats, Inc. agree to exchange information and share advertising. This trade association agreement is A) a deal that inherently neither restrains trade nor harms competition.
B) a legal restraint of trade.
C) a per se violation of antitrust law.
D) subject to analysis under the rule of reason.
Q5) Unilateral conduct can result in a violation of antitrust law.
A)True
B)False
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Chapter 47: Professional Liability and Accountability
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Q1) Working papers are the documents through which a court orders an accountant to audit a public company.
A)True
B)False
Q2) In most courts, accountants are subject to liability for negligence only to their clients.
A)True
B)False
Q3) Randi, an accountant, includes a false statement in a report for Social Media Marketing, Inc., that is filed with the Securities and Exchange Commission. When Theo buys stock in Social Media and loses money on the investment, he files a suit against Randi, alleging fraud under the 1934 Securities Exchange Act. To avoid liability, Randi can show that she
A) intended to defraud Social Media, not Theo.
B) intended to profit on stock trades generally, not only Theo's.
C) is an otherwise competent accountant.
D) had no knowledge that her statement was false.
Q4) Accountants are exempt from the criminal provisions of federal tax laws.
A)True
B)False
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Chapter 48: Personal Property and Bailments
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Q1) A gift is effective whether or not it is accepted.
A)True
B)False
Q2) Common carriers can contract away their liability for damaged goods.
A)True
B)False
Q3) Many states require a finder of lost property to make a reasonably diligent search to locate the true owner.
A)True
B)False
Q4) EquipLease Company leases a thresher to Farm Harvest, Inc., a firm that contracts with farm owners to harvest their crops. The machine is seriously damaged through Farm Harvest's neglect. Most likely liable for the damage is A) EquipLease.
B) Farm Harvest.
C) the farm owners.
D) no one.
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Chapter 49: Real Property and Landlord-Tenant Law
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Q1) Under the covenant of quiet enjoyment, a landlord promises that a tenant's use and enjoyment of the property will not be disturbed by someone with superior title.
A)True
B)False
Q2) In a tenancy in common, the interests are undivided.
A)True
B)False
Q3) Surface and subsurface rights cannot be separated.
A)True
B)False
Q4) Greg rents an apartment to Hugo, who retains possession of the apartment after the lease expires without making any payments of rent. This is
A) a periodic tenancy.
B) a tenancy at sufferance.
C) a tenancy at will.
D) a fixed-term tenancy.
Q5) A joint tenant's sale of his or her interest terminates the joint tenancy.
A)True
B)False
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Chapter 50: Insurance
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Q1) Engineering Associates, P.A., obtains an insurance policy that protects its members against negligence claims by their clients. This is
A) product liability insurance.
B) general liability insurance.
C) professional malpractice insurance.
D) workers' compensation insurance.
Q2) Kent applies for a life insurance policy with Long Life Insurance Company. The consideration Kent pays to Long Life is
A) a premium.
B) a fee.
C) a policy.
D) an insurable interest.
Q3) Rob applies to Standard Insurance Company for a life insurance policy. On the application, Rob understates his age. Rob obtains the policy, but for a lower premium than he would have had to pay had he disclosed his actual age. The policy includes an incontestability clause. Five years later, Rob dies. Can Standard refuse payment on the policy?
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Chapter 51: Wills and Trusts
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Q1) Kendall executes a separate written instrument to amend her prior will. This separate document is
A) a bequest.
B) a codicil.
C) a devise.
D) a holographic will.
Q2) A resulting trust arises from the conduct of the parties.
A)True
B)False
Q3) Ruth executes a will in 2015 naming her nephew Stan as sole beneficiary. In 2017, Ruth executes another will, naming her niece Tammy as sole beneficiary, but does not state that she is revoking the previous will. On Ruth's death
A) Stan and Tammy will share the estate in equal shares.
B) Stan will be the sole heir.
C) Tammy will be the sole heir.
D) the estate will pass as if there were no will.
Q4) A gift of real estate by will is a bequest.
A)True
B)False
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Chapter 52: The Legal Environment of Business
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Q1) Perry, a process server, cannot locate Quinn, the defendant in Rebecca v. Quinn, to serve him with the summons. Perry's legal and effective options for serving process include delivering the summons
A) as an attachment in an e-mail to Rebecca.
B) through a private message to Quinn's Facebook account.
C) via any means over the internet to Facebook.
D) by posting it on any social media forum that Quinn is known to visit.
Q2) Hal patents a new type of running shoe. Hal and Iconic Shoe Company enter into a contract that allows the firm to make and market the shoe in exchange for royalty payments to Hal that decrease after the patent expires. In a previous case, a similar agreement was held to be invalid. According to the dissent in Kimble v. Marvel Entertainment, LLC, stare decisis
A) means "sticking to some wrong decisions."
B) does not require retaining "baseless and damaging precedents."
C) promotes unpredictability and inconsistency in the business world.
D) permits parties to negotiate a licensing agreement that reflects the true value of a patent.
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Page 54
Chapter 53: Torts and Crimes
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Q1) Hank and Ida take photos of themselves in intimate moments. When their relationships ends, Hank posts the photos online without Ida's consent in an attempt to humiliate her. This is a crime in
A) a handful of states.
B) all states.
C) most states.
D) no state.
Q2) Hackers infiltrate the computer system of Metro Bank and steal the personal information of Metro's customers and employees. Individuals whose personal information is involved in the breach should be notified, as required by law in A) all states.
B) forty-seven states.
C) no state.
D) one state-California.
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Chapter 54: Contracts and E-Contracts
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Q1) Evermore Marketing LLC and Family Restaurants Inc. engage in an instant-messaging conversation while discussing an existing contract. Evermore suggests a modification-an increase in fees. Family asks about an increase in service. Evermore replies, "No limits!" Family responds, "Great!" As a modification of the parties' contract, this chat is most likely
A) enforceable.
B) not enforceable because any indication of an agreement is "accidental."
C) not enforceable because it is an instant-messaging conversation.
D) not enforceable because the language is relatively "careless."
Q2) SportsMaster operates a daily fantasy sports Web site. The state of Texas orders SportsMaster to stop accepting "bets" from Texas residents. In the best interest of its owners and its games' participants, SportsMaster may arguably have an ethical duty to A) challenge the order.
B) comply with order.
C) defy the order.
D) any of the choices.
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Chapter 55: Domestic and International Sales and Lease Contracts
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Q1) The label on Cameron Ltd.'s beer reads, "British quality" and, beneath that phrase in small print, "Product of the U.S.A." Dave and other consumers file a class action against the brewer over the fact that its beer is not brewed in Great Britain. The plaintiffs' best ground for a possible recovery is most likely
A) misleading advertising.
B) unethical labeling practices.
C) inconsistent puffery.
D) inferior taste.
Q2) Web Resource Inc. and World Marketing Ltd., businesses located in different countries, agree to a contract. Like different individuals, Web Resource and World Marketing have different perceptions of what the agreement between them is and what it means to fulfill it. This is because
A) in every country arbitration is the preferred method of dispute resolution.
B) in every country it is acceptable to file an action in a court to resolve a dispute.
C) a business contract is only the expression of the framework of a deal.
D) Web Resource and World Marketing are influenced by different cultures.
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57
Chapter 56: Negotiable Instruments
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Q1) Businesses have been required to switch to digital invoices in A) the European Union.
B) the United States.
C) countries that host the Association of Financial Professionals.
D) the home regions of cloud-based companies.
Q2) Virtual currency has legitimate uses. Laws that apply to virtual currency include all of the following except
A) federal registration requirements.
B) state licensing requirements.
C) the proposed uniform Regulation of Virtual Currencies Act.
D) the Federal Deposit Insurance Corporation regulations.
Q3) Mobile payment and digital wallet services include Apple Pay, Google Wallet, and Samsung Pay. The ultimate goal of these payment systems is to A) link from a digital wallet to another app within a single phone.
B) entail more security risks than carrying a physical wallet.
C) communicate wirelessly with point-of-sale systems.
D) work with existing magnetic-strip credit-card machines.
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Chapter 57: Creditors Rights and Bankruptcy
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Q1) Beth borrows $10,000 from the U.S. Department of Education to help pay for her education at Community College. She signs a note payable to DOE for the amount of the loan plus interest. The borrower will be considered in default if she fails to A) any of the choices.
B) repay the loan according to the terms in the note.
C) graduate from Community College within four years of the loan.
D) find employment in her program of study after graduation.
Q2) Robert borrows $15,000 from State College to help pay for his education. He signs a note payable to the school for the amount of the loan plus interest. Robert defaults, and the school transfers the note to a collection agency. This means that A) additional costs to collect payment can be added to the unpaid principal.
B) additional requirements can be imposed on the borrower to graduate.
C) none of the choices.
D) Robert may have to accept a job offer from a select list of employers.
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Chapter 58: Agency and Employment
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Q1) Business Sales Company and other employers routinely check job applicants' social media posts when deciding whom to hire. According to the results of at least one study, online disclosures of personal traits
A) results in widespread hiring discrimination.
B) may lead to job offers for which the applicants are not qualified.
C) has no meaningful effect on hiring decisions by any employer.
D) can significantly influence the hiring decisions of some employers.
Q2) Price & Profit Inc. and other employers routinely check job applicants' social media posts when deciding whom to hire. These sites can provide information on an applicant's race, religion, and other protected characteristics. Price can legally base its hiring decisions on the basis of
A) none of the choices.
B) race.
C) any protected characteristic.
D) religion.
To view all questions and flashcards with answers, click on the resource link above. Page 60
Chapter 59: Business Organizations
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14 Verified Questions
14 Flashcards
Source URL: https://quizplus.com/quiz/22621
Sample Questions
Q1) Personnel Resources Company considers using software to analyze employee behavior with the goal of predicting wrongdoing. In this situation, the ethical focus is on A) the success of the software.
B) sanctions for something yet to be done.
C) questions of privacy.
D) whether data mining should occur only online.
Q2) Flo and Gil are general partners in High Finance, a limited partnership. Without Flo's knowledge or consent, Gil defrauds potential investors into buying limited partnerships in the firm and steals the amounts of their investments. In a suit by those partners against Flo to recover for their losses, she is most likely liable
A) if the investors are viewed as innocent third parties.
B) if the investors are construed as limited partners.
C) under any circumstances.
D) under no circumstances.
To view all questions and flashcards with answers, click on the resource link above.
Chapter 60: Government Regulation
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12 Verified Questions
12 Flashcards
Source URL: https://quizplus.com/quiz/22622
Sample Questions
Q1) The Federal Communications Commission issued proposed rules regulating Internet service providers (ISPs) as "common carriers" under the Communications Act of 1934. Under these rules, ISPs cannot
A) prevent users from accessing "legal content" on the Internet.
B) reduce the speed of data from any particular site or application.
C) charge content providers more for faster service.
D) all of the choices.
Q2) The Federal Communications Commission issues a rule that requires broadband Internet service providers (ISPs) to transmit data files equally, without considering their size or source. Based on previous attempts to regulate ISPs, under the Telecommunications Act of 1996, this rule would most likely be
A) challenged and overturned.
B) challenged and upheld.
C) not challenged, but repealed.
D) not challenged and strictly enforced.
To view all questions and flashcards with answers, click on the resource link above.
Chapter 61: Property and Its Protection
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8 Verified Questions
8 Flashcards
Source URL: https://quizplus.com/quiz/22623
Sample Questions
Q1) Gwen starts Handy Crafts to advertise and sell ceramic pots, quilts, glass work, and so on. Later, Gwen marries Ivan, who creates and runs the firm's marketing. If Gwen and Ivan divorce, in most states the business will be considered
A) Gwen's separate property.
B) Ivan's separate property.
C) marital property.
D) neither separate nor marital property.
Q2) According to the United States Supreme Court,
A) Metro City can take a parking lot for a privately owned sports stadium.
B) all of the choices.
C) Laborville can condemn a vacant field for a private manufacturing plant.
D) Sleepyton can take residential property for a private corporate complex.
Q3) Bob owns a virtual asteroid near the virtual planet Cosmo in the virtual DeepSpace universe. Property consists of a bundle of rights in anything that has an ascertainable value and is subject to ownership. This definition encompasses A) intangible objects used in virtual worlds like DeepSpace.
B) digital books, music libraries, and movie downloads.
C) all of the choices.
D) domain names and expensively created Web sites.
To view all questions and flashcards with answers, click on the resource link above.
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