Entrepreneurship Law
Midterm Exam
Course Introduction
Entrepreneurship Law explores the legal foundations and challenges encountered by entrepreneurs and start-up ventures. The course examines organizational structures, intellectual property protection, financing arrangements, regulatory compliance, contract formation, employment issues, and risk management relevant to new businesses. Through real-world case studies, students will develop a practical understanding of how law shapes entrepreneurial decision-making and innovation, equipping them with the essential legal knowledge to launch, manage, and grow a successful enterprise.
Recommended Textbook
Business Law 16th Edition by Jane Mallor
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Chapter 1: The Nature of Law
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Q1) According to the principle of _____,treaties are the supreme law of the land.
A) judicial activism
B) separation of powers
C) federalism
D) federal supremacy
Answer: D
Q2) What do statutes and administrative regulations have in common?
Answer: Like statutes,administrative regulations appear in a precise form in one authoritative source.
Q3) According to the U.S.Constitution treaties made by the president with foreign governments and approved by two-thirds of the U.S.Senate validate inconsistent state and federal laws.
A)True
B)False
Answer: False
Q4) The U.S.Constitution recognizes the states' power to make law in certain areas.
A)True
B)False
Answer: True
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Chapter 2: The Resolution of Private Disputes
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Q1) Calvin,a resident of South Park,Colorado,creates a website called "But Seriously" which acts as an electronic billboard for posting funny stories.Ted,a resident of Northridge,California,posts a story on the website.Stu,another California resident from San Diego,files a lawsuit against Calvin in a federal district court in California,claiming that Calvin had defamed him on his website.Based on these facts,does Calvin have sufficient "minimum contacts" to give the California federal district court in personam jurisdiction over him?
A) No,Ted's posting alone is not enough to create sufficient "minimum contacts."
B) Yes,Ted's posting creates sufficient "minimum contacts."
C) Yes,by creating a website that is accessible in California,Calvin has sufficient minimum contacts with that state.
D) Calvin has sufficient "minimum contacts" with California only if Stu's claim is in excess of $75,000.
Answer: A
Q2) As in a criminal case,a defendant in a civil case may not be compelled by the plaintiff to testify.
A)True
B)False
Answer: False
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Page 4
Chapter 3: Business and the Constitution
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Sample Questions
Q1) "The challenged law must be necessary to the fulfillment of a compelling government purpose." This is laid down for the:
A) rational basis test.
B) intermediate scrutiny.
C) full strict scrutiny test.
D) still-controlling test.
Answer: C
Q2) The Commerce Clause has become a federal power with an extensive regulatory reach.This is largely due to judicial decisions regulating:
A) the channels of interstate commerce.
B) and protecting the instrumentalities of interstate commerce.
C) persons or things in interstate commerce.
D) activities that substantially affect interstate commerce.
Answer: D
Q3) The constitutional right of privacy includes various rights that the Supreme Court has recognized as fundamental for citizens and families.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Business Ethics, Corporate Social Responsibility,
Corporate Governance, and Critical Thinking
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Q1) "Begging the question" is also known as the slippery slope fallacy.
A)True
B)False
Q2) Asking whether a decision will produce the right results is an example of deontological theory.
A)True
B)False
Q3) Speedster is an automobile manufacturing company that has a factory in Seattle,Washington.It has placed Keith McShane,the operations head of the factory,in charge of investigating the firm's decision whether to move the factory to Qingdao,China.Keith is against the idea of the factory relocating to Qingdao because his fellow Americans will lose their jobs to the Chinese.Therefore,he is desperately searching for information that favors Seattle over Qingdao.Which of the following prescribed guidelines for ethical decision making will Keith need to focus on to make an unbiased,ethical decision?
A) Will the shareholders offer support?
B) What facts impact my decision?
C) How can I increase the number of shareholders?
D) Which decision will allow me to retain my job?
Q4) What two conditions must be met if profit-maximization is to maximize utility?
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Chapter 5: Criminal Law and Procedure
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Q1) What is recidivism?
A) A special theory of deterrence
B) A quasi-criminal offense punished by light fines
C) Repeat offenses by previously punished offenders
D) Attempts to change the behavior of convicted offenders
Q2) When conducting an investigation of terrorism federal authorities seek warrants from what court?
A) FISA court
B) Federal District Court for the District of Columbia
C) The International Criminal Court
D) The UN High Court on Terrorism
Q3) Obscene noncommercial expressions receive no First Amendment protection.
A)True
B)False
Q4) A(n)_____ is a formal charge signed by the prosecutor outlining the facts supporting the charges against the defendant.
A) booking
B) indictment
C) information
D) arraignment
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Chapter 6: Intentional Torts
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Q1) Store owners' "conditional privilege" defense against intentional tort claims brought by detained shoplifting suspects,recognized by most states,usually:
A) requires that the store owner act with police consent.
B) requires that the store owner act with written consent of suspects.
C) requires that the store owner act on evidence against suspect.
D) requires that the store owner act with reasonable cause.
Q2) Which of the following is most likely to involve both defamation liability and liability for putting a person in a false light?
A) Saying that a philosopher favors Plato's philosophy over Aristotle's,when in fact the reverse is true.
B) Falsely saying that an anti-abortion activist favors a candidate that is conservative and is anti-abortion.
C) Falsely saying that an anti-abortion activist favors giving parents a right of infanticide for all children less than one year old.
D) Signing a conservative Christian clergyman's name to a petition advocating greater sexual freedom for homosexuals which the clergyman supports the petition in private.
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Chapter 7: Negligence and Strict Liability
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Q1) Generally,property owners do not owe a duty of care to trespassers,who regularly enter the land without authorization.
A)True
B)False
Q2) Pam and Deb were in a car accident.Deb went through a red light,hitting Pam from the side.Pam was driving 45 miles per hour in a 25-miles-per-hour zone.Pam sues Deb based on negligence for damages.If Pam loses the suit for speeding,which of the following is the most likely reason?
A) The lawsuit was filed in a "contributory negligence" state.
B) The lawsuit was filed in a "comparative negligence" state.
C) Pam is uninsured.
D) Pam's accident was seen as "res ipsa loquitur."
Q3) What effect does the rule of res ipsa loquitur have in a negligence case?
A) It creates a rebuttable presumption of breach of duty.
B) It creates a non-rebuttable presumption of causation.
C) It results in strict liability of the defendant.
D) It results in strict liability of the plaintiff.
Q4) Social guests are licensees in some states.
A)True
B)False
Page 9
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Chapter 8: Intellectual Property and Unfair Competition
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Q1) What can the plaintiff usually elect to receive in lieu of the basic remedy in a case of copyright infringement?
A) Punitive damages
B) Liquidated damages
C) Special damages
D) Statutory damages
Q2) Patent _____ occurs when a defendant,without authorization from the patentee,usurps the patentee's rights by making,using,or selling the patented invention.
A) assignment
B) licensing
C) infringement
D) violation
Q3) There is no international copyright that automatically protects a copyrighted work everywhere in the world.
A)True
B)False
Q4) Customer lists are not patentable but may be subject to trade secret protection.
A)True
B)False
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Chapter 9: Introduction to Contracts
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Q1) Speaking generally,a quasi-contract applies where there has been foreseeable reliance on an express promise.
A)True
B)False
Q2) Not every promise is legal enforceable.
A)True
B)False
Q3) Which of the following is NOT a basic element of a contract?
A) Offer
B) Consideration
C) Capacity
D) Goods
Q4) A contract must be between parties who have _____ to contract.
A) knowledge
B) capacity
C) resources
D) intention
Q5) Is the installation of a battery in an automobile subject to Article 2 of the UCC or to the common law of contracts? Why?
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Chapter 10: The Agreement: Offer
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Q1) Austen Construction,a general contractor,advertised for bids from subcontractors on the electrical work for the renovation of one of State University's parking structures.The advertisement announced that the contract will be awarded to the lowest responsible bidder.Bronte,a responsible electrical subcontractor,submitted the lowest bid to Austen for the electrical portion of the work.Austen informed Bronte that she should begin work immediately.Bronte then stated that she is "withdrawing" her bid from Austen.Which of the following statements is most accurate?
A) Austen should not rely on Bronte's offer to do the electrical work.
B) Austen has accepted Bronte's offer,thereby forming a contract.
C) Austen is not bound by Bronte's bid until he informs her of his intent to accept.
D) Bronte has accepted Austen's offer by submitting the lowest bid.
Q2) Sellers at a public auction are treated as makers of an invitation to offer.
A)True
B)False
Q3) Generally speaking,advertisements are considered to be offers.
A)True
B)False
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Page 12
Chapter 11: The Agreement: Acceptance
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Q1) What section of the UCC states that an order to a manufacturer requesting shipment of goods may be accepted by a prompt shipment of the goods?
A) 2-206
B) 9-301
C) 1-105
D) 2-345
Q2) Rex Garner recently made an offer to Harry Barns for the sale of his shop using a registered letter.The offer says that Harry "may accept by registered letter" and this detail is an example of a _____.
A) contract
B) notification
C) rejection
D) stipulation
Q3) Where an offer stipulates a certain means of acceptance,the offeree's acceptance is effective upon dispatch even if it uses means other than those specified in the offer.
A)True
B)False
Q4) What is the "mailbox rule"? What risk does it create for the offeror?
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Chapter 12: Consideration
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Q1) A promise not to sue another party is not consideration,because the promise does not convey any legal value to the other party.
A)True
B)False
Q2) Consideration is what distinguishes enforceable agreements from gratuitous promises.
A)True
B)False
Q3) Mr.Green agrees to purchase a lawn mower from Ms.White for $300.The act of payment of $300 by Mr.Green is consideration for the act of passing ownership of the lawn mower from Ms.White to Mr.Green.
A)True
B)False
Q4) A contract in which one party to the agreement agrees to buy all of the produced goods of the other party is called a requirements contract.
A)True
B)False
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Chapter 13: Reality of Consent
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Q1) A person who rescinds a contract is entitled to the return of what?
A) Everything that person has given the other party
B) 50% of the items that the person has given the other party
C) 75% of the items that the person has given the other party
D) Nothing is returned to the person from the other party
Q2) According to contract law,a(n)_____ is a belief about a fact that is not in accordance with the truth.
A) assertion
B) concealment
C) mistake
D) material
Q3) Which of the following is most likely to constitute undue influence?
A) A firm demanding more in terms of pricing by withholding essential supplies.
B) A clergyman using a parishioner's emotional susceptibility to get the parishioner to contract with the clergyman.
C) Threatening to commence a frivolous criminal prosecution against someone,in order to get them to contract with you.
D) Grabbing someone's hand and forcing them to sign on a contract you have prepared.
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Chapter 14: Capacity to Contract
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Q1) Betty,age 16,buys a car and wrecks it one week later.She takes it back to the seller and demands all her money back.According to the traditional rule,is she entitled to get all her money back?
A) Yes,regardless of the condition of the car,because this was a void contract.
B) Yes,regardless of the condition of the car,because this was a voidable contract.
C) No,she is entitled to no remedy in this situation.
D) No,she is entitled to get some money back but less the value of the damage to the car.
Q2) Ratification has to be expressly made only in written form.
A)True
B)False
Q3) A minor's contract for necessaries makes the minor liable for the reasonable value of the necessaries furnished to him.
A)True
B)False
Q4) Minors have the capacity to enter into contracts.
A)True
B)False
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Page 16
Chapter 15: Illegality
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Q1) Any contract that is deemed illegal is also a criminal violation.
A)True
B)False
Q2) Joe is the owner of the restaurant "Yummy Bites." Neil is an employee of a competitor's restaurant "Mom's Kitchen." Joe pays Neil $1000 to obtain recipes from "Mom's Kitchen." However later,Joe has second thoughts and forbids Neil to obtain such recipes.Joe wants to get his money back.Identify the most accurate statement that might help Joe.
A) Joe can recover the amount because he has rescinded the contract before any illegal act has been done by Neil.
B) Joe cannot recover the amount because he has entered into an illegal contract.
C) Joe cannot recover the amount because such contracts are unenforceable and illegal.
D) Joe can recover the amount because the contract between him and Neil is a quasi-contract.
Q3) A noncompetition clause is also known as a "liability waiver."
A)True
B)False
Q4) What is an exculpatory clause?
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Chapter 16: Writing
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Q1) A written agreement was signed by two parties and it was intended to be their entire agreement.The parol evidence rule will prevent the admission of evidence that is offered to:
A) prove the existence of a contemporaneous oral agreement that modifies the contract.
B) prove the existence of a subsequent oral agreement that modifies the contract.
C) explain the meaning of an ambiguity in the written contract.
D) establish that fraud had been committed in the formation of the contract.
Q2) The Parol Evidence rule is relevant only in cases:
A) that are oral in nature.
B) where parties have expressed an agreement.
C) of the sale of goods.
D) subsequent modification do not have a suitable consideration.
Q3) The underlying purpose of the statute of frauds is to:
A) prevent frauds in general.
B) corroborate the existence of the oral contract.
C) punish those who commit frauds.
D) make fraud illegal.
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Chapter 17: Rights of Third Parties
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Q1) It is important to promptly notify the obligor that an assignment has occurred.Why?
A) It is a necessary requirement for a valid assignment.
B) The obligor might perform to the assignor rather than the assignee.
C) The obligor's duty to perform is completely discharged.
D) If the obligor neither knew nor had reason to know about the assignment,the obligor remains liable to the assignee.
Q2) In a novation:
A) the original obligor is completely discharged from his/her obligations under the contract.
B) the original obligee is completely discharged from his/her obligations under the contract.
C) the original obligor remains secondarily obligated.
D) both the original obligee and the original obligor remain obligated.
Q3) The sources of assignment law today are the common law of contracts and provisions of the UCC.
A)True
B)False
Q4) What is the purpose of vesting?
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Page 19
Chapter 18: Performance and Remedies
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Q1) Bing engaged Dill to perform personal services for $2,200 a month for a period of four months.The contract was entered into orally on July 1,1984,and performance was to commence September 1,1984.On August 10,Dill anticipatorily repudiated the contract.As a result,Bing:
A) may not assign his rights to damages under the contract to a third party.
B) can obtain specific performance.
C) may not enforce the contract against Dill since the contract is oral.
D) can immediately sue for a breach of contract.
Q2) Which form of damages involves a court ordering a party to a contract to perform his/her obligations under the contract?
A) Quasi-contract
B) Specific performance
C) Rescission
D) Promissory estoppel
Q3) Paul contracts to sell his home to Dee for $100,000.The sale,which was negotiated by a broker for two parties who never met,was set to close on September 1.On July 15,Paul discovers the identity of the buyer,and immediately writes Dee to tell him that there's no way he'll ever sell his house to "some hippy." Must Dee wait until September 1 to sue Paul for breach of contract?
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Page 20
Chapter 19: Formation and Terms of Sales Contracts
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Q1) If a buyer rejects tender of the goods,title to those goods:
A) will automatically be revested in the seller.
B) will stay with him until he makes the payment.
C) will remain undecided until the parties reach an agreement.
D) belongs to neither of the parties.
Q2) Isaac contracts to sell Boyd all of his requirements of coal.In the past,Boyd has required between 1000 and 1500 tons of coal per year,but the contract contains no estimate of Boyd's needs.In 1998,Boyd's needs increase dramatically,and it demands 10,000 tons of coal from Isaac.Is Isaac obligated to sell Boyd this amount?
Q3) Pulse Corp.maintained a warehouse where it stored its manufactured goods.Pulse received an order from Star.Shortly after Pulse identified the goods to be shipped to Star and before moving them to the loading dock,a fire destroyed the warehouse and its contents.With respect to the goods,which of the following statements is correct?
A) Pulse has title but no insurable interest.
B) Star has title and an insurable interest.
C) Pulse has title and an insurable interest.
D) Star has title but no insurable interest.
Q4) What is the UCC approach to the risk of loss of goods during transportation?
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Chapter 20: Product Liability
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Q1) A description that gives rise to an express warranty under which the goods must be as described,amounts to an express warranty regarding quality or duration of the goods' future performance.
A)True
B)False
Q2) Which of the following factors will be most important in determining if an express warranty has been created?
A) Whether the statements made by the seller were in writing.
B) Whether the seller intended to create a warranty.
C) Whether the promises became part of the basis of the bargain.
D) Whether the sale was made by a merchant in the regular course of business.
Q3) Strict liability was first promulgated in the Restatement (Second)of Torts in section 402A.
A)True
B)False
Q4) A disclaimer of the implied warranty of merchantability must be in writing to be enforceable.
A)True
B)False
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Chapter 21: Performance of Sales Contracts
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Q1) Anticipatory repudiation is disallowed under the UCC.
A)True
B)False
Q2) Sam agrees to make partial deliveries of goods over three months to Winston.The first delivery was late by two weeks.Why should Winston object to this late delivery?
A) Winston may be required to pay in advance for future deliveries.
B) Winston may waive his rights to cancel the contract if other deliveries are late.
C) Sam may cancel the contract.
D) Sam may be excused from performing all his contractual obligations.
Q3) Customs and practices of the business that are known by people in the business and that are usually assumed by parties to a contract for goods of that type are known as _____.
A) usage of trade
B) warranties
C) courses of action
D) fair norms
Q4) List a few scenarios under which sellers may be excused from performing contractual obligations.
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23
Chapter 22: Remedies for Breach of Sales Contracts
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Q1) The seller is obligated to resell the goods in cases where the buyer refuses to accept goods that conform to the contract.
A)True B)False
Q2) The UCC has incorporated the Common Law concept of rescission as a remedy available to a buyer in a breach of contract dispute.
A)True B)False
Q3) Which of the following is true about the seller's right to reclaim goods from an insolvent buyer?
A) This right is superior to the rights of a good faith purchaser for value of the goods.
B) The seller must make a demand for the goods within ten days of their receipt by the buyer.
C) The seller must physically repossess the goods within ten days of their receipt by the buyer.
D) The buyer must have misrepresented his solvency to the seller in writing within three months before delivery of the goods.
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24
Chapter 23: Personal Property and Bailments
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Q1) Amber gave her boyfriend,Hunter,an expensive set of stereo speakers for his birthday.Two days later,Hunter broke up with Amber and began dating Kelly.Amber is both heartbroken and furious.Is she entitled to get the speakers back from Hunter?
A) Yes,because Hunter provided Amber no consideration.
B) No,because she intended to make a gift of the speakers and actually delivered them to Hunter.
C) No,because this was a gift causa mortis.
D) Yes,because a donor is entitled to revoke her gift within a reasonable time.
Q2) In which of the following circumstances would the bailee be expected to exercise ordinary care?
A) Harold promises to look after Kate's puppy in exchange for her cleaning his car.
B) Dave looks after Stacey's dog while she is on vacation with her friends.
C) Nigel borrows a rare book from his professor to write a class report.
D) Melissa helps old Mrs.Henderson clean her garage on Sunday afternoon.
Q3) If property is controlled by the government,like a park,then it is private property.
A)True
B)False
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Page 25
Chapter 24: Real Property
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Q1) What is the term for a temporary right to enter another person's land for a specific purpose?
A) License
B) Profit
C) Conveyance
D) Estate
Q2) Which of the following is true of a joint tenancy?
A) It is created by a corporation or a group of persons.
B) It requires that the tenants be married to each other.
C) Selling of property by a joint tenant leads to creation of a tenancy in common.
D) A joint tenant can sell but not gift his part of the property.
Q3) A deed where the grantor warrants against (and agrees to defend against)title defects and encumbrances that arose after she acquired the property is called:
A) a special warranty deed.
B) a quitclaim deed.
C) a general warranty deed.
D) an invalid deed.
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Chapter 25: Landlord and Tenant
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Q1) Ace,Bud,and Chet leased an apartment from Stan Slumlord.They signed a lease that established a 12-month rental period at $400 per month as rent.Two months after the three tenants moved into the apartment,Ace and Bud moved out.Ace and Bud each moved to a different and distant state.Slumlord insists that Chet is responsible for the entire $400 per month rent.Is Slumlord correct?
A) Slumlord is incorrect.Under these facts,each tenant is responsible for one-third of the rent payment as an implied term of the lease agreement.
B) Slumlord is correct.The tenants are jointly and severally liable for the rent payments under the lease.
C) Slumlord is incorrect.This is a tenancy at sufferance,meaning that any tenant may vacate without incurring liability for further rent payments.
D) Slumlord is correct,if the lease was executed in a state that has adopted the Uniform Landlord-Tenant Act.
Q2) A lease is a contract where the owner of property (called the landlord),conveys title to the property to a buyer (called a lessee).
A)True B)False
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Page 27
Chapter 26: Estates and Trusts
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Q1) A testator can revoke a will before his death.
A)True
B)False
Q2) Joe Smith has just died.Three months ago,when he knew that his death was impending,Joe established a spendthrift trust for the protection of his 16-year old son Bobby.The trust property consists mainly of $500,000 in investment securities.The trustee is Jack Purdy,a CPA.The trust agreement does not discuss the trust's termination.Answer the following questions regarding the trust.Can Jack invest trust assets differently than Joe invested them? For example,can he sell trust securities and buy others? Why or why not? Must Jack hire an investment professional to make trust investments?
Q3) A personal representative to an estate is also known as an executor.
A)True
B)False
Q4) The property held in trust is called the _____.
A) attachment
B) lien
C) corpus
D) accession
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Chapter 27: Insurance Law
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Q1) Sometimes,an insurer may retain an attorney to defend the insured in a liability case but can conclude later on,based on additional information,that it does not have the obligation to pay any damages that may be assessed against the insured as a result of the third party's claim.It can do so through a(n):
A) equity of redemption.
B) advance directive.
C) reservation of rights notice.
D) declaratory judgment.
Q2) Which types of losses are least likely to be covered by fire insurance policies?
A) Losses from friendly fires
B) Losses from hostile fires
C) Losses from fires that started outside the property
D) Losses from smoke and heat that cause indirect damage
Q3) When does an insurer's contractual obligations to the insured commence?
A) When the insurance contract is drafted.
B) When the insurance application is dispatched.
C) When the insured receives the insurance application.
D) When the insurer accepts the insurance contract.
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29
Chapter 28: Introduction to Credit and Secured Transactions
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Q1) Abby borrows money from Cain Bank and Baker cosigns on the loan contract.Abby fails to repay this loan and Cain Bank collects the debt from Baker.Baker is entitled to recover the amount he paid to the bank from Abby.This is known as the:
A) right of subrogation.
B) right of return.
C) right of reimbursement.
D) right of garnishment.
Q2) Explain the difference between an accommodation surety and a compensated surety.
Q3) A surety has a right of exoneration.
A)True
B)False
Q4) Tina cosigns a promissory note at Globe Bank for $500 for her friend Tom.Tom defaults on the loan,and Globe Bank collects $500 from Tina.Tina then collects $500 from Tom.Tina could collect money from Tom because of her right of _____.
A) subrogation
B) reimbursement
C) contribution
D) attachment
Q5) What is an equity of redemption?
Page 30
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Chapter 29: Security Interests in Personal Property
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Q1) Under the UCC Secured Transactions Article,for a security interest to attach,the:
A) debtor must agree to the creation of the security interest.
B) creditor must properly file a financing statement.
C) debtor must be denied of all rights in the collateral.
D) creditor must take and hold the collateral.
Q2) In which of the following cases will perfection by attachment not be effective?
A) The goods were sold on conditional sales contract to the consumer.
B) The creditor has lent money to enable a consumer to buy goods.
C) The consumer good is a motor vehicle.
D) The goods were sold on a time-payment plan to the consumer.
Q3) What are the three options available to a secured creditor regarding the collateral if the debtor defaults?
Q4) Generally,a buyer in the ordinary course of business can take a property free from any security interest.Which of the following buyer is an exception?
A) A person who is a consumer of durable goods.
B) A person buying inventories from a wholesaler.
C) A person buying farm products from a farmer.
D) A person who is a consumer of perishable goods.
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Page 31
Chapter 30: Bankruptcy
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Q1) According to the 2005 revisions of the Bankruptcy Code:
A) any eviction proceedings in which the landlord obtained a judgment of possession prior to the filing of the bankruptcy petition can be continued.
B) any eviction proceedings in which the landlord obtained a judgment of abandonment prior to the filing of the bankruptcy petition can be continued.
C) any eviction proceedings in which the landlord obtained a judgment of defeasance prior to the filing of the bankruptcy petition can be continued.
D) any eviction proceedings in which the landlord obtained a judgment of vicarious liability prior to the filing of the bankruptcy petition can be continued.
Q2) What Chapter of the Bankruptcy Code covers liquidation?
A) Chapter 7
B) Chapter 13
C) Chapter 5
D) Chapter 11
Q3) The Bankruptcy Code is a part of state law.
A)True
B)False
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Chapter 31: Negotiable Instruments
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Q1) The term commercial paper is defined as?
A) A contract for the payment of money.
B) An agreement between nations for the benefit of commerce.
C) A receipt of goods barter between businesses.
D) A warranty on good shipped in international commerce.
Q2) Except for _____,to be negotiable an instrument must be "payable to order or to bearer."
A) promissory notes
B) bonds
C) checks
D) certificates of deposit
Q3) Which of the following would be a nonnegotiable instrument?
A) "Payment is subject to the terms of a mortgage dated August 12,2011."
B) A statement in the instrument that it was given in payment of last month's rent.
C) A statement in the instrument that it was given in payment of the purchase price of goods.
D) "This note is secured by a mortgage dated January 13,2011."
Q4) What are the conditions necessary for a person to be able to accept a negotiable instrument as a substitute for money?
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Chapter 32: Negotiation and Holder in Due Course
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Q1) Value is identical to simple consideration.
A)True
B)False
Q2) _____ indorsements indicate that they are effective only if the payee satisfies a certain state.
A) Special
B) Conditional
C) Qualified
D) Blank
Q3) If a negotiable instrument is payable on demand,it is overdue:
A) the day before the demand for payment has been made.
B) 30 days after the demand for payment has been made.
C) the day after demand for the payment has been made in a proper manner.
D) the week after payment has been demanded.
Q4) If an individual holds a note that is labeled consumer paper then that individual cannot be a holder in due course.
A)True
B)False
Q5) What is the shelter rule in Article 3?
Q6) What are the four categories of claims listed in Revised Article 3?
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Chapter 33: Liability of Parties
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Q1) Suzy gets Joe to fix her computer while she is on vacation.Because she does not know how much the job will cost,she gives Joe a signed blank check with Joe as the payee.Joe,of course,is supposed to fill in the correct amount and cash the check at Suzy's bank.The job costs $200,but Joe fills out the check for $10,000 and then negotiates it to Harry.Harry takes the check in good faith,for value,and without notice of the false addition.Assuming that Suzy's bank does not pay to Harry and Harry pursues her on her secondary liability,does Suzy have an alteration defense against Harry?
Q2) Tom steals Dave's checkbook,completes a check for $1,000,forges Dave's signature,and gets payment from Tom's bank.The bank paid in good faith.Who is liable to the bank for the $1,000 in this case?
A) Tom
B) Dave
C) Both Tom and Dave
D) Neither Tom nor Dave
Q3) All of the following constitute transfer warranties under Article 3 except:
A) that all signatures on the instrument are authentic or authorized.
B) that the instrument has not been altered.
C) that the instrument is not subject to any defense or claim in recoupment.
D) that the instrument is negotiable.
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Page 35
Chapter 34: Checks and Electronic Transfers
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Q1) Due to Susan Sharp's many fraudulent misstatements,Nelly Nice buys Susan's car.Nelly writes Susan a check for $5,000 in payment.Susan immediately negotiates the check to Patty Proper,who qualifies as a holder in due course.In the meantime,Nelly discovers that the car is junk and makes a timely and proper stop-payment order to her bank.However,when Patty presents the check for payment,the bank pays it anyway.Is the bank required to recredit Nelly's account?
Q2) Which of the following is most true regarding checks whose amount has been altered?
A) The bank may not pay such checks as altered in all cases.
B) The bank may pay such checks as altered where the alteration is due to the customer's negligence and the alteration is not obvious.
C) The bank must pay such checks as originally drawn.
D) The bank cannot ever pay such checks.
Q3) If a customer does not discover a forged check and report it to the bank within one year from the time of the statement containing the check,the bank is not obligated to recredit his account for the amount of the forged check.
A)True
B)False
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36
Chapter 35: The Agency Relationship
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Q1) In the United States agency law is primarily governed by what type of law?
A) Federal law
B) State law
C) International law
D) Religious law
Q2) Which of the following is true of termination of agency by operation of law?
A) The principal's permanent loss of capacity ends the agency only if the agent is given notice.
B) The bankruptcy of the agent automatically terminates the agency relationship.
C) Termination by the death of the principal is effective only when the agent has notice of the principal's death.
D) The death of an individual agent does not terminate the agency relationship if the principal is not an individual.
Q3) The law of Agency generally calls for the principal to indemnify the agent against financial loss while carrying out his/her duties.
A)True
B)False
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Chapter 36: Third-Party Relations of the Principal and the Agent
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Q1) Principals may try to escape liability for an agent's misrepresentations by including
A) defensive conditions
B) exculpatory clauses
C) torts
D) ratification clauses
Q2) To be within the scope of employment,the agent's conduct must have been completely motivated by the desire to serve his employer.
A)True
B)False
Q3) Why is it impossible for there to be apparent authority on behalf of an undisclosed principal?
Q4) The doctrine of respondeat superior means:
A) "let the buyer be aware."
B) "you may have the body."
C) "of private right."
D) "let the master answer."
Q5) Briefly discuss the four tests courts use to determine if an employee's conduct was within his or her scope of employment.
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Chapter 37: Introduction to Forms of Business and Formation of Partnerships
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Q1) Which of the following is not a necessary element of the definition of partnership according to the RUPA?
A) Co-ownership of the assets used by the business
B) Association of two or more persons
C) Limited liability of partners
D) Carrying on of a business
Q2) Mr.Olive and Mrs.Pickle enter into a partnership to provide IT consulting services.The name of the business is IT Doctor.From the partnership account Mr.Olive purchases a laptop and an iPad.Who owns the laptop and iPad?
A) Mr.Olive
B) Mrs.Pickle
C) The business IT Doctor
D) The government
Q3) A sole proprietorship lasts for how long if it continues to run unabated?
A) For 100 years
B) 10 years with an option to renew for another 10 years
C) Till the death of the owner
D) 30 years then the business has to be reformed
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Chapter 38: Operation of Partnerships and Related Forms
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Q1) A partner may not compete against the partnership unless he or she obtains consent from the other partners.
A)True
B)False
Q2) In all partnerships,profits are shared according to the amount of capital contributed by each of the partners.
A)True
B)False
Q3) Which of the following decisions must be approved by all the partners of a partnership business that provides accounting and auditing services?
A) Buying paper supplies for the partnership.
B) Making a contract to provide audit services.
C) Borrowing money to repay a partnership debt.
D) Hiring a secretary.
Q4) When partners disagree concerning an action to be taken in the ordinary course of business,the disagreement will be resolved only if all the partners agree.
A)True
B)False
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Chapter 39: Partners Dissociation and Partnerships
Dissolution and Winding up
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Q1) Which of the following is a nonwrongful dissociation?
A) A partner's filing a bankruptcy petition
B) A partner's retirement at age 60 when the partnership agreement requires the partners to retire at age 70
C) A partner's willful and persistent breach of the partnership agreement
D) Death of a partner
Q2) A & K Inc.obtains a charging order against Bob,a partner in Foter and Poter Partnership.Such an act will cause the partnership to dissociate.
A)True
B)False
Q3) Normally,the implied authority of a winding up partner includes no power to borrow money in the name of the partnership.
A)True
B)False
Q4) Dissociation is the term for adding new members to an existing partnership.
A)True
B)False
Q5) Discuss a partner's authority to borrow money during winding up.
Q6) Discuss the rules of dissociation and dissolution for mining partnerships.
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Chapter 40: Limited Liability Companies, Limited
Partnerships, and Limited Liability Limited
Partnerships
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Q1) The LLC is not ordinarily liable for the wrongful acts of:
A) manager members in a member-managed LLC.
B) nonmanager members in a manager-managed LLC.
C) nonmanager members in a member-managed LLC.
D) manager members in a manager-managed LLC.
Q2) The owners of an LLC are called:
A) natural persons.
B) members.
C) partners.
D) managers.
Q3) If a limited partner becomes a general partner as well in a limited partnership:
A) her share of profits will go down.
B) she will lose her managerial powers.
C) she will lose her limited liability.
D) she will lose her right to receive profits.
Q4) An LLC member has no individual liability on LLC contracts,unless he/she also signs LLC contracts in his/her personal capacity.
A)True
B)False
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Chapter 41: History and Nature of Corporations
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Q1) Toywood Inc. ,headquartered in Vermont,specializes in manufacturing non-toxic wooden toys in its two mechanized units in Vermont and New Hampshire.Its flagship store is located in Philadelphia,PA.It will be considered a(n)_____ corporation in PA.
A) domestic
B) alien
C) domicile
D) foreign
Q2) Outland Corporation is incorporated in Wyoming,where it has its executive office.It has a manufacturing plant in Utah,and a warehouse in New Mexico,where most of its sales are made.Outland is subject to taxation in:
A) Wyoming,Utah,and New Mexico.
B) Wyoming and Utah only.
C) Wyoming and New Mexico only.
D) New Mexico only.
Q3) Most of the common law of corporations deals with:
A) creditor and shareholder rights.
B) incorporation of not-for-profit organizations.
C) promoter and manager rights.
D) incorporation of sole proprietorships.
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Chapter 42: Organization and Financial Structure of Corporations
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Q1) Andrew decides to incorporate his sole proprietorship under the name Sampras Entertainment Corporation.He tells his lawyer to file articles of incorporation,and the lawyer says that the filing will be done on July 1.On June 25,Andrew makes a contract with Wimbledon Corporation.Andrew signs the contract in the name of Sampras Entertainment Corporation only.On July 1,the secretary of state files the articles.Under the MBCA,is Andrew liable on the contract with Wimbledon?
Q2) The fiduciary duty to the corporation is owed by its:
A) shareholders.
B) promoters.
C) investors.
D) creditors.
Q3) To retain its status as a corporation in good standing,a corporation must:
A) pay an annual franchise fee or tax.
B) hold an annual shareholders' meeting.
C) pay an annual dividend to shareholders.
D) hold an annual board of directors' meeting.
Q4) There is no limit on the number of members in a Nonprofit Corporation.
A)True
B)False
Page 44
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Chapter 43: Management of Corporations
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Q1) _____ is a tender offer defense where the target corporation turns the tables on the tender offeror or raider by making a tender offer for the raider's shares.
A) Greenmail
B) Lock-Up Option
C) White Knight
D) Pac-Man
Q2) Under the Model Business Corporations Act,a director who is sued in connection with his/her duties to the corporation may be indemnified by the corporation when:
A) the director acted in good faith and his conduct was lawful.
B) the director failed to act in the best interests of the corporation.
C) the director's actions were grossly negligent but not intentional.
D) the director received unqualified financial benefits.
Q3) Unless the articles of incorporation state otherwise,directors cannot be removed with or without cause.
A)True
B)False
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Chapter 44: Shareholders Rights and Liabilities
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Q1) _____ voting allows a majority shareholder to elect the entire board of directors.
A) Preference
B) Cumulative
C) Ranked
D) Straight
Q2) A corporation may have several classes of common shares with unequal voting rights.
A)True
B)False
Q3) A person who purports to act on behalf of a terminated corporation has the liability of a person acting for a corporation prior to its incorporation.
A)True
B)False
Q4) Unless established differently in the Articles of Incorporation,a quorum for a shareholders meeting is a simple majority.
A)True
B)False
Q5) Atria Corporation wishes to dissolve.How can it do so?
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Chapter 45: Securities Regulation
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Q1) The Uniform Securities Act permits an issuer to register by coordination,which means the issuer:
A) can file the 1933 Act registration statement with the state securities administrator.
B) becomes exempt from registration under state securities registration law.
C) needs to file under the state securities registration law only and not the 1933 Act.
D) need not register the securities statement once he/she has registered under the 1933 Act.
Q2) A plaintiff wishes to recover damages from the issuer for losses resulting from material misstatements in a securities registration statement.In order to be successful under Section 11 of the 1933 Act,one of the elements the plaintiff must prove is that the:
A) plaintiff was in privity of contract with the issuer.
B) plaintiff relied on the misstatement or omission in the registration statement.
C) issuer acted negligently.
D) issuer is in one of the classes of persons liable under Section 11.
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Chapter 46: Legal and Professional Responsibilities of
Auditors, Consultants, and Securities Professionals
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Q1) Nast Corp.orally engaged Baker & Co. ,CPAs,to audit its financial statements.The management of Nast informed Baker that it suspected the accounts receivable were materially overstated.Although the financial statements audited by Baker did,in fact,include a materially overstated accounts receivable balance,Baker issued an unqualified opinion.Nast relied on the financial statements in deciding to obtain a loan from Century Bank to expand its operations.Nast has defaulted on the loan and has incurred a substantial loss.If Nast sues Baker for negligence in failing to discover the overstatement,Baker's best defense would be that:
A) Baker did not perform the audit recklessly or with an intent to deceive.
B) Baker was not in privity of contract with Nast.
C) Baker performed the audit in accordance with generally accepted auditing standards.
D) Nast orally engaged Baker and no engagement letter had been signed by Baker.
Q2) In which of the following contexts is a professional most likely to experience a nonclient action?
A) An accountant who prepares and audits financial statements of companies.
B) A consultant who gives advice to companies for improving performance.
C) A securities broker who provides investment advice to retail investors.
D) An attorney who advises companies on corporation and business laws.
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Chapter 47: Administrative Law
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Q1) Which of the following is an executive administrative agency?
A) The National Labor Relations Board
B) The Equal Employment Opportunity Commission
C) The Internal Revenue Service
D) The Interstate Commerce Commission
Q2) In case a particular agency enabling legislation provides for stricter procedures than the Administrative Procedure Act (APA),those procedures will be considered void.
A)True
B)False
Q3) Respondents who sign consent orders:
A) agree to discontinue the business practice that triggered the agency action.
B) admit to their wrongdoing.
C) retain all rights to judicial review.
D) need not accept sanctions imposed by the agency.
Q4) The difference between executive agencies and independent agencies is that:
A) independent agency heads are appointed by Congress.
B) independent agency heads serve fixed terms in office.
C) executive agency heads are appointed by executives of corporations.
D) executive agency heads can be removed by Congress.
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Chapter 48: The Federal Trade Commission Act and Consumer Protection Laws
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Q1) The TILA also deals in consumer credit advertising and thus prevents a creditor from "baiting" customers.
A)True
B)False
Q2) An advertisement is in violation of the Federal Trade Commission Act only when it:
A) is likely to mislead any consumer.
B) is likely to mislead a consumer who acts reasonably.
C) actually deceives any consumer.
D) does not involve a material misrepresentation.
Q3) The Consumer Financial Protection Bureau (CFPB)was created by the:
A) Dodd-Frank Wall Street Reform and Consumer Protection Act.
B) Equal Credit Opportunity Act.
C) Fair Debt Collection Practices Act.
D) Fair and Accurate Credit Transactions Act.
Q4) Violations of the FCRA are violations of:
A) FTC Act Section 5.
B) FTC Act Section 10.
C) Section 43(a)of the Lanham Act.
D) Section 41 of the Lanham Act.
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Chapter 49: Antitrust: the Sherman Act
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Q1) A common variation of a(n)_____ agreement is the requirements contract.
A) exclusive dealing
B) joint venture
C) reciprocal dealing
D) formal written
Q2) When two or more business entities conspire to monopolize a relevant market,Section 2 of the Sherman Act may be violated.
A)True
B)False
Q3) Sherman Act violations may give rise to civil prosecutions only.
A)True
B)False
Q4) In order to prove a violation of monopoly under the Sherman Act,the offending person or company must have done what?
A) Had the intent to monopolize
B) Profited by the actions in question
C) Violated criminal statutes in at least one state
D) Engaged in civil fraud during the course of business
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Page 51
Chapter 50: The Clayton Act, the Robinson-Patman Act, and Antitrust Exemptions and Immunities
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Q1) Gorgeous is a conglomerate and its major businesses include department store chains and grocery store chains.Gorgeous recently acquired Connect Corp. ,a mobile-network operator.Connect has the third-largest share of the mobile-network market.This is Gorgeous's first venture into the mobile-network business.Which of the following theories is the most appropriate one for challenging the acquisition of Connect by Gorgeous under Section 7 of the Clayton Act?
A) Elimination of actual potential competition
B) Potential reciprocity
C) Unfair advantage
D) Elimination of perceived potential competition
Q2) The Robinson-Patman act outlawed secondary and tertiary price discrimination.
A)True
B)False
Q3) The McCarran-Ferguson Act does not exempt all actions by insurance companies from antitrust liability.
A)True
B)False
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Page 52
Chapter 51: Employment Law
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Q1) In which of the following situations will a state make an award of workers' compensation to an injured worker,if the state is using an "increased risk" test to define the relationship between an injury and the nature of employment?
A) A secretary is assaulted by a trespasser in an accounting firm.
B) A security guard employed by a software company is assaulted by a trespasser.
C) Two employees engage in an arm wrestling match and are injured as a result.
D) An employee attempts to impress his co-worker by placing a lit match close to his hand and is burned as a result.
Q2) The federal and state governments are exempted from which of the following acts?
A) The Family and Medical Leave Act
B) The Fair Labor Standards Act
C) The Equal Pay Act
D) The Occupational Safety and Health Act
Q3) The usual Title VII suit is a suit by _____.
A) the EEOC
B) the Department of Labor
C) the states
D) a private plaintiff
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Chapter 52: Environmental Regulation
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Q1) The _____,enacted in 1970,required that an environmental impact statement be prepared for every recommendation or report on legislation and for every major federal action significantly affecting the quality of the environment.
A) Comprehensive Environmental Response Compensation and Liability Act
B) Clean Air Act
C) National Environmental Policy Act
D) Toxic Substances Control Act
Q2) Under the Clean Air Act,the federal government is required to develop a state implementation plan for meeting national ambient air quality standards in every state.
A)True
B)False
Q3) The Clean Water Act establishes a program governing the injection of wastes into wells.
A)True
B)False
Q4) What is meant by the term "National Priority List"?
Q5) The Clean Water Act incorporates both civil and criminal sanctions. A)True B)False
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