Entrepreneurship Law Practice Exam
Course Introduction
Entrepreneurship Law explores the legal principles and regulatory frameworks that impact the creation, operation, and growth of new ventures. The course covers topics such as business formation, intellectual property protection, financing, employment law, contracts, and compliance, with a focus on the unique challenges faced by startups and entrepreneurs. Through case studies and practical exercises, students gain an understanding of how legal considerations influence business decisions and strategies, equipping them with the critical skills necessary to navigate the legal landscape of early-stage enterprises.
Recommended Textbook Essentials of Business Law 8th Edition by Anthony Liuzzo
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Page 2
Chapter 1: Our System of Law
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Q1) In what court would a case involving an appeal of a decision made by the Federal Trade Commission be tried?
Answer: The U.S.Circuit Court of Appeals would have jurisdiction in this case.
Q2) The Uniform Commercial Code is a set of laws governing various commercial transactions that is designed to bring uniformity to the laws of the states.
A)True
B)False
Answer: True
Q3) The laws passed by Congress and by state legislatures are called:
A) statutes.
B) executive orders.
C) stare decisis.
D) notices.
Answer: A
Q4) Unlike the federal constitution,state constitution provides safeguards for the rights of individuals within that particular state.
A)True
B)False Answer: False
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Chapter 2: Ethics and the Law
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Q1) What are the basic functions of the U.S.Office of Government Ethics?
Answer: The U.S.Office of Government Ethics is concerned with conflicting financial interests,misuse of position,financial disclosure,impartiality in performing official duties,and other areas of concern.
Q2) Some firms or industries have established a code of ethics,sometimes called a "credo." The objective of a code of ethics is to:
A) specify the principles of ethical behavior expected of its employees.
B) set down the principles to be followed in dealing with government agencies.
C) establish guidelines in dealing with suppliers.
D) establish rules for management to follow in dealing with employee grievances. Answer: A
Q3) What are some non-legal penalties experienced by firms that engage in unethical practices?
Answer: Results may include unfavorable public relations,loss of consumer good will,and poor employee morale.
Q4) There is only one kind of value-individual value.
A)True
B)False Answer: False
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Chapter 3: Criminal Law
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Q1) White-collar crimes are often committed against businesses,but are sometimes committed by firms.Give an example of the latter.
Answer: Crimes committed by business firms typically include insider trading,price fixing,conspiracy in restraint of trade,and monopoly.
Q2) Arson is the willful or malicious burning of a house or building belonging to another person.
A)True
B)False
Answer: True
Q3) The law enforcement authorities of federal,state,and ?local governments enforce specific laws called:
A) action procedure.
B) guidelines.
C) enforcements.
D) statutes.
Answer: D
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Chapter 4: Tort Law
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Q1) Defamation is a broad term that includes both:
A) libel and slander.
B) libel and conversion.
C) nuisance and libel.
D) grand and petty conversion.
Q2) Under the doctrine of contributory negligence,injured parties are not prevented from recovering damages even if they were partly at fault.
A)True
B)False
Q3) The failure to exercise the necessary care not to expose others to unreasonable risk of harm is the tort of:
A) liability.
B) defamation.
C) negligence.
D) misfeasance.
Q4) For an act to be considered defamatory,it is necessary to show that the defamatory statement was published.
A)True
B)False
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Chapter 5: Constitutional Law
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Q1) The Commerce Clause creates one of the most fundamental powers of the Constitution.
A)True
B)False
Q2) The United States Constitution forms the basis for all American Law.
A)True
B)False
Q3) Examples of unreasonable searches and seizures include the following EXCEPT:
A) a detention of longer than 48 hours after a criminal arrest.
B) a nonconsensual extraction of blood.
C) the gathering of fingerprint evidence in certain circumstances.
D) the stop of motorists at sobriety checkpoints to investigate possible instances of driving under the influence.
Q4) The Eight Amendment prevents the Government from imposing an unjustly harsh fine on a person convicted of a crime.
A)True
B)False
Q5) Provide examples searches and seizures considered to be unreasonable under the Fourth Amendment.
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Chapter 6: Administrative Law
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Q1) Why is there a need for delegated legislation?
Q2) In many cases,the need for specialized expertise in a given area can usually come only from the industry being regulated.
A)True
B)False
Q3) The designation not elected by the voters in the Consumer Protection Agency is the:
A) president.
B) governor.
C) mayor.
D) secretary.
Q4) An administrative agency is a governmental body responsible for the control and supervision of a particular activity or area of public interest.
A)True
B)False
Q5) Each state has several levels of courts: trial courts,appeals courts,and a supreme court.
A)True
B)False
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Chapter 7: Introduction to Contracts
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Q1) It is usually advisable to make a contract in oral when the transaction is important and involves a large amount of money.
A)True
B)False
Q2) All but one of the following elements is required of an enforceable contract.The exception is:
A) offer and acceptance.
B) mutual agreement.
C) consideration.
D) malafide intention.
Q3) A telephone conversation can result in a(n):
A) unenforceable oral contract.
B) statutory contract.
C) contingent contract.
D) enforceable oral contract.
Q4) If an agreement imposes a legal obligation,then it is:
A) enforceable.
B) unenforceable.
C) a negated concurrence.
D) a void contract.
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Chapter 8: Offer and Acceptance
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Q1) The offer,once rejected by the offeree,cannot be revived or made into a counter offer once the communication of the rejection has been received by the:
A) offeror.
B) offeree.
C) courier authority that communicates.
D) agent of the offeree.
Q2) According to the ___________,uncertainty with respect to specific terms does not necessarily invalidate a contract.
A) Uniform Civil Code
B) Uniform Commercial Code
C) United States Commercial Code
D) Uniform Contract Code
Q3) Offer and acceptance are the essential elements of a contract.
A)True
B)False
Q4) What are the usual means of communication of an offer?
Q5) Is an acceptance valid if it states terms additional to or different from those offered or agreed upon? Please explain.
Q6) What are the two conditions that must be met for an acceptance to be valid?
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Chapter 9: Mutual Agreement
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Q1) What is an "unconscionable contract," and what are the court's options when handling one?
Q2) A fraud charge can be proven only if it is available in writing,but not if it is spoken,by acts or conduct.
A)True
B)False
Q3) The "take-it-or-leave-it" contracts are quite common and are normally unenforceable.
A)True
B)False
Q4) If there is any misunderstanding or if any force or deception is used by either party to obtain the necessary agreement of the other party,the contract is voidable,and may be disaffirmed at the option of the injured party.
A)True
B)False
Q5) Genuineness,or reality of an agreement,is said to be present in a contract when there is a true meeting of the minds.
A)True
B)False
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Chapter 10: Consideration
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Q1) Statutes,in some states,have permitted a person who has a claim against another to give up,or release,his or her claim without an exchange of consideration by making a written statement to that effect.
A)True
B)False
Q2) Consideration in a contract may be more than just the promises exchanged by the parties,but the actual benefit gained and the detriment suffered by them.
A)True
B)False
Q3) The promises exchanged by the parties to a contract,either to give up something of value they have a legal right to keep,such as money or property; to do something they are not otherwise legally required to do,such as performing a service; or to refrain from an action is known as:
A) competence of parties.
B) offer and acceptance.
C) mutual agreement.
D) consideration.
Q4) Define and explain the term "general release."
Q5) Describe agreements supported by moral consideration.
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Chapter 11: Competent Parties
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Q1) Most contracts made by persons who have not reached the age of majority are:
A) void.
B) valid.
C) voidable.
D) enforceable.
Q2) Persons of unsound mind are considered emancipated.
A)True
B)False
Q3) Disaffirmance may be done by the minor:
A) before receiving the consideration.
B) within a day after reaching adulthood.
C) after receiving the consideration for the contract.
D) within reasonable time after reaching adulthood.
Q4) Is a contract made by a person under the influence of drugs binding? Explain.
Q5) If a minor enters into a contract relating to food,shelter,clothing,?employment,and medical care,then such a contract is known as a:
A) contract of forbearance.
B) contract for service.
C) contract of service.
D) contracts for necessaries.
13
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Chapter 12: Legal Purpose of Contracts
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Q1) To protect the public,most states require persons engaged in certain businesses,professions,and occupations to be:
A) contractual.
B) monopolized.
C) licensed.
D) unlicensed.
Q2) Agreements to defraud creditors and other persons are void and unenforceable because they lack the element of:
A) optimum communication.
B) competency of parties.
C) offer and acceptance.
D) legality of purpose.
Q3) The Federal Antitrust Act,also known as the Sherman Antitrust Act,forbids agreements that result in certain kinds of product price discrimination.
A)True
B)False
Q4) Gambling on Native American reservations is universally legal in all the states.
A)True
B)False
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Chapter 13: Form of Contracts
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Q1) A guaranty,or promise,to pay the debts or settle the wrongdoings of another if he or she does not make settlement personally is not enforceable unless it is written.
A)True
B)False
Q2) Oral evidence introduced after a contract is signed is legally accepted if it clarifies some point in the:
A) oral agreement.
B) verbal agreement.
C) written agreement.
D) implied agreement.
Q3) Certified checks are not included in the forms of acceptable payment.
A)True
B)False
Q4) To be enforceable,agreements in contemplation of marriage:
A) must be in writing and signed after the marriage.
B) must be in writing and signed before the marriage.
C) can be oral if the parties are both over the age of 21 years.
D) should be in the presence of witnesses.
Q5) Give an example of a contract that does not need to be in writing.
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Chapter 14: Operation of Contracts
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Q1) In a private-service contract,the party who hires the specific person to perform certain duties has a(n)____________interest in having only the hired person perform.
A) substantial
B) implied
C) explicit
D) reasonable
Q2) Third parties to a contract are those who are not a party to the contract but who:
A) are witnesses to a contract.
B) are affected by it.
C) are part of a contract of three persons.
D) always have rights under the contract.
Q3) The Uniform Commercial Code (UCC)states,"No delegation of performance relieves the party delegating of any duty to perform or any liability for breach" under:
A) UCC 1-210.
B) UCC 2-210.
C) UCC 3-210.
D) UCC 4-210.
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Chapter 15: Discharge of Contracts
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Q1) A contract may provide for its termination after a certain period of time.
A)True
B)False
Q2) The federal Consumer Credit Protection Act:
A) regulates the collection, dissemination, and use of consumer credit information.
B) gives the consumer a "cooling-off" period of five days and the right to cancel contracts for goods/services made in the consumer's home and to receive a full refund.
C) allows consumers to request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies.
D) gives a consumer the right to cancel a credit transaction within three days when the contract requires that the consumer pledge his/her home as a security deposit.
Q3) A written promise to pay a specified sum of money is a(n):
A) promissory estoppel.
B) promissory note.
C) equitable estoppel.
D) escrow agreement.
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Chapter 16: Transfer of Title
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Q1) Title passes when the parties intend it to pass.
A)True
B)False
Q2) A negotiable warehouse receipt,like the negotiable order bill of lading,requires that the original copy be presented to the warehouser before the goods will be surrendered to someone claiming them.
A)True
B)False
Q3) Camilla agrees to purchase a car for $ 15,000.Camilla and the seller agree that Camilla will return the following day with license plates to pick up the vehicle.In this case,the title shall pass:
A) when Camilla arrives with the license plates.
B) when Camilla takes the vehicle home.
C) at the time of purchase.
D) at the time of agreement.
Q4) For a title to pass,it is important that the goods are:
A) ascertained.
B) not ascertained.
C) perishable.
D) not perishable.
Page 18
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Chapter 17: Sales
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Q1) Two additional kinds of sales are auction sales and conditional sales.
A)True
B)False
Q2) A conditional sales contract is one way of selling merchandise with the condition that title will remain with the buyer until the purchase price has been paid.
A)True
B)False
Q3) The complete agreement for the contract of sale need not be in writing,but there must be some evidence of the intention of the parties.
A)True
B)False
Q4) When the buyer refuses to accept delivery of the goods the seller may:
A) manhandle the buyer for rejection.
B) wait for the buyer to receive the goods.
C) destroy the goods and sue the buyer.
D) sue to recover the sales price.
Q5) Describe the purpose and terms of a conditional sales contract.
Q6) How does the transfer of title differ in a contract for sale and a contract to sell?
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Chapter 18: Warranties
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Q1) A seller or manufacturer has significant legal responsibility only to buyers and users of goods and services,but not to the third parties.
A)True
B)False
Q2) A buyer cannot refuse delivery of goods even if the goods are not the same as described by the seller or do not conform to the sample or model used by the seller to effect the sale.
A)True
B)False
Q3) Some sellers put specific limitations in the warranty to limit the effectiveness of a warranty.Such a denial or repudiation in an express warranty is known as:
A) puffing.
B) product liability.
C) a warranty.
D) a disclaimer.
Q4) What does the "implied warranty of fitness for a particular purpose" require?
Q5) Implied warranties can relate to either the title or the quality of goods.
A)True
B)False
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Chapter 19: Agency
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Q1) An agency by ratification results when a principal approves an unauthorized act performed by an agent.
A)True
B)False
Q2) In an agency by agreement,"authorization" occurs:
A) after the fact occurs.
B) before the fact occurs.
C) during the occurrence of the fact.
D) after the agency becomes defunct.
Q3) When the agent informs the third party that he or she is acting on behalf of another,and makes the third party aware of the identity of the principal,the principal is known as a furtive principal.
A)True
B)False
Q4) The authority that has actually been given by the principal,either orally or in writing,is known as:
A) forbidden authority.
B) foreseen authority.
C) implied authority.
D) express authority.
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Chapter 20: Business Organizations
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Q1) The corporation is required to pay separate income taxes at a special corporate rate for any year during which a profit is earned.At the time profits are distributed to:
A) shareholders.
B) directors.
C) debentures.
D) financiers.
Q2) Which of the following organizational forms has in place a management team whose members share in the overall control of the business?
A) Charity organizations.
B) Sole proprietorship.
C) religious organizations.
D) Limited Liability Company.
Q3) Shareholders vote for __________ who are responsible for managing the overall strategy and operations of the firm over the long term.
A) financiers
B) coordinators
C) directors
D) administrators
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Chapter 21: Bankruptcy
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Q1) The purpose of Chapter 15 bankruptcy is to promote _______________between U.S.courts and those of foreign countries in bankruptcy cases.
A) collaboration.
B) competition.
C) creativity.
D) cooperation.
Q2) Under Chapter 7 of the bankruptcy law examples of exempt property under federal law include the following EXCEPT:
A) one motor vehicle.
B) appliances.
C) trade tools.
D) vacation home.
Q3) Bankruptcy law provides that no debts survive the bankruptcy.
A)True
B)False
Q4) Under Chapter 11 major decisions must be approved by management.
A)True
B)False
Q5) Define and give examples of secured debts.
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Chapter 22: Introduction to Commercial Paper
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Q1) An instruction a depositor gives to his or her bank not to pay a particular check is known as a(n):
A) stop-payment order.
B) garnishee order.
C) endorsed order.
D) temporary protective order.
Q2) Forged checks are illegal,whereas raised checks are not.
A)True
B)False
Q3) A cashier's check is drawn against the depositor's own funds.
A)True
B)False
Q4) All of the following are essential to negotiable commercial paper EXCEPT the fact that it must be:
A) in writing and signed by the maker or drawer.
B) payable to order, to bearer, or to cash.
C) on forms provided by a bank.
D) payable on demand or at a definite time.
Q5) Describe the rules and procedures for stopping payment on a check.
Q6) Describe a cashier's check,who can issue one,and to whom it can be made payable.
Page 24
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Chapter 23: Transfer and Discharge of Commercial Paper
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Q1) A defense against payment of commercial paper that claims the instrument was void from the beginning is known as real defense,or absolute defense.
A)True
B)False
Q2) Often state statutes expressly declare that commercial paper given for gambling transactions or at usurious rates of interest are:
A) void.
B) valid.
C) legal.
D) dire.
Q3) The use of a qualified endorsement affects the negotiability of an instrument.
A)True
B)False
Q4) An endorsement where the name of the payee is written by the payee on the back of a negotiable instrument is a:
A) blank endorsement.
B) special endorsement.
C) restrictive endorsement.
D) qualified endorsement.
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Chapter 24: Real and Personal Property
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Q1) When two or more persons own equal shares of a property then it is called:
A) severalty.
B) co-ownership.
C) joint tenancy.
D) multiparty.
Q2) A person who finds property has no legal responsibility to make an effort to return the property to its rightful owner.
A)True
B)False
Q3) The voluntary transfer of property by one person to another without consideration or payment of any kind is a(n):
A) informal transfer.
B) will.
C) statutory transfer.
D) gift.
Q4) Explain what quitclaim deeds are and when they are used.
Q5) What are the ways in which real property may be transferred? Discuss any one such method.
Q6) Briefly discuss the terms,"tenancy by the entirety" and "tenancy in common."
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Chapter 25: Bailments
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Q1) In all bailments,the bailee must return the identical goods.
A)True
B)False
Q2) The law concerning bailments provides for certain rights and duties of both bailor and bailee,depending on the:
A) amount of the transactions.
B) nature of the business.
C) kind of bailment.
D) competency in the market.
Q3) Under common law,a hotelkeeper's liability for a property of guests was near absolute,but state statutes today limit a hotel's liability to that of a(n):
A) insolvent.
B) ordinary bailee.
C) mortgagee.
D) lessee.
Q4) Taking clothes to a dry cleaner transfers possession,but not ownership of the clothes.
A)True
B)False
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Chapter 26: Landlord-Tenant Relations
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Q1) If the tenant has abandoned the premises,he or she is not relieved of the obligation to pay the:
A) agreed-upon rent.
B) interest on deposits.
C) maintenance charges.
D) insurance on property.
Q2) The person who agrees to pay for the use of real property is known as the landlord.
A)True
B)False
Q3) The owner of real property who gives up his or her right of possession is known as a(n):
A) executor.
B) bailor.
C) guarantor.
D) landlord.
Q4) Explain a landlord's right to rent,regain possession and to evict a tenant.
Q5) Define eviction and distinguish between actual and constructive eviction.
Q6) Distinguish between a lease and a license.
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Chapter 27: Wills, Intestacy, and Trusts
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Q1) What are the primary requirements for testamentary capacity?
Q2) Distinguish between a testamentary trust and a living trust.
Q3) People who establish a trust while they are still alive are known as:
A) testators.
B) executors.
C) settlors.
D) trustees.
Q4) A codicil is prepared to:
A) execute a lease deed.
B) execute a sale deed.
C) revoke, alter, or revise a will.
D) revoke, alter, or revise a gift deed.
Q5) One of the benefits of a trust is that it allows the legal title of property to be separated from the benefits of:
A) partnership.
B) ownership.
C) perpetuity.
D) common seal.
Q6) What are the four legal requirements of a valid will?
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Chapter 28: Intellectual Property
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Q1) Design patents are granted for a period:
A) less than 20 years.
B) from 20 to 30 years.
C) from 30 to 40 years.
D) from 40 to 50 years.
Q2) An individual who copies another's works without permission may be found liable for infringement.
A)True
B)False
Q3) What are the rights of a trade registrant?
Q4) Describe the purpose of design patents,and for how long they are granted.
Q5) Intellectual property is also referred to as a(n)___________ capital.
A) sentiment
B) intellectual
C) net
D) share
Q6) Define restrictive covenants and explain when they are enforceable.
Q7) Computer programs and computer games may not be copyrighted under existing law.
A)True
B)False
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Chapter 29: Computer Privacy and Speech
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Q1) Federal legislation disallows most,but not all kinds of online:
A) gambling.
B) surfing.
C) monitoring.
D) screening.
Q2) The rules of defamation vary depending on whether one is or is not a public figure.
A)True
B)False
Q3) Federal and state laws make most forms of gambling:
A) official.
B) illegal.
C) unethical.
D) beneficial.
Q4) Identify and describe the three major areas that the Computer Fraud and Abuse Act (CFAA)covers.
Q5) Do Internet Service Providers have the legal right to monitor their subscribers' e-mail without consent,and what steps do these ISPs take to protect themselves in this process?
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Chapter 30: Conducting Business in Cyberspace
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Sample Questions
Q1) Use taxes are extremely difficult to collect on small items sold on the Web,and most states do not make efforts to collect use taxes.
A)True
B)False
Q2) The federal Digital Millennium Copyright Act of 1998 (DMCA)provides that Internet Service Providers are not liable for copyright infringements by their subscribers if they adopt and reasonably implement a(n):
A) purchase policy.
B) terminating policy.
C) sales policy.
D) insurance policy.
Q3) A place where a corporation or an issuer sells its securities to the public is known as a:
A) commodity market.
B) primary market.
C) secondary market.
D) labor market.
Q4) Describe the Digital Millennium Copyright Act.
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Chapter 31: The Employer-Employee Relationship
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Q1) Disclosing personal,irrelevant information about a former employee amounts to:
A) defamation.
B) invasion of privacy.
C) illegal restraint of trade.
D) violation of restrictive covenant.
Q2) An employee handbook contains all of the following information,EXCEPT:
A) history of the company.
B) hiring procedure.
C) hours of employment.
D) rules of respondeat superior.
Q3) It is the employee's duty to:
A) obey his or her employer's lawful orders concerning the employment.
B) be careful and less competent than his or her colleagues.
C) create an environment free of competition.
D) provide a safe and sanitary place to work.
Q4) The acts of an employee committed while performing duties are not considered as the acts of the employer.
A)True
B)False
Q5) Explain the concept and purpose of the Internal Revenue Service Test.
Page 33
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Chapter 32: Employment Law
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Q1) Sexual harassment is a form of discrimination on the basis of sex and is illegal under federal law and legal under state law.
A)True
B)False
Q2) Under federal and state law,companies must maintain and report detailed records to demonstrate that their employment practices are nondiscriminatory.These reports are referred to as:
A) bonafide affirmation plans.
B) affirmative action plans.
C) legal insurance plans.
D) antidiscrimination plans.
Q3) Persons who suffer from diseases such as cancer,diabetes,alcoholism,AIDS,epilepsy,manic depression,or schizophrenia are protected under the:
A) Occupational Safety and Health Act of 1970.
B) Americans with Disabilities Act of 1990.
C) Health Insurance Portability and Accountability Act of 1996.
D) Health Maintenance Organization Act of 1973.
Q4) Explain the Civil Rights Act of 1964 and how it relates to the Equal Employment Opportunity Commission.
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Chapter 33: Product Liability
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Q1) Manufacturers and sellers have a duty to advise purchasers and users of dangers inherent in a product.
A)True
B)False
Q2) Hazardous household cleaners and substances are consumer products that have restrictions imposed on them that are regulated by the:
A) Food and Drug Administration Commission.
B) Consumer Product Safety Commission.
C) Federal Administrative Commission.
D) Federal Trade Commission.
Q3) Despite the advent of strict liability,there is considerable activity to curb abuses of the system in various state legislatures with a view toward:
A) manufacture reform.
B) liability reform.
C) tort reform.
D) product reform.
Q4) Distinguish among product flaw,failure to warn,and design defect in product liability lawsuits.
Q5) Explain the legal reasoning behind the concept of strict liability.
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Chapter 34: Professionals Liability
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Q1) When the client relies on the financial planner's recommendations and suffers a loss,the financial planner can be sued for:
A) scandal.
B) battery.
C) negligence.
D) nuisance.
Q2) An attorney is liable to a client if he or she fails to exercise due care in handling a client's affairs.
A)True
B)False
Q3) All competent parties are not liable for their negligence or their failure to meet their contractual obligations.
A)True
B)False
Q4) Discuss any two elements of malpractice.
Q5) An attorney is not liable to a client if he or she fails to exercise due care in handling a client's affairs.
A)True
B)False
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Chapter 35: International Business Law
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Q1) An act of the host country's taking title to all of the assets of the foreign company is called:
A) capitalization.
B) embargo.
C) domestication.
D) expropriation.
Q2) ______________ is the broad study of the legal systems of major countries,treaties,practices,tariffs and nontariff trade barriers,and import and export quotas.
A) International law
B) Interpretation of Statutes
C) Foreign law
D) Federal law
Q3) In 1977,the United States passed the Foreign Corrupt Practices Act (FCPA),which is a federal statute designed to provide executives of American companies with rules and restrictions relating to paying persons in foreign countries to expedite business in these foreign nations.
A)True
B)False
Q4) What is the Doctrine of Comity?
Page 37
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Chapter 36: Business and the Environment
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Q1) The continued use of a pesticide does not cause insects to become immune to the chemical compounds,and as a result the pesticide becomes effective.
A)True
B)False
Q2) In 1970,Congress created the _______________,which has the responsibility of regulating business activities as these relate to the environment.
A) Environmental Protection Agency
B) Environmental Impact Statement
C) Comprehensive Environmental Response
D) Superfund
Q3) Businesses that create pollution frequently cause injury to people or damage to their property,and these businesses may be found liable by a court for the tort of negligence.
A)True
B)False
Q4) Superfund regulates the dumping of waste onto land.
A)True
B)False
Q5) Discuss the Clean Water Act,and how it relates to Superfund.
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