Entrepreneurship Law
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Course Introduction
Entrepreneurship Law explores the legal foundations and regulatory frameworks essential for launching and managing new ventures. This course examines key topics such as business formation and structure, intellectual property protection, financing strategies, contracts, employment law, and compliance with local, national, and international regulations. Students will analyze real-world case studies to understand legal risks, obligations, and opportunities entrepreneurs face, equipping them with the tools to make informed decisions and navigate the complex legal landscape of startup businesses.
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Dynamic Business Law The Essentials 3rd Edition by
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Page 2
Nancy Kubasek
Chapter 1: An Introduction to Dynamic Business Law
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Q1) Which of the following contains summaries of common law rules in a particular area of the law?
A) U.S. Code
B) State Administrative Codes
C) Executive Proclamations
D) Case Reporters
E) Restatements of the Law
Answer: E
Q2) Which type of law is involved in the above situation considering Molly's interaction with both the officer and Sam?
A) Public law but not private law
B) Private law but not public law
C) Civil law and private law but not public law
D) Criminal law and public law but not private law
E) Public law, private law, civil law, and criminal law
Answer: E
Q3) The term "natural law" is another word for "legal positivism."
A)True
B)False
Answer: False
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Chapter 2: Business Ethics
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Q1) The "public disclosure" test for ethical behavior is sometimes referred to as the ______ test.
A) Television
B) Powell
C) Self-conscious
D) Golden
E) Primary Answer: A
Q2) Which of the following is the study and practice of decisions about what is good,or right?
A) Morals
B) Ethics
C) Consequences
D) Law
E) Business Answer: B
Q3) The definition of stakeholder is the same as the definition of shareholder.
A)True
B)False Answer: False
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Chapter 3: The Uslegal System
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Q1) A reply is an answer to a counterclaim.
A)True
B)False Answer: True
Q2) The defendant responds to a complaint with an answer.
A)True
B)False Answer: True
Q3) The ______ requirement ensures that courts do not render advisory opinions.
A) Attachment
B) Subject-matter jurisdiction
C) Case or controversy
D) In rem
E) In personam
Answer: C
Q4) Discuss the items that should appear in a complaint.
Answer: The complaint states the names of the parties to the action,the basis for the court's subject-matter jurisdiction,the facts on which the plaintiff bases the claim,and the relief sought.
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Chapter 4: Alternative Dispute Resolution
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Q1) Which of the following is true regarding strikes under the National Labor Relations Act?
A) A union must contact the State Mediation Consortium to attempt to mediate its demands before beginning a strike to achieve higher wages or better working hours.
B) A union must contact the National Mediation Service to attempt to mediate its demands before beginning a strike to achieve higher wages or better working hours.
C) A union must contact the Federal Mediation and Conciliation Services to attempt to mediate its demands before beginning a strike to achieve higher wages or better working hours.
D) A union must contact the Judicial Arbitration and Mediation Services to attempt to mediate its demands before beginning a strike to achieve higher wages or better working hours.
E) A union has no obligation to inquire into mediation before beginning a strike for any reason.
Q2) A person must have a law degree in order to be a mediator.
A)True
B)False
Q3) How are arbitrations similar and dissimilar to a court trial?
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Chapter 5: Constitutional Principles
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Q1) Which amendment prohibits cruel and unusual punishment?
A) Second
B) Fourth
C) Fifth
D) Eighth
E) Tenth
Q2) Why must federal legislation that affects business be based on an expressed constitutional grant of authority?
A) Because the U.S. Congress passed a law to that effect.
B) Because the federal government has only those powers granted to it by the Constitution.
C) Because President Lincoln issued an executive order to that effect.
D) Because President Washington issued an executive order to that effect.
E) Because it is a custom.
Q3) The U.S.Constitution explicitly allows courts to review legislative and executive actions to determine whether they are constitutional.
A)True
B)False
Q4) Explain the concept of the "dormant commerce clause."
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Chapter 6: International and Comparative Law
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Q1) A company that sends its products to a foreign marketplace for sale has engaged in
A) Importation
B) Subsidization
C) Exportation
D) Foreign transaction
E) Foreign distributing
Q2) Define tariffs and how they may be calculated.Additionally,define a nontariff barrier and list and define three types of non-tariff barriers.
Q3) Which of the following is a multilateral convention establishing procedures for transnational discovery between private persons in different states?
A) Smith Evidence Conventions
B) International Evidence Convention
C) Discovery Convention
D) Hague Evidence Convention
E) NAFTA Evidence Convention
Q4) The General Agreement on Tariffs and Trade became effective in 2000.
A)True
B)False
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Chapter 7: Crime and the Business Community
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Q1) Which of the following is the term that describes wrongful behavior in a criminal action?
A) Mens rea.
B) Actus reus.
C) Res judicta.
D) Stare decisis.
E) Carpe diem.
Q2) Of which of the following,if any,is Sally guilty of by providing information to Alice regarding the purchase?
A) She is guilty of an insider-trading violation by tipping the information.
B) She is guilty of an insider-trading violation by being tipped.
C) She is guilty of an insider-trading violation by both tipping and being tipped.
D) She is guilty of criminal extortion.
E) She is not guilty of any offense.
Q3) List and discuss the three tests discussed in the text used for determining the viability of the insanity defense.
Q4) The primary purpose of criminal law is to compensate a victim.
A)True
B)False
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Chapter 8: Tort Law
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Q1) Which of the following is true of the term "tort"?
A) It is a French word meaning "wrong."
B) It is a German word meaning "mistake."
C) It is a Latin word meaning "misfeasance."
D) It is an English word meaning "negligence."
E) It is a civil law term meaning "liability."
Q2) As far as the statements made to her friends are concerned,which of the following is true in regards to Maryann's statement that Candy cannot recover because Candy has not suffered a loss of income?
A) Maryann is correct.
B) Maryann is correct only if she can show that she did not intend to cause Candy loss of income.
C) Maryann is incorrect because her statements constituted slander per se.
D) Maryann is incorrect because general damages will be presumed.
E) Maryann is incorrect but only because Candy cannot establish liable per se.
Q3) The use of moral pressure is insufficient to establish false imprisonment.
A)True
B)False
Q4) List and explain the four different types of privacy torts.
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Chapter 9: Negligence and Strict Liability
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Q1) Which of the following is an example of an inherently dangerous activity?
A) Driving a vehicle.
B) Operating an airplane.
C) Dynamite blasting in a populated area.
D) Burning trash.
E) Babysitting.
Q2) Which of the following aids plaintiffs in establishing negligence claims?
A) Only res ipsa loquitur
B) Only negligence per se
C) Only assumption of risk
D) Res ipsa loquitur and negligence per se
E) Res ipsa loquitur, negligence per se, and assumption of risk
Q3) When negligence per se applies,the plaintiff is required to show that a reasonable person would exercise a heightened duty of care toward the plaintiff.
A)True
B)False
Q4) More than half the states remain contributory negligence states.
A)True
B)False
Q5) Identify and explain the elements of negligence.
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Chapter 10: Product Liability
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Q1) Which of the following is true regarding warnings and the usage of products by children?
A) There is no duty to warn when children are involved because it is assumed that parents are responsible.
B) There is a duty to warn when children are involved, but it is no different from the duty to warn when only adults are expected to use a product.
C) Picture warnings could be required if children are likely come into contact with the product and risk harm from its use.
D) Warnings are only required for children whose parents actually purchased the product.
E) Warnings are only required for minors above the age of twelve because it is assumed that children under that age will not be able to comprehend warnings.
Q2) What four considerations did the U.S.Supreme Court identify in the case of Daubert v.Merrill Dow Pharmaceutical for relevant and reliable expert opinions?
Q3) The statute of limitations is the same thing as the statute of repose.
A)True
B)False
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Chapter 11: Liability of Accountants and Other Professionals
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Q1) The contract that Paul and Teresa entered into setting the scope of Paul's duties is referred to as a[n] ___________.
A) Engagement letter
B) Accounting contractual letter
C) Auditing contractual letter
D) GAAP letter
E) GAAS letter
Q2) Over the last few years,plaintiffs have been successful in bringing fraud suits against accountants under the Racketeer Influenced and Corrupt Organizations Act.
A)True
B)False
Q3) When can an accountant be held liable to his or her client for fraud?
Q4) GAAS was established by which of the following?
A) The American Institute of Certified Public Accountants
B) The American Institute of Auditors
C) The Financial Accounting Standards Board
D) The American Accounting and Auditing Standards Board
E) The Federal Accounting Standards Board
Q5) Discuss the defenses available to an accountant charged with negligence.
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Chapter 12: Intellectual Property
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Q1) Identify where a trademark is registered,what one should do when requesting registration,and what the governmental office involved would then do.Identify circumstances under which a trademark will not be accepted for registration.
Q2) An invention might be considered a trade secret.
A)True
B)False
Q3) Which of the following is true regarding trade secret protection?
A) A trade secret is protected from unlawful appropriation by competitors as long as it is kept secret and consists of elements not generally known in the trade.
B) A trade secret is protected from unlawful appropriation by competitors for ten years.
C) A trade secret is protected from unlawful appropriation by competitors for twenty years.
D) A trade secret is protected from unlawful appropriation by competitors for thirty years as long as it is kept secret and consists of elements not generally known in the trade.
E) A trade secret is protected from unlawful appropriation by competitors for seventy years.
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Chapter 13: Introduction to Contracts
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Q1) A person who is intoxicated when signing a contract may not avoid the contract based on being intoxicated because being intoxicated is a voluntary condition.
A)True
B)False
Q2) Which of the following is the most likely measure of recovery when a quasi-contract is involved?
A) The amount set forth in the contract.
B) The fair market value of the matter involved.
C) The wholesale price of any good involved.
D) The amount sought by the plaintiff in the Complaint.
E) Damages will be computed the same way as they are computed for any other contract.
Q3) Define an express contract and an implied contract; set forth the three conditions that generally must be met for the courts to find an implied contract,and give an example of an express and implied contract.
Q4) If a contract is valid,then it is enforceable.
A)True
B)False
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Chapter 14: Agreement
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Q1) What was the result in the Opening Case in which the plaintiff attempted to buy a jet from Pepsi for Pepsi points and some additional funds?
A) The plaintiff prevailed, and Pepsi had to sell the jet as offered because Pepsi failed to specifically reserve details of the offer to a separate writing.
B) The plaintiff prevailed, and Pepsi had to sell the jet as offered because Pepsi's advertisement was considered an offer which the plaintiff validly accepted.
C) The plaintiff prevailed, and Pepsi had to provide the jet as offered because Pepsi did not revoke the offer soon enough.
D) The plaintiff did not prevail because the jet was unobtainable as a military aircraft.
E) The plaintiff did not prevail because Pepsi reserved the details of the offer to a separate writing, and Pepsi had the authority to reject the plaintiff's offer to purchase.
Q2) Only the offeree to whom an offer is directed can accept the offer.
A)True
B)False
Q3) Set forth the circumstances under which an offer may not be revoked.
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Chapter 15: Consideration
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Q1) Christen graduates from college,receives a job offer across the country,and moves there giving up her apartment and cancelling all the other job interviews.After she gets there,she is told that there is no job.What may she recover in most states?
A) Nothing
B) Reliance damages
C) Liquidated damages
D) Acknowledged damages
E) Approved damages
Q2) Which of the following is not an example of consideration?
A) A promise to stay in a job until a particular project is complete.
B) A promise to your football coach to refrain from riding your motorcycle during football season even though you love riding it.
C) A promise to cook dinner for your roommate for the next six months.
D) A promise to buy skis for $300 if you like them.
E) A promise to stop staying out late at night during exam week.
Q3) Consideration is optional in every contract.
A)True
B)False
Q4) What is the preexisting duty rule?
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Chapter 16: Capacity and Illegality
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Q1) What did the U.S.Supreme Court rule in Buckeye Check Cashing Inc.,v.Cardegnaet,the case in the text involving whether the court or the arbitrator should determine decide the issues of a case when illegality in relation to a contract is claimed?
A) That an arbitrator should address charges of illegality involving either an arbitration provision or a contract as a whole.
B) That when an arbitration provision in a contract is not specifically challenged, an arbitrator should address a charge of illegality to a contract as a whole.
C) That when an arbitration provision in a contract is not specifically challenged, a court should address a charge of illegality to a contract as a whole.
D) That the court should address charges of illegality involving either an arbitration provision or a contract as a whole.
E) That whether a court or an arbitrator should address charges of illegality involving either an arbitration provision or a contract as a whole depends upon the first to file rule.
Q2) Discuss in detail the age of majority in Great Britain.
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Chapter 17: Reality of Assent
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Q1) Which of the following refers to an intentional failure to provide pertinent information about a projected contract?
A) Concealment
B) Nondisclosure
C) Negligence
D) Secretion
E) Entombment
Q2) Which of the following is found when one party was forced into an agreement by the wrongful act of another?
A) Duress
B) Negligence
C) Fraud
D) Browbeating
E) Coercion
Q3) Nondisclosure involves the active hiding of the truth about a material fact.
A)True
B)False
Q4) What must a party prove in order to obtain money damages based on a fraudulent misrepresentation when damages are sought?
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Chapter 18: Contracts in Writing
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Q1) The purpose of the parol evidence rule is to prevent attempts to use only oral evidence to prove agreements.
A)True
B)False
Q2) One way parties can indicate their desire to create an integrated contract is through the use of a[n] ______ clause.
A) Complete
B) Merger
C) Adhesion
D) Bilateral
E) Acknowledged
Q3) Which of the following is a term for contracts within the statute of frauds involving promises to pay a debt of another if the initial party fails to pay?
A) Secondary obligations
B) Primary promises
C) Primary debts
D) Third-party debts
E) Commercial promises
Q4) According to the text,what are the three main purposes of the statute of frauds?
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Chapter 19: Third Party Rights to Contracts
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Q1) Which of the following is true regarding Billy's claim that he had no duty to pick up the paint cans?
A) Billy is correct because he validly delegated that duty to Billy.
B) Billy is incorrect because the job was a personal service, and he had no right to assign either rights or duties under the contract.
C) Billy is incorrect but only because the job was for under $1,000.
D) Billy is correct only because Richard properly painted the house and was, therefore, responsible for ancillaries. If Richard had improperly painted the house, Billy would have had remaining duties.
E) Billy is incorrect because his delegation did not affect his obligation to Jan.
Q2) When parties include a[n] ______ clause in their contract,the parties are attempting to limit their ability to assign their rights under the contract.
A) Antiobligation
B) Antiassignment
C) Anticontract
D) Severability
E) Integration
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Chapter 20: Performance,Breach of
Contract,discharge,and Remedies
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Q1) Which of the following is an order either forcing a person to do something or prohibiting a person from doing something?
A) Specification
B) Directive
C) Instructional edict
D) Demand
E) Injunction
Q2) Specific performance is an order requiring that the breaching party fulfill the terms of the agreement.
A)True
B)False
Q3) An offer of performance by being ready,willing,and able to perform is known as
A) Offering
B) Showing
C) Tender
D) Completer
E) Implied acceptance
Q4) List the ways by which a party's contractual obligations can be terminated.
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Chapter 21: Introduction to Sales and Lease Contracts
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Q1) Under the UCC,items are _____ if they exist physically.
A) Merchandise
B) Real
C) Tangible
D) Movable
E) Saleable
Q2) The UCC is divided into sections known as ______.
A) Divisions
B) Articles
C) Subsections
D) Clauses
E) Amendments
Q3) Set for the circumstances under which the parol evidence rule would not apply and parties would be allowed to explain or supplement a written contract.
Q4) The UCC recognizes the concept of unconscionability.
A)True
B)False
Q5) Describe a finance lease and explain how it is different from a regular lease contract.
Q6) Discuss when a party may be considered a "merchant" under the UCC.
Page 23
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Chapter 22: Title,Risk of Loss,and Insurable Interest
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Q1) Which of the following is held when someone unknowingly purchases stolen goods?
A) Void title
B) Voidable title
C) Good title
D) Examined title
E) Substantiated title
Q2) The UCC defines a[n] _____ as the passing of title from the seller to the buyer for a price.
A) Sale
B) Consignment
C) Lease
D) Title swap
E) Ownership
Q3) FOB and FAS are different terms with the same meaning.
A)True
B)False
Q4) If a shipment contract is vague or ambiguous on the issue,an origin contract will be presumed.
A)True
B)False
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Chapter 23: Performance and Obligations Under Sales and Lease Contracts
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Q1) Which of the following was the result on appeal in Donovan v.RRL Corporation,the case in the text in which the plaintiff attempted to enforce a price for an automobile contained in an ad,and the defendant car dealership claimed that a mistake was involved?
A) The court ruled in favor of the dealership because ads can never constitute offers.
B) The court ruled in favor of the dealership because an intentional misrepresentation is needed before an ad can be considered an offer, and there was no proof of an intentional misrepresentation on the part of the dealership.
C) The court ruled in favor of the dealership on a combination of mistake and unconscionability.
D) The court ruled in favor of the plaintiff because the ad constituted an enforceable offer.
E) The court ruled in favor of the plaintiff on the basis of unilateral mistake and unconscionability.
Q2) Should the perfect tender rule be rejected as a matter of law and replaced with the concept of substantial performance?
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Chapter 24: Remedies for Breach of Sales and Lease Contracts
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Q1) Which of the following most accurately describes the action taken by Theresa?
A) Theresa breached the contract
B) Theresa revoked acceptance and covered
C) Theresa canceled the contract and exchanged
D) Theresa substantially performed
E) Theresa engaged in a trade modification
Q2) In transit means that the seller or lessor has delivered the goods to a carrier or bailee,but the carrier or bailee has not yet turned them over to the buyer.
A)True
B)False
Q3) What type of remedy does the UCC give buyers and lessees when the other party has breached a contract?
A) The benefit of the bargain
B) Any amounts of money lost plus 10%
C) Any amounts of money lost plus 15%
D) Any amounts of money lost plus 20%
E) Any amounts of money lost plus 25%
Q4) Which of the following must a buyer do in obtaining cover?
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Chapter 25: Warranties
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Q1) Which of the following is true regarding whether Samantha made an implied warranty of fitness for a particular purpose to Rebecca that the blender would make smoothies?
A) Samantha did not make an implied warranty of fitness for a particular purpose because there is no proof that Rebecca was relying on Samantha to make the selection.
B) Samantha did not make an implied warranty of fitness for a particular purpose because Samantha is not a merchant.
C) Samantha did not make an implied warranty of fitness for a particular purpose because no express warranty was made.
D) Samantha made an implied warranty of fitness for a particular purpose to Rebecca that the blender would make smoothies because she had a duty to tell Samantha otherwise.
E) Regardless of whether she said anything or not, Samantha made both an express warranty and a warranty of fitness for a particular purpose.
Q2) What options does the UCC give states in regard to warranties extending to third-party beneficiaries of warranties,and which option have most states adopted?
Q3) What needs to be shown under the UCC for goods to be found merchantable?
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Page 27
Chapter 26: Negotiable Instruments: Negotiability and Transferability
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Q1) In order to satisfy the requirement of negotiability that payment be at a time certain or on demand,acceleration of payment is not allowable.
A)True
B)False
Q2) Which of the following is true regarding the status of negotiable instruments in regard to international transactions?
A) The World Trade Organization defines and enforces concepts of negotiability for all member nations.
B) The United Nations Committee on Contracts defines and enforces concepts of negotiability for all member nations.
C) The Uniform Commercial Code is accepted as the defining word on negotiability in North America and Europe.
D) The Uniform Negotiation Act, agreed upon by a majority of countries, addresses definitions in regard to negotiability.
E) The definitions in regard to negotiable contracts vary from country to country.
Q3) Set forth the definition of a traveler's check.
Q4) Set forth the seven requirements for an instrument to be negotiable.
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Chapter 27: Negotiation, Holder in Due Course, and Defenses
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Q1) A time instrument becomes overdue at any date after the expressed due date on the instrument.
A)True
B)False
Q2) A payee may not be a holder in due course.
A)True
B)False
Q3) Which of the following is not an example of a restrictive endorsement?
A) The endorsement for deposit or collection only.
B) The endorsement to prohibit further endorsement.
C) The conditional endorsement.
D) The trust endorsement.
E) The endorsement specifying without recourse.
Q4) Would the school be able to require that Susan cover the amount of the check based on the law of negotiable instruments?
A) Yes, because she signed on the back with a blank unqualified endorsement.
B) Yes, because she signed on the back with a special qualified endorsement.
C) Yes, because she signed on the back regardless of the type of endorsement.
D) No, because she signed on the back using the words, "without recourse."
E) No, because the check was not properly delivered to Shifty.
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Chapter 28: Liability,defenses,and Discharge
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Q1) Set forth the eight real defenses and explain their significance.
Q2) The type of liability that occurs based on a person signing a negotiable instrument is referred to as which of the following?
A) Warranty liability
B) Payee liability
C) Signature liability
D) Primary liability
E) Secondary liability
Q3) Who is the drawee of the check Doreen presented to Hot Dresses Inc.,?
A) Doreen
B) Hot Dresses Inc.
C) Betty, as primary owner of Hot Dresses Inc.
D) Doreen's bank
E) Betty's bank
Q4) If a transfer is through endorsement,transfer warranties apply to any future holders; however,if the transfer does not occur through endorsement,the warranties apply only to the transferee.
A)True
B)False
Q5) What are the requirements for a holder to turn to secondarily liable parties?
Page 30
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Chapter 29: Checks and Electronic Fund Transfers
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Q1) Which of the following is true regarding the bank manager's statement that the bank was a holder in due course,and that stop-payment orders could not affect the right of a holder in due course to collect?
A) The bank manager is wrong.
B) The bank manager is correct only if he can establish that the bank employee who actually paid the check had no knowledge of the stop-payment order.
C) The bank manager is correct unless Elaine can affirmatively prove that the bank employee who actually paid the check had knowledge of the stop-payment order.
D) The bank manager is correct unless Elaine can prove fraud in the factum on the part of BIG Jewelry.
E) The bank manager is correct unless Elaine can prove fraud in the factum on the part of BIG Jewelry and that the bank was aware of the fraud.
Q2) Set forth the characteristics that a traveler's check must have.
Q3) Checks are non-negotiable instruments.
A)True
B)False
Q4) Set forth the requirements for a check to be considered properly payable.
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Chapter 30: Secured Transactions
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Q1) According to the UCC,value is consideration.
A)True
B)False
Q2) How long does a debtor have in which to object to a secured party's retention of collateral to satisfy a debt?
A) 5 Days.
B) 10 Days.
C) 20 Days.
D) 30 Days.
E) 60 Days.
Q3) Which of the following is a writing that demonstrates a right to payment of money?
A) Chattel paper.
B) Goods paper.
C) Payment paper.
D) An instrument.
E) An authorization.
Q4) The person who fails to make payments is said to have defaulted on a loan.
A)True
B)False
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Chapter 31: Other Creditors Remedies and Suretyship
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Q1) According to the text,which of the following are the classes typically exempt from seizure to satisfy a debt through a judicial lien?
A) (1) Household goods and (2) appliances
B) (1) Household goods and (2) appliances tools and instruments needed to carry on a trade
C) (1) Household goods, appliances, and furniture (usually up to a set value), (2) clothing, and (3) equity in a vehicle (usually up to a set value)
D) (1) Household goods, appliances, and furniture (usually up to a set value), (2) clothing, (3) equity in a vehicle (usually up to a set value), and (4) tools and instruments needed to carry on a trade
E) (1) Household goods, appliances, and furniture (usually up to a set value), (2) clothing, (3) equity in a vehicle (usually up to a set value), (4) tools and instruments needed to carry on a trade, and (5) cell phones (usually limited in number)
Q2) An artisan's lien remains in effect regardless of whether the artisan retains the property.
A)True B)False
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Chapter 32: Bankruptcy and Reorganization
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Q1) Some debts that are dischargeable under Chapter 13 are not dischargeable under Chapter 7.
A)True
B)False
Q2) Which of the following is an agreement by which the debtor agrees to pay a debt even though it could be discharged?
A) A settlement
B) A reaffirmation agreement
C) An acknowledgement agreement
D) An accord and compromise
E) An affirmance
Q3) Which of the following are permitted to file under Chapter 11 reorganization?
A) Stockbrokers
B) Commodities brokers
C) Banks
D) Savings and loan companies
E) Corporate debtors
Q4) Which of the following behavior may cause a court to not discharge a debt in a Chapter 7 bankruptcy proceeding?
Q5) Set forth the set of procedures that must be taken in every bankruptcy case.
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Chapter 33: Agency Formation and Duties
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Q1) Which of the following was the result in Penny Garrison et al.v.The Superior Court of Los Angeles,the case in the text in which the plaintiffs sought to sue a residential care facility and avoid the effect of a durable power of attorney by which the decedent's daughter signed agreements to arbitrate disputes involving the facility?
A) That the durable power of attorney was ineffective because it did not grant the holder authority to enter into arbitration agreements and that the arbitration agreements, therefore, were unenforceable.
B) That the durable power of attorney was ineffective because it did not specifically give the daughter authority to enter into agreements involving health care and that the arbitration agreements, therefore, were unenforceable.
C) That the durable power of attorney was ineffective because it was revoked after the decedent became ill and that the arbitration agreements, therefore, were unenforceable.
D) That the durable power of attorney was effective but that the arbitration agreements were void as against public policy.
E) That the durable power of attorney was effective and that the agreements to arbitrate would be upheld.
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Chapter 34: Liability to Third Parties and Termination
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Q1) In order to terminate a principal's responsibility,actual notice of agency termination must be given to third parties who have had business interactions with the agent.
A)True
B)False
Q2) If John pays for the damage to Joan's car,does he have any remedy against Manny?
A) If John covers Joan's damages, then John may receive full reimbursement from Manny based upon the right of indemnification.
B) If John covers Joan's damages, then John is not entitled to any reimbursement from Manny.
C) If John covers Joan's damages, John is only entitled to reimbursement from Manny for 50% of whatever he paid.
D) Any recovery John receives from Manny will be based upon principles of comparative negligence.
E) Any recovery John receives from Manny will be based upon principles of contributory negligence.
Q3) Set forth in detail the conditions under which a principal is directly responsible for his or her own tortious conduct.
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Chapter 35: Forms of Business Organizations
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Q1) Which of the following is a relationship between two or more persons or corporations created for a specific business undertaking?
A) A business trust
B) A joint venture
C) A syndicate
D) A franchise
E) An enterprise
Q2) Members of the board of directors of a corporation are elected by shareholders.
A)True
B)False
Q3) Define a joint venture and set forth two differences under the law between a joint venture and a partnership.
Q4) Which of the following is not a type of partnership?
A) Limited partnerships
B) General partnerships
C) Limited liability partnerships
D) Limited liability company
E) Cooperative
Q5) List the advantages and disadvantages of a sole proprietorship form of business.
Page 37
Q6) Set forth the advantages and disadvantages of forming a general corporation.
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Chapter 36: Partnerships: Nature, Formation, and Operation
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Q1) What is the written agreement creating the partnership entered into by Bruce,Sandra,and Minnie called?
A) Contract of partnership
B) Contract of agreement
C) Partnership articles
D) Articles of partnership
E) Clauses of the articles of partnership
Q2) The implied authority of partners is determined by the partnership agreement.
A)True
B)False
Q3) Title to property may not be put in the name of a partnership.
A)True
B)False
Q4) If a partner has authority to act and the partnership is bound by the act,each partner has unlimited personal liability for the obligation.
A)True
B)False
Q5) Set forth and describe the three property rights held by partners including rights,if any,upon death.
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Chapter 37: Partnerships: Termination and Limited Partnerships
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Q1) If a partnership does not notify third parties of a dissolution,a partner can still have ______ authority to bind the partnership.
A) Actual
B) Supposed
C) Implied
D) True
E) No
Q2) Which of the following is true regarding rights of partners in regard to a rightful dissolution of a partnership?
A) All partners can demand that the partnership be wound-up but only the managing partner may participate in the wind-up.
B) The partners may continue the partnership upon majority vote.
C) If the partners unanimously agree, they can continue the business using the partnership's name.
D) Rightful dissolution is by act of a partner only.
E) Rightful dissolution is by act of court only.
Q3) List the circumstances under which a partnership may be rightfully dissolved.
Q4) Set forth the circumstances under which a partnership may be dissolved by act of the court.
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Chapter 38: Corporations: Formation and Financing
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Q1) Which of the following is a corporation that has not substantially met the requirements of the state incorporation statute,but courts recognize it as a corporation for most purposes to avoid unfairness to third parties who believed it was properly incorporated?
A) A de jure corporation
B) A de facto corporation
C) A corporation by estoppel
D) A corporation by reservation
E) An inactive corporation
Q2) List the six express corporate powers set forth in the text.
Q3) Which of the following describes the friends who agreed to buy stock?
A) Promoters
B) Subscribers
C) Novators
D) Subscriptioners
E) Acceptors
Q4) Set forth the situations under which a court is likely to pierce the corporate veil.
Q5) In what two ways do courts interpret subscription agreements?
Q6) List the two implied corporate powers set forth in the text.
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Chapter 39: Corporations: Directors, Officers, and Shareholders
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Q1) Which of the following is a term for stock issued to individuals below its fair market value?
A) No-par stock
B) Reduced stock
C) Watered stock
D) Less-value stock
E) Unapproved stock
Q2) Shares are ______ when the corporation will not issue physical stock certificates.
A) Approved
B) Unapproved
C) Unacknowledged
D) Acknowledged
E) Uncertificated
Q3) What duty,if any,did Wendy violate?
A) She did not commit any violation.
B) She violated the duty of loyalty.
C) She violated the duty of care.
D) She violated the duty of understanding.
E) She violated the duty of profit maximization.
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Chapter 40: Corporations: Mergers, Consolidations, and Termination
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Q1) Which of the following is true regarding state approval of consolidations?
A) There is no requirement that the state approve consolidations.
B) After reviewing the plan to see that legal requirements are met, the secretary of state issues a certificate to grant approval.
C) The secretary of state must approve consolidations so long as the corporate entity at issue has sufficient assets.
D) The secretary of state must approve consolidations so long as creditors of the corporate entity at issue do not remain unpaid.
E) The secretary of state must approve consolidations so long as no more than 10% of either company's shareholders object.
Q2) Set forth the three circumstances listed in the text under which a corporation acquiring assets assumes the liabilities of the selling corporation.
Q3) What is generally the next step for an aggressor after acquiring a substantial number of the target corporation's shares and why?
Q4) What steps must a target corporation take once an aggressor has presented its offer to the target corporation's shareholders?
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Chapter 41: Corporations: Securities and Investor Protection
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Q1) Securities may be sold during the prefiling period.
A)True
B)False
Q2) Banks themselves oversee the issuance of shares and bonds in Sweden.
A)True
B)False
Q3) Set forth the Howey three-part test for determining if a security exists.
Q4) If a violation of federal securities laws is serious enough to merit criminal prosecution,the Fraud Section of the Securities and Exchange Commission prosecutes the action.
A)True
B)False
Q5) Which of the following references a brief ad that may be issued by an issuer during the waiting period?
A) An advertisement
B) A special offering
C) An unsolicited offering
D) An approved offering
E) A tombstone advertisement
Q6) What is a proxy solicitation and how is it regulated by the SEC?
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Chapter 42: Employment and Labor Law
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Q1) Which of the following is true regarding whether Penny's prohibition of discussion regarding the union and the distribution of literature in support of the union was objectionable under federal labor law?
A) Penny could legally prohibit all discussion regarding the union as well as all distribution of literature in support of the union anywhere on her business premises. B) Penny could legally prevent all distribution of union literature anywhere and anytime on her business premises, but she could not prevent any discussion regarding the union. C) Penny could legally prohibit all discussion regarding the union anywhere and anytime on her business premises, but she could not prevent any distribution of union literature.
D) Penny could likely legally prohibit discussion regarding the union and the distribution of literature during work time, but not during nonwork time such as lunch periods in the employee break room.
E) Penny could not legally prohibit any discussion of the union or any distribution of literature on her business premises.
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Chapter 43: Employment Discrimination
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Questions
Q1) In which of the following types of cases does a plaintiff attempt to prove that while an employer's policy or practice appears to apply to everyone equally,its actual effect is that it disproportionately limits employment opportunities for a protected class?
A) Disparate-treatment cases
B) Disparate-impact cases
C) Sexual harassment cases
D) All of these
E) Quid pro quo cases
Q2) What type of harassment,if any,was involved in Candy's indication to Bruce that if he wanted to get a new blow dryer and keep his job,then he needed to take her out on a date?
A) Quid pro quo.
B) Hostile work environment.
C) Sexual discrimination.
D) Targeted.
E) None because at that point she had not physically touched him in any manner.
Q3) Title VII does not apply to the overseas operations of American firms.
A)True
B)False
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Chapter 44: Administrative Law
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Q1) Which of the following is true regarding the statement by the agency head that agency action may only be overturned when there is clear and convincing evidence that the agency exceeded its discretion?
A) The agency representative is essentially correct because agency decisions are upheld in over 99% of the cases and may only be overturned only if no evidence whatsoever supports the agency's interpretation of its regulation.
B) The agency representative is incorrect because agency decisions are usually struck down unless they are supported by clear and convincing evidence.
C) The agency representative is incorrect because agency decisions are usually struck down unless it can be established that an appeal of an agency decision is frivolous and without reason.
D) The agency representative is incorrect because a court will review a dispute with an agency on a de novo, meaning independent basis, giving no deference to the agency decision.
E) The agency representative is incorrect because while agency actions are usually upheld, they may be struck down if the agency exceeded its power or the facts are not supported by substantial evidence.
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Chapter 45: Consumer Law
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Q1) What type of agency is the Federal Trade Commission?
A) Executive
B) Independent
C) Collateral
D) Approved
E) Certified
Q2) Federal Trade Commission regulations outlaw ads that exert a moral pressure to purchase a product or service.
A)True
B)False
Q3) Which of the following is the only authorized site for government-required free credit reports from the three major reporting agencies?
A) AnnualCreditReport.com
B) FreeReport.com
C) AnnualCredit.edu
D) GovCredit.gov
E) KnowRights.org
Q4) Set forth the rights of appeal a company has if issued a cease-and-desist order by the Federal Trade Commission.
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Chapter 46: Environmental Law
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Q1) A state implementation plan established following the establishment of National Ambient Air Quality Standards must address the means by which the state is going to ensure that the pollutants in the air within its boundaries will meet the primary National Ambient Air Quality Standards within ______ of their establishment.
A) Three years
B) Two years
C) Eighteen months
D) Twelve months
E) Nine months
Q2) Which of the following is a federal law whose purpose is to protect and improve the quality of the air through the National Ambient Air Quality Standards,mobile-source performance standards,and new-source performance standards?
A) The National Air Quality Act
B) The Federal Air Quality Act
C) The Clean Air Act
D) The Ambient Quality Air Act
E) The Uniform Air Quality Standards
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Chapter 47: Antitrust Law
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Q1) Which of the following is true regarding whether Shirley's arrangement that if a store carries her line of scuba gear,it must carry her line of wet suits is legal?
A) It is legal.
B) It is legal unless the items at issue may not be used together.
C) It is per se illegal.
D) If the tying arrangement leads to competitive harm, the court will likely find the arrangement to be illegal.
E) The agreement is legal only if use of the wetsuit enhanced the performance of the scuba gear which is unlikely.
Q2) What does a judge consider when conducting a rule-of-reason analysis?
Q3) When was the Sherman Act enacted?
A) 1890
B) 1925
C) 1935
D) 1943
E) 1958
Q4) Section 2 of the Sherman Act prohibits all monopolies.
A)True
B)False
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Chapter 48: The Nature of Property, Personal Property, and Bailments
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Q1) What was the result in the Case Opener in which the prisoner was required to move to a new cell and the guard did not lock the old cell as agreed resulting in the theft of some items that had not yet been moved?
A) The court ruled that a prisoner has no rights in respect to a guard.
B) The court ruled that while a prisoner has some rights, a prisoner does not have the right to expect a guard to safeguard belongings.
C) The court ruled that although no bailment existed, the guard had a duty to lock the cell.
D) The court ruled that a bailment existed and that the guard had a duty to lock the cell and to act with reasonable care as a bailee.
E) The court ruled that the guard had no duty to lock the cell because no witnesses confirmed that the plaintiff prisoner informed the guard that his personal belongings were in the cell.
Q2) Unless a bailment is gratuitous,the bailee has the right to be compensated in accordance with the terms of the bailment.
A)True
B)False
Q3) List and describe the three types of documents of title governing bailments.
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Chapter 49: Real Property
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Q1) Set forth and discuss two exceptions that may be applied to alter the rule that fixtures remain when a tenant moves.
Q2) Which of the following would originally have been personal property but became part of realty after being permanently attached to real property?
A) A fee
B) A fixture
C) A consolidation
D) A mix
E) An enclosure
Q3) Sam openly used a trail on Kathy's farm to go fishing at the river for 30 years.Kathy knew that he did so.She became angry at him over an event at the Senior Citizen's Center and told him that he could no longer cut across her farm.What legal recourse,if any,would Sam have,and why?
Q4) An owner of a ______ has a possessory interest but not an ownership interest.
A) Conditional estate
B) Life estate
C) Leasehold
D) Future interest
E) Fee simple absolute
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Chapter 50: Landlord-Tenant Law
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Q1) Discuss the options available to a lessee when a landlord fails to make needed repairs along with any applicable requirements if an option is exercised.
Q2) If a tenant fails to leave the property after the termination of the lease,a[n] ______ lease is created.
A) Allowable-term
B) Period-tenancy
C) Tenancy-at-will
D) Tenancy-at-sufferance
E) Definite-term
Q3) Historically,why was a landlord not responsible for ensuring that leased premises were tenantable?
A) Because judges favored lessors.
B) Because the standard of living was lower.
C) Because land was viewed as the more important element being leased.
D) Because it was believed that the free economy should take care of such matters.
E) Because of the large need for premises to lease.
Q4) When may a landlord be found guilty of negligence per se for code violations?
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Chapter 51: Insurance Law
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Q1) A workers' compensation insurance policy is an example of which of the following types of insurance?
A) Casualty
B) Loss
C) Economic
D) Business
E) Injury
Q2) A policy of title insurance is an example of which of the following types of insurance?
A) Business loss
B) Profit loss
C) Commercial
D) Economy
E) Economic
Q3) What is meant by an antilapse clause,and how do these usually work? Do you believe that all states and all types of policies should have antilapse clauses,and why or why not?
Q4) In an insurance contract,the beneficiary is another name for the insured.
A)True
B)False
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Chapter 52: Wills and Trusts
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Q1) Which of the following is a will that the testator writes and signs in his or her own handwriting?
A) Invalid
B) Holographic
C) Penciled
D) Penned
E) Pencil and penned
Q2) Which of the following,if any,identifies the type of trust Gracie set up to encourage her family members to go to school or work?
A) This type of trust would be identified as an illegal trust because it would not be enforced.
B) Relative review
C) Relative pushing
D) Family encouragement
E) Family incentive
Q3) What are the four requirements needed for a valid will?
Q4) List the two components that are usually components of trusts and discuss their function.
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