Foundations of Business Law Exam Questions
Course Introduction
Foundations of Business Law introduces students to the fundamental principles and concepts that form the legal framework for business activities. This course explores the sources of law, the structure of the legal system, and the key areas of business regulation including contracts, torts, agency, partnership, and corporate law. Through case studies and real-world examples, students will develop a solid understanding of how law influences managerial decision-making, risk management, and ethical business conduct. Emphasis is placed on identifying legal issues and applying legal reasoning to business scenarios.
Recommended Textbook
Introduction to Business Law 4th Edition by
Jeffrey F. Beatty
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Page 2
Chapter 1: Introduction to Law
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Sample Questions
Q1) Identify and discuss the primary sources of contemporary U.S.law.
Answer: The primary sources of U.S.law include:
1.United States Constitution (the supreme law of the land)and state constitutions,which establish state governments;
2.Statutes,which are drafted by the legislatures;
3.Common law,which is the body of cases decided by judges,as they follow earlier cases,known as precedent;
4.Administrative law,the rules and decisions made by federal and state administrative agencies.
Q2) Common law refers to:
A) law that is the same or similar in all the states.
B) law made when judges decide cases and then follow those decisions in later cases.
C) law made by legislatures in the form of statutes.
D) the legal systems of France,Germany,and Italy.
Answer: B
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3
Chapter 2: Business Ethics and Social Responsibility
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Q1) The behavior of top executives regarding ethical issues has little effect on the behavior of the employees of the organization.
A)True
B)False
Answer: False
Q2) Under Utilitarian ethics if a decision maximizes happiness in the most people it is ethical
A)True
B)False
Answer: True
Q3) Ethics is the study of:
A) sovereign immunity.
B) how people should act.
C) respondeat superior.
D) victimization.
Answer: B
Q4) Unethical behavior is a bar to financial success.
A)True
B)False
Answer: False
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Chapter 3: Courts,Litigation and Alterntive Dispute Resolution
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Q1) Emails and their attachments are not subject to pretrial discovery.
A)True
B)False
Answer: False
Q2) Holt and Collins decide to have their dispute arbitrated by Corrales.Which of the following will NOT be a result of the arbitration?
A) Corrales will render a binding decision.
B) Holt and Collins retain the right to a class action.
C) Holt and Collins give up the right to discovery.
D) Corrales need not give reasons for the decision.
Answer: B
Q3) Briefly describe the process of jury selection.
Answer: The process of jury selection is called voir dire.The court's goal is to select an impartial jury.Through a series of questions,attorneys for each side attempt to get the most favorable jury for their position.As potential jurors are questioned,either side may exclude a juror for cause (some reason to think the person may not be impartial)or via a limited number peremptory challenges,in which no reason must be stated for excluding a juror.
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Chapter 4: Constitutional, Statutory, Administrative, and Common Law
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Q1) The Federal Trade Commission promulgated Telemarketing Sales Rules regulating the activities of telemarketers.One of the rules prohibits telemarketers from calling a person's residence at any time other than between 8:00a.m.and 9:00 p.m.This legislative rule has the effect of a statute.
A)True
B)False
Q2) The largest source of new law is court decisions.
A)True
B)False
Q3) What is judicial review?
A) When a judge reads the jury verdict to the courtroom.
B) When an appellate court reverses the results of a trial court
C) When a federal court rehears a state case.
D) Congress approves the president's appoint of Federal judges
Q4) Define the common law.Discuss its conflicting goals and the doctrine created to serve one of these goals.
Q5) Federal courts can declare an act of congress unconstitutional and therefore void.
A)True
B)False
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Chapter 5: Intentional Torts and Business Torts
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Q1) Punitive damages are intended to punish the defendant for conduct that is extreme and outrageous.
A)True
B)False
Q2) Tracy is an "at will" employee of Zebra Toy Company.One afternoon she has lunch with a friend who works in marketing for her company's biggest competitor,Tiger Toys.Over a period of about three months,Tiger Toy representatives convince Tracy to work with them.Tiger offers a larger base salary with bigger commissions than she had with Zebra.When Tracy leaves Zebra,it sues Tiger Toys claiming it intentionally interfered with a contractual relationship.Will Zebra Toy Company be successful?
Q3) What are the elements of Interference with a contract?
A) There has to be an existing contract
B) must be injury to the plaintiff
C) the defendant induced one party to break the contract
D) all of these answers are correct
Q4) Public officials and public figures receive less protection from defamation than ordinary people.
A)True
B)False
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Chapter 6: Negligence and Strict Liability
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Q1) Tommie,a six-year-old child,was seriously injured when he stuck a fork into an electrical outlet.His parents sued the restaurant where the incident occurred,claiming it should have had child protective guards on the outlets.Whether the restaurant is liable will be dependent upon whether:
A) the incident was reasonably foreseeable.
B) none of these answers is correct.
C) this is negligence per se.
D) this is an ultrahazardous activity.
Q2) A sports fan,injured by a hockey puck that flew into the stands during an NHL game,would be subject to the defense of assumption of the risk in a suit to recover for her injuries.
A)True
B)False
Q3) In a strict liability case,the courts still consider if the defendant acted in a reasonable and prudent manner.
A)True
B)False
Q4) In negligence cases the courts often refer to the term "reasonable person." What is meant by this term?
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Chapter 7: Crime
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Q1) The Miranda warning insures that the criminal suspects understand their constitutional rights relating to:
A) search and seizure.
B) self incrimination.
C) double jeopardy.
D) having a jury trial.
Q2) Tina is an undercover police officer.One evening she is posing as a prostitute in a bar.Larry,a salesman who is attending an out-of-state convention,begins talking with Tina.After about ten minutes,Tina suggests going to her room for a good time but points out he will need to "donate" $100 to her.Arriving at Tina's hotel room,Larry asks if she is a policewoman.Tina lies and says she is not.When Larry gives her $100,Tina shows him her identification and arrests him.
A) Larry appears to have been the victim of entrapment since Tina lied about being a police officer.
B) Larry appears to have been the victim of entrapment since Tina was the one who suggested the activity that resulted in Larry's arrest.
C) Both of the above are correct.
D) None of the above is correct.
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Page 9
Chapter 8: International Law
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Q1) Tariffs are generally higher in developing countries than in developed countries.
A)True
B)False
Q2) Axle Corporation imports goods into the United States.Who is required to pay the duty on the imported goods?
A) The importer,Axle Corporation.
B) The World Trade Organization.
C) Each party pays one-half the duty.
D) The exporter of the goods.
Q3) The documents required by the letter of credit are presented to the bank for payment while the goods are still in transit.Is Hardhat entitled to be paid?
A) No,payment is not due until the goods are delivered.
B) No,payment is not due until 30 days after delivery.
C) No,payment is not due until the buyer has had a reasonable time to inspect the goods.
D) Yes,the letter of credit is a promise by the bank to pay when certain documents are presented.
Q4) Explain the origin and purpose of the World Trade Organization.
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Page 10
Chapter 9: Introduction to Contracts
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Q1) Jennifer has offered to sell her laptop computer for $750 to Jack.She tells Jack that the computer is only six months old but,in fact,it is three years old,and Jennifer wants to unload the lemon.Jack agrees to buy the computer based on Jennifer's representations.This contract is:
A) a void agreement because of the fraud involved.
B) a voidable contract,one that Jack can void.
C) a voidable contract,one that Jennifer can void.
D) a void contract because of the UCC.
Q2) An express contract:
A) must be in writing.
B) may be inferred by the conduct of the parties involved.
C) has both parties setting forth their intentions.
D) is not valid in many states.
Q3) ACME,Inc.is a software producer that entered into a verbal agreement with XYZ Corporation wherein XYZ agreed to buy ACME's newly developed software.The agreement also provided that ACME would supply training personnel,as well as technical personnel,to work with XYZ employees in installing and learning the software.What law governs this agreement?
Q4) Discuss the requirements of promissory estoppel.
Q5) List and briefly describe the basic elements of a contract.
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Chapter 10: Contract Impediments
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Questions
Q1) When Mohammed was hired by Pomico,Inc.,he signed the following agreement,"Upon termination of my employment with Pomico,I agree not to work for a competing company within 30 miles of Pomico's headquarters for one year." This agreement,important to protecting secret information developed in the employer's business,is:
A) an unenforceable exculpatory agreement.
B) an unenforceable usurious agreement.
C) an enforceable bailment agreement.
D) an enforceable agreement not to compete.
Q2) An exculpatory clause is generally enforceable when it attempts to exclude an intentional tort or gross negligence.
A)True B)False
Q3) Agreeing not to open a competing business could be consideration.
A)True B)False
Q4) Any contract involving a sale of goods of $100 or more must be in writing.
A)True
B)False
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Chapter 11: Conclusion to Contracts
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Q1) Norm and Frank have a legal contract that is silent with regard to an assignment of the contract.In order for Norm to assign all or part of his rights under a contract,Frank must grant permission to Norm to make the assignment legally effective.
A)True
B)False
Q2) Which of the following duties can probably be delegated?
A) An agreement to perform an operation.
B) A contract to paint a picture.
C) An agreement by an attorney to draft a contract.
D) An agreement to paint a house.
Q3) Injunctions are commonly used by courts to force employees to complete their contractual obligations with their employers.
A)True
B)False
Q4) Specific performance is available when the subject matter of the contract is unique. A)True
B)False
Q5) Discuss the potential liability differences between a delegation and a novation.
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Chapter 12: Practical Contracts
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Q1) Farmer's Fortune Insurance has a contract with Farmer Fran to insure her crops against insect damage. The contract does not specify which insects are covered or how much damage is necessary to make a claim. The contract will probably be enforced in favor of:
A) Farmer Fran.
B) Farmer's Fortune Insurance.
C) Neither side,as it is ridiculous to try to insure against insects.
D) Cannot determine...would have to go through litigation to decide.
Q2) What is a choice of law provision:
A) determine which state's laws will be used to interpret the contract
B) determines the state in which any litigation would take place
C) prohibits the parties from suing in court
D) none of the above
Q3) Lucky,a contractor,enters into a contract with Penny,a homeowner,to remodel her kitchen.The contract provides a specific completion date,but does not specify what will happen if Lucky does not have the job finished by the date. So,Penny may deduct $100 per day from the contract price until the job is finished,because this is the industry norm.
A)True
B)False
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Page 14
Chapter 13: Introduction to Sales
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Q1) Under the UCC,a merchant is frequently held to a higher standard of conduct than a non-merchant.
A)True
B)False
Q2) The UCC has abolished the common law requirement of consideration in all contracts involving the sale of goods.
A)True
B)False
Q3) The UCC does not apply to a contract for the sale of goods if the value of the goods is less than $500.
A)True
B)False
Q4) A merchant is someone who routinely deals in the particular goods involved,or who appears to have special knowledge or skill in those goods,or who uses agents with special knowledge or skill in those goods.
A)True
B)False
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Chapter 14: Negotiable Instruments
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Q1) Maia wrote a check which said,"Pay to the order of Kevin Mathews $10.97." The next line of the check stated,"One thousand ninety-seven Dollars." In applying the rules of interpretation,how much should the drawee pay?
A) Nothing; when the instrument is ambiguous it is declared non-negotiable.
B) Ten dollars and 97 cents.Numbers control over words.
C) One thousand,ninety-seven dollars or $1,097.00.Words control over numbers.
D) Parol evidence would be needed to determine the purpose of the check.
Q2) Tim wrote a negotiable note.Subsequently,Tim's debts were discharged in bankruptcy.If a holder in due course presents the note for payment,Tim does not have to pay.
A)True
B)False
Q3) There are three parties on a promise instrument: the maker,the drawee,and the payee.
A)True
B)False
Q4) A draft is always a check,but a check is not always a draft.
A)True
B)False
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Chapter 15: Secured Transactions
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Q1) Country Bank,located in Indiana,loaned Chmelik $5,000 and obtained a security interest in a copyright Chmelik owns.Chmelik lives in Illinois,but works in Indiana.In order to perfect its interest,Country Bank files a financing statement in Indiana.The financing statement provides Chmelik's correct name,his business address,and a reasonable description of the copyright used as collateral.Is the financing statement sufficient?
A) Yes,it meets the UCC requirements for contents and filing.
B) No,if the debtor is an individual,the secured party must file in the state of the debtor's principal residence,which in this case would be Illinois.
C) No,the contents of the financing statement are incomplete.
D) Both b and c are correct.
Q2) Article 9 applies to any transaction intended to create a security interest in real property.
A)True
B)False
Q3) Fowler Bros.has applied to Gibralter Bank for a $50,000 loan for its business expansion.If Fowler Bros.plans to use its account at Gibralter Bank as collateral,discuss what the bank needs to do for a security interest to attach.
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Page 17
Chapter 16: Bankruptcy
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Q1) Brad was having financial difficulties and thought bankruptcy might be in his future.He transferred his sports car to his brother with the agreement that if he didn't file for bankruptcy within the next 18 months,his brother would return the car to him.Brad did file for bankruptcy in ten months.The bankruptcy trustee can bring the car back into Brad's estate for the purpose of providing assets for Brad's creditors.
A)True
B)False
Q2) Which of the following is a requirement for an involuntary Chapter 7 bankruptcy petition?
A) The debtor must owe at least $150,000 in unsecured claims to the creditors who file.
B) The debtor must have at least three creditors join in the petition if the debtor has 12 or more creditors.If the debtor has fewer than 12 creditors,any single creditor or group can file a petition.
C) The creditors must have tried to help the debtor overcome the financial difficulties. D) The debtor must have a majority of the creditors file the petition.
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18
Chapter 17: Agency Law
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Q1) Mrs.O'Leary hired Jenna to sell her house in Michigan.She executed a power of attorney in favor of Jenna authorizing her to do "anything and everything associated with the sale of real estate,acting as a prudent person." On May 30,Jenna finalized a deal with Brandon for the purchase of the house.Brandon and Jenna signed the real estate contract that day.Jenna learned the next day that Mrs.O'Leary had died May 29.
A) The contract is void since the agency terminated May 29.
B) The contract is valid since the agency's purpose was achieved before Jenna was notified of Mrs.O'Leary's death.
C) The contract is voidable at the option of Mrs.O'Leary's estate.
D) The contract is voidable at the option of Brandon.
Q2) John hired Tim to sell his house.Which statement is correct?
A) John is Tim's principal.
B) Tim,but not John,can terminate the agency.
C) This illustrates a power coupled with an interest.
D) All the above are correct.
Q3) The death of an agent automatically terminates an agency relationship.
A)True
B)False
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Chapter 18: Employment Law
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Q1) Some courts have held that employee handbooks create binding contract terms.
A)True
B)False
Q2) If a whistleblower successfully brings suit against a company that defrauds the government,the whistleblower can receive 30 percent of the damages awarded to the government.
A)True
B)False
Q3) The prohibition against wrongful discharge prohibits an employer from firing a worker for a bad reason.
A)True
B)False
Q4) How many weeks is David allowed to take off under the Family and Medical Leave Act in this situation?
A) Six weeks.
B) 12 weeks.
C) 24 weeks.
D) None.
Q5) Discuss the requirements of the Family and Medical Leave Act.
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Chapter 19: Employment Discrimination
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Q1) Affirmative action is required by Title VII to remedy past discrimination.
A)True
B)False
Q2) Valid defenses to charges of discrimination include all of the following,except:
A) Merit
B) Seniority
C) Test scores
D) Bona fide occupational qualification
Q3) Discrimination protection under Title VII does not extend to job placement ads or postemployment references.
A)True
B)False
Q4) Title VII does NOT prohibit:
A) discrimination in the workplace
B) sexual harassment
C) discrimination because of pregnancy.
D) employment tests.
Q5) What are three general defenses an employer can raise if sued for violating Title VII of the Civil Rights Act?
Q6) What is the Genetic Information Nondiscrimination Act?
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Chapter 20: Labor Law
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Q1) In 1932,Congress passed what legislation prohibiting federal court injunctions in nonviolent labor disputes,thereby declaring that workers should be permitted to organize unions and use their collective power to achieve legitimate economic ends?
A) The Sherman Act.
B) The Norris-LaGuardia Act.
C) The National Labor Relations Act.
D) The Labor-Management Relations Act.
Q2) Jenna works for Mega Corp as a production employee.She is paid an hourly wage.She wishes to negotiate her own employment contract with management since she does not agree with the terms of her union's collective bargaining agreement.Can Jenna negotiate her own contract? Explain.
Q3) Secondary boycotts:
A) are generally legal provided the boycott is peaceful.
B) are generally legal provided the boycott does not involve public employees such as nurses or school teachers.
C) are not expressly permitted nor prohibited under federal law.
D) are generally illegal.
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22
Chapter 21: Starting a Business: Llcs and Other Option
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Q1) Debra and Lawrence have an equal partnership.This year,after expenses,the partnership had a profit of $200,000.Debra and Lawrence will each pay taxes on:
A) whatever they receive from the partnership.
B) $50,000.
C) $100,000.
D) None of the above.The partnership itself will pay the taxes on the business's profit.
Q2) Rachel and Cyndi started a retail business called Zebra Toy Company.The business is operated as a partnership.Under partnership law:
A) Rachel is personally liable for any business contracts entered into by Cyndi.
B) Rachel is personally liable for any business debts,regardless of whether she or Cyndi created the obligation.
C) Rachel is personally liable for any negligent act committed by Cyndi in the scope of the business activity.
D) All the above.
Q3) Filings are required to form and operate a limited liability partnership.
A)True
B)False
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Chapter 22: Life and Death of a Corporation
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Q1) Corporate shareholders who undercapitalize their corporations and do not keep their corporate books are in jeopardy of having their corporation pierced and becoming personally liable for the debts of the corporation.
A)True
B)False
Q2) Identify four circumstances that might persuade a court to pierce the corporate veil.
Q3) A corporation must obtain shareholder approval before the company:
A) sells off a major portion of its business to another company.
B) amends its bylaws.
C) amends its charter.
D) All the above are correct.
Q4) The company is subject to the Model Act.What officers is Fashions,Inc.required to have?
A) A president,secretary,and treasurer.
B) A president and a secretary,and they can be the same person.
C) A president,at least one vice-president,a secretary,and a chief financial officer.
D) Whatever officers are described in the corporate bylaws.
Q5) Discuss how a corporation is terminated.
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Chapter 23: Government Regulation: Securities and Antitrust
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Q1) Discuss when monopoly power is not a violation of Section 2 of the Sherman Act.
Q2) A marketing representative who is tempted to engage in price-fixing due to heavy competition and similar prices for competitors' products should:
A) emphasize factors of her product that do not involve price.
B) emphasize service,reliability,and other factors of her company.
C) understand the serious criminal and civil penalties of engaging in price-fixing.
D) All the above.
Q3) The Sherman Act was designed to prevent extreme concentrations of economic power.
A)True B)False
Q4) Violations of antitrust law are either per se violations or rule of reason violations.What are the differences between these two types of violations? Give examples of each.
Q5) Companies with substantial assets must notify the FTC before consummating a merger.
A)True B)False
25
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Chapter 24: Accountants' Liability
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Q1) An engagement letter is a written contract:
A) between an accountant and client.
B) in anticipation of marriage.
C) between a corporation and the AICPA.
D) intended to create a fiduciary duty of an accountant to his client.
Q2) To prevail under Section 11 of the 1933 Securities Act,the plaintiff must prove:
A) the registration statement contained a material misstatement or omission; and the plaintiff lost money.
B) the registration statement contained a material misstatement or omission; the auditor acted knowingly or recklessly; and the plaintiff lost money.
C) the registration statement contained a material misstatement or omission; the auditor intended to deceive; and the plaintiff lost money.
D) the registration statement contained a material misstatement or omission; the auditor acted with scienter; and the plaintiff lost money.
Q3) After completing an audit,the most unfavorable opinion an auditor can issue is a disclaimer of opinion.
A)True
B)False
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Chapter 25: Consumer Law
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Q1) Such a provision within the credit card contract is:
A) unconscionable.
B) an illegal contract of adhesion.
C) not binding,as a person cannot waive the statutory rights granted to him by federal credit card legislation.
D) valid unless state legislation prohibits such clauses.
Q2) What federal law applies to this particular situation?
A) Truth in Lending Act.
B) Fair Credit Billing Act.
C) Fair Credit Reporting Act.
D) Equal Credit Opportunity Act.
Q3) If a consumer cancels a door-to-door sale within the required time,how many days does the seller have to return the buyer's money?
A) Three.
B) Ten.
C) Twenty-one.
D) Thirty.
Q4) Explain the difference between a debit and a credit card and discuss the potential liability for a lost or stolen card.
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Chapter 26: Environmental Law
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Q1) An Environmental Impact Statement must be prepared for every major federal action that significantly affects the quality of the environment.
A)True
B)False
Q2) Truan,Inc.has decided to market a new pesticide.Truan must register the pesticide with the EPA.
A)True
B)False
Q3) The United States has ____ percent of the world's population and consumes about ____ percent of the world's energy.
A) 20; 65
B) 25; 10
C) 10; 50
D) 5; 25
Q4) Local regulation is more effective than state or federal regulation in controlling air pollution.
A)True
B)False
Q5) Discuss the major provisions of the Clean Air Act.
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Chapter 27: Cyberlaw
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Q1) Consumers have been active in requesting government regulation of web data collection to protect their privacy.
A)True
B)False
Q2) The Children's Online Privacy Protection Act prohibits Internet operators from collecting information from children under what age without parental permission?
A) 18.
B) 16.
C) 13.
D) 10.
Q3) Which of the following protects e-mail messages from unauthorized interception?
A) The First Amendment.
B) The GLB Privacy Act of 1999.
C) The Electronic Communications Privacy Act.
D) COPPA.
Q4) Explain the difference between an ISP and a Web host,and discuss whether they are treated alike under the Communications Decency Act (CDA).
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29
Chapter 28: Intellectual Property
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45 Verified Questions
45 Flashcards
Source URL: https://quizplus.com/quiz/13128
Sample Questions
Q1) A trademark lasts for:
A) 20 years after the application is filed.
B) 70 years after the death of the creator.
C) 10 years,but it can be renewed for an unlimited number of terms as long as it is used.
D) as long as it is kept confidential.
Q2) Intellectual property:
A) producers are likely to be adequately paid in the free market.
B) production is not subsidized by the government.
C) typically is expensive to produce but cheap to reproduce and transmit.
D) typically is expensive to produce,copy,and transmit.
Q3) The law that protects financial services from being infringed on is:
A) America Invents Act
B) Uniform Trade Secrets Act
C) Anticybersquatting Consumer Protection Act
D) The Lanham Act
Q4) A color cannot be trademarked since it cannot be kept from use by other businesses.
A)True
B)False
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Chapter 29: Real Property and Tenant: Landlord Law
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45 Verified Questions
45 Flashcards
Source URL: https://quizplus.com/quiz/13129
Sample Questions
Q1) Owners in a joint tenancy with the right of survivorship cannot transfer their interest during their lifetime.
A)True
B)False
Q2) Under what conditions can a landlord become liable for a crime committed against a tenant.
A) Foreseeability
B) Reasonableness of Crime prevention tactics
C) Both a & b are correct
D) A landlord cannot be liable for crime.It is not within his control.
Q3) Property falls into three categories. Which of the following is not considered real property:
A) Land
B) Oil under the land
C) A garage
D) Refrigerator in the house
Q4) Landlords have the right,and may have a duty,to evict tenants who seriously disturb others.
A)True
B)False
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Chapter 30: Personal Property and Bailment
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48 Verified Questions
48 Flashcards
Source URL: https://quizplus.com/quiz/13130
Sample Questions
Q1) A bailment was created for the parties' mutual benefit.This means that the bailee must use ordinary care with the property.
A)True
B)False
Q2) Jody loaned her neighbor,Phil,her snow blower.Phil set it near his driveway,and later accidentally ran over and destroyed it.In a suit to recover damages,Jody as plaintiff has the burden of proving that Phil was negligent and caused the destruction of her snow blower.
A)True
B)False
Q3) Bruce tells his son,"You can have my 1990 truck,but if your grades fall,I'm taking it back." Bruce:
A) has made no gift.
B) has made a "revocable gift," which is effective as a gift as long as the stated condition is met.
C) intended to transfer ownership.
D) has made a constructive gift.
Q4) Distinguish between a contract and a gift.Give an example of each.
Q5) Discuss a bailor's liability for defects in the bailed property.
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Chapter 31: Estate Planning
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44 Verified Questions
44 Flashcards
Source URL: https://quizplus.com/quiz/13131
Sample Questions
Q1) Through which of the following procedures can a person inherit?
A) Will
B) Trust
C) Intestacy
D) All of the above.
Q2) Singleton,an eighty-year-old widower,remarried.The next day,he made a will leaving everything to his son,Joey.A week after his marriage,Singleton died.How will his estate be handled?
Q3) Which of the following is true about wills?
A) A will can be amended to change specific terms by execution of a codicil.
B) The testatrix cannot disinherit her minor children without stating a reason in the will.
C) If the will meets the legal technicalities,the surviving spouse cannot override it.
D) Once a will is written,it cannot be changed.
Q4) In legal terms,the word "issue" means:
A) the children of the testator
B) the process of making a will valid
C) all descendents of the testator
D) the process of inheritance
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Page 33
Chapter 32: Insurance
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33 Verified Questions
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Source URL: https://quizplus.com/quiz/13132
Sample Questions
Q1) April purchased a life insurance policy on herself.On her death,the proceeds of the insurance were to be paid to her minor child,Ryan.Ryan is the beneficiary.
A)True
B)False
Q2) Health insurance plans that specify that the patient can be treated only by doctors in the organization are called:
A) Health Maintenance Organizations
B) Health Management Options
C) Pay for Service Plans
D) Point Source Plans
Q3) Victor purchased $1 million of insurance on his home even though the house was only worth $500,000.Victor's house was destroyed by lightning.Under the insurance policy,Victor will be able to recover $1 million.
A)True
B)False
Q4) An insurance policy must meet all the common law requirements for a contract. A)True
B)False
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Page 34