Fundamentals of Business Law
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Course Introduction
Fundamentals of Business Law provides students with a comprehensive introduction to the legal principles and frameworks that govern business activities. The course covers core topics such as contract law, agency relationships, business organizations, torts, property law, and regulatory compliance. Emphasis is placed on understanding the legal environment in which businesses operate, recognizing and managing legal risks, and applying legal reasoning to real-world business scenarios. Through case studies and practical examples, students gain the foundational knowledge necessary to make informed business decisions within legal and ethical boundaries.
Recommended Textbook
Dynamic Business Law The Essentials 3rd Edition by Nancy Kubasek
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Page 2
Chapter 1: An Introduction to Dynamic Business Law
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Q1) Which of the following is true regarding Molly's predicament?
A) Molly can be given a ticket and prosecuted criminally by government officials, but she cannot be sued for a civil violation.
B) Molly can be sued for a civil action and must pay for Sam's car, but she cannot be prosecuted for a criminal violation.
C) Molly can be sued in a civil action by Sam, and she can also be prosecuted by the government for a criminal violation.
D) So long as Molly has insurance and can pay for Sam's vehicle damage, she cannot be prosecuted in a civil or criminal action.
E) Sam can prosecute Molly in a criminal action, but he cannot sue her in a civil action.
Answer: C
Q2) Cyberlaw is based primarily on existing laws.
A)True
B)False
Answer: True
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Chapter 2: Business Ethics
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Q1) Which of the following is true under the WPH process of ethical decision making?
A) The interest of management is ranked higher than that of employees when decisions are made.
B) The interest of owners is ranked higher than that of both employees and management when decisions are made.
C) When decisions are made, the interest of the community as a whole is considered last.
D) The interest of management is ranked higher than that of employees when decisions are made, but the interest of owners is ranked higher than the interest of any group.
E) There is not a framework under WPH for ranking one stakeholder above another.
Answer: E
Q2) The social responsibility of business consists only of the expectations employees have of employers.
A)True
B)False
Answer: False
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Chapter 3: The Uslegal System
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Q1) Yolanda found a better job and quit Robert's employment.Yolanda,however,wants to sue Robert because she believes that he may have terminated her employment in the future based on age discrimination.At this point,which of the following would be Robert's best defense to a lawsuit filed by Yolanda in the state in which she worked?
A) That Yolanda lacks standing.
B) That the court lacks in personam jurisdiction.
C) That the state's long-arm statute does not apply.
D) That a default judgment is appropriate.
E) That the case is moot.
Answer: E
Q2) What are the trial courts in the federal court system called?
A) U.S. district courts
B) U.S. circuit courts
C) Federal circuit courts
D) Federal jurisdictional courts
E) Preemptory courts
Answer: A
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Chapter 4: Alternative Dispute Resolution
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Q1) Which of the following is generally true regarding minitrials?
A) It is more costly than arbitration.
B) In a typical minitrial, business representatives have settlement authority.
C) A minitrial utilizes a jury to make a recommended decision.
D) A minitrial must follow and come after a failed mediation.
E) A minitrial must follow and come after an arbitration.
Q2) Which of the following is accurate regarding the speed and cost of ADR?
A) It is usually faster and cheaper.
B) It is usually faster but more expensive.
C) It is usually slower and more expensive.
D) It is usually slower but cheaper.
E) No studies have known, so issues regarding the speed and cost of ADR as opposed to traditional litigation is unknown.
Q3) When is an arbitrator's decision called an "award"?
A) Always.
B) Only if one party completely wins and there is no split decision.
C) Never.
D) Only if a money award is involved.
E) Only if both parties had lawyers because that terminology makes it easier for the lawyers to be paid.
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Chapter 5: Constitutional Principles
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Q1) Federal laws include laws passed by federal administrative agencies.
A)True
B)False
Q2) As expressed in the text,which of the following expresses the United Nations declaration on hate speech?
A) The United Nations' declaration protects hate speech to the same degree as courts in the U.S. discussed in the text.
B) The United Nations' declaration states that speech is only recognized as "hate speech" if it is gender-based.
C) The United Nations' declaration states that speech is only recognized as "hate speech" if it is racially based.
D) The United Nations' declaration states that hate speech is not a protected form of expression.
E) There is no United Nations declaration on hate speech because that body expressly determined that any decision on the matter should be postponed.
Q3) No First Amendment protections apply to corporations.
A)True
B)False
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Chapter 6: International and Comparative Law
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Q1) How does ratification of international agreements occur in the U.S.?
A) Through the advice and consent of two-thirds of the Senate after the president submits the agreement for consideration.
B) Through the advice and consent of two-thirds of the House of Representatives after the president submits the agreement for consideration.
C) Through the advice and consent of two-thirds of the Senate and two-thirds of the House of Representatives after the president submits the agreement for consideration.
D) Through consent of the president.
E) Through the consent of the president and the approval of at least half the individual state legislatures.
Q2) The General Agreement on Tariffs and Trade became effective in 2000. A)True
B)False
Q3) The European Union is an example of a customs union.
A)True
B)False
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Chapter 7: Crime and the Business Community
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Questions
Q1) Which of the following was passed largely in response to business scandals of the early 2000's,such as those implicated by Enron,WorldCom,Global Crossing,and Arthur Anderson?
A) RICO.
B) The False Claims Act.
C) The Sarbanes-Oxley Act.
D) The Medicare Recovery Act.
E) The Healthcare Fraud Act.
Q2) Which of the following is an investment swindle in which high profits are promised from fictitious sources and early investors are paid off with funds raised from later investors?
A) False entries
B) False token
C) False pretenses
D) Ponzi scheme
E) Pretexting
Q3) Discuss the four alternative ways,in addition to fines,to punish white-collar criminals discussed in the text.Discuss the pros and cons of each.
Q4) List the elements necessary to establish bribery of a public official.
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Chapter 8: Tort Law
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Q1) Jane is unhappy with her neighbor,Sam,because Sam will not allow her to swim in his swimming pool.She tells him that unless he lets her swim in the pool,she will bring an action against him for nuisance because he plays his stereo late at night at times.While the stereo does not bother Jane because she is up late anyway,she thinks that will encourage Sam to let her swim in the pool.Sam,however,continues to refuse to allow Jane to swim in his pool,and Jane proceeds to sue Sam for nuisance.Which of the following is true?
A) Jane is completely within her rights and has done nothing wrong because Sam really is playing the stereo late at night.
B) Sam can sue Jane for malicious prosecution and win only if he wins the nuisance action.
C) Sam can sue Jane for abuse of process and win only if he wins the nuisance action.
D) Sam can sue Jane for malicious prosecution and win regardless of whether or not he wins the nuisance action.
E) Sam can sue Jane for abuse of process and win regardless of whether or not he wins the nuisance action.
Q2) List and explain the four different types of privacy torts.
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Page 10
Chapter 9: Negligence and Strict Liability
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Q1) Define the term "res ipsa loquitur" and set forth what a plaintiff must demonstrate in order rely upon that doctrine.
Q2) In some situations,the law specifies the duty of care one individual owes to another.
A)True
B)False
Q3) Which of the following refers to the extent to which,as a matter of policy,a defendant may be held liable for the consequences of his actions?
A) Proximate cause.
B) Actual cause.
C) Cause in fact.
D) Significant cause.
E) Legal cause.
Q4) 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.
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11
Chapter 10: Product Liability
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Q1) 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?
Q2) Which of the following may be sued in product liability actions?
A) Retailers, wholesalers, and manufacturers.
B) Retailers and wholesalers but not manufacturers.
C) Wholesalers and manufacturers but not retailers.
D) Retailers and manufacturers but not wholesalers.
E) Manufacturers but not retailers or wholesalers.
Q3) Under a strict product liability theory,who is considered a reasonably foreseeable party who may recover if injury is sustained?
A) The buyer only.
B) Only the buyer and the buyer's family.
C) Only the buyer, the buyer's family, and the buyer's guests.
D) Only the buyer and any one present in the buyer's home when injury is sustained.
E) The buyer, the buyer's family, the buyer's guests, and foreseeable bystanders.
Q4) In most states,what must a plaintiff prove to succeed in a strict-liability action alleging a defective product?
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Chapter 11: Liability of Accountants and Other Professionals
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Q1) What are the three primary types of liability assessed against accountants under common law?
A) Negligence, breach of contract, and accounting misalignment
B) Breach of contract, fraud, and accounting misalignment
C) Fraud, negligence, and accounting misalignment
D) Breach of contract, negligence, and innocent misrepresentation
E) Negligence, breach of contract, and fraud
Q2) 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
Q3) Which of the following is fraud without fraudulent intent?
A) Actual fraud
B) Presumed fraud
C) Immaterial fraud
D) Constructive fraud
E) Reliance fraud
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Chapter 12: Intellectual Property
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Q1) Which of the following was the result at the U.S.Supreme Court level in Metro-Goldwyn-Mayer studios Inc.,v.Grokster Ltd.,the case in the text in which the Court addressed the legality of the defendants allowing users to share digital,typical music,files?
A) That the defendants had no responsibility to develop filtering tools or other mechanisms to diminish infringing activity and that the district court properly dismissed the lawsuit.
B) That there was no evidence that the defendants acted to promote infringement and that, therefore, the district court properly dismissed the lawsuit.
C) That there was no evidence that the defendants profited from the site allowing file sharing and that, therefore, the district court properly dismissed the lawsuit.
D) That the district court properly dismissed the suit because the system at issue had both legal and illegal uses.
E) That the district court improperly dismissed the suit because a distributor who promotes infringement and takes steps to foster infringement is liable for infringement by third parties.
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Chapter 13: Introduction to Contracts
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Q1) Which of the following is in effect not a contract at all?
A) A voidable contract
B) An executory contract
C) An implied contract
D) An executed contract
E) A void contract
Q2) If a[n] _____________ misunderstanding between the parties exists,and as a result of that misunderstanding the parties do not really come to a meeting of the minds,there is no contract.
A) Mutual
B) Unilateral
C) Comprehensive
D) Subjective
E) Reasonable
Q3) Discuss the meaning of a void contract and a voidable contract,and the effect of a determination that a contract is either void or voidable.
Q4) Congress passed the Uniform Electronic Transactions Act (UETA).
A)True
B)False
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Chapter 14: Agreement
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Q1) What have most states done with regard to unsolicited merchandise received from a seller?
A) Most states have passed laws providing that unsolicited merchandise does not have to be returned and the recipient may keep it as a gift, with no contract being formed.
B) Most states have passed laws providing that unsolicited merchandise must be returned to the seller within 7 days.
C) Most states have passed laws providing that unsolicited merchandise must be returned to the seller within 10 days.
D) Most states have passed laws providing that unsolicited merchandise must be returned to the seller within 30 days.
E) Most states have passed laws providing that unsolicited merchandise must be returned to the seller within 60 days.
Q2) Only the offeree to whom an offer is directed can accept the offer. A)True B)False
Q3) List the ways in which an offer can terminate.
Q4) Set forth the circumstances under which an offer may not be revoked.
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Chapter 15: Consideration
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Q1) In a lawsuit between the bank and Ursula,regarding the reward funds,who is likely to prevail and why?
A) The bank is likely to prevail because Ursula only provided past consideration.
B) The bank is likely to prevail because Ursula was tainted by being Victor's girlfriend.
C) The bank is likely to prevail because no valid bilateral contract existed.
D) Ursula is likely to prevail because a valid bilateral contract existed.
E) Ursula is likely to prevail because an enforceable unilateral contract exists based on her provision of information leading to the capture of Victor.
Q2) When an accord and satisfaction is at issue,the ______ is the payment,by the debtor,of the reduced amount.
A) Satisfaction
B) Accord
C) Seal
D) Written compromise
E) Written acknowledgement
Q3) Define and discuss promissory estoppel,and give an example of when it would be applied.
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Chapter 16: Capacity and Illegality
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Q1) Because ______ does not favor intoxication,the courts tend to be unsympathetic to intoxicated parties and will fairly liberally interpret behavior that seems like ratification as ratifying the contract.
A) Morality
B) Popular opinion
C) Medical literature
D) Religion
E) Public policy
Q2) A[n] ______ contract is one requiring complete performance by both parties,even if it appears as if the contract contains multiple parts.
A) Adhesion
B) Divisible
C) Justifiable
D) Indivisible
E) Independent
Q3) For purposes of determining capacity,intoxicated persons include those under the influence of alcohol,but not drugs.
A)True
B)False
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Chapter 17: Reality of Assent
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Q1) What must a party prove in order to obtain money damages based on a fraudulent misrepresentation when damages are sought?
Q2) Mary and Jason discuss the fact that a new teacher is being hired for business law at their school.Jason mentions that he does not yet have a book,and Mary agreed to sell Jason a used business law book for $30 for the upcoming semester.When the new semester begins,the new business law teacher announces that a new custom business law text will be used that is only available in the campus bookstore.Jason wants a refund.Which of the following is Mary's best defense?
A) That Jason knew of the change of change of teacher and bore the risk of mistake.
B) That only a unilateral mistake was involved on Jason's behalf because Mary was aware of the change and that, therefore, Jason is not entitled to a discharge.
C) That a mutual mistake was involved and that Jason is, therefore, not entitled to a refund.
D) That transactions involving goods are not subject to the defense of mistake.
E) That she did not commit fraud and that, therefore, Jason is not entitled to rescission.
Q3) Why does there need to be a concept of legal assent?
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Chapter 18: Contracts in Writing
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Q1) Which of the following is true regarding Harry's assertion that under the parol evidence rule he had the right to identify the house referenced in the contract?
A) Harry is correct.
B) Harry is incorrect because under the parol evidence rule, Rebecca, as the buyer, would be allowed to identify the subject matter in the event of a discrepancy.
C) Harry is incorrect because under the parol evidence rule, the judge would likely allow oral evidence regarding the house at issue in order to clarify an ambiguity.
D) Harry is incorrect because the parol evidence rule would not apply in situations involving an ambiguity.
E) Harry is incorrect because the parol evidence rule would not apply in the absence of a merger clause.
Q2) In order for the statute of frauds to be satisfied,all parties to a contract must sign the writing.
A)True
B)False
Q3) Set forth the eight exceptions to the parol evidence rule.
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) When a donee beneficiary may enforce rights under a contract,it may be done so only against the ____.
A) Promisee
B) Promisor
C) Obligor
D) Initial contracting parties
E) Assignee
Q2) The ______ in a third-party beneficiary contract is the party to the contract who made the promise that benefits the third party.
A) Promisee
B) Promisor
C) Obligor
D) Obligee
E) Assignor
Q3) What type of third-party beneficiary is Sally?
A) Intended and donee
B) Creditor and incidental
C) Intended and creditor
D) Donee and incidental
E) Creditor and donee
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Chapter 20: Performance,Breach of Contract,discharge,and Remedies
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Q1) Which of the following requires that the breaching party fulfill the terms of the agreement?
A) Specific obligation
B) Specific performance
C) Absolute obligation
D) Identified obligation
E) Absolute performance
Q2) College president Wally contracts with Alice to teach business law.Alice does a fine job teaching but gets mad at Wally and will not turn in grades.What type of order would Wally seek to require Alice to abide by her contract?
A) An order of specific performance
B) A compensatory order
C) A nominal order
D) A consequential order
E) A demand order
Q3) Set forth the three main situations in which the courts find objective impossibility.
Q4) Set forth the elements for a finding of substantial performance and the effect of a finding of substantial performance on damages.
Page 22
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Chapter 21: Introduction to Sales and Lease Contracts
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Q1) Under the UCC contracts for the sale of goods must be in writing in order to be enforceable if they are valued at ______ or more.
A) $100
B) $500
C) $1,000
D) $1,500
E) $5,000
Q2) Which of the following is correct regarding Wallace's assertion that Fran cannot recover the cost of the caps?
A) Wallace is correct. Fran cannot recover because she has nothing in writing.
B) Wallace is incorrect because the cost of the caps is insufficient to come within the requirement of a writing under the UCC.
C) Wallace is incorrect because Fran has witnesses.
D) Wallace is incorrect because Fran had already made the caps.
E) Wallace is incorrect both because Fran had already made the caps and also because she had witnesses.
Q3) A consumer lease is the same thing as a finance lease.
A)True
B)False
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Page 23
Chapter 22: Title,Risk of Loss,and Insurable Interest
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Q1) Delivering a car to a merchant for repair cannot qualify as an entrustment.
A)True
B)False
Q2) With a simple delivery contract,when is an insurable interest in the buyer created?
A) When money is transferred
B) When the items are delivered
C) When the buyer takes possession
D) When the goods are identified to the contract
E) When goods are identified to the buyer
Q3) What is the most common way a sales contract is breached? Discuss the available remedies of a buyer in the event a seller does not provide goods described in the contract along with UCC provisions regarding the consequences of a revocation of the contract.
Q4) List and describe good title and void title,and give an example of when void title would be passed.
Q5) An insurable interest is the right to insure the goods against any risk exposure such as damage or destruction.
A)True
B)False
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Chapter 23: Performance and Obligations Under Sales and Lease Contracts
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Q1) Sometimes language in the parties' agreement limits the rigidity of the perfect tender rule.
A)True
B)False
Q2) Which of the following is true regarding any right of inspection in regard to buyers?
A) The UCC provides for no right of inspection for buyers, and the right of inspection is only available to the buyer if it is provided for by contract.
B) The UCC provides for a right of inspection in regard to perishable items for buyers, but not otherwise.
C) The UCC provides for a right of inspection in regard to fragile items for buyers, but not otherwise.
D) The UCC provides for a right of inspection if the buyer and seller have previously had disputes in regard to shipments, but not otherwise.
E) The UCC provides for a right of inspection for buyers.
Q3) There are no exceptions to the perfect tender rule.
A)True
B)False
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Chapter 24: Remedies for Breach of Sales and Lease Contracts
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Q1) Which of the following is the preferred remedy for nonbreaching sellers when buyers fail to pay and pick up goods?
A) Suit for incidental damages
B) Cover
C) Liquidated damages
D) Resale
E) Suit for consequential damages
Q2) Assuming proper proof,which of the following represents damages a buyer or lessee may recover in the event of a breach?
A) Incidental damages but not consequential damages or remedial damages
B) Consequential damages but not incidental damages or remedial damages
C) Remedial damages but not consequential damages or incidental damages
D) Incidental damages and consequential damages, but not remedial damages
E) Incidental damages, consequential damages, and remedial damages
Q3) Discuss the steps that may be taken and the damages a seller and lessor may recover when a buyer or lessee is in breach,and the goods have not yet been delivered.
Q4) The UCC does not allow a seller to cancel a contract if the buyer is in breach.
A)True
B)False
Page 26
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Chapter 25: Warranties
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Q1) 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?
Q2) What needs to be shown under the UCC for goods to be found merchantable?
Q3) Jack went into a hardware store to purchase a saw; and as to a particular saw,the salesclerk said,"This saw will cut through metal." Jack purchased the saw.What kind of warranty,if any,did the salesclerk make through the statement?
A) The salesclerk made an express warranty, a warranty of trade usage, and a warranty of fitness for a particular purpose.
B) The salesclerk made a warranty of fitness for a particular purpose, but not an express warranty of a warranty of trade usage.
C) The salesclerk made an express warranty and a warranty of trade usage, but not a warranty of fitness for a particular purpose.
D) The salesclerk made an express warranty, but not a warranty of fitness for a particular purpose or a warranty of trade usage.
E) The salesclerk made a warranty of trade usage, but not a warranty of fitness for a particular purpose or an express warranty.
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Chapter 26: Negotiable Instruments: Negotiability and Transferability
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Q1) Which of the following is an example of a negotiable instrument?
A) Checks but not drafts or promissory notes
B) Drafts and checks, but not promissory notes
C) Promissory notes, but not drafts or checks
D) Promissory notes and checks, but not drafts
E) Checks, drafts, and promissory notes
Q2) When a specific payee is named in an instrument,the instrument is known as a[n] _____ instrument.
A) Demand
B) Order
C) Transactional
D) Bearer
E) Payor
Q3) Even the mention of another document in an instrument prevents the instrument from being negotiable.
A)True
B)False
Q4) What is the difference between a demand instrument and a time instrument?
Page 28
Q5) Set forth the two exceptions to the time-certain requirement for negotiability discussed in the text.
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Chapter 27: Negotiation, Holder in Due Course, and Defenses
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Q1) Which of the following is true regarding the status of Sam?
A) He is not a holder in due course because he did not provide value.
B) He is not a holder because he did not provide value.
C) He is not a holder nor is he a holder in due course because he did not provide value.
D) The fact that a gift was involved does not prevent Sam from being a holder in due course so long as other requirements are satisfied.
E) The fact that a gift was involved does not prevent Sam from being a holder in due course so long as other requirements are satisfied and Sam is not a minor.
Q2) The statement,"Pay to Constance only," with the endorser's signature is an example of which of the following types of endorsements?
A) Conditional endorsement.
B) Trust endorsement.
C) Endorsement to prohibit further endorsement.
D) Bearer endorsement.
E) Conditional bearer endorsement.
Q3) Set forth the requirements a party must meet in order to be considered a holder in due course.
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Chapter 28: Liability,defenses,and Discharge
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Q1) Which of the following person orders the drawee to pay?
A) Maker
B) Acceptor
C) Drawer
D) Endorser
E) Promisor
Q2) Which of the following is true regarding Henry's entitlement to payment from Millie?
A) Henry is only entitled to payment from Millie because Anne dishonored the payment.
B) Henry is not entitled to payment from Millie unless Bob, in addition to Anne, dishonors the instrument.
C) Henry is never entitled payment from Millie because he must seek recovery only from Anne.
D) Henry is entitled to recover on the note from Millie.
E) Henry is entitled to recover on the note from Millie only if both Anne and Bob have filed bankruptcy or are otherwise proven insolvent.
Q3) Set forth the five items that a party warrants when the party transfers an instrument for consideration.
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Chapter 29: Checks and Electronic Fund Transfers
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Q1) Which of the following would be stored electronically on microchips,magnetic strips,or other computer media and would allow for the elimination of physical currency?
A) Electronic funds.
B) Electronic medium.
C) Digital cash.
D) Digital resources.
E) Electronic resources.
Q2) What items should a stop payment order list?
Q3) A written stop-payment order is valid for only 30 days.
A)True
B)False
Q4) Which of the following is defined by the UCC as a change,without consent,that nullifies the obligation of a party to the instrument?
A) An alteration.
B) A defacement.
C) A material addition.
D) A transformation.
E) A reformation.
Q5) 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) Generally,unsecured parties have priority over secured creditors.
A)True
B)False
Q2) 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.
Q3) List three advantages discussed in the text associated with perfection by possession.
Q4) A security interest may apply to personal property that is not yet in the debtor's possession.
A)True
B)False
Q5) The person who fails to make payments is said to have defaulted on a loan.
A)True
B)False
Q6) Set forth the steps that a creditor must take to become a secured party.
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Chapter 31: Other Creditors Remedies and Suretyship
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Q1) What does the Federal Consumer Credit Protection Act state regarding the amount that may be garnished from a pay check?
Q2) Which of the following is true regarding types of liens?
A) Types of liens include consensual, statutory, and judgment, but not approved or evaluated.
B) Types of liens include consensual and statutory, but not judgment, approved, or evaluated.
C) Types of liens include consensual and judgment, but not statutory, approved, or evaluated.
D) Types of liens include judgment, statutory, approved, and evaluated but not consensual.
E) Types of liens include consensual, statutory, judgment, approved, and evaluated.
Q3) What is the amount of the homestead exemption?
A) $100,000
B) $50,000
C) $25,000
D) $10,000
E) It varies from state to state
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Chapter 32: Bankruptcy and Reorganization
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Q1) Which of the following is a meeting of all creditors listed in the Chapter 7 required schedules for liquidation?
A) A debt meeting
B) A control meeting
C) A creditors' meeting
D) An enforcement meeting
E) A counseling meeting
Q2) Which of the following is false regarding Chapter 12 of the bankruptcy code?
A) A family farmer under Chapter 12 must have regular annual income.
B) The family farmer's gross income must be at least 50 percent farm-dependent.
C) At least 50 percent of the family farmer's debt must be farm-related.
D) The debt must be under a certain debt cap.
E) Congress modeled Chapter 12 after Chapter 7 relief.
Q3) Which of the following is a payment made by an insolvent debtor that gives preferential treatment to one creditor over another?
A) An unfair payment
B) An unequal payment
C) A preferential payment
D) An unendorsed payment
E) An unapproved payment
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Chapter 33: Agency Formation and Duties
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Q1) Which of the following is the most likely result if Sue sues Ronnie for purchasing the property from Bruce instead of offering it to her?
A) Sue will lose because Ronnie had the right to act in his own best interest.
B) Sue will lose but only because Ronnie was not involved in work duties when he heard about the property.
C) Sue will lose because Ronnie had validly assigned all duties to Rick.
D) Sue will win.
E) Sue will win only if she can establish that she expressly told Ronnie that he could not assign the contractual duties under the contract.
Q2) A ______ trust is an equitable trust imposed on one who wrongfully obtains or holds legal right to property he or she should not possess.
A) Resolute
B) Actual
C) Constructive
D) Defined
E) Absolute
Q3) Discuss why agency is especially important for modern firms doing business in foreign countries.
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Chapter 34: Liability to Third Parties and Termination
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Q1) List and define the two basic types of power of attorney.Also discuss in what way a durable power of attorney is different from a power of attorney not so designated.
Q2) When a principal is classified as a[n] ______ principal,a third party is aware that an agent is making an agreement on behalf of a principal,and the third party also knows the identity of the principal.
A) Acknowledged
B) Permitted
C) Disclosed
D) Revealed
E) Uncovered
Q3) Set forth the rationale behind the doctrine of respondeat superior and discuss whether ethically you believe is an appropriate doctrine for our society.
Q4) When making decisions about an agency relationship's liability to third parties,courts must first identify whether property damage or personal injury,or both,is at issue.
A)True
B)False
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Chapter 35: Forms of Business Organizations
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Q1) Which of the following is true regarding Kitty's statement that she had no personal liability?
A) She was correct.
B) She was correct only if she can establish that she has paid all her business taxes on time.
C) She was correct only if she can establish that she has at least 5 employees.
D) She was incorrect.
E) She was incorrect unless she signed an agreement with a financial institution in order to get a loan for the business and agreed in the document that she would not accept personal liability for any losses.
Q2) Which of the following is a business organization governed by a group of trustees who operate the trust for the beneficiaries?
A) A joint enterprise
B) A syndicate
C) A business trust
D) An S corporation
E) An E corporation
Q3) Define a joint venture and set forth two differences under the law between a joint venture and a partnership.
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Chapter 36: Partnerships: Nature, Formation, and Operation
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Q1) In relation to partnerships between local and multinational companies,what is meant by the term "keiretsu"?
A) A type of offshore partnership in which the strengths of outside firms is combined with those of firms in developing countries.
B) A type of industrial district in which an attempt is made to encourage foreign investment.
C) A group of businesses in which each individual business has a stake in the others.
D) A partnership with one local and one multinational company in an information and communication technology project.
E) An agreement between a local and a multinational company to equally share in profits and losses.
Q2) Set forth and describe the three property rights held by partners including rights,if any,upon death.
Q3) As set forth in the text,list the types of information that articles of partnership usually include.
Q4) Describe the liability,if any,of incoming partners.
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Chapter 37: Partnerships: Termination and Limited Partnerships
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Q1) During the winding-up process,the partners may not engage in a business that competes with the partnership business.
A)True
B)False
Q2) Sam enters a limited partnership as a limited partner,contributing $100,000.The limited partnership consisting of two general and the two limited partners were sued over debt.Assuming the limited partnership is properly conducted,what is the maximum for which Sam can be held liable?
A) Sam has unlimited personal liability.
B) $75,000
C) $50,000
D) $25,000
E) $100,000
Q3) Before a partnership may be terminated,the partnership must experience the winding-up stage,but not the dissolution stage.
A)True
B)False
Q4) List the circumstances under which a partnership may be rightfully dissolved.
Page 39
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Chapter 38: Corporations: Formation and Financing
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Q1) Which of the following generally does not offer stock to the public?
A) Alien corporations
B) Foreign corporations
C) Closely held corporations
D) Carefully held corporations
E) Minority shareholder controlled corporations
Q2) In what two ways do courts interpret subscription agreements?
Q3) Which of the following is false regarding corporations?
A) Corporations are legal entities.
B) Corporations exist separately from their shareholders.
C) Corporations can sue or be sued by others.
D) Courts consider corporations to be "legal persons."
E) Corporations cannot claim rights under the U.S. Constitution.
Q4) Which of the following references the liability of corporations for torts and crimes committed by their agents during the scope of their employment?
A) Stare decisis
B) Res ipsa loquitur
C) Respondeat superior
D) Ab initio
E) Actus reus
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Chapter 39: Corporations: Directors, Officers, and Shareholders
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Q1) Which of the following are directors who are also officers or employees of the corporation?
A) Approved directors
B) Outside directors
C) Inside directors
D) Affiliated directors
E) Unaffiliated directors
Q2) Which of the following are sent to shareholders prior to an annual meeting containing proposals made by shareholders?
A) Meeting agenda
B) Proxy materials
C) Presidential materials
D) Officer materials
E) Meeting proposals
Q3) For which of the following may a director generally be removed?
A) At the will of the president.
B) In the discretion of the shareholders upon majority vote.
C) In the discretion of the shareholders upon a two-thirds vote.
D) In the discretion of other directors upon a majority vote.
E) For cause.
Page 41
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Chapter 40: Corporations: Mergers, Consolidations, and Termination
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Q1) What is generally the next step for an aggressor after acquiring a substantial number of the target corporation's shares and why?
Q2) Which of the following is a term for the attempt of Green Corporation to take over Tree Corporation over the objection of management and the board of Tree Corporation?
A) Under the table takeover
B) Surprise takeover
C) Strategic takeover
D) Hostile takeover
E) Planned takeover
Q3) Aggressors often try to win the favor of a few institutional investors that own large blocs of shares.
A)True
B)False
Q4) Which of the following is generally false when a consolidation occurs?
A) The new corporation has independent legal status.
B) The original corporations continue to exist legally.
C) The consolidated entity assumes the debts of the original corporations.
D) The consolidated entity obtains the original corporations' assets.
E) The consolidated entity takes on the rights of the original companies.
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Chapter 41: Corporations: Securities and Investor Protection
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Q1) Which of the following allows the SEC to suspend securities trading if prices vary excessively in a short time period?
A) The Sarbanes-Oxley Act of 2002
B) The Securities Acts Amendments of 1990
C) The Market Reform Act of 1990
D) The Securities Enforcement Remedies and Penny Stock Reform Act of 1990
E) The National Securities Markets Improvement Act of 1996
Q2) Which of the following is the term for the document referenced by Robbie involving information provided to the SEC involving a description of the securities,an explanation of how proceeds will be used,information regarding the management of the company and other matters?
A) Robbie was wrong, and there is no such document.
B) A confirmation statement.
C) A registration statement.
D) An acknowledgement statement.
E) A reference statement.
Q3) The SEC may issue bounty payments to insider-trading whistle-blowers.
A)True
B)False
Q4) Set forth the four major responsibilities of the SEC as set forth in the text.
Page 43
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Chapter 42: Employment and Labor Law
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Q1) Under ERISA,employers are required to provide to plan participants all of the following except:
A) Plan information (i.e., features and funding).
B) A grievance and appeals process for participants to get benefits from their plans.
C) The right to sue for benefits and breaches of fiduciary duty.
D) A yearly outline of anticipated investments.
E) Assurances that those in charge of managing plan assets have fiduciary responsibility.
Q2) Workers first achieved the right to organize (join unions)during the 1800s.
A)True
B)False
Q3) Which of the following is also known as the Labor-Management Relations Act?
A) The Taft-Hartley Act
B) The National Labor Relations Board
C) The Fair Labor Standards Act
D) The Wagner Act
E) The Landrum-Griffin Act
Q4) Set forth the circumstances under which leave is available under the Family and Medical Leave Act.
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Chapter 43: Employment Discrimination
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Q1) Which of the following is true regarding discrimination based on sexual orientation?
A) There is a federal law specifically prohibiting discrimination based on sexual orientation providing back pay, attorney fees, and punitive damages as available remedies.
B) There is no federal law specifically prohibiting discrimination based on sexual orientation, but it is considered by most courts to be included within Title VII's ban of discrimination based on gender.
C) There is a federal law specifically prohibiting discrimination based on sexual orientation, but it only provides for back pay as an available remedy.
D) There are no state laws specifically prohibiting discrimination based on sexual orientation nor is there any federal law providing such protection.
E) While there is no federal law specifically prohibiting discrimination based on sexual orientation, some states do have laws prohibiting discrimination based on sexual orientation.
Q2) State laws may give employees less,but not more,protection than federal law.
A)True
B)False
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Chapter 44: Administrative Law
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Q1) Which of the following is involved when an agency is referred to as a "captured" agency?
A) A belief that agency officials are unduly influenced by past ties to the industry regulated by the agency.
B) A belief that agency officials are unduly influenced by their political party.
C) A belief that agency officials are unduly influenced by politicians in the state in which the agency is located.
D) A belief that agency officials are unduly influenced by politicians in states most affected by the regulations issued by the agency.
E) A belief that agency officials are unduly influenced by the desires of Congress.
Q2) Prior to the passage of the Administrative Procedures Act,agencies could decide on their own how to make rules,conduct investigations,and hold hearings and trials.
A)True
B)False
Q3) Set forth the steps involved in formal rule making.
Q4) Set forth the steps involved in hybrid rule making.
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Chapter 45: Consumer Law
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Q1) Which of the following is true regarding Fred's practice of requiring a complete package purchase from him if the consumer desires any funeral services?
A) There is no problem with that practice under federal law.
B) There is no problem with that practice under federal law so long as Fred informs customers of that prior to entering into any sales talk and negotiation.
C) That practice is prohibited by federal law.
D) That practice is prohibited by federal law unless Fred gives a 10% discount as compared to the average price of funeral services in his state.
E) That practice is prohibited by federal law unless cremation services are involved in which case Fred may link the cremation services with the purchase of other goods and services because cremation in and of itself results in little profit.
Q2) State laws in regard to protection of purchasers of used cars are preempted by federal law.
A)True
B)False
Q3) What is required by the Telemarketing Sales Rule of 1995?
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Chapter 46: Environmental Law
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Q1) Referencing the National Ambient Air Quality Standards,which of the following are standards that will protect the public welfare (crops,buildings,and animals)from any known or anticipated adverse effect associated with a pollutant?
A) Conservation
B) Required
C) Primary
D) Secondary
E) Suggested
Q2) The action of the government in cleaning up the farm could best be described as a ______ action.
A) Removal
B) Remedial
C) Reclamation
D) Redemption
E) Reallocation
Q3) A nuisance arises when one person uses his or her property in a manner that unreasonably interferes with another's use and enjoyment of his or her land.
A)True
B)False
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Chapter 47: Antitrust Law
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Q1) What does a judge consider when conducting a rule-of-reason analysis?
Q2) When one company at one level of the manufacturing-distribution system acquires a company at another level of the system,the merger is called a ______ merger.
A) Horizontal
B) Vertical
C) Conglomerate
D) Joining
E) Predatory
Q3) Contrast traditional antitrust theories with the Chicago School theories.
Q4) Which of the following is not a factor taken into consideration under the rule-of-reason analysis?
A) The nature and purpose of the restraint on trade
B) The scope of the restraint
C) The effect of the restraint on business and competition
D) The effect of the restraint on the defending businesses
E) The intent of the restraint
Q5) Set forth and describe the three specific types of injuries under the Robinson-Patman Act.
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Chapter 48: The Nature of Property, Personal Property, and Bailments
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Q1) A _____ of personal property is a relationship that arises when one party transfers possession of personality to another to be used in an agreed-on manner for an agreed-on time period.
A) Bailment
B) Transfer
C) Loan
D) Release
E) Lease
Q2) Property that the original owner has discarded is ______ property.
A) Mislaid
B) Tossed
C) Discarded
D) Abandoned
E) Terminated
Q3) The statute of frauds requires a writing for a bailment that will not be completed within 6 months.
A)True
B)False
Q4) List and describe the three types of documents of title governing bailments.
Page 50
Q5) Describe how e-commerce has inspired improvements in Internet postal technology.
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Chapter 49: Real Property
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Q1) Which of the following is true regarding Mandy's claim for the $10,000?
A) She has no interest in the house on which to base a claim.
B) She may obtain a lien on the house.
C) She can require that Samantha pay it based on Samantha's inheritance interest in the house.
D) She can require that Alex pay it based on Alex's inheritance interest in the house.
E) She can require that both Alex and Samantha pay it based upon their inheritance interests in the house.
Q2) An easement or profit is ______ when it is not dependent on owning property adjacent to the land on which the nonpossessory interest exists.
A) Express
B) Adjoining
C) In gross
D) Appurtenant
E) Prevailing
Q3) As set forth in the text,describe a cooperative including typical rules of governance and the penalty if a member violates the rules.
Q4) Set forth what a deed must contain in order to be properly drafted.
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Chapter 50: Landlord-Tenant Law
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Q1) A rent escalation clause is typically found in short-term leases.
A)True
B)False
Q2) A definite-term lease is also known as a[n] ______.
A) Limited-term-lease
B) Term-for-years
C) Applied-term-lease
D) Exact-term-lease
E) Approved-term-lease
Q3) If leased premises become unsuitable for use because of a landlord's wrongful or omitted act,a[n] ______ eviction has occurred.
A) True
B) Actual
C) Constructive
D) Absolute
E) Legal
Q4) A covenant of quiet enjoyment is one of the covenants made by a lessee.
A)True
B)False
Q5) When may a landlord be found guilty of negligence per se for code violations?
Page 53
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Chapter 51: Insurance Law
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Q1) Which of the following was the result in Hartford Underwriters Insurance Company v.The Cincinnati Insurance Company,the case in the text involving whether insurance coverage was available to a party injured when a vehicle hit her while she was loading a van and the policy at issue provided coverage for a person "occupying" a vehicle defined as "in,upon,getting in,on,out or off"?
A) That a jury question was presented as to the meaning of the policy language.
B) That any ambiguity in the language was resolved against the insurer writing the policy, that a reasonable reading of the policy included the claim, and that coverage was therefore available.
C) That any ambiguity in the language was resolved against the claimant, that a reasonable reading of the policy indicated that incidents of the type involved were excluded, and that coverage was therefore unavailable.
D) That the language was not ambiguous and that it clearly provided coverage.
E) That the language was not ambiguous and that it clearly excluded coverage.
Q2) A commercial general liability policy provides protection against intentional wrongful acts committed by an insured.
A)True
B)False
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Chapter 52: Wills and Trusts
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Q1) What are the four requirements needed for a valid will?
Q2) Which of the following is true regarding Linda's claim that Candy was entitled to nothing because Willy was suffering from a mental illness and did not know what he was doing when he stated that Candy should take everything?
A) Whether he was suffering from a mental illness is irrelevant because for other reasons, his statement granting Candy any possessions is invalid.
B) Linda is correct if Willy had undergone any treatment for any form of mental illness within the last year.
C) Linda is correct if Willy had undergone any treatment for any form of mental illness within the last six months.
D) Linda is incorrect because the existence of mental illness is irrelevant to a person's capacity to make a will.
E) Linda is correct if it can be established that Willy had a serious enough mental illness that he was not of sound mind and lacked capacity to make a will.
Q3) List four reasons discussed in the text as to why individuals engage in estate planning.
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