International Business Law Exam Bank
Course Introduction
International Business Law examines the legal frameworks and regulations governing cross-border commercial transactions and global business operations. This course covers key topics such as international contracts, trade regulations, dispute resolution mechanisms, intellectual property rights, and the roles of multinational organizations like the World Trade Organization (WTO). Students will analyze the impact of differing legal systems and cultural contexts on international business, and learn about common legal issues faced by companies operating worldwide. Through case studies and practical examples, the course prepares students to identify, manage, and mitigate legal risks in the international business environment.
Recommended Textbook
Business Law Text and Cases 14th Edition by
Kenneth W. Clarkson
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61 Chapters
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Page 2
Chapter 1: Law and Legal Reasoning
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Q1) Café Espresso is a coffee shop subject to the laws of Illinois. In Illinois, the highest-ranking (superior) law is
A) a case decided by the Illinois Supreme Court.
B) a rule created by a Illinois state administrative agency.
C) a provision in the Illinois constitution.
D) a statute enacted by the Illinois legislature.
Answer: C
Q2) Most state trial court decisions are not published.
A)True
B)False
Answer: True
Q3) The courts, in interpreting statutory law, may rely on the common law as a guide to what the legislators intended.
A)True
B)False
Answer: True
Q4) The term common law refers to law that is common throughout the world.
A)True
B)False
Answer: False
Page 3
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Chapter 2: Courts and Alternative Dispute Resolution
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Q1) The verdict in a summary jury trial is binding.
A)True
B)False
Answer: False
Q2) The minimum-contacts requirement is usually met if a corporation advertises or sells its products within a state.
A)True
B)False
Answer: True
Q3) Litigation is the process of resolving a dispute through the court system.
A)True
B)False
Answer: True
Q4) Trials courts conduct trials.
A)True
B)False
Answer: True
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Chapter 3: Court Procedures
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Q1) The use of evidence outside the pleadings distinguishes the motion for summary judgment from the motion for judgment on the pleadings.
A)True
B)False
Answer: True
Q2) Destiny and Enzo engage in a business transaction. When a dispute arises, Destiny initiates a lawsuit against Enzo by filing a complaint. If Enzo files a motion to dismiss, he is asserting that
A) Destiny did not state a claim for which relief can be granted.
B) Destiny's statement of the facts is not true.
C) Destiny's statement of the law is not true.
D) Enzo suffered greater harm than Destiny.
Answer: A
Q3) Voir dire refers to the seriousness of the controversy in a case.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Business and the Constitution
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Q1) National Hospital Organization (NHO), a political lobbying group, wants a certain healthcare cost-reimbursement policy enacted into law. If NHO's policy conflicts with the U.S. Constitution, a law embodying it can be imposed by A) Congress.
B) a federal court.
C) the President.
D) none of the choices.
Q2) State laws protect individuals' privacy rights.
A)True
B)False
Q3) Oklahoma enacts a law requiring all businesses in the state to donate 10 percent of their profits to Protestant churches that provide certain services to persons whose income is below the poverty level. Price-Lo Stores files a suit to block the law's enforcement. The court would likely hold that this law violates
A) no clause in the U.S. Constitution.
B) the establishment clause.
C) the free exercise clause.
D) the supremacy clause.
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6
Chapter 5: Business Ethics
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Q1) Duty-based ethical standards often come from religious precepts.
A)True
B)False
Q2) Precision Engineering Inc., like other corporations, is subject to laws that are broad in their purpose and their scope. Compliance with these laws is not always sufficient to determine "right" behavior because
A) the law does not codify all ethical requirements.
B) company codes are also sources of law.
C) business decisions can have negative impacts.
D) ethical problems occur in business.
Q3) The legality of an action is always clear.
A)True
B)False
Q4) Housemate, Inc., makes and sells a variety of household products. With a fair amount of certainty, Housemate's decision makers can predict whether a given business action would be legal in
A) all situations.
B) many situations.
C) no situations.
D) few situations.
Page 7
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Chapter 6: Tort Law
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Q1) The most widely used defense in negligence actions is consent.
A)True
B)False
Q2) Bess, an accountant, distributes a handbill to her business clients and potential customers accusing her competitor Ciera of being a convicted thief. The statement is defamatory if
A) a recipient of a handbill repeats it.
B) Ciera suffers emotional distress.
C) the statement is true.
D) the statement is false.
Q3) Diego is arrested for a theft committed by someone who stole his identity. A court orders his release, but due to a police error in Diego's paperwork, he is held in jail for a month. The police are most likely liable for
A) abuse of process.
B) false imprisonment.
C) malicious prosecution.
D) none of the choices.
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Chapter 7: Strict Liability and Product Liability
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Q1) Under a theory of market-share liability, a manufacturer sells "shares" of its potential strict liability and thereby spreads the risk and the cost.
A)True
B)False
Q2) Some states limit the application of strict product liability to situations involving personal injuries.
A)True
B)False
Q3) Flo is working on a construction site when she is injured on the job in the collapse of a Girder Company-made beam. At the time, Flo is not wearing any safety gear. In Flo's product liability suit against Girder, the company can most successfully raise the defense of
A) preemption.
B) inadequate warning.
C) comparative negligence.
D) product misuse.
Q4) The extreme risk of an activity is a defense against imposing strict liability.
A)True
B)False
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Chapter 8: Intellectual Property Rights
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Q1) A copy must be exactly the same as the original to infringe a copyright.
A)True
B)False
Q2) Edge is a video game featuring interactive extreme sports. The graphics used in the game are protected by
A) copyright law.
B) patent law.
C) trademark law.
D) none of the choices.
Q3) A certification mark distinguishes products approved, or "certified," by the government.
A)True
B)False
Q4) The theft of trade secrets is a federal crime.
A)True
B)False
Q5) By using another's trademark, a business could lead consumers to believe that its goods were made by the other business.
A)True
B)False
Page 10
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Chapter 9: Internet Law, Social Media, and Privacy
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Q1) Cybersquatting is illegal only if a domain name is identical to the trademark of another, not if the name is merely confusingly similar.
A)True
B)False
Q2) The employees of Eco Engineering Inc. share company-related resources among multiple computers without requiring a central network server. This is
A) digital sampling.
B) cybersquatting.
C) cloud computing.
D) peer-to-peer (P2P) networking.
Q3) No federal court has held that digitally sampling a copyrighted sound recording of any length constitutes copyright infringement.
A)True
B)False
Q4) Penalties exist for anyone who circumvents encryption software or other technological antipiracy protection.
A)True
B)False
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Chapter 10: Criminal Law and Cyber Crime
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Q1) Edwin is charged with a crime. Almost all federal courts and some state courts would not hold him liable if, at the time of the offense, as a result of a mental disease or defect, he lacked substantial capacity to obey the law and to appreciate A) the power of the police.
B) the authority of the court.
C) the wrongfulness of his conduct.
D) the fruits of his crime.
Q2) Public officials prosecute criminal defendants. A)True
B)False
Q3) Erica, a police officer, wants to search the offices of Debit & Credit, Accountants. She asks Judge Bernie to issue a warrant. Under the Fourth Amendment, no warrant for a search can be issued without A) double jeopardy.
B) probable cause.
C) reasonable doubt. D) immunity.
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Page 12
Chapter 11: Nature and Terminology
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Q1) A bilateral contract comes into existence at the moment promises are exchanged.
A)True
B)False
Q2) Vicky asks Walt, a cobbler, to repair a pair of boots. There is no discussion of a price, and Vicky and Walt do not sign any documents. After the repair, Walt hands Vicky a bill. With respect to Vicky's obligation to pay the bill, this is
A) an express contract.
B) an implied contract.
C) a quasi contract.
D) no contract.
Q3) When a contract's writing is not clear, a court will not consider evidence outside the contract to interpret its terms.
A)True
B)False
Q4) Contract law assures the parties to private agreements that the promises they make will be enforceable.
A)True
B)False
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Chapter 12: Agreement in Traditional and E-Contracts
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Q1) Generally, an offeree's power of acceptance is terminated when the offeror or offeree dies.
A)True
B)False
Q2) In a bilateral contract, communication of acceptance is necessary.
A)True
B)False
Q3) Play-It-Loud, LLC, provides music-streaming services online subject to complex pricing schedules. To control specific offers for the services and thus the resulting contracts, important terms to provide online include
A) a provision relating to the resolution of any dispute.
B) a detailed history of the music business.
C) positive reviews from users of the service.
D) an updated list of the music available through the service.
Q4) One necessary element for an effective offer is a reasonable price related to market value.
A)True
B)False
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Chapter 13: Consideration
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Q1) Industrial Engineering, Inc., promises to give stock options to Jasmine for processes she has already designed for the firm. This promise is enforceable
A) because it is a new contract.
B) because it is an illusory promise.
C) because it is supported by past consideration.
D) under no circumstances.
Q2) If a promise is made, it will be enforced.
A)True
B)False
Q3) Ross promises to pay Sara, his niece, $5,000 if she obtains her degree at Tech University, where she is in her third year. Sara graduates. Ross is
A) not required to pay because Sara was already at Tech.
B) not required to pay because obtaining a degree benefits Sara.
C) required to pay because a job can be hard to find after college.
D) required to pay because Sara obtained a degree at Tech.
Q4) A covenant not to sue does not always bar further recovery.
A)True
B)False
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Page 15
Chapter 14: Capacity and Legality
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Q1) Leon relinquishes the right to his daughter Meredith's control, care, custody, and earnings. This is
A) disaffirmance.
B) emancipation.
C) ratification.
D) severability.
Q2) Ordinarily, minors can disaffirm contracts even when they have misrepresented their age.
A)True
B)False
Q3) Gina, a minor, enters into a contract to buy a tractor from Herb, an adult. The deal is set aside. Restoring Herb to the position he held before the contract is the duty of A) ratification.
B) emancipation.
C) disaffirmance.
D) restitution.
Q4) In an employment contract, a covenant not to compete is unenforceable.
A)True
B)False
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Chapter 15: Mistakes, Fraud, and Voluntary Consent
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Q1) If a contractor's bid contains a mistake in addition when totaling the estimated costs, the contract may not be enforceable.
A)True
B)False
Q2) Intent to deceive is an element of fraud.
A)True
B)False
Q3) Ken, a real estate agent, assures Lily that a certain parcel of commercial property fronts on the most highly trafficked street in Metro City. Lily buys the property and then discovers that the street has no more traffic than any other in its vicinity. Lily is most likely a victim of
A) opinion.
B) fraud.
C) mistake.
D) an adhesion contract.
Q4) If the subject matter of a contract turns out to be more valuable than one of the parties believed it would be, that party can rescind the contract.
A)True
B)False
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Chapter 16: The Writing Requirement in Our Digital World
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Q1) Rough Canyon Adventures, Inc., and Sturdy Stuff Inc. enter into an oral contract for Sturdy's sale to Rough of five rafts for $2,000 each. Before Rough takes possession of the rafts, this contract is enforceable by
A) Sturdy only.
B) Rough only.
C) any interested third party, such as a Rough tour guide or client.
D) none of the choices.
Q2) Ed orally agrees with Far East Restaurant to provide delivery service to its customers for six months. This contract is enforceable by
A) none of the choices.
B) either Ed or Far East.
C) any interested third party, such as a Far East customer.
D) Far East only.
Q3) A contract that is otherwise valid is enforceable even if it is not in the proper form.
A)True
B)False
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18
Chapter 17: Third Party Rights
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Q1) Brock enters into a contract with Casey's Coin-op Laundry to move a suite of dryers from one of Casey's locations to another. Brock subsequently transfers this duty to Darin. Darin is
A) a delegatee.
B) an obligee.
C) a third-party beneficiary.
D) an assignee.
Q2) A special form is required to create a delegation of duties. A)True B)False
Q3) Ilene and Jerry enter into a contract under which Ilene agrees to provide grounds keeping services for Jerry's Family Fun Center. Under an anti-delegation clause, the contract can prohibit and prevent the transfer of
A) only duties that are personal in nature.
B) only duties that are impersonal in nature.
C) no duties under the contract.
D) all duties under the contract.
Q4) An assignee has a right to demand performance from the obligor. A)True B)False
Page 19
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Chapter 18: Performance and Discharge
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Q1) Refer to Fact Pattern 18-2. If a strike delays delivery of the produce beyond the time for performance, Flora's contract with Harvesters is A) breached.
B) discharged.
C) not affected.
D) suspended.
Q2) When a contract party materially alters a written contract without consent, the other party must adapt his or her performance accordingly.
A)True
B)False
Q3) A novation occurs when there is a substitution, by agreement, of a new contract for an old one, with the rights under the old one being terminated.
A)True
B)False
Q4) When a change in the law renders the performance of a contract illegal, the nonperforming party is normally held in breach of contract.
A)True
B)False
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Page 20
Chapter 19: Breach of Contract and Remedies
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Q1) Ready Repair Service enters into a contract to fix washers and dryers in Scrub n' Dry Company's coin-operated laundries. If Ready Repair breaches the contract, Scrub n' Dry can
A) do nothing but make a deal with a different service provider.
B) do nothing but temporarily suspend operations and wait.
C) file a criminal complaint against Ready Repair.
D) sue Ready Repair for damages.
Q2) When a waiver of a breach of contract occurs, the party waiving the breach cannot take any later action on it.
A)True B)False
Q3) The measure of compensatory damages often varies by type of contract. A)True B)False
Q4) Liquidated damages provisions are generally unenforceable. A)True B)False
Q5) Punitive damages are generally not awarded in an action for breach of contract. A)True B)False
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Chapter 20: The Formation of Sales and Lease Contracts
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Q1) Raul agrees to ship to Ben one hundred ceiling fans for $5,000. Raul initials his notes of the deal, which include the terms, and files the notes in his office. Ben initials his own notes of the deal, which include the terms, and files the notes in his office. Raul fails to ship the fans. Against Raul, as a contract, the deal is
A) enforceable, because under the UCC a contract need not written.
B) enforceable, because Raul's initialed notes are a sufficient writing.
C) enforceable, because Ben's initialed notes are a sufficient writing.
D) not enforceable.
Q2) Rice River Farms offers to sell Sensei Sushi Restaurants, Inc., five hundred bushels of rice. Sensei responds, "We agree to buy five hundred bushels only if the rice is Grade A quality." This statement is
A) a breach.
B) a counteroffer.
C) a confirmation.
D) an acceptance.
Q3) Under the UCC, an offeror must be notified within a reasonable time that the offeree has accepted.
A)True
B)False
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Page 22
Chapter 21: Title, Risk, and Insurable Interest
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Q1) A seller has an insurable interest in goods as long as the goods are in existence.
A)True
B)False
Q2) When a bailee is holding goods that are to be delivered under a contract without being moved, the risk of loss cannot pass to a buyer.
A)True
B)False
Q3) When the risk of loss for goods passes from a seller to a buyer is generally determined by the contract between the parties.
A)True
B)False
Q4) A contract between Fresh Fruit Corporation and Green Grocer, Inc., requires Fresh Fruit to deliver goods to Green Grocer's place of business. This is A) a bill of lading.
B) a destination contract.
C) a shipment contract.
D) a warehouse receipt.
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Chapter 22: Performance and Breach of Sales and Lease Contracts
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Q1) A shipment contract requires a seller to ship goods by a carrier.
A)True
B)False
Q2) ABC Toy Store orders one hundred board games from Big Board Games Inc. When the games are delivered, they are all missing pieces. ABC rejects the shipment. To cure, Big Board Games must
A) promptly notify ABC of the intent to cure.
B) pay a cure fee.
C) pick up the nonconforming games before the end of the business day.
D) enter into a new contract with Axel's.
Q3) An installment contract is a single contract that requires or authorizes delivery in two or more separate lots to be paid for in one payment.
A)True
B)False
Q4) Tender of delivery requires that the seller or lessor hold the goods at the buyer's or lessee's disposal, but not that the goods be conforming.
A)True
B)False
Page 24
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Chapter 23: Warranties
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Q1) Ocean Vessels, Inc., and Pacific Harbor Company enter into a contract for a sale of a boat. Ocean is a merchant who deals in goods of the kind sold. The goods are defective. Under the UCC, the implied warranty of merchantability is breached
A) only if Ocean did not know of and could not have discovered the defect.
B) only if Ocean did not know of the defect.
C) only if Ocean knew about or could have discovered the defect.
D) regardless of what Ocean knew or could have discovered.
Q2) Puffery is an expert's opinion that creates an express warranty.
A)True
B)False
Q3) A product is unmerchantable if an accident could arise in connection with the goods.
A)True B)False
Q4) In sales law, failing to examine the goods and refusing to examine the goods are considered the same thing.
A)True
B)False
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Chapter 24: International and Space Law
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Q1) Franchising is a form of licensing.
A)True
B)False
Q2) Global Fashion, Inc., a U.S. firm, and Haute Couture, a Haitian firm, are parties to a contract that specifies the official language of the contract is English. This is
A) a choice-of-forum clause.
B) a choice-of-language clause.
C) a choice-of-law clause.
D) an arbitration clause.
Q3) U.S. laws that prohibit discrimination in employment apply to U.S. employees working for U.S. firms located abroad.
A)True
B)False
Q4) In a joint venture, the parent company in the United States retains complete ownership and authority over all phases of the operation.
A)True
B)False
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Chapter 25: Negotiable Instruments
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Q1) Fred has six nieces, ages five to sixteen. He writes an order instrument for $50 that states "Pay to the order of my niece." The order instrument is A) negotiable.
B) not negotiable, because the amount of money is less than $500.
C) not negotiable, because it is illegal to write an order instrument payable to a relative. D) nonnegotiable, because there is no specific person identified.
Q2) An instrument that promises to pay "in goods" can be negotiable.
A)True
B)False
Q3) On a sheet of paper, Elle writes, without her signature, "I acknowledge that I owe Frank $600, payable out of the proceeds of the sale of my car, a 1995 Honda Civic, which I promise to advertise 'For Sale' next week. Payment is to be made on or before six months from today." What type of instrument is this? Is it negotiable? If not, why not?
Q4) A promissory note must name a specific payee to be negotiable.
A)True B)False
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Page 27
Chapter 26: Transferability and Holder in Due Course
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Q1) An instrument is defective if it is overdue.
A)True
B)False
Q2) Rod negotiates a bearer instrument to Shauna by
A) delivery with an assignment of its rights under a contract.
B) delivery with any necessary indorsement.
C) delivery alone.
D) presenting it in response to a demand by Shauna.
Q3) Refer to Fact Pattern 26-1. After Patricia writes "Pay to Patricia" above Nina's signature, further negotiation of the check
A) requires Nina's re-indorsement and delivery.
B) requires delivery alone.
C) requires Patricia's indorsement and delivery.
D) is not possible.
Q4) A bearer instrument can be converted into an order instrument through indorsement.
A)True
B)False
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28
Chapter 27: Liability, Defenses, and Discharge
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Q1) Gulf Bank receives a check drawn by Hayley. The check is received after the established "cutoff" hour. Payment can be postponed without dishonor
A) indefinitely.
B) under no circumstances.
C) for thirty days.
D) until the following business day.
Q2) A person is not liable on an instrument unless he or she has signed it personally or through an authorized representative.
A)True
B)False
Q3) Cici signs a check "pay to the order of Doug" drawn on Cici's account in East Bank. Cici shows the check to Frieda, who agrees that the signature is Cici's and that Doug is owed the amount the check represents. Doug signs the back of the check. Liability on this check extends to
A) Cici, Doug, and East Bank.
B) Cici and Doug only.
C) Cici and Frieda only.
D) Frieda only.
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Chapter 28: Banking in the Digital Age
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Q1) The Federal Reserve System acts as a clearinghouse where banks exchange checks. A)True
B)False
Q2) Ervin signs a check "pay to the order of Felicia" drawn on Ervin's account in Garden Fields Bank. Ervin later orders the bank not to pay the check, but the bank pays it over Ervin's order. Subsequent checks written on Ervin's account "bounce." Most likely liable for the costs to Ervin is A) Garden Fields Bank. B) any party to whom a subsequent check was written. C) Felicia.
D) Ervin.
Q3) Only a customer or a person authorized to draw on an account can order a bank not to pay a check when it is presented for payment. A)True
B)False
Q4) When a bank draws a check on itself, the check is called a certified check. A)True
B)False
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Chapter 29: Creditors Rights and Remedies
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Q1) No state allows a defaulting debtor to redeem the property before a foreclosure sale.
A)True
B)False
Q2) A short sale is a sale of only part of the whole property subject to a mortgage.
A)True
B)False
Q3) Federal law alone governs garnishment actions.
A)True
B)False
Q4) Fleet Trucking, LLC, buys a white van from Go Motors, Inc. , on credit under a guaranty signed by Herbie, Fleet's president, making him personally liable if the company does not pay. Herbie is
A) a surety.
B) a lienor.
C) a guarantor.
D) a creditor.
Q5) An artisan's lien is possessory.
A)True
B)False
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Chapter 30: Secured Transactions
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Q1) Refer to Fact Pattern 30-1. Suppose that Business Finance perfects its security interest when GLC takes possession of the equipment. In that circumstance, the party with priority to the collateral on GLC's default would be A) GLC.
B) Business Finance and Commercial Bank proportionately.
C) Business Finance only.
D) Commercial Bank only.
Q2) The payment of Chick's debt to Diamond is guaranteed by Chick's collection of eight restored autos. Their agreement describes Chick's subject property by serial number. To establish Diamond's interest, this is
A) not sufficient because it is too specific.
B) not sufficient if it matches the description in the financing statement.
C) sufficient if it accurately describes the parties' agreement.
D) not sufficient without an added description of the autos' other identifying characteristics.
Q3) Attachment gives the creditor an enforceable security interest in the collateral.
A)True
B)False
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Chapter 31: Bankruptcy Law
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Q1) For individual debtors, the plan in a reorganization case must be completed before a discharge will be granted.
A)True
B)False
Q2) Larry has fifteen creditors. To force Larry into bankruptcy proceedings, at least three creditors must join the petition and their unsecured claims must add up to at least A) $500.
B) $15,325.
C) $100,000.
D) $500,000.
Q3) To adjust debt and institute a repayment plan, Don, a family fisherman in the Gulf of Mexico, may file a petition in bankruptcy for relief under the Bankruptcy Code'sChapter A) 7.
B) 11.
C) 12.
D) 13.
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Chapter 32: Agency Formation and Duties
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Q1) An agent's deviation from the lawful clearly stated instructions of the principal is a violation of the duty of obedience.
A)True
B)False
Q2) Home-Baked Bread Company hires Ike to sell the company's products in a certain area. Home-Baked Bread agrees to pay Ike a salary, plus commission, for a trial period. They also agree that Ike can sell using any methods and during any hours that seem appropriate. The key factor in whether Ike is Home-Baked Bread's employee is
A) the amount of Ike's salary.
B) the control Home-Baked Bread has over the details of the work.
C) the length of the trial period.
D) the size of Ike's sales area.
Q3) Refer to Fact Pattern 32-1. With respect to third parties, Orin is Pumps's
A) employee, agent, and independent contractor.
B) employee and agent.
C) employee but not agent.
D) independent contractor.
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Chapter 33: Agency Liability and Termination
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Q1) Based on Esteban's conduct, Floyd reasonably believes that Glynis has the authority to act on Esteban's behalf even though Glynis does not have the actual authority to do so. Floyd makes a payment to Glynis for Esteban. Glynis keeps the money and disappears. Esteban
A) can demand that Floyd make a repayment directly to Esteban.
B) can obtain damages from Floyd for Glynis's misconduct.
C) may be estopped from denying that Glynis had authority.
D) must repudiate Glynis's misconduct to avoid liability.
Q2) Refer to Fact Pattern 33-1. Cuisine Catering is
A) a disclosed principal.
B) an apparent agent.
C) an undisclosed principal.
D) a partially disclosed principal.
Q3) Chuck hires Danielle, a real estate broker, to act as his agent to sell his land for $150,000. Oil is discovered beneath the land, causing its market value to increase considerably. The agency agreement is likely
A) continued with a proportionate increase in Danielle's sales commission.
B) continued until Danielle tells prospective buyers of the discovery.
C) terminated by act of the parties.
D) terminated by operation of law.
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Chapter 34: Employment, Immigration, and Labor Law
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Q1) In states that require a minimum wage that is higher than the federal minimum wage, employers must pay the higher wage.
A)True
B)False
Q2) The most common exception to the employment-at-will doctrine is made on the basis that a worker was fired for reasons that violate fundamental common sense.
A)True
B)False
Q3) Food Handlers Union petitions the National Labor Relations Board for an election on organizing a union among the employees of Roasters Coffee Company. For an election to be held, the union must represent
A) all of Roasters's employees.
B) Roasters's workers who have a mutuality of interest.
C) workers with similar jobs for Roasters's competitors.
D) Roasters's best interest.
Q4) Drug-testing of private-sector employees is governed by federal law.
A)True
B)False
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Chapter 35: Employment Discrimination
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Q1) Compensatory damages are not available in cases of intentional discrimination in violation of Title VII of the Civil Rights Act.
A)True
B)False
Q2) Carly applies for a job at Data Applications LLC for which she is qualified, but for which she is rejected. The employer continues to seek applicants and eventually fills the position. To succeed in a suit against Data for discrimination under the Americans with Disabilities Act, Carly must show that she
A) was not hired solely because of a disability.
B) has a disability but can function with certain mitigating measures.
C) suffers from a disability that causes her undue hardship.
D) is willing to reasonably accommodate the employer's needs.
Q3) Discrimination against persons who have served in the military is permissible if it meets the "legitimate expectations" of the employer and employee.
A)True
B)False
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Chapter 36: Small Businesses and Franchises
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Q1) Spicy Sauces, Inc., and Tom's Bottling Plant have a manufacturing franchise arrangement. This involves the transfer of
A) a license.
B) a trade name.
C) the formula to make a certain product.
D) the ownership of the business.
Q2) In choosing a form of business organization for a new enterprise, important factors include tax considerations.
A)True
B)False
Q3) Flynn buys a Greasy Burger, Inc., franchise. Greasy requires that its franchisees buy its products exclusively for every phase of their operations. Because Flynn wishes to buy less expensive products, he challenges the requirement. His best argument is probably that the requirement violates
A) the implied covenant of good faith and fair dealing.
B) the Federal Trade Commission's Franchise Rule.
C) federal antitrust laws.
D) the franchisor's marketing image.
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Chapter 37: All Forms of Partnerships
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Q1) In a limited partnership, every partner has full responsibility for the partnership and for all its debts.
A)True B)False
Q2) A third party can never sue one of the partners of a partnership without suing all members of the partnership.
A)True B)False
Q3) Some states have passed laws prohibiting the withdrawal of limited partners from a limited partnership.
A)True
B)False
Q4) In winding up a general partnership, creditors are paid before partners receive their capital contributions.
A)True B)False
Q5) A limited partnership cannot be dissolved by court decree. A)True B)False
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Chapter 38: Limited Liability Companies and Special Business Forms
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Q1) For federal income tax purposes, one-member limited liability companies are not taxed.
A)True
B)False
Q2) Valu Food Markets is an incorporated cooperative. Like other incorporated cooperatives, Valu Food distributes profits to its owners on the basis of
A) the amount of capital they contribute.
B) the degree to which they participate in management.
C) their transactions with the cooperative.
D) the requirements of the state in which it was incorporated.
Q3) The members of a joint venture have less implied and apparent authority than the partners in a partnership.
A)True
B)False
Q4) When a limited liability company is dissolved, any member, including those who wrongfully dissociated, may participate in the winding up process.
A)True
B)False
Page 40
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Chapter 39: Corporate Formation and Financing
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Q1) Jen and Kay would like to form Lunch Garden, Inc., to enter the food vending business. Most likely, the articles of incorporation for the firm will not include
A) the corporate name.
B) the name and address of a registered agent.
C) the number of shares that the corporation is authorized to issue.
D) the minutes of the first organizational meeting.
Q2) Sierra is a holder of preferred stock in Rio Grande Irrigation, Inc. Sierra has priority over holders of Rio common stock as to A) nothing.
B) payments of dividends.
C) the date on which Rio must repurchase the shares.
D) upward changes in the market price of the shares.
Q3) Ruby Red Corporation is incorporated in South Carolina. In that state, Ruby Red is A) a domestic corporation.
B) a foreign corporation.
C) an alien corporation.
D) a non-entity.
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Chapter 40: Corporate Directors, Officers, and Shareholders
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Q1) Any individual director can act as an agent to bind the corporation.
A)True
B)False
Q2) Faye and Grant are shareholders of Hearthside Hotels, Inc. As shareholders, they must approve
A) a merger.
B) a decision to pursue new business opportunities.
C) none of the choices.
D) a contract between management and labor.
Q3) Since stock is intangible personal property, the ownership right to stock exists independently of a stock certificate.
A)True
B)False
Q4) Dividends can be paid in the stock of corporations other than the corporation that is paying the dividends.
A)True
B)False
Q5) Directors must engage in self-dealing.
A)True
B)False
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Chapter 41: Mergers and Takeovers
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Q1) A short-form merger is the legal combination of two or more corporations online.
A)True
B)False
Q2) Ramon is a shareholder of Quantum Mechanix Corporation. Ramon could normally exercise appraisal rights if Quantum participated in A) a consolidation.
B) a dissolution.
C) a liquidation.
D) none of the choices.
Q3) The business judgment rule may apply to determine whether directors acted reasonably in resisting a takeover attempt.
A)True
B)False
Q4) When a corporation is dissolved voluntarily, its assets can be liquidated without notice to its creditors.
A)True
B)False
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Chapter 42: Investor Protection, Insider Trading, and Corporate Governance
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Q1) Refer to Fact Pattern 42-3. Under the Securities Exchange Act of 1934, Fay is most likely
A) liable for insider trading.
B) not liable because Fay did not prevent others from profiting.
C) not liable because Fay did not misappropriate any information.
D) not liable because Fay does not work for Eureka!
Q2) Cattle Ranch Company offers its stock for sale only in a single state. The law in the company's state is like the law in most states. Thus, the firm's offer is subject to state securities statutes that include
A) antifraud and disclosure provisions.
B) antifraud provisions only.
C) disclosure provisions only.
D) neither antifraud nor disclosure provisions.
Q3) Most securities cannot be resold without registration.
A)True
B)False
Q4) Securities can be sold before the effective date of the registration statement without restrictions.
A)True
B)False
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Chapter 43: Administrative Agencies
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Q1) Unlike statutory law, administrative law is created by administrative agencies, not by legislatures.
A)True
B)False
Q2) The functions of the Social Security Administration, like those of other administrative agencies, include
A) adjudication.
B) declaration.
C) enunciation.
D) pronunciation.
Q3) Some federal agencies are not subject to the requirements of the Administrative Procedure Act.
A)True
B)False
Q4) An administrative law judge does not make determinations of facts.
A)True
B)False
Q5) Administrative agencies create their own enabling legislation.
A)True
B)False
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Chapter 44: Consumer Law
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Q1) Package labels must use words that the ordinary consumer understands.
A)True
B)False
Q2) One of the most important federal consumer protection laws is directed at deceptive trade practices.
A)True
B)False
Q3) Elise and many other consumers complain to the Federal Trade Commission (FTC) that a Faux Diamonds Company ad is deceptive. The FTC's first step is to A) send a formal complaint.
B) investigate.
C) issue a cease-and-desist order.
D) order restitution.
Q4) A consumer who receives an unsolicited credit card can be charged by the company that issued the card for any unauthorized charges.
A)True
B)False
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Chapter 45: Environmental Protection
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Q1) Metal Foundry Inc.'s complex spews smoke and odors. The site features its own rail system, and trucks enter and exit the complex night and day. Neal and other residents of an adjacent neighborhood can feel the vibrations of the trains and trucks, and suffer other effects from the operations. Neal and others file a suit against Metal Foundry. Why might the court rule in favor of the defendant?
Q2) Hi-Yield, Inc., makes a pesticide with a one-in-a-million risk to people of developing cancer from exposure. This substance must be
A) disposed of before anyone develops cancer.
B) registered before it is sold.
C) taken off the market and placed in temporary storage.
D) used only in a way that avoids exposure to people.
Q3) Industrial Solvents, Inc., averages $15,000 profit per day before deciding to ignore air pollution standards, after which the average is $30,000. Industrial Solvents is subject to a fine of
A) $0.
B) $15,000 per day.
C) $30,000 per day.
D) $30,000 total.
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Chapter 46: Antitrust Law
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Q1) Disc & Shoe Brakes Corporation, a brake manufacturer, sells its products to Eastside Motors, a retailer, at lower prices than it charges Fast Brake, a competitive retailer. This price discrimination is legal
A) under any circumstances.
B) unless its effect is to cause a competitor a loss of any business.
C) unless its effect is to substantially lessen competition.
D) unless there is no effect on a competitor.
Q2) To prevent its competitors from obtaining sufficient supplies to make their products, Continental Steel, Inc., uses its market power to increase the prices of those supplies. This is
A) price discrimination.
B) business judgment.
C) predatory bidding.
D) predatory pricing.
Q3) A market division by class of customer between rival firms does not violate antitrust law.
A)True
B)False
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Chapter 47: Professional Liability and Accountability
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Q1) Randi, an accountant, includes a false statement in a report for Social Media Marketing, Inc., that is filed with the Securities and Exchange Commission. When Theo buys stock in Social Media and loses money on the investment, he files a suit against Randi, alleging fraud under the 1934 Securities Exchange Act. To avoid liability, Randi can show that she
A) intended to defraud Social Media, not Theo.
B) intended to profit on stock trades generally, not only Theo's.
C) is an otherwise competent accountant.
D) had no knowledge that her statement was false.
Q2) Attorneys are required to find relevant law that is applicable to a case and can be discovered through a reasonable amount of research.
A)True
B)False
Q3) An accountant is liable for an omission in a registration statement to a purchaser of securities whether or not the omission has a causal connection to the purchaser's loss.
A)True
B)False
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Chapter 48: Personal Property and Bailments
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Q1) Ruby stores her furniture with Stow-Away, Inc., under a contract that excuses the warehouser from liability for any damage. A fire due to Stow-Away's negligence destroys the furniture. The loss is most likely to be imposed on
A) neither Ruby nor Stow-Away.
B) Ruby and Stow-Away in equal proportions.
C) Ruby only.
D) Stow-Away only.
Q2) In contemplation of death during risky surgery, Ben, a guitarist, gives his guitars to Cathy. The surgery is successful, and Ben does not die. The gift of the guitars is
A) not revoked because it was a gift causa mortis.
B) not revoked because it was a gift inter vivos.
C) revoked because it was a gift causa mortis.
D) revoked because it was a gift inter vivos.
Q3) Confusion of fungible goods results in the owners' loss of their rights in the property.
A)True
B)False
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Chapter 49: Real Property and Landlord-Tenant Law
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Q1) Jay owns a duplex that he leases to Kit and Leo. Jay may sell the duplex
A) to any party at any time.
B) only after the lease expires and Kit and Leo move out.
C) only with Kit and Leo's permission.
D) only to Kit and Leo.
Q2) Investment Properties Inc. conveys an office building to Jim with a deed that makes the greatest number of warranties and provides the most extensive protection against defects of title. This deed is
A) a grant deed.
B) a quitclaim deed.
C) a special warranty deed.
D) a warranty deed.
Q3) With a tenancy at will, either party can terminate the tenancy without notice. A)True
B)False
Q4) A fixed-term tenancy is created when property is leased for a specified period of time.
A)True
B)False
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Chapter 50: Insurance
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Q1) For an insurance contract to be binding, consideration in the form of a premium must be given.
A)True
B)False
Q2) Global Reach, Inc., insures its real and personal property, as well as the lives of its key employees, to protect its financial interest should some event undermine its security. This is
A) risk management.
B) universal life.
C) coinsurance.
D) underwriting.
Q3) Country Club, Inc. applies for, and obtains, casualty insurance coverage from Business Insurance Company. The effective date of the policy is the date
A) the insured submits the application.
B) the insurer accepts the first premium.
C) the insurer issues the policy.
D) the application specifies as the effective date.
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Chapter 51: Wills and Trusts
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Q1) Undue influence can occur when a named beneficiary is in a position to influence the making of a will.
A)True
B)False
Q2) A living trust is created by a grantor during his or her lifetime.
A)True
B)False
Q3) A testator may revoke a will by intentionally tearing it.
A)True
B)False
Q4) A trust that a grantor executes orally in contemplation of immediate death is a testamentary trust.
A)True
B)False
Q5) In his will, Bryson makes a gift of $12,000 to Curtis. This is A) a general bequest.
B) a general devise.
C) a specific bequest.
D) a specific devise.
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Chapter 52: The Legal Environment of Business
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Q1) Cell Service Corporation pads all of its customers' bills with an unexpected fee, adding up to millions in profit for Cell at a small expense for each individual customer. In this situation, the customers could most affordably fight this charge by
A) bringing individual lawsuits.
B) engaging in individual arbitration.
C) filing a class action.
D) taking their case to the state legislature.
Q2) Salma wishes to file a suit in a Texas state court against Ubi. Texas allows for service of process via social media if Salma can authenticate Ubi's social media account. Allowing service of process only by means of social media raises a question whether that service comports with A) due process.
B) the Federal Rules of Civil Procedure.
C) the freedom to contract.
D) the rules of evidence.
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Chapter 53: Torts and Crimes
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Q1) Money2Play Corporation does not make or sell products or services but buys a patent and asserts it against New Functions, Inc., a start-up applications company, demanding licensing fees and threatening an infringement suit. Because of these threats, New Functions is most likely to
A) have difficulty in attracting investors.
B) target other firms with patent litigation to obtain investment capital.
C) cease and desist.
D) collect more capital to fund its operations than without the threats.
Q2) Pay-to-Buy.com, Inc. obtains a patent on an online payment system. The patent is vaguely worded and overly broad. In evaluating the patent, a court is most likely to A) have difficulty, resulting in Pay-to-Buy being targeted by patent trolls.
B) apply the patent broadly.
C) issue a vaguely worded protection order.
D) hold that Pay-to-Buy's business practices are illegal.
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Chapter 54: Contracts and E-Contracts
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Q1) Beth enters into a contract for the services of Cable Connection Inc. The corporation provides the contract, which contains an arbitration clause. This clause requires that any dispute must be submitted to arbitration rather than being pursued through litigation. With respect to contracts with such clauses, federal courts have ruled all of the following except
A) arbitration is encouraged under the Federal Arbitration Act.
B) arbitration can provide a meaningful way to seek redress for harm.
C) state law preempts federal law with respect to arbitration clauses.
D) federal law preempts state courts' interpretations of arbitration clauses.
Q2) Mainstay, Inc., sponsors NowUCMe, a social-networking, video- and photo-sharing site. To use NowUCMe, Mainstay requires users to accept terms of service associated with the site. By clicking on "accept," users enter into a contract
A) after thirty days.
B) as soon as they begin to use the service.
C) when a court declares that a contract exists.
D) under no circumstances.
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Chapter 55: Domestic and International Sales and Lease Contracts
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Q1) The label on AmBeer Inc.'s beer reads, "U.S. quality" and, beneath that phrase in small print, "Made with Imported Hops." Bruce and other consumers file a class action against the brewer in California, which prohibits the use of an unqualified U.S.-origin claim. The plaintiffs' best ground for a possible recovery is most likely
A) misleading advertising.
B) unethical labeling practices.
C) inconsistent puffery.
D) inferior taste.
Q2) The label on Cameron Ltd.'s beer reads, "British quality" and, beneath that phrase in small print, "Product of the U.S.A." Dave and other consumers file a class action against the brewer over the fact that its beer is not brewed in Great Britain. The plaintiffs' best ground for a possible recovery is most likely
A) misleading advertising.
B) unethical labeling practices.
C) inconsistent puffery.
D) inferior taste.
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Chapter 56: Negotiable Instruments
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Q1) A digital invoice is
A) an electronic version of a paper bill that can be paid online.
B) an online view of a paper bill that cannot be paid online.
C) a statement for a subscription service that makes B2B payments.
D) a supplemental record of a transaction payment.
Q2) Businesses have been required to switch to digital invoices in A) the European Union.
B) the United States.
C) countries that host the Association of Financial Professionals.
D) the home regions of cloud-based companies.
Q3) Virtual currency is a medium of exchange that operates like a currency in some environments. In other words, more precisely, virtual currency is A) digital money.
B) coins and bills.
C) checks, notes, and other negotiable instruments in paper form.
D) all of the choices.
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Chapter 57: Creditors Rights and Bankruptcy
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Q1) Rita borrows $20,000 from the U.S. Department of Education to help pay for her education at State University. She signs a note payable to DOE for the amount of the loan plus interest. The loan may be discharged if
A) Rita does not graduate from State University within six years of the loan.
B) Rita does not find employment in her program of study after graduation.
C) in bankruptcy, repayment would cause Rita undue hardship.
D) any of the choices.
Q2) Beth borrows $10,000 from the U.S. Department of Education to help pay for her education at Community College. She signs a note payable to DOE for the amount of the loan plus interest. The borrower will be considered in default if she fails to A) any of the choices.
B) repay the loan according to the terms in the note.
C) graduate from Community College within four years of the loan.
D) find employment in her program of study after graduation.
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Chapter 58: Agency and Employment
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Q1) Clear Coding Inc. provides its employees personal breaks of up to twenty minutes per break. Under the Fair Labor Standards Act, Clear must
A) compensate its employees during their breaks.
B) not compensate its employees during their breaks.
C) record the breaks for review by the U.S. Department of Labor.
D) record and report the breaks to the U.S. Department of Labor.
Q2) Rob, a taxi driver for Swift Cab Company, and other cabdrivers file a suit in a Texas state court against Uber, alleging unfair competition. If the result in this suit is like the result in similar suits, the court will most likely rule in favor of
A) Rob.
B) Swift Cab.
C) the state of Texas.
D) Uber.
To view all questions and flashcards with answers, click on the resource link above. Page 60
Chapter 59: Business Organizations
Available Study Resources on Quizplus for this Chatper
Source URL: https://quizplus.com/quiz/22621
Sample Questions
Q1) Price-Lo Inc., a discount retailer, was established, and is based, in the United States. Charged by the United States with violating the Foreign Corrupt Practices Act by bribing foreign government officials for favorable contracts, Price-Lo
A) may be subject to charges in other countries but not for the same acts.
B) may be subject to similar charges for the same acts in other countries.
C) will not be subject to similar charges in other countries because only the United States fines corporations for such acts.
D) will not be subject to similar charges in other countries because the firm is a U.S. company alleged to have violated U.S. law.
Q2) Nina and Owen are general partners in Property Management, L.P., a limited partnership. Without Nina's knowledge or consent, Owen defrauds the firm's clients, resulting in the firm's liability for the losses. The limited partners file a suit against Nina to recover their investments. She is most likely liable
A) if the clients are viewed as innocent third parties.
B) in a state that does not protect innocent partners from fraud suits.
C) under any circumstances.
D) under no circumstances.
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Chapter 60: Government Regulation
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12 Verified Questions
12 Flashcards
Source URL: https://quizplus.com/quiz/22622
Sample
Questions
Q1) The effects of climate change can be lessened by a reduction in greenhouse gases (GHGs). With this purpose in mind, GHG emission goals have been set by
A) about half a dozen states.
B) about a dozen states.
C) about half of the states.
D) nearly all of the states.
Q2) A business that acts to take advantage of the economic and political opportunities offered by the climate change is acting
A) legally and ethically.
B) legally, but unethically.
C) illegally, but not unethically.
D) illegally and unethically.
Q3) The Federal Communications Commission issued proposed rules regulating Internet service providers (ISPs) as "common carriers" under the Communications Act of 1934. Under these rules, ISPs cannot
A) prevent users from accessing "legal content" on the Internet.
B) reduce the speed of data from any particular site or application.
C) charge content providers more for faster service.
D) all of the choices.
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Page 62
Chapter 61: Property and Its Protection
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8 Verified Questions
8 Flashcards
Source URL: https://quizplus.com/quiz/22623
Sample Questions
Q1) According to the United States Supreme Court,
A) Metro City can take a parking lot for a privately owned sports stadium.
B) all of the choices.
C) Laborville can condemn a vacant field for a private manufacturing plant.
D) Sleepyton can take residential property for a private corporate complex.
Q2) Bay City condemns private, residential property and conveys it to Commercial Construction Corporation to develop a shopping, dining, and entertainment complex on the city's waterfront. According to the United States Supreme Court,
A) a state can prohibit taking for economic development.
B) eminent domain may be used to further development.
C) a state can permit taking for redevelopment of slum areas.
D) all of the choices.
Q3) Bob owns a virtual asteroid near the virtual planet Cosmo in the virtual DeepSpace universe. Property consists of a bundle of rights in anything that has an ascertainable value and is subject to ownership. This definition encompasses
A) intangible objects used in virtual worlds like DeepSpace.
B) digital books, music libraries, and movie downloads.
C) all of the choices.
D) domain names and expensively created Web sites.
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