International Business Law Exam Preparation Guide
Course Introduction
International Business Law introduces students to the legal principles and regulatory frameworks that govern commercial transactions across national borders. The course covers key topics such as international sales contracts, dispute resolution mechanisms, trade regulations, intellectual property rights, and the role of international organizations like the World Trade Organization (WTO). Students will explore the complexities of cross-border transactions, including jurisdictional issues, enforcement of foreign judgments, and compliance with ethical and legal standards in global markets. Emphasis is placed on understanding how differing legal systems impact business operations and decision-making in the international arena.
Recommended Textbook
Business law 9th Edition by Henry Cheeseman
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54 Chapters
4463 Verified Questions
4463 Flashcards
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Page 2
Chapter 1: Legal Environment of Business and Online Commerce
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Q1) Provisions of federal law are valid as long as they do not conflict with any state law.
A)True
B)False
Answer: False
Q2) The Law and Economics School of jurisprudential thought believes that promoting market efficiency should be the central goal of legal decision making.
A)True
B)False
Answer: True
Q3) What is the first step in examining a legal case using IRAC method?
A)application of the law to the facts of a case using critical thinking
B)identification of a legal issue that is to be answered
C)identification of the law that is to be applied to a case
D)reaching a conclusion
Answer: B
Q4) A treaty does not require Senate approval before being passed.
A)True
B)False
Answer: False
Page 3
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Chapter 2: Courts and Jurisdiction
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Q1) The decisions of the U.S.Supreme Court can be appealed to higher courts.
A)True
B)False
Answer: False
Q2) Describe the need for forum-selection and choice-of-law clauses.
Answer: One issue that often comes up when parties from different states or countries have a legal dispute is which jurisdiction's court will be used.Also,sometimes there is a dispute as to which jurisdiction's laws apply to a case.When the parties have not agreed in advance,courts must make the decision about which court has jurisdiction and what law applies.This situation causes ambiguity,and resolving it will cost the parties time and money.Therefore,parties sometimes agree in their contract as to what state's courts,what federal court,or what country's court will have jurisdiction to hear a legal dispute should one arise.Such clauses in contracts are called forum-selection clauses or choice-of-forum clauses.Of course,the selected court must have jurisdiction to hear the case.
In addition to agreeing to a forum,the parties also often agree in contracts as to what state's law or country's law will apply in resolving a dispute.These clauses are called choice-of-law clauses.The selected law may be of a jurisdiction that does not have jurisdiction to hear the case.
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Page 4
Chapter 3: Judicial, alternative, and Online Dispute Resolution
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Sample Questions
Q1) Which of the following is the most common form of alternative dispute resolution (ADR)?
A)negotiation
B)mini-trial
C)arbitration
D)fact-finding
Answer: C
Q2) A class action is a court order directing the defendant to appear in court and answer the complaint.
A)True
B)False
Answer: False
Q3) The term ________ refers to the oral testimony given by a party or witness prior to trial.
A)class action
B)deposition
C)interrogatory
D)intervention
Answer: B
Page 5
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Chapter 4: Constitutional Law for Business and E-Commerce
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Q1) Advertising is categorized as ________ speech.
A)fully protected
B)limited protected
C)uncensored
D)unprotected
Q2) Which of the following amendments to the U.S.Constitution contains the Due Process,Equal Protection,and Privileges and Immunities Clauses?
A)the Twelfth Amendment
B)the Thirteenth Amendment
C)the Fourteenth Amendment
D)the Fifteenth Amendment
Q3) Why have checks and balances been built into the U.S.Constitution?
A)to keep a check on the number and frequency of amendments made to the Constitution
B)to ensure that the judiciary is not biased or corrupt
C)to prevent any one of the three branches of the government from becoming too powerful
D)to ensure that people of all races and ethnicities are uniformly represented
Q4) How has the U.S.government regulated commerce with Native Americans?
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Q5) How is power divided between the federal government and the state governments?
Chapter 5: Intentional Torts and Negligence
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Q1) Direct physical contact,such as intentionally hitting someone with a fist,is considered battery.
A)True
B)False
Q2) A tort can be considered an assault without there being any actual physical contact.
A)True
B)False
Q3) Which of the following statements is true of battery?
A)Battery refers to intentional infliction of emotional distress.
B)Assault and battery often occur together.
C)Actual physical contact is not necessary for a tort to be termed as battery.
D)Indirect physical contact between the victim and the perpetrator is not battery.
Q4) If a nurse administers CPR to save the life of a dying man and negligently injures the man's arm in the process,the nurse cannot be sued as he or she is protected by Good Samaritan statutes.
A)True
B)False
Q5) How is assault different from battery?
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Chapter 6: Product and Strict Liability
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Q1) If the statute of limitations for strict liability for a particular state is two years and a plaintiff brings a product liability suit to court three years after the injury,the defendant is relieved of liability.
A)True
B)False
Q2) ________ is a tort related to defective products in which the defendant has breached a duty of due care and caused harm to the plaintiff.
A)Misrepresentation
B)Negligence
C)Nuisance
D)Fraud
Q3) A man tries to swallow a pen as part of a circus act.The pen gets lodged in his throat,and he is taken to a hospital for immediate medical attention.The man sues the company that manufactured the pen.Which of the following would be the best defense for the pen manufacturer in this lawsuit?
A)It can claim that the product carried generally known dangers.
B)It can claim that the product was abnormally misused.
C)It can claim that the injury was caused by a supervening event.
D)It can claim that the plaintiff had assumed the risk when buying the product.
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Page 8
Chapter 7: Intellectual Property and Cyber Piracy
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Q1) The No Electronic Theft Act (NET Act)can be invoked for copyright infringements that do not involve financial gain.
A)True
B)False
Q2) Intellectual property falls into a category of property known as ________.
A)moveable property
B)real property
C)tangible property
D)intangible property
Q3) Which of the following is suitable for copyrighting?
A)buildings
B)musical compositions
C)business methods
D)product logos
Q4) A company logo would be an example of a ________.
A)trade secret
B)patent
C)trademark
D)copyright
Q5) Explain what a generic name is with reference to trademarks.
Page 9
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Chapter 8: Criminal Law and Cyber Crime
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Q1) The ________ makes it a federal crime for anyone to access and acquire information intentionally from a protected computer without authorization.
A)Identity Theft and Assumption Deterrence Act
B)Information Infrastructure Protection Act
C)Counterfeit Access Device and Computer Fraud and Abuse Act
D)Racketeer Influenced and Corrupt Organizations Act
Q2) A crime that is committed using computers,e-mail,the Internet,or other electronic means is commonly referred to as ________.
A)larceny
B)cybercrime
C)forgery
D)mail fraud and wire fraud
Q3) The Fifth Amendment to the U.S.Constitution provides that no person shall be compelled in any criminal case to be a witness against himself.
A)True
B)False
Q4) Discuss mail fraud and wire fraud.
Q5) Discuss identity theft as a cybercrime.
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Chapter 9: Nature of Traditional and E-Contracts
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Q1) Contracts that have been fully performed by one side but not by the other are classified as ________ contracts.
A)executory
B)executed
C)void
D)voidable
Q2) Provision of services qualifies as a consideration for an enforceable contract.
A)True
B)False
Q3) An offer to create a unilateral contract can be revoked by the offeror any time prior to the offeree's performance of the requested act.
A)True
B)False
Q4) A quasi contract is an equitable doctrine whereby a court may award monetary damages to a plaintiff for providing work or services to a defendant even though no actual contract existed.
A)True
B)False
Q5) Compare valid,void,voidable,and unenforceable contracts.
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Chapter 10: Agreement
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Q1) Which one of the following would constitute a reward?
A)a person buying a car after seeing an ad about it
B)a person returning a lost item after seeing an ad about it
C)a seller accepting a bid for an item
D)a seller making an invitation for offers
Q2) Which of the following is true for an auction without reserve?
A)The bidder is considered the offeror.
B)The seller need not accept the highest bid.
C)The goods on sale cannot be withdrawn.
D)The auctioneer is not allowed to set a minimum bid.
Q3) Which of the following is true of an option contract?
A)If the offeree chooses not to buy the property, then money paid in consideration must be returned.
B)If money is paid as consideration, then that is not applied to the sale price.
C)Death or incompetency of either party terminates an option contract.
D)The offer cannot be revoked during the option period.
Q4) An offer terminates upon the expiration of a stated time in the offer.
A)True
B)False
Q5) Explain the importance of "time of acceptance" of contracts.
Page 12
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Chapter 11: Consideration and Promissory Estoppel
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Q1) Under which of the following conditions is a contract said to have legal value?
A)the promisor receives a legal benefit
B)the promisor suffers a legal detriment
C)both promisor and promisee receives a legal benefit
D)both promisor and promisee suffers a legal detriment
Q2) A requirements contract is a contract in which a buyer agrees to purchase all of its requirements for an item from one seller.
A)True
B)False
Q3) Poweroxi Inc.produces rocket propellant fuel that is used in space shuttles.NASA is an agency that requires rocket propellant fuel to send its rockets to space.NASA enters into a contract with Poweroxi Inc.to purchase all of the propellant fuel it will need that year from Poweroxi.Which of the following conditions would constitute a breach in contract?
A)if Poweroxi sold to another purchaser
B)if Poweroxi sold to another purchaser at a lower price
C)if NASA purchased fuel from another seller
D)if NASA stopped purchasing from Poweroxi due to lack of need
Q4) What is contract consideration?
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Page 13
Chapter 12: Capacity and Legality
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Q1) According to a minor's duty of restoration,the goods received from an adult should be returned in status quo after the contract has been disaffirmed by the minor.
A)True
B)False
Q2) People below the age of majority are considered minors.
A)True
B)False
Q3) A person who is insane but not adjudged insane cannot void a contract he or she has entered into.
A)True
B)False
Q4) Which of the following elements has to be proved for a contract to be deemed unconscionable?
A)that the weaker party did not enter the contract under duress
B)that the parties had equal bargaining power
C)that the dominant party justly used its bargaining power
D)that the adhering party had no reasonable alternative
Q5) Describe the infancy doctrine with reference to legal contracts.
Q6) What are gambling statutes?
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Chapter 13: Genuineness of Assent and Undue Influence
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Q1) An ambiguity in a contract may constitute a mutual mistake of a material fact.
A)True
B)False
Q2) What is scienter?
A)knowledge that a representation is false
B)undue influence used on a party to sign a contract
C)another term for duress
D)damages paid to a victim of a scam
Q3) What is physical duress?
A)physically damaging the contract documents
B)signing a contract without the knowledge that it represents fraudulent information
C)threatening to physically harm someone if he or she does not sign a contract
D)persuading a person to rescind a valid contract by misrepresenting the facts
Q4) If a seller does not disclose legal disputes involving the property being sold,he or she is liable for silence as misrepresentation.
A)True
B)False
Q5) How is a mistake different from fraud?
Q6) What should be shown to prove fraud?
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Chapter 14: Statute of Frauds and Equitable Exceptions
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Q1) The primary contract in a guarantee situation is between the debtor and the creditor.
A)True
B)False
Q2) Which of the following is considered a real property?
A)a fixture permanently affixed to a building
B)fifty-one percent partnership in a firm
C)a club membership
D)diamond jewelry
Q3) Section 2-201(1)of the Uniform Commercial Code (UCC)is the basic Statute of Frauds provision for ________.
A)sales contracts
B)lease contracts
C)all contracts involving interests in real property
D)mortgage contracts
Q4) The signature of the person who is enforcing the contract is necessary.
A)True
B)False
Q5) When is parol evidence admitted in court?
Q6) How are contract words and terms interpreted?
Page 16
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Chapter 15: Third-Party Rights and Discharge
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Q1) Mr.Jacob,who is terminally ill,writes a will transferring all his assets to his daughter Silvia,in the event of his death.The doctors say that Mr.Jacob will live for about six months.A day after the will is written,Silvia wishes to transfer her expected inheritance to her son,Jacob Jr.This assignment will be ________.
A)valid
B)conditionally valid
C)invalid
D)re-assignable by Jacob Jr.
Q2) Which of the following is true of discharge of performance by agreement?
A)A partially executed contract cannot be rescinded.
B)Mutual rescission requires parties to enter into a second agreement that expressly terminates the first one.
C)A party is allowed to rescind a contract without the consent of the other party.
D)Unilateral rescission is not regarded as breach of contract.
Q3) In the United States,sales contracts and contracts for the payment of money are not assignable.
A)True
B)False
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17
Chapter 16: Remedies for Breach of Traditional and E-Contracts
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Q1) Material breach of a contract occurs when a party renders considerable performance of his or her contractual obligations.
A)True
B)False
Q2) A nonbreaching party cannot rescind the contract in the event of a material breach.
A)True
B)False
Q3) Intentional interference with contractual relations arises when a third party induces a contracting party to breach the contract with another party.
A)True
B)False
Q4) Which of the following torts arises when a third party induces a contracting party to breach the contract with another party?
A)intentional interference with contractual relations
B)breach of the covenant of good faith and fair dealing
C)tort of bad faith
D)malicious breach of contractual relations
Q5) How are liquidated damages awarded?
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Chapter 17: Digital Law and E-Commerce
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Q1) Registering a domain name of another party's trademarked name or famous person's name in bad faith is called cybersquatting.
A)True
B)False
Q2) ISPs provide e-mail accounts to users,Internet access,and storage on the Internet.
A)True
B)False
Q3) The World Wide Web consists of computers that support a standard set of rules for the exchange of information called Hypertext Transfer Protocol.
A)True
B)False
Q4) Counteroffers are not effective against electronic agents.
A)True
B)False
Q5) Data and software do not constitute intellectual property.
A)True
B)False
Q6) Briefly explain the working of an e-license.
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Chapter 18: Formation of Sales and Lease Contracts
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Q1) According to the gap-filling rule,if a sales contract does not contain a specific price,________.
A)the contract has to be redrafted to include a price
B)the contract is considered void due to indefiniteness
C)the contract can be enforced by either party by fixing an open term price
D)the contract cannot be enforced upon the buyee
Q2) The common law of contract allows for gap-filling terms that are implied in the contract.
A)True
B)False
Q3) A shipment that is offered to a buyer as a replacement for the original shipment when the original shipment cannot be filled is referred to as a(n)________.
A)consideration
B)accommodation
C)surrogate
D)open delivery
Q4) Explain open delivery term.
Q5) How does the Uniform Commercial Code (UCC)define a merchant?
Q6) What are the different terms used in electronic contracting?
Page 20
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Chapter 19: Title to Goods and Risk of Loss
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Q1) What is the role of a financing statement in a consignment if the consignor files it?
A)It protects the consignor from bearing a risk of loss for the goods.
B)It protects the consignor from possible payment revocation by the consignee.
C)It gives the buyer's creditors claim over the goods.
D)It gives the seller's creditors claim over the goods.
Q2) If a document of title is required,title must pass when and where the seller delivers the goods to the buyer.
A)True
B)False
Q3) In which of the following does the title to the goods pass from the seller to the buyer?
A)option contract
B)rental agreement
C)lease
D)sale of goods
Q4) A consignment is treated as a sale or return contract under the UCC.
A)True
B)False
Q5) Explain in detail the risk of loss in lease contracts.
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Chapter 20: Remedies for Breach of Sales and Lease Contracts
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Q1) For noncarrier deliveries,if the seller or lessor has no place of business,the place of delivery is the seller's or lessor's residence. A)True
B)False
Q2) The right to recover the goods from an insolvent seller applies to unfinished goods. A)True B)False
Q3) The UCC statutes of limitations cannot be reduced by the contracting parties. A)True
B)False
Q4) Revocation of acceptance is not effective until the seller or lessor is so notified. A)True B)False
Q5) The right to withhold delivery is available to the seller if the buyer or lessee wrongfully rejects or revokes acceptance of the goods. A)True B)False
Page 22
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Chapter 21: Warranties
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Q1) Under the consumer expectation test,if a person were injured by eating a nail in a cherry pie,then the implied warranty would be breached.
A)True
B)False
Q2) Where there has been a breach of warranty,the buyer or lessee may sue the seller or lessor to recover ________ damages.
A)compensatory
B)future
C)punitive
D)liquidated
Q3) Which of the following would constitute the creation of an express warranty for goods?
A)description of the goods
B)commendation of the goods
C)prior experience with the goods
D)affirmation of the value of the goods
Q4) What damages are recoverable for a breach of warranty?
Q5) Explain the implied warranty of fitness for a particular purpose.
Q6) Thoroughly and completely explain express warranties.
Page 23
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Chapter 22: Creation of Negotiable Instruments
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Q1) In a draft transaction,the payee is called the acceptor of the draft.
A)True
B)False
Q2) Which of the following is a characteristic of a check?
A)It always draws its money from a financial institute.
B)It is created when credit is extended to a buyer by a seller.
C)It is a two-party instrument.
D)It is an unconditional written promise to pay.
Q3) Instruments that are payable on demand are called order instruments.
A)True
B)False
Q4) A ________ is a three-party instrument that is an unconditional written order by one party that orders a second party to pay money to a third party.
A)draft
B)promissory note
C)certificate of deposit
D)lease
Q5) The creation of a negotiable instrument is known as negotiation.
A)True
B)False
24
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Chapter 23: Holder in Due Course and Transferability
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Q1) Only a holder in due course can legally negotiate commercial paper.
A)True
B)False
Q2) Explain the requirement for a holder in due course (HD C)under the Uniform Commercial Code (UC C)that there be no evidence of forgery, alteration, or irregularity with respect to a negotiable instrument.
Q3) The allonge must be affixed to an instrument to be valid.
A)True
B)False
Q4) Unqualified indorsements are considered negotiable instruments.
A)True
B)False
Q5) Where the name of the payee is misspelled,the indorsement becomes invalid.
A)True
B)False
Q6) An order paper that is indorsed in blank becomes bearer paper.
A)True
B)False
Q7) What is the difference between a holder and holder in due course?
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Chapter 24: Liability, defenses, and Discharge
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Q1) A purported principal is liable for an unauthorized signature by a purported agent.
A)True
B)False
Q2) Which of the following actions by the holder causes an impairment of the right of recourse?
A)releasing an obligor party from liability
B)withholding collateral that would benefit that party
C)writing "canceled" on the face of the instrument
D)destruction of the instrument with the intent of eliminating the obligation
Q3) What are the requirements for imposing secondary liability for a negotiable instrument?
Q4) ________ is a type of personal defense when a wrongdoer makes a false statement to another person to lead them to enter into a contract and issue a negotiable instrument.
A)Forgery
B)Discharge in bankruptcy
C)Fraud in the inducement
D)Extreme duress
Q5) What are forged negotiable instruments?
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Chapter 25: Banking System and Electronic Financial Transactions
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Q1) Which of the following is a provision of Article 4 of the Uniform Commercial Code?
A)establishing the requirements for negotiable instruments, such as checks
B)establishing the rules and principles that regulate bank deposit procedures for checking accounts offered by commercial banks
C)stipulating the rules that regulate the creation and collection of and liability for wire transfers
D)reviewing and revising guidelines for ownership of securities by investors
Q2) A check is finally paid when ________.
A)the depository bank credits the customer's account with an option to reverse the credit in case of dishonoring of the check
B)the payer bank fails to dishonor the check within certain statutory time periods
C)the drawer settles for the check while holding a right to revoke the settlement
D)the final bank in the collection process tentatively credits the account of the prior transferor
Q3) Describe the principal-agent relationship with respect to checks.
Q4) Briefly explain certified checks.
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Chapter 26: Credit, mortgages, and Debtors Rights
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Q1) The Fair Credit Billing Act requires that creditors promptly acknowledge consumer billing complaints in writing and investigate billing errors.
A)True
B)False
Q2) The Fair and Accurate Credit Transactions Act (FACT
A)of 2003 permits credit reporting companies to place fraud alerts in their credit files.
A)True
B)False
Q3) Payment can be obtained from a guarantor even if the principal debtor has not defaulted.
A)True
B)False
Q4) A court action is necessary for a power of sale foreclosure to be considered valid. A)True
B)False
Q5) Explain the procedure for obtaining a mechanic's lien.
Q6) What are foreclosure sales?
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Page 28
Chapter 27: Secured Transactions
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Q1) In a three-party secured transaction,the party that purchases the goods or services is known as the buyer-secured creditor.
A)True
B)False
Q2) Which of the following is true of disposition of collateral?
A)Disposition of collateral must be a public proceeding.
B)The debtor is entitled to receive any surplus collateral that remains after disposition.
C)The debtor need not be notified of the disposition as the creditor has complete claim on the collateral.
D)Disposition of collateral occurs when the default is by the creditor.
Q3) A ________ has an ownership or other interest in the collateral and owes payment of a secured obligation.
A)creditor
B)debtor
C)seller
D)lender
Q4) Explain the priority of claims for secured and unsecured transactions.
Q5) What is a deficiency judgment? Explain,and provide some examples.
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Chapter 28: Bankruptcy and Reorganization
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Q1) Bankruptcy petitions cannot be filed by the debtor without the assistance of an attorney or filing service.
A)True
B)False
Q2) A creditor's action of perfecting liens against a debtor's property cannot be stayed.
A)True
B)False
Q3) Unpaid debts that the debtor incurred prior to the date of the order for relief are discharged under Chapter 7.
A)True
B)False
Q4) If the value of the collateral securing a secured loan is less than the secured interest,the secured creditor is an oversecured creditor.
A)True
B)False
Q5) How does a court order to discharge debts benefit the debtor? Under what circumstances do courts grant a discharge?
Q6) Briefly explain what is included in a bankruptcy estate.
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Chapter 29: Agency Formation and Termination
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Q1) The ________ includes keeping records of all property and money received and expended during the course of an agency.
A)duty of accountability
B)duty of termination
C)duty to reimburse
D)duty to notify
Q2) An agency by ratification occurs when the principal ________.
A)accepts an unauthorized act created by an unauthorized agent
B)accepts an authorized act created by an authorized agent
C)creates the appearance of an agency that in actuality does not exist
D)accepts an act carried out under the implied authority of an agent
Q3) What is an agent's duty to account?
Q4) If a principal and an agent enter into an express agency contract,the principal cannot employ any agent other than the exclusive agent.
A)True
B)False
Q5) An express agency contract cannot be orally agreed upon.
A)True
B)False
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Chapter 30: Liability of Principals, agents, and Independent Contractors
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Q1) Based on the doctrine of respondeat superior,principals are liable for the negligent conduct of agents acting within the scope of their employment.
A)True
B)False
Q2) Which of the following is true of a fully disclosed agency?
A)The third party does not know the identity of the principal.
B)The third party knows the name of the principal, but all transactions are done with the agent.
C)The contract is between the principal, agent, and the third party.
D)The principal is liable on the contract with a third party.
Q3) Briefly explain the liability for an independent contractor's torts.
Q4) If an independent contractor enters into a contract with a third party on behalf of the principal without express or implied authority from the principal to do so,who among the following is liable on the contract?
A)the principal
B)the independent contractor
C)the third party
D)both the principal and independent contractor
Q5) Describe the operation of a fully disclosed agency.
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Chapter 31: Employment, worker Protection, and Immigration Law
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Q1) According to the U.S.Department of Labor,children under the age of 14 can only be employed as ________.
A)stocking staff at stores
B)newspaper deliverers
C)waiters
D)store assistants
Q2) ________ occurs when an employee has a non-forfeitable right to receive pension benefits.
A)Vesting
B)Easement
C)Anti-lapse
D)Reconciliation
Q3) The Occupational Safety and Health Administration (OSH
A)is a federal administrative agency within the Department of Labor that is empowered to enforce the Occupational Safety and Health Act.
A)True
B)False
Q4) What is an EB-1 visa? Who qualifies for it?
Q5) How is Social Security awarded in the U.S.?
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Chapter 32: Labor Law
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Q1) In which of the following circumstances is picketing unlawful?
A)when picketing obstructs customers from entering the employer's place of business
B)when picketing is carried out against the struck employer's product
C)when picketing is carried out against the neutral employer
D)when the employer carries out a "lockout" against the picketers at work premises
Q2) Which of the following is a compulsory subject during collective bargaining?
A)health benefits
B)discrimination
C)corporate reorganization
D)location of workplace
Q3) Managers and professional employees cannot belong to unions formed by employees whom they manage.
A)True
B)False
Q4) The act of negotiating contract terms between an employer and the members of a union is known as mediation.
A)True
B)False
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Chapter 33: Equal Opportunity in Employment
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Q1) Employees stricken with cancer,diabetes,or epilepsy are considered individuals with a disability under Americans with Disabilities Act (ADA)provisions.
A)True
B)False
Q2) Which of the following is true of sexual harassment?
A)Same-sex harassment is not covered under Title VII.
B)An employee being harassed at the workplace is not obligated to report it to the employer.
C)Sending offensive e-mail may be considered sexual harassment.
D)The absence of a complaint policy may make an employer liable for disparate-impact discrimination.
Q3) There is no cap on the recovery of compensatory or punitive damages under Section 1981 of the Civil Rights Act of 1866.
A)True
B)False
Q4) Explain the scope and provisions of Title VII of the Civil Rights Act.
Q5) An employee feels discriminated against by his employer,based on his religion.Who must he approach before filing a lawsuit against the employer? Describe the process.
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Chapter 34: Small Business, entrepreneurship, and General Partnerships
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Q1) A plaintiff must name the partnership and all of the partners as defendants in a lawsuit in order to pursue a claim for ________.
A)multiple liability
B)joint liability
C)limited liability
D)unlimited personal liability
Q2) Why does a sole proprietorship not pay taxes at the business level?
A)It is not a separate legal entity from the owner.
B)It is a small business that is exempted from taxation.
C)It is a not-for-profit organization.
D)It is generally an institution with no business dealings.
Q3) The ________ requires general partners to adhere to the provisions of the partnership agreement and the decisions of the partnership.
A)duty to inform
B)duty of loyalty
C)duty of care
D)duty of obedience
Q4) List and briefly explain the advantages and disadvantages of a sole proprietorship.
Page 36
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Chapter 35: Limited Partnerships and Special Partnerships
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Q1) A limited partner may engage in voting on the dissolution of the limited partnership without losing his or her limited liability.
A)True
B)False
Q2) A certificate of cancellation is a document that is filed with the secretary of state upon the dissolution of a limited partnership.
A)True
B)False
Q3) Partners in a limited partnership who invest capital and manage the business are called general partners.
A)True
B)False
Q4) In which of the following forms of business partnerships are both general and limited partners not personally liable for debts?
A)sole proprietorship
B)general partnership
C)master limited partnership
D)limited liability limited partnership
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Chapter 36: Corporate Formation and Financing
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Q1) A corporation in the United States that has been incorporated in another country is referred to as a(n)________ corporation.
A)foreign
B)domestic
C)onshore
D)alien
Q2) The registered office in the articles of incorporation must be the same as the corporation's place of business.
A)True
B)False
Q3) What are the express powers of a corporation?
Q4) Secured bondholders can foreclose on collateral in the event of nonpayment of interest.
A)True
B)False
Q5) In debt securities,the corporation is the debtor and the holder is the creditor.
A)True
B)False
Q6) What is an indenture agreement?
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Chapter 37: Corporate Governance and the
Sarbanes-Oxley Act
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Q1) One of the powers of a shareholder is his or her right to elect the board of directors.
A)True
B)False
Q2) A corporation cannot ratify an unauthorized act committed by its corporate officer.
A)True
B)False
Q3) A lawsuit a shareholder brings against an offending party on behalf of a corporation when the corporation itself fails to bring the lawsuit is known as a ________.
A)notice of the shareholder
B)derivative action
C)class action suit
D)contract action
Q4) Which of the following is considered an absolute power of corporate directors?
A)the adoption of resolutions
B)the approval of transactions
C)the inspection of the corporation's books and records
D)the declaration of share stocks
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Chapter 38: Corporate Acquisitions and Multinational Corporations
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Q1) The pro rata rule states that any increase in price paid for shares tendered must be offered to all shareholders,even those who have previously tendered their shares.
A)True
B)False
Q2) State antitakeover statutes apply to ________.
A)corporations that are incorporated in the state
B)foreign corporations that operate in the state
C)U.S. corporations incorporated in other states operating in the state D)corporations that export to the state
Q3) A merger increases the number of voting shares of the surviving corporation by 23 percent.Which of the following is required in this context?
A)a unanimous vote by the incumbent directors
B)a majority vote of the board of directors
C)a majority vote of the shareholders
D)an affirmative vote by at least 30 percent of the shareholders
Q4) Shareholder approval is not required to make any changes in a corporation.
A)True
B)False
Q5) Explain the factors that lead to a proxy contest.What is its outcome?
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Chapter 39: Limited Liability Companies and Limited
Liability Partnerships
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Q1) A member of a manager-managed LLC (limited liability company)who is not a manager owes no fiduciary duty of loyalty or care to the LLC or its other members.
A)True
B)False
Q2) The certificate of interest acts the same as a(n)________ issued by a corporation.
A)promissory note
B)stock certificate
C)deposit note
D)initial public offer
Q3) Which of the following is true of a member-managed LLC (limited liability company)?
A)Each member has equal rights in the management of the business of the LLC.
B)The member with the highest capital contribution becomes the de facto manager of the LLC.
C)Any matter relating to the business of the LLC is decided by a unanimous vote of the members.
D)Shareholders are not allowed to decide matters relating to the business of the LLC.
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Chapter 40: Franchises and Special Forms of Businesses
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Q1) Which of the following data must a franchisor disclose if the franchisor makes sales or earnings projections for a potential franchise location that are based on the actual sales,income,or profit figures of an existing franchise?
A)contract details of the franchisor and the existing franchises
B)management methods that have been adopted by the existing franchises
C)the number and percentage of its actual franchises that have obtained such results
D)any sales or marketing strategy employed by the franchisor in acquiring such results
Q2) Ubiquitous Enterprises is a franchisee of HotPan chain of restaurants.One afternoon,Linda,an employee of a HotPan restaurant owned by the franchisee,is mopping the floor.Gary,a customer who enters the restaurant is talking on his cell phone and does not notice Linda mopping the floor.He slips on the wet floor while walking to the counter and is injured.Who among the following is liable for Gary's injuries?
A)HotPan, for not providing a "Caution: Wet Floor!" sign
B)Ubiquitous Enterprises, for not having its own "Caution" sign
C)Linda, for not alerting Gary
D)Gary, for not noticing that the floor was wet
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Chapter
41:
Investor Protection, e-Securities, and Wall Street Reform
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Q1) What is insider trading? How is it regulated in the United States?
Q2) ________ permits issuers to sell up to $5 million of securities to the public during a 12-month period,pursuant to a simplified registration with the SEC.
A)SEC Rule 506
B)Section 12 of the Securities Act of 1933
C)Section 5 of the Securities Act of 1934
D)Regulation A
Q3) Interests in oil,gas,and mineral rights are considered statutorily defined securities.
A)True
B)False
Q4) The ________ imposes liability under Section 10(b)and Rule 10b-5 on an outsider who misappropriates information about a company,in violation of his or her fiduciary duty,and then trades in the securities of that company.
A)Insider Trading Sanctions Act
B)Sarbanes-Oxley Act
C)tort of appropriation
D)misappropriation theory
Q5) List the securities exempt from registration with the SEC.
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Chapter 42: Ethics and Social Responsibility of Business
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Q1) What is ethical relativism?
Q2) Which of the following statements describes the moral theory of utilitarianism?
A)People must choose the action or follow the rule that provides the greatest good to society.
B)People must follow actions that are in accordance with a specific ethical rule or principle from a religious text.
C)People must choose to follow actions of a virtuous person.
D)People must follow actions based on moral duties imparted by one's community.
Q3) The theory of moral minimum emphasizes correcting social injuries caused by a business.
A)True
B)False
Q4) According to Rawls's social justice theory,moral duties are based on an implied social contract.
A)True
B)False
Q5) Explain the two principles used to derive the universal rules of Kantian ethics?
Q6) All laws are framed to meet the highest ethical standards.
A)True
B)False
Page 44
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Chapter 43: Administrative Law and Regulatory Agencies
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Q1) Administrative subpoena refers to an order that directs the subject of the subpoena to disclose the requested information.
A)True
B)False
Q2) The Privacy Act provides that documents in the possession of federal administrative agencies are confidential to the respective agencies and cannot be accessed by the public.
A)True
B)False
Q3) Which of the following is true of state administrative agencies?
A)They are created by federal administrative agencies.
B)They act as advisory boards for the president.
C)Their decisions can be appealed to a state court.
D)They are not empowered to enforce statutes.
Q4) The ________ was enacted to open most federal administrative agency meetings to the public.
A)Freedom of Information Act
B)Privacy Act
C)Government in the Sunshine Act
D)Equal Access to Justice Act
Page 45
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Chapter 44: Consumer Protection and Product Safety
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Q1) The NLEA applies to packaged foods and other foods regulated by the ________.
A)U.S. Department of Agriculture
B)Consumer Product Safety Commission
C)Patient Protection and Affordable Care Act
D)Food and Drug Administration
Q2) Give an account of the regulation of medicinal devices in the United States.
Q3) The U.S.Department of Agriculture places mandatory and consistent labeling requirements on ________.
A)ready-to-eat meals
B)raw fruits and vegetables
C)raw seafood
D)meat and poultry products
Q4) Which of the following federal agencies is authorized to adopt and enforce the Family Smoking Prevention and Tobacco Control Act?
A)the Consumer Product Safety Commission
B)the Federal Trade Commission
C)the Food and Drug Administration
D)the Agency for Healthcare Research and Quality
Q5) What is the United Nation's Biosafety Protocol for genetically altered food?
Q6) Describe the Food,Drug,and Cosmetic Act.
Page 46
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Chapter 45: Environmental Protection
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Q1) Which of the following is true of an environmental impact statement (EIS)?
A)It is not required by state or local laws, only federal law.
B)It can be challenged in court by environmentalists or other interested parties.
C)It can only be accepted after Congress passes a bill adopting the EIS.
D)It is not required for projects undertaken by private parties.
Q2) The remains of the process by which nuclear power is generated in a reactor are most likely to be classified as ________.
A)oil-spilled pollutants
B)inert elements
C)pesticides
D)hazardous wastes
Q3) The Comprehensive Environmental Response,Compensation,and Liability Act is commonly called the Superfund.
A)True
B)False
Q4) The third category of the nonattainment areas is labeled "serious."
A)True
B)False
Q5) What are the measures taken to protect wetlands in the United States?
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Chapter 46: Antitrust Law and Unfair Trade Practices
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Q1) Which of the following horizontal restraints of trade has the element of monopoly in it?
A)conscious parallelism
B)market sharing
C)group boycott
D)exchange of nonprice information
Q2) What is a backward vertical merger?
A)a vertical merger between two or more companies that compete in the same business and geographical market
B)a vertical merger between two companies in similar fields whose sales do not overlap
C)a vertical merger in which a supplier acquires a customer
D)a vertical merger in which a customer acquires a supplier
Q3) Section 1 of the Sherman Act allows for intangible properties to be sold in tying arrangements.
A)True
B)False
Q4) States lack the power to enact antitrust statutes autonomously.
A)True
B)False
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Chapter 47: Personal Property, real Property, and Insurance
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Q1) Common carriers are held to a duty of strict liability.
A)True
B)False
Q2) A bailment without a fixed term is called a ________.
A)bailment for the sole benefit of the bailee
B)bailment for the sole benefit of the bailor
C)bailment for a for mutual benefit
D)bailment at will
Q3) A(n)________ is a document of title issued by a common carrier stating that the bailor has title to the bailed goods.
A)bill of lading
B)accession
C)freight forwarder
D)delivery order
Q4) A ________ is a gratuitous bailment that arises when the bailee is requested to care for the bailor's property as a favor.
A)bailment at will
B)mutual benefit bailment
C)bailment for the sole benefit of the bailee
D)bailment for the sole benefit of the bailor
Page 49
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Chapter 48: Real Property
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Q1) When does a joint tenancy become a tenancy in common?
A)when a joint tenant sells his or her property
B)when a joint tenant dies
C)when two joint tenants swap their share in the tenancy
D)when two joint tenants are bound by a marital relationship
Q2) Plant life and vegetation growing on the surface of land are considered personal property.
A)True
B)False
Q3) After the death of Horace,the remaining two joint tenants of the luxury restaurant Rendezvous became the owners of Horace's interest in the property automatically.This feature of their concurrent ownership is called ________.
A)quiet title action
B)adverse possession
C)nonconforming use
D)right of survivorship
Q4) Give an account of zoning.What are nonconforming uses?
Q5) An easement is an example of nonpossessory interest in another's real property.
A)True
B)False
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Chapter 49: Landlord-Tenant Law and Land Use Regulation
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Q1) A tenancy created when a landlord and a tenant agree on a specific duration for the lease is known as a ________.
A)tenancy for years
B)periodic tenancy
C)tenancy by the entirety
D)tenancy at sufferance
Q2) A rental agreement between a landlord and a tenant is called a lease.
A)True
B)False
Q3) A transfer of the right to the possession and use of real property for a set term in return for certain consideration is known as a(n)________.
A)title transfer
B)lease
C)novation
D)easement
Q4) The attorney general may seek equitable relief and civil fines for any violation of the ADA.
A)True
B)False
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Chapter 50: Insurance
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Q1) Roger Ray runs a motel in a rented property and sublets a part of its garage to the owner of a nearby fuel station.Three months later,the motel catches fire from a fuel leak in the garage and Roger suffers severe damages.If Roger owns a standard fire insurance policy for years,the insurer can use the ________ to refuse covering the damage caused by the fire.
A)deductible clause
B)exclusions from coverage clause
C)incontestability clause
D)copay clause
Q2) What is the difference between an insurance broker and an insurance agent?
A)An insurance agent works exclusively for one company, while an insurance broker works for a number of insurance companies.
B)An agent requires a commission payment after a deal is made, while a broker requires a service charge to be paid before the deal is made.
C)An agent represents the insured, while a broker represents the company.
D)An agent is authorized to sell insurance directly, while a broker can only mediate an insurance contract.
Q3) What is the importance of title insurance in real property?
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Chapter 51: Accountants Duties and Liability
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Q1) Which of the following is true of an auditor of a corporation?
A)The auditor must be an independent certified public accountant.
B)The auditor cannot use information about the corporation from third parties.
C)The auditor cannot inspect the corporation's real property unless he is closely associated with the company.
D)The auditor must provide a qualified opinion wherever possible since it helps the company in business.
Q2) What prohibition does the Sarbanes-Oxley Act impose on an accounting firm providing audit and nonaudit services to the same company?
Q3) Which of the following statements is true of accountants?
A)Accountants cannot be hired to perform nonaudit services.
B)Accountants cannot be held liable by provisions of common law.
C)Accountants can be held liable to clients but not to third parties.
D)Accountants who lack certified public accountant (CPA)certification are called public accountants.
Q4) Limited partners are personally liable for the debts and obligations of the limited liability partnerships (LLP).
A)True
B)False
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Chapter 52: Wills, trusts, and Estates
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Q1) An equitable trust that is implied by law to avoid fraud,unjust enrichment,and injustice is defined as a ________.
A)constructive trust
B)testamentary trust
C)spendthrift trust
D)token trust
Q2) Nuncupative wills are legally binding oral wills that are made on a testator's deathbed in the absence of witnesses.
A)True
B)False
Q3) Which of the following is a similarity between a living trust and an inter vivos trust?
A)both of them are subject to probate
B)both of them require the beneficiaries to be present during the time of creation of the trust
C)both of them are created while the settlor is still alive
D)both of them are free from changes resulting from operations of law like annulment
Q4) Give an account of the funding and operation of a living trust.
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Chapter 53: Family Law
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Q1) According to the fault rule,if the person who gave the engagement ring breaks off the engagement,then the other party can rightfully keep the engagement ring.
A)True
B)False
Q2) A spouse wishing to obtain a no-fault divorce merely has to assert irreconcilable differences with his or her spouse.
A)True
B)False
Q3) In the event of Jane and Will opting for a divorce,Will's stocks and bonds would be considered to be a part of ________.
A)Jane's separate property
B)the couple's marital assets
C)Will's separate property
D)the couple's separate property
Q4) A court decree of divorce need not be obtained to end a common law marriage. A)True
B)False
Q5) What is child support? How is it awarded?
Q6) How is the division of debts conducted after a divorce?
Page 55
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Chapter 54: International and World Trade Law
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Q1) The World Bank is ________.
A)an autonomous agency under the aegis of the European Union
B)an agency that monitors the financial collaborations taking place in the eurozone
C)primarily responsible for promoting sound monetary, fiscal, and macroeconomic policies worldwide
D)primarily responsible for providing money to developing countries to fund projects for humanitarian purposes
Q2) Individuals and businesses can directly approach the International Court of Justice for cases involving international contracts.
A)True
B)False
Q3) What is the World Bank? What is its function?
Q4) The International Court of Justice is composed of 15 judges who serve nine-year terms.
A)True
B)False
Q5) How are disputes settled in the World Trade Organization (WT
O)? What are the different WTO bodies that handle disputes?
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