International Business Law
Final Exam
Course Introduction
International Business Law explores the legal frameworks governing cross-border commercial transactions and the regulation of international trade. This course examines key topics such as international contracts, dispute resolution mechanisms, trade agreements, intellectual property protection, import/export regulations, and the roles of major institutions like the World Trade Organization (WTO). Students will analyze case studies to understand how laws and treaties influence global business practices, and develop practical skills for managing legal risks and compliance in various international markets.
Recommended Textbook
Business Law Text and Cases 13th Edition by ClarksonMiller
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Chapter 1: Law and Legal Reasoning
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Sample Questions
Q1) Common law is a term for the laws that are familiar to most of us.
A)True
B)False
Answer: False
Q2) The Bay City Planning Department, the Coastal County Zoning Commission, the Delaware Environmental Quality Agency, and the U.S. Bureau of Land Management issue regulations. These rules constitute A) administrative law.
B) case law.
C) stare decisis.
D) statutory law.
Answer: A
Q3) The Pennsylvania legislature enacts a state law that violates the U.S. Constitution. This law can be enforced by A) no one.
B) the federal government only.
C) the state of Pennsylvania only.
D) the United States Supreme Court only.
Answer: A
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Page 3
Chapter 2: Courts and Alternative Dispute Resolution
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Q1) Under the authority of a long arm statute, a court can exercise personal jurisdic?tion over certain out-of-state defendants.
A)True
B)False
Answer: True
Q2) Arnold loses his suit against Buffy in a Colorado state trial court. Arnold ap?peals to a state intermediate court of appeals and loses again. Arnold would appeal next to A) a U.S. district court.
B) the Colorado Supreme Court.
C) the United States Supreme Court.
D) the U.S. Court of Appeals for the Ninth Circuit.
Answer: B
Q3) Courts of appeals conduct new trials in which evidence is submitted to the court and witnesses are examined.
A)True
B)False
Answer: False
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4
Chapter 3: Court Procedures
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Sample Questions
Q1) Interrogatories are written questions for which written answers are prepared by a judge.
A)True
B)False
Answer: False
Q2) Refer to Fact Pattern 3-B1. 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) The use of additional evidence distinguishes the motion for summary judgment from the motion for judgment on the pleadings.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Business and the Constitution
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Q1) Utah enacts a law that restricts certain kinds of advertising to protect consumers from being misled. This law would likely be held by a court to be
A) an unconstitutional restriction of speech.
B) constitutional under the First Amendment.
C) justified by the need to protect individual rights.
D) necessary to protect state interests.
Q2) Savers Mart, Inc., distributes its merchandise on an inter?state basis. Under the commerce clause, Congress has the power to regulate
A) any commercial activity in the United States.
B) only activities that are in intrastate commerce.
C) only activities that are in local commerce.
D) none of the choices.
Q3) The Long-haul Truckers Association wants the federal government to spend funds to build a new highway. Congress can spend revenues
A) only to carry out its enumerated powers.
B) to promote any objective that it deems worthwhile.
C) as long as the funds are spent uniformly among the states.
D) without regard to whether the expense violates the Constitution.
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Chapter 5: Business Ethics
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Q1) Desdemona works for eInnovation, Inc. Her job includes putting "spin" on the firm's successes and failures. In this context, ethics has to do with how businesspersons, in making their decisions, apply
A) legal doctrine.
B) moral and ethical principles.
C) corporate guidelines.
D) financial priorities.
Q2) Corporate Security Company provides other firms with security services. Questions of what is ethical involve the extent to which Corporate Security has
A) a legal duty beyond those duties mandated by ethics.
B) an ethical duty beyond those duties mandated by law.
C) any duty beyond those mandated by both ethics and the law.
D) any duty when it is uncertain whether a legal duty exists.
Q3) Companies are required to set up confidential systems so that employees and others can "raise red flags" about suspected illegal or unethical auditing and accounting practices.
A)True
B)False
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Chapter 6: Torts
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Q1) Brady knows that the brakes on his car do not work, but he tells Celia, a potential buyer, that there are no problems with the car. On this assurance, Celia buys the car. On learning the truth, she may sue Brady for A) trade libel.
B) conversion.
C) fraudulent misrepresentation.
D) appropriation.
Q2) Negligence per se may occur if an individual violates a statute or an ordinance providing for a criminal penalty and the violation causes another to be injured.
A)True
B)False
Q3) Dixie, a driver for Express Delivery Company, leaves the truck's motor running in neutral and carelessly forgets to set the parking brake while she makes a delivery. The truck rolls and crashes into a nearby gas station pump, igniting a fire that spreads quickly to a construction site a block away. A burned wall col?lapses onto a crane, which falls on Fazio, a by?stander, and injures him. What must Fazio show to recover dam?ages from Express Delivery?
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Page 8
Chapter 7: Strict Liability and Strict Liability
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Q1) The brakes on a train owned by Rolling Stock Railway Inc. malfunction. The train rolls towards main?te?nance workers on the tracks. Everyone gets out of the way except Sid, who wants to show off. The train hits Sid, who sues Train Components, Inc., the brakes' manufacturer. Train Components can raise the defense of A) a component-part manufacturer.
B) assumption of risk.
C) privity.
D) product misuse.
Q2) MedBeat Inc., makes medical devices, including heart pacemakers. Nina, a heart patient, files a product liabil?ity suit against MedBeat, alleging a warning defect with respect to its pacemaker. In deciding whether to hold MedBeat liable, the court may consider whether there is a foreseeable risk of harm posed by the pacemaker and A) the omission of a warning renders the pacemaker not reasonably safe.
B) there is a reasonable alternative design.
C) MedBeat did not use due care in making the pacemaker.
D) Nina lacks insurance coverage.
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9
Chapter 8: Intellectual Property Rights
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Sample Questions
Q1) Like most successful companies, Pads & Phones, Inc. (P&P), has trade secrets. The law protects those secrets if
A) P&P employees do not divulge the information to outside parties.
B) P&P employees do not handle confidential documents.
C) P&P employees never leave the company's employ.
D) the information is unique and has value to a competitor.
Q2) A patent applicant must demonstrate that an invention is "commercially practicable" to receive a patent.
A)True
B)False
Q3) More than two hundred years ago, the Declaration of Independence recognized the importance of protecting creative works.
A)True
B)False
Q4) Under the Anti-Counterfeiting Trade Agreement, member nations are required to establish border measures that allow officials to search commercial shipments of imports and exports for counterfeit goods.
A)True
B)False
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Chapter 9: Internet Law, Social Media, and Privacy
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Sample Questions
Q1) Law enforcement uses social media to detect and prosecute criminals.
A)True
B)False
Q2) Employees who use social media in a way that violates their employer's stated policies cannot be disciplined or fired from their jobs.
A)True
B)False
Q3) Federal law permits the intentional accessing of stored electronic communication even if the accessing is unauthorized.
A)True
B)False
Q4) Refer to Fact Pattern 9-B2. By using a similar domain name to CallTalk's, CellTalk is most likely attempting to profit from its competitor's
A) goodwill.
B) fair use.
C) license.
D) safe harbor.
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11
Chapter 10: Criminal Law and Cyber Crime
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Q1) Laird is an employee of Motor Parts, an auto parts store. On the orders of his employer, he switches trademarks on parts that come into the store to be sold to consumers. This is most likely
A) forgery.
B) larceny.
C) robbery.
D) obtaining goods by false pretenses.
Q2) Posing as Platinum Bank, Quentin e-mails Rachel, asking her to update her personal banking information through a link in the e-mail. She clicks on the link and types in the data, which Quentin promptly sells to Spence. This is A) hacking.
B) identity theft.
C) cyberterrorism.
D) bribery.
Q3) The crime of bribery occurs when the bribe is offered-it is not required that the bribe be accepted.
A)True
B)False
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Chapter 11: Nature and Terminology
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Q1) Lark promises to buy Mac's used textbook for $60. Lark is
A) an offeror.
B) an offeree.
C) a promisee.
D) a promisor.
Q2) A party who has conferred a benefit on someone else unnecessarily can invoke the principle of quasi contract to recover the cost.
A)True
B)False
Q3) If a voidable contract is avoided, the promisee, but not the promisor, is released from it.
A)True
B)False
Q4) A unilateral contract is formed at the moment when the contract is performed.
A)True
B)False
Q5) A void contract imposes certain legal obligations on the parties but is not otherwise enforceable.
A)True
B)False
Page 13
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Chapter 12: Agreement in Traditional and E-Contracts
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Sample Questions
Q1) An e-contract must meet basic requirements that are different from those required of a paper contract.
A)True
B)False
Q2) Shasta offers to sell a used hay baler to Roberto, but receives a letter of accep?tance from Quito, who has no relation to Roberto. A valid contract exists between
A) Shasta and Roberto.
B) Shasta and Quito.
C) Roberto and Quito.
D) none of the choices.
Q3) An advertisement is generally considered an offer.
A)True
B)False
Q4) An offer must be practical to be effective.
A)True
B)False
Q5) No offer can be accepted by silence.
A)True
B)False
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Chapter 13: Consideration
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Q1) Chris promises Doreen $40,000 if she graduates from Eagle College. Doreen enrolls in Eagle, attends full-time for four years, and graduates. When Doreen asks Chris for $40,000, Chris says, "I don't re?member promising you $40,000. But if there was a promise, it's not en?forceable, because we didn't bargain for it. And even if there was a prom?ise that would other?wise be enforceable, I revoke it now." Can Doreen en?force Chris's "prom?ise"? Why or why not?
Q2) Dave's uncle tells Dave that if "he feels that Dave deserves it," he will give Dave $10,000 when Dave graduates from college. Dave's uncle's promise is A) illusory.
B) a contract.
C) a forbearance.
D) a preexisting duty.
Q3) Refer to Fact Pattern 13-B1. The next day, Quik again offers to deliver Rico's products. Rico's is willing to deal, but for a new price. Quik and Rico's A) may agree to a new contract, but it cannot include a new price. B) may agree to a new contract that includes the new price. C) must perform their original contract.
D) must perform the part of their original contract that is executory.
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Chapter 14: Capacity and Legality
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Q1) Duffy and Elbert agree to hijack a truck carrying a load of almonds. Duffy later refuses to go through with the crime. Elbert can
A) enforce the agreement.
B) obtain damages from Duffy in the amount of Duffy's probable share of the illegal profits.
C) recover in quasi contract for the loss of his share of the illegal profits.
D) not enforce the agreement or recover damages.
Q2) Omni Insurance Company violates a state licensing statute when selling an insur?ance policy to Petra, in whose state Omni is not licensed to sell insurance. As a member of the class of persons protected by the statute, Petra can A) do nothing with respect to the policy.
B) enforce the policy or recover the amount of the premiums paid.
C) only enforce the policy.
D) only recover the amount of the premiums paid.
Q3) All states' laws permit minors to disaffirm contracts.
A)True B)False
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Page 16
Chapter 15: Mistakes, Fraud, and Voluntary Consent
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Sample Questions
Q1) A unilateral mistake is a mistake made by both parties to a contract.
A)True
B)False
Q2) Generally, a unilateral mistake affords the mistaken party a right to relief from the contract.
A)True
B)False
Q3) In some states, the courts prefer to rely on traditional notions of fraud, undue influence, and duress rather than the concept of unconscionability.
A)True
B)False
Q4) Camille, a tennis pro, convinces Dante, who has no athletic ability, that he has considerable skill and induces him to pay Camille $1,000 for tennis lessons. When Dante realizes the truth, he files a suit against Camille. Dante is most likely to recover on the basis of
A) opinion.
B) fraud.
C) unconscionability.
D) none of the choices.
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Chapter 16: The Writing Requirement and Electronic Records
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Q1) When one creditor guarantees a debtor's debt to another creditor to forestall litigation, the guaranty does not need to be in writing to be enforceable.
A)True
B)False
Q2) Oral evidence of the modification of a contract after its making can be introduced at a trial.
A)True
B)False
Q3) Grain Farms, LLC, and Harvest-to-Market Truck & Transport Company sign a writ?ten con?tract that does not involve a sale of goods. To be enforceable, the writing must include
A) a correct title, such as "Shipment Contract."
B) all essential and nonessential terms.
C) a statement of the consideration.
D) a description of the parties' businesses.
Q4) Under the Statute of Frauds, all contracts must be in writ?ing to be enforceable.
A)True
B)False
18
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Chapter 17: Third Party Rights
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Q1) Intended beneficiaries can sue to enforce a contract.
A)True
B)False
Q2) Leon contracts to install automatic watering troughs in Kendall's dairy barn. Leon then becomes seriously ill and contracts with Jake to install the troughs. Jake is unreliable and never shows up to install the troughs. Kendall can sue
A) no one.
B) Jake only.
C) Leon only.
D) Jake or Leon.
Q3) Motors Repair Company contracts to sell a car to Nikki for $3,500. Nikki gives Motors Repair a worth?less check for the price. Nikki assigns her right to the car to Opie. If Motors Repair refuses to deliver the car to Opie and Opie sues, can Motors Repair raise Nikki's fraud as a defense against deliv?ery of the car to Opie? Explain.
Q4) No contract can prohibit delegation of the duties of the contract.
A)True
B)False
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Chapter 18: Performance and Discharge in Traditional
E-Contracts
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Q1) A contract will be discharged if supervening circumstances make it impossible to attain the purpose both parties had in mind when they made the contract.
A)True
B)False
Q2) Able Builders, Inc., contracts with Beach Assets Company to build a Cool Juice stand near Divers' Beach. The work is to begin on April 1 and be done by June 1, so that the stand can open for the summer. Able Builders does not finish until June 14. The stand opens but Beach Assets loses two weeks' early summer sales due to the delay. Is Beach Assets's duty to pay for the construction of the stand discharged?
Q3) Restoration, Inc., contracts to repair a crack in a supporting beam for Stagecraft Theater for $10,000. If Restoration does not per?form, Stagecraft must pay
A) $10,000.
B) $5,000.
C) $1,000.
D) $0.
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Chapter 19: Breach of Contract and Remedies
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Q1) Rashi contracts to work for Social Data Analysis Corporation dur?ing June for $4,500. On May 31, Social Data cancels the contract. Rashi declines a job of a different type and rank with Tech Collection, Inc., which would have paid $3500. Rashi files a suit against Social Data. As compensatory damages, Rashi can recover
A) $4,500.
B) $4,000.
C) $500.
D) $0.
Q2) Ordinarily, the remedy for a seller's breach of a contract for a sale of real estate is damages.
A)True
B)False
Q3) A remedy is the relief provided to an innocent contracting party when the other party breaches the contract.
A)True
B)False
Q4) Liquidated damages provisions usually are enforceable.
A)True
B)False
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Chapter 20: Formation of Sales and Lease Contracts
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Q1) Stop n' Gas Convenience Stores, Inc., is an East Coast-based firm that does business throughout the United States. With respect to this circumstance, the UCC has been adopted by, and applies in,
A) all of the states, in whole or in part.
B) only the states on the Atlantic and Pacific coasts.
C) none of the states, to date.
D) only the lower forty-eight states-not Alaska or Hawaii.
Q2) Article 2A of the UCC covers any transaction that creates a lease of goods or a sub?lease of goods.
A)True
B)False
Q3) The UCC applies to the formation of sales and lease contracts and observes the same degree of formality used in forming other types of contracts.
A)True
B)False
Q4) A contract for a sale of real property or services is a contract for a sale of goods.
A)True
B)False
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Chapter 21: Title, Risk, and Insurable Interest
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Q1) Outdoor Outfitters Store contracts to buy fifty tents from Pitched Camp, Inc. Unless the contract states otherwise, it is assumed to be
A) none of the choices.
B) a destination contract.
C) a shipment contract.
D) a delivery ex-ship.
Q2) Identification takes place when specific goods are designated as the subject mater of a sales or lease contract.
A)True
B)False
Q3) Effortless Workouts, Inc., offers to sell a treadmill to Farouk and sends it to him on a trial basis. This is
A) a bailment.
B) a delivery ex-ship.
C) a sale on approval.
D) a sale or return.
Q4) When a buyer breaches a contract, the risk of loss remains with the seller.
A)True
B)False
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Chapter 22: Performance Breach of Sales Lease Contracts
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Q1) Energy Products Corporation and First Response Preparedness.com enter into a contract for a sale of portable generators. Under a destination contract, the seller must
A) allow the buyer to reject the goods for any reason.
B) deliver the goods to a particular destination.
C) inspect the goods before tendering their delivery.
D) place the goods into the hands of a carrier.
Q2) When a buyer or lessee is a consumer, any limitation of consequential damages for personal injuries resulting from consumer goods is prima facie unconscionable.
A)True
B)False
Q3) Shane's Auto Parts orders twenty tires from Tough Tires, Inc. The truck delivering the tires to Shane's is in an accident and ten of the tires are damaged. Shane's Auto Parts A) cannot reject the entire shipment.
B) must still pay for all twenty tires at the original contract price.
C) may inspect the tires and accept the shipment with a reduction in price.
D) must reject the entire shipment.
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Chapter 23: Warranties
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Q1) An implied warranty or merchantability and an implied warranty of fitness for a particular purpose cannot exist in a single transaction.
A)True
B)False
Q2) Every sale or lease of goods made by a merchant who deals in goods of the kind sold or leased automatically gives rise to an implied warranty that the goods are fit for a particular purpose.
A)True
B)False
Q3) Statements of fact made during the bargaining process are express warranties. A)True
B)False
Q4) Equipment Manufacturing Company tells First Choice Supplies, Inc., that it needs an adhesive to do a particular job. First Choice provides a certain brand. When it does not perform to Equipment Manufacturing's speci?fications, Equipment Manufacturing sues First Choice, which claims, "We didn't expressly promise anything." What should Equipment Manufacturing argue?
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Chapter 24: International Law in a Global Economy
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Q1) The importation of goods that infringe U.S. patents is not prohibited.
A)True
B)False
Q2) Omega, Ltd., imports athletic shoes made in Southeast Asia into the United States. To obtain a larger share of the U.S. market, Omega sells the athletic shoes at lower prices here than in its exporting countries. With respect to these imports, the United States may A) do nothing.
B) assess antidumping duties.
C) order the return of the athletic shoes to the exporting countries.
D) confiscate the athletic shoes without just compensation.
Q3) Stardust Coffee Company a U.S. business firm, makes and sells distinc?tively flavored coffee beverages. Although the recipes are secret, the ingre?di?ents could be revealed and the sauces could be reconstructed with dili?gent efforts. What can Stardust do to prevent its products from being "decoded" and pirated abroad?
Q4) The Foreign Sovereign Immunities Act broadly defines com?mercial activity.
A)True
B)False
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Chapter 25: The Function Creation of Negotiable Instruments
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Q1) Sarah has a checking account at Secure Bank. Sarah buys her roommate Sophie's two tickets to a Broadway musical for $200. Sarah writes Sophie a check for the tickets. In this situation, Secure Bank is
A) the drawee.
B) the indorser.
C) the payee.
D) the drawer.
Q2) Brie wants one of Cari's purebred Dalmations. Brie signs an instrument in which she promises to pay Jasmine for a puppy. The instrument will be negotiable if it is payable in A) goods of equal market value.
B) money.
C) any of the choices.
D) shares of stock.
Q3) On a certificate of deposit, the bank is the maker and the depositor is the payee.
A)True
B)False
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Chapter 26: Transferability and Holder in Due Course
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Q1) A purchaser can become an HDC of an instrument even if it is so incomplete that an element of negotiability is lacking.
A)True
B)False
Q2) Dirk transfers a note by signing it and delivering it to Edwina. Dirk is A) an indorser.
B) an indorsee.
C) a promisee.
D) a promisor.
Q3) Flossie signs a check payable to Glenn and gives it to him, leaving the amount blank but authorizing him to fill it in for $1,000. Glenn fills in $1,500 and negotiates the check to Home Federal Bank, an HDC. Home Federal can enforce the check for A) $0.
B) $500.
C) $1,000.
D) $1,500.
Q4) Loren signs a note that states, "Payable in thirty days." The note is dated March 2. Micah buys the note on April 3. Is Micah an HDC of the note? Explain.
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Chapter 27: Liability, Defenses, and Discharge
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Q1) When a negotiable instrument contains the notice required under FTC Rule 433, a consumer can bring any defense to payment that he or she has against the seller of a product against a subsequent holder as well.
A)True
B)False
Q2) Gulf Bank receives a check drawn by Hayward. The check is re?ceived af?ter 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.
Q3) Orson signs a check "pay to the order of Painless Dental" drawn on Orson's account in Quantum Bank. To impose liability on Orson if the bank dishonors the check, Painless Dental should present it for payment within A) one year.
B) six months.
C) ten days.
D) thirty days.
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Chapter 28: Banking in the Digital Age
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Q1) If a bank pays a check in spite of a stop-payment order, the bank is liable only for amount of the actual loss suffered by the drawer because of the wrongful payment.
A)True
B)False
Q2) Qiara steals a check from Reese, forges his signature, and transfers the check to Salon Beauteous, a beauty and barber salon, for value. Unaware that the signature is not Reese's, Salon Beauteous presents the check to Town & Country Bank, the drawee, which cashes the check. Reese discovers the forgery and insists that his bank recredit his account. Can the bank refuse? If not, from whom can the bank recover?
Q3) When processing a check, Superior Bank encodes information, such as the amount of the check, on the item. Superior thereby warrants to any subsequent bank or payor A) the item has been returned to the drawer.
B) nothing.
C) the check has been processed manually.
D) the encoded information is correct.
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Chapter 29: Creditors Rights and Remedies
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Q1) With a mechanic's lien, real estate becomes security for a debt.
A)True
B)False
Q2) George borrows funds from Hometown Credit Union (HCU) to buy real property. George signs a written instrument that gives HCU an interest in the property as security for the debt's payment. This is
A) a mortgage.
B) an artisan's lien.
C) a workout agreement.
D) a suretyship arrangement.
Q3) Ronaldo's debt to Sofia is past due. Ronaldo obtains a judgment against Sofia to collect the debt, but Sofia will not pay. Ronaldo requests a writ of execution. The property that is seized under the writ of execution must be
A) in Ronaldo's possession.
B) in Sofia's possession.
C) in the possession of Sofia's employer or other third party.
D) located within the court's geographic jurisdiction.
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Chapter 30: Secured Transactions
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Q1) Lenders Bank files a financing statement regarding a transaction with Metro Construction Company. To be valid, the financing statement must contain all of the following except
A) a description of the collateral.
B) a statement of the purpose for the transaction.
C) Lenders' name.
D) Metro's name.
Q2) A-One Loans, Inc., holds a security interest in kitchen and restaurant equipment owned by Brunch n' Lunch Bistro. A-One assigns its interest in the equipment to Commercial Investments Corporation. Commercial Investments becomes the secured party of record
A) automatically.
B) if A-One advises Brunch n' Lunch of the assignment.
C) if Commercial Investments advises Brunch n' Lunch of the assignment.
D) if Commercial Investments files a uniform amendment form.
Q3) A purchase-money security interest in consumer goods is perfected automatically at the time it is created.
A)True
B)False
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Chapter 31: Bankruptcy Law
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Q1) Builders Construction files a voluntary petition for bankruptcy. In listing its as?sets, Builders in?tentionally omits certain assets, including plots of undeveloped real estate. After Builders is granted a discharge, Commercial Electric Company, one of Builders' unsecured creditors whose claims were discharged, learns of the fraud. Commercial Electric can
A) do nothing.
B) enforce its claim against Builders.
C) file an involuntary petition for bankruptcy against Builders.
D) take possession of the stones with or without a breach of the peace.
Q2) In a Chapter 13 case, after the debtor has completed all payments, the court grants a discharge of all debts provided for by the repayment plan.
A)True
B)False
Q3) In putting together a repayment plan under Chapter 13, a debtor must apply the means test to identify the amount of disposable income that will be available to repay creditors.
A)True
B)False
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Chapter 32: Agency Formation and Duties
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Q1) Rosario is a chef and caterer who hires out on a per-project basis to companies with on-location work sites, as well as to hosts of banquets, corporate meetings, concerts, weddings, and other events. In this capacity, Rosario is
A) an agent.
B) an employee.
C) an independent contractor.
D) a principal.
Q2) Whether a worker is an employee or an independent contractor has no effect on the employer's liability for the worker's actions.
A)True
B)False
Q3) Even during emergency situations, when the principal cannot be consulted, the agent may not deviate from the principal's instructions without violating the duty of obedience.
A)True
B)False
Q4) A familiar example of an agent is the owner of a corporation.
A)True
B)False
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Chapter 33: Agency Liability and Termination
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Q1) Garry drives a truck as an employee for Heavy Hauling, Inc. Garry would most likely be considered acting outside the scope of her employment if he
A) crashed into a car at the airport while off duty.
B) hit a pedestrian in a parking lot during a "working" lunch.
C) ran over an attendant at a gas station while refueling the truck.
D) smashed into a store-front while intoxicated on-duty.
Q2) A principal is always directly responsible for an agent's misrepresentation made within the scope of the agent's authority.
A)True
B)False
Q3) The equal dignity rule requires that if a contract entered into by an agent is in writing, the principal, must honor it.
A)True
B)False
Q4) An agent's implied authority can be implied by custom.
A)True
B)False
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Chapter 34: Employment, Immigration, and Labor Law
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Q1) Certain employers must provide advance notice of a layoff to the affected workers or their representative (if the workers are members of a labor union).
A)True
B)False
Q2) Like Social Security, Medicare is funded by contributions from the employer and the employee.
A)True
B)False
Q3) Labor law regulates the circumstances and conduct of strikes.
A)True
B)False
Q4) For a union election to be held, at least 30 percent of the workers to be represented must support a union or an election on unionization.
A)True
B)False
Q5) The government does not need a subpoena or a warrant to inspect an employer's file of I-9 forms.
A)True
B)False
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Chapter 35: Employment Discrimination and Diversity
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Q1) When the harassment of co-workers creates a hostile working environment, an employee may have a cause of action against an employer.
A)True
B)False
Q2) Employers are not required to modify their job-application and selection process so that those with disabilities can compete for jobs with those who do not have disabilities.
A)True B)False
Q3) Helene, a disabled person, applies for a job at Industrial Engineering Applications Inc. for which she is well quali?fied, but for which she is rejected. Industrial Engineering continues to seek applicants and eventually fills the posi?tion with a person who is not disabled. Helene is most likely to succeed in a suit against Industrial Engineering for discrimination under the Americans with Disabilities Act of 1990 if she can show that
A) she was not hired solely because of her disabil?ity.
B) she can function well with corrective devices or on medication.
C) her disability causes her undue hardship.
D) she could not perform the job even with reasonable accommodation.
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Page 37
Chapter 36: Sole Proprietorships and Franchises
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Q1) In a manufacturing arrangement, a franchisor transmits to a franchisee the essential ingredients or formula to make a particular product.
A)True
B)False
Q2) Mucho Tacos, Inc., sells franchises. Mucho Tacos imposes on its fran?chi?sees standards of operation and personnel training methods. What is the potential pitfall to Mucho Tacos if it exercises too much control over its fran?chisees?
Q3) Some states require the termination of a franchise when there is no "good cause" for it to continue.
A)True
B)False
Q4) Ralph is interested in buying a franchise from Sparkle Beverages Inc. For Ralph to make an informed decision concerning this purchase, Sparkle Beverages must disclose in writ?ing or online
A) general estimates of costs and sales, but not the basis for them.
B) material facts such as the basis of projected earnings figures.
C) no information.
D) start-up requirements, but not renewal conditions.
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Page 38
Chapter 37: Partnerships and Limited Liability Partnerships
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Q1) Noah and Orin do business as Personnel Providers, an employment agency. In most states, for purposes of suing and being sued, Personnel Providers, which is a partnership, would be treated as
A) an aggregate of the individual partners.
B) a natural person.
C) an entity.
D) a non-existent party.
Q2) Dissociation normally entitles the partner to buy his or her interest from the partnership.
A)True
B)False
Q3) Buckley is a general partner in Cut-Rate Shipping, LLLP, a limited liability lim?ited partnership, which cannot pay its debts. Buckley is personally li?able for the debts
A) in proportion to the number of partners in the firm.
B) to no extent.
C) to the extent of his capital contribution.
D) to the full extent.
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Chapter 38: Other Organizational Forms for Small Businesses
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Q1) If a limited liability company (LLC) agreement does not cover a topic, the state LLC statute will govern.
A)True
B)False
Q2) As the beneficiary of a business trust, Kevin's liability for trust debts and obligations is
A) limited to his capital investment in the trust.
B) limited to his personal assets.
C) nothing.
D) unlimited.
Q3) Bee Hive Honey, LLC's members include Chad, Dolores, and others. For purposes of suing and being sued, Bee Hive Honey is
A) an aggregate of Chad, Dolores, and the other members.
B) a natural person in the members' "family."
C) a legal entity apart from the owners.
D) a non-participating third party.
Q4) Limited liability companies are entities apart from their owners.
A)True
B)False
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Chapter 39: Corporate Formation and Financing
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Q1) Blair and Chanel are holders of common stock in Discount Retail Stores, Inc. Like other holders of common stock, they have a residual position in the overall financial structure of Discount Retail, because they
A) are guaranteed to receive more than the amount of their investment.
B) are the last to receive returns for their investment.
C) have priority to the firm's assets if it becomes in?solvent.
D) reside in the state of the firm's incorporation.
Q2) Like the bylaws of other corporations, the bylaws of Equipment Leasing, Inc.,
A) establish the operating name of the corporation.
B) establish the value and classes of corporate stock.
C) were adopted at its first organizational meeting.
D) were submitted for approval to the public official in charge.
Q3) Urban Commerce, Inc., issues bonds, which are also known as
A) cumulative investments.
B) fixed-income securities.
C) equity securities.
D) preferred stock.
Q4) Bonds represent the borrowing of funds by firms.
A)True
B)False
Page 41
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Chapter 40: Corporate Directors, Officers, Shareholders
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Q1) Shareholders have the power to vote to elect or remove members of the board of directors.
A)True
B)False
Q2) Dionne is an officer of Event Ticketing, Inc. As an officer, with respect to the corporation, Dionne is
A) a fiduciary.
B) a forum.
C) a proxy.
D) a quorum.
Q3) Nelson is Organic Coffee Company's majority shareholder. Nelson decides to sell his Organic Coffee stock. The sale will be an effective transfer of the control of the company. Does Nelson owe a duty to Organic Coffee or its minority shareholders in this situation?
Q4) Most states do not permit the corporate articles or bylaws to authorize compensation for directors.
A)True
B)False
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Chapter 41: Mergers and Takeovers
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Q1) Ribeye Restaurants Inc. wants to acquire or merge with SteakHouse Corporation. Ribeye should
A) file a plan of merger with the secretary of state.
B) file an article of merger with SteakHouse.
C) make a tender offer to the SteakHouse shareholders.
D) make a tender offer to the Ribeye shareholders.
Q2) Refer to Fact Pattern 41-2B. Quality Films solicits a merger with Real2Reel Corporation, a third party, which makes a better offer to Quality Films's share?holders. Real2Reel is a
A) crown jewel.
B) Pac-Man.
C) poison pill.
D) white knight.
Q3) The officers and other employees of each corporation involved must approve a merger or share exchange plan
A)True B)False
Q4) The shareholder's appraisal right extends to mergers and consolidations. A)True B)False
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Chapter 42: Securities Law Corporate Governance
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Q1) Fleet Delivery Corporation is a public company with a market capitalization of less than $75 million. Fleet is poised to issue securities in a transaction that, under the Securities Act of 1933, is "exempt." This enables Fleet to
A) reduce the compliance costs by not requiring an auditor report.
B) buy and sell the securities without liability for "recaptures."
C) make forward-looking financial forecasts without liability.
D) withhold inside information from accredited investors.
Q2) Refer to Fact Pattern 42-1B. Under the Securities Ex?change 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!
Q3) The key to liability under Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 is whether information omitted or misrepresented in connection with the purchase or sale of a security is material.
A)True
B)False
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Page 44
Chapter 43: Administrative Agencies
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Q1) The Occupational Safety and Health Administration (OSHA) discovers that Petro Refinery, Inc., is violating an OSHAS regulation. If this situation is resolved like most such disputes, the outcome will be
A) a negotiated settlement.
B) a trial and a fine.
C) a trial and an appeal to a higher authority.
D) a trial and the dissolution of the business.
Q2) State and federal transportation agencies may issue regulations that conflict. When a state regulation conflicts with a federal regulation
A) the federal regulation takes precedence.
B) the state regulation takes precedence.
C) the regulations are mutually void.
D) the regulations are of equal effect.
Q3) The functions of the National Transportation Safety Board, like those of other federal adminis?trative agencies, include
A) adjudication.
B) enunciation.
C) declaration.
D) pronunciation.
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Page 45
Chapter 44: Consumer Law
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Q1) The credit department of Discount Retail Stores Inc. calls Emmett at work about an overdue bill. Emmett's employer objects. Discount Retail's credit department continues to call Emmett at work. This is a viola?tion of
A) no federal law.
B) the Fair and Accurate Credit Transactions Act.
C) the Fair Debt Collection Practices Act.
D) the Truth-in-Lending Act.
Q2) Debt & Loan Collection Agency calls Ethel several times a day, and some?times in the middle of the night, about an overdue bill that a Furniture4U store turned over to Debt & Loan for collection. This is a violation of A) no federal law.
B) the Fair and Accurate Credit Transactions Act.
C) the Fair Debt Collection Practices Act.
D) the Truth-in-Lending Act.
Q3) Fastart Corporation makes batteries for motor vehicles. The Federal Trade Commission (FTC) learns that Gas-Up Auto Parts Stores, a retail company that sells Fastart's batteries, engages in deceptive advertising practices. What actions can the FTC take against Quantum?
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Chapter 45: Environmental Law and Sustainability
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Q1) County Water & Sewer operates a public water supply system. County Water must send to every household that it supplies with water an annual statement describing
A) County Water's financial situation and material facts that might affect it.
B) other operations, such as irrigation and water conservation, in which County Water is involved and to what extent.
C) parties who might be held liable if pollution problems arise.
D) the source of the water, and any contaminants and health concerns.
Q2) Under the Clean Water Act, criminal penalties apply whether a violation was intentional or unintentional.
A)True B)False
Q3) Those who knowingly violate the Clean Air Act may be subject to criminal liability. A)True B)False
Q4) The Clean Water Act permits the filling or dredging of wetlands without a permit. A)True B)False
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Chapter 46: Antitrust Law
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Q1) Any agreement that restricts output among competitors is a per se violation of Section 1 of the Sherman Act.
A)True
B)False
Q2) Market power is the ability of a firm to enter a given market.
A)True
B)False
Q3) A concentrated industry is one in which either a single firm or a small number of firms carry out the separate functions of the chain of production.
A)True
B)False
Q4) Mango Corporation believes that Melon Corporation engages in anticom?peti?tive behavior in an attempt to drive Mango and its other competitors out of the market. Antitrust laws can be enforced against Melon by
A) Mango and Melon's other competitors.
B) Mango and Melon's customers.
C) any federal government agency.
D) any business with a significant impact on interstate commerce.
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Chapter 47: Professional Liability and Accountability
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Q1) Everett is an accountant whose clients include Finance & Capital, Inc. Under the Ultramares rule, if Everett is negligent in his work for Finance & Capital, he could be liable to Finance & Capital and A) any third party.
B) no third party.
C) third parties who are foreseen users of the work.
D) third parties who are reasonably foresee?able users of the work.
Q2) An accountant's liability under the Securities Act of 1933 re?quires privity of contract with the purchaser of a security.
A)True
B)False
Q3) For a plaintiff to recover damages under Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5, proof of intent is necessary.
A)True
B)False
Q4) Professionals are governed by the contracts they enter into with their clients.
A)True
B)False
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Chapter 48: Personal Property and Bailments
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Q1) EquipLease Company leases a thresher to Farm Harvest, Inc., a firm that contracts with farm owners to harvest their crops. The machine is seriously damaged through Farm Harvest's neglect. Most likely liable for the damage is A) EquipLease.
B) Farm Harvest.
C) the farm owners.
D) no one.
Q2) Denny allows Elbert to store his trailer on Denny's property for $20 a month while Elbert works temporarily at a distant job site. Later, Denny no?tices rainwater collecting in the trailer and covers it with a tarp at a cost of $50. This cost is most likely borne by A) Denny and Elbert in equal measure.
B) Denny.
C) Elbert.
D) Cody's employer.
Q3) A finder of mislaid property becomes the caretaker of the property.
A)True
B)False
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Chapter 49: Real Property Landlord-Tenant Law
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Q1) Buck owns five acres of land in California. On the land Buck has a house and a toolshed. There are ten large maple trees around the house. The real property includes A) the land only.
B) the land and the house only.
C) the land, the house, and the toolshed, but not the trees.
D) the land, the house, the toolshed, and the trees.
Q2) Refer to Fact Pattern 49-1B. Trends Clothing is liable to A) no one.
B) Stores & Shops and Unique Fashions for disputing Unique Fashions's business decision.
C) Stores & Shops for at least some of the unpaid rent.
D) Stores & Shops's tenants, except Unique Fashions, for abandoning Trends Clothing's space.
Q3) A sale of real estate is a complicated transaction that involves certain formalities that are not required in a sale of goods.
A)True
B)False
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Chapter 50: Insurance
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Q1) Estelle, who owns and operates a commercial dairy farm, obtains a policy from Farm & Ranch Insurance Company, which agrees to pay $500,000 to Gabe, Estelle's son and beneficiary, on her death. This is
A) disability insurance.
B) health insurance.
C) liability insurance.
D) life insurance.
Q2) Under a life insurance policy, in the absence of contractual exclusion, any cause of death is one of the insurer's risks.
A)True
B)False
Q3) Rafe obtains a fire insurance policy on his vacation cabin near Smoky Mountain from Torchlight Insurance Company. The cabin is lost in a fire, but the parties dispute the amount of Torchlight's liability under an ambiguous clause in the policy. A court would most likely
A) interpret the clause against Rafe.
B) interpret the clause against Torchlight.
C) rewrite the clause and apply it as rewritten.
D) strike the clause from the policy.
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Page 52
Chapter 51: Wills and Trusts
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Q1) Dalmira dies without a will. A court appoints Estee to handle the probate of Dalmira's estate. Dalmira's closest blood relative is Farnham. The administrator of the estate is A) Farnham.
B) Dalmira.
C) Estee.
D) the court.
Q2) A method of accomplishing a property transfer without a will is through the joint ownership of property.
A)True
B)False
Q3) Finlay dies without a will. The distribution of Finlay's property, including his beachfront house near Gulf Shores, Alabama, is prescribed by A) a court-appointed executor.
B) federal probate statutes.
C) state intestacy laws.
D) Finlay's relatives.
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