Introduction to Business Law
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Course Introduction
Introduction to Business Law provides students with a foundational understanding of the legal principles and frameworks that govern business activities. The course explores key topics such as contract law, torts, agency, employment law, and the structure of the legal system. Students learn how laws influence business decision-making, risk management, and operations, while gaining practical insights into resolving legal disputes and complying with regulatory requirements. Emphasis is placed on real-world applications through case studies, preparing students to identify potential legal issues in various business contexts.
Recommended Textbook Legal Environment 4th edition by J. F. Beatty
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26 Chapters
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Page 2
Chapter 1: Introduction to Law
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Q1) The three branches of government in the United States are:
A) the executive, legislative, and administrative.
B) the executive, legislative, and statutory.
C) the executive, legislative, and judicial.
D) the executive, legislative, and international.
Answer: C
Q2) Thoreau felt that there was a higher law than the law of the land.Which theory of jurisprudence was he applying?
A) Legal Positivism.
B) Natural Law.
C) Legal Realism.
D) Common Law.
Answer: B
Q3) The President of the United States:
A) creates federal common law.
B) oversees administrative agencies.
C) determines the constitutionality of statutes.
D) passes statutes.
Answer: B
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Page 3
Chapter 2: Business Ethics and Social Responsibility
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Q1) Jeffrey Sachs,an economist and adviser to developing nations,has expressed concern that:
A) there are too few sweatshops.
B) there are too many sweatshops.
C) children are being forced to work in developing nations.
D) the United States is not involved enough in forcing developing nations to eliminate both child labor and sweatshops.
Answer: A
Q2) The Chief Executive Officer of Ticor,Inc.must decide about the disposal of toxic waste materials.Which of the following considerations should help the CEO reach an ethical business decision?
A) Toxic waste disposal law.
B) The harm the disposal could cause to the environment.
C) The impact on the business if the decision is publicly disclosed through the news media.
D) All of the above.
Answer: D
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Chapter 3: Dispute Resolution
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Q1) A state trial court of general civil jurisdiction may hear shareholders' derivative lawsuits involving only up to $50 million,employment cases involving freedom of association or privacy,and cases involving the settling of the estates of deceased persons.
A)True
B)False
Answer: False
Q2) Discuss the advantages and disadvantages of using arbitration rather than litigation.
Answer: The advantages of arbitration include using an impartial third party,who often has expertise in the field,to settle the dispute.The parties may have selected the arbitrator in advance or may have set forth a procedure to select a mutually agreeable arbitrator.Arbitration allows both sides to keep secret information that would have to be divulged in a court case.In most cases,use of an arbitrator will allow the case to be resolved much more quickly than utilizing traditional litigation techniques and it will probably be less expensive.Disadvantages include that the parties give up some rights that litigants have,including discovery and class action.An arbitrator may issue a binding decision without giving reasons for the decision.
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Chapter 4: Common Law, statutory Law, and Administrative Law
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Q1) Bert had his driver's license suspended by the state department of transportation.He believes his constitutional due process rights were violated by the administrative agency.Can he immediately file a court action to have agency's actions reviewed?
A) Yes. A court has the jurisdiction to immediately review an agency's alleged unconstitutional action.
B) Yes. Bert must specifically allege his constitutional rights have been violated and file a court action in federal court - not a state court.
C) No. Bert must first utilize the administrative agency's procedures to review the suspension before he seeks judicial review by a court.
D) No. A court of law does not have jurisdiction to review an administrative agency's actions.
Q2) On the federal level,bills must be originated in the House of Representatives and then must be voted on and approved by both the House and the Senate.
A)True
B)False
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Chapter 5: Constitutional Law
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Q1) The Fourteenth Amendment's Equal Protection Clause "strict scrutiny" test will be used when the classification:
A) affects an economic interest.
B) affects a person's right to drive.
C) differentiates on the basis of race.
D) affects a person's right to drink alcoholic beverages.
Q2) By creating four independent and equal branches of the federal government,the U.S.Constitution limited the federal government's power.
A)True
B)False
Q3) A governmental classification based on gender would be subject to strict scrutiny. A)True
B)False
Q4) Identify the basic job of a President of the United States,the source of executive power,and three key powers associated with the position of President.
Q5) Governments can place no restrictions on the exercise of free speech.
A)True
B)False
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Chapter 6: Torts
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Q1) Runyon was ready to sign a two-year agreement with Barnett Corp.to become Barnett's sales representative for a three-state area.LaPrise,who wants to be the representative for that area,threatens Runyon with bodily harm if he takes the position.Runyon decides his physical well being is more important to him than the job,so he does not accept the position.LaPrise:
A) committed tortious interference with a contract.
B) committed tortious interference with a prospective advantage.
C) committed a battery.
D) caused a breach of contract and committed the tort of intrusion.
Q2) Opinion is generally a valid defense in a defamation lawsuit because it cannot be proven to be true or false.
A)True
B)False
Q3) In order for a plaintiff to prevail in a suit for slander,the plaintiff generally must prove some injury.
A)True
B)False
Q4) Identify and discuss two specific causes of action a plaintiff can allege that deal specifically with privacy rights.
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Chapter 7: Crime
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Q1) The parties to a criminal trial are the government and the defendant.
A)True
B)False
Q2) Diane,a police officer,stops Tim's car for a traffic offense.While talking to Tim,she shines a flashlight into the passenger compartment of Tim's car and sees evidence of drug paraphernalia.Diane may:
A) search the passenger compartment of the car and any other place in the car, including the trunk, without Tim's consent.
B) search the passenger compartment of the car without Tim's consent; however, she may not search the trunk of the car without his consent or without a search warrant.
C) not search the passenger compartment of the car (nor any other place) without Tim's consent or a search warrant. However, she can require Tim to remain parked until the search warrant is brought to her.
D) write Tim a traffic citation but cannot search the vehicle under these circumstances.
Q3) A crime is a violation of statutory law.
A)True
B)False
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Page 9
Chapter 8: International Law
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Q1) Tariffs are primarily used to protect a country's domestic industries.
A)True
B)False
Q2) GATT created the WTO,which is empowered to hear arguments from any signatory nation about tariff violations or nontariff barriers.
A)True
B)False
Q3) Although the United States government officially signed the GATT treaty,the United States Congress has refused to ratify the agreement.
A)True
B)False
Q4) The United States is the world's largest exporter of agricultural products,which helps to explain the annual positive balance of trade for this country.
A)True
B)False
Q5) Yount,Inc.is interested in expanding its business to include exporting its products to several other countries.Discuss two federal statutes that should be considered before making the decision to export.
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Page 10
Chapter 9: Introduction to Contracts
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Q1) If there was no contract but a court finds that the plaintiff gave a benefit to the defendant,the plaintiff reasonably expected to be paid for the benefit and the defendant knew this,and the defendant would be unjustly enriched if he did not pay,the court:
A) cannot award any damages, since there is no contractual basis for them.
B) will generally award quantum meruit.
C) will generally award the damages requested by the plaintiff.
D) generally awards money it believes the plaintiff morally ought to have.
E) Both (b) and (d).
Q2) When promissory estoppel is used by the courts,it is because there is NOT an enforceable contract present.
A)True
B)False
Q3) April put an advertisement in the newspaper advertising the sale of her computer for $500.Simultaneously,six people responded to the ad by mail with formal written acceptances.April is bound on six contracts to sell her computer for $500.
A)True
B)False
Q4) Discuss the requirements of promissory estoppel.
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Page 11
Chapter 10: Legality, consent, and Writing
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Q1) E-mation hired Jose to bribe a foreign government official.E-mation gave Jose $10,000 in cash to make the bribe payment and $2000 for Jose's efforts.Instead of paying the bribe,Jose pocketed all of the money.If E-mation sues Jose,E-mation will:
A) be able to recover the $12,000.
B) be able to recover the $10,000, but not the $2,000.
C) be able to recover the $2,000 but not the $10,000.
D) not be able to recover the $12,000.
Q2) To be valid,an agreement not to compete must be ancillary to a legitimate bargain. A)True
B)False
Q3) A party injured by fraud generally has the choice of suing for damages or rescinding the contract.
A)True
B)False
Q4) A minor,someone under age 18,lacks legal capacity to contract and normally can create only a voidable contract.
A)True
B)False
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Page 12
Chapter 11: Conclusion to Contracts
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Q1) Courts use a two-part test to determine if a party has substantially performed its contractual duties.
A)True
B)False
Q2) The objective of a(n)____________ is to restore to the injured party the benefit he provided.
A) expectation interest.
B) reliance interest.
C) restitution interest.
D) equitable interest.
Q3) Milt contracted with Vern to buy a ten-acre piece of land,but before the closing Vern decided not to sell.Discuss what remedy(ies)are potentially available to Milt.
Q4) Expectation interest,the most common remedy,is designed to put the injured party in the position he would have been in if both parties had fully performed their contractual obligations.
A)True B)False
Q5) Identify and describe the four principal contract interests a court may seek to protect.
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Chapter 12: Sales and Product Liability
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Q1) Stanziano Construction needs a backhoe to complete a project.If it pays Hofmann Rentals for temporary use of the equipment,the transaction will be governed by:
A) Article 2 of UCC.
B) Article 2A of the UCC.
C) Article 3 of the UCC.
D) bulk transfer law.
Q2) Which of the following contracts requires a writing under the UCC,Article 2?
A) Jeremy, a full-time student, sold his snow blower to a friend for $450.
B) Jeremy, a full-time student, purchased a used computer from Office Plus for $300.
C) A toy manufacturer contracted to sell dolls valued at $10,000 to a department store.
D) Tobias Department Store contracted to sell Jenny a $400 doll.
Q3) Identify and explain the two tests courts have adopted for design and warning cases under strict liability.
Q4) The UCC does not apply to contracts for the sale of goods if the value of the goods is less than $500.
A)True
B)False
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Chapter 13: Negotiable Instruments and Banks
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Q1) Al has authorized the payment of his cell phone bill through electronic fund transfer each month.In July,the bank's system malfunctions,preventing the usual transfer.Discuss the effect of the malfunction on Al's obligations.
Q2) Faye has been declared incompetent by a court.Her bank: A) may continue to pay her checks until it has received notice that a court has determined her to be incompetent.
B) must itself make a determination of her competence.
C) is not liable if it pays her checks since it has contractual obligations to pay her checks as long as she has an account and there are sufficient funds in the account to cover the checks.
D) is liable only for reasonable check amounts written by Faye.
Q3) To be negotiable an instrument need not be in writing,but must contain a conditional promise or order to pay.
A)True
B)False
Q4) Promissory notes have two parties: a maker and a payee.
A)True
B)False
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Page 15
Chapter 14: Secured Transactions and Bankruptcy
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Q1) Great State Bank took a security interest in Gresham,Inc.'s meat processing equipment.Gresham defaulted on the loan.Which statement is correct?
A) Great State Bank may take possession of the collateral.
B) Great State Bank may ignore its rights in the collateral and sue Gresham for the money owed.
C) Both (a) and (b) are courses of action that Great State Bank may follow.
D) Neither (a) nor (b) are courses of action that Great State Bank may follow.
Q2) Once a default occurs in a secured transaction,the secured party must obtain a court order before taking possession of the collateral.
A)True
B)False
Q3) Explain the difference between attachment and perfection.
Q4) In a Chapter 13 bankruptcy,creditors cannot force a debtor into bankruptcy;nor can they vote to confirm or reject a plan of reorganization.
A)True
B)False
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Chapter 15: Agency
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Q1) Lester discussed a business opportunity with Stewart and asked Stewart to sell 1,000 shares of stock Lester owned to finance Lester's investment in the venture.The next day,the bottom dropped out of the stock price,but Stewart sold the shares before Lester talked to Stewart again.Discuss the agency relationship and the effect of the unexpected drop in stock price.
Q2) Cameron,editor of the local newspaper,assigned to Jim the writing of a story about pollution of a nearby stream.Although Jim used reasonable care in gathering and checking his information,unknown to Jim,the story contained a defamatory statement about Maureen.Maureen reads the story and sues Jim for libel.Cameron,who read and published the story:
A) must indemnify Jim for Maureen's claim.
B) need not indemnify Jim for Maureen's claim because Jim should have checked his facts more carefully.
C) need not indemnify Jim for Maureen's claim because Jim breached his duty to obey instructions.
D) can recover damages from Jim for any injury to the newspaper resulting from Jim's story.
Q3) What are the requirements for and the effect of a ratification of an agent's unauthorized act?
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Page 17
Chapter 16: Employment Law
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Q1) It is currently legal for a private employer to use lie detector tests as part of its usual hiring process.
A)True
B)False
Q2) Mel was fired for being consistently late for his job at Standard Equipment.According to most courts,Standard has a legal obligation to disclose the reason for Mel's firing to his potential employers.
A)True
B)False
Q3) How many weeks is David allowed to take off under the Family and Medical Leave Act in this situation?
A) Six weeks.
B) 12 weeks.
C) 24 weeks.
D) None.
Q4) Some courts have held that employee handbooks create binding contract terms.
A)True
B)False
Q5) Discuss the requirements of the Family and Medical Leave Act.
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Chapter 17: Labor Law
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Q1) A state law prohibits firefighters and school teachers from going out on strike.Though they are allowed to organize into collective bargaining units,state law prohibits them from striking.Such a state law:
A) is legal.
B) is not legal since the U. S. Supreme Court has ruled such a state law violates the Equal Protection Clause of the Constitution.
C) is not legal since the federal law (NLRA) preempts state law.
D) is not legal because the right to form unions is illusory without the right to strike.
Q2) Managerial and confidential employees are generally excluded from bargaining units.
A)True
B)False
Q3) The five members of the National Labor Relations Board are appointed by the U.S.President.
A)True
B)False
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Chapter 18: Starting a Business: Llcs and Other Options
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Q1) The term "S Corporation" comes from:
A) the Internal Revenue Code.
B) the FTC rules.
C) the U. S. Constitution.
D) state corporation law.
Q2) What is a limited liability company? Explain the advantages and disadvantages of this type of business ownership.
Q3) The process of paying all debts of a partnership and distributing the remaining proceeds to the partners at the end of a partnership is called:
A) termination.
B) dissociation.
C) winding up.
D) distribution.
Q4) Shelby wishes to buy a national franchise.What information is the seller legally required to provide before she buys the franchise?
Q5) Compare and contrast the following forms of business organization: sole proprietorship,general partnership,limited partnership,limited liability company,and corporation as to ease of formation,liability of owners,management,and tax implications.
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Chapter 19: Corporations
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Q1) Larry has owned $5,000 of stock in E-prise,Inc.for the past 18 months.Under SEC rules,Larry can require that one proposal be placed in the company's proxy statement to be voted on at the shareholder meeting.
A)True
B)False
Q2) The proceeds,if any,of a derivative lawsuit go to:
A) the shareholders of the corporation.
B) the shareholders who actually filed the lawsuit.
C) the board of directors.
D) the corporation.
Q3) A business corporation can only be incorporated under state law.
A)True
B)False
Q4) Defining a corporation with such information as the corporate name,the number and type of authorized shares of stock,identification of the purpose and the agent,is done through the:
A) charter.
B) articles of incorporation.
C) certificate of organization.
D) All of the above. All of these terms are used to identify the same document.
Page 21
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Chapter 20: Securities Regulation
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Q1) Valdon brought a lawsuit under Section 11 of the 1933 Act against Kenndey Corp.He will have to prove that:
A) he relied on the registration statement.
B) Kenndey was negligent in preparing the registration statement.
C) there was a material misstatement or omission in the registration statement and he lost money.
D) All of the above.
Q2) The Foreign Corrupt Practices Act:
A) applies only to corporations registered under the federal Securities Exchange Act.
B) makes it illegal to bribe U. S. and foreign officials.
C) applies to U. S. corporations, whether reporting under the 1934 Act or not.
D) applies only to foreign corporations bribing U. S. officials.
Q3) Jackie learned of insider trading information while talking to Mark,a director of a large corporation.She took advantage of the information to buy stock and make a huge financial gain.If she is accused of violating securities law,what must the government prove in order to gain a conviction against Jackie?
Q4) What are the three primary ways the SEC creates law?
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Chapter 21: Antitrust
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Q1) Horizontal cooperative strategies would include all EXCEPT:
A) market division.
B) price fixing.
C) reciprocal dealing.
D) bid-rigging.
Q2) Since companies have the right to decide with whom they will or will not do business,a refusal to deal is not a violation of the Sherman Act.
A)True
B)False
Q3) In the Fears v.Wilhelmina Model Agency,Inc.case,the court held:
A) parallel business behavior conclusively establishes agreement sufficient to constitute a Sherman Act offense.
B) in this case the defendants did not possess a common rational motive to conspire.
C) plaintiffs offering parallel conduct as evidence of an antitrust conspiracy must demonstrate additional circumstances in order to infer a conspiracy.
D) plaintiffs did not need to demonstrate "plus factors" in this case since the defendants' conduct was egregious.
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Chapter 22: Cyberlaw
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Q1) Discuss how cookies and caches are used.
Q2) The Children's Online Privacy Protection Act:
A) deals only with the collection of data that will be disclosed to children.
B) deals only with collecting, from children, information that will be disclosed publicly.
C) regulates the activities of Internet operators.
D) is enforced by the EEOC.
E) Both (b) and (c).
Q3) The federal CAN-SPAM Act has noticeably decreased the amount of spam.
A)True
B)False
Q4) Online auctions:
A) are the major source of consumer complaints about online fraud.
B) involve approximately $1 million worth of goods annually.
C) allow people to bid on their own goods.
D) allow owners of goods to cross-bid with a group of other sellers.
Q5) Discuss common abuses that occur with auctions on the Internet and how these abuses are being addressed.
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24
Chapter 23: Intellectual Property
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Q1) Sam buys a CD,but decides he does not like most of the songs on it.Under copyright law:
A) he has a legal right to sell or otherwise dispose of the CD as long as he does not make a copy of it.
B) Sam may not listen to the CD and then sell it.
C) Sam may copy the songs he likes from the CD onto his iPod and then sell the CD.
D) he may return the CD to the vendor, but he may not copy, sell, or give the CD away.
Q2) What is the name of the treaty that allows American patents to be recognized and enforced in member countries?
A) The Paris Convention for the Protection of Industrial Property.
B) The International Treaty of Trademarks and Patents.
C) The World Agreement of London.
D) The Berne Convention.
Q3) A copyright is valid for 28 years after it is obtained and can be renewed for another 28 years.
A)True
B)False
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Chapter 24: Property
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Q1) Landlords cannot be held liable in negligence to guests of tenants for criminal attacks that occur on the rental premises.
A)True
B)False
Q2) The difference between an inter vivos gift and a gift causa mortis is that the inter vivos gift is made during the donor's lifetime and a gift causa mortis is a gift is made after the donor's lifetime by the donor's estate.
A)True
B)False
Q3) Amber purchased a fee simple absolute in a unit in a multi-unit apartment building.She belongs to an association which manages the common areas.Amber's interest is:
A) ownership in a condominium.
B) ownership of a share in a cooperative.
C) community property with the other apartment owners.
D) a tenancy by the entirety with the other apartment owners.
Q4) Sandra and Joe own a hobby farm as tenants in common.They also own a vacation home as joint tenants.What is the difference between the tenancy in common and joint tenancy?
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Chapter 25: Consumer Law
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Q1) Which of the following statements expresses the purpose of the Truth-in-Lending Act?
A) To require lenders to charge a "reasonable" rate of interest.
B) To help small business.
C) To provide consumers with information necessary to make the best credit decision.
D) To help lenders limit state laws.
Q2) The most important federal agency involved in consumer protection is the Consumer Protection Agency.
A)True
B)False
Q3) Allowing consumers to place fraud alerts in their credit files has been an effective measure in preventing identity theft.
A)True
B)False
Q4) If you lease a car rather than buy one on credit,you still have statutory consumer protection.
A)True
B)False
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Chapter 26: Environmental Law
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Q1) Local regulation is more effective than state or federal regulation in controlling air pollution.
A)True
B)False
Q2) TriColor,Inc.purchased a piece of land from HBC,Inc.Hazardous waste was subsequently discovered on the land.Even though TriColor did nothing illegal,it may be liable under CERCLA for the cleanup costs.
A)True
B)False
Q3) An Environmental Impact Statement must be prepared for every major federal project that significantly affects the quality of the environment.
A)True
B)False
Q4) The United States has ____ percent of the world's population and consumes about ____ percent of the world's energy.
A) 20; 35
B) 15; 30
C) 10; 20
D) 5; 25
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