Introduction to Business Law Final
Exam
Course Introduction
Introduction to Business Law provides students with a foundational understanding of the legal principles and frameworks that govern business activities. The course covers key topics such as contracts, torts, agency, employment law, business organizations, and intellectual property, with a focus on how these laws affect day-to-day business operations. Through case studies and real-world examples, students learn to identify legal issues in business scenarios, understand the impact of legal decisions, and apply basic legal reasoning to protect and advance organizational interests. This course is essential for students pursuing careers in business, management, or entrepreneurship, equipping them with critical knowledge to navigate the complex legal environment in which businesses operate.
Recommended Textbook
Essentials of the Legal Environment 4th Edition by Roger LeRoy Miller
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Page 2
Chapter 1: Business and Its Legal Environment3
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Q1) The Federal Trade Commission (FTC)is a government agency that issues rules, orders, and decisions.The Georgia state legislature enacts statutes.The Jackson County Board and the Peach City Council enacts ordinances.Administrative law includes
A)all law that affects a business's operation.
B)the rules, orders, and decisions of the Federal Trade Commission.
C)statutes enacted by the Georgia state legislature.
D)ordinances created by the Jackson County Board and the city coun?cil of Peach City, Georgia.
Answer: B
Q2) Overseas Exports, Inc., based in New York, does business internationally and may be subject to international law.The sources of this law include
A)the laws of individual nations only.
B)treaties and international organizations only.
C)the laws of individual nations, and treaties and international organizations.
D)none of the choices.
Answer: C
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Chapter 2: Shifting Legal Priorites for Business:
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Q1) In the pursuit of profits, Global Enterprises Corporation engages in what some observers consider to be bad corporate behavior.The worldwide explosion of information technology has led to a transparent global economy that makes socially responsible behavior
A)more important.
B)less important.
C)neither more nor less important.
D)both more and less important.
Answer: A
Q2) Sustainability-economic development that meets the needs of the present without compromising the ability of future generations to meet their needs-is directly addressed by
A)no U.S.statute or other nation's law.
B)U.S.federal environmental laws.
C)other nations' laws but no U.S.statute.
D)international law only.
Answer: B
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Chapter 3: Courts and Alternative Dispute Resolution
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Q1) The United States Supreme Court has appellate authority over some cases decided in the state courts.
A)True
B)False
Answer: True
Q2) Any judgment is enforceable.
A)True
B)False
Answer: False
Q3) Quality Products, Inc., files a suit against Retail Sales Corporation.Sid is a witness for Quality.Tod is a witness for Retail.Quality may direct interrogatories to A)Retail.
B)Sid.
C)Tod.
D)none of the choices.
Answer: A
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Page 5
Chapter 4: Ethics and Business Decision Making
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Q1) EthicsPoint is an organization through which employees can report unethical behavior as long as they are willing to identify themselves.
A)True
B)False
Q2) Carrie Ann works at Paper Products, Inc.She considers taking home a few sheets of stationery so she can write letters to her ailing grandmother.Since Paper Products produces thousands of sheets of stationery every day no one will miss the few sheets she takes and company profits will not be affected.Carrie Ann then considers what would happen if every employee took some stationery home and decides not to take any.Carrie Ann is being influenced by A)the categorical imperative. B)the principle of rights.
C)a cost-benefit analysis. D)outcome-based ethics.
Q3) Every business organization is based on trust.
A)True
B)False
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Chapter 5: Constitutional Authority to Regulate Business
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Q1) Martin, a U.S.citizen, feels that a recently enacted federal law is unfair.He assembles a group of friends and they write a petition to the government.Martin and friends then stand quietly in front of the White House with signs declaring their belief that the law is unfair.Under the First Amendment, Martin has a right to A)petition the government, but not to assemble a group peaceably.
B)assemble peaceably, but not to petition the government.
C)both petition the government and assemble peaceably.
D)neither petition the government nor assemble peaceably.
Q2) Savers Mart, Inc., distributes its merchandise to retail outlets on an interstate 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)only activities that are not in commerce.
Q3) Symbolic speech is defined as nonverbal expressions of belief and is protected by the First Amendment.
A)True
B)False
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Chapter 6: Administrative Law
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Q1) Independent regulatory agencies include the cabinet departments of the executive branch.
A)True
B)False
Q2) The Federal Emergency Management Agency (FEMA)discovers that Goodnuff Trailers, Inc., is violating a FEMA 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.
Q3) The Consumer Product Safety Commission (CPSC)wants Monster Toy Company to produce certain records for review.To obtain the records, the CPSC will issue
A)an order for specific performance.
B)a rule for parol evidence.
C)a formal complaint.
D)a subpoena.
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Chapter 7: Torts and Product Liability
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Q1) Dru is an Excel Company employee.He falsely accuses Fiona, Excel's office manager, of stealing from their employer.The statement is defamatory
A)if a coworker overhears it.
B)only if Fiona hears it.
C)whether or not anyone hears it.
D)under no circumstances.
Q2) An Internet service provider cannot be held liable for disseminating defamatory remarks under any circumstances.
A)True
B)False
Q3) An action in strict product liability requires that the product not be in a defective condition when the defendant sells it.
A)True
B)False
Q4) Under the doctrine of comparative negligence, both the plaintiff's and the defendant's negligence are taken into consideration.
A)True
B)False
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Chapter 8: Online Developments:
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Q1) Delfino, an executive with Cartwright Corporation, orders corporate employees to unknowingly transfer corporate funds to Delfino's personal account.This use of the employees' services is most likely
A)honest-services fraud, a federal crime.
B)a violation of corporate rules but no crime.
C)a breach of workplace rules generally but no civil or criminal wrong.
D)unethical but no crime.
Q2) The Internet Corporation for Assigned Names and Numbers (ICANN)assigns a domain name-NYpotguy.com-to Edward, who then asks a court to change his name to match his domain name.Most likely, the court will
A)deny the request.
B)grant the request.
C)change Edward's name to a name of the court's choosing.
D)punish Edward for his "illegal" request.
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10
Chapter 9: Criminal Law and Cyber Crime
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Q1) Mona offers Ned, a building inspector, money to overlook the violations in her new warehouse.Ned accepts the money and overlooks the violations.Mona is charged with the crime of bribery.The crime occurred when
A)Mona decided to offer the bribe.
B)Mona offered the bribe.
C)Ned accepted the bribe.
D)Ned overlooked the violations.
Q2) Criminal liability depends on the performance of a prohibited act.
A)True
B)False
Q3) Jake is charged with embezzlement.Embezzlement is not robbery because embezzlement may be committed without
A)a criminal act.
B)a criminal intent.
C)taking property from its owner.
D)the use of force or fear.
Q4) Identity theft occurs when a wrongdoer steals another's form of identification.
A)True
B)False
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Chapter 10: Intellectual Property and Internet Law
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Q1) In the United States, a patent is given to the first person to invent a product or process.
A)True
B)False
Q2) Copyright protection is automatic-registration is not required.
A)True
B)False
Q3) Beans Coffee & Cocoa Company makes and sells a chocolate-flavored coffee drink under the name "CoCoCafe." Darkroast Java, Inc., later markets a similar tasting drink under the name "KoKoKafe." This is most likely
A)copyright infringement.
B)patent infringement.
C)trademark infringement.
D)a theft of trade secrets.
Q4) Downloading software or music into a computer's random access memory without authorization is copyright infringement.
A)True
B)False
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Page 12
Chapter 11: International Law in a Global Economy
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Q1) Premier Clothing, Inc., a U.S.firm, obtains a judgment in a U.S.court against Quang Tri, Ltd., a Vietnamese business.Whether the court's judgment will be enforced by a court in Vietnam depends on the Vietnamese court's application of
A)the act of state doctrine.
B)the doctrine of sovereign immunity.
C)the principle of comity.
D)the World Trade Organization.
Q2) Firms overseas have almost total legal protection against government acts in the countries in which they operate, under the act of state doctrine.
A)True
B)False
Q3) Sudan seizes the assets of Triage Medical, Inc., a U.S.firm.Triage's recovery from Sudan in a U.S.court may be prevented by A)the act of state doctrine.
B)the doctrine of sovereign immunity.
C)the Foreign Corrupt Practices Act.
D)the principle of comity.
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Chapter 12: Business Organizations
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Questions
Q1) The validity of a provision permitting the franchisor to establish and enforce certain quality standards is questionable.
A)True
B)False
Q2) In certain instances of fraud, a court may "pierce the corporate veil" to hold the shareholders individually liable.
A)True
B)False
Q3) Venture Capital, LP, is a limited partnership.Its limited partners include more than 150 sophisticated investors and investment professionals.A Venture limited partner must A)act as the firm's manager.
B)not participate in the firm's management.
C)cannot invest in Unified Fund, one of Venture's competitors. D)assume liability for all partnership debts.
Q4) Corporate officers can usually be removed by the board of directors without cause. A)True B)False
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Page 14
Chapter 13: Beyond Our Borders:
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Q1) Marshal is interested in filing for bankruptcy in the U.S.Bankruptcy Court for the District of New Mexico but does not have an attorney.Marshal and others with questions about bankruptcy can access a chat box via the court's Web site.Downsides to using the box include
A)misunderstanding the response.
B)garbled voice messages.
C)the absence of attorneys and other bankruptcy specialists online.
D)the long wait time for an answer.
Q2) Wei Wei, Ltd., a Chinese firm, delivers the first commercial unit of a two-unit shipment of headphones to Sonic Boom, a U.S.firm.Sonic accepts the goods, but later discovers that they are nonconforming.To revoke acceptance of the unit under the Convention on Contracts for the International Sale of Goods, Sonic
A)can sue immediately, claiming that Wei Wei fundamentally breached the contract.
B)must notify Wei Wei and return the goods before Sonic can sue.
C)must prove that the nonconformity of the first unit impaired the value of the whole lot.
D)must prove that Sonic assumed the nonconformity would be cured and it has not been cured.
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Chapter 14: Formation of Traditional and E-Contracts
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Q1) Wanda tells Vito that she plans to buy his Chocolate Goodies store some day.Vito says, "I won't sell," but later changes his mind and sends to Wanda a letter of "acceptance." Wanda and Vito have A)a contract.
B)no contract, because Wanda merely expressed her intention to enter a future contract.
C)no contract, because Vito simply expressed his opinion that "I won't sell."
D)no contract, because Vito's letter was only an invitation to negotiate.
Q2) Vernon claims that his contract with Ulani is voidable.If their contract is avoided
A)both parties are released from it.
B)both parties must fully perform their obligations under it.
C)a wholly different contract is agreed to.
D)a wholly different contract is imposed "as if" the parties had agreed.
Q3) Contractual capacity refers to the size or volume of a contract.
A)True
B)False
Q4) An implied contract is implied from the conduct of the parties.
A)True
B)False
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Page 16
Chapter 15: Contract Performance, Breach, and Remedies
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Q1) Dylan enters into a contract to manage the operations of Cash's accounting office for one year, renewable for subsequent one-year terms.If this contract is discharged like most contracts, it will be A)canceled.
B)compromised.
C)altered.
D)performed.
Q2) An incidental beneficiary cannot sue the promisor directly for breach of the contract. A)True
B)False
Q3) A contract is discharged when its specific subject matter is destroyed. A)True
B)False
Q4) In most contracts, promises of performance are absolute promises. A)True B)False
Q5) Only a mistake in value will make a contract voidable. A)True B)False
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Chapter 16: Sales and Leases
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Q1) Tender of delivery requires that the seller or lessor hold the goods at the buyer's or lessee's disposal, but not that the goods be conforming.
A)True
B)False
Q2) The UCC imposes some different rules on merchants.
A)True
B)False
Q3) UCC Article 2 applies to sales of goods, real estate, and services.
A)True
B)False
Q4) Dorothy eats a candy bar made and sold by Eastwich Candy Corporation and becomes ill.Dorothy files a suit against Eastwich, alleging that the candy bar was not merchantable.Merchantable food is food that is fit to eat on the basis of A)consumer expectations.
B)what constitutes a perfect condition.
C)its maker's intentions.
D)its producer's experience.
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Chapter 17: Creditors Rights and Bankruptcy
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Q1) An artisan's lien is a security device created at statutory law through which a creditor can recover payment for labor and materials used to increase the value of real property.
A)True
B)False
Q2) A surety can never assert fraud as a defense.
A)True
B)False
Q3) Norma Jean files for Chapter 7 bankruptcy.She turns her assets over to Addie, who sells the assets and then distributes the proceeds to Norma Jean's creditors.Addie is a A)creditor.
B)federal judge.
C)bankruptcy trustee.
D)debtor.
Q4) A discharge will be denied to a debtor who received a discharge within eight years of filing the current petition.
A)True
B)False
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Chapter 18: Mortgages Foreclosures After the Recession
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Q1) Recording a mortgage protects the creditor's security interest in the property.
A)True
B)False
Q2) In a judicial foreclosure, the lender is allowed to foreclose on and sell the property without judicial supervision.
A)True
B)False
Q3) Umberto and Tiara, who are married, borrow $110,000 from Sterling Credit Union to buy a home.The loan is a fixed-rate mortgage at 5.25 percent with a thirty-year term, subject to an acceleration clause, and secured by the home, which is their principal residence.When Umberto and Tiara have paid off $10,000 of the mortgage-still owing $100,000-they lose their jobs and stop making payments.Sterling Credit makes numerous attempts to contact the couple, but they do not respond.Meanwhile, the market value of their home has declined to $85,000.After six months, Sterling Credit decides to take steps to recover the unpaid amount of the loan.What are the lender's options Which option seems most likely Why What are the steps are involved
Q4) There are additional disclosure requirements for a higher-priced mortgage loan.
A)True
B)False
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Chapter 19: Employment, Immigration, and Labor Law
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Q1) During a union election campaign, Autowerks Repair, Inc., prohibits on-site solicitations by any party, including Mechanics Union, which is seeking the workers' unionization.This violates
A)federal labor law.
B)federal elections law.
C)federal employment discrimination law.
D)no federal law.
Q2) Pork & Poultry Packing Corporation is a U.S.employer.Pork & Poultry, and other U.S.employers, must perform I-9 verifications for
A)a random selection of new hires.
B)every other new hire.
C)new hires with certain racial or ethnic characteristics.
D)each new hire.
Q3) There is federal regulation of employers' pension plans for employees.
A)True
B)False
Q4) It is basic tenet of agency law that notice to the agent is notice to the principal.
A)True
B)False
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Chapter 20: Beyond Our Borders:
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Q1) Geo Global Corporation, a U.S.firm, requires its employee Marcy to stay connected with work after office hours through a smartphone.In the United States, Marcy and other employees who are required to use mobile devices after work may have a valid claim to overtime wages if they
A)are not exempt under the overtime regulations of the Fair Labor Standards Act.
B)are not reimbursed by their employers for the use.
C)are supplied with the devices by their employers.
D)do business with international contacts.
Q2) PowerSoft Corporation creates an internal social media network using enterprise social networking software and systems.Concerns about the use of an internal social media network include how to
A)keep the data safe.
B)make the data public.
C)provide access to all files to all employees.
D)maintain a personal, lively, and entertaining tone.
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22
Chapter 21: Employment Discrimination
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Q1) Making out a prima facie case of discrimination means that a plaintiff has met his or her initial burden of proof.
A)True
B)False
Q2) Sexual harassment occurs only if sexual favors are demanded of an employee.
A)True
B)False
Q3) The Civil Rights Act of 1964 prohibits job discrimination against majority group individuals, such as white males.
A)True
B)False
Q4) Pikabo files an employment discrimination suit against Quantitative Analysis, Inc., under the Civil Rights Act of 1964, based on its discharge of Pikabo.Possible relief includes A)imprisonment.
B)reinstatement.
C)fines.
D)an order to shutdown the employer's business.
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Chapter 22: Environmental Law
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Q1) Different standards for air quality apply to existing sources of pollution and major new sources.
A)True
B)False
Q2) Congress enacts air quality legislation.To implement and enforce this law, as is typical of other environmental statutes and regulations, the federal government will most likely rely on
A)all levels of government.
B)local chambers of commerce.
C)local police departments.
D)polluters' self-monitoring.
Q3) Without a permit from the U.S.Army Corps of Engineers, Holiday Timeshares, Inc., fills a wetlands area that it owns before constructing a residential resort.Under the Clean Water Act, this is most likely
A)a violation.
B)not a violation because a permit is not needed to fill wetlands.
C)not a violation because the area was filled before construction.
D)not a violation because there was no discharge of pollution.
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24
Chapter 23: Antitrust Law and Promoting Competition
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Q1) City Manufacturing Corporation conditions shipments of its products to Exurb Stores, Inc., on Exurb's agreement not to buy products from Regional Works Company, City's competitor.This is
A)an exclusive-dealing contract.
B)a tying arrangement.
C)price discrimination.
D)a unilateral refusal to deal.
Q2) A single seller acting unilaterally is free to deal, or not to deal, with anyone it chooses.
A)True
B)False
Q3) A divestiture is an order to a company to cease, or divest itself of, its anticompetitive conduct.
A)True
B)False
Q4) Market concentration refers to the number of firms in the market.
A)True
B)False
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Chapter 24: Online Developments:
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Q1) Deutsche Werke, GmbH., a German firm, is harmed by a price-fixing scheme engineered by Collider Industries, S.A., an international cartel.The European Union is most likely to
A)actively pursue Collider and impose civil penalties.
B)actively pursue Collider and impose criminal penalties.
C)contact Collider and issue a reprimand but impose no penalties.
D)do nothing.
Q2) Ray-On Corporation makes inexpensive, highly efficient, solar energy cells.Ray-On anticipates a change in the demand for its products as a consequence of climate change.According to the Securities and Exchange Commission, Ray-On should A)disclose this information.
B)keep this information confidential.
C)reveal this information to insiders only if asked.
D)release this information to current shareholders only.
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Chapter 25: Investor Protection, Insider Trading, Corp Gov
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Q1) A registration statement must state how a corporation plans to use the proceeds from the sale of the securities.
A)True
B)False
Q2) Auto Parts & Products Corporation is a public company whose shares are traded in the public securities markets.The purpose of the Securities Act of 1933 is to A)impose new responsibilities on chief corporate executives. B)prevent insiders from trading among themselves. C)require disclosure of all essential information concerning the issuance of securities. D)provide a "safe harbor" for companies that make forward-looking statements.
Q3) Securities of nonprofit, educational, and charitable organizations are not exempt from the registration requirement of the 1933 Securities Act.
A)True B)False
Q4) Before filing a registration statement, an issuer must offer to sell securities. A)True
B)False
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