Introduction to Business Law
Question Bank
Course Introduction
Introduction to Business Law provides students with a foundational understanding of the legal principles and frameworks that govern commercial activities and business entities. The course covers essential topics such as contract law, torts, agency, intellectual property, employment law, and the regulatory environment in which businesses operate. Through analysis of real-world cases and legal scenarios, students gain practical insight into how laws affect business decisions, operations, and stakeholder relationships. By the end of the course, students will be equipped to recognize and address basic legal issues that can arise in business contexts, fostering ethical and legally sound decision-making.
Recommended Textbook
Business Law Today Text and Summarized Cases E Standard 9th Edition by Roger LeRoy Miller
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Chapter 1: The Legal Environment
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Q1) Blizzard Entertainment,Inc.,one of the owners of the World of Warcraft (WoW)computer game,is involved in a lawsuit with MDY Industries,LLC,the owner of Glider,a software program that plays WoW for its players while they are away from their keyboards.Blizzard asks the court to direct MDY to stop selling and distributing Glider.The court's opinion in the case is at MDY Industries,LLC v.Blizzard Entertainment,Inc.,616 F.Supp.2d 958 (D.Ariz.2009).What is the name for the remedy that Blizzard is seeking? What type of remedy is it? What court decided this case? Specifically where can the court's opinion be found?
Answer: The remedy that Blizzard asks the court to provide is an injunction-defined as an order to do or to refrain from doing a particular act.An injunction is an equitable remedy.The U.S.District Court for the District of Arizona decided this case in 2009.The opinion of the court in this case-MDY Industries,LLC v.Blizzard Entertainment,Inc.,616 F.Supp.2d 958 (D.Ariz.2009)-can be found in its entirety in volume 616 of the Federal Supplement
Q2) Stare decisis is a doctrine obligating judges to help persons who have failed to protect their own rights.
A)True
B)False
Answer: False
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Chapter 2: Constitutional Law
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Q1) Oklahoma enacts a law requiring all businesses in the state to donate 10 percent of their profits to Protestant churches that provide certain services to persons whose income is below the poverty level.PriceLess Stores files a suit to block the law's enforcement.The court would likely hold that this law violates
A) no clause in the U.S. Constitution.
B) the establishment clause.
C) the free exercise clause.
D) the supremacy clause.
Answer: C
Q2) Whether the federal government preempted a certain area is always clear.
A)True
B)False
Answer: False
Q3) A restriction on commercial speech that implements a substantial government interest may be valid.
A)True
B)False
Answer: True
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Chapter 3: Courts and Alternative Dispute Resolution
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Q1) Kit loses her suit against Lou in a Minnesota state trial court.Kit appeals to the state court of appeals and loses again.Kit would appeal next to
A) a U.S. district court.
B) the Minnesota Supreme Court.
C) the United States Supreme Court.
D) the U.S. Court of Appeals for the Eighth Circuit.
Answer: B
Q2) Transnational Corporation and United Shipping,Inc.,agree to a contract that includes an arbitration clause.If a dispute arises,a court having jurisdiction may
A) monitor any arbitration until it concludes.
B) order an arbitrator to rule in a particular way.
C) order a party to bring the dispute to court.
D) order a party to submit to arbitration.
Answer: D
Q3) A long arm statute permits a court to exercise jurisdiction over an out-of-state defendant.
A)True
B)False
Answer: True
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Chapter 4: Torts and Cyber Torts
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Q1) Sam,an engineer,supervises the construction of a new bridge.When the bridge collapses due to faulty construction,Sam is sued by those injured in the collapse.As a professional,Sam is held to the same standard of care as A) ordinary persons.
B) other engineers.
C) other professionals, including doctors, dentists, and lawyers.
D) those injured in the collapse of the bridge.
Q2) The public disclosure of private facts about a person is not an invasion of privacy if it is done without the person's knowledge or consent.
A)True
B)False
Q3) In newspaper ads,Lo-Price Autos falsely accuses My-T Value Vehicles,a competitor,of selling stolen cars.My-T's sales decrease.Lo-Price has most likely committed
A) slander of quality.
B) slander of title.
C) wrongful interference with a business relationship.
D) none of the choices.
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Chapter 5: Intellectual Property and Internet Law
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Q1) Anyone who writes a book has automatic copyright protection in every country in the world.
A)True
B)False
Q2) Copyright protection is automatic-registration is not required.
A)True
B)False
Q3) New Apps Company develops "Browser Lite," software to speed the display of graphics on Web sites.Browser Lite has the most copyright protection under
A) the Berne Convention.
B) the Paris Convention
C) the TRIPS Agreement.
D) the Madrid Protocol.
Q4) Phil invents "PhutureNow," new Web site design software,and applies for a patent.If Phil is granted a patent,his invention will be protected
A) for ten years.
B) for twenty years.
C) for the life of the inventor plus seventy years.
D) forever.
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Chapter 6: Criminal Law
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Q1) The intent to return the embezzled property is a defense to the crime of embezzlement.
A)True
B)False
Q2) In relation to Edie's solicitation of investors in a nonexistent business,she is charged with "mail fraud." This requires,among other things,
A) claiming that an item is "in the mail" when it is not.
B) deceiving postal authorities as to the content of an item of mail.
C) depositing items in the postal system without proper postage.
D) mailing or causing someone else to mail a writing.
Q3) Britney,an employee of Computer Associates,is arrested at work.A grand jury issues a formal charge against Britney for larceny.This charge is A) an arraignment.
B) an indictment.
C) an information.
D) an inquisition.
Q4) A federal judge must adhere strictly to federal sentencing guidelines.
A)True
B)False
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Chapter 7: Cyber Crime
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Q1) Good Health & Life Insurance Corporation suffers a security breach in its computer network.Before the company discovers the breach,the perpetrator obtains corporate financial records and other confidential data,including marketing plans.Is this a crime? If so,what are its elements? What steps might Good Health & Life take to ensure that going forward only authorized users access the data on its computers? Whose efforts-those of the federal government or Good Health & Life-are most important in securing the company's computer infrastructure and why?
Q2) A cyberstalker must act from a location near the victim. A)True B)False
Q3) Posing as Platinum Bank,Oswald e-mails Nadia,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 Oswald promptly sells to Moe.This is A) cyber stalking. B) employment fraud. C) phishing. D) vishing.
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Chapter 8: Ethics and Business Decision Making
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Q1) Olaf,an executive with Pharma Product Distribution,Inc.,has to decide whether to market a product that might have undesirable side effects for a small percentage of users.How should Olaf decide whether to sell the product? How does the standard of ethics that is applied affect this answer?
Q2) Tilly,the chief financial officer for USA Products Corporation,attempts to apply Christian precepts in making ethical decisions and in doing business.In applying duty-based ethical standards that are derived from a religious source,Tilly would consider the motive behind an act to be
A) irrelevant.
B) the least important consideration.
C) the most important consideration.
D) the only consideration.
Q3) A business firm's profits may suffer if the firm is not a "good corporate citizen."
A)True
B)False
Q4) The minimal acceptable standard for ethical behavior is compliance with the law.
A)True
B)False
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Chapter 9: Nature and Classification
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Q1) Ed,a businessperson,is a friend of Fran,the owner of a candy store.Every day,Ed spends five minutes in Fran's candy store,looking at the candy and usually buying one or two candy bars.One afternoon,Ed goes into the store,looks at the candy,and picks up a $1 candy bar.Ed waves the candy at Fran without saying a word and walks out.Is there a contract? If so,how would it be classified in terms of formation,performance,and enforceability?
Q2) A quasi contract arises from a mutual agreement between two parties. A)True B)False
Q3) InTown Delivery Service promises to deliver a certain couch to Kurt,who promises to pay for the service.If InTown does not perform,the firm may be required to A) do nothing.
B) make another promise. C) pay damages.
D) perform a different service.
Q4) An offer to form a unilateral contract is accepted by a promise to perform. A)True
B)False
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Page 11
Chapter 10: Agreement in Traditional and E-Contracts
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Q1) No offer can be accepted by silence.
A)True
B)False
Q2) The UETA does not create rules for e-transactions.
A)True
B)False
Q3) An effective offer requires reasonably certain terms.
A)True
B)False
Q4) An acceptance that materially changes a term in the offer will still be considered an acceptance.
A)True
B)False
Q5) State law other than the UETA always determines the effect of an error on an agreement between contracting parties.
A)True
B)False
Q6) An expression of opinion-"your customers will like this"-is an offer.
A)True
B)False
Page 12
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Chapter 11: Consideration, capacity, and Legality
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Q1) If the purpose of a licensing statute is to protect the public from unlicensed practitioners,a contract with an unlicensed professional is illegal.
A)True
B)False
Q2) A usurious contract involves the purchase and sale of usable goods.
A)True
B)False
Q3) A guardian can enter into legally binding contracts on behalf of a mentally incompetent person.
A)True
B)False
Q4) Orin enters into a contract with Natalie.Later,Orin is adjudged mentally incompetent and Moseby is appointed Orin's guardian.Lila,Orin's daughter,attempts to void Orin's contract with Natalie on the ground of Orin's incompetency.The contract is
A) enforceable if Orin does not attempt to disaffirm it.
B) enforceable if Natalie is also incompetent.
C) enforceable if Moseby knew of the contract when he was appointed.
D) void.
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Chapter 12: Defenses to Contract Enforceability
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Q1) Olin convinces Pia,who has no artistic ability,that Pia has considerable talent and induces Pia to pay Olin $10,000 for art lessons.When Pia realizes the truth,she files a suit against Olin.Pia is most likely to recover on the basis of A) fraud.
B) mistake.
C) undue influence.
D) none of the choices.
Q2) Uri and Vicky orally agree on the sale of Uri's Nite Club to Vicky and note terms on a pair of the Club's napkins,which they both sign.A written memorandum evidencing an oral contract that would otherwise be unenforceable must contain A) every term.
B) the essential terms.
C) the preliminary terms.
D) the qualitative terms.
Q3) An integrated contract is the final embodiment of the terms of an agreement.
A)True
B)False
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Chapter 13: Third Party Rights and Discharge
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Q1) When a contract party alters a written contract,the other party must adapt his or her performance accordingly.
A)True B)False
Q2) A party who substantially performs his or her duties under a contract can enforce the contract against the other party.
A)True B)False
Q3) Sam contracts to harvest Tina's crop on August 1.Due to an unexpected regional fuel shortage,Sam cannot perform on the specified date.This A) breaches the contract.
B) discharges the contract.
C) has no effect on the contract. D) suspends the contract.
Q4) A transfer of contract rights to a third party is an assignment. A)True B)False
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Chapter 14: Breach and Remedies
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Q1) The duty owed under the mitigation of damages doctrine depends on the situation.
A)True
B)False
Q2) Refer to Fact Pattern 14-1.If Desmond breaches the contract,Estelle's remedy would most likely be
A) a certain ratio of the amount that Desmond has in liquid funds.
B) a percentage of Desmond's unrealized profit.
C) the difference between the land's contract and market prices.
D) specific performance.
Q3) Beachside Pools,Inc.,agrees to build a swimming pool for Candy,but fails to build it according to the contract specifications.Candy hires Do-We Fix-It Company to finish the project.Candy may recover from Beachside
A) the contract price less costs of materials and labor.
B) the contract price.
C) the costs needed to complete construction.
D) profits plus the costs incurred up to the time of the breach.
Q4) Punitive damages are almost never available in contract disputes.
A)True
B)False
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Chapter 15: The Formation of Sales and Lease Contracts
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Q1) A bailee is a buyer or lessee.
A)True
B)False
Q2) Over the course of a year,Real Deal Corporation sells appliances to customers to whom it extends credit.Real Deal orders the appliances from Superior Appliance Company's warehouse,from which the items are shipped via common carrier to Real Deal's customers.Article 2 of the UCC governs
A) all of the parties' sales of the goods.
B) Real Deal's extension of credit.
C) Superior's storage of the goods.
D) the common carrier's delivery of the goods.
Q3) A contract between parties residing in different countries is subject to United Nations Convention on Contracts for the International Sale of Goods.
A)True
B)False
Q4) A seller with void title can transfer good title to a good faith purchaser for value.
A)True
B)False
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Chapter 16: Performance Breach of Sales Lease Contracts
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Q1) If the parties to a sales contract state that a certain remedy is exclusive,then it is the sole remedy.
A)True
B)False
Q2) Natural Foods,Inc.,orders "Grade A" oil from Olive Grove Farms to process and sell to Pic 'N Pay Grocers.Olive Grove ships "Grade B" oil,which Natural Foods accepts.To recover damages for the nonconformity,Natural Foods must give notice of the breach within a reasonable time to
A) Olive Grove only.
B) Olive Grove, Pic 'N Pay, and the appropriate government agency.
C) Pic 'N Pay only.
D) the appropriate government agency only.
Q3) Pep Paints agrees to sell to Quality Painters Grade A-1 latex outdoor paint to be delivered May 8.On May 7,Pep tenders Grade B-2 paint.Quality rejects the Grade B-2 paint.Two days later,Pep tenders Grade C-3 paint with an offer of a price allowance.Pep has
A) additional, unlimited time to cure.
B) a reasonable, additional time to cure.
C) one more day to cure.
D) no more time to cure.
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Chapter 17: Warranties and Product Liability
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Q1) Merchant Supply Company and National Discount Stores enter into a contract for a lease of cash registers.Merchant assures National that it has valid title to the goods.Under the UCC,a warranty of title arises
A) automatically in most lease contracts.
B) only if the lessee asks for such a warranty.
C) only if the lessor expresses such a warranty.
D) only in conjunction with sales contracts, not lease contracts.
Q2) A contract can contain both a warranty of merchantability and a warranty of fitness for a particular purpose.
A)True
B)False
Q3) A merchant can disclaim an implied warranty of merchantability.
A)True
B)False
Q4) Refer to Fact Pattern 17-1.The court is most likely to rule in favor of
A) Concrete, because Bret's statement was an expression of opinion.
B) Concrete, because DCC chose Concrete's product voluntarily.
C) DCC, because Bret's statement was an express warranty.
D) DCC, because Concrete's product is not fit for its purpose.
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Chapter 18: Negotiable Instrument: Transferability Liability
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Q1) On May 1,Doug signs a check that is payable to the order of Extra Credit Corporation and that is dated July 1.This check is A) negotiable.
B) nonnegotiable, because it is payable to Extra Credit Corporation.
C) nonnegotiable, because it is postdated.
D) nonnegotiable, because it is signed by Doug.
Q2) Vera gives Willy a $500 check as payment for a debt.Willy crudely raises the amount of the check to $5,000 and transfers it to Xtreem Sportz store for a new bike.Xtreem deposits the check in its Yankee Bank account.Vera is liable for the payment of $5,000 to A) no one.
B) Willy, Xtreem Sportz, and Yankee Bank.
C) Willy only.
D) Xtreem Sportz and Yankee Bank only.
Q3) An instrument payable "with interest" must specify a particular rate to be negotiable. A)True
B)False
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Chapter 19: Checks and Banking in the Digital Age
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Q1) Stored-value cards are a form of digital cash.
A)True
B)False
Q2) Dru signs a check "pay to the order of Eppie" drawn on Dru's account in First Federal Bank.Greta forges Eppie's indorsement.First Federal pays the check.Most likely
A) Dru will be liable for the amount.
B) Eppie will have to pay Dru for the amount.
C) First Federal will have to recredit Dru's account.
D) the Federal Reserve will reimburse all parties for their costs.
Q3) A bank that pays a customer's check with a forged drawer's signature can generally pass the loss onto the customer.
A)True
B)False
Q4) A bank that has certified a check is under no obligation to accept it.
A)True
B)False
Q5) A drawer is liable to the holder of a check if the check is not honored.
A)True
B)False
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Chapter 20: Security Interests in Personal Property
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Q1) A continuation statement is effective only if it is filed within six months before the expiration of a financing statement.
A)True
B)False
Q2) A purchase-money security interest arises only when a seller provides a buyer with the "purchase money" to buy goods.
A)True
B)False
Q3) Rich Financial,Inc.,files a financing statement regarding a transaction with Supreme Business 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) Rich's name.
D) Standard's name.
Q4) For a creditor to have an enforceable security interest,the debtor must have title to the collateral.
A)True B)False
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Chapter 21: Creditors Rights and Bankruptcy
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Q1) A Chapter 11 plan is binding on confirmation and the debtor is discharged.
A)True
B)False
Q2) Natural Resources,Inc.(NRI),files for bankruptcy under Chapter 11 and assumes the role of a debtor in possession.In this role,NRI is similar to
A) a creditor at a Chapter 7 creditors' meeting.
B) a family farmer after a discharge under Chapter 12.
C) a secured creditor in possession of collateral under Chapter 13.
D) a trustee in a liquidation proceeding under Chapter 7.
Q3) Dora,Ed,and Fran are co-sureties of Glen's debt to Hi-Credit Company.Dora pays Glen's entire debt.Dora's right to seek proportionate payments from Ed and Fran is the right of A) contribution. B) redemption.
C) reimbursement.
D) subrogation.
Q4) Clothing is not included in state exemption statutes.
A)True
B)False
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Chapter 22: International Law in a Global Economy
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Q1) A foreign state is immune from the jurisdiction of U.S.courts as long as the state is involved in commercial activity in the United States.
A)True
B)False
Q2) A foreign citizen can bring a civil suit in a U.S.court for a violation of a treaty of the United States.
A)True
B)False
Q3) Senator Wyden and other politicians want to restrict the flow of technologically advanced products and data from the United States to other countries.To restrict or encourage exports,Congress can
A) do nothing.
B) assess antidumping duties.
C) impose export taxes.
D) set export quotas.
Q4) Quotas are limits on the amounts of goods that can be imported.
A)True
B)False
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Chapter 23: Agency Relationships in Business
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Q1) A fiduciary relationship involves trust and confidence.
A)True
B)False
Q2) Bubbly Soda Company hires Carlo to work on Bubbly's shipping dock,checking outgoing loads and dispatching Bubbly's drivers.With respect to Carlo,Bubbly is most likely
A) an employee.
B) an agent.
C) an independent contractor.
D) a principal.
Q3) Bud approves on behalf of Cody-but without authorization-a contract with Dik to build a new silo.Cody does not ratify the contract.Later,Dik tries to enforce the deal.This attempt will be
A) partly successful.
B) partly unsuccessful.
C) totally successful.
D) totally unsuccessful.
Q4) A power of attorney can be given only to an actual attorney.
A)True
B)False
Page 25
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Chapter 24: Employment,immigration,and Labor Law
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Q1) An employer can refuse to bargain collectively with an elected employee representative.
A)True
B)False
Q2) Healthy Harvest Company runs a candy and fruit processing and packaging plant.Most of Healthy Harvest's business is done during holiday seasons,especially between Halloween and New Year's Day,and in the spring.The company hires a large temporary workforce during its busiest times.Occasionally,a position opens for an individual with highly specialized skills,particularly to operate and maintain the company's inventory and sales control systems.Can Healthy Harvest hire noncitizens for its temporary,seasonal work? Can the company hire a noncitizen with special skills for certain jobs? If so,what procedures must the employer follow in both situations to do this hiring? If not,how can Healthy Harvest be assured that it is hiring only citizens?
Q3) Ethan is seventeen years old.Under the Fair Labor Standards Act,Ethan cannot work
A) during school hours.
B) in a hazardous occupation.
C) more than eighteen hours per week.
D) without a special permit.
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Chapter 25: Employment Discrimination
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Q1) All employers in the United States are subject to federal employment discrimination laws.
A)True
B)False
Q2) Compensatory damages are only available for victims of intentional employment discrimination.
A)True
B)False
Q3) An employer is not liable for the sexual harassment of an employee by a co-worker.
A)True
B)False
Q4) Lack of discriminatory intent is a complete defense to a charge of unlawful employment discrimination.
A)True
B)False
Q5) Under the Equal Pay Act of 1963,all of the women on an employer's staff must be paid the same as all of the men.
A)True
B)False
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Chapter 26: Sole Proprietorships and Private Franchises
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Q1) Comfort Wear,Inc.,a franchisor of shoe stores,wishes to standardize the pricing practices of its franchisees that have engaged in price-cutting to increase their respective shares of the market.The most prudent remedy might be for Comfort to A) reduce the quantity of the products that it sells to its franchisees. B) suggest the prices at which its franchisees sell their products.
C) terminate the franchisees who cut prices.
D) undercut the business of those franchisees who cut prices by opening competing stores in the franchisees' territory.
Q2) Bret buys a franchise from Comida Mexicano Ltd.If their agreement is like most franchise agreements,it will specify that Comida can terminate the franchise A) at will.
B) for any reason.
C) for cause only.
D) for no reason.
Q3) An agreement that requires a franchisee to buy materials exclusively from the franchisor may violate antitrust laws.
A)True
B)False
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Chapter 27: All Forms of Partnerships
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Q1) Refer to Fact Pattern 27-1.Ira dissociates from Kappa.Jill signs a contract with Micro Drives,a wholesale component supplier,allegedly on Kappa's behalf.Micro knows of Ira's dissociation.The contract is binding on
A) Hal, Jill, and Kappa only.
B) Jill only.
C) Kappa only.
D) no one.
Q2) Jack and Kyra are partners in Law Firm,LLP,a limited liability partnership.Jack supervises Kyra,who negligently fails to appear in court on behalf of Milo,a client.Liability to Milo rests with
A) Jack and Kyra.
B) Jack only.
C) Kyra only.
D) neither Jack nor Kyra.
Q3) A limited liability partnership can be formed in virtually any state.
A)True
B)False
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Chapter 28: Limited Liability Companies Special Business
Forms
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Q1) The members,managers,and agents of a limited liability company are liable for its obligations by virtue of their status.
A)True
B)False
Q2) The owners of an unincorporated cooperative have joint liability for its obligations.
A)True
B)False
Q3) For federal income tax purposes,a limited liability company can choose to be taxed like a corporation.
A)True
B)False
Q4) Cookie Kiosk LLC's members and managers are Dwight,Emma,and Fawn.After Dwight's relationship to Cookie Kiosk ends,Emma and Fawn agree to discontinue the firm's business.This is most likely
A) advisable.
B) optional.
C) required.
D) wrongful.
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Chapter 29: Corporate Formation, merger, and Termination
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Q1) To qualify as a professional corporation,Medical Clinic,P.C.,
A) must be a corporation formed by professionals.
B) must grant all shareholders voting rights.
C) must have at least thirty-five shareholders.
D) all of the choices.
Q2) Eye Appliance Company and Fast Courier,Inc.,wish to combine all of their assets,stock,and personnel into a new firm to be called Glasses2Go Corporation.This is A) a consolidation.
B) a merger.
C) an exchange of assets.
D) a takeover.
Q3) Jen files a suit against Kopper Kettle Company.While the suit is pending,Kopper Kettle merges with Luminous Pans,Inc.,with Luminous absorbing Kopper Kettle.Now,liability in the suit,if any,rests with A) Jen.
B) Kopper Kettle.
C) Luminous.
D) no one.
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Chapter 30: Corporate Directors, officers, Shareholders
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Q1) Kelly transfers shares of stock that she owns in Lone Starz Company to Max.A shareholders' meeting takes place before Max's ownership is entered in Lone Starz's stock book.A vote at the meeting can be cast by
A) Kelly and Max.
B) Kelly only.
C) Max only.
D) neither Kelly nor Max.
Q2) Corporate shareholders are the ultimate authority in every corporation.
A)True
B)False
Q3) A preemptive right is a preference over other shareholders to cast the determining vote on fundamental changes affecting the corporation.
A)True
B)False
Q4) Shareholders have no responsibility for the day-to-day management of a corporation.
A)True
B)False
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Chapter 31: Investor Protection, insider Trading, Corp Gov
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Q1) Refer to Fact Pattern 31-3.Under the Securities Exchange Act of 1934,Geoff is most likely
A) liable for insider trading.
B) not liable because Geoff did not prevent others from profiting.
C) not liable because Geoff did not solicit information from Dhani.
D) not liable because Geoff does not work for Eureka.
Q2) "Forward-looking" financial forecasts are prohibited under SEC Rule 10b-5. A)True
B)False
Q3) Nouveau Riche Corporation,and its officers,directors,and shareholders,buy and sell securities.SEC Rule 10b-5 applies to
A) only the purchase or sale of a security by a financial corporation.
B) only the purchase or sale of a security involving an officer or director.
C) only the purchase or sale of a security involving a shareholder.
D) the purchase or sale of any security.
Q4) A free-writing prospectus may be used before the Securities and Exchange Commission completes its review of a related registration statement.
A)True B)False
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Chapter 32: Promoting Competition
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Q1) Gourmet Foods,Inc.,requires all distributors of its products to sell them at a specified minimum price.Under the Sherman Act,this is a violation
A) if the anticompetitive effects outweigh the competitive benefits.
B) if the competitive benefits outweigh the anticompetitive effects.
C) under any circumstances.
D) under no circumstances.
Q2) To violate antitrust law,an attempt to monopolize a market must be intended to exclude competition and garner monopoly power.
A)True
B)False
Q3) A firm that is attempting to meet the competition's price may have a defense to liability for price discrimination.
A)True
B)False
Q4) Size alone determines whether a firm is a monopoly.
A)True
B)False
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Chapter 33: Consumer and Environmental Law
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Q1) Kristen receives unsolicited merchandise in the mail.Kristen A) may keep the merchandise without any obligation to the sender.
B) must return the merchandise within five days to avoid payment.
C) must return the merchandise within fifteen days to avoid payment.
D) must return the merchandise within thirty days to avoid payment.
Q2) City,county,and local governments oversee certain aspects of the environment.
A)True B)False
Q3) Miracle Products,Inc.,engages in deceptive advertising when it markets its product Weight-Off as able to help consumers lose weight in their sleep.Miracle is ordered to include in all future advertising of Weight-Off the statement,"Weight-Off will not cause anyone to lose weight in their sleep." This is
A) a counteradvertising order.
B) a multiple product order.
C) bait-and-switch advertising.
D) excessive abuse of authority.
Q4) Federal statutes provide the basis for issuing regulations to control water pollution.
A)True B)False
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Chapter 34: Liability of Accountants Other Professionals
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Q1) Dominique,a certified public accountant,provides accounting services to Eagle Corporation.The services include preparing Eagle's financial reports and issuing opinion letters based on the reports.In 2008,Eagle falls into serious financial trouble,but neither Dominique's reports nor her opinion letters indicate this situation.Relying on Dominique's portrayal of Eagle's financial situation,Eagle borrows a large sum of money to build a new shipping facility.In lending Eagle the money,First National Bank relies on Dominique's opinion letter.Dominique is aware of this reliance.If Dominique did not engage in intentional fraud but was negligent,what is her potential liability?
Q2) An opinion that disclaims any liability for false or misleading financial statements is too general.
A)True
B)False
Q3) Daisy Daycare,Inc.,files a suit against Eldon,its former accountant,alleging constructive fraud.Eldon may be held liable
A) if Daisy cannot prove actual fraud.
B) if Eldon was grossly negligent in the performance of his duties.
C) only if Eldon acted with fraudulent intent.
D) only if the court adopts the Ultramares rule.
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36
Chapter 35: Personal Property and Bailments
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Q1) A finder acquires title to lost property good against the whole world,including the original owner.
A)True
B)False
Q2) One way to acquire ownership rights to property is merely to possess it.
A)True
B)False
Q3) Owen takes a Paisley-made pinball machine to Quality Games,Inc.,for repair.Lacking certain parts,Quality ships the game to Regal Repair Company.While in Regal's possession,the game is damaged.Quality can recover for the damage from A) no one.
B) Owen.
C) Paisley.
D) Regal.
Q4) Property used by a government for a public purpose such as a park is community property.
A)True
B)False
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Chapter 36: Real Property and Landlord-Tenant Law
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Q1) Opal conveys three acres of wetlands to Pristine Places,Inc.,with a deed that warrants only that Opal held good title during her ownership of the property.This deed is
A) a grant deed.
B) a quitclaim deed.
C) a special warranty deed.
D) a warranty deed.
Q2) Bakri owns a house.In the house,on a tile floor is a throw rug.Most likely to meet the definition of a fixture is A) the house.
B) the throw rug.
C) the tile floor.
D) none of these choices.
Q3) The holder of a life estate has the right to use property for whatever purpose he or she sees fit without regard to the rights of a fee simple owner.
A)True
B)False
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Chapter 37: Insurance, wills, and Trusts
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Q1) Dhani is the beneficiary of a life insurance policy on Elmo's life obtained from Famed Insurance Company.The insured under this policy is
A) Dhani.
B) Elmo.
C) Famed.
D) the agent or broker through whom the policy was obtained.
Q2) Dyan executes her will to give "to my nephew Esau my stock in Fargo,Inc." Later,Dyan writes separately,with the same formalities required for a will,to leave the stock to her niece Ginny and cash to Esau.This writing
A) does not affect the will's gift of the stock to Esau.
B) requires a gift of the stock in equal shares to Esau and Ginny.
C) revokes the whole will, which must be redrafted.
D) revokes the will's gift of the stock to Esau.
Q3) Dieter's will provides for a distribution of his assets on his death.Who will "distribute" Dieter's property,and what are the steps involved?
Q4) A will is probated in part to establish its validity.
A)True
B)False
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