Introduction to Law
Midterm Exam
Course Introduction
Introduction to Law provides students with a foundational understanding of the legal system, its principles, and its role in society. This course explores the sources and classification of law, the structure and function of courts, and the interplay between law, ethics, and public policy. Students will analyze key legal concepts such as rights, duties, justice, and the rule of law, while also gaining insight into the processes by which laws are made, interpreted, and enforced. Through case studies and real-world examples, this course equips students with essential legal literacy and critical thinking skills applicable across a variety of disciplines.
Recommended Textbook
Business Law Today Comprehensive 11th Edition by Roger LeRoy Miller
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Chapter 1: The Legal Environment
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Q1) International law is the law of a foreign nation and varies from country to country.
A)True
B)False
Answer: False
Q2) In most states,the courts no longer grant "equitable" remedies.
A)True
B)False
Answer: False
Q3) The Tenth Amendment of the U.S. Constitution
A)defines the powers and limitations of the federal government.
B)gives state law precedence over federal law.
C)gives the federal government the power to tax state governments.
D)gives all citizens the right to bear arms.
Answer: A
Q4) Statutory law does not include county ordinances.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Constitutional Law
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Q1) Congress enacts the Ad Restriction Act (ARA)to limit advertising in certain circumstances. The ARA will be considered valid if it directly advances a substantial government interest
A)and goes no further than necessary to achieve its purpose.
B)without regard to how "far" it goes.
C)and the parties affected by it can elect how "far" to go in applying it.
D)and goes further than necessary to ensure full coverage.
Answer: A
Q2) Federal legislation can affect how businesses compete.
A)True
B)False
Answer: True
Q3) Taco Hot Dogs,Inc.,regularly advertises its products. Under the First Amendment,in comparison with noncommercial speech,the protection given these ads is
A)equally extensive.
B)less extensive.
C)more extensive.
D)non-existent.
Answer: B
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Page 4
Chapter 3: Courts and Alternative Dispute Resolution
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Sample Questions
Q1) Daniel files a suit against Ava,alleging that she failed to pay him for two months' labor at her Choice Cheese Factory. Ava denies the charge and claims that Daniel breached their contract to produce a certain quantity of cheeses and owes Ava damages for the breach. Ava's claim is a
A)contra charge.
B)counterclaim.
C)counterpoint.
D)cross-complaint.
Answer: B
Q2) The United States Supreme Court can review any case decided by any of the federal courts of appeals.
A)True
B)False
Answer: True
Q3) Cases involving diversity of citizenship arise only between citizens of different states.
A)True
B)False
Answer: False
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5
Chapter 4: Tort Law
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Sample Questions
Q1) To commit an intentional tort,a person must have an evil or harmful motive.
A)True
B)False
Q2) Bella owns a farm in Colorado. Doyle drives his sport utility vehicle off a highway and onto Bella's land. Doyle commits trespass if he
A)does not have Bella's permission to drive on the property.
B)drives onto the property for recreational purposes.
C)harms the property in a material way.
D)harms the property in any way.
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?
Q4) Under the doctrine of comparative negligence,only the plaintiff's negligence is taken into consideration.
A)True
B)False
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Chapter 5: Product Liability
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Q1) Custom Ceramics Corporation makes ceramic products for commercial uses,including heat-resistant tiles for industrial ovens. When damage occurs in an oven at Duramold Plastics,Inc.,liability may be imposed on Custom Ceramics if the tiles sold to Duramold were
A)in perfect condition at the time of their sale.
B)damaged by their use.
C)substantially changed after their sale.
D)in a defective condition that was the proximate cause of the damage.
Q2) Generally,the strict liability of manufactures and other sellers does not extend to injured bystanders.
A)True
B)False
Q3) To be liable for product liability,a seller must normally be engaged in the business ofdistributing the product that causes harm by its use.
A)True
B)False
Q4) A statute of repose places outer time limits on product liability actions.
A)True
B)False
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Chapter 6: Intellectual Property Rights
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Sample Questions
Q1) Hua plots a new Iron Man adventure and carefully and skillfully imitates the art of Marvel Comics to create an authentic-looking Iron Man graphic novel. Hua is not affiliated with the owners of the copyright to Iron Man. Can Hua pub-lish the novel as his own work without infringing on the owners' copyright?
Q2) 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.
Q3) Edge is a video game featuring interactive extreme sports. The graphics used in the game are protected by A)copyright law.
B)patent law.
C)trademark law. D)none of the choices.
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Page 8
Chapter 7: Internet Law, social Media, and Privacy
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Sample Questions
Q1) A licensor might grant a license allowing a trademark to be used as part of a domain name.
A)True
B)False
Q2) Refer to Fact Pattern 7-2. By using a domain name similar to CallTalk's,CellTalk is most likely
A)diminishing the quality of CallTalk's mark.
B)making a fair use of CallTalk's mark.
C)licensing the use of CallTalk's mark to itself.
D)engaging in smart competitive conduct.
Q3) Mobile Device Company (MDC)discovers that defamatory statements about its policies and products are being posted in an online forum. NuView Inc.,the Internet service provider whose users are posting the messages,refuses to disclose the identity of the person or persons responsible. MDC should
A)seek to use the authority of the court to obtain the identity from NuView.
B)bring a suit against NuView for publishing the statements.
C)counter the statements with its own posts.
D)post defamatory statements about NuView.
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Chapter 8: Criminal Law and Cyber Crime
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Sample Questions
Q1) Using social media to defraud is a federal crime.
A)True
B)False
Q2) A wrongful mental state is typically required to establish criminal liability.
A)True
B)False
Q3) Public officials prosecute criminal defendants.
A)True
B)False
Q4) Maura enters a convenience store and points a gun at the clerk Nate. She then forces Nate to open the cash register and give her all the money. Maura will most likely be charged with A)burglary.
B)robbery.
C)larceny.
D)receiving stolen property.
Q5) The sanctions imposed on criminal wrongdoers are the same as those applied in civil cases.
A)True
B)False
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Chapter 9: Business Ethics
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Q1) Sam,the chief accounting officer of Texas Fencing Corporation,wants to be sure that all the company's accounts are legal and ethical. Sometimes,however,he is unsure exactly what is legal and what is illegal. Sam should
A)not worry about what is legal or illegal as long as the corporate officers benefit in the short run.
B)try his best to not do anything illegal and keep documentation showing that he always acts in good faith.
C)not worry about what is legal or illegal as long as it benefits the shareholders.
D)not worry about what is legal or illegal as long as it benefits the directors of the corporation.
Q2) Managers must apply the same ethical standards to their employees as they do to themselves.
A)True
B)False
Q3) Ethics is as clearly defined as the law.
A)True
B)False
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Chapter 10: Nature and Classification
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Q1) If a voidable contract is ratified,the parties must fully perform their respective legal obligations.
A)True
B)False
Q2) Jana tells Levi she will give him an Xbox if Levi does Jana's chores for a month. Levi promises to do the chores. Jana and Levi have formed
A)abilateral contract.
B)aunilateral contract.
C)avoid contract.
D)anunenforceable contract.
Q3) Expert Pavers,Inc.,contracts with Fabricated Building Corporation to repave Fabricated's parking lot for which Fabricated agrees to pay.The requirements of this,and any other,contract do not include
A)consideration.
B)capacity.
C)legality.
D)practicality.
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Chapter 11: Agreement
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Q1) Barney offers to sell his Call Marketing Center business to Domino for $100,000. Domino replies,"The price is too high. I will offer to buy it for $90,000." Domino has
A)accepted the offer.
B)made a counteroffer without rejecting the offer.
C)rejected the offer and made a counteroffer.
D)rejected the offer without making a counteroffer.
Q2) Gayla tells Franco that she will pay him $50 to haul the trimmed tree limbs and other lawn debris from her property. Franco's acceptance is complete
A)as soon as he says he will do the job.
B)once he starts to work.
C)only after he hauls away the debris.
D)when he hears the offer.
Q3) A forum-selection clause specifies that any contract dispute will be settled in a particular jurisdiction.
A)True
B)False
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13
Chapter 12: Consideration
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Q1) Julia and Mary have a contract that is still executory. They mutually agree to rescind their contract and at the same time make a new contract. If the new contract is contested in court and the court finds that there was a preexisting duty under the original contract,then the new contract
A)will not be enforceable.
B)will still be enforceable.
C)will not require consideration from either side.
D)will be legally sufficient.
Q2) Edie's dock is damaged in an accident caused by Ferguson's negligence. Edie agrees not to sue him if he will pay for the damage. If Ferguson fails to pay,Edie can bring an action for breach of contract. This is
A)a covenant not to sue.
B)anaccord and satisfaction.
C)an unforeseen difficulty.
D)a release.
Q3) For an accord and satisfaction to occur,the amount of a debt must not be in dispute.
A)True
B)False
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Chapter 13: Capacity and Legality
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Q1) If a contract is fully performed by all parties to it,then it is presumed to have been ratified.
A)True
B)False
Q2) Nelson,a minor,misrepresents his age when agreeing to a contract to buy a restored,antique soda vending machine from Old Is New Again,Inc. Ordinarily,Nelson can disaffirm the contract
A)only if he can prove that the seller did not know his true age.
B)only if he can prove that the seller knew his true age.
C)under any circumstances.
D)under no circumstances.
Q3) All states require members of certain professions to have licenses.
A)True
B)False
Q4) If a court has determined that a person is mentally competent,any contract made by that person is void.
A)True
B)False
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Chapter 14: Voluntary Consent
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Q1) Kari,a real estate agent,assures Linc that a certain parcel of commercial property fronts on the most highly trafficked street in Metro City. Linc buys the property and then discovers that the street has no more traffic than any other in its vicinity. Linc is most likely a victim of A)opinion.
B)fraud.
C)mistake.
D)nothing.
Q2) 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 Danterealizes the truth,he files a suit against Camille. Danteis most likely to recover on the basis of A)opinion.
B)fraud.
C)unconscionability.
D)none of the choices.
Q3) A contract entered into under undue influence is voidable.
A)True
B)False
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Page 16
Chapter 15: The Statute of Fraudswriting Requirement
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Sample Questions
Q1) An oral contract for a transfer of land is always enforceable.
A)True
B)False
Q2) In some states,an otherwise unenforceable oral contract may be enforced under the doctrine of promissory estoppel.
A)True
B)False
Q3) Physicians Clinic orders by phone seven boxes of single-use latex gloves from Quality Medical Supplies,Inc. After three boxes are delivered and accepted,Physicians Clinic repudiates the contract. Quality Medical can enforce the contract to
A)any extent because the order was placed orally.
B)no extent because the order was placed orally.
C)the extent of the three accepted boxes.
D)the extent of the four undelivered boxes.
Q4) An integrated contract is a contract with more than one subject or part.
A)True
B)False
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Chapter 16: Performance and Discharge
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Q1) Refer to Fact Pattern 16-2.If bad weather destroys Flora's crops,the obliga-tion to deliver produce to Harvesters is
A)breached.
B)discharged.
C)not affected.
D)suspended.
Q2) In most contracts,promises of performance are not expressly conditioned.
A)True
B)False
Q3) When an anticipatory repudiation occurs,it is treated as a material breach of a contract.
A)True
B)False
Q4) When a contract party alters a written contract without consent,the other party must adapt his or her performance accordingly.
A)True
B)False
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Chapter 17: Breach and Remedies
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Q1) Global Enterprise Corporation enters into a contract with HealthCare Insurance Company to obtain insurance for Global employees. If HealthCare breaches the contract and Global is awarded compensatory damages,the purpose would be to A)establish,as a matter of principle,that HealthCare acted wrongfully.
B)provideGlobal with funds for a foreseeable loss beyond the contract.
C)provideGlobal with funds for its loss of the bargain.
D)punishHealthCare and deter others from similar acts.
Q2) The amount of compensatory damages is the value of a breaching party's promised performance.
A)True
B)False
Q3) Isabel orally agrees to buy a unique collection of nineteenth-century cowboy memorabilia for $10,000 from Jessie and sends $2,500 as a down payment. When Isabel pays the rest of the price,Jessie refuses to ship the collection. Isabel should seek A)damages.
B)restitution.
C)rescission.
D)specific performance.
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Chapter 18: Third Party Rights
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Q1) Refer to Fact Pattern 18-1.Halfway through the project,Four-Square refuses to finish the job. The contract can be enforced against Four-Square by A)Ben only.
B)Carol's only.
C)Ben or Carol's.
D)none of the choices.
Q2) Wilma owes Jill $5,000. Jill assigns the claim to the funds to Andrew. Jill
A)must notify Wilma of the assignment immediately.
B)must notify Wilma of the assignment within thirty days.
C)must notify Wilma of the assignment to make the assignment effective.
D)is not legally required to notify Wilma of the assignment.
Q3) Eli owes Martin $10,000. Martin assigns the claim to Jack. Jack does not notify Eli of the assignment. A week later,Martin assigns the same claim to Allen. Allen immediately notifies Eli of the assignment. Allen
A)has priority to payment in all states.
B)has priority to payment in states that follow the English rule.
C)does not have priority to payment in any state.
D)haspriority to payment in most states.
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Page 20
Chapter 19: International Law in a Global Economy
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Q1) Michael,a citizen of Ireland,and Nina,a citizen of the United States,enter into a contract. When Nina breaches the contract,Michael obtains an award of damages in an Irish court. He asks a U.S. court to enforce the award. The U.S. court defers to and enforces the Irish court's decree. This is
A)a travesty of justice.
B)theact of state doctrine.
C)thedoctrine of sovereign immunity.
D)theprinciple of comity.
Q2) WiFi Corporation,a U.S. firm,signs a contract with Bueno Computadores,Ltd.,an Argentinean firm,for a shipment and payment for WiFi's goods. This is
A)a distribution agreement.
B)a joint venture.
C)direct exporting.
D)licensing.
Q3) Generally,a foreign government cannot sue under U.S. anti-trust laws in U.S. courts.
A)True
B)False
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Chapter 20: The Formation of Sales and Lease Contracts
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Q1) Orange Vest Manufacturing Corporation orders twelve job-training and on-the-job safety videos from Plum Productions,Inc.,which delivers the itemsto Orange Vest. This is most likely
A)a gift.
B)a lease of goods.
C)a sale of goods.
D)a service contract.
Q2) Clean Machines Company makes washing machines. Over the phone,Clean offers to sell Dealers Appliance Outlet one hundred model EZ2000 washers at a price of $150 per unit. Clean says that it will keep the offer open for ninety days. Dealers responds that within two or three weeks it will decide whether to accept. One week later,Clean faxes,and Dealer receives,notice that the offer is withdrawn. Dealer immediately phones Clean to accept the $150-per-unit offer. When Clean refuses to deliver at that price,Dealer files a suit. Clean asserts,first,that there is no contract and,second,that if there is a contract,it is unenforceable. Discuss Clean's assertions.
Q3) Under the UCC,an offeror must be notified within a reasonable time that the offeree has accepted.
A)True
B)False
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Page 22
Chapter 21: Title and Risk of Loss
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Q1) Gas & Wood Stove Shop orders Hearthwarm-brand stoves from Independent Dealer,Inc. (IDI),a merchant who deals in such products. The parties agree that IDI will keep the goods for Gas & Wood's pickup. While the stoves are in IDI's possession,risk of loss is held by A)IDI.
B)Gas & Wood.
C)Gas & Wood's creditors.
D)Hearthwarm.
Q2) Consumers Choice store accepts a shipment of EZ2U-brand tablets from Digital Devices,Inc. Consumers Choice later discovers a defect in the tablets,revokes acceptance,and returns the tablets via GoBack,Inc. During the return,the tablets are lost. The loss is suffered by A)Consumers Choice.
B)Digital Devices.
C)GoBack.
D)Consumers Choice's customers by an increase in prices of other goods.
Q3) A seller has an insurable interest in goods as long as the goods are in existence.
A)True
B)False
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Page 23
Chapter 22: Performance and Breach of Sales and Lease Contracts
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Q1) Revocation of acceptance is not effective until notice is given to the seller or lessor.
A)True
B)False
Q2) If a buyer wrongfully refuses to accept goods,the seller can bring an action to recover the damages sustained.
A)True
B)False
Q3) Refined Mills orders "Grade A" oats from Sweet Valley Farms to grind and sell to Town Co-op Grocery. Sweet Valley ships "Grade B" grain,which Refined Mills accepts. To recover damages for the nonconformity,Refined Mills must give notice of the breach within a reasonable time to
A)Sweet Valley.
B)Town Co-op.
C)no one.
D)the appropriate state government agency.
Q4) A warranty of title cannot be disclaimed.
A)True
B)False
Page 24
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Chapter 23: Negotiable Instruments
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Q1) A holder takes an instrument for value by promising to perform in the future.
A)True
B)False
Q2) Plumbing & Pipes Supply Company issues a promissory note as a demand instrument with a due date of October 5. QuikPay Loan Company accepts the note. QuikPay has notice that the note is overdue if the firm takes the note
A)after October 5.
B)before October 5.
C)on October 5.
D)at any time.
Q3) Fiona writes a check "pay to the order of Gerri" drawn on Fiona's account at Hearthstone Bank. Gerri presents the check for payment to Hearthstone,which accepts it. Primarily liable on the check is
A)Fiona.
B)Gerri.
C)Hearthstone.
D)none of the choices.
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Chapter 24: Banking in the Digital Age
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Q1) The Check Clearing in the 21st Century Act (Check 21)applies only in about 75 percent of the states.
A)True
B)False
Q2) Ana writes a check to Becky on Ana's account at Community Bank. The bank dishonors the check even though Ana has sufficient funds in her account. The bank is liable to
A)Ana.
B)Becky.
C)the payee on Ana's next check.
D)no one.
Q3) Ian buys a cell phone in Jiffy Mart,using the means that accounts for more retail payments than any other. This means of payment is A)a commercial check.
B)a debit card.
C)a personal check.
D)cash.
Q4) Today,most checks are processed manually.
A)True
B)False
Page 26
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Chapter 25: Security Interests and Creditors Rights
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Q1) Attachment gives the creditor an enforceable security interest in the collateral.
A)True
B)False
Q2) Nell's debt to Olsen is past due. Olsen obtains an order of garnishment to require Nell's employer Pro Transmission Service,Inc.,to pay part of Nell's paycheck to Olsen. The law
A)limits the amount that can be taken from Nell's take-home pay.
B)permits Olsen to dismiss Nell because her wages are garnished.
C)practically does not allow Olsen to collect the awarded amount.
D)requires Pro to retain Nell as an employee until the debt is paid.
Q3) An employee can be discharged due to a garnishment order.
A)True
B)False
Q4) The payment of Allen Janitorial Service's debt to Business Finance,Inc.,is guaranteed by Allen's personal property. Business Finance is
A)a debtor.
B)a secured creditor.
C)a security interest.
D)a secured party.
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Chapter 26: Bankruptcy
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Q1) Roland files forChapter 7 bankruptcy. After all his assets have been sold and the proceeds distributed among his creditors,Roland's remaining debts
A)are discharged.
B)paid by the court.
C)must be paid by Roland.
D)are put on hold until Roland has sufficient means to pay them.
Q2) Wild River Tours Corporation wants to formulate a plan under which it pays a portion of its debts and is discharged of the remainder while continuing in business. To accomplish this goal,Wild River should file a petition in bankruptcy for relief through
A)a liquidation.
B)a reorganization.
C)a repayment plan.
D)a straight bankruptcy plan.
Q3) Rulings from bankruptcy courts are final-they cannot be appealed.
A)True
B)False
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Chapter 27: Agency Relationships in Business
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Q1) 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.
Q2) If a principal is undisclosed,the agent may be liable to the principal for a third party's nonperformance of a contract.
A)True
B)False
Q3) Agency relationships normally are consensual.
A)True
B)False
Q4) An agent's duties to the principal are implied from the agency relationship only if the identity of the principal is disclosed to a third party.
A)True
B)False
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Page 29
Chapter 28: Employment, immigration, and Labor Law
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Q1) Freeman is an employee of Guitar & Drum Company. Guitar & Drum's employee manual states that workers,such as Freeman,will be dismissed only for good cause. With respect to the employment-at-will doctrine,this is
A)an example of the doctrine.
B)an exception based on contract theory.
C)an exception based on public policy.
D)an exception based on tort theory.
Q2) Steel Production Industries,Inc.,employs five hundred workers. For the Occupational Safety and Health Administration,Steel Production must do all of the following except
A)keep occupational injury and illness records for each employee.
B)report any work-related diseases.
C)report any work-related injuries.
D)pay employees higher wages for working in more dangerous areas.
Q3) Whenever a work-related injury or disease occurs,employers must make reports directly to the Occupational Safety and Health Administration.
A)True
B)False
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Chapter 29: Employment Discrimination
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Q1) Once a plaintiff succeeds in proving discrimination,the burden shifts to the employer to justify the discriminatory practice.
A)True
B)False
Q2) Employers who do not accommodate the needs of persons with disabili-ties must demonstrate that the accommodations would cause undue hardship.
A)True
B)False
Q3) The Equal Pay Act and other federal laws prohibit employers from engaging in gender-based wage discrimination.
A)True
B)False
Q4) Race can be a bonafide occupational qualification.
A)True
B)False
Q5) Title VII of the Civil Rights Act applies to employers with fifteen or less employees.
A)True
B)False
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Chapter 30: Sole Proprietorships and Franchises
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Q1) No state requires franchisors to provide presale disclosures to prospective franchisees.
A)True
B)False
Q2) Nadia,the owner of Organic Farms,a sole proprietorship,wants to obtain additional business capital but to maintain control. This can best be accomplished by
A)borrowing funds.
B)bringing in partners.
C)issuing stock.
D)selling the business.
Q3) Jumbo Juice makes earnings claims to potential investors. For those claims,the franchisor
A)can have a hypothetical basis.
B)must have a reasonable basis.
C)must have an actual basis.
D)can have any or no basis.
Q4) A sole proprietor does not own the entire business.
A)True
B)False
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Chapter 31: All Forms of Partnership
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Q1) Nora and Owen do business as Profit & Property,a real estate investment partnership. In acting on the firm's behalf in a deal with Quaint Village Mall,Nora takes advantage of an opportunity to make a secret profit on her own behalf. To her firm,Nora is liable for A)breach of the duty of care.
B)breach of contract.
C)nothing.
Q2) Luke and Maya form Northeast Air Express,a general partnership. The essential elements of this partnership do not include A)a sharing of profits and losses. B)a joint ownership of the business. C)an equal right to management in the business. D)goodwill.
Q3) Most states treat a partnership as an aggregate for most purposes. A)True B)False
Q4) A partnership is forced to terminate every time a partner dissociates from the firm. A)True B)False
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33
Chapter 32: Limited Liability Companies and Special Business Forms
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Q1) Most courts apply the same principles to joint ventures as they apply to partnerships.
A)True
B)False
Q2) Dreem Land Corporation and Earthbound Investments Company transfer their property to Financial Managers,Inc.,which manages the property and distributes the profits to Dreem and Earthbound. This form of a business organization is
A)a business trust.
B)a joint stock company.
C)a joint venture.
D)a syndicate.
Q3) A limited liability company that has two or more members can be taxed as a corporation.
A)True
B)False
Q4) Most states apply to a limited liability company (LLC)formed in another state the law of the state where the LLC was formed.
A)True
B)False
Page 34
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Chapter 33: Corporate Formation and Financing
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Q1) Boutique Bodega Corporation would like to change its corporate status to that of an S corporation. To qualify,the shareholders must not be
A)corporations.
B)estates.
C)individuals.
D)partnerships.
Q2) EZ Hauling holds itself out to customers as being a corporation but makes no attempt to incorporate. In this circumstance,EZ Hauling is most likely
A)a corporation by estoppel.
B)a de facto corporation.
C)a de jure corporation.
D)a benefit corporation.
Q3) In the absence of express constitutional,statutory,or other provisions,the corporation has no implied powers.
A)True
B)False
Q4) Preferred stock is a stock with preferences.
A)True
B)False
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Chapter 34: Corporate Directors, officers, and Shareholders
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Q1) Any damages recovered by Darius's suit will normally go to A)Darius.
B)Energy Renewable.
C)Energy Renewable's directors.
D)Energy Renewable's shareholders.
Q2) Gayle is a shareholder of Harbor Bay Equipment Inc. with preemptive rights. With these rights,Gayle can
A)buy a prorated share of a new issue of stock before other buyers.
B)choose to have Matchless act exclusively in a certain area.
C)"preempt" managerial decisions that affect shareholders.
D)sell a prorated share of a new issue of stock before other sellers.
Q3) Directors are not expected to act in accordance with their own knowledge and training,but to rely on information given to them by certain other persons.
A)True
B)False
Q4) The board of directors is the ultimate authority in every corporation.
A)True
B)False
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Chapter 35: Corporate Mergers, takeovers, and Termination
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Q1) Whether a combination is a merger,a consolidation,or a share exchange the rights and liabilities of shareholders,the corporation,and the corporation's creditors are not the same.
A)True
B)False
Q2) The articles of merger include changes that differ from Hilltop's articles of incorporation. The articles of incorporation
A)are deemed amended to include the changes.
B)are replaced by the articles of merger.
C)effectively prevent the merger.
D)preempt the articles of merge.
Q3) When a corporation is dissolved voluntarily,the corporation does not need to file articles of dissolution with the state.
A)True
B)False
Q4) When deciding which form of business organization to choose,businesspersons normally consider only one factor.
A)True
B)False
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Chapter 36: Investor Protection, insider Trading, and Corporate Governance
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Q1) In the context of Section 16(b)of the Securities Exchange Act of 1934,insiders include officers,directors,and large stockholders of Section 12 corporations.
A)True
B)False
Q2) NuTrend Clothing Corporation is a public company whose securities are traded among investors. Under the Securities Act of 1933,a security is
A)almost any stake in the ownership or debt of a company.
B)an investment that is guaranteed to make a profit.
C)only such common forms of debt and equity as bonds and stocks.
D)whatever a company represents to the public as a security.
Q3) The definition of security in the Securities Act of 1933 does not include instruments commonly known as securities.
A)True
B)False
Q4) Accredited investors include banks,but not investment companies.
A)True
B)False
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Chapter 37: Administrative Law
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Q1) Closed meetings of the U.S. Forest and Wildlife Service and other federal administrative agencies are permitted when
A)the subject of the meeting concerns accusing a person of a crime.
B)open meetings would frustrate the implementation of future actions.
C)the subject of the meeting involves matters relating to future litigation or rulemaking.
D)all of the choices.
Q2) A federal administrative agency's final rule is compiled in the United States Code.
A)True
B)False
Q3) Federal regulations take precedence over conflicting state regulations.
A)True
B)False
Q4) Final administrative rules have binding legal effect unless the courts later overturn them.
A)True B)False
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Chapter 38: Antitrust Law and Promoting Competition
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Q1) North Mining Company and South Excavation Company agree to abide by the decisions of East Coast Financial Corporation as to their respective levels of production,markets,and prices,effectively reducing competition and increasing profits. This is most likely
A)a common,legal,time-honored type of business arrangement.
B)an illegal restraint on trade.
C)an innovative,legally efficient approach to doing business.
D)an outdated,but legal business trust.
Q2) Fresh Vegetables,Inc.,a wholesaler,refuses to sell its produce to Good Foods Marketplace,Inc.,a retailer. This is
A)"an unfair or deceptive act or practice."
B)a per se violation.
C)not a violation.
D)subject to analysis under the rule of reason.
Q3) When a small number of companies share a large part of a market,the market is concentrated.
A)True
B)False
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Chapter 39: Consumer and Environmental Law
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Q1) Tory borrows $10,000 from USA National Bank to remodel a room in her home. This transaction is subject to
A)no federal law.
B)the Consumer Leasing Act.
C)the Consumer Product Safety Act.
D)the Truth-in-Lending Act.
Q2) Grover signs an installment contract with Home Appliance Store to finance the purchase of new kitchen appliances-stove,refrigerator,dishwasher,microwave,and toaster oven-for $3,999. This transaction is subject to
A)no federal law.
B)the Fair Credit Reporting Act.
C)the Telecommunications Act.
D)the Truth-in-Lending Act.
Q3) Credit can be denied on the basis of marital status.
A)True
B)False
Q4) Vague generalities and obvious exaggerations are permissible in advertising.
A)True
B)False
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Chapter 40: Liability of Accountants and Other Professionals
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Q1) Dougal,an accountant,prepares for Econo Enterprise,Inc.,a financial statement that omits a material fact. The statement is included in Econo's registration statement with the Securities and Exchange Commission. Felicia,who relies the statement,and Graham,who does not,each buy Econo stock. Under Section 11 of the Securities Act of 1933,Dougal may be liable to A)no one.
B)Felicia only.
C)Felicia and Graham.
D)Graham only.
Q2) Working papers are the documents through which a court orders an accountant to audit a public company.
A)True
B)False
Q3) An accountant is not liable for an omission in a registration statement to a purchaser of securities if the omission had no causal connection to the purchaser's loss.
A)True
B)False
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Page 42
Chapter 41: Personal Property and Bailments
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Q1) Garth tells his daughter Heidi that she can have his restored 1932 Ford Coupé when he dies,but he does not add this to his will. This is
A)a gift causa mortis.
B)a gift inter vivos.
C)a gift by accession.
D)not a gift.
Q2) Ben allows Cody to store his trailer on Ben's property for $20 a month while Cody is out of town on a job for Plain States Construction,his employer. The bailor is A)Ben.
B)Cody.
C)Plain States.
D)no one.
Q3) How property is taxed and what is required to transfer or acquire property is determined by whether the property is classified as tangible or intangible.
A)True
B)False
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43
Chapter 42: Real Property and Landlord-Tenant Law
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Q1) The tenant's transfer of leased premises for a period shorter than a lease term is an assignment.
A)True
B)False
Q2) Hank,the owner of Idle Farm,sells Jessie a right to park her RV on Idle land overnight. Jessie's right is
A)a fee simple absolute.
B)a license.
C)an easement.
D)a profit.
Q3) Riley owns Sunyvale Apartments. He promises his tenants that during the lease term,neither he nor anyone with a superior title to the property will disturb the tenants' use and enjoyment of the premises. This is
A)a tenancy at sufferance.
B)the covenant of quiet enjoyment.
C)the implied warranty of habitability.
D)a special warranty deed.
Q4) Nora orally agrees to rent an apartment to Owen for a six-month term. Is this lease enforceable if it is not in writing?
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Chapter 43: Insurance, wills, and Trusts
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Q1) Maya dies without a will. The distribution of Maya's estate is prescribed by A)Maya's closest relatives.
B)codicil.
C)intestacy laws.
D)will substitutes.
Q2) The words used in an insurance contract are given their ordinary meanings in light of the nature of the coverage involved.
A)True
B)False
Q3) According to the terms of Ramona's will,specific gifts are made,and taxes and other estate expenses and debts are paid. The assets of Ramona's estate that remain are
A)the bequest.
B)the devise.
C)the legacy.
D)the residuary.
Q4) To probate a will means to release it to the media
A)True
B)False
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