Introduction to Law Test Bank
Course Introduction
Introduction to Law provides a foundational understanding of the legal system, its key concepts, and its role in society. The course explores the sources of law, the structure of courts, and the basic principles underlying criminal, civil, constitutional, and administrative law. Students will learn about the processes through which laws are made, interpreted, and enforced, as well as the rights and responsibilities of individuals and institutions. By analyzing landmark cases and contemporary issues, the course equips students with critical thinking skills and an appreciation for the significance of law in maintaining order and justice.
Recommended Textbook
Business law 9th Edition by Henry Cheeseman
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54 Chapters
4463 Verified Questions
4463 Flashcards
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Page 2
Chapter 1: Legal Environment of Business and Online Commerce
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85 Verified Questions
85 Flashcards
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Sample Questions
Q1) Laws in the U.S.are not set to evolve with changes in social norms.
A)True
B)False Answer: False
Q2) The Law and Economics School of jurisprudential thought believes that promoting market efficiency should be the central goal of legal decision making.
A)True
B)False Answer: True
Q3) The Analytical School of jurisprudence lays emphasis on how the result of a case is reached rather than the logic of the result itself.
A)True
B)False Answer: False
Q4) Sociological philosophers are unlikely to adhere to past law as precedent.
A)True
B)False
Answer: True
Page 3
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Chapter 2: Courts and Jurisdiction
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80 Flashcards
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Sample Questions
Q1) A justice who agrees with the outcome of a case but not the reason proffered by other justices can issue a dissenting opinion that sets forth his or her reasons for deciding the case.
A)True
B)False
Answer: False
Q2) In the United States,each state has only a single district court.
A)True
B)False
Answer: False
Q3) Which of the following courts was created by Article III of the U.S.Constitution?
A)the U.S. Supreme Court
B)the U.S. Tax Court
C)the U.S. Court of Appeals
D)the U.S. Court of Federal Claims
Answer: A
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Chapter 3: Judicial, alternative, and Online Dispute Resolution
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80 Verified Questions
80 Flashcards
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Sample Questions
Q1) A ________ alleges that if all the facts presented in the paperwork filed with the court to initiate or respond to the lawsuit are true,the party making the motion would win the lawsuit when the proper law is applied to these facts.
A)motion for judgment on the pleadings
B)motion for summary judgment
C)motion for judgment notwithstanding the verdict
D)motion to set aside judgment
Answer: A
Q2) Negotiation is a procedure whereby the parties choose an impartial third party to hear and decide the dispute.
A)True
B)False
Answer: False
Q3) The paperwork that is filed with the court to initiate and respond to a lawsuit is referred to as the pleadings.
A)True
B)False
Answer: True
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Chapter 4: Constitutional Law for Business and
E-Commerce
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Sample Questions
Q1) The Establishment Clause guarantees that there will be no state-sponsored religion.
A)True
B)False
Q2) Distinguish between limited protected speech and unprotected speech as categorized by the U.S.Supreme Court.
Q3) Which of the following is a form of limited protected speech?
A)defamatory language
B)speech that incites the violent or revolutionary overthrow of the government
C)dangerous speech
D)offensive speech
Q4) A group of students organizing a protest march demanding that the government be overthrown would be an instance of ________ speech.
A)limited protected
B)prohibited
C)unprotected
D)fully protected
Q5) How has the U.S.government regulated commerce with Native Americans?
Page 6
Q6) How is power divided between the federal government and the state governments?
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Chapter 5: Intentional Torts and Negligence
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Sample Questions
Q1) Which of the following best describes the tort of battery?
A)unauthorized and harmful or offensive physical contact with another person that causes injury
B)an action that arouses reasonable apprehension of imminent harm
C)oral or written defamation of another person's character
D)intentional confinement or restraint of another person without that person's consent
Q2) Res ipsa loquitor is a tort in which the violation of a statute or an ordinance constitutes the breach of the duty of care.
A)True
B)False
Q3) Making false statements about a competitor's products,services,property,or business reputation could make a company liable for ________.
A)intentional misrepresentation
B)tort of appropriation
C)disparagement
D)misappropriation of the right to publicity
Q4) When and how can a plaintiff claim damages if the defendant has breached a duty of care?
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Chapter 6: Product and Strict Liability
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Sample Questions
Q1) Martin wins a car in a lottery.As he already owns a car,he decides to sell the new one to his friend Ted.While driving the car,Ted gets into a head-on collision with another car.Due to a defective Supplemental Restraint System (SRS)in the vehicle, the airbag does not deploy and Ted is seriously injured. Which of the following statements is true of this situation?
A)Martin can be held strictly liable because he sold the car to Ted.
B)The car manufacturer cannot be held strictly liable as Ted had not bought the car from it.
C)Martin cannot be held strictly liable as the sale of the car counts as a casual transaction.
D)The driver of the other car can be held strictly liable due to his or her involvement in the accident.
Q2) ________ refers to all manufacturers,distributors,wholesalers,retailers,lessors,and subcomponent manufacturers involved in a transaction.
A)Demand chain
B)Chain of command
C)Chain of distribution
D)Value chain
Q3) Describe how courts can evaluate the adequacy of a product's design.
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Page 8
Chapter 7: Intellectual Property and Cyber Piracy
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Sample Questions
Q1) Apart from recovering damages,and recovering profits made by the offender,successful plaintiffs in a misappropriation of a trade secret case can also
A)obtain the offender's trademarks or brand name as payoff
B)ask for transfer of any of the offender's patents to the plaintiff
C)ask to acquire the offender's trade secrets as payoff
D)obtain an injunction prohibiting the offender from divulging the trade secret
Q2) The trademark symbols "TM" and "SM" can be used with marks that have not been registered.
A)True
B)False
Q3) A patent number is given to a patent that is still under consideration.
A)True
B)False
Q4) Explain what a generic name is with reference to trademarks.
Q5) A provisional application for a patent gives an inventor three months to prepare a final patent application.
A)True
B)False
Q6) Give an account of trademark dilution.
Page 9
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Chapter 8: Criminal Law and Cyber Crime
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Sample Questions
Q1) The crime of ________ involves the obtaining of property from another,with his or her consent,induced by wrongful use of actual or threatened force,violence,or fear.
A)bribery
B)extortion
C)money laundering
D)embezzlement
Q2) According to the ________,evidence obtained from an unreasonable search and seizure can generally be prohibited from introduction at a trial or an administrative proceeding against the person searched.
A)presumption of innocence doctrine
B)double jeopardy rule
C)exclusionary rule
D)Miranda rights
Q3) Explain the role of penal codes and regulatory statutes in criminal law.
Q4) A person charged with a crime in the United States is presumed innocent until proven guilty.
A)True
B)False
Q5) Discuss identity theft as a cybercrime.
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Chapter 9: Nature of Traditional and E-Contracts
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Sample Questions
Q1) Which of the following is true of the equity doctrine?
A)Equity is resorted to when an award of money damages would not be the proper remedy.
B)In an action in equity, a jury decides the equitable issue.
C)An equitable action could be tried with a judge or a jury.
D)The doctrine of equity cannot be applied in contract cases.
Q2) Which of the following elements must be established to create an implied-in-fact contract?
A)A plaintiff provided a property or services gratuitously.
B)A plaintiff made a defendant sign a contract and then changed its terms, calling the new terms "previously implied."
C)A defendant was given an opportunity to reject a property or services provided by a plaintiff but failed to do so.
D)A defendant accepted a property or services offered by a plaintiff as a fee for an illegal activity.
Q3) What are the possible problems that can come up in a unilateral contract?
Q4) Provision of services qualifies as a consideration for an enforceable contract.
A)True
B)False
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Chapter 10: Agreement
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Sample Questions
Q1) In which of the following types of offers does the seller offer the goods for sale?
A)a revocation
B)a reward
C)an auction with reserve
D)an auction without reserve
Q2) Which of the following would be considered an offer to form a unilateral contract?
A)an advertisement
B)an auction without reserve
C)a reward offer
D)an auction with reserve
Q3) To meet the mirror image rule,the offeree must accept the terms of the offer without modification.
A)True
B)False
Q4) An option contract is terminated upon the death of the offeror.
A)True
B)False
Q5) Give an account of termination of offer due to lapse of time.
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Chapter 11: Consideration and Promissory Estoppel
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75 Flashcards
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Sample Questions
Q1) For a gift promise to be enforceable,the promisee must offer a consideration.
A)True
B)False
Q2) Why does an illusory contract lack consideration?
A)because the consideration promised is unlawful and therefore void
B)because the person promises to perform an act or do something he or she is already under an obligation to do
C)because one or both parties can choose not to perform their contractual obligations
D)because the compensation paid is for work done in the past
Q3) A promise is something of legal value given in exchange of a consideration.
A)True
B)False
Q4) Promissory estoppel is an equity doctrine that permits parties to enforce a contract that includes consideration.
A)True
B)False
Q5) If the accord is performed,it is called a satisfaction.
A)True
B)False
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Chapter 12: Capacity and Legality
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Sample Questions
Q1) Describe the infancy doctrine with reference to legal contracts.
Q2) The state of Transas has set a maximum interest rate of 12 percent on loans.Matt borrows $10,000 from Tony to pay off a gambling debt.Both are residents of Transas.They sign a contract,which states that Matt would have to pay $1,500 as interest in one year to pay off the loan.Later,Matt gets to know about the state usury limit and sues Tony.What is the nature of the contract between Matt and Tony?
A)It is illegal as it violates gambling statutes.
B)It is legal as both parties were competent when the contract was signed.
C)The contract is void as it violates usury laws.
D)The contract is void as it is a contract to commit a crime.
Q3) What are gambling statutes?
Q4) If the object of a contract becomes illegal after the contract is entered into,the parties are discharged from the contract.
A)True
B)False
Q5) The parental duty of support is terminated if a minor becomes emancipated.
A)True
B)False
Q6) What are licensing statutes?
Page 14
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Chapter 13: Genuineness of Assent and Undue Influence
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Sample Questions
Q1) Innocent misrepresentation is treated as a unilateral mistake.
A)True
B)False
Q2) To be actionable as fraud,the misrepresentation must have been the sole factor in inducing the innocent party to enter into the contract.
A)True
B)False
Q3) If there has been a mutual mistake,the contract cannot be rescinded.
A)True
B)False
Q4) Intentional misrepresentation is commonly referred to as ________.
A)erroneous misrepresentation
B)fraud
C)duress
D)undue influence
Q5) A misrepresentation is considered fraud even if it is made without intent to deceive another party.
A)True
B)False
Q6) Explain fraud in the inducement with an example.
Page 15
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Chapter 14: Statute of Frauds and Equitable Exceptions
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Sample Questions
Q1) Statute of Frauds is a state statute that requires certain types of contracts to be in writing.
A)True
B)False
Q2) If Johnny made an oral contract with Peter to sell Peter his truck for $15,000,Johnny's eventual refusal to sell the truck is considered breach of contract.
A)True
B)False
Q3) Any writing-including letters,telegrams,invoices,sales receipts,checks,and handwritten agreements written on scraps of paper-can be an enforceable contract.
A)True
B)False
Q4) Jim's landlord insists on a written agreement to lease his apartment for $25,000 in order to comply with ________ of the Uniform Commercial Code (UCC).
A)Section 2-201(1)
B)Section 2A-201(1)
C)the merger clause
D)the equal dignity rule
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16
Chapter 15: Third-Party Rights and Discharge
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Sample Questions
Q1) An obligee who transfers the right to receive performance is called the ________.
A)subsequent assignor
B)obligor
C)assignor
D)assignee
Q2) Contracts for the provision of personal services are generally not assignable.
A)True
B)False
Q3) ________ is a clause in a contract in which the parties specify certain events that will excuse nonperformance.
A)Approval clause
B)Express condition
C)Force majeure
D)Implied-in-fact condition
Q4) A party who owes a duty of performance under a contract is called the ________.
A)obligor
B)assignor
C)assignee
D)obligee
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Chapter 16: Remedies for Breach of Traditional and E-Contracts
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Sample Questions
Q1) ________ damages are awarded when the nonbreaching party sues the breaching party even though no financial loss has resulted from the breach.
A)Consequential
B)Compensatory
C)Nominal
D)Liquidated
Q2) A ________ is an order of the court that enables a government officer to seize property of the breaching party and sell it at auction to satisfy a judgment.
A)writ of attachment
B)writ of garnishment
C)specific performance
D)liquidation of damages
Q3) To be liable for consequential damages,the breaching party need not know nor have reason to know that the breach will cause special damages to the other party.
A)True
B)False
Q4) How are liquidated damages awarded?
Q5) How are compensatory damages awarded for construction contracts?
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Chapter 17: Digital Law and E-Commerce
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Sample Questions
Q1) Barney wants to rent an apartment and posts an advertisement in a classifieds website.Two days later,Michael,who wants to rent out his apartment,e-mails Barney and they finalize the deal over the Internet.Barney pays Michael through an online transfer.This is an example of ________.
A)e-licensing
B)e-commerce
C)cybersquatting
D)spamming
Q2) A(n)________ is a contract by which the owner of a software or a digital application grants limited rights to the owner of a computer or digital device to use the software or digital application for a limited period and under specified conditions.
A)e-license
B)ISPS
C)domain
D)digital signature
Q3) A network extension is a unique name that identifies an individual's or company's website.
A)True
B)False
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Page 19
Chapter 18: Formation of Sales and Lease Contracts
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Sample Questions
Q1) Which of the following is true for goods under the purview of Article 2 of the Uniform Commercial Code?
A)Goods can be replaced by money.
B)Intangible goods must be exchanged for other intangible goods.
C)Goods in the contract must be movable.
D)Immovable goods like real estate must have provisions of service attached to their contracts.
Q2) Under the Uniform Commercial Code,if the time,place,and manner of delivery of goods are not mentioned in a contract,________.
A)the place of delivery is the buyer's place of business
B)the contract is void for lack of definiteness
C)the place of delivery is the seller's place of business
D)the seller is obligated to pay for shipping to the buyer's place of business
Q3) As per the UCC law of sales,contract modifications do not require considerations.
A)True
B)False
Q4) What are the methods and manners of acceptance as defined by the Uniform Commercial Code (UCC)?
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Page 20
Chapter 19: Title to Goods and Risk of Loss
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Sample Questions
Q1) Jason orders one hundred remote-controlled toy cars from RyBy Toys.In the contract,it is stipulated that RyBy Toys will transport the toy cars via FlyByNight,a national carrier service.RyBy Toys makes the arrangements and hands over the toys to FlyByNight without the remote-controllers.In the event that the goods are destroyed in transit,which of the following parties would bear the risk of loss as per the sales contract?
A)Jason would bear the risk of loss irrespective of the fate of the goods.
B)FlyByNight would bear the risk of loss as they had the responsibility to deliver the goods.
C)RyBy Toys would bear the risk as they shipped nonconforming goods.
D)The risk of loss would be shared between RyBy Toys and Jason.
Q2) The delivery term "no-arrival,no-sale" can be added to a shipment contract.
A)True
B)False
Q3) The ________ bears the risk of loss during transportation in a destination contract.
A)buyer
B)seller
C)carrier
D)shipper
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Chapter 20: Remedies for Breach of Sales and Lease Contracts
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Sample Questions
Q1) A(n)________ is a sales contract that requires the seller to deliver goods to the buyer's place of business or another specified location.
A)consignment contract
B)option contract
C)shipment contract
D)destination contract
Q2) If a buyer breaches a sales contract before the seller has delivered the goods,the seller cannot recover damages from the buyer.
A)True
B)False
Q3) The obligation of a seller to transfer and deliver goods to the buyer or lessee in accordance with a sales or lease contract is known as ________.
A)the rule of capture
B)deliverance
C)replevin
D)tender of delivery
Q4) How does the UCC deal with issues that are not present in the express terms of a contract?
Page 22
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Chapter 21: Warranties
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Sample Questions
Q1) A test to determine merchantability based on unfamiliar objects found in food is known as the ________.
A)foreign substance test
B)consumer expectation test
C)contamination test
D)contagion test
Q2) Kirsten just bought a car that had a one-year warranty stating that it covered the cost of parts,but not labor.It also stated that the warranty only covered the powertrain,and no other part.What kind of warranty did Kirsten's car have?
A)full warranty
B)limited warranty
C)disclaimer warranty
D)implied warranty of fitness for a particular purpose
Q3) Which of the following is true of the display of warranty disclaimers?
A)It can be implied as an understanding between the buyer and seller.
B)It should be conspicuous and noticeable.
C)It need only be present in the contract.
D)It must be published in the local newspaper before actually being displayed.
Q4) What is the difference between a full warranty and a limited warranty?
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Chapter 22: Creation of Negotiable Instruments
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Sample Questions
Q1) A sight draft that arises when a seller extends credit to a buyer with the sale of goods is known as a ________.
A)check
B)time draft
C)trade acceptance
D)demand draft
Q2) Who is the drawee of a check?
A)the drawer of the check
B)the financial institute where the drawer has an account
C)the party to whom a check is written
D)the financee to whom the check is drawn
Q3) Article 3 of the Uniform Commercial Code (UCC)governs the use of negotiable instruments.
A)True
B)False
Q4) Rubber-stamps are not recognized as signing instruments under the Uniform Commercial Code (UCC).
A)True
B)False
Q5) List and briefly explain the functions of a negotiable instrument.
Page 24
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Chapter 23: Holder in Due Course and Transferability
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Q1) Under which of the following Uniform Commercial Code (UCC)requirements is a holder considered a "holder in due course," given that the holder performs the agreed-upon promise in a negotiable instrument?
A)taking in good faith requirement
B)taking for value requirement
C)taking without notice of defect requirement
D)no evidence of forgery, alteration, or irregularity requirement
Q2) If a virgule is used,both parties are necessary to negotiate the instrument.
A)True
B)False
Q3) An instrument containing a qualified indorsement can be further negotiated.
A)True
B)False
Q4) Nonnegotiable instruments are negotiated by holders in due course.
A)True
B)False
Q5) Nonrestrictive indorsements contain instructions from the indorser.
A)True
B)False
Q6) What is the difference between a holder and holder in due course?
Page 25
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Chapter 24: Liability, defenses, and Discharge
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Sample Questions
Q1) Implied warranties are made when a negotiable instrument is originally issued.
A)True
B)False
Q2) A person who authorizes an agent to sign a negotiable instrument on his or her behalf is known as a(n)________.
A)agent
B)accommodation party
C)principal
D)assignor
Q3) ________ is a type of personal defense when a wrongdoer makes a false statement to another person to lead them to enter into a contract and issue a negotiable instrument.
A)Forgery
B)Discharge in bankruptcy
C)Fraud in the inducement
D)Extreme duress
Q4) A signature in the lower-right corner of a promissory note indicates that the signer is the maker of the note.
A)True
B)False
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Chapter 25: Banking System and Electronic Financial Transactions
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Q1) When the drawee bank receives a properly drawn and payable check,the bank is under a duty to honor the check and charge (debit)the drawer's account the amount of the check if there are sufficient funds in the customer's checking account at the bank.
A)True
B)False
Q2) The drawee is the party to whom a check is written.
A)True
B)False
Q3) What changes did the Dodd-Frank Wall Street Reform and Consumer Protection Act make to reform lending regulation?
Q4) Which of the following is a provision of Article 4 of the Uniform Commercial Code?
A)establishing the requirements for negotiable instruments, such as checks
B)establishing the rules and principles that regulate bank deposit procedures for checking accounts offered by commercial banks
C)stipulating the rules that regulate the creation and collection of and liability for wire transfers
D)reviewing and revising guidelines for ownership of securities by investors
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Chapter 26: Credit, mortgages, and Debtors Rights
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Q1) The Consumer Financial Protection Bureau (CFP
B)has authority to supervise all participants in the consumer finance and mortgage area, including depository institutions.
A)True
B)False
Q2) The power of sale foreclosure is implied in mortgages and deeds of trust.
A)True
B)False
Q3) Surplus money obtained from a foreclosure sale must be given to the mortgagor.
A)True
B)False
Q4) A recording statute gives potential purchasers of real property the ability to determine whether there are existing liens on a property.
A)True
B)False
Q5) Foreclosure sales are permitted only in select states.
A)True
B)False
Q6) What is an antideficiency statute?
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Chapter 27: Secured Transactions
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Sample Questions
Q1) A(n)________ refers to a security interest in property that was not in the possession of the debtor when the security agreement was executed.
A)floating lien
B)after-acquired property
C)attachment
D)future advance
Q2) A secured transaction is one in which the creditor and debtor carry out financial transactions in a secure medium,such as a private communication channel.
A)True
B)False
Q3) Perfection ________ is a situation where the creditor does not have to file a financing statement or take possession of the goods to perfect a security interest.
A)by possession of collateral
B)by attachment
C)by claim
D)without statement
Q4) What is a deficiency judgment? Explain,and provide some examples.
Q5) Explain the priority of claims for secured and unsecured transactions.
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Chapter 28: Bankruptcy and Reorganization
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Q1) Exempt property may not be retained by a debtor who files for bankruptcy.
A)True
B)False
Q2) Which of the following is true of a Chapter 13 petition?
A)It can be filed by all individual debtors, irrespective of their income.
B)The petitioner need not demand an extension or composition.
C)To qualify for Chapter 13, the debts must primarily be consumer debt.
D)Creditors can file a Chapter 13 petition claiming payment from a debtor.
Q3) A composition provides a longer period of time for a debtor to pay his or her debts.
A)True
B)False
Q4) Which of the following is true of a debtor's bankruptcy estate?
A)Only intangible personal property constitutes the bankruptcy estate.
B)No property solely owned by the debtor is exempted from the bankruptcy estate.
C)Creditors are allowed to claim exempt property.
D)Government benefits and compensations are exempted from the bankruptcy estate.
Q5) What is liquidation? How does the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 affect the process of liquidation?
Q6) Describe the procedure for filing a bankruptcy petition.
Page 30
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Chapter 29: Agency Formation and Termination
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Q1) A principal-agent relationship exists when an employer hires an employee to perform some form of physical service.
A)True
B)False
Q2) A party who employs another person to act on his or her behalf is known as a(n)________.
A)agent
B)principal
C)independent contractor
D)employee
Q3) A principal is bound legally to pay a gratuitous agent.
A)True
B)False
Q4) A constructive trust helps the agent retain profits made during the completion of the agency.
A)True
B)False
Q5) How can a principal extinguish an agent's apparent authority?
Q6) Who is an independent contractor?
Q7) What is an implied agency?
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Chapter 30: Liability of Principals, agents, and Independent Contractors
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Q1) Minksine Corporation employs Sandy as its marketing manager.Sandy is driving her sedan to attend a meeting with a client on behalf of her employer.On her way to the meeting,Sandy is involved in an automobile accident that is caused by her negligence.Several people are seriously injured in the accident.Which of the following is true of this case?
A)Sandy is solely liable for damages caused by the accident.
B)The injured people cannot recover damages from Sandy.
C)Minksine Corporation is liable for the injuries caused by Sandy.
D)The injured people can only claim medical reimbursement from Minksine Corporation.
Q2) In a partially disclosed agency,the contracting third party transacts directly with the principal and does not know the identity of the agent.
A)True
B)False
Q3) An independent contractor cannot represent more than one principal at a time.
A)True
B)False
Q4) Does an agent competing with the principal breach his or her duty of loyalty? What is the proper course of action for the principal in such a case?
Page 32
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Chapter 31: Employment, worker Protection, and Immigration Law
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Q1) The OSHA guidelines that set safety rules for specific equipment,procedures,types of work,unique work conditions,and the like are known as ________.
A)standard of wellness
B)specific duty standards
C)code of direction
D)general standard of work
Q2) Overtime pay is generally ________ times that of the regular pay of an employee.
A)two
B)three
C)two and a half
D)one and a half
Q3) Which of the following statements is true of exemptions to minimum wage and overtime pay requirements?
A)Apprentices must be paid minimum wage.
B)Learned professionals generally need not be paid minimum wage.
C)Workers involved in hazardous activities need not be paid minimum wage.
D)Employees in law enforcement and medical sectors need not be paid minimum wage.
Q4) How is Social Security awarded in the U.S.?
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Chapter 32: Labor Law
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Q1) List and explain the strikes that are illegal under federal law.
Q2) In which of the following circumstances is picketing unlawful?
A)when picketing obstructs customers from entering the employer's place of business
B)when picketing is carried out against the struck employer's product
C)when picketing is carried out against the neutral employer
D)when the employer carries out a "lockout" against the picketers at work premises
Q3) ________ picketing is a type of picketing in which a union tries to bring pressure against an employer by picketing the employer's suppliers or customers.
A)Primary boycott
B)Secondary boycott
C)Consumer boycott
D)Group boycott
Q4) Which of the following is an illegal strike?
A)sit-down strike at the employer's premises
B)absence from work
C)cessation of work
D)employer lockout
Q5) Distinguish between strikes and picketing.When is picketing lawful?
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Chapter 33: Equal Opportunity in Employment
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Q1) If the Equal Employment Opportunity Commission (EEOC)chooses not to bring suit,it issues a(n)________ to the complainant.
A)affirmative defense
B)right to sue letter
C)filing date
D)document of claim
Q2) The ________ protects both sexes from pay discrimination based on sex.
A)Lilly Ledbetter Fair Pay Act
B)Fair Employment Practices Act
C)Title VII of Civil Rights Act
D)Equal Pay Act
Q3) A complainant may file his or her employment discrimination claim with ________ instead of the Equal Employment Opportunity Commission (EEOC).
A)Americans with Disabilities Agency (ADA)
B)Age Discrimination in Employment Agency (AEDA)
C)a state Fair Employment Practices Agency (FEPA)
D)Bona fide occupational qualification Agency (BFOQA)
Q4) Distinguish between disparate-treatment and disparate-impact discrimination.
Q5) Explain the scope and provisions of Title VII of the Civil Rights Act.
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Chapter 34: Small Business, entrepreneurship, and General Partnerships
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Q1) Inference of the existence of a general partnership is drawn only if profits are received as ________.
A)share in a partnership
B)payment of wages
C)interest owed on a loan
D)a debt owed to a creditor
Q2) A(n)________ is a partnership created with no fixed duration.
A)partnership for a term
B)partnership at will
C)ordinary partnership
D)limited partnership
Q3) The process of liquidating a partnership's assets and distributing the proceeds to satisfy claims against the partnership is known as winding up.
A)True
B)False
Q4) Briefly explain the formation of a general partnership.
Q5) List and briefly explain the advantages and disadvantages of a sole proprietorship.
Page 36
Q6) Explain,with an example,the duty of care owed by a general partner.
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Chapter 35: Limited Partnerships and Special Partnerships
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Q1) A limited partnership that was organized in Alabama and operating in Texas with no operations outside the U.S.is considered a ________ in Texas.
A)foreign limited partnership
B)limited liability corporation
C)domestic limited partnership
D)general partnership
Q2) Laura is an investor and a limited partner in a limited partnership.Two years after she becomes a limited partner,Laura thinks that the general partners are not doing a very good job managing the affairs of the limited partnership and participates in the management of the limited partnership.While she is participating in management,a bank loans $1 million to the limited partnership,believing that Laura is a general partner.If the limited partnership defaults on the $1 million loan,which of the following holds well?
A)Laura is not personally liable as she is a limited partner on paper.
B)Laura is personally liable if the bank, in good faith, thought she was a general partner.
C)Laura has unlimited personal liability as a limited partner.
D)Laura's liability is restricted to the value of her capital investment in the partnership.
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Chapter 36: Corporate Formation and Financing
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Q1) A(n)________ is a clause that can be included in the articles of incorporation that permits the corporation to engage in any activity permitted by law.
A)general purpose clause
B)limited purpose clause
C)dissolution clause
D)ultra vires clause
Q2) The ________ is the basic governing document of a corporation which must be filed with the secretary of state of the state of incorporation.
A)debt security
B)redeemable stock
C)certificate of authority
D)articles of incorporation
Q3) A panel of persons who are elected by the shareholders that make policy decisions concerning the operation of a corporation is known as the ________.
A)legal aides
B)cartel
C)consortium
D)board of directors
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Chapter 37: Corporate Governance and the Sarbanes-Oxley Act
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Q1) Shareholders of a corporation act as agents of the corporation.
A)True
B)False
Q2) What is the CEO and CFO provision laid out by the Sarbanes-Oxley Act of 2002?
Q3) Inkilwas Corporation has 30,000 outstanding shares.A shareholders' meeting is duly called to amend the articles of incorporation,and 17,501 shares are represented at the meeting.If an Inkilwas Corporation amendment for its articles of incorporation is put to vote at this meeting,which of the following statements is true with respect to the passing of the amendment?
A)The amendment would not be passed as all 30,000 votes have to be represented.
B)The amendment would be passed only if all 17,501 votes approve.
C)The amendment would be passed if 4,376 votes approve.
D)The amendment would be passed if 8,751 votes approve.
Q4) One of the powers of a shareholder is his or her right to elect the board of directors.
A)True
B)False
Q5) The board of director's right to inspection can be limited by bylaws.
A)True
B)False
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Chapter 38: Corporate Acquisitions and Multinational Corporations
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Q1) ________ are made without the permission of the target company's management.
A)Merger offers
B)Hostile tender offers
C)Share exchange offers
D)Share acquisition offers
Q2) Which of the following best defines a surviving corporation?
A)a corporation that continues its operations after filing for bankruptcy
B)a corporation that has been in existence for at least 50 years
C)a proprietorship or partnership that evolved into a corporation
D)a corporation that continues to exist after a merger
Q3) Distinguish between a merger and a share exchange.
Q4) Which of the following is true of a branch office of a multinational corporation?
A)Branch offices cannot be setup in foreign countries.
B)Branch offices are considered separate legal entities.
C)There is no liability shield between the corporation and the branch office.
D)The corporation is not liable for the torts committed by personnel of the branch office.
Q5) What does the Delaware antitakeover statute provide? How can an acquirer evade the restrictions imposed by this statute?
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Chapter 39: Limited Liability Companies and Limited Liability Partnerships
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Q1) Which of the following is true of a member-managed LLC (limited liability company)?
A)Each member has equal rights in the management of the business of the LLC.
B)The member with the highest capital contribution becomes the de facto manager of the LLC.
C)Any matter relating to the business of the LLC is decided by a unanimous vote of the members.
D)Shareholders are not allowed to decide matters relating to the business of the LLC.
Q2) Which of the following best defines the term distributional interest?
A)the ratio in which profit is distributed among members of an LLC (limited liability company)
B)the process of distributing profits or losses according to the capital investment of the member with the interest
C)the constitution of management of an LLC based on the extent of each member's financial investment
D)a member's ownership interest in an LLC that entitles the member to receive distributions of money and property from the LLC
Q3) What is a distributional interest? Explain the terms of its transfer.
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Chapter 40: Franchises and Special Forms of Businesses
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Q1) Which of the following is true of a joint venture?
A)The parties to a joint venture are considered limited partners.
B)Both parties to a joint venture have equal rights to manage the venture.
C)A joint venture is a partnership that lasts for multiple projects.
D)Parties to a joint venture are exempt from fiduciary duties to each other.
Q2) An apparent agency is created when a franchisor and franchisee use the same trade name and trademarks but make no effort to inform the public of their separate legal status.
A)True
B)False
Q3) Partners to a strategic alliance can be potential competitors to each other.
A)True
B)False
Q4) In a processing plant franchise,the franchisor licenses the franchisee to make and sell its products or services to the public from a retail outlet serving an exclusive geographical territory.
A)True
B)False
Q5) Explain the extent of liability of a franchisor and a franchisee with an example.
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Chapter 41: Investor Protection, e-Securities, and Wall Street Reform
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Q1) Section 12 of the Securities Act of 1933 provides purchasers who have been injured by securities pursuant to an unwarranted exemption to rescind the securities purchase.
A)True
B)False
Q2) Which of the following is true of exempt securities?
A)Only the federal government can issue exempt securities.
B)Once a security is exempt, it is exempt forever.
C)An exemption notice must be filed with SEC every time the exempt security is transferred.
D)Exempt securities cannot be traded publicly.
Q3) ________ requires that any profits made by a statutory insider on transactions involving short-swing profits belong to the corporation.
A)Section 5 of the Securities Act of 1933
B)Section 12 of the Securities Act of 1933
C)Section 16(b)of the Securities Exchange Act of 1934
D)SEC Rule 10b-5
Q4) What is insider trading? How is it regulated in the United States?
Q5) List the securities exempt from registration with the SEC.
Page 43
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Chapter 42: Ethics and Social Responsibility of Business
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Q1) Which of the following is a perceived disadvantage of Kantian ethics?
A)It treats morality as if it were an impersonal mathematical calculation.
B)It does not allow people to have subjective notions of right and wrong.
C)It is based on universal rules that have no common consensus.
D)It distinguishes between the morality one uses to judge others and the morality one uses on oneself.
Q2) ________ is a moral theory which states that people owe moral duties that are based on universal rules.
A)Rawls's social justice theory
B)Kantian ethics
C)Utilitarianism
D)Moral relativism
Q3) Which of the following moral theory matches Steve Templeton's approach in keeping the plant open?
A)Kantian ethics
B)Rawls's social justice theory
C)ethical fundamentalism
D)utilitarianism
Q4) What is ethical relativism?
Q5) Explain the two principles used to derive the universal rules of Kantian ethics?
Page 44
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Chapter 43: Administrative Law and Regulatory Agencies
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Q1) Which of the following is a provision in the Administrative Procedure Act (APA)?
A)It provides a procedure for receiving evidence and hearing requests for the granting of federal licenses.
B)It allows public access to most documents in the possession of federal administrative agencies.
C)It protects persons from harassment by administrative agencies.
D)It admits public access to administrative meetings concerning issuance of subpoenas.
Q2) Which of the following is true of a substantive rule?
A)It interprets existing statutory language.
B)It does not have the force of law and is only issued as a guideline.
C)Substantive rules are exempt from judicial review.
D)Violators can be held criminally liable.
Q3) Which of the following is true of state administrative agencies?
A)They are created by federal administrative agencies.
B)They act as advisory boards for the president.
C)Their decisions can be appealed to a state court.
D)They are not empowered to enforce statutes.
Q4) Explain,in brief,the types of federal administrative agencies with examples.
Q5) How is the general public protected from harassment by administrative agencies?
Page 45
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Chapter 44: Consumer Protection and Product Safety
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Q1) Which of the following is true of FDA regulations for cosmetics?
A)It prohibits the manufacture, distribution, or sale of adulterated or misbranded cosmetics.
B)All substances and preparations for cosmetic use are chemically proven to be free from carcinogens before sale by the FDA.
C)Ordinary household soap is also evaluated in terms of its quality and safety as a cosmetic good under the FDA.
D)New cosmetics are released in the market only if they have the "CRUELTY-FREE" label on their package.
Q2) Section 5 of the Federal Trade Commission (FTC)Act gives FTC the authority to bring an administrative proceeding to attack a deceptive or unfair practice.
A)True
B)False
Q3) Which of the following consumer products comes under the purview of the CPSC?
A)aircrafts
B)motor vehicles
C)firearms
D)children's toys
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Chapter 45: Environmental Protection
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Q1) The Clean Water Act forbids the filling or dredging of navigable waters and qualified wetlands unless a permit has been obtained from the ________.
A)Ministry of Environmental Protection
B)U.S. Army Corps of Engineers
C)Environmental Protection Agency
D)Nuclear Regulatory Commission
Q2) A geographical area that does not meet established air quality standards is designated as a(n)________.
A)limited pollution area
B)nonattainment area
C)zoned ordinance area
D)federal regulation area
Q3) The remains of the process by which nuclear power is generated in a reactor are most likely to be classified as ________.
A)oil-spilled pollutants
B)inert elements
C)pesticides
D)hazardous wastes
Q4) Give an account of the state environmental protection laws.
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Chapter 46: Antitrust Law and Unfair Trade Practices
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Q1) Private parties cannot intervene in public antitrust actions brought by the government.
A)True
B)False
Q2) How is a relevant market identified by Section 2 of the Sherman Act?
Q3) Noerr doctrine is guaranteed by the Bill of Rights.
A)True
B)False
Q4) ________ is a restraint of trade in which competitors agree that each will serve only a designated portion of the market.
A)Resale market price maintenance
B)Profit-sharing
C)Market sharing
D)Gainsharing
Q5) Setting of minimum resale prices is a rule of reason violation of Section 1 of the Sherman Act.
A)True
B)False
Q6) Give an account of state antitrust laws.
Q7) Give an account of the Noerr doctrine.
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Chapter 47: Personal Property, real Property, and Insurance
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Q1) Under the common law,innkeepers are not liable for lost or stolen guest property when compared to the innkeepers' statutes.
A)True
B)False
Q2) The Uniform Transfers to Minors Act establishes procedures for adults to make irrevocable gifts of money and securities to minors.
A)True
B)False
Q3) Which of the following is considered real property?
A)a plantation
B)a car
C)a piece of furniture
D)a copyrighted song
Q4) Which of the following is considered a constructive delivery of a gift?
A)giving the key to a safe-deposit box where the gift is kept
B)paying for the total value of the good being gifted in cash
C)contracting a third party to deliver goods to the donee
D)gifting someone in person to ensure acceptance of the gift
Q5) Give an account of the different types of property that can be owned.
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Chapter 48: Real Property
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Q1) The right of possession of remainder is an example of future interest.
A)True
B)False
Q2) Give an account of zoning.What are nonconforming uses?
Q3) A fee simple owner has the right to exclusively possess and use his or her property to the extent that the owner has not transferred any interest in the property.
A)True
B)False
Q4) A deed in which the grantor of real property transfers whatever interest he or she has in the property to the grantee is known as a ________.
A)quitclaim deed
B)general warranty deed
C)grand deed
D)special warranty deed
Q5) The person who is given a life estate is called the life tenant.
A)True
B)False
Q6) What is a general warranty deed?
Q7) Explain the role of recording statutes in real property contracts.
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Chapter 49: Landlord-Tenant Law and Land Use Regulation
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Q1) The ________ is an assurance that provides that leased premises must be fit,safe,and suitable for ordinary residential use.
A)implied warranty to pay rent
B)implied warranty of habitability
C)duty to deliver possession
D)duty not to use leased premises for illegal or nonstipulated purposes
Q2) What is meant by the tenant's duty not to use leased premises for illegal or nonstipulated purposes?
Q3) A ________ is a lease where the tenant is responsible for paying the rent,property taxes,utilities,and insurance.
A)net lease
B)gross lease
C)net, net, net lease
D)double net lease
Q4) A new owner-landlord can alter the terms of an existing lease during the term of the lease.
A)True
B)False
Q5) Explain a landlord's right to transfer leased property.
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Chapter 50: Insurance
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Q1) What are the duties of an insured and insurer?
Q2) ________ is a form of property insurance that insures an automobile from loss or damage due to causes other than collision.
A)Omnibus insurance
B)Comprehensive insurance
C)Coinsurance clause
D)No-fault automobile insurance
Q3) What kind of insurance can help restore Matheson's car after it has been damaged by the hurricane?
A)collision insurance
B)comprehensive insurance
C)automobile liability insurance
D)uninsured motorist coverage
Q4) ________ is a requirement that a person who purchases insurance has a personal stake in the insured item or person.
A)Delivery of possession
B)Endorsement
C)Adverse possessory interest
D)Insurable interest
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Chapter 51: Accountants Duties and Liability
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Q1) Which of the following statements is true of the Generally Accepted Accounting Principle (GAAP)?
A)It is used by auditors as a guide for their nonaudit services only.
B)It is the accepted form of accounting principles around the world.
C)It cannot be modified once established by the American Institute of Certified Public Accountants.
D)It sets rules for how corporations must set their accounts on their financial statements.
Q2) The Ultramares doctrine provides the broadest standard for holding accountants liable to third parties for negligence.
A)True
B)False
Q3) An unqualified opinion would entail that the company's financial statements have some deviation from Generally Accepted Accounting Principles (GAAPs).
A)True
B)False
Q4) When does an auditor submit a disclaimer of opinion? What is the significance of an auditor's opinion?
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Chapter 52: Wills, trusts, and Estates
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Q1) If the deceased has no surviving relatives,then the deceased's property escheats to the state.
A)True
B)False
Q2) Which of the following is a benefit of a living trust?
A)It helps reduce estate taxes more than a will does.
B)It helps avoid probate associated with the property.
C)It is not subject to property division on divorce.
D)It does not allow creditors to obtain liens against the property.
Q3) A codicil is considered to be a separate instrument from the will it references.
A)True
B)False
Q4) A probate can only be conducted by a lineal descendant of the testator. A)True
B)False
Q5) A testamentary trust is created while the settlor is still alive.
A)True
B)False
Q6) What are the requirements of the Statute of Wills?
Q7) Who are the beneficiaries of a trust?
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Chapter 53: Family Law
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Q1) Sally and Colton adopted a(n)________ approach by choosing to represent themselves in court.
A)settlement
B)pro se divorce
C)arraignment
D)annulment
Q2) In mediation,the divorcing couple is asked to sort out their issues on their own without any outside interference.
A)True
B)False
Q3) What is a decree of divorce?
A)a petition filed by the spouse seeking divorce
B)a court order that terminates a marriage
C)a set of rules on how assets are to be divided after divorce
D)a court order placing limitations on the ability of a dangerous partner to go near the other partner
Q4) If a settlement is not reached after mediation,the divorce case goes to trial.
A)True
B)False
Q5) How is the division of debts conducted after a divorce?
Page 55
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Chapter 54: International and World Trade Law
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Q1) Rabbinic jurisprudence is administered by rabbi-judges sitting as the Beis Din.
A)True
B)False
Q2) The Foreign Sovereign Immunities Act (FSIA)strictly states that a foreign country is not immune to lawsuits in U.S.courts under any circumstances.
A)True
B)False
Q3) The North American Free Trade Agreement (NAFTA)includes special protection for favored industries that have a lot of lobby muscle.
A)True
B)False
Q4) The European Union Commission has negligible authority to enact legislations and take enforcement actions compared to the European Union (EU).
A)True
B)False
Q5) The United Nations (UN)Secretariat is headed by the secretary-general of the UN.
A)True
B)False
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