Law and Ethics for Business Exam Review
Course Introduction
Law and Ethics for Business provides students with an in-depth understanding of the legal frameworks and ethical principles that govern business operations. The course covers foundational topics such as contract law, torts, agency, and employment law, while also examining contemporary issues like corporate social responsibility, ethical decision-making, and regulatory compliance. Through real-world case studies and practical examples, students learn to identify legal risks, apply ethical reasoning, and navigate complex dilemmas in the business environment, equipping them with the knowledge and skills necessary to make responsible and informed decisions in their professional careers.
Recommended Textbook
Canadian Business and the Law 4th Edition by Dorothy Duplessis
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1994 Verified Questions
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Chapter 1: Knowledge of Law as a Business Asset
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Q1) Approaching the operation of a business with an unethical perspective combined with a lack of respect for adherence to and enforcement of the law eventually should result in which of the following outcomes?
A) commercial social responsibility
B) increased business morality
C) the success of the business
D) the demise of the business
Answer: D
Q2) Which of the following best exemplifies a protective element of Canadian law?
A) It seeks to make those who break the law accountable.
B) It sets rules in order to encourage complexity.
C) It sets rules in order to encourage complacence.
D) It provides rules that prohibit making commitments.
Answer: A
Q3) The creation of complexity in business relationships is one of the most important contributions the law can make to the commercial arena.
A)True
B)False
Answer: False
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Page 3
Chapter 2: The Canadian Legal System
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Q1) The Canadian legal system operates within a prescribed structure as provided by law.What is the source of the law that governs the Canadian legal system?
A) parliamentary bills
B) constitutional law
C) the Civil Code
D) constitutional conventions
Answer: B
Q2) Which of the following would a law professor most likely say correctly identifies the legislature allowed to determine laws that involve the illegal use of firearms in Canada?
A) The federal legislature has sole jurisdiction to create criminal law.
B) The municipal and provincial legislatures share concurrent jurisdiction.
C) The municipal governments receive delegated jurisdiction.
D) The provincial legislatures have exclusive jurisdiction.
Answer: A
Q3) All municipalities in Canada are created by provincial legislation.
A)True
B)False
Answer: True
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4
Chapter 3: Managing Legal Risks
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Q1) Which of the following risk management objectives would be strongly supported by the use of a limitation of liability clause in a contract?
A) It reduces liability for the risk and is enforceable under law.
B) It transfers the risk, is legally enforceable, and is acceptable to the other party.
C) It eliminates the risk, limits the liability, and is acceptable the other party.
D) It retains a standard form of contractual of limited liability.
Answer: B
Q2) A staff member employed in the purchasing department has been experiencing a number of sexually harassing telephone calls from a sales representative of a new supplier.The matter has been referred to the legal risk management department for analysis.Which function of the business must be analyzed as a result of the referral?
A) business relations
B) human resources
C) employee relations
D) supplier relations
Answer: B
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5
Chapter 4: Dispute Resolution
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Sample Questions
Q1) NoTangles Wireless Connections Inc.entered the details required on the claim form provided by the Small Claims Court setting out each party's name and address,nature of the dispute and claim amount of $25,050.Which of the following could you reasonably expect the Small Claims Court clerk to give as the reason for refusing to register NoTangles's claim?
A) that the jurisdiction's small claims court dollar limit is $2,500
B) that the amount claimed exceeds the court's jurisdiction
C) that the court lacks jurisdiction to hear commercial disputes
D) that all litigation claims must be filed by law firms
Q2) A law professor is introducing his first-year law students to the topic of commercial civil litigation.Which of the following could you reasonably expect the professor to state is the role of the pleadings stage of the litigation process?
A) to allow time for the parties to plead the basis of their case before a judge
B) to prepare a document containing the allegations supporting the claim
C) to allow time for the defendant to concede and allow default judgment
D) to facilitate the exchange of formal documents stating the basis of the suit
Q3) What are advantages and disadvantages of having electronic data as part of the documentary evidence in a lawsuit?
Q4) Contrast the advantages and disadvantages of alternate dispute resolution.
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Chapter 5: An Introduction to Contracts
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Sample Questions
Q1) Fatima needed to copy and bind five sets of legal submissions with beige covers,but none were left in the supply cabinet.The office manager offered to reimburse Fatima for the cost of the covers and buy her lunch from petty cash if she would dash to the nearby office supply store to buy them.Fatima agreed.What is the nature of the arrangement negotiated between Fatima and the office manager?
A) a formal accord
B) an informal bargain
C) a haphazard promise
D) a binding agreement
Q2) The object of creating contractual obligations is to reduce the risk of uncertainty in the business relationship.
A)True
B)False
Q3) Explain how the operation of contract law makes it possible for the wheels of commerce to turn efficiently and effectively.
Q4) Identify and briefly describe the objectives that owners and managers should keep in mind when dealing with a customer who is attempting to expand or restrict an existing contract.
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Chapter 6: Forming Contractual Relationships
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Q1) A contract in which one of the parties has agreed to pay too much for what she receives in return is not enforceable.
A)True
B)False
Q2) Use of a seal in a written contract acts as a substitute for the requirement of consideration.
A)True
B)False
Q3) A cancer hospital called the privately owned medical isotope source hoping to arrange earlier shipment of an urgent order.The private supplier confirmed earlier shipment was possible for a 30 percent surcharge on the contractual price.Due to the desperation of the cancer victims,the hospital faxed written acceptance of the varied terms.What would a New Brunswick court hearing the ensuing dispute arising from the hospital's subsequent refusal to pay the price increase be most likely to determine?
A) Contractual variation supported by pre-existing duties is enforceable.
B) Where there is consent to a gratuitous variation, it is enforceable.
C) Pressure that left no alternative renders the variation unenforceable.
D) Contractual variation unsupported by consideration is enforceable.
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Chapter 7: The Terms of a Contract
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Q1) OrganicFoods Inc.entered into a contractual supply arrangement with EcoGrow Inc.EcoGrow contractually promised to supply two tons of organic carrots by May 1,providing carrots were available.If EcoGrow does not supply the carrots as agreed,how do you think a court would view EcoGrow's obligation to OrganicFoods to do so?
A) Business efficacy makes the obligation conditional.
B) Business efficacy makes the obligation provisional.
C) Business efficacy makes the obligation express.
D) Business efficacy makes the obligation absolute.
Q2) With respect to dealings between contractual parties,which of the following is a valid criticism of the common law with respect to the current application of an implied term of good faith by the courts?
A) Business interests are not served by good faith conduct of contractual obligations.
B) Business interests are not opposed to bad faith conduct to achieve added benefit.
C) Opposing rulings created uncertainty, which is not the function of common law.
D) Opposing rulings maintain the rule that parties must take care of themselves.
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9
Chapter 8: Non-enforcement of Contracts
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Q1) If a contract is one that the Statute of Frauds requires must be written in order to be enforceable,what must appear in writing?
Q2) Under Canadian law,children and mentally ill individuals are granted special legal protection.Why is it necessary for the law to distinguish these groups of people by affording them this consideration?
A) Both groups lack substantial mental capacity to make binding legal decisions.
B) Both lack legal capacity to be able to enter into binding contracts.
C) Both groups lack experience to make binding legal decisions.
D) Both lack functional mental capacity to understand binding legal commitments.
Q3) Identify and briefly explain the relevance of a misrepresentation of relevant facts with regard to an insurance contract?
Q4) An employer can never be awarded damages for breach of a beneficial contract of service by a minor.
A)True
B)False
Q5) When is a contract considered to be contrary to public policy? Give an example.
Q6) What must be proven in order to have a contract set aside for misrepresentation?
Q7) What is an "electronic signature," and is it legally valid?
Page 10
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Chapter 9: Termination and Enforcement of Contracts
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Q1) Fatalia is a party to a contract with Juno.She has initiated a claim for damages arising from breach relating the quality of workmanship.Which of the following depicts the type of breach involved?
A) breach of innominate term
B) fundamental breach
C) breach of warranty
D) breach of condition
Q2) Which of the following is the definition of the legal term "assignment"?
A) the substitution of parties or replacement of one contract with another B) the right to a remedy for breach when a party has sustained a loss
C) the transfer of contractual rights from one party to someone else
D) the transfer of a contractual right by an assignee to an assignor
Q3) When a contract is terminated through performance,the commercial relationship between the parties comes to an end.
A)True
B)False
Q4) Identify the test established in the still-leading decision of Hadley v.Baxendale (1854),9 Exch 341.Briefly describe what the test determines and how it is applied.
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Page 11
Chapter 10: Introduction to Tort Law
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Sample Questions
Q1) Assault involves a threat of physical harm followed by actual physical contact.
A)True
B)False
Q2) The tort of negligence is the most uncommon of the torts that arise in a business context.
A)True
B)False
Q3) Neither Jeremy or Jayson could afford the $60 ticket price for the RTG concert,but they were determined to go nonetheless.They were humiliated when they were apprehended shortly after sneaking in through a side entrance,charged,and sternly escorted from the building.Which of the following is the most likely infraction arising from these circumstances?
A) defamation of character
B) trespass to land
C) libel
D) negligence
Q4) Provide a brief explanation of the circumstances that would involve joint liability under the law of torts.Include a brief discussion of how legislation assists an innocent victim to recover amounts awarded where there is joint liability for the tort.
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Chapter 11: The Tort of Negligence
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Q1) When a court asks,"How far will the legal liability of the defendant stretch?" what point has the court reached with regard to the negligence test?
A) Step 1
B) Step 4
C) Step 2
D) Step 3
Q2) In negligence law,injury caused by unintended culpable conduct on the part of a defendant is non-compensable.
A)True
B)False
Q3) Donaghue v.Simpson is the foundation of modern negligence law.
A)True
B)False
Q4) What would a business mentor most likely indicate as being a key element with respect to managing the risk related to tort liability?
A) trained employees
B) insurance
C) professional advice
D) standard of care
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Chapter 12: Other Torts
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Q1) Marcel leases two large warehouse buildings on the outskirts of the city to Regis; therefore,risks arising from occupier's liability are limited to affecting Marcel.
A)True
B)False
Q2) The landmark case of Donoghue v.Simpson set down the common law neighbour principle.
A)True B)False
Q3) A contractual entrant is any person who has paid for the right to enter the premises. A)True B)False
Q4) In order for a claim for a tort of nuisance to be actionable,the offending intrusion must be significant and unreasonable.
A)True
B)False
Q5) Identify who an occupier of a building is responsible for and briefly explain the basis on which the extent of that responsibility is varied.
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Page 14
Chapter 13: The Agency Relationship
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Sample Questions
Q1) The contractor hired to manage the renovation and addition to the McLeod's country home has been given express authority to effect which of the following?
A) the McLeods' legal relations
B) the legal relationships of the McLeods and others
C) a wide array of commercial transactions
D) face-to-face negotiations between owners and subtrades
Q2) Identify how a fiduciary duty arises,who is it owed to,and any requirements with regard to specifically state the duty.Provide a brief explanation of what the fiduciary duty is with regard to conflict of interest and how that obligation may be overcome.Provide an example of a conflict of interest situation.
Q3) An agency relationship created when one party adopts a contract entered into on his behalf by another who acted without authority at the time is legally known as an agency by estoppel.
A)True
B)False
Q4) Briefly describe the types of duties owed by an agent to his principal and indicate which of those duties would be considered to be the most important.Contrast the agent's duties with those owed to the agent by his principal.
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Page 15
Chapter 14: Business Forms and Arrangements
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Q1) The form of ownership chosen for a business determines,among other things,the positioning of the financial liability for the business.Which of the following most strongly represents the priority that business owners ought to place on this choice?
A) It is a relevant decision.
B) It is a critical decision.
C) It is a complicated decision.
D) It is a substantial decision.
Q2) With respect to personal liability,which of the following strongly supports the need for each one of the partners to be aware of each and every obligation incurred by the partnership?
A) full and complete exposure
B) predetermined limited liability
C) proportional limited liability
D) full and complete impunity
Q3) Briefly discuss the requirements for the creation of a limited liability business entity,including an explanation of the important effects meeting the requirements will have.
Q4) Briefly discuss the significance of "going it alone" with respect to raising capital for a business.
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Chapter 15: The Corporate Form: Organizational Matters
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Q1) Why are shareholders required to hold a meeting within the first 18 months of the date of incorporation?
A) to authorize the issuance of shares and other securities by the directors
B) to replace first directors with directors who have made banking arrangements
C) to replace first directors with directors who will hold office until the annual meeting
D) to authorize the appointment of officers to manage the operations of the corporation
Q2) Tammel's father established and trademarked his McDonalds Drive Inn business in 1962.He passed its ownership to her when he retired.The McDonalds franchise and its golden arches came into existence 20 or so years later.Eventually,a McDonalds franchise opened in her small city.Tammel was approached to discuss the legalities of the confusing business names.As a result of this unintentional conflict,which of the following would be the most favourable and likely outcome for Tammel and her business?
A) As the first to register the name, Tammel will be entitled to carry on as is.
B) She can be compensated for having to re-establish her corporate identity.
C) She can sue for trademark infringement and the tort of passing off.
D) The registrar of the corporations branch will dissolve Tammel's company.
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Chapter 16: The Corporate Form: Operational Matters
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Q1) A duty owed by directors or officers that compares them to a reasonably prudent person in comparable circumstances requires the exercise of which of the following?
A) honesty, skill, and care
B) diligence, honesty, and fairness
C) diligence, skill, and care
D) prudence, fairness, and honesty
Q2) A shareholder who is unable to attend a meeting can exercise voting power through a proxy.
A)True
B)False
Q3) The steps involved in winding up a corporation are relatively simple and straightforward,making it no more or less feasible than simply allowing a company to lapse.
A)True
B)False
Q4) Briefly discuss statutory derivative actions,including what they permit and what is required for their commencement.
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18
Chapter 17: Personal Property
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Q1) A key aspect of a bailment contract is often limitation of the liability that the common law rules of bailment create.
A)True
B)False
Q2) Remedies for failure to perform obligations arising in a bailment relationship originate in two contexts.Discuss.
Q3) In circumstances involving an outstanding payment for repair and subsequent storage of a sailboat,which of the following is most likely to be the result?
A) limited defence mainly relating to circumstances
B) severe limitation of bailee's liability
C) retained possession and sale by right of lien if needed
D) bailor's expectation of receipt of property in good repair
Q4) Because Remmie's stuccoing business is experiencing unusual demand for its services,Remmie has decided to lease an additional truck and pressure washer as opposed to having the business purchase them outright at this time.The lease for the pressure washer is two months and would typically be described as an operating lease.
A)True
B)False
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Page 19
Chapter 18: Intellectual Property
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Q1) Identify the elements that determine the patentability of intellectual property,the duration of the patent,and prohibitive elements that an owner of intellectual property should consider,if any.
Q2) Once the trademark office has included EcoGrow Corp.'s trademark in its journal publication,which of the following results would likely present the greatest challenge for the applicant to overcome?
A) issuance of the registrar's certificate of trademark
B) objection grounded on better title to trademark
C) remittance of the prescribed registration fee
D) remittance of list of associated products or services
Q3) Which of the following would a business law professor most likely identify as being a connection between trademarks and tradenames?
A) The use of both to denotes registration of the distinguishing guise of business products.
B) The use of both gives an indication that a product meets a defined standard.
C) Adoption of one by a business may prevent registration by competitors of the other.
D) Closely related trademarks are tradenames that receive protection under trademark law.
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Chapter 19: Real Property
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Q1) Briefly discuss joint tenancy.
Q2) In what way is a registry system different from a land titles system?
A) conversion of paper records to microfiche records
B) sequence of registration is used solely in registry system
C) constitutional jurisdiction of the registry system
D) absence of responsibility for validity of documents
Q3) Drew met with Sherry to have a second look at an apartment block his corporation may be interested in purchasing.When Drew returns to the office,if he calls Kent at Stewin Appraisals Ltd.,which of the following will most likely be the result?
A) report on structural integrity of the building
B) formal valuation based on structure and market
C) determine physical boundaries and building location
D) check for environmental hazards
Q4) Briefly discuss tenancy in common.
Q5) Contrast the administrators of a land registry system and the administrators of a land titles system.
Q6) Identify the basic terms generally contained in an agreement of purchase and sale of real property.
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Chapter 20: The Employment Relationship
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Q1) In law,which of the following is synonymous with an employer's duty to accommodate?
A) employer's exemption from ensuing imposition of undue hardship
B) adoption of a standard for a purpose connected to job performance
C) employer's duty to grant leave of absence for sabbaticals
D) adoption of a standard to fulfill a work-related purpose
Q2) Systemic discrimination involves the application of a rule that appears to be neutral but has discriminatory effects.
A)True
B)False
Q3) Laws designed to improve the status of certain designated groups are contained in employment standards legislation.
A)True
B)False
Q4) In order to avoid liability for negligent hiring,the onus rests with an employer,who must prove that it was not careless in hiring,training or supervising.
A)True
B)False
Q5) Define harassment and list the various forms that such conduct may take.
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Chapter 21: Terminating the Employment Relationship
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Q1) A court is hearing a matter regarding alleged wrongful termination involving serious allegations of employee dishonesty.Based on these allegations,what must the court consider in arriving at its decision?
A) whether conduct is exempt for being outside working hours
B) the implied principle of condonation
C) the nature and context of any dishonesty
D) whether written warnings were given for each instance
Q2) Discuss how an employer who wishes to terminate an employee may do so in the absence of just cause.
Q3) One of the primary factors to be considered by an employer when determining an employee's entitlement to a specific amount of notice of termination of employment is the availability of similar employment in the local job market.
A)True
B)False
Q4) A senior-level employee,a high-level employee,and a manager are each entitled to receive one week of notice for each year worked up to a maximum of eight weeks.
A)True
B)False
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Page 23
Chapter 22: Professional Relationships
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Q1) Explain how professions derive their ability to be self-regulating.Briefly discuss the criticisms of the professional self-regulating model and measures that have been taken to remedy the problem in other common law jurisdictions.
Q2) Limited Liability Partnerships were originally introduced to Canadian society through the federal government's amendment of the Canada Business Corporations Act.
A)True
B)False
Q3) A lawyer met with several members of the community at a social function.During the evening,he spent a great deal of time discussing one particular client in great detail.The client's friend,unknown to the lawyer,was not impressed by some of the derogatory comments expressed during the discussion.When the client's friend explains the evenings events,which of the following is most likely to result?
A) a complaint that the lawyer has breached his client's right to privilege
B) a complaint to the Law Society for breach of client confidentiality
C) a complaint that the lawyer breached the duty to avoid commission of torts
D) a complaint that the lawyer breached his duty to perform contractual obligations
Q4) Identify specific obligations that apply to a professional as fiduciary.
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Chapter 23: Sales and Marketing: The Contract, Product, and Promotion
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Q1) EcoGreen Garden Centre Inc.will pay $2400 for the two tons of organic fertilizer it ordered for delivery in March.The fertilizer is to be packaged in 20 kg bags and then packed onto two separate one-ton pallets for shipment.In this instance,what rule under sale of goods legislation will dictate when title to the goods passes to EcoGreen?
A) Rule 3
B) Rule 2
C) Rule 1
D) Rule 4
Q2) Which of the following supports the essence of a sale by description?
A) buyer's enjoyment of quiet possession of the goods
B) buyer's reliance on seller's description
C) buyer's reliance on judgment of seller
D) buyer's opportunity to compare goods with sample
Q3) The labelling and packaging legislation that applies to alcohol,milk,and margarine products is derived from which of the following sources?
A) trademark law
B) federal legislatures
C) municipal lawmakers
D) provincial legislatures
Page 25
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Chapter 24: Sales and Marketing: Price, Distribution, and Risk Management
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Q1) Briefly explain why a distribution policy may be found to discriminate unfairly,the nature of the infraction,and the consequence of a positive finding of the commission of the offence by the Competition Bureau.
Q2) Which of the following would a business law professor most likely indicate to be applicable to direct-marketing practices?
A) Market dominance cannot be allowed to interfere with Canada's markets.
B) There is strong public interest in ensuring that businesses compete fairly.
C) Laws have evolved to address some of the issues that are of concern.
D) Both federal and provincial regulations apply to the practice.
Q3) Which of the following characteristics distinguishes a door-to-door salesperson from a telemarketer?
A) Licensing requirements for telemarketers are regulated by anticompetition legislation.
B) Consumer protection legislation requires individual licenses for each telemarketer.
C) Licensing requirements for door-to-door selling are regulated by consumer protection legislation.
D) Anticompetition legislation requires licensing of door-to-door sales forces.
Q4) Briefly discuss the regulation of door-to-door selling.
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Chapter 25: Business and Banking
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Q1) The contract that specifies the rights and obligations of a bank and a customer is known as the operation of account agreement.
A)True
B)False
Q2) Retailers embraced debit cards use by consumers as the transfer of payment of goods is immediate and the risk is borne largely by the card provider.
A)True
B)False
Q3) In the case of Canadian Pacific Hotels Ltd.v.Bank of Montreal (1987),40 D.L.R.(4th)385 (S.C.C.),the Supreme Court found that the bank failed to detect forged signatures.What was the ruling in this case? Describe Justice LeDain's ruling with respect to the customer's duty in these circumstances.
Q4) A cheque is a written promise to pay a specified amount to another person.
A)True
B)False
Q5) Describe the various models for electronic cashless transactions.
Q6) Identify the additional duties implied on the bank with respect to the banking contract by common law and banking practice.
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Chapter 26: The Legal Aspects of Credit
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Q1) With respect to financing a business,which of the following is a commonality shared by buildings and inventory?
A) Each is subject to a particular set of enforcement procedures.
B) Both can serve as collateral for business loans.
C) Both are commonly used in letters of credit to distribute default risk.
D) Each is subject to a particular set of legal rules.
Q2) With respect to personal property security arrangements,which of the following would a business law professor most likely indicate as a common feature shared among the provinces?
A) major inconvenience and expense
B) a patchwork of different statutes
C) each has one set of registration rules
D) compliance with differing sets of rules
Q3) The right of a guarantor to recover from the debtor any payments made to the creditor is legally known as which of the following?
A) subrogation
B) joint liability
C) priority interest
D) subversion
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Chapter 27: Bankruptcy and Insolvency
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Q1) With respect to a distribution to a bankrupt's creditors,which of the following is a distinguishing characteristic of a preferred creditor?
A) Each is paid a reasonable amount for supplies according to their order of priority.
B) Preferred creditors typically have a security interest in a particular asset.
C) Each is paid a reasonable amount for services according to their order of priority.
D) Preferred creditors are guaranteed a minimum $3000 recovery.
Q2) What is meant by a debtor's assignment in bankruptcy?
A) Creditor's choice between legal action and extending time to pay.
B) Trustee will try to assess debtor's financial health.
C) Voluntary assignment of all debtor's property for creditors' benefit.
D) The debtor can carry on business or cease business.
Q3) Discuss the typical actions of a trustee following a commercial operator's assignment in bankruptcy.
Q4) The legal term "bankrupt" is used to denote the legal status of a debtor who has made an application for an assignment in bankruptcy.
A)True
B)False
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Chapter 28: Insurance
Available Study Resources on Quizplus for this Chatper
70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/16253
Sample Questions
Q1) With respect to life insurance,which of the following is provided for by statute?
A) The beneficiaries must contribute to payment of the premium on a prorated basis.
B) Anyone can insure the life of a person who gives written consent to the contract.
C) It requires a coinsurance clause that prevents coverage for less than its value.
D) Life insurance contracts may require payment of deductibles on loss.
Q2) An insurer,the party that purchases the policy of insurance,is required to pay a price for the insurance coverage known as a premium.
A)True
B)False
Q3) Which of the following would most strongly support the decision to purchase key-person life insurance by a firm?
A) the age of each key-person involved in ownership of the business
B) the extent of the ownership held by each key-person
C) a means of financing the purchase of a deceased shareholder's interest
D) the financial ability of the business to pay the premiums
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