Law and Ethics in the Business Environment Exam Materials
Course Introduction
Law and Ethics in the Business Environment explores the legal and ethical principles that guide decision-making in the corporate world. This course examines key topics such as contracts, employment law, intellectual property, environmental regulations, and the social responsibilities of businesses. Students will analyze real-world case studies to understand the interplay between statutory requirements, ethical reasoning, and business strategy. Emphasis is placed on developing critical thinking skills to identify and resolve ethical dilemmas while ensuring compliance with relevant laws in various organizational contexts.
Recommended Textbook
The Legal Environment Today 7th Edition by Roger LeRoy Miller
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27 Chapters
1810 Verified Questions
1810 Flashcards
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Page 2
Chapter 1: Business and Its Legal Environment
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Sample Questions
Q1) The U.S.Congress enacts a new federal statute that imposes liability on businesses emitting significant amounts of a certain pollutant into the environment.This statute applies
A)only to matters not covered by state law.
B)only to those states that adopt the statute.
C)to all of the states.
D)to none of the states.
Answer: C
Q2) In Nebraska,the highest-ranking (superior)law is
A)a case decided by the Nebraska Supreme Court.
B)a provision in the Nebraska constitution.
C)a rule created by a Nebraska state administrative agency.
D)a statute enacted by the Nebraska legislature.
Answer: B
Q3) In most states,the courts no longer grant "equitable" remedies.
A)True
B)False
Answer: False
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3
Chapter 1: A: Online Developments:
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Q1) According to Marbury v.Madison,the United States Supreme Court did not have the power,as part of its original jurisdiction,to issue writs of A)attachment.
B)certiorari.
C)execution.
D)mandamus.
Answer: D
Q2) According to the ruling of the United States Supreme Court in Gibbons v.Ogden,as used in the Constitution's commerce clause,commerce means
A)all business dealings.
B)all business dealings that affect more than one state.
C)most business dealings that affect more than one state.
D)only business dealings that affect all of the states.
Answer: B
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Chapter 2: Ethics and Business Decision Making
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Sample Questions
Q1) Businesspersons who would choose to act unethically may be deterred from doing so because of public opinion.
A)True
B)False
Answer: True
Q2) Managers must apply different standards to themselves than they apply to their employees.
A)True
B)False
Answer: False
Q3) Kennedy Capital Corporation provides other firms with funds to expand operations.If Kenney strictly complies with existing laws,the firm will
A)fulfill all business ethics obligations.
B)fulfill no business ethics obligations.
C)fulfill some business ethics obligations.
D)not need to fulfill any business ethics obligations.
Answer: C
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Page 5
Chapter 3: Courts and Alternative Dispute Resolution
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Sample Questions
Q1) In Restful Motel's suit against Sleepy Hotels,Inc.,the jury returns a verdict in Restful's favor.Sleepy files a motion stating that even if the evidence is viewed in the light most favorable to Restful,a reasonable jury should not have found in its favor.This is a motion for
A)a judgment in accordance with the verdict.
B)a judgment on the pleadings.
C)a new trial.
D)judgment n.o.v.
Q2) Most online dispute resolution services apply general,universal legal principles to resolve disputes.
A)True
B)False
Q3) Massive Equipment Company and Wastewater Management Corporation agree in writing to submit a dispute to arbitration.In most circumstances,submission to arbitration is possible
A)for any commercial matter.
B)for no commercial matter.
C)only after a dispute arises.
D)only before a dispute arises.
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Chapter 4: Constitutional Authority to Regulate Business
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Sample Questions
Q1) The First Amendment protects obscene speech.
A)True
B)False
Q2) Dru,a U.S.citizen,is the owner of Egret,Inc.Egret's competitors include Feathered Friends Company (FFC),which is owned by Greg and Huey.The Bill of Rights embodies a series of protections for Dru against types of interference by
A)FFC and its other competitors only.
B)FFC,Greg,Huey,others,and the government.
C)Greg,Huey,and other private individuals only.
D)the government only.
Q3) Under their police powers,states can regulate only public activities,such as political demonstrations.
A)True
B)False
Q4) A law that distinguishes between or among individuals violates the equal protection clause.
A)True
B)False
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Chapter 5: Torts,cyber Torts,and Strict Liabiity
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Sample Questions
Q1) Nico is a passenger in a car driven by Owen,whose negligence causes an accident,injuring himself.Nico,uninjured,accompanies Owen to Parkside Hospital in an ambulance.The ambulance is hit by a car driven by Quin,injuring Nico.Nico files a suit against Owen,whose best defense is
A)assumption of risk.
B)contributory negligence.
C)negligence per se.
D)superseding cause.
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) Under the doctrine of comparative negligence,both the plaintiff's and the defendant's negligence are taken into consideration.
A)True
B)False
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8
Chapter 6: Criminal Law and Cyber Crime
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Sample Questions
Q1) A person who commits larceny can be sued under tort law.
A)True
B)False
Q2) Refer to Fact Pattern 6-1.Minka's software is harmful to the computers on which she installed it.This program is
A)malware.
B)badware.
C)harmware.
D)infectware.
Q3) It may be a crime to take another's property,but it is not a crime to receive stolen goods.
A)True
B)False
Q4) Jurisdiction can be a key issue in a case involving a cyber crime.
A)True
B)False
Q5) Hackers sometimes rent their "crimeware" as a service.
A)True
B)False
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Chapter 7: International Law in a Global Economy
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Sample Questions
Q1) The United States is a member of the World Trade Organization,which,among its members,
A)does not affect trade barriers.
B)maximizes trade barriers.
C)minimizes trade barriers.
D)outlaws trade barriers.
Q2) Refer to Fact Pattern 7-1.In a letter of credit,the beneficiary is A)Lapland.
B)Oboe.
C)First State Bank.
D)none of the above.
Q3) Business Corporation,a U.S.firm,and Comercial,S.A.,a Mexican firm,are parties to a contract that does not specify a choice of law.The governing law is that of A)any third country.
B)Spain.
C)the buyer's place of business.
D)the seller's place of business.
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Chapter 8: Intellectual Property and Internet Law
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Q1) Diamond Financial Planners employs Ella,who is the firm's most productive performer.Ella,dissatisfied with the commission structure,quits to work for Feldstar Investments,Inc.She takes her list of Diamond clients to induce them to switch to Feldstar.Trade secrets law covers
A)Diamond's list of clients.
B)Ella's performance.
C)Feldstar's commission structure.
D)none of the choices.
Q2) A famous trademark may be diluted only by the unauthorized use of an identical mark.
A)True
B)False
Q3) Sights Unseen,Inc.,(SUI)sells scopes with distinctively designed and made lenses and mirrors to scientists.Telescopes,Etc.Corporation later begins to sell scopes with identical set-ups of lenses and mirrors,without SUI's permission,to consumers.This is most likely
A)copyright infringement.
B)patent infringement.
C)trademark infringement.
D)not infringement.
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Page 11
Chapter 8: A: Online Developments:
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Sample Questions
Q1) Genie.com initiates an online dating service.To attract subscribers and encourage participation,Genie.com creates and posts profiles of fictitious persons and exaggerated profiles of actual users.Fooled by a false profile,Ham files a suit against Genie.com,claiming fraud.The court will most likely
A)dismiss the suit under the Communications Decency Act.
B)allow Ham's claim to proceed to trial on the claim of fraud.
C)allow Ham's suit to proceed but on the ground of embarrassment.
D)allow Ham's suit to proceed but on the ground of mistake.
Q2) Iowa enacts a statute that requires a label on a video game to warn parents when "the range of options available to a player include killing and maiming the image of a human being." Gamemakers file a suit against the state to block the statute's enforcement.Based on the decision of a California court in a case involving a similar statute,the court in this case is most likely to rule that the statute
A)extends restrictions on sex-based content to violence in video games.
B)violates the First Amendment's guarantee of freedom of speech.
C)imposes market-share liability on makers of violent video games.
D)replaces the voluntary rating system currently in use.
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Chapter 9: Formation in Traditional and E-Contracts
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Sample Questions
Q1) Panini Vittles,Inc.,contracts with Qino to deliver its sandwiches.Later,the parties decide to cancel their contract.They can
A)rescind their entire contract.
B)rescind their contract to the extent that it is executory.
C)rescind their contract if they make a new contract at the same time.
D)not rescind their contract.
Q2) Michelle gives out a business card with an e-mail address on it.According to the comments that accompany the UETA,it may be reasonable to infer that Michelle has consented to
A)transact business electronically.
B)submit to the jurisdiction of any selected forum.
C)accept and respond to any correspondence sent to that address.
D)nothing.
Q3) The intention to enter into a contract is judged by objective facts as interpreted by a reasonable person.
A)True
B)False
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13
Chapter 10: Contract Performance,breach,and Remedies
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Sample Questions
Q1) Loren and Kendra enter into a contract for the distribution of Loren's produce to local restaurants for which he agrees to pay Kendra.Kendra transfers her right to payment under the contract to County Bank.This transfer is A)a delegation.
B)an assignment.
C)a third party beneficiary contract.
D)prohibited.
Q2) Lester and Myrtle want to rescind their contract under which Lester sold an MP3 player for $40.To rescind the contract
A)Lester must return the $40 and Myrtle must return the player.
B)Lester must return the $40 only.
C)Myrtle must return the player only.
D)the parties can keep the "benefits" of their bargain.
Q3) A contract is discharged when its specific subject matter is destroyed.
A)True
B)False
Q4) Liquidated damages provisions are usually not enforceable.
A)True
B)False
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Chapter 11: Sales,leases,and Product Liability
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Sample Questions
Q1) Sellers or lessors are liable only for products that are reasonably dangerous.
A)True
B)False
Q2) All oral contracts are enforceable under the UCC.
A)True
B)False
Q3) A product liability action based on negligence does not require the plaintiff and the defendant to be in privity of contract.
A)True
B)False
Q4) If goods or tender of delivery fail in any respect to conform to a contract,the buyer or lessee loses the right to accept the goods.
A)True
B)False
Q5) A manufacturer's duty of care does not extend to the inspection and testing of products bought to incorporate in the final product.
A)True
B)False
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Chapter 12: Creditor-Debtor Relations and Bankruptcy
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Sample Questions
Q1) A debtor's vehicle is never exempt from satisfaction of a judgment debt.
A)True
B)False
Q2) Verna files a petition in bankruptcy in a liquidation proceeding.If the court administers the means test and concludes that Verna is abusing the bankruptcy process by filing for a liquidation,the court will most likely
A)force Verna to file for relief through an individual repayment plan.
B)discharge Verna's debts.
C)distribute Verna's property to Verna's creditors.
D)issue an automatic stay against any actions by Verna's creditors.
Q3) Current City (CC)is a retail seller of television sets.CC sells Dhani a $5,000 large-screen,high-definition,plasma set on a retail installment security agreement in which he pays $100 down and agrees to pay the balance in equal installments.CC retains a security interest in the set,and perfects that interest by filing a financing statement centrally.Two months later,Dhani is in default on the payments to CC and is involuntarily petitioned into bankruptcy by other creditors.Discuss CC's right to repossess the TV set and whether CC has priority over the trustee in bankruptcy to any proceeds from the disposal of the set.
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Chapter 13: Mortgages Foreclosures After the Recession
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Sample Questions
Q1) Refer to Fact Pattern 13-2.Under federal law,disclosures with respect to one of 24-Hour Credit's loans must be provided
A)a certain number of days after the loan is finalized.
B)a certain number of days before the loan is finalized.
C)at the same time at which the loan is finalized.
D)at whatever time is most rational and appropriate.
Q2) Refer to Fact Pattern 13-2.Under federal law,if 24-Hour Credit fails to provide certain material disclosures with respect to the loan,Benny's right to rescind the loan
A)expires at midnight on the day the loan is finalized.
B)is immediately revoked.
C)is extended for up to three years.
D)is tolled for the duration of the loan payments.
Q3) Refer to Fact Pattern 13-1.For Mai's loan,Northeast provides all required disclosures.Mai has a right to rescind the mortgage
A)at any time.
B)under no circumstances.
C)within three business days.
D)within whatever period is most rational and appropriate.
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17
Chapter 14: Small Business Organizations
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Sample
Questions
Q1) Bernie wants to go into the business of construction contracting.Among the reasons that would probably convince Bernie to set up his business as a sole proprietorship would be
A)its greater flexibility.
B)its limited liability.
C)its perpetual existence.
D)the ease of transferring the business to other family members.
Q2) Federal law permits a partnership to be treated as an entity in suits in federal courts.
A)True
B)False
Q3) Carl sells Direct Marketing Enterprises,a sole proprietorship,to Eve.This is a transfer of A)a license.
B)a trade name.
C)the formula to make a product.
D)the ownership of the business.
Q4) The simplest form of business is a sole proprietorship. A)True
B)False
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Chapter 14: A: Landmark in the Legal Environment:
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Q1) Beyond Gamez,Inc.,a video game retailer based in California,does business in all fifty states exclusively online.According to New York state tax law,an out-of-state online retailer must collect and remit state taxes to New York if the retailer
A)plans to establish a substantial physical presence in New York.
B)targets a potential marketing base in New York.
C)maintains a Web site accessible in New York.
D)pays a party within New York to solicit business for its products.
Q2) Forms of business organizations that limit the liability of their owners are available to businesspersons around the world.Among the features that such firms have in common,in most nations
A)articles of organization must be filed to form the enterprise.
B)one of the owners must be a foreign entity.
C)the organization can have an unlimited number of owners.
D)the owners are not required to choose persons to manage the business.
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Chapter 15: Corporations
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Sample Questions
Q1) Felicity and Gideon want to form and do business as Home Healthcare Corporation.A corporation is
A)a natural being.
B)a tangible thing.
C)an artificial person.
D)a visible radiance.
Q2) Starr Cardio,Inc.,is a small business.Ted,Uma,and eleven other members of the Starr family own all of its stock.Currently,Starr's income is taxed at the corporate level and,after being distributed to the family members,at the shareholder level.Can Starr retain its corporate status but otherwise avoid this double taxation If so,how
Q3) The shares of Capital Corporation are publicly traded in securities markets.Capital Corporation is
A)a private corporation.
B)a privately held corporation.
C)a public corporation.
D)a publicly held corporation.
Q4) Directors have a right to participate in all board of directors' meetings.
A)True
B)False
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Chapter 16: Agency
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Questions
Q1) Dizzy is not Edwina's agent but enters into a contract with Frida on Edwina's behalf.Edwina later contacts Frida to approve the contract.This is
A)an agency by agreement.
B)an agency by estoppel.
C)an agency by ratification.
D)not the creation of an agency relationship.
Q2) 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.
Q3) A licensed professional can employ an unlicensed agent to perform professional actions.
A)True
B)False
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Chapter 17: Employment,immigration,and Labor Law
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Sample Questions
Q1) Employee contributions to pension plans vest immediately.
A)True
B)False
Q2) Employers who provide pension plans for retired workers must comply with certain standards in managing the plans.
A)True
B)False
Q3) Seafood Canning Corporation keeps a file of I-9 verifications forms.To inspect this file,the appropriate government officer must obtain
A)a subpoena and a warrant.
B)a subpoena or a warrant,but not both.
C)not a subpoena,a warrant,or the employer's consent.
D)the employer's consent.
Q4) Hu,Ivan,and Juana apply to work for King Meatpacking Company.These individuals' identities and eligibility to work must be verified by A)the employer.
B)the individuals.
C)the individuals' countries of origin.
D)the U.S.Citizenship and Immigration Services.
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Chapter 18: Employment Discrimination
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Q1) Cody believes that Delta Corporation has discriminated against him on the basis of gender.Cody files a suit against Delta under Title VII.To establish a prima facie case of employment discrimination,Cody must show that
A)Cody is a member of a protected class.
B)Delta has no legal defenses against the claim.
C)discriminatory intent motivated Delta's act.
D)other firms in Delta's industry have committed discriminatory acts.
Q2) A victim of alleged discrimination must bring a suit against an employer before filing a claim with the Equal Employment Opportunity Commission.
A)True
B)False
Q3) Dave has AIDS,Erin is blind,and both work for First Financial Centre.Considered disabled under the Americans with Disabilities Act
A)are Dave and Erin.
B)is Dave only.
C)is Erin only.
D)is neither Dave nor Erin.
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Chapter 19: Powers and Functions of Administrative Agencies
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Q1) Under the exhaustion doctrine,a party must feel "exhausted" about an administrative action or regulation to challenge it in court.
A)True
B)False
Q2) Federal agencies must consider ways to reduce the economic impact of new regulations on small businesses.
A)True
B)False
Q3) Unlike those who violate statutes,violators of agency rules are not punished.
A)True
B)False
Q4) Federal administrative agencies can regulate beyond the powers granted by enabling legislation.
A)True
B)False
Q5) Often,an administrative agency enforces it own rules.
A)True
B)False
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Chapter 20: Consumer Protection
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Q1) Consumer Finance Corporation (CFC)extends credit to consumers.CFC is subject to the Equal Credit Opportunity Act,which prohibits credit discrimination based on A)disability.
B)education.
C)income.
D)race.
Q2) There is no distinction between regulating the information dispensed about a product and regulating the actual content of the product.
A)True
B)False
Q3) State laws often provide more sweeping and significant protections for the consumer than federal laws.
A)True
B)False
Q4) Major credit reporting agencies must provide consumers with free copies of their own credit reports every twelve months.
A)True
B)False
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Page 25
Chapter 21: Protecting the Environment
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Q1) Industry Processes Corporation generates solid waste considered hazardous.Industry labels and packages properly all waste to be transported to a disposal site.Under the Resource Conservation and Recovery Act,this is most likely A)not a violation.
B)a violation because Industry generates solid waste.
C)a violation because the waste is transported off-site.
D)a violation because the waste is considered hazardous.
Q2) Arcata,California,passes an ordinance to regulate waste disposal.The disposal of waste may also be regulated by A)all other levels of government.
B)no other levels of government.
C)the federal government only .
D)the California state government only.
Q3) The courts have considerably scaled back the Clean Water Act's protection of wetlands.
A)True
B)False
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Chapter 22: Real Property and Land-Use Control
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Q1) Consumer Shops,Inc.,signs a lease for a storefront owned by Downtown Building Company.Unlike a purchaser of real property,Consumer Shops
A)acquires only temporary possession of the premises.
B)enjoys exclusive possession of the premises.
C)holds only temporary title to the premises.
D)retains temporary,exclusive possession and title to the premises.
Q2) A fixed-term tenancy terminates at the end of the specified period without notice. A)True
B)False
Q3) Kasper,the owner of Lakeview Farm,and Milt,the tenant of the farmhouse on the property,may create a tenancy for years by A)deed.
B)express contract. C)implication.
D)sufferance.
Q4) Generally,contract doctrines apply to a landlord-tenant relationship. A)True
B)False
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Chapter 23: Antitrust Law and Promoting Competition
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Q1) Under an exclusive-dealing contract,a seller promises a buyer a certain territory in which the buyer will have no direct competition.
A)True
B)False
Q2) A firm can have monopoly power without violating antitrust law.
A)True
B)False
Q3) International Software,Inc.,conditions the sale of one of its products on Nationwide Office System's agreeing to buy another of International's products.This deal is
A)legal,depending on its purpose and the effect on competition.
B)legal,depending on production and transportation costs.
C)legal under any circumstances.
D)not legal under any circumstances.
Q4) To violate antitrust law,an attempt to monopolize a market must be intended to exclude competition and garner monopoly power.
A)True
B)False
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28
Chapter 24: Investor Protection and Corporate Governance
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Q1) Before filing a registration statement,an issuer must attempt to sell,or at least offer to sell,the securities.
A)True
B)False
Q2) Flux Corporation is a public company whose shares are traded in the public securities markets.Under the Sarbanes-Oxley Act of 2002,Flux is subject to the direct corporate governance requirements of
A)any other public company with which Flux exchanges shares.
B)any state in which Flux does business.
C)the federal government.
D)the state in which Flux incorporated.
Q3) Lexy,a salesperson for My-T-Fine Corporation,learns that My-T-Fine will increase the dividend it pays to shareholders.Lexy buys 10,000 shares of My-T-Fine stock.When the price increases,Lexy sells the shares for a profit.Lexy would not be liable for insider trading if the information about the dividend was
A)material when she sold the stock.
B)public after she bought the stock.
C)public before she bought the stock.
D)speculative when she bought the stock.
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Page 29