Law and Ethics in the Business Environment
Final Exam
Course Introduction
This course provides an in-depth exploration of the legal and ethical frameworks that shape decision-making in business contexts. Students examine the foundational principles of business law, including contracts, agency, employment law, and regulatory compliance, while critically analyzing ethical dilemmas faced by organizations and professionals. Emphasis is placed on integrating ethical theories and legal standards into real-world scenarios, evaluating corporate social responsibility, and understanding the complex interplay between law, ethics, and business practices. Through case studies and discussions, students develop the analytical skills necessary to navigate the challenges of ethical leadership and responsible business conduct in a global environment.
Recommended Textbook
Legal Environment of Business Online Commerce Ethics 8th Edition by Henry
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Page 2
R. Cheeseman
Chapter 1: Legal Heritage and the Digital Age
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Sample Questions
Q1) Statutes are written laws that establish certain courses of conduct that covered parties must adhere to.
A)True
B)False
Answer: True
Q2) Which of the following statements best indicates how chancery courts were different from law courts?
A)Chancery courts emphasized developing merchant laws rather than laws for the common citizen.
B)Chancery courts inquired into the merits of a case rather than emphasize legal procedures.
C)Chancery courts emphasized a standard set of remedies across different cases rather than provide equitable remedies.
D)Chancery courts had lower precedence level over legal decisions than the law courts. Answer: B
Q3) The ________ branch of the government has the power to enact laws. Answer: legislative
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Chapter 2: Ethics and Social Responsibility of Business
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Q1) According to Kantian ethics,one would be obligated to abide by a contract even if that contract turns out to be detrimental to the obligated party.
A)True
B)False
Answer: True
Q2) Ethical relativism holds that moral standards ought to be based on an individual's feelings of what is right and what is wrong.
A)True
B)False
Answer: True
Q3) The social contract theory is derived from Rawls's social justice theory.
A)True
B)False
Answer: False
Q4) Kantian ethics is also referred to as ________ ethics. Answer: duty
Q5) Rawls's social justice theory is based on the ________ theory of morality proposed by John Locke and Jean-Jacques Rousseau. Answer: social contract
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Chapter 3: Courts, Jurisdiction, and Administrative Agencies
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Sample Questions
Q1) The ________ established by Congress have limited jurisdiction.
A)state supreme courts
B)state appeals courts
C)special federal courts
D)courts of records
Answer: C
Q2) Mary won a case at the U.S.Court of Appeals.When the case was reviewed by the Supreme Court,only eight judges were present.Four of the judges voted for Mary while the other four voted against her.Which of the following would be the result of this case?
A)The case will be sent to the U.S.Court of Appeals for a review.
B)Mary will win the case,as she had already won at the U.S.Court of Appeals.
C)The case will be reviewed again by the U.S.Supreme Court when all the judges are present.
D)Mary will win,and the case will set a precedent for later cases.
Answer: B
Q3) Appellate court decisions are final and cannot be appealed to any higher courts.
A)True
B)False
Answer: False
Page 5
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Chapter 4: Alternative, Judicial, and E-Dispute Resolution
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Q1) Which of the following statements is true about the Federal Arbitration Act (FAA)of 1925?
A)The FAA restricts parties from obtaining a court order to compel arbitration with an arbitration agreement.
B)The FAA restricts federal courts from hearing issues of law that have been decided by an arbitrator.
C)The FAA provides that arbitration agreements involving commerce are revocable contracts under ordinary circumstances.
D)Breach of contract cases and tort claims are not candidates for arbitration as per the FAA.
Q2) The statute of limitations establishes the period within which a ________.
A)plaintiff must bring a lawsuit against a defendant
B)defendant must file a written answer against a plaintiff's complaint
C)defendant can file a cross-complaint against the plaintiff
D)motion for judgment on the pleadings can be made by either party
Q3) A(n)________ asserts that based on supporting evidence outside the pleadings,there are no factual disputes to be decided by the jury,and the judge should apply the relevant law to the undisputed facts and decide the case.
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Chapter 5: Constitutional Law for Business and
E-Commerce
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Q1) Reserved powers are delegated to the judiciary by the President of the United States.
A)True
B)False
Q2) The ________ Clause of the U.S.Constitution prevents the government from enacting laws that either prohibit or inhibit individuals from participating in or practicing their chosen religions.
A)Due Process
B)Privileges and Immunities
C)Establishment
D)Free Exercise
Q3) Why is it unconstitutional for a state government to ban products imported from a foreign country,even if the country engages in activities that are not condoned by that state?
Q4) The first ten amendments to the U.S.Constitution are commonly known as the ________.
Q5) The U.S.'s form of government is referred to as ________,in which the federal government and the fifty states share powers.
Page 7
Q6) ________ is speech that the government cannot prohibit or regulate.
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Chapter 6: Torts and Strict Liability
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Sample Questions
Q1) Unauthorized and harmful or offensive physical contact with another person is called
Q2) ________ is the making of false statements about a competitor's products,services,property,or business reputation.
Q3) ________ is a tort doctrine that makes manufacturers,distributors,wholesalers,retailers,and others in the chain of distribution of a defective product liable for the damages caused by the defect,irrespective of fault.
A)Absolute liability
B)Contingent liability
C)Superior responsibility
D)Strict liability
Q4) If a newspaper review calls a commercially successful actor talentless,it is liable for defamation of character.
A)True
B)False
Q5) Strict liability applies to services but not products.
A)True
B)False
Q6) ________ is liability without fault.
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Chapter 7: Cyber Law and Cyber Crimes
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Q1) The ________ Amendment to the U.S.Constitution guarantees that a criminal defendant has the right to a public jury trial.
Q2) ________ include environmental laws,securities laws,and antitrust laws that provide for criminal violations and penalties.
A)Constitutions
B)Regulatory statutes
C)Resolutions
D)Charters
Q3) Which one of the following types of protection does the Fourth Amendment provide to U.S.citizens?
A)protection from cruel and unusual punishment for a criminal defendant
B)protection from unreasonable search and seizure by the government
C)protection against being tried for the same case twice
D)protection against self-incrimination
Q4) The attorney-client privilege can only be raised by the defendant.
A)True
B)False
Q5) ________ is defined as the taking of personal property from another person by the use of fear or force.
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Chapter 8: Intellectual Property and Cyber Piracy
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Q1) A competitor can lawfully use a rival's trade secret if the competitor discovers the trade secret by means of ________.
A)copyrighting
B)cross-licensing
C)patenting
D)reverse engineering
Q2) In 1946,Congress enacted the ________ Act to provide federal protection to trademarks,service marks,and other marks.
Q3) In terms of copyright law,the use of copyrighted material in a satire or parody exemplifies ________.
A)the piracy problem
B)copyright sharing
C)the fair use doctrine
D)copyright infringement
Q4) A party that does not register its brand name has no legal right over it.
A)True
B)False
Q5) Give an account of the Economic Espionage Act (EEA)and its importance in combating cyber piracy.
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Chapter 9: Formation and Requirements of Contracts
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Q1) Which of the following is acceptable consideration for a contract?
A)a penalty
B)an arrest
C)a sentence
D)money
Q2) Unless otherwise expressly stated,an auction is considered an auction without reserve.
A)True
B)False
Q3) Alan tells Sherry that he will pay her $5,000 if she runs the Boston Marathon.Once Sherry starts running the marathon,Alan ________.
A)can revoke the contract,as an informal verbal agreement is not legally binding
B)can revoke the contract,provided he does so before she completes the marathon
C)can reduce the amount of money he offered her,provided he does so before she completes the marathon
D)cannot revoke the contract
Q4) An exculpatory clause can relieve a party of liability for ordinary negligence.
A)True
B)False
Q5) Explain in brief the Uniform Computer Information Transactions Act (UCITA).
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Chapter 10: Performance and Breach of Contracts
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Q1) The one-year rule states that an executory contract that cannot be performed by its own terms within one year of its formation must be in writing.
A)True
B)False
Q2) Which of the following is true of covenants and conditions?
A)A covenant is a conditional promise to perform.
B)A conditional promise becomes a covenant if the condition is met.
C)A contract cannot contain conditions that excuse performance.
D)A party cannot sue the other party for breach of a covenant.
Q3) James hires Franco for a painting job.Their contract explicitly states that Franco's employment can be terminated if he is employed by another party during the contract period.Two weeks into the job,James finds out that Franco is also working for a painting agency two blocks away and terminates his employment.This is an instance of a(n)________.
A)condition precedent
B)condition subsequent
C)concurrent condition
D)implied condition
Q4) Intentional misrepresentation is commonly referred to as ________.
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Chapter 11: Digital Law and E-Commerce
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Q1) ________ is the most widely used domain extension in the world.
A).net
B).com
C).biz
D).org
Q2) What is cybersquatting? Can trademark owners recover domain names registered in bad faith?
Q3) The CAN-SPAM Act does not end spam but instead approves businesses to use spam as long as they do not lie.
A)True
B)False
Q4) ISPs are not liable for the content transmitted over their networks by e-mail users and websites.
A)True
B)False
Q5) A network extension is a unique name that identifies an individual's or company's website.
A)True
B)False
Q6) Explain in brief the working of an e-license.
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Chapter 12: UCC Sales Contracts, Leases, and Warranties
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Q1) ________ are damages that will be paid upon a breach of contract that are established in advance.
Q2) The ________ rule permits certain open terms to be "read into" a sales or lease contract.
Q3) Who among the following is a good faith purchaser?
A)a person who buys goods from a person with a voidable title
B)a person who buys stolen goods without being aware of it
C)a buyer who agrees to hold goods for a person until the delivery of the goods is made
D)a buyer to whom goods are delivered by a seller to sell on the seller's behalf
Q4) The implied warranty of fitness for a particular purpose applies only to merchants. A)True
B)False
Q5) In a destination contract,the ________ bears the risk of loss of the goods during their transportation.
Q6) The doctrine of ________ governed the law of sales and leases for centuries before the UCC was adopted.
Q7) Article ________ of the UCC governs leases of goods.
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Chapter 13: Credit, Secured Transactions, and Bankruptcy
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Q1) A lien release can be used by the property owner to defeat a statutory lienholder's attempt to obtain payment.
A)True
B)False
Q2) Chapter 11 of the Bankruptcy Code deals with the ________ form of bankruptcy.
Q3) Liquidation is a form of bankruptcy in which the debtor's exempt property is auctioned.
A)True
B)False
Q4) Which of the following has the highest priority claim?
A)the first party to secure the interest
B)the first party to attach the interest
C)the first party to possess the interest
D)the first party to file a financing statement
Q5) Bankruptcy courts are part of the state court system.
A)True
B)False
Q6) Unsecured credit requires collateral to protect the payment of the debt.
A)True
B)False
Page 15
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Chapter 14: Small Business, General Partnerships, and Limited Partnerships
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Q1) Which of the following is an accurate statement regarding dissolution of a partnership?
A)A general partnership may be dissolved,while a limited partnership may not.
B)Just like a general partnership,a limited partnership may be dissolved and its affairs wound up.
C)Dissolution of a general partnership is governed by federal law,while dissolution of a limited partnership is governed by state law.
D)Dissolution of a limited partnership is governed by federal law,while dissolution of a general partnership is governed by state law.
Q2) A(n)________ is a partnership created for a fixed duration.
Q3) The ________ Act is a model act that codifies general partnership law.
Q4) A limited partner may engage in voting on the dissolution of the limited partnership without losing his or her limited liability.
A)True
B)False
Q5) Explain the formation of a general partnership.
Q6) The sole proprietor has ________ liability.
Q7) How are assets distributed after the dissolution of a general partnership?
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Chapter 15: Limited Liability Companies, Limited Liability
Partnerships, and Special Forms of Business
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Q1) A type of franchising where 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 is known as a(n)________ franchise.
Q2) An LLC is not liable for any injury caused by an LLC member while acting within the ordinary course of business of the LLC.
A)True
B)False
Q3) An LLC is taxed at the entity level.
A)True
B)False
Q4) The existence of an LLC begins when the articles of organization are filed. A)True
B)False
Q5) A franchisee is established when parties of a general partnership conduct business outside the state of their incorporation.
A)True
B)False
Q6) Explain the process that exempts members of an LLC from double taxation.
Page 17
Q7) A member's ownership interest in an LLC is known as a(n)________.
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Chapter 16: Corporations and Corporate Governance
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Q1) Once a quorum is present,the withdrawal of shares does not affect the quorum of the meeting.
A)True
B)False
Q2) A(n)________ is a member of a board of directors who is not an officer of the corporation.
Q3) Fiduciary duties of directors and officers of a corporation include the duty of loyalty and the duty of care.
A)True
B)False
Q4) The Merrick and Stanley Corporation has 28,000 outstanding shares.During a proposal for a merger,the shareholders decide to increase the quorum of the vote of shareholders to 75 percent,using the supramajority voting rule.How many minimum affirmative votes would be needed to pass the supramajority voting requirement?
A)14,001
B)21,280
C)21,000
D)28,000
Q5) Explain the concepts of winding up,liquidation,and termination.
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Chapter 17: Investor Protection, E-Securities, and Wall Street Reform
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Q1) An accredited investor is defined as a person who does not understand the risks involved in securities investment and will suffer considerable financial damage if the investment fails.
A)True
B)False
Q2) An investment contract is a flexible standard for defining a security.
A)True
B)False
Q3) Drafts that have a maturity date of six months are exempt from registration with the SEC.
A)True
B)False
Q4) A(n)________ is submitted along with the registration statement to the Securities and Exchange Commission (SEC),and is also used as a selling tool to help prospective investors evaluate the financial risk of an investment.
A)organization document
B)certificate of interest
C)prospectus
D)operation agreement
Page 19
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Chapter 18: Agency Law
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Q1) Which of the following is true about a special power of attorney?
A)It is an implied form of power of attorney.
B)It limits the agent's powers to those enumerated in the agreement.
C)It allows the agent to act in any matters on the principal's behalf.
D)It only allows a licensed attorney to act as the attorney-in-fact.
Q2) A durable power of attorney remains effective even if the principal is incapacitated.
A)True
B)False
Q3) A principal and an agent are each personally liable for their own tortious conduct.
A)True
B)False
Q4) The work-related test puts liability on the agent if the agent commits an intentional tort within a work-related time and space.
A)True
B)False
Q5) The agent's actions-not the principal's-create an apparent agency.
A)True
B)False
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Chapter 19: Equal Opportunity in Employment
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Q1) Distinguish between disparate-treatment and disparate-impact discrimination.
Q2) Federal workers are not covered under the Equal Pay Act.
A)True
B)False
Q3) Which of the following is considered a major physiological impairment by the ADAAA?
A)undergoing mental stress
B)a history of surgery
C)nursing a temporary but contagious ailment
D)having cancer
Q4) The U.S.Supreme Court has held that sexual harassment that creates a hostile work environment violates ________.
A)Title VII of the Civil Rights Act of 1964
B)the Fair Employment Practices Act
C)Title II of the GINA
D)Title I of the ADA
Q5) Discrimination based on protected classes,other than race or color,is permitted if it is shown to be a(n)________.
Q6) The ________ is a federal statute that prohibits age discrimination in employee benefits.
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Chapter 20: Employment Law and Worker Protection
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Q1) The FLSA makes it unlawful to ship goods produced by businesses that use oppressive child labor.
A)True B)False
Q2) Overtime pay is given to nonexempt employees who work more than 40 hours per week.
A)True B)False
Q3) The ________ Act contains a general duty standard that imposes on an employer a duty to provide employment and a work environment that is free from recognized hazards that are causing or are likely to cause death or serious physical harm to its employees.
Q4) To be covered by the FMLA,an employee must ________.
A)have worked for the employer for at least three years
B)have performed more than 1,250 hours of service during the previous 12-month period
C)not have claimed maternity leave in the past
D)be suffering from a serious physical injury or ailment
Q5) Under ERISA,________ occurs when an employee has a nonforfeitable right to receive pension benefits.
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Chapter 21: Labor Law and Immigration Law
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Q1) If employees no longer want to be represented by a union,a(n)________ election is held.
Q2) Which of the following is an illegal strike?
A)a sit-down strike at the employer's premises
B)a work absence
C)the cessation of work
D)an employer lockout
Q3) Under a(n)________ agreement,an employer agrees to hire only employees who are already members of a union.
Q4) Outline the act of collective bargaining.
Q5) When individual union members go on strike without proper authorization from the union,it is referred to as a(n)________ strike.
Q6) 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 subject employer's product
C)when picketing is carried out against a neutral employer
D)when the employer institutes a "lockout" against the picketers
Q7) The right to picket is implied from the ________ Act.
Page 23
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Chapter 22: Antitrust Law and Unfair Trade Practices
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Q1) Which of the following businesses or activities enjoy a statutory exemption from antitrust laws?
A)airlines
B)professional baseball
C)agricultural cooperatives
D)all professional sports and games
Q2) Price fixing is a rule of reason violation of Section 1 of the Sherman Act.
A)True
B)False
Q3) Price fixing is a(n)________ violation of Section 1 of the Sherman Act.
Q4) Restraints of trade that are unlawful under Section 1 of the Sherman Act only if their anticompetitive effects outweigh their procompetitive effects are known as ________.
A)nonprice vertical restraints
B)group boycotts
C)division of markets
D)the setting of minimum resale prices
Q5) The ________ Act is a federal statute,enacted in 1930,that prohibits price discrimination.
Q6) Give an account of the Noerr doctrine.
24
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Chapter 23: Consumer Protection
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Q1) The Fair and Accurate Credit Transactions Act permits consumers to place fraud alerts on their credit files.
A)True
B)False
Q2) The Drug Amendment to the FDCA gives the FDA broad powers to license new drugs in the United States.
A)True
B)False
Q3) Which of the following is a function that the Consumer Product Safety Commission is empowered to execute?
A)collecting data regarding injuries caused by consumer products
B)regulating the distribution of genetically modified food products
C)recalling drugs that have been found to be harmful from the market
D)accepting petitions from consumers on wrongly labeled food products
Q4) Give an account of the Consumer Financial Protection Act of 2010.
Q5) List the new protections for insured persons under the Health Care Reform Act of 2010.
Q6) Casual leases between consumers are subject to the Consumer Leasing Act (CLA).
A)True
B)False
Page 25
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Chapter 24: Environmental Protection
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Q1) A nonattainment area is classified into one of five categories: marginal,moderate,serious,severe,or extreme.
A)True
B)False
Q2) Regions that do not meet air quality standards are designated as air quality control regions.
A)True
B)False
Q3) According to the Environmental Protection Agency (EPA),the air inside a building is typically the safest,as it is free from pollution.
A)True
B)False
Q4) Which of the following is a federal sanction imposed on states that fail to meet air quality standards?
A)an increase in personal property taxes on state residents
B)a decrease in federal funding of the state's public school system
C)a limitation on the development of new pollution sources within the state
D)a reduction in congressional membership (for example,one less state representative in the U.S.House of Representatives)
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Chapter 25: Real Property and Land Use Regulation
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Q1) A(n)________ estate is an estate in which the owner has a present possessory interest in the real property.
Q2) What are surface rights in real property?
A)the right to possess the earth beneath the land
B)the right to occupy the land
C)the right to possess personal property
D)the right to convert personal property to negotiable instruments
Q3) ________ deeds are most often used when property is transferred between relatives by gift or otherwise.
Q4) A deceased joint tenant's will is effective over the right to survivorship.
A)True
B)False
Q5) Which of the following is true of subsurface rights in real property?
A)Subsurface rights cannot be used to mine exhaustible natural resources.
B)Subsurface rights can be sold separately from surface rights.
C)Subsurface rights are not provided for the discovery of malleable metals like gold and iron.
D)Subsurface rights can only be invoked to dig oil wells.
Q6) Explain the role of recording statutes in real property contracts.
Q7) Give an account of zoning.What are nonconforming uses?
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Chapter 26: International and World Trade Law
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Q1) If a state enacts a law that increases its tax on imported automobiles but not on American-made automobiles,it violates the ________ Clause of the U.S.Constitution.
A)Equal Protection
B)Foreign Commerce
C)Privileges and Immunities
D)Due Process
Q2) Which of the following statements is true about the canons of Christian faith?
A)The Code of Canon Law produced in 1917 is followed by all sects of Christianity today.
B)The Code of Canon Law regulates the conduct of the Church but fails to govern the actions of individual Catholics.
C)The Orthodox churches treat their canons more as guidelines than as laws.
D)The canons remain silent on the legal measures guiding marriage or inheritance.
Q3) A choice of law clause is a clause in an international contract that designates which nation's equity principles will be applied in mediating a dispute arising out of a contract.
A)True
B)False
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Chapter 27: Accountants' Duties and Liability
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Q1) All members of the Public Company Accounting Oversight Board (PCAOB)must be CPAs.
A)True
B)False
Q2) The legal standard that holds an accountant liable for his or her negligence to any member of a limited class of intended users for whose benefit the accountant has been employed is Section 552 of the Restatement (Second)of Torts.
A)True
B)False
Q3) Which of the following is true of the Public Company Accounting Oversight Board (PCAOB)?
A)All members of the PCAOB must be CPAs.
B)The PCOAB was created by the Tax Reform Act of 1976.
C)The SEC has oversight and enforcement authority over the PCOAB.
D)The PCOAB does not have any disciplinary authority over accountants and accounting firms.
Q4) Give an account of the Private Securities Litigation Reform Act of 1995.
Q5) What prohibition does the Sarbanes-Oxley Act impose on an accounting firm providing audit and nonaudit services to the same company?
To view all questions and flashcards with answers, click on the resource link above. Page 29