Law for Managers
Exam Answer Key
Course Introduction
Law for Managers provides an essential overview of legal principles and regulations that impact business operations and decision-making. The course examines foundational topics such as contract law, employment law, intellectual property, corporate governance, and compliance. Through case studies and real-world examples, students learn to recognize legal risks, understand regulatory obligations, and apply legal concepts to managerial scenarios. This course equips future managers with the knowledge to navigate legal challenges, make informed business decisions, and communicate effectively with legal professionals.
Recommended Textbook
Business Law Text and Exercises 7th Edition by Roger LeRoy Miller
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Page 2
Chapter 1: Introduction to the Law and Our Legal System
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Q1) Civil law is
A)a body of law in the form of rules,regulations,orders and decisions of administrative agencies
B)the branch of law dealing with the definition and enforcement of all private or public rights.
C)federal law,as opposed to state law.
D)law that provides for societal order.
Answer: B
Q2) Law consists of enforceable rules governing relationships among indi?viduals and between individuals and their society.
A)True
B)False
Answer: True
Q3) Common law is the same as statutory law.
A)True
B)False
Answer: False
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Chapter 2: Ethics in Business
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Q1) Cost-benefit analysis is part of
A)duty-based ethics.
B)Kantian ethics.
C)rights-based ethics.
D)utilitarian ethics.
Answer: D
Q2) Mary works in the public relations department of New Trends Sales Company.Her job includes portraying New Trends's activities in their best light.In this context,ethics consist of
A)a different set of principles from those that apply to other activities.
B)the same moral principles that apply to non-business activities.
C)those principles that produce the most favorable financial outcome.
D)whatever saves New Trends's "face."
Answer: B
Q3) The main individual beneficiaries of stock buybacks are corporate executives.
A)True
B)False
Answer: True
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4
Chapter 3: The Courts and Alternative Dispute Resolution
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Q1) There is one set of procedural rules for federal courts and one set for state courts.
A)True
B)False
Answer: False
Q2) Lora is a resident of Illinois.Ned is a Canadian.They dispute the ownership of a boat docked in a Michigan harbor.This diversity of citizenship could serve as a basis for
A)federal jurisdiction.
B)general jurisdiction.
C)limited jurisdiction.
D)universal jurisdiction.
Answer: A
Q3) On a motion for judgment on the pleadings,a court may consider evidence outside the pleadings.
A)True
B)False
Answer: False
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Chapter 4: Constitutional Law
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Q1) Under the Constitution,the judicial branch interprets the laws.
A)True
B)False
Q2) Procedural due process requires that any government decision to take a person's property must be made fairly.
A)True
B)False
Q3) A restriction on commercial speech is valid as long as it forbids only the expression of views on controversial issues.
A)True
B)False
Q4) California enacts a statute to ban advertising in "bad taste." This stat?ute would likely be held by a court to be
A)an unconstitutional restriction of speech.
B)constitutional under the First Amendment.
C)justified by the need to protect individual rights.
D)necessary to protect national interests.
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Chapter 5: Torts and Cyber Torts
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Q1) Jane develops a new color of lipstick.To market her lipstick,Jane uses a computer design program to show a famous model using Jane's lipstick.Jane does not ask the model's permission.The model can sue Jane for A)battery.
B)fraudulent misrepresentation.
C)defamation.
D)appropriation.
Q2) Cook's Pantry Appliances,a retail store,must use reasonable care on its premises to warn its patrons of A)all risks.
B)hidden risks.
C)obvious risks.
D)no risks.
Q3) False imprisonment occurs when a person restrains another intentionally and without justification.
A)True
B)False
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Chapter 6: Intellectual Property and Internet Law
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Q1) Trademarks are protected from use on noncompeting goods by the
A)Federal Trademark Dilution Act.
B)America Invents Act.
C)Anticybersquatting Consumer Protection Act.
D)Copyright Act.
Q2) College Copy Shop (CCS) compiles,copies,and sells reading materials to students on the instructions of their professors,who indicate which parts of which publications should be included.These include texts published by Deep Topics,Inc.CCS does not obtain the permission of Deep Topics,or any of the other original publishers of the copied materials,and does not pay royalties on the sales of the compilations.Deep Topics and others file a suit against CCS,alleging infringement of the plaintiffs' intellectual property rights.Which type of intellectual property is involved in this situation? What is CCS's likely defense? How is a court most likely to rule? Explain.
Q3) A generic term is not protected under trademark law unless it acquires a secondary meaning.
A)True
B)False
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Page 8
Chapter 7: Criminal Law and Cyber Crime
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Q1) Jared is arrested and found guilty of a misdemeanor.His punishment CANNOT include
A)imprisonment for 6 months.
B)a fine of $100.
C)death.
D)imprisonment for 6 months and a fine of $500.
Q2) Under the exclusionary rule,illegally obtained evidence may not be included in any criminal prosecution.
A)True
B)False
Q3) Mae is granted immunity after she agrees to testify about a crime.Mae has an absolute privilege against self-incrimination and
A)can be prosecuted only for a crime about which she agreed to testify.
B)cannot be prosecuted for any crime.
C)cannot refuse to testify on Fifth Amendment grounds.
D)can refuse to testify on Fifth Amendment grounds.
Q4) A suspect cannot be tried twice in the same court for the same crime.
A)True
B)False
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Chapter 8: Introduction to Contracts
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Q1) The intention to enter into a con?tract is judged by objective facts as interpreted by a reasonable person.
A)True
B)False
Q2) An agreement is NOT one of the requirements of a valid contract.
A)True
B)False
Q3) Informal contracts require a special form or method of creation.
A)True
B)False
Q4) The person who makes a promise is the promisee.
A)True
B)False
Q5) Contract law assures the parties to private agreements that the promises they make will be enforceable.
A)True
B)False
Q6) In contract law,intent is determined by the objective theory of contracts.
A)True
B)False
Page 10
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Chapter 9: Offer and Acceptance
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Q1) Elin decides to try to sell her collection of celebrity memorabilia in an auction "with reserve." If Elin changes her mind,she can withdraw her collection
A)only before the auctioneer announces that the items are sold.
B)only before the auctioneer delivers the items to the buyers.
C)under no circumstances.
D)within thirty days after the auction.
Q2) Laredo advertises a reward for the return of his lost dog.Mikayla,who does not know of the reward,finds and returns the dog.Mikayla cannot recover the re?ward,because she
A)did not confer a benefit on Laredo by returning the dog.
B)did not know of the reward when she found and returned the dog.
C)does not need the money.
D)returned the dog.
Q3) The death of an offeree does NOT terminate an offer.
A)True
B)False
Q4) Revocation is effective on dispatch.
A)True
B)False
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Page 11
Chapter 10: Consideration
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Q1) Applied Methods Corporation promises to give stock options to Belden,a production designer,for processes he has already designed.This promise is
A)enforceable because it is a new contract.
B)enforceable because it is an illusory promise.
C)enforceable because it is supported by past consideration.
D)unenforce?able.
Q2) William buys Liz's house for $100,000,which is the fair market value of the house.If the contract is later disputed in court,the court is likely to declare William's consideration
A)inadequate.
B)unconscionable.
C)legally sufficient.
D)illusory.
Q3) To be legally sufficient,consideration must include something of economic value.
A)True
B)False
Q4) Consideration is always money.
A)True
B)False
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Chapter 11: Capacity
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Q1) Bob convinces his parents to permit him to become an emancipated mi?nor.On emancipation,Bob will acquire the right to A)buy alcoholic beverages. B)vote.
C)disaffirm any contract.
D)control his own care,custody,and earnings.
Q2) A person may be able to understand the nature and effect of entering into a certain contract but lack the capacity to engage in other activities.
A)True
B)False
Q3) When a minor disaffirms a contract,he or she CANNOT keep whatever he or she has received as a result of the contract without paying for it.
A)True
B)False
Q4) Food is one of the things that courts de?fine as a necessary. A)True
B)False
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Chapter 12: The Legality of Agreements
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Q1) William obtains a loan from a bank at 4.5% interest.The state where he obtains the loan has a usury statute that limits interest rates to a 3.5% maximum.William's contract with the bank is
A)enforceable only if William does not attempt to disaffirm it.
B)enforceable only if the bank does not attempt to disaffirm it.
C)enforceable only if both William and the bank knew of the statute when the contract was signed.
D)not enforceable.
Q2) Legality is one of the requirements for creation of a valid contract.
A)True
B)False
Q3) Dissembly Corporation requires consumers to sign contracts with uncon?scionable terms or Dissembly,which has few competitors,will not do busi?ness with them.Dissembly can normally obtain a court order to enforce
A)a covenant not to compete.
B)an adhesion contract.
C)an exculpatory clause.
D)none of the choices.
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14
Chapter 13: Mistakes and Other Contract Defects
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Q1) A significant mistake in value will rarely enable a party to a contract to avoid the contract.
A)True
B)False
Q2) Misrepresentation can occur through conduct.
A)True
B)False
Q3) Forcing someone to enter into a contract through fear created by threats is undue influence.
A)True
B)False
Q4) Punitive damages are meant to reward the defendant.
A)True
B)False
Q5) If the subject matter of a contract turns out to be more valuable than one of the parties believed it would be,that party can rescind the contract.
A)True
B)False
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Chapter 14: Written Contracts
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Q1) In a transaction for the sale of a warehouse,Standard Storage Company tells Tri-County Investment Corporation that the office furniture is in?cluded.The contract says nothing about office furniture,but does state,"This document supersedes all oral promises relating to the sale." Is the furniture part of the sale? Why or why not?
Q2) Under the Statute of Frauds,all contracts induced by fraud must be in writ?ing to be enforceable.
A)True
B)False
Q3) The Statute of Frauds is a compilation of all the laws and regulations related to fraud.
A)True
B)False
Q4) Retail Sales Company and Standard Purchasing Corporation enter into a contract for a sale of goods.To be enforceable,the contract should be in writing if the goods are valued at more than
A)$5.
B)$15.
C)$50.
D)$500.
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Chapter 15: Third Party Rights
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Q1) Equity Company and Faye enter into a contract for Faye to cater a meeting of Equity's shareholders.When Faye's schedule conflicts,she asks Gudren to serve Faye's coffee and pastries at the meeting.This transfer of duties is A)a delegation.
B)an assignment.
C)a third party beneficiary contract.
D)prohibited by law.
Q2) Assignment and delegation occur after the original contract is made.
A)True
B)False
Q3) Regional Steel,Inc.,and Overland Transport Company enter into a con?tract. Smooth Oil Corporation,which will indirectly benefit from the deal,is prevented from having rights under the contract by the principle of A)assignment.
B)delegation.
C)privity.
D)vesting.
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Chapter 16: Contract Discharge and Remedies
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Q1) After a contract is made,a supervening event may make performance impossible and discharge the contract.
A)True
B)False
Q2) A novation occurs when there is a substitution,by agreement,of a new contract for an old one,with the rights under the old one being terminated.
A)True
B)False
Q3) Jason owes Stephen $1,000 for yard work Stephen performed for Jason.The money is due on May 1.On April 30,Jason goes to the bank to get the money and discovers that the bank will be closed until May 2.Jason
A)will be in breach of contract when he fails to pay Stephen on May 1.
B)will not be in breach of contract when he fails to pay Stephen on May 1 due to objective impossibility.
C)is discharged from any contractual liability to Stephen.
D)will not be in breach of contract when he fails to pay Stephen on May 1 as long as he pays the $1,000 plus ten percent interest on May 2.
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Page 18
Chapter 17: E-Contracts
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Q1) Mica buys "Nature," a movie,through Open Eyes Wide,an online entertainment vendor.Before completing the purchase and downloading "Nature," Mica must review a warning not to make and sell a copy of it.This warning is
A)a browse-wrap term.
B)a click-on agreement.
C)a shrink-wrap agreement.
D)a wrap-on agreement.
Q2) Magic Math Corporation makes business accounting software,which is packaged with a shrink-wrap agreement.National Distribution Company distributes the software to retailers,including an Office Stuff store,where Peg buys a package of it.The parties to the shrink-wrap agreement are
A)Magic Math and National Distribution only.
B)Magic Math and Peg only.
C)Magic Math,National Distribution,Office Stuff,and Peg.
D)Office Stuff and Peg only.
Q3) A click-on agreement is an agreement whose terms are expressed inside a box in which the goods are packaged.
A)True
B)False
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Page 19
Chapter 18: Introduction to Sales and Lease Contracts
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Q1) A sale of "things attached to the land" is always considered a sale of goods.
A)True
B)False
Q2) Under the UCC,parties to sales and lease contracts are NOT free to establish whatever terms they wish.
A)True
B)False
Q3) Over the course of a year,Real Deal Corporation sells appliances to customers to whom it extends credit.Real Deal orders the appliances from Superior Appliance Company's warehouse,from which the items are shipped via common carrier to Real Deal's customers.Article 2 of the UCC governs
A)all of the parties' sales of the goods.
B)Real Deal's extension of credit.
C)Superior's storage of the goods.
D)the common carrier's delivery of the goods.
Q4) Tangible property has physical existence.
A)True
B)False
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Chapter 19: Title and Risk of Loss
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Q1) A contract between Fresh Fruit Corporation and Green Grocer,Inc.,re?quires Fresh Fruit to deliver goods to Green Grocer's place of business.This is
A)a bill of lading.
B)a destination contract.
C)a shipment contract.
D)a warehouse receipt.
Q2) Entrusting goods to a merchant who deals in goods of the kind gives the merchant the power to transfer all rights to a buyer in the ordinary course of business.
A)True
B)False
Q3) If a lessor is a merchant,the risk of loss passes to a lessee when the lessee takes physical possession of the goods.
A)True
B)False
Q4) A seller with voidable title can transfer good title to a good faith purchaser for value.
A)True
B)False
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21
Chapter 20: Performance and Breach
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Questions
Q1) Leatherbound Stores,Inc.,rejects a shipment of goods that does not conform to its contract with Cowhide Corporation,but is unable to obtain instructions from the seller.Leatherbound may
A)resell or return the goods only.
B)resell or store the goods only.
C)return or store the goods only.
D)resell,return,or store the goods.
Q2) Screen Perfect,Inc.,and TV Stores enter into a contract for a sale of high-definition television sets.Screen Perfect ships goods that do not exactly conform to the contract in some details.TV Stores
A)cannot reject the entire shipment.
B)can reject the entire shipment.
C)must accept the entire shipment.
D)must reject the entire shipment.
Q3) In contracts involving a carrier,a seller can complete performance through a shipment contract or a destination contract.
A)True
B)False
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Chapter 21: Warranties and Product Liability
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Q1) Jack's Pet Houses,Inc.sells shelters for animals under "limited" warranties.Under the Magnuson-Moss Warranty Act,this means that the warranties on shelters from Jack's Pet Houses
A)do not meet one of the requirements of a full warranty.
B)are only good for one year.
C)are illegal.
D)are oral.
Q2) The brakes on a River Valley Railroad train malfunction and it rolls towards main?te?nance workers on the tracks.Everyone gets out of the way except Dick,who wants to show off.The train hits Dick,who sues Stops-it,Inc.,the brakes' manufacturer.Stops-it can raise the defense of
A)a component-part manufacturer.
B)assumption of risk.
C)consumer participation.
D)product misuse.
Q3) For consumer goods costing more than $25,a written warranty must be labeled "full" or "limited."
A)True
B)False
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Page 23
Chapter 22: Consumer Protection
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Q1) Excellent Exercise Equipment,Inc.(EEE) advertises a treadmill for $199. When Garth tries to buy one of the treadmills,George,the salesperson,tells him that they are backordered and will take over a year to arrive.George then shows Garth another treadmill that is $1,999 and tells him that he can have the more expensive model delivered the next day.This is
A)a legitimate sales technique.
B)bait-and-switch advertising.
C)counteradvertising.
D)puffery.
Q2) Kirsten receives unsolicited merchandise in the mail.Kirsten
A)may keep the merchandise without any obligation to the sender.
B)must return the merchandise within five days to avoid payment.
C)must return the merchandise within fifteen days to avoid payment.
D)must return the merchandise within thirty days to avoid payment.
Q3) In a transaction subject to the Truth-in-Lending Act,all of the terms of a credit instrument must be fully disclosed.
A)True
B)False
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24
Chapter 23: The Essentials of Negotiability
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Q1) An instrument that states simply "I.O.U." is NOT negotiable.
A)True
B)False
Q2) A negotiable instrument
A)need not be in writing.
B)must be fair to all parties.
C)must state a fixed amount of money.
D)need not be signed by the maker or drawer.
Q3) A check is not negotiable if it is payable on demand or at a definite time.
A)True
B)False
Q4) Quincy draws a check payable to "Replay Stadium" to buy two season tickets to the next year's State College football games.This instrument is A)a bearer instrument.
B)an order instrument.
C)valid but nonnegotiable.
D)void.
Q5) A demand instrument is payable immediately after it is issued.
A)True
B)False
25
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Chapter 24: Transferability and Liability
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Q1) A person whose name is forged on an instrument is liable to pay only a holder in due course the value of the forged instrument.
A)True
B)False
Q2) A drawer's liability does not arise until presentment and notice of dishonor.
A)True
B)False
Q3) When an instrument has a forged indorsement,the loss usually falls on the party whose indorsement was forged.
A)True
B)False
Q4) Will is the payee of a promissory note for $500.James offers to mow Will's lawn five times in exchange for the note.Will agrees.After fifth time James mows Will's lawn,James is
A)an HDC.
B)not an HDC,because he has not fully performed his promise.
C)not an HDC,because he did not take the note in good faith.
D)not an HDC,because he did not check if the note was overdue.
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Page 26
Chapter 25: Checks and Banking in the Digital Age
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Q1) Elton presents an uncertified check for payment more than six months after its date.The check was drawn by Dakota on her account in First Community Bank.The usual banking practice in such a case is to
A)cash the check.
B)consult the customer.
C)refuse to cash the check.
D)ask the payee what he or she would prefer.
Q2) Currently,it is not clear which,if any,laws apply to the security of e-money payment information.
A)True
B)False
Q3) A substitute check is a paper reproduction of the front and back of an original check that contains all the same information required on checks for automated processing. A)True
B)False
Q4) A bank's responsibility to honor its customers' checks is NOT absolute.
A)True
B)False
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Chapter 26: Agency
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Q1) Employees who deal with third parties are agents of their employers.
A)True
B)False
Q2) Jackson Lumber hires Owen to purchase wood from various sources on behalf of Jackson Lumber.In this relationship,Jackson Lumber is the A)employee.
B)independent contractor.
C)principal.
D)agent.
Q3) George and James create an agency relationship to facilitate the sale of illegal narcotics.This agency relationship
A)is illegal.
B)is legal.
C)will be recognized by some states,but not others.
D)can exist,but will be subject to fines for illegal activity.
Q4) An agency relationship created for an illegal purpose is enforceable.
A)True
B)False
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Chapter 27: Employment and Immigration Law
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Q1) Tyrone is seventeen years old. Under the Fair Labor Standards Act,he
A)cannot work in a hazardous occupation.
B)cannot work during school hours.
C)must obtain a permit to work.
D)none of the choices.
Q2) The basis for an employee's contribution to Social Security is the employee's age.
A)True
B)False
Q3) Quinn is an employee of Regional Industries,Inc. Quinn is threatened with a discharge when he refuses a transfer to a Regional department in which several employees suffered serious injuries from exposure to hazardous chemicals. If Quinn acted in good faith,he may be entitled to protection from discharge under
A)the Consolidated Omnibus Budget Reconciliation Act.
B)the Family and Medical Leave Act.
C)the Occupational Safety and Health Act.
D)the state workers' compensation act.
Q4) Only the states set safety standards governing workplaces.
A)True
B)False
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Chapter 28: Discrimination and Labor Law
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Q1) Pip,a clerk for a Quik Burger,Inc.,restaurant goes out on strike with the other employees.After the strike,Pip must be given his job back if the strike is not deemed unlawful,there is still work at the restaurant,and the strike was
A)an economic strike only.
B)an economic strike or an unfair labor practice strike.
C)an unfair labor practice strike only.
D)unlawful.
Q2) Race can be a bona fide occupational qualification.
A)True
B)False
Q3) Individual states may pass their own right-to-work laws.
A)True
B)False
Q4) An employer can refuse to bargain collectively with an elected employee representative.
A)True
B)False
Q5) Management may never legally limit union activities.
A)True
B)False
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Chapter 29: Sole Proprietorships,partnerships, Limited
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Q1) Bo and Clancy decide to do business as Marketing & Promotion Services.To be a partnership,this association can result from an agreement that is
A)express,but not from an agreement that is implied.
B)implied,but not from an agreement that is express.
C)oral,written,or implied by conduct.
D)written,but not from an agreement that is oral or implied.
Q2) Rick and Sandy are limited partners in Total Profit Enterprises,a limited part?ner?ship.To avoid personal liability for partnership obligations,they must not
A)acquire an interest in the firm.
B)contribute property to the firm.
C)engage in activities independent of the firm's business.
D)participate in the firm's management.
Q3) Leigh wants to go into the business of construction contracting.Among the reasons that would probably convince Leigh to set up his business as a sole proprietorship would be
A)its greater organizational flexibility.
B)its limited liability.
C)its perpetual existence.
D)the ease of transferring the business to other family members.
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Page 31
Chapter 30: Formation and Termination of a Corporation
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Q1) Superior Home Products,Inc.,is a corporation.Superior's implied powers enable it to A)amend the articles of incorporation.
B)bring a derivative suit.
C)declare dividends.
D)borrow funds,extend credit,and make charitable contributions.
Q2) Sangfroid Business Corporation can be compelled to dissolve by
A)its creditors only.
B)itself,through its shareholders and directors,only.
C)itself,through its shareholders and directors,or the state.
D)the state only.
Q3) Salt Corporation wants to acquire or merge with Pepper Corporation.Salt should
A)file a plan of merger with the secretary of state.
B)file an article of merger with Pepper.
C)make a tender offer to the shareholders of Pepper.
D)make a tender offer to the shareholders of Salt.
Q4) A corporation cannot be formed without a profit-making purpose.
A)True
B)False
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Page 32
Chapter 31: Management and Ownership of a Corporation
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Q1) Generally,Sports Fitness Club Company and other corporations can pay dividends if
A)the corporation can continue to pay its debts as they come due.
B)the amount of the dividends exceed the corporation's net worth.
C)the shareholders approve.
D)the corporation's assets equal its total liabilities.
Q2) A corporation's officers and other executive employees are hired by corporate shareholders.
A)True
B)False
Q3) Etta is a director of Fab Stuff Corporation.Without informing Fab,Etta goes into business with GR8 Things,Inc.,in competition with Fab.Etta is li?able for breach of
A)no duty or rule
B)the business judgment rule.
C)the duty of care.
D)the duty of loyalty.
Q4) The articles of corporation cannot exclude or limit shareholders' voting rights.
A)True
B)False
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33
Chapter 32: Secured Transactions
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Q1) A buyer in the ordinary course of business has priority over any security interest created by the seller.
A)True B)False
Q2) The "first-in-time" rule means that an unperfected security interest takes priority over a perfected security interest if the unperfected security interest was attached first.
A)True B)False
Q3) Angie borrows $20,000 from First Line Credit using a field of timber trees as collateral.To perfect its security interest,First Line Credit must file its financing statement with
A)the county clerk.
B)the mayor.
C)the city counsel.
D)the secretary of state.
Q4) The person who owes the payment of a secured obligation is the secured party. A)True B)False
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Page 34
Chapter 33: Creditors Rights and Remedies
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Q1) Ross and Sally agree to guarantee Tim's debt.Ross's maximum liabil?ity is $30,000,and Sally's is $20,000.Tim owes $20,000 and is in default.Ross pays the creditor the entire amount.In the ab?sence of an agree?ment to the contrary,Ross can recover from Sally
A)$8,000.
B)$10,000.
C)$20,000.
D)nothing.
Q2) Refer to Fact Pattern 33-3.If Nina recovers less than she is owed,she can realize the difference from
A)any property that Mary owns.
B)only exempt property that Mary owns.
C)only nonexempt property that Mary owns.
D)property that any other member of Mary's family owns.
Q3) Clothing is not included in state exemption statutes.
A)True B)False
Q4) A surety is secondarily liable on an obliga?tion.
A)True
B)False
Page 35
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Chapter 34: Bankruptcy
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Q1) Some student loans are dischargeable in a Chapter 7 bankruptcy.
A)True
B)False
Q2) Pola files a petition in bankruptcy.Pola's non-dischargeable debts include
A)domestic-support obligations.
B)student loans if payment would impose undue hardship.
C)unpaid loans to finance home repairs.
D)unsecured credit-card debt.
Q3) Elmo files a petition in bankruptcy.If the court concludes that Elmo only seeks an advantage over his creditors and that his financial situation does not warrant relief,the court will most likely
A)dismiss Elmo's petition.
B)discharge Elmo's debts.
C)distribute Elmo's property to Elmo's creditors.
D)issue an automatic stay against any actions by Elmo's creditors.
Q4) Before filing for bankruptcy,a consumer-debtor must receive credit counseling.
A)True
B)False
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Page 36
Chapter 35: Insurance
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Q1) Insurance coverage can be effective before a formal written policy is issued.
A)True
B)False
Q2) Quality Care Insurance Company provides life insurance policies.Quality Care applies a concept of insuring a large number of people with the knowledge that only a small proportion of them will die in a given year.The large number of premiums provides the funds to pay for the small number of deaths.This concept is known as A)risk avoidance.
B)risk pooling.
C)risk rating.
D)risk transferring.
Q3) The insured can only cancel a policy in certain circumstances.
A)True
B)False
Q4) Insurance coverage is always effective the moment an insurance broker accepts the appli?cant's first payment toward the premium.
A)True
B)False
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Page 37
Chapter 36: Morgages and Foreclosures
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Q1) In a friendly foreclosure,the property is conveyed to the lender in satisfaction of the mortgage.
A)True
B)False
Q2) James obtains a mortgage loan from Willis Bank.If Willis Bank fails to record the mortgage
A)it could find itself in the position of an unsecured creditor.
B)nothing bad will happen.
C)James will not have to make payments.
D)it could be fined for violating lending regulations.
Q3) If a borrower does not pay a loan within a reasonable time after receiving a notice of default,then the borrower will receive a notice of sale.
A)True
B)False
Q4) An acceleration clause allows the lender to call the entire loan due if one payment is late or missed.
A)True
B)False
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Chapter 37: Personal Property and Bailments
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Q1) In most bailments,the bailee can retain the goods given by the bailor and return equivalent property.
A)True
B)False
Q2) A copyright is tangible personal property.
A)True
B)False
Q3) Inadvertently,Bret leaves his briefcase at Chatty Café when he stops for coffee and an hour of Web surfing.The briefcase is
A)abandoned property.
B)bailed property.
C)lost property.
D)mislaid property.
Q4) Constructive delivery satisfies the delivery requirement for an ef?fective bailment.
A)True
B)False
Q5) A gift is effective whether or not it is accepted.
A)True
B)False
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Chapter 38: Real Property
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Q1) A profit is a right to make a profit from some part of land or some product of the land,and the right terminates once that profit is made.
A)True
B)False
Q2) Elsa,the owner of Fertile Farm,sells Gina a right to park her RV on Fertile land overnight.Gina's right is
A)a fee simple absolute.
B)a license.
C)an easement.
D)a profit.
Q3) A warranty deed provides the most protection against defects of title.
A)True
B)False
Q4) John owns an orchard behind Kay's house and property.The only access to the orchard is Kay's driveway,which John uses to get to his land.Does John have an ownership interest in this use of Kay's driveway? If so,what is it?
Q5) A life tenant can exploit the land by creating new wells or mines.
A)True
B)False
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Chapter 39: Landlord and Tenant
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Questions
Q1) A state law prohibits gambling houses. Tim rents a building to Victoria under a lease that provides the premises are to be used only to house an il?legal betting operation. This lease is
A)enforceable under any circumstances.
B)enforceable as long as the tenant does what the lease provides.
C)enforceable only if the tenant does not do what the lease provides.
D)unenforceable under any circumstances.
Q2) Niki conveys some of her land to Reggie with the right to possess and use the property for a certain period of time.Niki has given Reggie
A)a constructive eviction.
B)a leasehold estate.
C)an implied warranty of habitability.
D)an assignment.
Q3) A tenant cannot withhold rent for any reason.
A)True
B)False
Q4) The possession of land without right is a tenancy at will.
A)True
B)False
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Chapter 40: Wills and Trusts
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Q1) An executor is a personal representative appointed by a court for a dece?dent who dies without a will.
A)True
B)False
Q2) A constructive trust is "constructed" by a property owner to fulfill certain unique functions outside the usual bounds of a trust.
A)True
B)False
Q3) Aron owns a certificate of deposit with Beth,his sister,and an apartment building with Carl,his brother,in both cases as a joint tenant.Aron,a partner with Debra in Aron & Debra Accountants,obtains a life insur?ance policy with Debra as the designated beneficiary.Aron writes a will that gives particular items of personal property,as well as specific amounts of cash,to his children and his friends.The will leaves the resi?due of the estate to Eve,Aaron's favorite cousin.Carl dies.Aron,on his deathbed,makes a gift to the United Way.Will the certificate of deposit,the apartment building,the proceeds from the life insurance policy,and the gift to the United Way become part of Aron's estate and be distributed under the will? If not,how will these items be distributed and to whom?
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Page 42
Chapter 41: Administrative Law
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Q1) The executive department of Health and Human Services was founded in 1980.Which of the following subagencies is NOT within the department of Health and Human Services?
A)The Centers for Medicare and Medicaid Services
B)The Food and Drug Administration
C)The Internal Revenue Service
D)The Centers for Disease Control
Q2) Administrative agencies create administrative law.
A)True
B)False
Q3) Administrative agencies make administrative rules.
A)True
B)False
Q4) National Ladder Company is subject to regulations issued by the Occupational Safety and Health Administration (OSHA).Like other federal administrative agencies,the OSHA was created by
A)Congress,through enabling legislation.
B)the Federal Trade Commission,through the rulemaking process.
C)the president,through an executive order.
D)the U.S.Department of Labor,through a final order.
Page 43
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Chapter 42: Antitrust Law
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Q1) The possession of monopoly power alone does NOT constitute the offense of monopolization.
A)True
B)False
Q2) North Mining Company and South Excavation Company agree to abide by the decisions of East Coast Financial Corporation as to their respective levels of production,markets,and prices,effectively reducing competition and increasing profits.This is most likely
A)a common,legal,time-honored type of business arrangement.
B)an illegal restraint on trade.
C)an innovative,legally efficient approach to doing business.
D)an outdated,but legal business trust.
Q3) A market division by class of customer between rival firms viola?tes antitrust law.
A)True
B)False
Q4) An act must substantially affect interstate commerce to violate antitrust law.
A)True
B)False
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Page 44
Chapter 43: International Law
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Q1) Sudan seizes the assets of Triage Medical,Inc.,a U.S.firm.Triage's recovery from Sudan in a U.S.court may be prevented by
A)the act of state doctrine.
B)the doctrine of sovereign immunity.
C)the Foreign Corrupt Practices Act.
D)the principle of comity.
Q2) A tariff is always a flat rate per unit.
A)True
B)False
Q3) Under the principle of comity,one nation may defer and give effect to the laws and judicial decrees of another country.
A)True
B)False
Q4) U.S.laws that prohibit discrimination in employment apply to U.S.em?ployees working for U.S.firms located abroad.
A)True
B)False
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