Law for Managers Exam Materials
Course Introduction
Law for Managers is designed to equip future business leaders with a foundational understanding of legal principles and frameworks that influence managerial decision-making. The course covers essential topics such as contract law, employment law, business structures, intellectual property, regulatory compliance, and dispute resolution. Through real-world case studies and practical examples, students learn to identify legal risks, interpret legal documents, and apply legal reasoning to everyday business situations. Emphasis is placed on the role of ethics and corporate governance, preparing managers to navigate legal challenges effectively and make informed decisions that promote organizational success and integrity.
Recommended Textbook
Legal Environment of Business A Managerial Approach 3rd Edition by Sean Melvin
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25 Chapters
2000 Verified Questions
2000 Flashcards
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Chapter 1: Legal Foundations
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Q1) Discuss the differences between the common law and civil law with regard to precedent and the court's right to establish new law.
Answer: Under the common law,in the absence of statutory law,judges may make decisions creating law,which becomes case precedent in future cases unless subsequently preempted by statute.Civil law recognizes the general notion of precedent,but its role is substantially reduced.The power of courts to make new law in matters not specifically addressed by the country's civil code is very limited under civil law.
Q2) The National Conference of Commissioners on Uniform State Laws (NCCUSL)was formed by ____ for the purpose of establishing uniform standards in areas of law where national interests would be achieved through the use of uniform laws.
A) Congress
B) the American Bar Association
C) the American Legal Institute
D) the National Conference of Governors
Answer: B
Q3) A judicial opinion is also referred to as _______ the of the case.
Answer: holding
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Chapter 2: Business and the Constitution
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Q1) In Cipollone v.Liggett Group Inc.,et al.,Cipollone sued based on state consumer protection laws.What did cigarette makers argue?
A) The court should consider state laws only.
B) Federal laws regulating promotion and advertising activities regarding tobacco products should be considered supplemental to state laws.
C) Federal and state laws conflicted, negating both, so the court had no basis to make its decision.
D) The claims were preempted by federal laws regulating cigarettes and tobacco products.
Answer: D
Q2) Judicial review is the
A) power or right of a court to hear a case.
B) power of a state or federal court to declare a statute unconstitutional.
C) power of an appellate court to reverse a decision made in a lower court.
D) power of a federal court to declare a state or federal statute invalid if inconsistent with the Constitution.
Answer: D
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Chapter 3: The American Judicial System, Jurisdiction and Venue
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Sample Questions
Q1) If Nevada sues the federal government over the constitutionality of a new federal statute,because the United States is a party,the suit may be brought either in the state's highest court or in federal court.
A)True
B)False
Answer: False
Q2) You are a defense attorney representing a man who has ignited a bomb in a public building in the city of Xanadu,a small city.It appears that everyone in Xanadu knows someone who died in the blast.The crime has been front-page news every day for a year,and local television personalities have consistently ranted about your client's guilt.You want to have the trial moved to another city.What is your argument,and should it be successful?
Answer: Due process demands that a defendant be given a fair trial.Any juries selected in Xanadu,or its surrounding area,will likely not be impartial due to the excessive publicity.
Furthermore,the fact that most Xanadu residents have personal knowledge of one or more victims is evidence that their potential for fairness is severely impaired.A change in venue should be granted to enhance fairness.
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Chapter 4: Resolving Disputes: Litigation and Alternative
Dispute Resolution
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Q1) Myron has sued Kalinka for injuries received in a traffic accident.If Kalinka fails to respond to the complaint and summons within the proper time limit,
A) Myron wins based on a summary judgment.
B) Myron wins based on a default judgment.
C) Myron wins based on a judgment as a matter of law.
D) Nothing happens-Kalinka is not required to respond to a complaint and summons.
Q2) Judges must be present during depositions to resolve disputes and ensure fairness.
A)True B)False
Q3) The document served on a defendant along with the complaint that provides actual notice of the lawsuit is called a ____.
Q4) In some special types of cases such as divorce,the defendant is instead called a
Q5) The term litigation refers to the trial but does not include pretrial events as well.
A)True B)False
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Chapter 5: Business, Societal, and Ethical Contexts of Law
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Q1) "What if everyone took these same actions" is a question sometimes called the A) universalization approach.
B) utilitarian approach.
C) functionality approach.
D) morality approach.
Q2) In January 2012,about one-third of Facebook's users were the subject of social experiments,without their knowledge.The other two-thirds chose to opt out of the testing.
A)True
B)False
Q3) _______ refers to having a conscious system in use for deciding moral dilemmas.
Q4) In Ypsilanti Township v.General Motors Corporation,Ypsilanti was successful in its lawsuit against GMC based on GMC's unethical acceptance of tax abatements and misrepresentations about maintaining jobs.
A)True
B)False
Q5) When a company is developing a code of ethics,what are the four key points that must be followed to create a usable and effective document?
Q6) What is the difference between ethics and morals?
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Chapter 6: Overview and Language of Contracts
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Q1) When a party to a contract is of proper age and mental competence,it is said that he or she has
A) capacity to contract.
B) legal purpose.
C) mutual assent.
D) consideration.
Q2) A promise is illusory and will not be enforced by courts when the offeror is not truly bound by his or her vague promise.
A)True
B)False
Q3) A[n] _______ is where the offeror agrees to hold an offer open and not to enter into a contract with another party for a certain period of time in exchange for consideration.
A) a divisible contract
B) option contract
C) a severable contract
D) a voidable contract
Q4) Contracts that involve goods and services are known as _______ contracts.
Q5) Parties must be of proper age and mental competence to have _______ to contract.
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Q6) To have _______ assent,there must be an offer and agreement between the parties.
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Chapter 7: Contract Enforceability and Performance
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Q1) Sally has just purchased a home and wants to have an in-ground pool installed.She calls Cool Pools,the company that put in her neighbors' pools.When the company rep comes to her property,he does some soil tests that are standard for the industry and gets the same results as he got when the other pools were put in,so the company gives her a price quote of $16,000.When Cool Pools begins excavating,it discovers solid rock four feet below ground level.The neighbors had no such rock.Cool Pools stops work and informs Sally that it will have to use explosives to remove the rock and the cost of the pool will now be $32,000.
A) Sally is under contract and will have to pay the new price.
B) Sally can have the contract discharged based on impracticability.
C) Sally can have the contract discharged based on impossibility.
D) Sally can have the contract discharged based on frustration of purpose.
Q2) Restitution is classified as an equitable remedy.
A)True
B)False
Q3) Assignments require the consent and agreement of all parties to the contract.
A)True
B)False
Q4) Appointing another person to perform one's duties under a contract is called a(n)
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Chapter 8: Contracts for the Sale of Goods
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Q1) A party holds title to goods when the goods have come into existence and the goods are identified to the contract.
A)True
B)False
Q2) For a writing to satisfy statute of frauds requirements under the UCC,it must include each of the following except
A) price.
B) quantity.
C) the signature of the party against whom enforcement is sought.
D) language that a reasonable person would believe constitutes an intent to form a contract.
Q3) What is the underlying goal and function of the UCC,and why is it crucial to business?
Q4) Uncle Phineas has lent you $10,000 to pay tuition and other school-related costs.You've now graduated,and Uncle Phineas is asking about repayment terms.The loan was never evidenced in writing.This transaction falls under the UCC statute of frauds.
A)True
B)False
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Chapter 9: Torts and Products Liability
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Q1) Define the negligence defenses of contributory negligence and comparative negligence,and explain how they differ.
Q2) Micah goes to his local bike shop to buy a cyclometer (which measures speed,distance,etc.).He tells the salesperson that he wants the best cyclometer on the market,and she shows him a cyclometer and states that particular brand and model was actually used by some participants in the Tour de France bicycle race and is the best Micah can buy.Micah buys the cyclometer.As it turns out,8 of the 189 Tour riders indeed used the brand and model bought by Micah,with the other 181 using various other brands and models.In actuality,there is no acknowledged top brand and model,and use is subject to personal tastes.The salesperson has committed a fraudulent misrepresentation by stating that the brand and model sold to Micah was the best.
A)True
B)False
Q3) Lost revenue or profits,whether actual or potential,are called _______ harm.
Q4) Alec drives drunk and causes a collision,killing Toni.When Toni's grandmother hears the news,she has a heart attack and dies.Can Alec be successfully sued for negligence in causing the grandmother's death?
Q5) Violations of safety statutes are sometimes referred to as negligence _______.
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Chapter 10: Agency
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Q1) Agency law generally exists on the state statutory level and is based on A) common law.
B) the Restatement (Third) of Agency.
C) tort law.
D) the federal regulation of agency.
Q2) If a principal wants to keep her identity secret,she would use
A) a disclosed agency.
B) a partially disclosed agency.
C) an undisclosed agency.
D) an independent agency.
Q3) Explain the interrelationship of agency law and contract law as they relate to the principal and agent in an agency relationship.
Q4) What is meant by ratification,and what three options does a principal have when confronted by a situation involving ratification?
Q5) In a fully disclosed agency situation,the agent is not contractually liable to the third party.
A)True
B)False
Q6) Explain the three-prong test the IRS uses to determine an agent's status.
Page 13
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Chapter 11: Employment Relationships and Labor Law
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Q1) When an employee suffers a job-related injury,the employee always has a choice of suing the employer in court or seeking workers' compensation.
A)True
B)False
Q2) An employee group with mutual interests and goals that is an appropriate unit for negotiating union contracts is called a[n] _______ unit.
Q3) Eligible workers who take leave under the Family and Medical Leave Act
A) must be paid their regular salary, and medical benefits must be continued by the employer.
B) are not entitled to be paid their salary, but the employer must continue providing medical benefits.
C) are guaranteed their same position on their return at their same salary.
D) are not guaranteed the same position but must be offered, at a minimum, a similar position; however, their salary pay may be adjusted if the new position is at a different pay grade.
Q4) Stella has asked her employer for leave pursuant to the Family and Medical Leave Act.What must she evidence to be eligible for leave?
Q5) Expressly firing someone for whistle-blowing constitutes an act of _______.
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Chapter 12: Employment Discrimination
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Q1) Affirmative action sets and requires quotas in order to meet racial and sexual equality.
A)True
B)False
Q2) The most common form of sexual harassment is quid pro quo harassment.
A)True
B)False
Q3) After the plaintiff has proved his or her prima facie case of disparate treatment,if the employer provides a false reason for its discriminatory actions,this is called a _______.
Q4) Your school's police/security force requires that all officers be over 6 feet and over 200 pounds.This requirement creates
A) disparate treatment regarding men.
B) disparate impact regarding men.
C) disparate treatment regarding women.
D) disparate impact regarding women.
Q5) The Americans with Disabilities Act does not require an employer to provide accommodations that constitute a(n) _______ on the employer.
Q6) Disparate impact is analyzed using the _______ standard.
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Chapter 13: Choice of Business Entity, Sole Proprietorships, and Partnerships
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Q1) Boris,Carina,and Theo have decided to go into business as a limited partnership importing and selling exotic spices.Boris and Carina will manage the business,and Theo will have no role in the day-to-day operations.Boris and Carina have each invested $500,000,and Theo has contributed the building and land that the business will be operated from.Alina,a customer,contracts a rare disease from a contaminated spice sold by the company and sues.Alina is awarded a judgment for $5 million.After she exhausts the assets of the partnership,having the property and building sold,and seizing all other property,$3 million remains unpaid.
A) Boris, Carina, and Theo each owe $1 million, and Alina must sue each for his or her part.
B) Boris, Carina, and Theo each owe $3 million jointly and severally, so Alina may sue one, two, or all three for the $3 million balance.
C) Boris and Carina each owe $1.5 million, and Alina must sue each for his or her part; Theo has no additional liability.
D) Boris and Carina each owe $3 million jointly and severally, so Alina may sue one or both of them; Theo has no additional liability.
Q2) Limited partnerships are required to file a(an) _______ return with the IRS each year.
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Chapter 14: Limited Liability Companies and Limited Liability Partnerships
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Q1) Personal financial contributions may be required by previous agreement with regard to
A) LLCs.
B) LLPs.
C) business trusts.
D) franchisors.
Q2) In an LLP,generally all partners have liability protection for _______ and liabilities of the partnership.
Q3) An LLC can last until a specified term expires.
A)True
B)False
Q4) The management structure of a member-managed LLC is similar to that of a general partnership.
A)True
B)False
Q5) Explain how LLCs are capitalized.
Q6) An LLC member with ownership sufficient to decide or veto internal operational matters is called a _______ member.
Q7) How do member-managed and manager-managed LLC management structures differ? Page 17
Q8) Owners in an LLC are called _______.
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Chapter 15: Corporations
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Q1) Subchapter S corporations are not subject to double taxation.
A)True
B)False
Q2) Robert Hill Corp.(RHC)is incorporated in the state of Delaware.If it transacts business in Iowa,RHC would be characterized in Iowa as
A) a domestic corporation.
B) a foreign corporation.
C) an alien corporation.
D) a native corporation.
Q3) The Suds Corporation has just suffered significant losses of revenue for three quarters in a row,and the shareholders are furious.Much of the loss can be attributed to the board's decision to change from their traditional lager beer to a lighter and smoother brew.Unfortunately,the new recipe alienated current customers and failed to bring in new customers.Although Suds has announced that it will return to its original product,the shareholders are claiming the board violated its fiduciary duty of care,and they are suing the directors personally for their significant losses.What must the shareholders prove to win their lawsuit? What defense is available to the directors,and what must they prove to prevail?
Q4) Describe the process of "double taxation," as it applies to corporations.
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Chapter 16: Regulation of Securities, Corporate
Governance, and Financial Markets
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Q1) Which of the following is an equity instrument?
A) debenture
B) bond
C) common stock
D) promissory note
Q2) The SEC has the power to suspend or revoke the licenses of brokers that violate securities laws.
A)True
B)False
Q3) The safe-harbor exemption from SEC regulations involves
A) nonpublic offers to a limited number of sophisticated investors who already have business relationships with the issuer.
B) nonpublic offers to a limited number of sophisticated investors who privately negotiate their securities purchases.
C) offerings with specified dollar limitations and/or limitations on the number of accredited investors.
D) offerings with specified dollar limitations and/or limitations on the number of nonaccredited investors.
Q4) On a bond,the face amount is also called the _______.
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Chapter 17: Administrative Law
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Q1) The Supreme Court established guidelines for lower courts on applying the arbitrary and capricious standard in which case?
A) Motor Vehicle Manufacturing Association v. State Farm Mutual Automobile
B) Chevron v. NRDC
C) Buckley v. Valeo
D) Fox v. the Federal Communications Commission
Q2) Citizen suits may be brought against an agency but may not be brought against a private party.
A)True
B)False
Q3) Informal rulemaking is not permitted under the Administrative Procedures Act.
A)True
B)False
Q4) Congress has no power to remove an agency head.
A)True
B)False
Q5) Administrative warrants are held to the same probable cause standard as criminal warrants.
A)True
B)False
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Chapter 18: Environmental Law
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Q1) The Colorful Paint Company got a mortgage from the bank to purchase a factory in which it could make paint.As part of its manufacturing process,Colorful Paint dumped the excess paint into a pit behind the building.This practice contaminated the property.If the bank foreclosed on the factory,would the bank be liable for cleanup costs of the contaminated land?
A) No, because it was an innocent landowner.
B) No, because it did not contaminate the property.
C) No, because it was a secured creditor.
D) Yes, because it owns the property.
Q2) _______ is the legislation that established a process for federal agencies for making decisions that may reasonably affect the environment.
A) Environmental Protection Act
B) National Environmental Policy Act
C) Environmental Decision Impact Act
D) Clean Air Act
Q3) Car performance standards are regulated by the EPA.
A)True
B)False
Q4) The _______ Act is the most important wildlife protection legislation.
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Chapter 19: Antitrust and Regulation of Competition
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Q1) What evidence may a company offer in defense to allegations of an antitrust violation under the rule of reason standard?
A) The anticompetitive harm was not harmful to the government.
B) If the company violates the standard, there is no defense.
C) Its actions were justified and necessary under the economic conditions.
D) There was no economic harm to the consumer.
Q2) It is not illegal for a grocery store to require a customer to buy milk in order to buy cookies.
A)True
B)False
Q3) In _______,the Supreme Court held that a unilateral boycott does not fall under the Sherman Act.
A) Greyhound v. International Business Machines Corp.
B) United States v. Colgate
C) United States v. Grinnell
D) Covad Communications Co. v. BellSouth Corp.
Q4) Circumstantial evidence is not enough to show a meeting of the minds.
A)True
B)False
Q5) A _______ is a concerted refusal to deal with a third party.
Page 23
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Chapter 20: Creditors Rights and Bankruptcy
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Q1) Which chapter of the Bankruptcy Code is best thought of as temporary protection from creditors while a business goes through a planning process to pay creditors while continuing to do business?
A) Chapter 7
B) Chapter 11
C) Chapter 12
D) Chapter 13
Q2) Which of the following is not a major change to bankruptcy law in the Bankruptcy Abuse Prevention and Consumer Protection Act?
A) Credit counseling.
B) Means test.
C) Proof of income.
D) Lowering the priority of alimony payments.
Q3) Which of the following is not a purpose of bankruptcy?
A) Offer a fresh start to the debtor.
B) Punish the debtor.
C) Create a way for creditors to recover the debt.
D) Prevent creditors from gaining an unfair advantage over one another.
Q4) Typically,the collateral used for a mortgage is _______.
Q5) Give four examples of non-dischargeable debt in bankruptcy.
Page 24
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Chapter 21: Warranties and Consumer Protection Law
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Q1) The purpose of the FTC in relation to consumers is
A) nonexistent, since the FTC does not apply to consumers.
B) to prevent unfair or deceptive acts in commercial transactions.
C) to ensure that the UCC is followed.
D) to promote interstate commerce.
Q2) Agents involved in debt collection are the only parties that are regulated by the Fair Debt Collection Practices Act.
A)True
B)False
Q3) Advertising coffee as "the best in the world" is prohibited by UCC rules.
A)True
B)False
Q4) Which act regulates the leasing relationship in which the consumer has possession of a motor vehicle in exchange for monthly payments?
A) Consumer Lending Act.
B) Truth in Lending Act.
C) Magnuson-Moss Act.
D) Equal Credit Opportunity Act.
Q5) What is puffery? Provide an example.
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Chapter 22: Criminal Law and Procedure in Business
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Q1) A grand jury will issue a[n] _______ if its investigation indicates that a defendant should be held over for trial.
A) indictment
B) information
C) warrant
D) summons
Q2) Officer Tom stops Kathy because she looks like a criminal to him,and after a pat down finds marijuana in her pocket.He then uses the drugs to justify obtaining a warrant to search her home for more drugs.The search uncovers 8 kilos of cocaine.What evidence,if any,would be admissible at trial?
A) The marijuana in her pocket would be excluded from evidence; however, the 8 kilos were found pursuant to a warrant, so they are admissible evidence at trial.
B) Both the marijuana from her pocket and the 8 kilos of cocaine would be admissible evidence at trial.
C) The marijuana would be admissible at trial but not the cocaine because marijuana and cocaine are so different.
D) Neither the marijuana nor the cocaine would be admissible at trial.
Q3) Being blameworthy in criminal law is called _______.
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Chapter 23: Personal Property, Real Property, and Land Use Law
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Q1) Manny,Moe,and Jack are hunters.In 1990 they discovered what appeared to be a deserted hunting lodge in the woods.The lodge had no indoor plumbing,no running water,and no heating system other than a fireplace.The building is a 1-mile hike from the nearest road.Every year since 1990,they have returned to the lodge and used it as a base during the deer and elk hunting seasons in the fall and winter months.They spend a total of six weeks per year using the lodge.They have cleaned,cut,and stacked firewood and even stored clothing inside the lodge when they were not there.The owner of the lodge had noticed the stacked firewood but had not traveled to the lodge during hunting season to find out who was using the property even though he was disturbed that the property was being used without his permission.After the statutory period has run,have Manny,Moe,and Jack acquired title to the property?
Q2) Sylvia is a student who parked her car in a university parking lot.To enter the lot,she had to swipe her ID card to gain access.During class,a thief broke into her car and stole her computer.The school is liable to her under a bailment relationship if it did not exercise proper care in the protection of her car.
A)True
B)False
Q3) An exception to zoning ordinances is called a _______.
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Chapter 24: Intellectual Property
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Q1) Trade secrets are protectable
A) for 9 years.
B) for 17 years.
C) for 23 years.
D) for as long as the company desires.
Q2) Since a trademark can gain protection by being used in commerce,what would the advantages be of registering the trademark with the U.S.Patent and Trademark Office?
Q3) Your school or college has just received a specialized accreditation for which a lot of work has been done.This specialized accreditation is a great achievement.If the accrediting body takes a picture from your school or college's website and publishes the picture as a thumbnail,along with a hyperlink to your school or college's website,on its site to advertise or announce the accomplishment,the accrediting body is infringing on the picture's copyright.
A)True
B)False
Q4) A process or procedure is not eligible for copyright protection.
A)True
B)False
Q5) "Uber" is an example of a[n] _______ trademark.
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Chapter 25: International Law and Global Commerce
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Q1) The Paris Convention sets international standards for the patentability of inventions.
A)True
B)False
Q2) In a sale between Mark Merchant and Nicole Nonmerchant,the CISG rules for the sale of goods are applicable.
A)True
B)False
Q3) In U.S.v.Esquenazi,Esquenazi admitted he had bribed officials of one of his Haitian vendors,Teleco,but argued that the Foreign Corrupt Practices Act did not apply because Teleco officials did not meet the definition of "foreign official" under the FCPA.The appellate court ruled that
A) the FCPA applied because Esquenazi was a foreign official.
B) the FCPA applied because Teleco was considered a de facto government entity.
C) the FCPA did not apply because Teleco was not considered a government entity.
D) the FCPA did not apply because the definition of "foreign official" should be narrowly construed.
Q4) Discuss the ways that the three major international arbitration organizations choose arbitrators.
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Page 29