Chapter 5: Constitutional Law
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Q1) The first ten amendments to the Constitution are known as the A)Preamble.
B)Bill of Rights.
C)Supremacy Clause.
D)Articles of Confederation.
Q2) Discuss the Miller test to determine if a creative work is obscene.
Q3) The Fourteenth Amendment's Equal Protection Clause "strict scrutiny" test will be used when the legislation
A)affects an economic interest.
B)affects a person's right to drive.
C)differentiates on the basis of race.
D)affects a person's right to drink alcoholic beverages.
Q4) Which of the following limitations does NOT apply to the government in civil proceedings to take a person's liberty or property?
A)Procedural Due Process
B)The Takings Clause
C)Substantive Due Process
D)The Equal Protection Clause
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7
Chapter 6: Dispute Resolution
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Q1) The fastest-growing method of dispute resolution in the United States is A)arbitration.
B)negotiation.
C)mediation.
D)litigation.
Q2) Summary judgment is appropriate when there are no essential facts in dispute.
A)True B)False
Q3) A summons is a paper ordering a defendant to appear in court at a certain time.
A)True B)False
Q4) What is the primary trial court in the federal system?
A)Municipal Court
B)U.S.Supreme Court
C)U.S.Claims Court
D)U.S.District Court
Q5) Lance sued Mega Corp.for negligence,and a jury awarded him $1.2 million.Mega Corp.filed a motion for judgment NOV,and that motion was denied by the trial court.Mega Corp.then appealed the case.Discuss a judgment NOV and when it is appropriate for a judge to grant such a judgment.
Page 8
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Chapter 7: Crime
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Q1) What is the exclusionary rule and what are the three exceptions to the rule?
Q2) Roger assaulted Jim in a tavern,causing medical expenses and lost wages.Which of the following is true?
A)Roger can be prosecuted by the state for a criminal offense,and Jim may sue him for money damages.
B)If Roger is convicted of criminal assault,Jim is not allowed to sue him for money damages because that would violate the double jeopardy clause of the Constitution.
C)If Jim refuses to press charges against Roger,the state cannot initiate a criminal proceeding against him.
D)Jim can either elect to sue for money damages or proceed with criminal charges.
Q3) Explain the difference between civil law and criminal law.
Q4) Which of the following makes it illegal for U.S.companies and citizens to bribe foreign officials to influence a governmental decision?
A)OSHA
B)RICO
C)CFAA
D)FCPA
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Chapter 8: Intentional Torts and Business Torts
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Q1) There are four elements to a defamation case,and the plaintiff in any kind of lawsuit must prove one of the four elements to prevail.
A)True
B)False
Q2) A witness testifying in a court or legislature may never be sued for defamation.
A)True
B)False
Q3) Shortly after Brian started to work at Trevit,Inc. ,a coworker,Ann,began asking him out.Brian said no.Nevertheless,Ann persisted.One day Ann playfully but intentionally touched Brian "below the belt." Which statement is correct?
A)Ann defamed Brian.
B)Ann committed the tort of trespass.
C)Ann committed the tort of interference with a prospective advantage.
D)Ann committed the tort of battery.
Q4) A tort is a violation of a duty imposed by the civil law.
A)True
B)False
Q5) Discuss the four elements that must be proven in order to win a defamation case.
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Page 10
Chapter 9: Negligence, Strict Liability, and Product Liability
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Q1) Under a state law,a dog owner is absolutely liable to any person who is injured by the dog.This is an example of
A)negligence per se.
B)strict liability.
C)res ipsa loquitur.
D)negligence.
Q2) The test of "foreseeability" is generally used to determine the existence of which element of a negligence case?
A)Duty of due care
B)Breach
C)Factual cause
D)negligence per se
Q3) Which of the following acts resulting in injury would be negligence per se?
A)Joe sold fireworks from his Indiana store (a legal activity)to Steve,an Illinois resident (a state that has made owning fireworks illegal).
B)June,while driving the speed limit,sideswiped the car next to her.
C)A retailer sold glue containing benzene to a 14-year-old boy in violation of state law.
D)Tammy accidentally dropped a heavy carton on Sasha's foot while at work.
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11
Chapter 10: Privacy and Internet Law
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Q1) A website printed some truthful,but secret,information about Danielle.Which of the following would likely result in a court ruling that Danielle had NOT stated a claim under the public disclosure tort?
A)The excerpts the website printed were from Danielle's personal diary.
B)The website disclosed that Danielle secretly hated her mother and father.
C)The website printed that Danielle had participated in a robbery in 2010.
D)The website's revelations were seen by over 50,000 viewers.
Q2) You make an online purchase of a hooded sweatshirt with the logo of the Dallas Cowboys.The next time you log on,your screen has a banner ad for Dallas Cowboy hats and shirts.This banner ad is most likely the result of
A)data mining.
B)a coincidence.
C)the internet crime of theft of private information.
D)encryption software.
Q3) Spam is illegal per se.
A)True
B)False
Q4) What provisions are commercial email subjected to under the CAN-SPAM Act?
Q5) Explain the core principles in the Fair Information Practices.
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Chapter 11: Introduction to Contracts
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Q1) What element of a contract refers to both parties receiving some measurable benefit?
A)consideration
B)capacity
C)consent
D)legality
Q2) Under a contract,Danielle is required to paint a room with paint chosen by the homeowners,the Flynns.After Danielle paints the room according to the contract requirements,her duties under the contract are discharged.
A)True
B)False
Q3) ACME,Inc.is a software producer that entered into a verbal agreement with XYZ Corporation wherein XYZ agreed to buy ACME's newly developed software.The agreement also provided that ACME would supply training personnel,as well as technical personnel,to work with XYZ employees in installing and learning the software.What law governs this agreement?
Q4) A valid contract can legally be voided by either party.
A)True
B)False
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Chapter 12: Agreement: Offers and Acceptances
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Q1) According to the UCC,one or more open terms will not cause a sales contract to fail for indefiniteness as long as the parties intended to make a contract and there is a reasonably certain basis for the court to determine the open terms.
A)True
B)False
Q2) Which of the following is outlawed by consumer protection statutes?
A)false advertising
B)clickwrap agreements
C)termination by expiration
D)browsewrap agreements
Q3) Software clickwrap and browsewrap agreements limiting the manufacturer's maximum responsibility to a refund of the purchase price even if the software destroys your hard drive have generally been found to be binding against consumers.
A)True
B)False
Q4) Revocation is the withdrawal of an offer by the offeror.
A)True
B)False
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Chapter 13: Consideration
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Q1) What phrase explains how a requirements contract can be valid?
A)"will buy 100 percent of output"
B)"willing to accept the entire quantity"
C)"no consideration needed"
D)"in good faith"
Q2) Regarding consideration,an act occurs when a person
A)complies with the law.
B)fulfills an obligation under an existing contract.
C)does something not legally required.
D)All of these are correct.
Q3) Yolanda was shoveling snow from her sidewalk,and just to be nice,she also shoveled snow from her neighbor Melody's walk.The next day,Melody promises that she will pay Yolanda $25 for shoveling snow from her walk.Has a contract been created?
A)No,Yolanda had a preexisting duty to shovel Melody's walk.
B)No,past consideration is not valid consideration.
C)Yes,Melody made a promise and that created the contract.
D)Yes,Melody has a moral obligation to pay for the work,even if she didn't request it.
Q4) What is consideration and what are the two basic elements of consideration?
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Chapter 14: Legality
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Q1) If a contract is made with a person required by law to hold a license,and the purpose of the license is protection of the public,the contract made by an unlicensed person will generally be unenforceable.
A)True
B)False
Q2) In bailment cases,exculpatory clauses
A)are very rarely used.
B)are somewhat more likely to be enforced than in other types of cases.
C)ordinarily involve an attempt to limit liability for damage to persons rather than property.
D)are not enforced because any harm is to property and not persons.
Q3) Barbara,a skilled welder,was hired at Mainco Enterprises for a welding position.She was asked to sign a non-compete clause limiting future employment if she left Mainco.A court would be very likely to enforce the non-compete clause unless the time or geographic restriction is unreasonable.
A)True
B)False
Q4) Discuss exculpatory clauses,and designate when an exculpatory clause is unenforceable.
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Chapter 15: Voidable Contracts: Capacity and Consent
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Q1) Courts will not allow the rescission of a contract due to a unilateral mistake.
A)True
B)False
Q2) In contract law,capacity is best defined as
A)a benefit which must be bargained for between the parties.
B)one person's compliance with the offer made by another. C)a promise in exchange for performance by another party.
D)the legal ability of a party to enter into a contract.
Q3) Alice offers to sell her car to Barry for $500,and Barry accepts.Alice's car has a market value of $1,000 but this fact is unknown to Alice.The contract is enforceable.
A)True
B)False
Q4) If a salesperson says,"This is a great car and it's really fun to drive," but the car turns out to be a lemon,the salesperson has committed fraud.
A)True
B)False
Q5) In contract law,a minor is someone under the age of 21.
A)True
B)False
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Chapter 16: Written Contracts
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Q1) Herb was interviewed for a job on Wednesday.The employer orally offered Herb a job right on the spot.Herb orally agreed to start working the following Monday,to be employed from that Monday,for one year thereafter.Three weeks after starting the job Herb was fired without cause and replaced by the employer's friend.Will Herb be successful in an action brought against the employer for breach of contract? Explain why or why not.
Q2) Under the merchants' exception rule of the UCC,within a reasonable time of making an oral contract,if a merchant sends a written confirmation to another,and if the confirmation is definite enough to bind the sender herself,then the merchant who receives the confirmation will also be bound by it unless he objects in writing within A)3 days.
B)5 days.
C)10 days.
D)30 days.
Q3) E-signatures are valid in all 50 states.
A)True
B)False
Q4) Explain the reason behind having a Statute of Frauds and give arguments for and against having such a statute.
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Chapter 17: Third Parties
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Q1) Claims for personal injury are generally assignable.
A)True
B)False
Q2) Robert hired James,a CPA,to prepare his tax returns.James was too busy and delegated the work to Sara,also a CPA.This delegation is
A)enforceable,as Sara is also a CPA.
B)enforceable,as there was no expectation James would do the work.
C)not enforceable,as Robert hired James to perform personal services.
D)not enforceable,as this violates public policy.
Q3) Ted and Alice own their recreational vehicle subject to a security agreement to Third U.S.Bank to secure the repayment of the purchase money loan.Ted and Alice sell their RV to Bob and Carol,who agree to take over the loan payments to the bank.There is no novation with the bank.Under these facts,if Bob and Carol do not make the loan payments,Third U.S.Bank
A)can sue Bob and Carol only.
B)can sue Ted and Alice only.
C)can sue Bob,Carol,Ted,and Alice.
D)cannot sue anyone but can repossess the RV.
Q4) Briefly discuss the enforceability of contracts by third parties.
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Chapter 18: Contract Termination
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Q1) M & E contracted to sell 500 music stands to Coda,Inc.M & E shipped the stands in accordance with the agreement.Coda paid for the stands as promised.The contract between M & E and Coda is discharged by A)full performance.
B)agreement.
C)rescission.
D)accord and satisfaction.
Q2) Generally,neither a "time is of the essence" clause nor a "force majeure" clause will be recognized by the courts because these types of clauses are seen as a violation of public policy.
A)True
B)False
Q3) Jackie hires Charles to lay new carpet in her bedroom.Charles does such a bad job,that the only way to fix the carpet is to start over and relay the carpet.Which of the following best describes this situation?
A)This is substantial performance.Jackie must still pay something to Charles.
B)This is a material breach.Jackie must still pay something to Charles.
C)This is substantial performance.Jackie owes nothing to Charles.
D)This is a material breach.Jackie owes nothing to Charles.
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Page 20
Chapter 19: Remedies
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Q1) Rich and Archie sign an agreement in which Archie agrees to deliver ten cases of champagne in 5 days.The parties negotiated and meant to say in the written agreement,delivery in 50 days.If the two cannot settle this dispute,and Archie still wants to deliver the champagne,then Archie should sue for the remedy of A)reformation.
B)rescission.
C)restitution.
D)reliance.
Q2) Bob,a house builder,contracts with Ollie to build a house on Ollie's lot.The total price of the construction is $100,000,$20,000 of which will be Bob's profit.After Bob has put $10,000 worth of materials into the house,Ollie wrongfully refuses to let him finish the house.If Bob sues for damages,he will be able to collect
A)$10,000.
B)$20,000.
C)$30,000.
D)$100,000.
Q3) Identify and describe the principal contract interests a court may seek to protect.
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Chapter 20: Practical Contracts
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Q1) Which of the following generally is NOT in the introductory paragraph of a contract?
A)the date of the contract
B)the covenants of the contract
C)the parties to the contract
D)the nature of the contract
Q2) In a contract modification,the phrase "charged with such amendment" refers to
A)the party who suggested the change.
B)the party who will benefit from the change.
C)the party who will be adversely affected by the change.
D)the party who did NOT suggest the change.
Q3) Outline the parts of a typical contract.
Q4) An honest effort to meet both the spirit and letter of the contract is termed A)reasonable circumstances.
B)sole discretion.
C)honest representation.
D)good faith.
Q5) When a party to a contract fails to fulfill all of her promises,she has breached the contract.What will a court look at in responding to a breach of contract?
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Chapter 21: Introduction to Sales
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Q1) Harriett raises and sells hippos.In order to keep her hippos happy and healthy,she feeds them Hippo Chow,which she buys from the local pet store.Under the UCC,Harriett is
A)a merchant of both hippos and Hippo Chow.
B)a merchant of hippos,but not of Hippo Chow.
C)a merchant of Hippo Chow,but not of hippos.
D)not a merchant of either hippos or Hippo Chow.
Q2) Lorene,an artist,orally agrees to sell Sabrina a painting for $600.While Lorene is busy talking on the phone,Sabrina writes her a note on the back of an envelope she finds in her purse.The signed note states that she will stop by the studio to pick up the painting within the week.Sabrina changes her mind about the painting,and when Lorene sues to enforce the contract,Sabrina defends on the basis of the Statute of Frauds.Sabrina will succeed with this defense.
A)True
B)False
Q3) A court is much more likely to find a contract unconscionable when one party is a consumer than if the two parties are businesses.
A)True
B)False
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Chapter 22: Ownership, Risk and Warranties
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Q1) In January,Eddie contracts to sell 100 bushels of soybeans in the fall.This contract
A)is void.He cannot contract to sell a crop before it is even planted;the goods must be in existence.
B)is void.The soybeans must be identified to the contract at the time he contracts to sell them.
C)can be valid,but title to the soybeans cannot pass until the soybeans exist.
D)can be valid,and title to the soybeans passes when the contract is signed.
Q2) When neither party has breached the contract,the risk of loss generally passes from seller to buyer when the seller has transported the goods as far as he is obligated to.
A)True B)False
Q3) The shipping terms, FOB place of destination,indicate that the seller must deliver the goods at the place named and bear the expense and risk of shipping. A)True B)False
Q4) Explain the concept and significance of identification of goods.Discuss how identification takes place.
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Chapter 24: Secured Transactions
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Q1) Explain the difference between attachment and perfection.
Q2) Which of the following is correct concerning termination statements?
A)A termination statement must be filed by a secured party when a debtor has defaulted on a loan.
B)For consumer debt,the secured party must complete a termination statement in every place that it filed a financing statement.
C)The secured party must file a termination statement within 30 days of a consumer debtor's demand,provided the debtor has paid the full debt.
D)A termination statement indicates that a secured party is transferring its rights to collateral to another party.
Q3) Article 9 of the UCC only applies to goods and does not include intangibles such as stocks,bonds or bills of lading.
A)True
B)False
Q4) A PMSI in consumer goods perfects automatically,without filing.
A)True
B)False
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Chapter 25: Creating a Negotiable Instrument
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Q1) There are two types of commercial paper: express and implied.
A)True
B)False
Q2) A & D,Inc.wrote a negotiable note payable to Vicy,Inc.for the purchase of some satellite receivers.A & D left the amount of the note blank because it was uncertain as to amount of the applicable tax.Vicy completed the note for $3,000 more than A & D actually owed for the receivers it purchased.The note was negotiated to a holder in due course.A & D will not have to honor the note as this constituted fraud in the execution.
A)True
B)False
Q3) Because negotiable instruments are more valuable than non-negotiable ones,it is important for buyers and sellers to be able to tell,easily and accurately,if an instrument is indeed negotiable.What six standards must an instrument meet in order for it to be negotiable?
Q4) A possessor of non-negotiable commercial paper has the same rights as the person who made the original contract.
A)True
B)False
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Chapter 26: Liability for Negotiable Instruments
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Q1) When signing a company check,an agent must clearly indicate that he or she is signing on behalf of the company in order to be free of liability.
A)True
B)False
Q2) List the warranties a transferor of a negotiable instrument makes.
Q3) Dwight Stringer signed three promissory notes as an agent for his company.The first,he signed "Dwight Stringer,agent for Park Systems,Inc." The second,he signed "Dwight Stringer,Agent." The third note was signed merely "Park Systems,Inc." Discuss the liability of Dwight and Park Systems,Inc.on each of the notes.
Q4) When a negotiable instrument is transferred,the transferor warrants all of the following EXCEPT
A)the instrument is bearer paper.
B)all signatures are authentic.
C)as far as she knows the issuer is solvent.
D)the instrument has not been altered.
Q5) Negotiable instruments are normally issued to fulfill a contract.
A)True
B)False
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Chapter 27: Accountants Liability
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Q1) What was at issue in the case Oregon Steel Mills,Inc.v.Coopers & Lybrand,LLP?
A)whether an accounting firm was liable for its client's loss
B)whether the Securities Act of 1933 was constitutional
C)the extent of liability a fraudulent accountant should assume
D)breach of the accountant-client privilege
Q2) In 2007,the Securities and Exchange Commission (SEC)began to allow foreign companies to use which of the following for its reporting standards?
A)SOX
B)GAAP
C)GAAS
D)IFRS
Q3) Auditors cannot protect themselves from liability to third parties by issuing a qualified or an adverse opinion.
A)True
B)False
Q4) An auditor suspects its client is committing illegal acts that will have a material impact on its financial statements.What is the auditor legally required to do and under what circumstances would the auditor directly notify the SEC?
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Chapter 28: Agency Law
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Q1) Mrs.O'Leary hired Jenna to sell her house in Michigan.She executed a power of attorney in favor of Jenna authorizing her to do "anything and everything associated with the sale of real estate,acting as a prudent person." On May 30,Jenna finalized a deal with Brandon for the purchase of the house.Brandon and Jenna signed the real estate contract that day.Jenna learned the next day that Mrs.O'Leary had died May 29.
A)The contract is void since the agency terminated May 29.
B)The contract is valid since the agency's purpose was achieved before Jenna was notified of Mrs.O'Leary's death.
C)The contract is voidable at the option of Mrs.O'Leary's estate.
D)The contract is voidable at the option of Brandon.
Q2) Betsy's elderly father gave her written authority to sell the family house.Her father lived in Arizona,and she lived in Minnesota.After about two months she found a buyer for the house and signed an acceptance of the offer on March 21.Later that same day,she learned her father had died the day before (March 20).Other members of the family did not want the family house sold and claimed that the acceptance Betsy signed was void.The buyer of the house claims Betsy had the legal authority to sell the house and that the contract is binding.Who is right?
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Page 30
Chapter 29: Employment and Labor Law
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Q1) Jim was a mechanic.One day when he attempted to weld a car's gasoline tank,it exploded and he was hurt.He filed to collect workers' compensation.His employer resisted on grounds that Jim had been negligent and had also violated the express regulations of the company when he attempted to weld a gasoline tank.Which statement is correct?
A)Jim cannot recover if it is shown that his negligent conduct caused the explosion.
B)Jim cannot recover if it is shown that he violated the express regulations of his employer.
C)Workers' compensation doesn't apply in situations like this.
D)Jim can recover even if he was negligent and violated the employer's rules.
Q2) Which is the best definition of "employment at will"?
A)In the absence of a specific legal exception,an employee can be fired for any reason.
B)Once hired,employees are free to choose whatever job they want to have.
C)An employee can leave a company at any time and for any reason.
D)Employees have a legal right to organize and join labor unions.
Q3) The National Labor Relations Act guarantees employees the right to join unions.
A)True
B)False
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Chapter 30: Employment Discrimination
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Q1) The Age Discrimination in Employment Act protects persons
A)between 30 and 65 years of age.
B)age 70 and older.
C)between 45 and 70 years of age.
D)age 40 and older.
Q2) Quid pro quo sexual harassment cases involve coworkers making offensive jokes or rude comments or displaying pornographic materials,but not sexual offers or requests.
A)True
B)False
Q3) Alice works for a large advertising agency where she is hoping to be promoted to a management position.Alice's mother and two sisters all died of breast cancer at a young age.Alice's employer knows this,and will not put Alice in a management position because he fears that she will also develop cancer.This decision is allowed because it is in the best interest of the company.
A)True
B)False
Q4) The EEOC is the federal agency responsible for enforcing Title VII.
A)True
B)False
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Chapter 31: Starting a Business: Llcs and Other Options
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Q1) A limited liability company,unlike an S corporation,can have members that are corporations,partnerships,or nonresident aliens.
A)True
B)False
Q2) Trudy wishes to buy a national franchise.What information is the seller legally required to provide before she buys the franchise?
Q3) Generally,a joint venture is a partnership created for one limited purpose. A)True
B)False
Q4) Andy wants to start his own business.He has decided to rent space in a "strip mall" and open a pet shop.Additionally,he will provide dog grooming services.He figures he can do almost everything himself,though he will need to hire a part-time employee on an "as needed" basis.His friend,Lacy,has agreed to work when needed.
Andy is considering operating his business as a sole proprietorship.What are the primary legal advantages and disadvantages to this form of business ownership for Andy's pet shop?
Q5) What is a joint venture? Briefly explain the tax and liability implications of a joint venture.
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Chapter 32: Partnerships
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Q1) Nancy was a partner of a small business.She could see that the business was beginning to fail and that it was very unlikely it would recover.Not wanting to lose her investment,she asked that the court require the partnership to dissolve since she did not have a legal right to withdraw at that time.Does a court have the authority to order a partnership to dissolve?
A)Yes.A court can dissolve a partnership when it is convinced that the partnership is unlikely to succeed.
B)Yes.Under the UPA,if a partner can show the court the business suffered a loss the year before the case was filed,the court can dissolve the partnership.
C)No.A court can only dissolve a partnership at the request of all the partners.
D)No.A court does not have authority to dissolve the partnership.
Q2) In which case did the plaintiff wish to be a partner so he could share in the profits of the enterprise?
A)Banker v.Estate of Banker
B)Moren v.Jax Restaurant
C)Herman v.Pickell & Kaleidoscope Books
D)Marsh v.Gentry
Q3) Identify and briefly discuss the management rights and duties of a partner.
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34
Chapter 33: Life and Death of a Corporation
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Q1) Sara decided to incorporate her business under the name Gomo,Inc.Before Gomo was incorporated,Sara signed a contract in the name of Gomo,Inc.to lease a store front.Sara did not tell the other party that Gomo was not yet formed.Sara is personally liable on the lease.
A)True
B)False
Q2) A business corporation can be incorporated under either state law or federal law. A)True
B)False
Q3) Denise is a promoter for a proposed corporation,EVR-Young Corp.As promoter,she signed a three-year lease to rent office space in an office park.She signed her name and indicated below her signature that she was signing as "promoter for EVR-Young Corp. ,a company yet to be incorporated."
EVR-Young is never incorporated.The lessor believes that Denise is personally liable for any damages it will sustain as a result of the three-year lease having to be breached.Is Denise personally liable?
Q4) Identify four circumstances that might persuade a court to pierce the corporate veil.
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Chapter 34: Management Duties
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Q1) A staggered board of directors is an example of
A)a hostile takeover maneuver.
B)a special committee.
C)a shark repellent.
D)None of these are correct.
Q2) Amy is on the board of directors of Computers Plus.Computers Plus is looking for a warehouse to purchase.Amy owns a warehouse.In order for Amy to sell her warehouse to Computers Plus,
A)the transaction must be fair to both Amy and Computers Plus.
B)the disinterested members of the board of directors must approve the transaction.
C)she must resign her position on the board of directors of Computers Plus before any negotiations for the warehouse begin.
D)a court must review the opportunity to determine its favorability.
Q3) A director violates the corporate opportunity doctrine if he or she competes with the corporation,unless the disinterested directors approve of the director's actions.
A)True
B)False
Q4) What is the definition of the business judgment rule?
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Chapter 35: Shareholder Rights
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Q1) Benjamin sits on the board of directors of Litman Corporation.He has the support of only 30 percent of Litman's shareholders.Benjamin is best characterized as a(n)
A)independent director.
B)zombie director.
C)inside director.
D)outside director.
Q2) In reality,the officers of the large corporations have a great deal of influence on who will be nominated and elected as directors.
A)True
B)False
Q3) Larry has owned $5,000 of stock in E-prise,Inc.for the past 18 months.Under SEC rules,Larry can require that one proposal be placed in the company's proxy statement to be voted on at the shareholder meeting.
A)True
B)False
Q4) List and describe the various rules that apply to fundamental corporate changes requiring shareholder approval.
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Chapter 36: Bankruptcy
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Q1) Which is an example of a priority claim?
A)alimony
B)income tax
C)child support
D)All of these are correct.
Q2) Peggy's credit card debts are mounting as her costs of insurance and fuel have dramatically increased and her income,from sporadic freelance jobs,has dropped.Chapter 13 of the Bankruptcy Code will allow her to reorganize her debt while she keeps most of her assets.
A)True
B)False
Q3) Which of the following is a primary goal of the Bankruptcy Code?
A)to preserve as much of the debtor's property as possible
B)to pay off the debtor's creditors as quickly as possible
C)to secure debt counseling for the debtor
D)to keep the debtor from falling behind in payments
Q4) The Bankruptcy Code uses the term "debtor" to refer to a person who cannot pay his debts.
A)True
B)False
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Chapter 37: Securities Regulation
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Q1) Discuss the process an issuer follows for either an IPO or a secondary offering.
Q2) What is the legal term meaning that someone has acted with the intent to deceive or with deliberate recklessness as to the possibility of misleading investors?
A)scienter
B)omission
C)negligence
D)fraud
Q3) The 1934 Act requires companies with a class of stock that is publicly traded to make ongoing,regular disclosure with the SEC.
A)True
B)False
Q4) Which of the following is a characteristic of a restricted security?
A)It is purchased in a private offering.
B)It cannot be sold at any time.
C)It is subject to reporting requirements.
D)After six months,it is classified as a control security.
Q5) Securities issued by banks are exempt from SEC registration.
A)True
B)False
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Chapter 38: Antitrust
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Q1) Explain horizontal price-fixing and vertical minimum and maximum price-fixing.Discuss their status under antitrust laws.
Q2) A refusal to deal
A)is a right to decide with whom to do or not to do business and cannot be legally limited.
B)is a rule of reason violation of the Sherman Act and is illegal if it harms competition.
C)is an agreement in which a buyer refuses to purchase goods from a supplier unless the supplier also purchases items from the buyer.
D)occurs when a manager refuses to recognize that price-fixing is a problem.
Q3) For the first 70 years after the Sherman Act was enacted,most scholars and judges took the view that large concentrations of economic power were suspect even if they had no obvious impact on competition itself.
A)True
B)False
Q4) Discuss when monopoly power is not a violation of Section 2 of the Sherman Act.
Q5) Explain the overall purposes of the Sherman Antitrust Act,the Clayton Act,and the Robinson-Patman Act.How do each of these Acts relate to each other?
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Chapter 39: Consumer Protection
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Q1) For the FTC to consider a practice to be unfair,it must meet a three-part test.Which of the following is NOT one of those tests?
A)The practice causes a substantial consumer injury.
B)The harm of the injury outweighs any countervailing benefit.
C)The consumer had no reasonable way to recoup lost funds from the injury.
D)The consumer could not reasonably avoid the injury.
Q2) With regard to mortgages,the Consumer Finance Protection Bureau (CFPB)requires mortgage servicers
A)to contact borrowers who are 36 days late in making a payment.
B)to wait 180 days after nonpayment before beginning foreclosure.
C)to credit payments within 3 days after they are received.
D)to extend delinquent borrowers additional time to repay the loan.
Q3) "Bait-and-switch" tactics are not a violation of FTC rules if the merchant does not have enough stock on hand to meet reasonable demand for the advertised product.
A)True
B)False
Q4) The Truth in Lending Act applies to private individuals who loan money.
A)True
B)False
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Chapter 40: Environmental Law
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Q1) The cost-benefit trade-off is particularly complex in environmental issues because those who pay the cost often are not the ones who receive the benefit.
A)True
B)False
Q2) The disposal of nonhazardous solid waste is
A)generally regulated by state law,but the federal government sets guidelines that must be followed.
B)the only area of environmental concern that has yet to be regulated by federal action.
C)completely governed by federal administrative law.
D)currently the subject of great debate since the federal government has declared such activity falls under the Endangered Species Act and,therefore,a small annoying fly known to frequent landfills must be protected.
Q3) Under Superfund legislation,to what extent must a hazardous waste site be cleaned?
A)reasonable conditions under the circumstances
B)a safe level for the area in which it is located
C)pristine condition,regardless of cost
D)to the condition of the property before the hazardous waste was dumped on it
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Chapter 41: Intellectual Property
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Q1) Which is NOT a provision of the Digital Millennium Copyright Act?
A)It is illegal to delete copyright information or distribute false copyright information.
B)It is illegal to use copyrighted material under any circumstances without permission of the creator.
C)It is illegal to circumvent encryption or scrambling technologies that protect copyrighted works.
D)It is illegal to distribute tools and technologies designed to circumvent encryption devices.
Q2) Identify the main provisions of the Digital Millennium Copyright Act.
Q3) A patent is available for an idea as well as a tangible application.
A)True
B)False
Q4) If a trademarked name acquires a generic meaning,the owner of the trademark loses protection.
A)True B)False
Q5) Unlike with patents,the ideas underlying copyrighted material need not be novel. A)True
B)False
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Chapter 42: Real Property and Landlord Tenant Law
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Q1) Landlord-tenant relationships are governed by a mixture of property law,contract law,and negligence law.
A)True
B)False
Q2) Louie subdivides his oceanfront property with a boat ramp and sells several parcels that do not reach the ocean,promising all purchasers use of the boat ramp.Bernie buys one of the parcels.His right to enter Louie's property to reach the boat ramp is
A)an easement by implication.
B)a profit appurtenant.
C)an easement by reservation.
D)a profit in gross.
Q3) Landlords have the right,and may have a duty,to evict tenants who seriously disturb others.
A)True
B)False
Q4) The city of Richmond needs land owned by the Neelans to expand a middle school.The Neelans do not want to sell.Discuss what course of action the city can take and the basis for this action.
Q5) What is the doctrine of adverse possession? Briefly explain how it works.
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Chapter 43: Personal Property and Bailment
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Q1) Bruce tells his son,"You can have my 1990 truck,but if your grades fall,I'm taking it back." Bruce
A)has made no gift.
B)has made a "revocable gift," which is effective as a gift as long as the stated condition is met.
C)intended to transfer ownership.
D)has made a constructive gift.
Q2) All bailments have to be by agreement between the bailor and bailee.
A)True
B)False
Q3) Most of the goods contained in a freight train (a common carrier)were destroyed when a tornado wrecked the train.The carrier was sued for damages by all the shippers that had merchandise on the train.Is the carrier strictly liable for the damage done to the goods by the tornado?
Q4) After a meeting with his advisor to register for a class at State University,Ron forgot his calculator in the dean's outer office.Theresa,another student,found the calculator.The calculator is treasure trove and Theresa may keep it.
A)True
B)False
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Chapter 44: Planning for the Future: Wills, Trusts and Insurance
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Q1) Under the Uniform Anatomical Gift Act,
A)an individual may indicate the desire to be an organ donor by putting a provision in his will.The provision will take effect after probate of the will.
B)the willingness to be an organ donor may be indicated by signing an organ donation card in the presence of one disinterested witness.
C)family members of a decedent have no right to make a gift of the decedent's organs if the decedent did not make an affirmative indication of the desire to be a donor during her lifetime.
D)an effective donation may be made by an individual in a will or on a witnessed organ-donation card or by family members after the person's death as long as the person did not indicate a desire not to be a donor.
Q2) How many witnesses are required for a nuncupative will to be valid?
A)one
B)two
C)five
D)seven
Q3) Discuss the differences between a will and a trust.
Q4) Identify four ways a trust can be terminated.
Page 46
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