Law for Managers Exam Review
Course Introduction
Law for Managers provides a comprehensive overview of the key legal principles and frameworks that impact managerial decision-making in modern organizations. The course covers areas such as contract law, employment law, torts, corporate governance, and regulatory compliance, equipping managers with the knowledge needed to navigate legal risks and obligations in the workplace. Emphasis is placed on practical applications of the law, ethical considerations, and strategies for minimizing legal exposure, ensuring that students are prepared to lead responsibly while aligning business practices with legal requirements.
Recommended Textbook
Business Law Today Comprehensive 9th Edition by Roger LeRoy Miller
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45 Chapters
3172 Verified Questions
3172 Flashcards
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Page 2
Chapter 1: The Legal Environment
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Sample Questions
Q1) In Export Co.v.Imports,Inc.,there is no precedent on which the court can base a decision.The court can consider
A)neither public policy nor social customs and values.
B)public policy only.
C)public policy or social customs and values.
D)social customs and values only.
Answer: C
Q2) International law is the law of a foreign nation and varies from country to country.
A)True
B)False
Answer: False
Q3) Law includes enforceable rules governing relationships between individuals and their society.
A)True
B)False
Answer: True
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Chapter 2: Constitutional Law
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Sample Questions
Q1) The First Amendment does not protect commercial speech as extensively as noncommercial speech.
A)True
B)False
Answer: True
Q2) A state law that places a significant burden on religion is unconstitutional.
A)True
B)False
Answer: True
Q3) The checks and balances in the U.S.Constitution prevent any one branch of government from exercising too much power.
A)True
B)False
Answer: True
Q4) Under the Constitution,Congress
A)administers the laws.
B)enforces the laws.
C)interprets the laws.
D)makes the laws.
Answer: D
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Chapter 3: Courts and Alternative Dispute Resolution
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Sample Questions
Q1) Edie files a suit against Frank.If this suit is like most cases,it will be
A)dismissed during a trial.
B)dismissed or settled before a trial.
C)resolved only after a trial.
D)settled at a trial.
Answer: B
Q2) The Idaho Supreme Court rules against Jiffy Mart in a case against Kwik Stop Stores,Inc.Jiffy Mart files an appeal with the United States Supreme Court.The Court does not hear the case.This
A)is a decision on the merits with value as a precedent.
B)indicates agreement with the Idaho court's decision.
C)means nothing.
D)means that the Idaho court's decision is the law in Idaho.
Answer: D
Q3) The verdict in a summary jury trial is binding.
A)True
B)False
Answer: False
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Chapter 4: Torts and Cyber Torts
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Sample Questions
Q1) Fraud occurs only when there is reliance on a statement of opinion.
A)True
B)False
Q2) Reaching for a bottle of soda from a display in a Bargain Mart store,Cody slips in a puddle of spilled soda and falls,suffering an injury.Bargain Mart's employees are not aware of the spilled soda until Cody falls.In a suit against Bargain Mart,Cody will most likely
A)lose,because Bargain Mart's employees were not aware of the spill.
B)lose,because Cody should have exercised more care.
C)win,because Bargain Mart can recover from the soda bottler.
D)win,because the spilled soda was foreseeable.
Q3) Kai files a suit against Lana based on one of Lana's statements that Kai alleges is fraudulent.To give rise to fraud,the statement must be one of A)emotion.
B)fact.
C)illusion. D)opinion.
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Chapter 5: Intellectual Property and Internet Law
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Sample Questions
Q1) Ellen publishes a book titled First Place,which includes a chapter from Frank's copyrighted book Great Racecar Drivers.Ellen's use of the chapter is actionable provided A)consumers are confused.
B)Ellen's use is intentional.
C)Ellen's use reproduces Frank's chapter exactly.
D)Ellen does not have Frank's permission.
Q2) A service mark distinguishes products used,or "put into service," by the government.
A)True
B)False
Q3) A collective mark distinguishes products that are likely to be of interest to collectors. A)True
B)False
Q4) Trade dress has the same legal protection as trademarks. A)True
B)False
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Page 7
Chapter 6: Criminal Law
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Q1) Embezzlement is like robbery in that neither crime requires the use of force or fear.
A)True
B)False
Q2) The only defense to criminal liability that justifies the use of force is self-defense.
A)True
B)False
Q3) Britney,an employee of Computer Associates,is arrested at work.A grand jury issues a formal charge against Britney for larceny.This charge is
A)an arraignment.
B)an indictment.
C)an information.
D)an inquisition.
Q4) Only private attorneys prosecute criminal defendants.
A)True
B)False
Q5) Corporations,unlike persons,cannot be liable for crimes.
A)True
B)False
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Chapter 7: Cyber Crime
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Sample Questions
Q1) Hacking is not widespread.
A)True
B)False
Q2) Ollie transmits unsolicited ads to millions of virtual mailboxes,using misleading and deceptive information,including false return addresses.Under federal law,this is
A)a crime only if the recipients previously asked to be "opted out."
B)a crime only if HHH and the recipients are in foreign jurisdictions.
C)not a crime.
D)a crime.
Q3) Gladstone regularly sends unsolicited commercial e-mail to hundreds of millions of recipients.This e-mail is prohibited or regulated in A)most states.
B)only a few states.
C)no state.
D)California only.
Q4) Most states regulate spam.
A)True
B)False
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Chapter 8: Ethics and Business Decision Making
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Sample Questions
Q1) Businesspersons who would choose to act unethically may be deterred from doing so because of public opinion.
A)True
B)False
Q2) Corporations can be perceived as owing ethical duties to groups other than their shareholders.
A)True B)False
Q3) Ethics is concerned with the fairness or justness of an action.
A)True B)False
Q4) The minimal acceptable standard for ethical behavior is compliance with the law. A)True B)False
Q5) Some U.S.bribery laws are directed toward accountants. A)True B)False
Q6) A business firm can sometimes predict whether a given action is legal. A)True B)False
Page 10
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Chapter 9: Nature and Classification
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Sample Questions
Q1) A void contract is enforceable if it is in writing.
A)True
B)False
Q2) There are no exceptions to the rule that contracts voluntarily entered into will be enforced.
A)True
B)False
Q3) Resolving whether a promise should be enforced is the essence of contract law.
A)True
B)False
Q4) InTown Delivery Service promises to deliver a certain couch to Kurt,who promises to pay for the service.If InTown does not perform,the firm may be required to A)do nothing.
B)make another promise.
C)pay damages.
D)perform a different service.
Q5) An express contract must be in writing. A)True
B)False
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Chapter 10: Agreement in Traditional and E-Contracts
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Sample Questions
Q1) An offer may invite an acceptance to be worded in such specific terms that the contract is made definite.
A)True
B)False
Q2) Yvon asks Zac,"Do you want to buy one of my fishing rods" This is
A)a valid offer.
B)not a valid offer because the terms are not definite.
C)not a valid offer because Yvon did not state an intent.
D)not a valid offer because Zack did not respond.
Q3) The UETA covers only e-records and e-signatures relating to a transaction.
A)True
B)False
Q4) Flem,a user of GameCenter.com's Web site,can download gaming software for free if he first clicks on "I accept" after viewing certain terms.This is
A)a contract that does not include the terms.
B)a contract that includes the terms.
C)not a contract but the terms are enforceable.
D)unenforceable.
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Page 12
Chapter 11: Consideration
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Sample Questions
Q1) Jean promises to pay Khalil $500 because "he does not have as much money as other people." Jean's promise is
A)enforceable because society wants people to keep their promises.
B)enforceable because the redistribution of wealth is a valid social goal.
C)not enforceable because Jean could have given more.
D)not enforceable because Khalil has not given consideration in return.
Q2) Joel contracts to hire Huong for one year to tend the orchids in his commercial greenhouse but reserves the right to cancel the employment on one month's notice at any time after Huong begins work.This promise is
A)enforceable.
B)illusory.
C)unliquidated.
D)unforeseen.
Q3) A promise to do something that one has a prior legal duty to do is not consideration.
A)True
B)False
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Chapter 12: Capacity and Legality
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Sample Questions
Q1) On Tad's eighteenth birthday,he decides that he no longer wants to keep a car he bought from U-Pick Autos,Inc.,when he was seventeen.His right to disaffirm the deal will depend on
A)the car's condition when Tad bought it.
B)the car's current condition.
C)whether Tad acts within a reasonable period of time.
D)whether U-Pick has the right to disaffirm.
Q2) An innocent party who has fully performed an illegal contract may sometimes enforce it against a guilty party.
A)True
B)False
Q3) First National Bank signs an agreement not to compete with City Bank that will bar City Bank from continuing to operate in the state in which both banks do almost all of their business.The agreement is likely
A)an unreasonable restraint of trade.
B)enforceable.
C)enforceable if it is ancillary to an agreement by the First National Bank to purchase all of the assets of the City Bank.
D)none of the choices.
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Page 14
Chapter 13: Voluntary Consent
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Sample
Questions
Q1) Leyte believes an old comic book he owns has little value,but Milo is convinced it is a valuable collector's item.Leyte sells it to Milo for $10 before learning it is worth $1,000.Leyte can
A)not rescind the contract.
B)rescind the contract on the basis of fraud.
C)rescind the contract on the basis of mistake.
D)rescind the contract on the basis of puffery.
Q2) Overestimating the value of an object is a mistake for which a court will normally provide relief.
A)True
B)False
Q3) Gina induces Hugh to enter into a contract for the purchase of a condominium about which Gina knowingly misrepresents a number of material features.When Hugh discovers the truth,he can
A)not rescind the contract.
B)rescind the contract on the basis of fraud.
C)rescind the contract on the basis of mistake.
D)rescind the contract on the basis of undue influence.
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Chapter 14: The Statute of Fraudswriting Requirement
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Sample Questions
Q1) To be enforceable,a writing evidencing an oral contract that would otherwise be unenforceable must be signed by the party who seeks to enforce it.
A)True
B)False
Q2) An oral contract is not enforceable unless the parties admit to its existence in court. A)True
B)False
Q3) Under the Statute of Frauds,all written contracts are enforceable.
A)True
B)False
Q4) Sid induces Ty to enter into a contract for the sale of a warehouse about which Sid fraudulently misrepresents a number of material facts.Sid also tells Ty that his commission is 6 percent,but their signed,written contract states "12 percent." The parol evidence rule governs
A)contracts that are induced by fraud.
B)contracts that must be in writing to be enforceable.
C)the admissibility in court of oral evidence.
D)the reformation of oral and written statements into one contract.
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Page 16
Chapter 15: Performance and Discharge
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Sample Questions
Q1) Most contracts are discharged by rescission.
A)True
B)False
Q2) Safe-T Guard Services enters into a contract to secure Taylor's Business Park from vandalism and theft between 6 p.m.and 6 A.m.nightly for six months.At the end of the term,if there has been no vandalism or theft in the Park,Safe-T's performance will have been
A)absolute.
B)complete.
C)conditional.
D)substantial.
Q3) Flo agrees to work as Gary's personal accountant for one year but dies in the sixth month of the contract.Flo's estate
A)is discharged from any contractual liability.
B)must find a competent accountant to fulfill the contract.
C)must pay liquidated damages.
D)must refund any money paid to Flo on the contract.
Q4) A promise to perform under a contract is never absolute.
A)True
B)False
Page 17
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Chapter 16: Breach and Remedies
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Sample Questions
Q1) Ray breaches his lease with Sunny Properties and vacates the premises six months before the end of the term.In some states,Sunny would have to
A)avoid reletting the premises to recover damages from Ray.
B)make reasonable efforts to relet the premises to mitigate dam?ages.
C)relet the premises to recover damages from Ray.
D)sell the premises to recover damages from Ray.
Q2) Refer to Fact Pattern 16-1.If Desmond breaches the contract,Estelle's remedy would most likely be
A)a certain ratio of the amount that Desmond has in liquid funds.
B)a percentage of Desmond's unrealized profit.
C)the difference between the land's contract and market prices.
D)specific performance.
Q3) Lou and Mira want to rescind their contract under which Lou sold an MP3 player to Mira for $50.To rescind the contract
A)Lou must return the $50 and Mira must return the player.
B)Lou must return the $50 only.
C)Mira must return the player only.
D)the parties can keep the "benefits" of their bargain.
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Page 18
Chapter 17: Third Party Rights
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Sample Questions
Q1) A contract between Drill-Bit Sharpeners,Inc.,and East Oil Mining Corporation contains a clause stating that any assignment is "void." This ordinarily prohibits
A)any assignment.
B)no assignment.
C)only an assignment of contract rights to personal services.
D)only an assignment that would change the obligor's risk.
Q2) An incidental beneficiary can sue directly to enforce a promisor's promise.
A)True
B)False
Q3) Fiorella and Midwest Agri-Ship,Inc.,enter into a contract for Midwest to transport a silo of corn for which Fiorella agrees to pay Midwest.Due to schedule conflicts,Midwest contacts Hybrid Crop Transport Company,to which Midwest "assigns all rights under the contract." This transfer is
A)an assignment and a delegation.
B)an alienation and a negotiation.
C)an obligation and a cancelation.
D)prohibited.
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Chapter 18: The Formation of Sales and Lease Contracts
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Q1) Retail Music,Inc.,offers to buy from Super Products Corporation (SPC)1,000 blank CDs of a certain brand.Without notifying Retail,SPC timely ships CDs of a different brand.This shipment is
A)an acceptance of the offer and a breach of the parties' contract.
B)an acceptance of the offer and a fulfillment of the parties' contract.
C)a refusal of the offer and a breach of the parties' contract.
D)a refusal of the offer and a fulfillment of the parties' contract.
Q2) Giles and Hubie enter into a sales contract.With respect to the specific contractual provisions set out in the UCC,Giles and Hubie may
A)agree to different terms only to a reasonable extent.
B)agree to different terms unless they "get caught."
C)agree to whatever terms they wish.
D)not agree to different terms.
Q3) If a sales contract is unilateral,the offeror need not be notified of the offeree's performance.
A)True
B)False
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Page 20
Chapter 19: Title and Risk of Loss
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Sample Questions
Q1) Quality Computer Company agrees to sell one hundred hard drives to Retail Electronics,Inc.The hard drives,which Retail Electronics expressly requires to have certain amounts of memory,are to be shipped "F.O.B.Retail Electronics distribution center in Memphis,TN." When the drives arrive,Retail Electronics rejects them and informs Quality Computer that the drives do not conform to Retail Electronics' memory requirement.A few hours later,the drives are destroyed in a fire at Retail Electronics' distribution center.Will Quality Computer succeed in a suit against Retail Electronics for the cost of the goods
Q2) A contract between Fresh Fruit Corporation and Green Grocer,Inc.,requires 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.
Q3) When the risk of loss for goods passes from a seller to a buyer is generally determined by the contract between the parties.
A)True
B)False
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21
Chapter 20: Performance Breach of Sales Lease Contracts
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Q1) According to the court in Case 20.1,Maple Farms,Inc.v.City School District of Elmira,the defense of commercial impracticability will not excuse the performance of a contractual obligation when there is an increase in the seller's costs while the contract is in force
A)unless the increase in the seller's costs is substantial.
B)under any circumstances.
C)unless the increase in the seller's costs makes it impossible for the seller to perform without losing money.
D)unless the increase in the seller's costs was not foreseeable at the time the contract was formed.
Q2) If goods fail to conform to a contract in any way,the buyer or lessee must reject them.
A)True
B)False
Q3) A seller can terminate a contract on the basis of commercial impracticability if increases in the seller's costs threaten to undercut its profits.
A)True
B)False
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Page 22
Chapter 21: Warranties and Product Liability
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Sample Questions
Q1) Horizon Corporation makes cell phones.Inez files a product liability suit against Horizon,alleging a design defect.Under the Restatement (Third)of Torts: Products Liability,in deciding whether to hold Horizon liable,the court may consider
A)neither the effect of an alternative design on the products' costs and life nor the range of consumer choice among products.
B)only the effect of an alternative design.
C)only the range of products.
D)the effect of an alternative design and the range of products.
Q2) Sweet Candy,Inc.,and Tasty Treats Stores enter into a contract for a sale of candy.Sweet,a merchant who deals in goods of the kind sold,makes express warranties in connection with the sale.Under the UCC,at the time a contract is formed,an express warranty can be disclaimed or modified
A)by clear,conspicuous language called to the buyer's attention.
B)by implied affirmations of fact relating to the goods.
C)in any way that the seller sees fit for the ordinary purpose.
D)in no way.
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Chapter 22: Negotiable Instruments: Transferability Liability
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Q1) A signature can consist of initials signed by a party.
A)True
B)False
Q2) Vera gives Willy a $500 check as payment for a debt.Willy crudely raises the amount of the check to $5,000 and transfers it to Xtreem Sportz store for a new bike.Xtreem deposits the check in its Yankee Bank account.Vera is liable for the payment of $5,000 to A)no one.
B)Willy,Xtreem Sportz,and Yankee Bank.
C)Willy only.
D)Xtreem Sportz and Yankee Bank only.
Q3) Bob writes a check on his account at County Bank to Dona,a famous singer.The person claiming to be Dona is an imposter,however,named Edy.Edy indorses the check to Frank,for whom County Bank cashes it.Ultimately,the loss will most likely fall on A)Bob.
B)County Bank.
C)Dona.
D)Frank.
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Page 24
Chapter 23: Checks and Banking in the Digital Age
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Q1) A bank cannot recover from a holder who cashes a check bearing a forged indorsement once the bank has accepted and paid the item.
A)True
B)False
Q2) Brandy forges Caleb's signature on a check "payable to the order of Brandy" drawn on Caleb's account in Downtown Bank.Caleb's forged signature is A)effective if an innocent third party accepts the check.
B)effective to the degree that it matches Caleb's genuine signature. C)effective to the extent that Downtown Bank debits Caleb's account.
D)not effective.
Q3) On Monday,Eve deposits in her account at Fiscal Bank a local check for $500.After 5:00 p.m.on Friday,from these funds,Eve can withdraw no more than A)$100.
B)$400.
C)$500.
D)$600.
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Chapter 24: Security Interests in Personal Property
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Q1) City Bank's financing statement in collateral owned by Delta Waters Corporation will expire in less than a year.Filed timely,a continuation statement could extend the effectiveness of the financing statement for A)one year.
B)two years.
C)five years.
D)ten years.
Q2) Mona lives in New Jersey,but she works in New York.Mona borrows $1,000 from National Bank,using her motorcycle as collateral.To perfect its security interest,the bank must file its financing statement in at least A)every state.
B)New Jersey.
C)New Jersey and New York.
D)New York.
Q3) A purchase-money security interest in consumer goods is perfected automatically at the time of a credit sale.
A)True
B)False
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Chapter 25: Other Creditors Remedies and Suretyship
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Q1) A mechanic's lien can be enforced to obtain payment for work that improves personal property.
A)True
B)False
Q2) Each state permits a debtor to retain the family home,in its entirety or in part,free from the claims of certain creditors.
A)True B)False
Q3) A creditor with a mechanic's lien on property can sell the property to satisfy the debt.
A)True B)False
Q4) A surety can use any defenses available to a debtor to avoid liability on the obligation to the creditor.
A)True B)False
Q5) Almost all types of property can be garnished.
A)True B)False
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Chapter 26: Bankruptcy
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Q1) Gustav files a petition for bankruptcy under Chapter 13.Gustav is granted a discharge.Debts that will not be discharged include claims for
A)domestic support,fraudulently incurred debt,and student loans.
B)domestic support only.
C)fraudulently incurred debt only.
D)student loans only.
Q2) For individual debtors,the plan in a reorganization case must be completed before discharge will be granted.
A)True
B)False
Q3) One of the primary effects of a discharge is to relieve the liability of a co-debtor. A)True
B)False
Q4) If the assets in a debtor's estate in bankruptcy are insufficient to pay fully all creditors,the debtor is liable for the difference. A)True B)False
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Chapter 27: International Law in a Global Economy
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Q1) A forum-selection clause indicates the place for the resolution of a dispute arising under a contract.
A)True
B)False
Q2) Confiscation occurs when a government seizes a private property for a proper public purpose and awards just compensation.
A)True
B)False
Q3) Congress cannot impose any restrictions on exports except taxes.
A)True
B)False
Q4) UniOil,a U.S.firm,owns property in Venezuela.When the government of Venezuela seizes the property,UniOil asks a U.S.court to order the property's return.The court rules that Venezuela is exempt from the court's jurisdiction.This is
A)a travesty of justice.
B)the act of state doctrine.
C)the doctrine of sovereign immunity.
D)the principle of comity.
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Chapter 28: Agency Relationships in Business
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Q1) A disclosed principal is not liable to a third party for contracts made by the agent acting outside the scope of his or her authority.
A)True
B)False
Q2) Bob,a salesperson at a Carpets Galore store,tells Dita,a customer,"Buy your carpet here,and I'll install it for half of what the store would charge." Dita buys the carpet,which Bob installs for half the store's price.Bob keeps the money.Bob has breached
A)no duty.
B)the duty of loyalty.
C)the duty of notification.
D)the duty of obedience.
Q3) Lenore is the sole proprietor of Mall Kiosks.With respect to contracting for her own business interests,Lenore is
A)an agent and has the authority.
B)an agent but does not have the authority.
C)not an agent and does not have the authority.
D)not an agent but does have the authority.
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Chapter 29: Employment, immigration, and Labor Law
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Q1) An employer may not hire substitute workers to replace strikers.
A)True
B)False
Q2) Only the states set safety standards governing workplaces.
A)True
B)False
Q3) Emma,Frick,Glenda,and Huey are employees of different-sized employers in different industries.A minimum wage must be paid to employees in A)all industries.
B)covered industries only.
C)no industries.
D)small-business industries only.
Q4) The basis for contributions to help pay for an employee's loss of income on retirement is the employee's annual wage base.
A)True
B)False
Q5) Unions must allow their members to participate in union meetings.
A)True
B)False
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Chapter 30: Employment Discrimination
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Q1) Research Statistics Corporation uses a merit system to pay its employees according to their job performance.Suki,a female,and Troy,a male,are Research employees with comparable jobs.Due to superior performance,Suki is paid more than Troy.This is
A)disparate-impact discrimination.
B)gender discrimination.
C)not discrimination.
D)reverse discrimination.
Q2) Job requirements that relate to job performance cannot violate employment discrimination laws.
A)True
B)False
Q3) Gail is an employee of Home Appliances,Inc.,but is unable to perform her job because of her pregnancy.Gail is
A)entitled to disability leave only if Home treats other temporarily dis?abled employees similarly.
B)entitled to disability leave under any circumstances.
C)not entitled to disability leave because she cannot perform her job.
D)not entitled to disability leave under any circumstances.
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Chapter 31: Sole Proprietorships and Private Franchises
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Q1) Opie buys a franchise from Paradise Clothing Corporation.Because this franchise relationship is,like all other franchise relationships,primarily of a certain type,it is governed by A)contract law.
B)the federal service-station franchise termination law.
C)the Federal Trade Commission's Franchise Rule.
D)the Illinois Franchise Disclosure Act.
Q2) A sole proprietorship's income is taxed as the owner's personal income. A)True B)False
Q3) Leo buys an exclusive territory in which he is authorized to set up a plant to make Midwest Dairy,Inc.,products.After receiving the formula,Leo begins making Nice-brand ice cream and other Midwest products.This is
A)a chain-style franchise.
B)a distributorship franchise.
C)a manufacturing franchise.
D)no franchise.
Q4) A sole proprietorship is a separate legal entity for tax purposes. A)True B)False
Page 33
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Chapter 32: All Forms of Partnerships
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Q1) Connie,Drew,and Ellen are the general partners of Foreign Auto Repair,a limited partnership.Connie dies.The partnership can
A)continue only after a distribution of its assets.
B)continue only as a general partnership.
C)continue only if Drew and Ellen consent.
D)not continue because Connie's death dissolves the firm.
Q2) Kelly,Lars,and Mona agree to be partners in Neighborhood Delivery Service (NDS),splitting the profits equally.Kelly contributes 67 percent of the capital.When NDS is dissolved,its liabilities are greater than its assets.The losses are paid by
A)all of the partners in proportion to their capital contributions.
B)all of the partners in proportion to their shares of the profits.
C)Kelly because she contributed most of the capital.
D)Lars and Mona because they contributed the least of the capital.
Q3) In a limited liability partnership,a partner can be exempt from personal liability for partnership obligations.
A)True
B)False
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Page 34
Chapter 33: Limited Liability Companies Special Business
Forms
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Q1) Serious Gamers,LLC,is a limited liability company.Among the members,a dispute arises that their operating agreement does not cover.No statute applies.The dispute is governed by the principles of A)corporate law.
B)partnership law.
C)sole proprietorship law.
D)syndicate law.
Q2) The owners of an unincorporated cooperative have joint liability for its obligations. A)True B)False
Q3) Bee Hive Honey,LLC's members include Chad.For purposes of suing and being sued,Bee Hive Honey is
A)an aggregate of Chad and the other members.
B)a natural person in the members' "family."
C)a legal entity apart from the owners.
D)a non-participating third party.
Q4) A limited liability company cannot be taxed as a partnership. A)True B)False
35
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Chapter 34: Corporate Formation and Financing
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Q1) A shareholder in a professional corporation can be liable for malpractice arising from the rendering of professional services.
A)True
B)False
Q2) Lita is a holder of preferred stock in Mighty Clean Detergents,Inc.Lita has priority over holders of Mighty common stock as to A)nothing.
B)payments of dividends.
C)the date on which Mighty must repurchase the shares.
D)upward changes in the market price of the shares.
Q3) To pierce the corporate veil means to ignore the corporate structure,exposing the shareholders to personal liability.
A)True
B)False
Q4) Incredible eSales Corporation is a new Internet business.How can Incredible eSales obtain capital to finance its operations
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Chapter 35: Corporate Directors,officers, Shareholders
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Q1) Nina is a director of Omega,Inc.Under the standard of due care owed by directors of a corporation,Nina's decisions must be
A)ambiguous and questionable.
B)arguable and defensible.
C)informed and reasonable.
D)perfect and unassailable.
Q2) A dividend may be paid from undistributed net corporate profits.
A)True
B)False
Q3) Thor Power Products Corporation permits its directors to be elected by cumulative voting.This
A)allows minority shareholders to be represented on the board.
B)assures directors that they will be selected by their peers.
C)guarantees Thor's executive officers of the final choice.
D)ensures against persons who may "cloud" the corporate direction.
Q4) A preemptive right is a preference over other shareholders to cast the determining vote on fundamental changes affecting the corporation.
A)True
B)False
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Chapter 36: Corporate Acquisitions, takeovers, Termination
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Q1) Office Company and Keen Company wish to combine all assets,stock,and personnel into a new firm to be called OK Corporation.This is
A)a consolidation.
B)a merger.
C)a share exchange.
D)a takeover.
Q2) A self-tender is a company's offer to acquire stock from its own shareholders.
A)True
B)False
Q3) Marbled Meats Corporation (MMC)proposes to combine with Natural Farms,Inc.,and asks MMC shareholders to vote on the proposal.Omar,an MMC shareholder,votes against it,but is outvoted by the other shareholders.Is there an action that Omar can take to avoid being forced to go along with the transaction If so,what can he do After the combination,Natural Farms ceases to exist.MMC is the surviving firm.What type of combination is this
Q4) Dissolution is the legal death of the artificial "person" of a corporation.
A)True
B)False
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Page 38
Chapter 37: Investor Protection,insider Trading, Corp Gov
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Q1) Willful violations of the Securities Act of 1933 may be subject to criminal prosecution.
A)True
B)False
Q2) Heavy Hauling,Inc.,is a public company whose shares are traded in the public securities markets.Under the Sarbanes-Oxley Act of 2002,to ensure that Heavy Hauling's financial results are accurate and timely,the firm's senior officers must set up and maintain
A)internal "disclosure controls and procedures."
B)external "release and reveal timetables."
C)personal "peruse and review liability policies."
D)public "information and discussion forums."
Q3) Refer to Fact Pattern 37-3.If Dhani is liable under the Securities Exchange Act of 1934,it will be because the information on which he based his purchase of Eureka stock was
A)a forward-looking forecast.
B)not material.
C)not yet public.
D)not yet true.
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Chapter 38: Administrative Law
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Q1) Persons who favor the creation of a National Biotech Agency to regulate the production of genetically altered agricultural products should concentrate their lobbying efforts on
A)Congress.
B)federal administrative agencies that oversee agricultural products.
C)the United States Supreme Court.
D)the president of the United States.
Q2) Caleb is a witness in a controversy involving the U.S.Drug Enforcement Administration.Caleb can be compelled to appear before an administrative law judge if he is served with
A)an order for specific performance.
B)a rule for parol evidence.
C)a subpoena.
D)a politely worded request.
Q3) Administrative agencies can conduct warrantless searches in some situations.
A)True
B)False
Q4) Unlike those who violate statutes,violators of agency rules are not punished.
A)True
B)False
Page 40
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Chapter 39: Promoting Competition
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Q1) Persons in foreign nations cannot be subject to U.S.antitrust law.
A)True
B)False
Q2) A joint refusal to deal with a particular person or firm is always a violation of antitrust law.
A)True
B)False
Q3) To acquire monopoly power in its market,Perfect Plastics,Inc.,sets its prices lower than its competitors.Under the Sherman Act,this is
A)a per se violation.
B)a violation if its competitors make similar deals.
C)a violation if it thereby acquires monopoly power.
D)not a violation.
Q4) An act must have a substantial impact on interstate commerce to violate antitrust law.
A)True
B)False
Q5) A price-fixing agreement that is reasonable does not violate antitrust law.
A)True
B)False
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Chapter 40: Consumer Law
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Q1) Ads cannot be unfair.
A)True
B)False
Q2) Steel Tool Company makes and sells tools.One of the tools is believed to be hazardous.The appropriate government agency may require Steel to A)export the tool and sell it only abroad.
B)increase the price to cover the cost of any injuries or damage.
C)reduce the price to indicate the hazard to consumers.
D)remove the tool from the market.
Q3) Creditors attempting to collect debts are generally considered to be debt-collection agencies.
A)True
B)False
Q4) Bait-and-switch advertising occurs when an ad appears to be based on factual evidence but in fact is not reasonably supported by evidence.
A)True
B)False
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Chapter 41: Environmental Law
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Q1) City,county,and local governments oversee certain aspects of the environment.
A)True
B)False
Q2) Refer to Fact Pattern 41-1.The court is most likely to award Sid an injunction
A)if letting the pollution continue is equally as harmful as stopping it.
B)if letting the pollution continue is less harmful than stopping it.
C)if letting the pollution continue is more harmful than stopping it.
D)under no circumstances.
Q3) Industry Processes Corporation generates solid waste considered hazardous.Industry labels and packages properly all waste to be transported to a disposal site.Under the Resource Conservation and Recovery Act,this is most likely A)not a violation.
B)a violation because Industry generates solid waste.
C)a violation because the waste is transported off-site.
D)a violation because the waste is considered hazardous.
Q4) Federal statutes and regulations do not cover stationary sources of air pollution.
A)True
B)False
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Chapter 42: Liability of Accountants Other Professionals
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Q1) Accountants may be subject to criminal penalties for violations of federal securities laws.
A)True
B)False
Q2) The liability of professionals is based solely on common law.
A)True
B)False
Q3) Each state establishes rules that govern the conduct of attorneys
A)True
B)False
Q4) Daisy Daycare,Inc.,files a suit against Eldon,its former accountant,alleging constructive fraud.Eldon may be held liable
A)if Daisy cannot prove actual fraud.
B)if Eldon was grossly negligent in the performance of his duties.
C)only if Eldon acted with fraudulent intent.
D)only if the court adopts the Ultramares rule.
Q5) A professional cannot be liable for fraud in the absence of fraudulent intent. A)True B)False
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Chapter 43: Personal Property and Bailments
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Q1) Idaho Farms mistakenly puts its potatoes in Jackson Co-op's storage bin,which already contains Kelly Spud Farm's potatoes.It is impossible to tell which potatoes originally belonged to which party.This is A)a bailment.
B)accession.
C)confusion.
D)production.
Q2) Klondike and Leola own 10,000 shares of stock in My-T Gro Corporation.On the death of ether owner,that owner's interest in the stock passes to the surviving owner.This is A)a joint tenancy.
B)a tenancy by the entirety.
C)a tenancy in common.
D)ownership in fee simple absolute.
Q3) Tangible personal property represents a set of rights and interests but has no real physical substance.
A)True
B)False
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Chapter 44: Real Property and Landlord-Tenant Law
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Q1) Dora leases a house from Evan for a two-year term.To ensure the validity of their lease,it should include
A)a description of the premises.
B)a due date for the payment of the property taxes.
C)a requirement that Dora perform structural repairs to the house.
D)a requirement that Evan carry liability insurance.
Q2) Region Construction Company has a right to drive its trucks across Staple Business,Inc.'s property,which is adjacent to Region's office.This right is
A)a leasehold estate.
B)a license.
C)an easement.
D)a profit.
Q3) The holder of a life estate has the right to use property for whatever purpose he or she sees fit without regard to the rights of a fee simple owner.
A)True
B)False
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Chapter 45: Insurance,wills,and Trusts
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Q1) Dieter's will provides for a distribution of his assets on his death.Who will "distribute" Dieter's property,and what are the steps involved
Q2) If a life insurance applicant pays a premium but dies before the physical exam,there is obviously no coverage.
A)True B)False
Q3) A will is probated in part to establish its validity.
A)True
B)False
Q4) Trustworthy Insurance,Inc.,has a valid reason to cancel a policy issued to USA Sales Company.In most states,Trustworthy could cancel the policy with A)oral notice.
B)oral or written notice.
C)no notice.
D)written notice.
Q5) An express trust is created or declared in explicit terms.
A)True B)False
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