Law for Managers Practice Questions
Course Introduction
Law for Managers is designed to equip business leaders with a foundational understanding of key legal principles and their practical relevance to managerial decision-making. The course introduces students to major areas of business law, including contract law, employment law, intellectual property, corporate governance, and regulatory compliance. Emphasis is placed on identifying legal risks in business operations, understanding the impact of law on managerial decisions, and employing ethical frameworks to navigate complex legal environments. Through real-world case studies and interactive discussions, managers gain the tools necessary to minimize legal liabilities and support responsible, informed leadership in a rapidly evolving business landscape.
Recommended Textbook
Essentials of Business Law and the Legal Environment 11th Edition by Richard A. Mann
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Chapter 1: Introduction to Law
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Sample Questions
Q1) The United States Constitution establishes the principle of judicial review,which divides the government into three distinct and independent branches: judicial,executive,and legislative.
A)True
B)False
Answer: False
Q2) Courts of equity:
A)have remained separate court systems in nearly every jurisdiction in the United States.
B)ordinarily do not involve juries.
C)in all cases recognized new rights that were not enforceable at common law.
D)All of the above.
Answer: B
Q3) Law is an instrument of social control.
A)True
B)False
Answer: True
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Chapter 2: Business Ethics
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Sample Questions
Q1) To a __________ ,whether telling a lie in a given instance would produce greater pleasure than telling the truth is less important than deciding if a general practice of lying would maximize society's pleasure.
A)deontologist
B)rule utilitarian
C)ethical fundamentalist
D)ethical relativist
Answer: B
Q2) To a libertarian,it is not unjust for some people to accumulate fortunes while others live in poverty.
A)True
B)False
Answer: True
Q3) Ethics can be defined broadly as the study of what is good or right for human beings.
A)True
B)False
Answer: True
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Chapter 3: Civil Dispute Resolution
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Sample Questions
Q1) Subject matter jurisdiction refers to the authority of a particular court to adjudicate a controversy of a particular kind.
A)True
B)False
Answer: True
Q2) The federal courts have jurisdiction over all matters that have not been exclusively given to the state courts.
A)True
B)False
Answer: False
Q3) Issues of fact are decided by the jury.
A)True
B)False
Answer: True
Q4) In diversity of citizenship cases,federal courts apply:
A)federal substantive and procedural law.
B)state substantive and procedural law.
C)state procedural and federal substantive law.
D)federal procedural and state substantive law.
Answer: D
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Chapter 4: Constitutional Law
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Sample Questions
Q1) The First Amendment allows free speech in any and all circumstances.
A)True
B)False
Q2) In equal protection cases involving economic regulation,the courts use the rational relationship test.
A)True
B)False
Q3) A woman claiming sex discrimination because she was passed over for a promotion by her employer,a local corporation specializing in the manufacture of automobile parts,would have her case reviewed under the __________ test of the Equal Protection Clause.
A)rational relationship
B)intermediate
C)strict scrutiny
D)None of the above
Q4) All but which of the following is an exclusive federal power?
A)The power to establish laws regarding bankruptcy.
B)The power to grant copyrights.
C)The power to enter into treaties.
D)Police power.
Page 6
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Chapter 5: Administrative Law
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Sample Questions
Q1) In general,procedural rules are exempt from the notice and comment requirements of the
A)True
B)False
Q2) An advantage of administrative agencies is that they:
A)relieve legislatures from trying to create legislation that deals with every detail of a specific problem.
B)can be specialized bodies staffed by individuals with expertise in the regulated field.
C)do not have to be concerned about compliance with constitutional mandates since they perform powers of all three branches of government.
D)All of the above.
E)Both (a) and (b).
Q3) Explain what is considered a "major rule" and the effect of an administrative rule's being in this category.
Q4) What limits are imposed on administrative agencies by each of the following: (a)the courts; (b)Congress; and (c)the executive branch?
Q5) Discuss the role of judicial review in relation to administrative agencies.
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Chapter 6: Criminal Law
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Sample Questions
Q1) A crime is an act or omission in violation of public law and punishable by the government.
A)True
B)False
Q2) The state may appeal a verdict of "not guilty" if there is an error in the trial.
A)True
B)False
Q3) A criminal defendant may be convicted by a preponderance of the evidence.
A)True
B)False
Q4) RICO has been successfully applied to businesses that are not engaged in organized crime,despite the fact that its intent is to target organized crime.
A)True
B)False
Q5) You are assigned to participate on a corporate committee responsible for creating a program to comply with the Federal Organizational Corporate Sentencing Guidelines.What should the program include,and what will be the effect of your company's implementing an adequate compliance program?
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Chapter 7: Intentional Torts
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Sample Questions
Q1) Sarah joined a religious cult while a student at college.Her father hired a deprogrammer who spent several weeks with her,during which they occasionally went on outings.After Sarah met with her boyfriend one weekend,she rejoined the cult and sued her father and the deprogrammer for false imprisonment.In this case:
A)Sarah will win because this is clearly false imprisonment.
B)Sarah will lose because she was not confined within fixed boundaries, she was not harmed by the deprogrammer's presence, and she had a reasonable means of leaving.
C)Sarah has committed the tort of malicious prosecution.
D)Sarah's parents are guilty of intrusion but not of false imprisonment.
Q2) The purpose of tort law is to punish the wrongdoer.
A)True
B)False
Q3) Cameron doesn't like Bradley,so at a cocktail party he spread untrue rumors about Bradley's lifestyle.These rumors harm Bradley's reputation in the community.
A)Cameron is guilty of libel.
B)Cameron is guilty of slander.
C)Bradley does not have a defamation suit against Cameron.
D)Cameron is protected by the First Amendment to the Constitution.
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Chapter 8: Negligence and Strict Liability
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Sample Questions
Q1) Res ipsa loquitur means "the thing speaks for itself" and it permits the jury to infer negligent conduct and causation from the mere occurrence of certain types of events.
A)True
B)False
Q2) Arnie negligently stopped his car on the highway.Beth,who was driving along,saw Arnie's car in sufficient time to attempt to stop.However,Beth negligently put her foot on the accelerator instead of the brake and ran into Arnie's car.In this case:
A)Arnie's contributory negligence will prevent his recovery from Beth in all jurisdictions. B)Beth had the last clear chance to avoid the accident and will bear legal responsibility for it.
C)Arnie has assumed the risk of the accident.
D)because both parties were negligent, in a state that follows the pure comparative negligence doctrine, both parties will share the liability for their injuries.
Q3) All intervening causes of harm are also superseding causes.
A)True
B)False
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Page 10
Chapter 9: Introduction to Contracts
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Sample Questions
Q1) The court in the Weichert Co.Realtors v.Ryan case held that the performing party was entitled to recoup the reasonable value of the services rendered under:
A)an express contract.
B)quantum meruit.
C)promissory estoppel.
D)Article 2 of the UCC.
Q2) Lance has a contract with Smith to resurface a driveway at the Smith residence.Lance by mistake stops at the Jones residence and resurfaces Jones' driveway.Jones lives next door to Smith and knows that Lance is at the wrong residence.Jones,however,says nothing and watches while Lance resurfaces his driveway.Is Jones under any contractual obligation to pay Lance for resurfacing his driveway? Explain your answer.
Q3) What are the essential elements of a contract? List and discuss them.
Q4) An obligation imposed by law where there has been no agreement or expression of assent by word or act on the part of either party involved is a(n):
A)implied in fact contract.
B)express contract.
C)void contract.
D)quasi contract.
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Chapter 10: Mutual Assent
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Sample Questions
Q1) The person to whom an offer is made is an offeree.
A)True
B)False
Q2) James offers to sell four acres of land to Jennifer for $8,000 and further offers to keep the offer open for one month if Jennifer will pay him $100 for the privilege.Jennifer pays James $100.Which statement describes the payment of $100?
A)An implied in fact contract has been formed.
B)A unilateral contract has been formed.
C)This created a formal contract.
D)This created an option contract.
Q3) Pedro receives an unordered three-CD set in the mail accompanied by the statement,"This CD set can be purchased for the special price of $19.95.If the CDs are not returned within two weeks they will be deemed accepted and the payment is due within 30 days of receipt of the CDs." Pedro is under no obligation to either return the CDs or to pay for them; he may use them or give or throw them away.
A)True
B)False
Q4) What are the ways in which an offer may be terminated?
Q5) Discuss silence as acceptance of an offer.
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Chapter 11: Conduct Invalidating Assent
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Sample Questions
Q1) Adam wants to buy a six-passenger car.The salesman tells him that the two-seat sports car Adam sees on the car lot would be just perfect for six people.Adam test drives the car and then buys it.
A)Adam has a valid cause of action for fraud.
B)Adam is not entitled to relief based on fraud because he was not justified in relying upon the salesman's representation that the car would seat six people.
C)The element of scienter is missing in this fact situation.
D)The salesman is in a confidential relationship with Adam.
Q2) A famous decision involving mistake in the meaning of contractual terms is Raffles v.Wichelhaus,a case involving two ships with the same name which were confused by the two parties.Neither party was at fault,and the court held that no contract existed.
A)True
B)False
Q3) If the act or threat would affect a person of average strength and intelligence,then and only then will the act constitute duress.
A)True
B)False
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Page 13
Chapter 12: Consideration
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Sample
Questions
Q1) A bank robbery has occurred,and the banker's association has offered a $1,000 reward for information leading to the arrest and conviction of the robber.Several people are claiming to be entitled to the money.Which of them is eligible?
A)The employees of the bank.
B)An on-duty sheriff's deputy in the county where the arrest occurred.
C)An off-duty deputy sheriff from a county other than the one where the arrest occurred.
D)None of the above are eligible.
Q2) Aunt Ellie promises her 21-year-old nephew,Robbie,that she will pay him $100 if he quits smoking for a month.If Robbie does,is there a binding contract?
A)No, because Robbie gave no benefit to Aunt Ellie.
B)No, because Robbie did not suffer any detriment.
C)Yes, because stopping smoking will benefit Robbie's health.
D)Yes, because Robbie gave up a legal right.
Q3) In a bilateral contract,if one party is not bound,neither party is bound.
A)True
B)False
Q4) Is a promise to pay a pre-existing moral obligation enforceable?
Q5) Discuss the concept of adequacy of consideration.
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Chapter 13: Illegal Bargains
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Sample Questions
Q1) Identify five exceptions to the general rule that illegal contracts are unenforceable.
Q2) Al,an accountant,has a tax service and accounting business in Redwood City.He decides to move to Center City,which is 150 miles away and sells his accounting practice to Able and Baker,a CPA firm.In the sale contract,he agrees that he will refrain from practicing accounting anywhere within a 60-mile radius of Redwood City for a period of two years.However,on weekends he returns to his house in Redwood City,and when clients call him,he meets with them in his home.In this case:
A)Al is in violation of the sale agreement, which contained restrictions that would probably be held to be valid.
B)the agreement is invalid, because it is an illegal restraint on trade.
C)the agreement is illegal, because it is a violation of public policy.
D)the two-year provision is likely to be held invalid, because it is too long a period of time.
Q3) An adhesion contract is offered on a "take-it-or-leave-it" basis.
A)True
B)False
Q4) Distinguish between procedural and substantive unconscionability.
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Chapter 14: Contractual Capacity
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Sample Questions
Q1) What is the doctrine of liability for a tort connected with a contract?
Q2) Ratification can occur in which of the following ways?
A)Through express language.
B)As implied from conduct.
C)Through failure to make a timely disaffirmance.
D)All of the above.
Q3) What are the ways in which a minor may disaffirm a contract? What is the effect of a minor's misrepresenting age in order to enter into a contract?
Q4) Jessica at the age of 15 entered into a contract to sell five acres of land to her uncle.She may disaffirm this contract at any time before reaching her majority.
A)True
B)False
Q5) In some states,minors are liable for contracts involving bank accounts and student loans and cannot avoid these contracts even though they can avoid other types of contracts.
A)True
B)False
Q6) What are the two tests for mental competency?
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Chapter 15: Contracts in Writing
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Sample Questions
Q1) Bob sends Fred a letter offering to sell Fred his car for $2,500.Fred writes back that he'll take it.They now must get together and write a memorandum because it is a sale of goods for over $500.
A)True
B)False
Q2) A significant impediment to e-commerce has been the questionable enforceability of contracts entered into through electronic means,such as the Internet or e-mail,because of the writing requirements under contract and sales law.
A)True
B)False
Q3) Under the UCC parol evidence rule,usage of trade will take priority over specific provisions in a written contract.
A)True
B)False
Q4) The statute of frauds has to do with fraud in the inducement of a contract.
A)True
B)False
Q5) Identify at least six situations in which the parol evidence rule does not apply.
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Chapter 16: Third Parties to Contracts
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Sample Questions
Q1) Discuss the revocability of assignments.
Q2) Name four types of contract rights that are non-assignable.
Q3) Harold hired Blake Painters to paint his house.Blake decides he has too many jobs and delegates the duties to the Andrews Company.If Andrews does a poor job,and drips paint on Harold's flowers and windows,Harold:
A)can sue both Blake and Andrews.
B)can sue Blake, but he cannot sue Andrews.
C)can sue Andrews, but he cannot sue Blake.
D)cannot sue, because he has accepted the benefits of the assignment.
Q4) Under the Restatement,if there are successive assignments of the same right:
A)the first assignee to notify the obligor prevails.
B)the latest assignee is usually entitled to the assigned right.
C)a prior assignee is entitled to the assigned right to the exclusion of a subsequent assignee in most circumstances.
D)a subsequent assignee is entitled to the assigned right unless a prior assignee gave value and obtains either a judgment against the obligor or a new contract with the obligor.
Q5) Give an example of an assignment of rights and explain the relationship of the parties.
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Chapter 17: Performance, Breach, and Discharge
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Sample Questions
Q1) Which of the following is true with respect to substantial performance?
A)It has particular importance in the construction industry.
B)Substantial performance does not defeat the purpose of the contract.
C)When one party to a contract has substantially performed, the other party cannot recover damages for the imperfect performance.
D)All of the above.
E)Two of the above, (a) and (b) are correct.
Q2) The Restatement and the Code have made the traditional test of objective impossibility more stringent by requiring that the performance must be actually or literally impossible in order to excuse a party from contractual duties.
A)True
B)False
Q3) An implied-in-law condition and constructive condition are the same.
A)True
B)False
Q4) An accord and satisfaction discharges the original debt.
A)True
B)False
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19
Chapter 18: Contract Remedies
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Sample Questions
Q1) Eve agrees to sell her boutique to Shelley for $150,000.Shelley spends $60,000 on inventory and fixtures for the store,but then Eve repudiates the contract.Shelley is able to sell the inventory and fixtures for $45,000.Since Shelley cannot establish her lost profits with reasonable certainty,discuss what damages she should seek for Eve's breach of contract.
Q2) Marcella pays $12,000 down on a houseboat which Hugh had agreed to sell to her for $64,000.Marcella then repudiates the contract.Hugh sells the houseboat to Lloyd in good faith for $60,000.Marcella may recover from Hugh:
A)nothing, since she was the one who repudiated the contract.
B)her $12,000 down payment since Hugh's contract with Lloyd created a novation and discharged any duty Marcella had to pay anything toward the houseboat.
C)$8,000 in restitution, which represents Marcella's $12,000 down payment less the $4,000 in damages Hugh sustained because of Marcella's breach.
D)only a nominal amount.
Q3) Explain three limitations on monetary damages.
Q4) Restitution can be obtained where a voidable contract is avoided.
A)True
B)False
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Page 20
Chapter 19: Introduction to Sales and Leases
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Sample Questions
Q1) A contract that does not satisfy the writing requirement of the Article 2 statute of frauds,but which is otherwise valid,is enforceable in which of the following situations?
A)Where the goods have been delivered and accepted.
B)Where payment has been accepted.
C)Where the goods have been specially manufactured and are not suitable for resale in the ordinary course of business.
D)All of the above are situations where the contract would be enforceable.
Q2) The Code defines __________ as "honesty in fact in the conduct or transaction concerned."
A)good faith
B)unconscionability
C)merchantability
D)entrusting
Q3) The case of Construction Associates,Inc.v.Fargo Water Equipment Co.illustrates the doctrine of:
A)course of dealing.
B)unconscionability.
C)usage of trade.
D)a transaction outside the Code.
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Page 21
Chapter 20: Performance
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Sample Questions
Q1) If no place of tender is indicated by the contract,delivery is presumed to be made at seller's place of business.
A)True
B)False
Q2) The court in Furlong v.Alpha Chi Omega Sorority held that:
A)the UCC did not apply to this situation.
B)the design specifications were part of the basis of the bargain and as such became an express warranty.
C)rejection of the goods was not rightful even though the sorority seasonably notified the seller within a reasonable time since notice was by phone.
D)the law required the sorority to accept Furlong's offer of compromise.
Q3) A buyer is obliged to accept conforming goods and to pay for them according to the contract terms.
A)True
B)False
Q4) In most sales,the buyer has the right to inspect the goods before he pays.
A)True
B)False
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22
Chapter 21: Transfer of Title and Risk of Loss
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Sample Questions
Q1) In Robinson v.Durham,the court found:
A)the Robinsons were good faith purchasers for value when they bought the car for their business, and they had good title which they passed to Durham.
B)the Robinsons had a voidable title, and they passed good title to Durham, who was a good faith purchaser for value.
C)there was a breach of warranty of title between the Robinsons and Durham.
D)the Robinsons obtained no title from the thief, but they passed good title to Durham since he was a good faith purchaser for value.
Q2) The UCC "risk of loss" rules assign the loss according to who has ownership of the goods.
A)True
B)False
Q3) Tender requires that the seller,at a reasonable time:
A)put and hold conforming goods at the buyer's disposition.
B)give notice to the buyer that the goods are available.
C)keep the goods available for a reasonable period of time.
D)all of the above.
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Page 23
Chapter 22: Product Liability: Warranties and Strict Liability
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Sample Questions
Q1) Horizontal privity pertains to remote sellers within the chain of distribution.
A)True
B)False
Q2) Identify at least four means states have used to limit the punitive damages a plaintiff can collect in a product liability lawsuit.
Q3) Mark tells Leslie that his sweeper has a four-stage allergen filtration system because he was told that when he bought it.Leslie buys the sweeper from Mark,but it does not have the four-stage allergen filtration system.Is Mark liable for breach of warranty?
A)No, because he did not know his statement was false.
B)No, because he did not promise her that the sweeper would filter virtually all allergens because of the four stages.
C)Yes, because the statement was false.
D)Yes, because Mark was not acting in good faith.
Q4) Implied warranties may be excluded by course of performance,course of dealing,or usage of trade.
A)True
B)False
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24
Chapter 23: Sales Remedies
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Sample Questions
Q1) If the buyer is insolvent and has not paid for goods it has received,the seller may reclaim the goods.
A)True
B)False
Q2) Rachel agrees to sell Bill goods for $2,000.The value of the goods accepted is $1,500.If the goods had been as warranted,their value would have been $2,600.What are the buyer's damages for breach of warranty?
A)$500.
B)$600.
C)$1,000.
D)$1,100.
Q3) On the seller's breach,if the buyer makes substitute purchases in good faith and without unreasonable delay,she may recover,as damages,the difference between the cost of cover and the contract price,plus incidental damages but minus any expenses she saved because of the seller's breach.
A)True
B)False
Q4) In what three situations will a seller recover the price of goods plus incidental damages?
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Chapter 24: Form and Content
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Sample Questions
Q1) A promise or order is payable at a definite time if it is payable:
A)at a time readily ascertainable at the time the promise or order is issued.
B)at a fixed date or dates.
C)at a definite period of time after sight or acceptance.
D)All of the above.
Q2) An authorization to confess judgment on the instrument destroys its negotiability.
A)True
B)False
Q3) Distinguish between a note and a certificate of deposit.How are they alike? How are they different? Explain your answer.
Q4) To be negotiable,the instrument must satisfy all except which one of the following requirements?
A)It must contain a promise or order to pay.
B)It must be for a certain amount.
C)It must be payable on demand.
D)It must be signed.
Q5) Only a bank may serve as the maker of a certificate of a deposit.
A)True B)False
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Chapter 25: Transfer and Holder in Due Course
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Sample Questions
Q1) Real defenses include all but:
A)forgery of the instrument.
B)minority of the maker.
C)fraudulent alteration.
D)theft of a bearer instrument.
Q2) Which of the following is required regarding indorsements?
A)An indorsement must be written on the back side of the instrument.
B)Indorsements must comply with Federal Reserve Board guidelines in order for the instrument to be negotiable.
C)Indorsements must be made on a separate sheet of paper stapled to the instrument.
D)None of the above.
Q3) Horst,a holder in due course,buys a note made out by Arthur to Superior Motors.Even though Arthur's debt was discharged through bankruptcy,Horst can collect on the note.
A)True
B)False
Q4) The transfer of a nonnegotiable promise or order operates as an assignment.
A)True
B)False
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Chapter 26: Liability of Parties
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Sample Questions
Q1) If a holder presents a note for payment to the maker,which of the following warranties is/are given?
A)All indorsements are genuine.
B)All signatures are genuine.
C)The holder has no knowledge that any indorsements are forged.
D)The holder is entitled to enforce the note or is authorized to obtain payment on behalf of the person entitled to enforce the note.
E)All of the above.
Q2) Who is primarily liable on a note?
A)The maker.
B)The indorsers.
C)The drawee bank.
D)The holder.
Q3) By paying the holder on an instrument,a party may be discharged from liability.
A)True
B)False
Q4) "Presentment" is necessary within 10 days of the date of issuance of a check.
A)True
B)False
Q5) List and generally explain the warranties on presentment.
Page 28
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Chapter 27: Bank Deposits, Collections, and Funds Transfers
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Q1) Goble,the seller,obtains authority from Meigs,the buyer,to debit Meigs's account after Goble ships the goods.Article 4A covers this transaction.
A)True
B)False
Q2) When a payor bank gets an item payable from a customer's account with insufficient funds,the bank may:
A)pay the item and charge it to the customer's account even though an overdraft is created.
B)dishonor the item and return it.
C)Either (a) or (b).
D)Neither (a) nor (b).
Q3) A preauthorized electronic transfer from a consumer's account:
A)may be orally authorized at the time the transfer is to be made.
B)must be authorized in writing in advance of the time the transfer is to be made.
C)may be stopped only by written notice to the financial institution at least five business days before the scheduled date of transfer.
D)is limited to an amount of $500 or less.
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Chapter 28: Relationship of Principal and Agent
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Q1) Jones,an agent of Rossi,is authorized to sell Rossi's ownership of wheat on the commodities market on Monday.On Monday,however,the market opens with the lowest prices for wheat in two decades.Jones must go ahead and sell Rossi's wheat on Monday.
A)True
B)False
Q2) Carolyn,a cashier at Tops Supermarkets,may cash checks for up to $20 over a purchase amount.A friend needs money for a dress so Carolyn cashes a check for $50 with no purchase.The check bounces.Carolyn is:
A)liable because she violated her duty of obedience.
B)liable because she breached her duty to inform.
C)not liable since she has apparent authority to take the check.
D)not liable unless she knew her friend did not have the money in the bank.
Q3) Which of the following is NOT a major duty,which the agent owes to the principal?
A)Duty to obey instructions.
B)Duty to act in good faith and with loyalty.
C)Duty to indemnify.
D)Duty to exercise care.
Q4) Discuss the nature of agency,including the scope of agency purposes.
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Page 30
Chapter 29: Relationship With Third Parties
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Q1) In general,an undisclosed principal and the third party to a contract are contractually bound if the agent acts within the scope of his actual authority in making the contract.
A)True
B)False
Q2) An agent is never personally liable for the torts he commits while in the scope of his employment.
A)True
B)False
Q3) Gerald,an agent,who makes a contract with Adele on behalf of Leon,an unidentified principal,may maintain in Gerald's own name a breach of contract action against Adele.
A)True
B)False
Q4) When is a principal liable for her own conduct in tort involving the use of agents?
Q5) Apparent authority is not actual authority.
A)True
B)False
Q6) Compare and contrast ratification and adoption of unauthorized contracts.
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Chapter 30: Formation and Internal Relations of General Partnerships
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Q1) Under the RUPA,a partner is a co-owner of partnership property.
A)True
B)False
Q2) Owners of interests in businesses with unlimited liability place their entire estate at risk.
A)True
B)False
Q3) Under the UPA,a partner's ownership interest in any specific item of partnership property is that of a tenant in partnership.
A)True
B)False
Q4) Anita is hired to manage an unincorporated dress boutique owned by Betty.The two agree that Anita will receive one-third of the net profits,which amount is to be paid to her on a monthly basis.Is Anita a partner? If the boutique has a loss instead of a profit,would Anita have to share the loss?
Q5) A general partnership is formed without any formality and no documents need be filed with the state.
A)True
B)False
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Chapter 31: Operation and Dissolution of General Partnerships
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Q1) Under the RUPA,in a term partnership,if within 90 days after any specified cause of dissolution occurs,fewer than half of the remaining partners express their will to wind up the partnership business,the partnership will not dissolve.
A)True
B)False
Q2) Under the RUPA,dissolution occurs automatically upon the happening of an event specified in the partnership agreement as resulting in dissolution.The partners may not agree to continue the business.
A)True
B)False
Q3) A partner is criminally liable for the crimes of her partners. A)True
B)False
Q4) Norma leaves the Tri-County Accounting Partnership.She may immediately compete with the partnership for new clients and may collect and keep the fees she earns from both new clients and from old clients on account of transactions she completes from her partnership with Tri-County.
A)True
B)False
33
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Chapter 32: Limited Partnerships and Limited Liability Companies
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Q1) False statements in a limited partnership's certificate or amendment that cause loss to third parties who rely on the statement may result in liability for the general partners.
A)True
B)False
Q2) The laws of the state in which a foreign limited partnership is organized govern its organization,its internal affairs,and the liability of its limited partners.
A)True
B)False
Q3) Extinguishing a limited partnership involves:
A)dissolution.
B)winding up or liquidation.
C)termination.
D)All of the above.
E)Only (a) and (b).
Q4) The general partners of a limited partnership have almost exclusive control and management of the limited partnership.
A)True
B)False
Page 34
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Chapter 33: Nature and Formation of Corporations
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Q1) A corporation has no constitutional protection against unreasonable searches and seizures.
A)True
B)False
Q2) A corporation is considered a citizen:
A)of the state in which it has its principal office, for the purpose of determining diversity of citizenship.
B)of the state of its incorporation, for the purpose of determining diversity of citizenship. C)under the Fourteenth Amendment privileges and immunities clause.
D)All of the above.
E)Only (a) and (b).
Q3) Under the Revised Act,the filing of the articles of incorporation by the secretary of state is conclusive proof that the incorporators have satisfied all conditions precedent to incorporation so that a shareholder or creditor would be unable to challenge the existence of the corporation.
A)True
B)False
Q4) What are the consequences of a defective incorporation?
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Chapter 34: Financial Structure of Corporations
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Q1) Discuss preemptive rights.Are preemptive rights more important in a closely held corporation or in a publicly held corporation?
Q2) Myrick owns 50 shares of stock in Richley Corp.,which has a total of one thousand shares outstanding.If Richley decides to issue one thousand additional shares of stock and Myrick has preemtive rights,Myrick will be offered one hundred shares of the newly issued stock.
A)True
B)False
Q3) __________,usually called debentures,have only the obligation of the corporation behind them.
A)Secured bonds
B)Income bonds
C)Unsecured bonds
D)None of the above.
Q4) The difference between common and preferred stock is that the latter is a debt instrument,whereas the former represents an equity interest in the company.
A)True
B)False
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Chapter 35: Management Structure of Corporations
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Q1) The Dodd-Frank Wall Street Reform and Consumer Protection Act: A)was signed into law in 2009.
B)authorizes the SEC to issue rules requiring that a publicly held company's proxy solicitation include nominations for the board of directors that have been submitted by shareholders.
C)authorizes the SEC to issue rules directing the national securities exchanges to require that no member of a listed company's compensation committee be an independent director.
D)All of the above.
Q2) Explain the reasons why the accountability of the management of a corporation is a cultural issue.
Q3) A proxy is effective until the shareholder revokes it.
A)True B)False
Q4) Determining the names of other shareholders in order to communicate with them about corporate affairs is a "proper purpose" for a shareholder to inspect the books and records of a corporation.
A)True
B)False
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Chapter 36: Fundamental Changes of Corporations
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Q1) If a purchaser of all a corporation's assets continues the seller's product line,some courts impose upon the purchaser strict tort liability for defects in products previously manufactured by the seller corporation.
A)True
B)False
Q2) The 2002 amendments to the Revised Act provide for domestication and conversion into other entities without a merger.
A)True
B)False
Q3) If a company owns 90 percent or more of a subsidiary's stock,a merger may be effected with approval of the parent's board of directors alone,without resort to shareholders.This is called a:
A)parent-sub merger.
B)board merger.
C)short-cut merger.
D)short-form merger.
Q4) Jasmine owns a controlling interest in the Hardwick Company.Explain her responsibilities if she wants to privately sell her interest.
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Chapter 37: Secured Transactions and Suretyship
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Q1) The creditor's rights against the principal debtor are determined by the contract between them.
A)True
B)False
Q2) A security interest is ineffective against the debtor until it "attaches."
A)True
B)False
Q3) Which of the following is true?
A)A security agreement may create or provide for a security interest in property that the debtor presently does not own or have rights to.
B)Obligations covered by a security agreement may not include future advances.
C)Federal regulation allows a credit seller or lender to obtain a nonpossessory security interest in a consumer's household goods, such as furniture, appliances, and clothing, whether as a purchase money security interest or otherwise.
D)Encryption of a record cannot serve as a debtor's authentication of a security agreement.
Q4) The surety does not have the right of contribution from cosureties.
A)True
B)False
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Chapter 38: Bankruptcy
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Q1) Which of the following is both a prejudgment and a postjudgment remedy for a creditor?
A)Writ of execution.
B)Garnishment.
C)Attachment.
D)Supplementary proceeding.
Q2) Monica's husband is an accountant who keeps the books for her business.When it goes bankrupt,will Monica's husband's claim for services be allowed by the bankruptcy courts?
A)No, since he is an insider.
B)No, because it would be difficult to prove that services were actually rendered.
C)Yes, but only up to the reasonable value.
D)Yes, as long as he is not an officer of the corporation.
Q3) Any person who may be a debtor under Chapter 7,except a stockbroker or a commodity broker but including railroads,may be a debtor under Chapter 11.
A)True
B)False
Q4) Bankruptcy legislation serves a dual purpose.What are these purposes?
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Page 40
Chapter 39: Securities Regulation
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Q1) The Dodd-Frank Act amends the 1933 and 1934 Acts to require knowledge as the mental state required for the SEC to bring aiding and abetting cases.
A)True
B)False
Q2) Securities sold under Regulation A must be registered if they are resold.
A)True
B)False
Q3) SEC regulations concerning fraud in securities transactions apply to:
A)all securities transactions involving interstate commerce.
B)only securities registered under the 1934 Act.
C)only securities registered under the 1933 Act.
D)securities registered under both the 1933 and 1934 Acts.
Q4) Rule 10b-5 applies to any:
A)buyer of a registered security.
B)seller of a registered security.
C)person who buys or sells a registered security.
D)person who buys or sells any security.
Q5) The Securities Act of 1933 is also called the "Truth in Securities Act."
A)True
B)False
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Chapter 40: Intellectual Property
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Q1) Federal trademark protection may be obtained for the symbol of the U.S.flag.
A)True
B)False
Q2) A corporation in the business of developing genetically engineered pharmaceutical products has developed a new genetically engineered microorganism that it would like to protect.The corporation may patent the microorganism.
A)True
B)False
Q3) The Wal-Mart Stores,Inc.v.Samara Brothers,Inc.case involved which of the following?
A)Infringement of unregistered trade dress.
B)Infringement of a registered symbol.
C)Use of a certification mark.
D)Use of a collective mark.
Q4) Identify the three types of patents,their requirements,and duration.
Q5) Examples of service marks include:
A)Howard Johnson's orange roof.
B)trade dress.
C)nonfunctional design of labels.
D)All of the above.
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Chapter 41: Employment Law
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Q1) A union shop contract requires the employer to hire only union members.
A)True
B)False
Q2) Under the Americans with Disabilities Act:
A)only governmental employees are covered.
B)punitive and compensatory damages are not recoverable.
C)an employer may not use tests that screen out workers with disabilities.
D)punitive damages for intentional discrimination are subject to a ceiling depending on company size.
Q3) Which of the following would NOT be a violation of Title VII of the Civil Rights Act of 1964? An employer refuses to hire an applicant for a job because the person is:
A)a Mormon.
B)a woman.
C)sixty-four years old.
D)Hispanic.
Q4) What are the remedies available for violations of the Civil Rights Act of 1964?
Q5) What is the difference between a "closed shop" and a "union shop"?
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Chapter 42: Antitrust
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Q1) Sarreno Cheese Co.supplies mozzarella cheese to pizza restaurants at $1.70 per pound.In order to snare the business of one large pizza chain,Sarreno offers to sell them cheese at $1.45 per pound.This will violate the Robinson-Patman Act unless:
A)the pizza chain can already get the cheese for $1.45 elsewhere.
B)Sarreno can show its price is justified because of a cost savings based on quantity.
C)Sarreno lowers the price to all its customers.
D)Two of the above, (b) and (c).
E)Any of the above.
Q2) A restraint of trade may be classified as either horizontal or vertical.
A)True
B)False
Q3) The Clayton Act exempts labor,agricultural,and horticultural organizations from all antitrust laws.
A)True
B)False
Q4) A "Vertical Restraint Index" is a measure of relative market share.
A)True
B)False
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Chapter 43: Accountants Legal Liability
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Q1) Taylor,who is conducting an audit of Oakwood Corporation,becomes aware of information that indicates Oakwood was involved in an illegal payment.Discuss Taylor's responsibilities.
Q2) Wurst & Wurst is the accounting firm that has been used by the Intercontinental Bank for over twenty years.Tim approached Alfred,a Wurst partner,at a cocktail party.Tim asked about the bank's stability.Although Alfred knew that the bank's stock was overvalued because of some questionable loans,he felt a considerable amount of loyalty to the bank for being a good customer of his accounting firm.Alfred told Tim that Wurst had just finished an audit of the bank,and that the bank was as sound as the Rock of Gibraltar.The next day Tim bought 1,000 shares of Intercontinental.One month later,the bank's losses became the subject of a major financial scandal.Tim is angry and wants to sue.Does he have a case?
Q3) Audit working papers would include which of the following?
A)Records of accounting and auditing procedures and tests performed.
B)Engagement letters.
C)A collection of IRS rulings related to auditing in general.
D)Accountant fees accrued for the year from all accounts.
Q4) What are the requisite elements of fraud?
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Chapter 44: Consumer Protection
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Q1) The Consumer Product Safety Commission enforces the:
A)Federal Hazardous Substances Act.
B)Flammable Fabrics Act.
C)Refrigerator Safety Act.
D)All of the above.
E)None of the above.
Q2) Which of the following is empowered to issue industry-wide safety standards for consumer products?
A)UCCC
B)RESPA
C)FCCPA
D)CPSC
Q3) Since 1976,the Food and Drug Administration has had the increased authority to:
A)subject medical devices to premarket approval.
B)require manufacturers to do corrective advertising.
C)make manufacturers responsible for seeing that drugs are proven safe and effective before being sold.
D)make package inserts or labels on drugs list possible side effects.
Q4) Discuss the role of the state attorneys general in consumer protection.
Q5) Discuss ARMs and their regulation.
46
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Chapter 45: Environmental Law
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Q1) Agricultural and urban runoff are examples of point source pollution,which is inherently more difficult to control than nonpoint source pollution.
A)True
B)False
Q2) If,after performing an environmental assessment,a federal agency concludes that an EIS is not required,the agency must engage in "scoping."
A)True
B)False
Q3) There is currently a law promoting the purchase,development,and use of industrially polluted property.
A)True
B)False
Q4) TSCA includes provisions that:
A)regulate the manufacture of new chemicals.
B)allow for the registration of pesticides.
C)require that exports be labeled "not registered for use in the United States of America."
D)All of the above.
Q5) List and define the common law remedies for environmental damage.
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Chapter 46: International Business Law
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Q1) The seller contracts directly with the buyer in the other country under a:
A)multilateral trade agreement.
B)direct export sale.
C)flow of trade.
D)None of the above.
Q2) In international business transactions,a documentary letter of credit:
A)is a method of payment for goods that reduces the seller's risk from the possibility that the goods will be shipped, but not paid for.
B)is a type of bill of lading.
C)is a guarantee by the seller's bank that it will pay the price of the exported goods if the seller breaches the contract.
D)All of the above.
Q3) Peterson,an American exporter,sells lumber to a Japanese importer,using a documentary letter of credit.Typically in this situation,the correspondent bank will be in Japan.
A)True
B)False
Q4) What is the basic purpose of the World Trade Organization (WTO)?
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Page 48
Chapter 47: Introduction to Property, property Insurance,
Bailments, and Documents of Title
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Q1) Mary cleaned her dorm room in the spring and left a pile of books in Sara's room.Mary told everybody that the books were a gift to Sara.Does Sara have to dispose of them?
A)Yes, because there was a present intent and delivery.
B)Yes, because they are constructively in Sara's possession.
C)No, because Sara did not accept the books.
D)No, because there was no agreement between the two parties.
Q2) Carol took her earrings off at Marcia's beauty shop and put them on the counter.She left the shop without remembering the earrings.Betty finds them and wants to keep them.Can she?
A)Yes, since she is a finder.
B)Yes, she now is the true owner.
C)No, since the earrings were personal property.
D)No, Marcia would have the right to keep them as against anyone but Carol.
Q3) All bills of lading are negotiable and may be transferred like a check.
A)True
B)False
Q4) A furnace would often be classified as a "fixture."
A)True
B)False
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Chapter 48: Interests in Real Property
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Q1) If the lease is silent on the subject,a tenant may assign his lease.
A)True
B)False
Q2) In a condominium:
A)all residents own shares in the corporation that owns the building.
B)each resident purchases a living unit in the building.
C)the tenant owns a reversionary interest in the property.
D)the tenant creates a future interest in the property known as a possibility of reverter.
Q3) Millie,a tenant,wrongfully abandons her apartment after six months,even though there are six months left on her lease.If there is no survival clause in the lease,would the landlord be able to hold Millie liable for rent?
A)Yes, but he must leave the apartment vacant.
B)Yes, after he gives notice to Millie.
C)Yes, after he relets the apartment.
D)No, the obligation to pay ended when Millie abandoned the apartment.
Q4) An easement describes a limited possessory interest in the land.
A)True
B)False
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Chapter 49: Transfer and Control of Real Property
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Q1) The seller's warranty that he has marketable title to the land would be breached if the buyer discovers:
A)a lien on the land.
B)a defect in the chain of title.
C)a lease of the premises.
D)All of the above.
E)Both (a) and (b) above are correct.
Q2) Which of the following would be an invalid restrictive covenant in a deed?
A)A requirement that all buildings are of a certain style.
B)A requirement that all homes contain a double garage.
C)An agreement not to sell to African-Americans.
D)An agreement requiring a minimum size for homes.
Q3) Jesse purchases Erica's house and in so doing assumes the mortgage.Which of the following is true?
A)Jesse is personally liable to pay the mortgage.
B)Erica is personally liable to pay the mortgage.
C)Erica is no longer liable to pay the mortgage.
D)Both (a) and (b).
E)Both (a) and (c).
Q4) Discuss the types of deeds that can be used to transfer title.
Page 51
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Chapter 50: Trusts and Wills
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Q1) The powers of a trustee are determined solely by the trust instrument.
A)True
B)False
Q2) A stepchild will not ordinarily inherit under intestacy statutes unless legally adopted.
A)True
B)False
Q3) Rayshawn served as a witness to Samuel's will,but died before Samuel.When Samuel's will is probated,proof of Rayshawn's handwriting is necessary unless there are enough other witnesses to meet the statutory requirements without Rayshawn.
A)True
B)False
Q4) Which of the following is untrue regarding the revocation of a will?
A)There can be a partial revocation.
B)An inadvertent destruction of a will acts as a revocation.
C)The execution of a second will does not of itself constitute a revocation of an earlier will.
D)Divorce does not ordinarily revoke a will.
Q5) Under what conditions do courts impose a constructive trust?
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