Legal Aspects of Business Decision Making
Test Preparation
Course Introduction
This course examines the critical legal principles and frameworks that influence business decision making in both domestic and global contexts. Students will explore a variety of legal topics including contract law, agency, employment law, intellectual property, business organization structures, and regulatory compliance. Emphasis will be placed on identifying legal risks, understanding the implications of business actions, and applying legal reasoning to real-world business scenarios. Through case studies and practical examples, students will develop the ability to make informed, ethical choices that minimize liability and support organizational objectives.
Recommended Textbook
The Legal Environment of Business A Managerial Approach Theory 2nd Edition by Sean
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P. Melvin
Chapter 1: Legal Foundations
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Sample Questions
Q1) Trial lawyers are also referred to as _______.
Answer: litigators
Q2) Equitable rules used in the context of common law rules that guide courts in deciding cases or controversies are called equitable _______.
Answer: maxims
Q3) Legal positivists believe that agreed-upon laws should be uniformly and strictly enforced and may be changed only by the government.
A)True
B)False
Answer: True
Q4) The clean hands doctrine is most specifically applied to:
A) primarily plaintiffs.
B) primarily defendants.
C) both plaintiffs and defendants equally.
D) the judge and jury deciding the case.
Answer: A
Q5) A collection of uniform legal principles focused on a particular area of traditional state law is called ________ of the Law.
Answer: Restatements
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Chapter 2: Business and the Constitution
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Sample Questions
Q1) Veto power is a power granted to the ________ branch of government.
Answer: executive
Q2) The right to privacy is a specifically named right established in the Bill of Rights.
A)True
B)False
Answer: False
Q3) Marbury v. Madison, decided in 1803, is no longer considered valid precedent and has been preempted by statute.
A)True
B)False
Answer: False
Q4) According to the decision in Brown v. Entertainment Merchants Association, the court applied an intermediate-level scrutiny standard because the state's action was related to a fundamental right-freedom of speech.
A)True
B)False
Answer: False
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Chapter 3: The American Judicial System, Jurisdiction, and Venue
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Q1) State long-arm statutes are used to establish subject matter jurisdiction over out-of-state defendants.
A)True
B)False
Answer: False
Q2) A state court may not unilaterally declare or decide that proper venue for a case should be in another state.
A)True
B)False
Answer: True
Q3) The effects test has been used by courts to establish personal jurisdiction over out-of-state defendants for both intentional and unintentional acts that have caused harm to in-state plaintiffs.
A)True
B)False
Answer: False
Q4) A state family court that hears only divorce and child-related matters would be said to have ________ jurisdiction.
Answer: limited
Page 5
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Chapter 4: Resolving Disputes: Litigation and Alternative
Dispute Resolution Options
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Sample Questions
Q1) The number of civil cases filed annually in state and federal courts combined exceeds:
A) 10 thousand.
B) 10 million.
C) 20 thousand.
D) 20 million.
Q2) In the civil system, the term litigation refers to:
A) matters that occur prior to the trial.
B) the trial itself.
C) both the pretrial and the trial.
D) posttrial enforcement of judgments.
Q3) The filing of the complaint begins which stage of litigation?
A) the pleadings
B) discovery
C) voir dire
D) the trial
Q4) Discuss the potential advantages of ADR over litigation.
Q5) A ________ is a document filed by one party that requests court action in a matter pertaining to the litigation.
Q6) Evidence that proves innocence or nonliability is called ________ evidence. Page 6
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Chapter 5: Business, Societal, and Ethical Contexts of Law
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Q1) When a company is developing a code of ethics, what are the four key points that must be followed to create a usable and effective document?
Q2) Arthur Andersen, as a result of its conviction following the Enron scandal, is now completely out of business.
A)True
B)False
Q3) Enron Corporation was a multinational conglomerate with a core business of:
A) oil and gas exploration and production.
B) energy trading.
C) insurance and stock speculation.
D) banking and mortgage lending.
Q4) Which of the following is not a challenge a common challenge to business ethics and values management?
A) Ethics cannot be taught.
B) Complying with the law is all that a corporation needs to do to remain ethical.
C) Ethics cannot be managed.
D) Success is measured in profits and losses, not in ethical conduct.
Q5) The notion of ________ is a central theme in Immanuel Kant's work.
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Chapter 6: Overview and Language of Contracts
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Sample Questions
Q1) A promise that can be accepted only by the performance of the person to whom it is offered is an example of:
A) a bilateral contract.
B) a unilateral contract.
C) an implied contract.
D) a quasi-contract.
Q2) A contract for installing a new furnace is an example of a hybrid contract.
A)True
B)False
Q3) A valid contract is one that has all the necessary elements and, thus, can be enforced.
A)True
B)False
Q4) An enforceable contract has four necessary elements: mutual assent, capacity to contract, consideration, and legal purpose.
A)True
B)False
Q5) A contract is a promise or set of promises __________ by law.
Q6) The reason and outcome of the contract must be a ___________ purpose.
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Q7) Contracts that involve goods and services are known as ________ contracts.
Chapter 7: Contract Formation
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Q1) In Leonard v. PepsiCo Inc., the court ruled against Leonard and refused to enforce the purchase of a Harrier jet because:
A) the advertisement specifically referred to the accumulation of points to purchase items in the catalog and the Harrier was not listed in the catalog.
B) the sale of a Harrier jet, still used by the military, would jeopardize national security, so Pepsi's ad could not be taken seriously.
C) Leonard did not accumulate points but instead purchased them, which violated the rules of the offer.
D) Leonard did not accept the offer in the manner specified and required in the offer, so his acceptance was defective and void.
Q2) A minor's contract for actual necessities does not require that the minor be mentally competent for the contract to be valid.
A)True
B)False
Q3) A basic fact or assumption in a contract is said to be ________ to the contract.
Q4) The legal term for guilty knowledge that is an element of fraudulent misrepresentation is _______.
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Chapter 8: Contract Performance: Conditions, Breach, and
Remedies
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Sample Questions
Q1) Beth has just signed a contract to work for a bank. A clause in the contract says that before she begins work, she must pass a drug test and should drug use be discovered, the contract becomes void. This clause would be a:
A) condition precedent.
B) condition subsequent.
C) concurrent condition.
D) nothing of consequence since Beth has already signed the contract.
Q2) Sally has just purchased a home and wants to have an in-ground pool installed. She calls Cool Pools, the company that put in her neighbors' pools. When the company rep comes to her property, he does some soil tests that are standard for the industry and gets the same results as he got when the other pools were put in, so the company gives her a price quote of $16,000. When Cool Pools begin excavating, it discovers solid rock 4 feet below ground level. The neighbors had no such rock. Cool Pools stops work and informs Sally that it will have to use explosives to remove the rock and the cost of the pool will now be $32,000.
A) Sally is under contract and will have to pay the new price.
B) Sally can have the contract discharged based on impracticability.
C) Sally can have the contract discharged based on impossibility.
D) Sally can have the contract discharged based on frustration of purpose.
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Chapter 9: Contracts for the Sale of Goods
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Sample Questions
Q1) When a buyer rejects nonconforming goods and purchases the appropriate goods from a different seller, the buyer is said to be _______.
Q2) Normally, the buyer's offer in a commercial transaction takes the form of:
A) a personal letter.
B) a purchase order.
C) an acknowledgment form.
D) a phone call with the parties directly speaking with each other.
Q3) Two merchant companies have entered into a contract for the sale of goods but have had no prior dealings that would establish a course of conduct between them. The UCC will allow gap fillers to apply to their contract regarding missing terms in each of the following situations except:
A) they have failed to specify when payment for the goods is to be made.
B) they have failed to specify where delivery of the goods is to be made.
C) they have failed to specify the quality or grade of the goods to be delivered.
D) they have failed to specify the price of the goods to be delivered.
Q4) In what ways does the United Nations Convention on Contracts for the International Sale of Goods differ from the UCC in terms of coverage and application?
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Chapter 10: Torts and Products Liability
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Sample Questions
Q1) Jessica was caught shoplifting at a department store both by employees who witnessed the act and by cameras in the store. The store's management may hold her as long as it takes to get her to confess.
A)True
B)False
Q2) Employers, in some states, enjoy an absolute privilege when giving employment references as long as the reference is factual and without malice.
A)True
B)False
Q3) The point at which liability for negligence stops is called:
A) proximate cause.
B) negligence per se.
C) res ipsa loquitur.
D) negligence interruptus.
Q4) Under concepts articulated in MacPherson v. Buick, a manufacturer of a defective product is liable only to the purchaser of the product and not to every user.
A)True
B)False
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Chapter 11: Agency
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Sample Questions
Q1) One of the principal's duties is to keep an accounting during the agency relationship.
A)True
B)False
Q2) Angelina hires Brad to drive a truck to a depot 200 miles away. She specifies the route that he is to take and tells him to be sure to arrive by 5 p.m. On the way, Brad finds himself nodding off due to hunger. He checks the time and finds that he has plenty of time to make the 5 p.m. deadline, so he decides to stop at a diner that he is familiar with. The diner is three-quarters of a mile off the route that Angelina had specified. Brad does not call Angelina to ask for permission. On the way to the diner, Brad runs a red light and has a collision with Billy Bob. Billy Bob sues Angelina.
A) Angelina wins because Brad was on a detour, freeing her from liability.
B) Angelina wins because Brad was on a frolic, freeing her from liability.
C) Angelina loses because Brad was on a detour, so she is liable.
D) Angelina loses because Brad was on a frolic, so she is liable.
Q3) Actual authority is the authority that the third party may reasonably assume that the agent possesses.
A)True
B)False
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Chapter 12: Employment Relationships and Labor Law
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Sample Questions
Q1) Which of the following is also called the Taft-Hartley Act?
A) National Labor Relations Act
B) Labor Management Relations Act
C) Labor-Management Reporting and Disclosure Act
D) Fair Labor Practices Act
Q2) In NLRB v. Midwestern Personnel Services Inc., the court agreed with the NLRB position, saying that unfair labor practice strikes do not lose their character when economic motives contribute to their cause and that they remain unfair labor practice strikes as long as employees are motivated in part by unfair labor practices.
A)True
B)False
Q3) Employers are not required to offer their employees health care benefits.
A)True
B)False
Q4) If a worker dies before retirement, all Social Security benefits are forfeited and no benefits are paid to anyone.
A)True
B)False
Q5) Expressly firing someone for whistle-blowing constitutes the act of _____.
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Chapter 13: Employment Discrimination
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Q1) State and local affirmative action plans in regard to race- or gender-based preferences in the hiring of government contractors are subject to strict scrutiny.
A)True
B)False
Q2) Affirmative action sets and requires quotas in order to meet racial and sexual equality.
A)True
B)False
Q3) Once an employee has established that she or he has a covered disability, the Americans with Disabilities Act requires that the employer make reasonable accommodations allowing the employee to perform the essential functions of the job.
A)True
B)False
Q4) What was the justification for, and the purpose of, the Lilly Ledbetter Fair Pay Act of 2009?
Q5) Following an investigation by the EEOC, should discrimination be found, the next step for the agency is to begin _______.
Q6) Disparate treatment is analyzed using the ________ standard.
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Chapter 14: Choice of Business Entity, Sole Proprietorships, and Partnerships
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Q1) A limited partnership is formed by the limited partner's filing of a certificate of limited partnership with the appropriate state government authority.
A)True
B)False
Q2) Wayne Lewis wants to start a sole proprietorship named Lewis Plumbing Services. Because it will be a sole proprietorship, Wayne has no filing requirements other than obtaining the appropriate business license from the local and state government where the business will be located.
A)True
B)False
Q3) If someone successfully sues a sole proprietorship, he or she must exhaust the businesses assets before going after the principal's personal assets.
A)True
B)False
Q4) Federal laws regulating the selling of equity in limited partnerships through broker-dealer contracts are known as ________ laws.
Q5) Limited partnerships are required to file a(an) ________ return with the IRS each year.
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Chapter 15: Limited Liability Companies and Limited Liability Partnerships
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Q1) What is the purpose of an operating agreement, and what benefits does it afford an LLC?
Q2) John, Paul, Mark, and Luke have been operating an LLC, and according to the operating agreement, the term of the LLC is set to expire in the near future. What options do the four partners have?
Q3) LLCs are pass-through entities for tax purposes; however, LLPs are taxed at the entity level without tax liability passing to partners other than their personal salary income if any.
A)True
B)False
Q4) LLCs are frequently governed by an agreement of the parties called an LLC agreement or _______.
Q5) Although many LLCs are treated as pass-through entities, an LLC's members may elect to be taxed as a:
A) sole proprietorship.
B) general partnership.
C) limited liability partnership.
D) corporation.
Q6) ________ are those who start up an LLC initially.
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Chapter 16: Corporations
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Q1) A nonprofit corporation is not permitted to make or produce revenue.
A)True
B)False
Q2) Any corporation that does not make money is classified as a nonprofit corporation.
A)True
B)False
Q3) Shareholders generally have the power and right to do each of the following except:
A) veto a board decision to issue more capital stock.
B) veto a board decision to pursue venture capital financing.
C) approve structural changes in the corporation through the amending of the articles of incorporation.
D) elect and remove officers.
Q4) Courts are generally inclined to be predisposed to piercing the corporate veil whenever a corporation causes economic harm to others.
A)True
B)False
Q5) What is meant by the expression "double taxation" of corporations?
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Chapter 17: Regulation of Securities, Corporate
Governance, and Financial Markets
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Q1) Gina is the executive secretary to the CEO of a large public corporation. One day her boss takes her into a back room containing numerous cardboard file boxes and three shredding machines, and he orders her to shred every document and file in the room. He then says, "We're under investigation by the SEC, and if they get their hands on anything in this room, we're ruined." She asks what is going on and is told that the company has been perpetrating frauds for years and needs to destroy all the evidence.
A) Since Sarbanes-Oxley does not have a whistle-blower provision, Gina has no recourse if she wants to keep her job.
B) Since Gina didn't actually participate in the frauds and since she is only following orders, she will have no liability.
C) Since the investigation is ongoing and no charges have been brought, shredding the documents is not a punishable offense yet.
D) Gina could be imprisoned for up to 20 years if she shreds the documents.
Q2) Payments made to common stockholders based on the profitability of the company are called _______.
Q3) In what two ways do federal securities statutes define a security?
Q4) State security laws are generally referred to as ________ laws.
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Chapter 18: Administrative Law
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Q1) What is the name of the test used by the courts to analyze the validity of an agency's statutory interpretation and action?
A) Amoco test
B) Valero test
C) Chevron test
D) Texaco test
Q2) States often have their own versions of federal administrative agencies.
A)True
B)False
Q3) Administrative agencies at the state level do not issue licenses.
A)True
B)False
Q4) Which of the following is not a major source of administrative law?
A) the Constitution
B) enabling statutes
C) the Administrative Procedures Act
D) public opinion
Q5) Describe the state of administrative law at the state level. What are some examples of parallel agencies?
Q6) What is the logical-outgrowth test?
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Chapter 19: Environmental Law and Policy
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Sample Questions
Q1) The Toxic Substance Control Act (TSCA):
A) gives the FDA broad jurisdiction in controlling risks from manufacturing, processing, use, and disposal of chemical compounds.
B) gives the state legislatures broad jurisdiction in controlling risks from manufacturing, processing, use, and disposal of chemical compounds.
C) gives the EPA broad jurisdiction in controlling risks from manufacturing, processing, use, and disposal of chemical compounds.
D) gives the EPA limited jurisdiction in controlling risks from manufacturing, processing, use, and disposal of chemical compounds.
Q2) The National Environmental Policy Act (NEPA) process does not allow for public notice that would enable a citizen to influence an agency's decision.
A)True
B)False
Q3) Banks that become owners of contaminated property through foreclosure are not liable for cleanup costs.
A)True
B)False
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Chapter 20: Antitrust and Regulation of Competition
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Q1) The U.S. Major League Soccer league wants to have more similarity in its licensed goods, so the league decides to contract with a single company to produce all of the licensed goods for every team. Will MLS be able to do so?
Q2) Vertical restraints are restrictions in which one company colludes with a ________ company.
Q3) Proof of a seller's economic power in the market is necessary to prove an antitrust violation under the Clayton Act.
A)True
B)False
Q4) ________ is an agreement between competitors to divide markets or geographic regions.
Q5) Under the Robinson-Patman Act, businesses that are considering mergers that are over a certain dollar amount are required to give advance notice to the FTC and Department of Justice.
A)True
B)False
Q6) In the case of U.S. v. Colgate, the court found that ________ boycotts do not fall under the Sherman Act.
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Chapter 21: Creditors Rights and Bankruptcy
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Q1) What is the role of a trustee in bankruptcy?
Q2) Properties owned by businesses are eligible for mortgage refinancing under the Mortgage Forgiveness Debt Relief Act.
A)True
B)False
Q3) Nora loaned money to Susan and received a signed security agreement from Susan.
To make sure she has priority as a creditor, Nora could:
A) give the security agreement to her attorney.
B) do nothing-the date of signing gives Nora priority.
C) file the security agreement in a security deposit box.
D) take possession of the collateral.
Q4) Bankruptcy is the only option for businesses that want to not be liable for their debts. A)True B)False
Q5) Secured creditors do not need to perfect their interests to be protected under the UCC.
A)True B)False
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Chapter 22: Consumer Protection Law
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Q1) If they do it properly, sellers may limit a buyer's remedies in all situations.
A)True
B)False
Q2) If a seller offers a written ________ warranty, the consumer transaction is subject to the Magnuson-Moss Act.
Q3) The Magnuson-Moss Act requires a label with warranty conditions regarding all products that cost $10 or more.
A)True
B)False
Q4) Collection agencies may threaten to put the debtor in jail in an effort to recover the money that is owed to the creditor as long as the debt is legitimate and overdue.
A)True
B)False
Q5) FDA regulations do not apply to the labeling of food packages.
A)True
B)False
Q6) Many express warranties are made through advertisements.
A)True
B)False
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Chapter 23: Criminal Law and Procedure in Business
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Q1) The amendment requiring that an arrest warrant may not be issued without probable cause is the:
A) Fourth Amendment
B) Fifth Amendment
C) Sixth Amendment
D) Eighth Amendment
Q2) Maria is the CFO of a company being investigated by the SEC for various alleged violations. Each of the following would constitute an obstruction of justice except:
A) ordering her secretary to lie if she is questioned.
B) refusing to answer questions and invoking the Fifth Amendment.
C) shredding her personal calendar and appointment book.
D) changing some figures on documents used to support filed financial statements.
Q3) Criminal law regulates the rights and duties between private parties.
A)True
B)False
Q4) A plea by a defendant in which the defendant does not admit guilt but agrees to penalties imposed as if guilty is called a plea of no contest or _____.
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Chapter 24: Personal Property, Real Property, and Land Use Law
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Q1) Mia has written a deed that says, "To Chelsea for life, and upon her death the property shall go back to me." What kind of interest does Mia have in the property upon Chelsea's death?
A) a repudiation
B) a redemption
C) a reversion
D) a retention
Q2) An easement is a nonpossessory interest in land.
A)True
B)False
Q3) What is the difference between the assignment of a lease and the subletting of a lease? How does each pertain to the rights and duties of the original tenant?
Q4) Riparian rights have to do with:
A) water rights.
B) airspace rights.
C) subsurface mineral rights.
D) leasehold rights.
Q5) A piece of personal property affixed to real property is called a ______.
Q6) Ownership of land is typically evidenced by a ______.
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Chapter 25: Intellectual Property
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Q1) Which of the following is a service mark?
A) the Adidas three stripes on a pair of sneakers
B) the GEICO gecko in advertisements
C) McDonald's golden arches
D) the Geek Squad at Best Buy
Q2) If a student goes to the library and plagiarizes text from a book or other publication, he or she is guilty of indirect infringement.
A)True
B)False
Q3) Illegal acquisition of a company's trade secret constitutes ______.
Q4) The rule of omission applies when someone creates something exactly like an item already patented but deletes a feature included in the original product. The new product will not be considered a patent infringement if the deleted feature was a significant element of the original.
A)True
B)False
Q5) When an invention is shown to be new and unique, the invention has met the ________ standard.
Q6) "Snapple" is an example of a(an) ________ trademark.
Page 28
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Chapter 26: International Law and Global Commerce
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Q1) The civil law system is based on the ______ legal heritage.
A) English
B) Roman
C) American
D) Italian
Q2) The use of treaties as a modern source of international law dates to World War I and the Treaty of Versailles.
A)True
B)False
Q3) Private international law primarily addresses relationships between countries, business entities, and international organizations.
A)True
B)False
Q4) The World International Property Organization created an arbitration center in Switzerland for the arbitration of each of the following except:
A) copyrights.
B) patents.
C) trademarks.
D) contracts.
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