Legal Aspects of Business Exam Materials
Course Introduction
Legal Aspects of Business introduces students to the fundamental principles of law that affect the business environment. The course covers essential topics such as contracts, agency, business structures, sale of goods, intellectual property, and consumer protection. It examines the impact of statutes, regulations, and judicial decisions on business operations and highlights the importance of ethical and legal compliance for organizational success. Through case studies and practical examples, students develop the ability to identify legal risks, understand their rights and responsibilities, and make informed business decisions within the framework of current legal standards.
Recommended Textbook Business Law 16th Edition by Jane Mallor
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Page 2
Chapter 1: The Nature of Law
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Q1) Which of the following is applied in a lawsuit between two private parties?
A) Criminal law
B) Civil law
C) Procedural law
D) Public law
Answer: B
Q2) Which of the following is true of Restatements?
A) They are promulgated by courts.
B) They can be adopted as common law by the states.
C) They include only statutory laws.
D) They are law and binding on courts.
Answer: B
Q3) Which of the following is a characteristic of legal realists?
A) They define law as that which is codified in the books.
B) They believe in the use of discretionary standards.
C) They believe that the rules in the books-really affect people's lives.
D) They believe that "law is law,just or not."
Answer: B
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3
Chapter 2: The Resolution of Private Disputes
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Sample Questions
Q1) Contracts sometimes contain a provision reciting that disputes between the parties regarding matters connected with the contract must be litigated in the courts of a particular state.What is such a provision called?
A) Choice of law clause
B) Forum selection clause
C) Substantive clause
D) Minimum contacts clause
Answer: B
Q2) The motion to dismiss for failure to state a claim upon which relief can be granted is sometimes called the:
A) deposition.
B) demurrer.
C) interrogatory.
D) directed verdict.
Answer: B
Q3) Generally,forum selection clauses in form agreements are unenforceable.
A)True
B)False
Answer: False
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Page 4
Chapter 3: Business and the Constitution
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Sample Questions
Q1) According to _____,most of the Constitution's individual rights provisions block only the actions of government bodies,and not private bodies,in cases of violation of rights.
A) independent checks
B) due process
C) state action
D) federal supremacy
Answer: C
Q2) Which of the following characterizes procedural due process?
A) The procedures are clearly laid in the Constitution.
B) It entitles one to a fair hearing before action is taken.
C) It challenges rules that set standards of behavior for organized social life.
D) It does not require adequate notice to be given before action.
Answer: B
Q3) The Fourteenth Amendment's equal protection guarantee has been made applicable to federal government action through incorporation of it within the Fifth Amendment's Due Process Clause.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Business Ethics, Corporate Social Responsibility,
Corporate Governance, and Critical Thinking
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Sample Questions
Q1) Asking whether a decision will produce the right results is an example of deontological theory.
A)True
B)False
Q2) Jack flipped a coin five times and each time it came up heads.His friend Atmel saw this and bet Jack that the next flip would come up tails.Atmel figured that it was overdue for a tails and so tails was a more likely outcome in the next flip.Atmel has fallen prey to:
A) sunk cost fallacy.
B) reductio ad absurdum.
C) argumentum ad hominem.
D) gambler's fallacy.
Q3) Rawls's justice theory focuses on outcomes.
A)True
B)False
Q4) A "non sequitur" used in an argument is a wrong conclusion:
A) that does not follow from the facts or premises set out.
B) based on a false analogy.
C) that relies on the idea that a popular belief is true.
D) based on an attack against the speaker,not his/her reasoning.
Page 6
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Chapter 5: Criminal Law and Procedure
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Q1) The Double Jeopardy Clause:
A) establishes that a person cannot be prosecuted by the state for a state crime after being acquitted of a federal crime,if the two alleged crimes involved essentially the same facts.
B) protects criminal defendants from having to undergo more than one prosecution by the same sovereign for the same criminal offense.
C) establishes that a single criminal act with multiple victims cannot result in more than one criminal prosecution.
D) bars a private plaintiff from pursuing a civil case against the defendant who was criminally prosecuted for the same alleged conduct.
Q2) In Miranda v.Arizona the United Supreme Court mandated that police officers have to give suspects a warning about their rights.
A)True
B)False
Q3) Crimes are private wrongs.
A)True
B)False
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Page 7
Chapter 6: Intentional Torts
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Sample Questions
Q1) Punitive damages are not meant to compensate victims for their injuries.
A)True
B)False
Q2) Which of the following is most likely to involve both defamation liability and liability for putting a person in a false light?
A) Saying that a philosopher favors Plato's philosophy over Aristotle's,when in fact the reverse is true.
B) Falsely saying that an anti-abortion activist favors a candidate that is conservative and is anti-abortion.
C) Falsely saying that an anti-abortion activist favors giving parents a right of infanticide for all children less than one year old.
D) Signing a conservative Christian clergyman's name to a petition advocating greater sexual freedom for homosexuals which the clergyman supports the petition in private.
Q3) In order to be liable for conversion,the defendant must know that the property rightfully belongs to someone else.
A)True
B)False
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8
Chapter 7: Negligence and Strict Liability
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Sample Questions
Q1) Which of the following parties enter a property with the possessor's consent,but for his/her own purpose?
A) Licensee
B) Trespasser
C) Invitee
D) Attendee
Q2) In some states if the plaintiff in a negligence action substantially contributes to the harm at issue,then the plaintiff will not recover.This theory of negligence is called what?
A) Contributory Negligence
B) Premise Liability
C) Criminal Negligence
D) Negligence per se
Q3) State X has a law requiring that all cars have a functioning muffler.The law's sole purpose is to protect all the state's citizens against noise pollution.Donna violates the law when her muffler falls off her car while she is driving on a busy freeway.Pete,a citizen of State X,suffers damage to his car when it is damaged after colliding with the muffler.Pete sues Donna under negligence per se.Will he recover? Why or why not?
Q4) What are the strategies followed by the tort reform movement?
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Page 9
Chapter 8: Intellectual Property and Unfair Competition
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Q1) Which of the following permits a firm to register a trademark in all its signatory nations simultaneously by filing an application for registration in any signatory nation and was joined by the United States in 2003?
A) The Berne Convention
B) The Paris Convention for the Protection of Industrial Property
C) The Madrid Protocol
D) The Kyoto Protocol
Q2) Trademark protection in the United States is for 30 years.
A)True
B)False
Q3) Susan was hired by Teddy & Co.as a sales woman.However,the management on seeing her intelligence and capabilities allowed her to use the office library and research facility to create an inventive product.Susan now wants to patent the product in her own name.This is not permissible under the:
A) doctrine of equivalents.
B) respondeat superior doctrine.
C) shop right doctrine.
D) doctrine of assignment.
Q4) Discuss one criticism of the first-to-file policy.
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Chapter 9: Introduction to Contracts
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Sample Questions
Q1) Contracts are typically between one party and who?
A) The federal government
B) The state government
C) Another private party
D) An international agency on commerce
Q2) An otherwise valid contract whose enforcement is barred by the applicable contract statute of limitations is an example of a(n):
A) voidable contract.
B) quasi-contract.
C) bilateral contract.
D) unenforceable contract.
Q3) Which of the following contracts are agreements that create no legal obligations and for which no remedy is given?
A) Valid contracts
B) Unenforceable contracts
C) Void contracts
D) Voidable contracts
Q4) What is the main difference between a void contract and a voidable contract? Give examples of each.
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Chapter 10: The Agreement: Offer
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Q1) The Toy Company offers to sell Wal-Mart 10,000 dolls at a certain price.The offer,which is signed by TTC's President,is complete and certain as to all material terms.The offer also states that it will remain open for four months,but does not require any consideration in support of this promise.TTC revokes the offer 100 days after it was made.Is this revocation effective? Would your answer change if TTC revoked 80 days after the offer was made?
Q2) The offeror is said to be the "master of the offer." This means that offerors have the power to determine the terms and conditions under which they are bound to a contract.
A)True
B)False
Q3) Ashburn had a big ranch in Georgia.One day Pamela stated,"I'd like to buy your sheep for $50.They're so cute!" to which Ashburn immediately replied,"Sure.That's a deal!" This cannot be enforced as a contract because of lack of:
A) consideration.
B) definiteness.
C) communication to offeree.
D) present intent to contract.
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Page 12
Chapter 11: The Agreement: Acceptance
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Sample Questions
Q1) Which of the following would indicate a rejection under the mirror image rule?
A) Inquiry regarding terms
B) Material changes to offer
C) Grumbling acceptance
D) Present intent to accept
Q2) Sue Sandon and Joe Rhine have concluded their agreement in all substantial matters of their contract for goods offer like price,quantity,and mode of delivery but the formal written agreement has not been signed yet.Is there a binding contract at present?
A) Yes,because an oral contract should suffice.
B) Yes,because a contract is formed at the time the agreement is concluded.
C) No,because the minor terms also need to be taken care of.
D) No,because the agreement is not yet signed and thus,legally unenforceable.
Q3) The only person with the legal power to accept an offer and create a contract is the original offeree.
A)True B)False
Q4) An acceptance is assent to a proposal by the offeree to the offeror.
A)True B)False
Page 13
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Chapter 12: Consideration
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Q1) A promise not to sue another party is not consideration,because the promise does not convey any legal value to the other party.
A)True
B)False
Q2) Mr.Green is a local mobster who makes Mr.Blue pay $100 not to have his business burned to the ground.What is the status of the contract between Mr.Green and Mr.Blue?
A) There is no contract because Mr.Green gave inadequate consideration
B) There is a contract as long as Mr.Green registers the contract with the Secretary of State
C) There is a contract as long as $100 is a reasonable profit for not burning down the business
D) There is a contract as long as a court reviews the terms within 30 days
Q3) Which of the following is often used by agreements that try to make gratuitous promises look like true bargains?
A) Nominal consideration
B) Past consideration
C) Composition agreement
D) Requirements contract
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14
Chapter 13: Reality of Consent
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Q1) Which of the following elements establishes a case of duress?
A) An assertion was made with knowledge of its falsity.
B) There is an untrue assertion of a fact.
C) The contract was induced by improper threat.
D) There is a mistake about the basic assumption of the contract.
Q2) A person who seeks to recover damages for deceit has to establish,apart from the elements of rescission,an additional element of:
A) injury.
B) injustice.
C) fraud.
D) materiality.
Q3) A contract may be voidable even if the person making the misrepresentation believes in good faith that what he/she says is true.
A)True
B)False
Q4) A party who has the right to rescind a contract may do so at any time.
A)True
B)False
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Chapter 14: Capacity to Contract
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Q1) Which of the following characterizes emancipation?
A) It allows parents to receive services from the child.
B) It occurs only through parents' consent.
C) Most states grant an emancipated minor the capacity to contract.
D) There are no formal requirements for it.
Q2) What is emancipation?
A) Termination of a case of fraud and misrepresentation.
B) Termination of a bargain that is considered void.
C) Termination of parental rights to control a child.
D) Termination of necessaries in a quasi-contractual case.
Q3) The general rule is that,contracts entered into during minority can be disaffirmed as soon as they are formed.Which of the following is an EXCEPTION to the rule?
A) Contracts affecting investment.
B) Contracts affecting the title to real estate.
C) Contracts affecting necessary supplies to be provided to the minor.
D) Contracts affecting his/her employment as a child actor.
Q4) Generally,the age of majority for contracting purposes is 21 years.
A)True
B)False
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Chapter 15: Illegality
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Q1) Which of the following constrains the employee from divulging or using certain information gained during his employment?
A) nonsolicitation agreement
B) nondisclosure agreement
C) noncompetition clause
D) deed of trust
Q2) Noncompete clauses in contracts:
A) are never enforced because they violate anti-trust laws.
B) are never enforced because they are unethical.
C) are always enforced under the doctrine of "freedom of contract."
D) are enforced if found to be reasonable.
Q3) Which of the following is an example of substantive unconscionability?
A) Terms that are stated in "fine print"
B) A disparity in bargaining power between the parties
C) High-pressure sales tactics
D) Unjustifiably harsh terms
Q4) Any contract that is deemed illegal is also a criminal violation.
A)True
B)False
Q5) What is an exculpatory clause?
17
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Chapter 16: Writing
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Q1) The parol evidence rule blocks evidence of subsequent agreements that modify a completely integrated written contract.
A)True
B)False
Q2) Sean made an oral promise to sell a piece of land to Sean.Sean took a huge loan from the bank by mortgaging everything he had.After taking almost half the money from Manny,Sean decides that he wants to sell the land to Jason who is offering a higher price for the property.Which of the following doctrines can Manny take recourse to in order to implement his oral contract with Sean?
A) Integration
B) Subsequent agreement
C) Confirmatory memorandum
D) Part performance
Q3) Most states' statutes of frauds do not require land leases to be in writing unless they: A) involve more than two parties.
B) are ancestral property.
C) are going to be sold permanently.
D) are for a year or more.
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18
Chapter 17: Rights of Third Parties
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Q1) Which of the following is NOT one of the implied warranties that the assignor gives to the assignee?
A) That the obligor has capacity to contract.
B) That the contract is not voidable for any reason known to the assignor.
C) That the assignor has good title to the rights assigned.
D) That the obligor is solvent.
Q2) Unless specific language indicates otherwise then an assignment of a right will be interpreted to include a delegation of duty under a contract.
A)True
B)False
Q3) Quick Corp.has $270,000 of outstanding accounts receivable.On March 10,1988,Quick assigned a $30,000 account receivable due from Pine,one of Quick's customers,to Taft Bank for value.On March 30,Pine paid Quick the $30,000.On April 5,Taft notified Pine of the March 10 assignment from Quick to Taft.Who is Taft entitled to collect the $30,000 from?
A) Either Quick Corp.or Pine
B) Quick Corp.only
C) Pine only
D) Taft Bank cannot claim any money because it notified Quick Corp.too late
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Chapter 18: Performance and Remedies
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Q1) What is a remedy for a party that is in material breach of a contract but has incurred economic harm by already performing substantially for the contract?
A) Liquidated damages
B) Quasi-contract
C) Bilateral contract
D) Incorporation
Q2) Which of the following instances is sufficient reason to cause commercial impracticability?
A) Increased cost
B) War
C) Collapse of market
D) Shortage of good
Q3) There is prescribed formal language that must be used to create an express condition as part of a contract.
A)True
B)False
Q4) Specific performance is almost never awarded in contracts for the sale of land.
A)True
B)False
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Chapter 19: Formation and Terms of Sales Contracts
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Q1) Maple Interiors,located in Boston,contracted to sell and ship sofas to Peach Furniture,located in Atlanta.The contract stated that the goods were to be shipped "F.O.B.Boston,via XYZ railroad." Maple delivered the sofas to XYZ railroad.They were shipped from Boston but never seen again.Both Peach and Maple had assumed that the other party had the risk of loss,so neither had obtained insurance.Who must bear this loss?
A) Peach must bear the loss because the risk passed to it after the sofas were placed on the loading dock at Maple's warehouse.
B) Peach must bear the loss because the risk passed to it after the sofas were delivered to XYZ railroad.
C) Maple must bear the loss because the goods were never tendered to Peach.
D) Maple must bear the loss because in any sale by a merchant,risk does not pass until the actual delivery of the goods to the buyer.
Q2) The importance of the terms FOB and FAS in contracts for the sale of goods is that they obligate the buyer to pay immediately upon delivery of the goods.
A)True B)False
Q3) What is the UCC approach to the risk of loss of goods during transportation?
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21
Chapter 20: Product Liability
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Q1) _____ is the plaintiff's voluntary consent to a known danger.
A) Contributory negligence
B) Product misuse
C) No privity
D) Assumption of risk
Q2) Which of the following factors will be most important in determining whether an express warranty has been created concerning goods sold?
A) The seller's description of the goods formed the basis of the bargain.
B) The buyer or seller is a merchant with respect to the goods being sold.
C) The seller intended to create the express warranty.
D) The buyer relied on the seller's statements.
Q3) What section of the UCC grants a warranty for fitness for particular purpose?
A) 2-315
B) 2-102
C) 3-115
D) 7-104
Q4) A disclaimer of the implied warranty of merchantability can be oral.
A)True
B)False
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Chapter 21: Performance of Sales Contracts
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Q1) After entering into a contract,a buyer becomes concerned that the other party may not be able to perform his contract obligations.The buyer demands assurance from the other party that the contract will be performed.What is the maximum time period that the buyer would have to wait before considering the other party has repudiated the contract?
A) 90 days
B) 10 days
C) 30 days
D) 365 days
Q2) If a buyer has a basis for rejecting a delivery of goods then the buyer can act whenever the buyer wishes to reject the goods after the delivery.
A)True
B)False
Q3) Ace Appliances,an appliance store,orders 100 toasters from Consolidated Electric (CE).The toasters CE ships to Ace,however,are not the ones Ace ordered.Hence,Ace rejects them.CE then insists that Ace return them,at the expense of Ace.Can CE make Ace return the toasters? If so,who pays the cost of returning the toasters?
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Page 23
Chapter 22: Remedies for Breach of Sales Contracts
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Q1) On May 1,S sells goods to B.B immediately resells the goods to C,who buys in good faith and pays cash.On May 2,S learns that B was insolvent when it accepted the goods.On May 3,therefore,S demands return of the goods from B.B says: "Sorry about that,but I sold them to C.A seller's recovery rights under section 2-702(2)are inferior to the rights of a good faith purchase for value,and C evidently qualifies as such a purchaser. C." Can S recover the goods from C?
No,S cannot recover the goods from
Q2) The UCC provides that a lawsuit for breach of a sales contract must be filed within a year after the breach occurs.
A)True
B)False
Q3) In the eventuality of nondelivery by the seller,which of the following would be reduced from the amount of damages claimed from the seller?
A) The difference between the contract price of the goods and their market price at the time he learns of the seller's breach
B) Incidental damages
C) Expenses saved
D) Consequential damages
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24
Chapter 23: Personal Property and Bailments
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Q1) Property can be transferred by a will,if it is validly executed.
A)True
B)False
Q2) Carl gave his car to be serviced and washed at Harold's carwash.Unknown to either of them,Danny replaces the engine in the car with a new four-speed transmission.He now claims that the car belongs to him.Which of the following is true?
A) Carl remains the actual owner,as he always was.
B) Danny has rights over the car since he improved it.
C) The car belongs to Harold because he is the owner of the carwash.
D) Danny can sue both Harold and Carl if they do not pay him.
Q3) A gift inter vivos is a gift:
A) made in contemplation of death.
B) between two living persons.
C) between a deceased person and a living one.
D) made in consideration for money.
Q4) Which of the following is true of conditional gifts?
A) They are considered completed gifts.
B) They come with certain restrictions.
C) They cannot be revoked.
D) They need to be delivered.
Page 25
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Chapter 24: Real Property
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Q1) Mr.Green sneaks into hunting property of Mr.Blue.Mr.Green builds a basic structure that is hidden from plain site.Ten years later Mr.Green files for title of the property.A court will reject Mr.Green's assertion of ownership of the property.
A)True
B)False
Q2) Homeowner Ann Jameson entered into a 90-day exclusive right to sell listing agreement with a real estate broker,Bill Boor.One week later,Jameson sold the house to her neighbor,Jerry Mateo,who learned that the property was for sale when he saw the "for sale" sign in Jameson's yard.Boor contends that he is entitled to a commission on the sale.Is Boor entitled to a commission? Why or why not?
Q3) When taxes assessed on real property are not paid when due,they become a(n)_____ on the land.
A) easement
B) lease
C) loan
D) lien
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Chapter 25: Landlord and Tenant
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Q1) The common law held that landlords:
A) did not have the right to evict tenants for nonpayment of rent.
B) needed to make necessary repairs of their leased premises.
C) were responsible for the injuries caused to tenant due to their negligence.
D) made no implied warranties about the quality of leased premises.
Q2) A _____ occurs when a tenant remains in possession of the property (holds over)after a lease has expired.
A) periodic tenancy
B) tenancy at sufferance
C) tenancy at will
D) month-to-month tenancy
Q3) Earl leased an apartment from Kent.Under the terms of the lease,Earl would remain a tenant for eight months and the tenancy would expire on December 8<sup>th</sup>.This is an example of:
A) a tenancy for years.
B) a month-to-month tenancy.
C) a tenancy at will.
D) a tenancy at sufferance.
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Chapter 26: Estates and Trusts
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Q1) A(n)_____ is a legal relationship in which a person who has legal title to property has the duty to hold it for the use or benefit of another person.
A) accession
B) lien
C) trust
D) codicil
Q2) Which of the following is true of testamentary capacity?
A) A person must be in perfect mental health in order to have testamentary capacity.
B) A person must be 18 years of age (in most states)in order to have testamentary capacity.
C) A person must have personal property in order to have testamentary capacity.
D) A person must have real property in order to have testamentary capacity.
Q3) If a person dies intestate,his real property will be distributed:
A) to the state in which the property is located.
B) to the state of the person's domicile.
C) according to the law of the state in which the property is located.
D) according to the law of the state of the person's domicile.
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Page 28
Chapter 27: Insurance Law
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Q1) Punitive damages are allowed when the insurer's breach of contract consisted of a good faith but erroneous denial of the insured's claim.
A)True
B)False
Q2) Generally in business liability policies,if the insured is liable on respondeat superior grounds,then he will be covered by the policy.
A)True
B)False
Q3) Which of the following accurately states the legal effect of the insured's violation of an increase of hazard clause in a property insurance policy?
A) An increase of hazard clause provides that the insurer's liability will be terminated if the insured takes any action materially increasing the insurer's risk.
B) The insurer acquires the right of subrogation.
C) The insurer cannot avoid having to pay the insured for a loss unless the loss resulted from the condition that constituted a violation of the increase of hazard clause.
D) The insured becomes obligated to pay punitive damages to the insurer.
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Chapter 28: Introduction to Credit and Secured Transactions
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Q1) A surety has a right of _____,which is the right of the surety or guarantor to require the debtor to make good on his commitment to the creditor when he (1)is able to do so and (2)does not have a valid defense against payment.
A) reimbursement
B) exoneration
C) contribution
D) subrogation
Q2) John receives certain goods from Tom.He promises to pay Tom later.This transaction is based on a(n)_____.
A) deed of trust
B) unsecured credit
C) mortgage
D) subrogation
Q3) Who are party to a deed of trust?
Q4) A surety has a right of exoneration.
A)True
B)False
Q5) Give two reasons why the surety-guarantor distinction is important.
Q6) What is an equity of redemption?
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Chapter 29: Security Interests in Personal Property
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Q1) A perfected purchase money security interest in a manufacturer's stock has priority over a conflicting security interest in the same stock if the notification states that the person expects to acquire a purchase money security interest in stock of the debtor and describes the stock.Which of the following priority rules does this statement correspond to?
A) PMSI in noninventory collateral
B) PMSI in inventory collateral
C) Buyer in the ordinary course of business
D) Artisan's and mechanic's lien
Q2) Which of the following is true about perfection of fixtures?
A) Automatic perfection does not apply for consumer goods that are yet to become fixtures.
B) A creditor who relies on attachment for perfection will prevail against other creditors who hold an interest in the good to which the consumer good is attached.
C) Fixture filing is always necessary to perfect the security interest in any good.
D) A creditor with a security interest in fixtures obtains perfection merely by attachment of her security interest to the good.
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Chapter 30: Bankruptcy
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Q1) To which of the following is Chapter 11 not available?
A) Manufacturing corporations
B) A sole proprietorship that sells used cars
C) A bank
D) A natural person
Q2) _____ refers to the agreement between the debtors and the creditors wherein creditors put pressure on debtors to pay,debts that have been discharged in bankruptcy.
A) Reaffirmation agreement
B) Miranda warning
C) Blank endorsement
D) Buy-sell agreement
Q3) A voluntary petition under Chapter 7:
A) cannot be filed by an insurance corporation.
B) requires that the debtor's debts exceed his assets by $5,000.
C) requires that the debtor have at least three creditors.
D) cannot be made by an individual.
Q4) The Bankruptcy Code is a part of state law.
A)True
B)False
Page 32
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Chapter 31: Negotiable Instruments
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Q1) Under the Revised Article 3 of the UCC,the variable interest rate notes are not negotiable.
A)True
B)False
Q2) A(n)_____ can be negotiated or transferred by delivery of possession without indorsement.
A) order paper
B) bearer paper
C) cashier's check
D) teller's check
Q3) The term commercial paper is defined as?
A) A contract for the payment of money.
B) An agreement between nations for the benefit of commerce.
C) A receipt of goods barter between businesses.
D) A warranty on good shipped in international commerce.
Q4) If an instrument is an order to pay,it must contain an unconditional order.
A)True
B)False
Q5) What are the conditions necessary for a person to be able to accept a negotiable instrument as a substitute for money?
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Chapter 32: Negotiation and Holder in Due Course
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Q1) What are the four categories of claims listed in Revised Article 3?
Q2) Under the most modern revision to Article 3,a depositary bank cannot become a holder of a check that is deposited by a customer without an indorsement.
A)True
B)False
Q3) A _____ indorsement is one where the indorser disclaims her liability to make the instrument good if the maker or drawer defaults on it.
A) special
B) conditional
C) qualified
D) blank
Q4) If a check is drawn "Pay to the order of Maria" and Maria indorses it "pay to the order of Jay,Maria." This falls under:
A) blank indorsement.
B) restrictive indorsement.
C) special indorsement.
D) simple indorsement.
Q5) What are the general requirements to become a holder in due course?
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Chapter 33: Liability of Parties
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Q1) The maker of a promissory note is the person who is secondarily liable on the note.
A)True
B)False
Q2) Mike signs a note payable to a bank.The bank indorses and negotiates the note to Fay,who then indorses and negotiates it to Sam.Sam presents the note to Mike,who dishonors it.Then Sam decides to pursue Fay and the bank on their secondary indorsers' liability.Against whom can Sam proceed?
A) Fay.
B) The bank.
C) Both Fay and the bank.
D) Neither Fay nor the bank.
Q3) Dick steals a computer belonging to Tom from his house.Then Dick represents himself as Tom and sells the computer to Lawrence.Here,Lawrence draws a check payable to Tom and delivers the check to Tom.Here,Tom is called the impostor.
A)True
B)False
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Chapter 34: Checks and Electronic Transfers
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Q1) Jane wrote a check for $10.She wrote this check in a careless and negligent manner,making alteration easy.Ben altered this check to read $1,000.His alteration was crude and obvious to anyone paying attention.Ben cashed the check at Jane's bank.The bank was negligent in accepting this check,but it deducted $1,000 from Jane's account.Jane sued the bank,and the jury determined that Jane's negligence contributes 50 percent to the loss and the bank's negligence contributes 50 percent.How much is Jane entitled to recover from her bank?
A) Nothing,because she was negligent.
B) Half the loss.
C) The entire loss.
D) The entire loss plus her court costs.
Q2) An oral stop-payment order normally is good for 14 days.
A)True
B)False
Q3) Which of the following do a certified check and a cashier's check have in common?
A) The bank is primarily liable on each.
B) The bank is secondarily liable on each.
C) Both are drawn by the bank on itself.
D) Technically,the bank is not liable to a holder of either kind of check.
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Page 36
Chapter 35: The Agency Relationship
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Q1) In which of the following cases does apparent authority arise?
A) When a principal causes a third party to believe that the agent is authorized to act in a certain way.
B) When a principal's manifest consent is communicated directly to the agent.
C) When a person falsely represents himself as an agent of a principal to a third party.
D) When an agent reasonably believes that the principal wants him to act in a certain way.
Q2) What is the principal's duty when his agent makes express or implied authorized expenditure while acting on his behalf?
A) Duty to compensate
B) Duty to take care
C) Duty of accounts
D) Duty to reimburse
Q3) The termination of an agency terminates the agent's express authority,but not his implied authority.
A)True
B)False
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Chapter 36: Third-Party Relations of the Principal and the Agent
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Q1) _____ is the authority the principal wants the agent to possess and is based on the principal's communications or manifestations to the agent.
A) Apparent authority
B) Actual authority
C) Incidental authority
D) Traditional authority
Q2) Ordinarily a principal is not made liable for any of the torts committed by:
A) a reckless employee.
B) an employee.
C) an agent.
D) an independent contractor.
Q3) Estoppel is the concept that a principal may be liable to a third party if that party justifiable believed that the agent had authority to act for the principal and there was a detrimental change in the third party's position.
A)True
B)False
Q4) Briefly discuss the four tests courts use to determine if an employee's conduct was within his or her scope of employment.
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Chapter 37: Introduction to Forms of Business and Formation of Partnerships
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Q1) A group of individuals can form a partnership for the nonprofit business that provides charitable services.
A)True
B)False
Q2) Selena joins Kona's management consulting business.They do not indicate whether Selena is Kona's partner,but Selena receives 34 percent of the profits of the business and makes decisions regarding which clients the business should accept.Two years later,Selena leaves the business to start a singing career.Selena claims she owns a portion of the value of the business.Is Selena correct?
Q3) The general law governing general partnerships is primarily found in the Revised Uniform Partnership Act (RUPA).
A)True
B)False
Q4) Which of the following is NOT an essential characteristic of a limited liability company (LLC)?
A) The LLC can elect to be taxed as a partnership or a corporation.
B) Members' ownership interest is completely and freely transferable.
C) Members have limited liability for the obligations of the LLC.
D) The bankruptcy of one member does not dissolve the LLC.
Page 39
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Chapter 38: Operation of Partnerships and Related Forms
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Q1) _____ authority exists because it seems reasonable to a third party that a partner has authority to do an act.
A) Fixed
B) Express
C) Apparent
D) Actual
Q2) A partner uses her own truck to pick up some partnership supplies,which she pays for with her personal check.This partner has the right to be _____ for payments made from her personal funds.
A) indemnified
B) investigated
C) adjudicated
D) indentured
Q3) Under which of the following circumstances will Rita be held liable for the crime of her partner?
A) The partner's criminal tendencies were unknown to Rita.
B) The partner's crime was outside the scope of the partnership's business.
C) The state's criminal code does not view partnerships as legal entities.
D) The partner's crime was authorized by Rita.
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Page 40
Chapter 39: Partners Dissociation and Partnerships
Dissolution and Winding up
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Q1) Abraham,who is a partner in Adona's firm,has been declared a terrorist by the court following investigations of a criminal case.His partners at the firm want to expel him from partnership but they are not ready to give his interest in partnership.Is Abraham entitled to his interest in partnership?
Q2) Barks and Paws partnership is in the business of selling pit bull dogs.After operating the partnership for one year,the state outlawed the breeding and sales of pit bulls.Assuming this is the only activity of the partnership,dissolution of the partnership will be required.
A)True
B)False
Q3) Which of the following is true about buyout of nonwrongfully dissociated partners?
A) The partnership may wait to buy out the partner until the end of the partnership's term.
B) The buyout price must deduct the interest from the date of dissociation.
C) The dissociated partner cannot ask the court to determine the buyout price.
D) The partner must be paid in cash within 120 days.
Q4) Discuss the rules of dissociation and dissolution for mining partnerships.
Q5) Discuss a partner's authority to borrow money during winding up.
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Chapter 40: Limited Liability Companies, Limited
Partnerships,
and Limited Liability
Limited Partnerships
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Q1) A limited partner in a limited partnership:
A) provides capital and shares profits.
B) is a fiduciary of the business.
C) has management powers.
D) possesses complete liability for its obligations.
Q2) Josh,Betty,and Danny formed an LLC to manage their accounting business.Josh contributed $20,000 to the LLC.Betty and Danny contributed $40,000 each.Being close friends,they did not include a profit and loss sharing plan in the operating agreement.A year later,they realize their working styles do not match.All the members agree to dissolve the LLC and sell all of its assets.Assuming that the LLC did not have any creditors and a total of $175,000 was obtained after the sale of all the assets of the dissolved LLC,how much will Betty get?
A) $100,000
B) $75,000
C) $50,000
D) $65,000
Q3) Limited Liability Companies (LLC)are formed under federal law for international commerce purposes.
A)True
B)False
Page 42
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Chapter 41: History and Nature of Corporations
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Q1) It is possible to create a corporation without a government's permission.
A)True
B)False
Q2) A foreign corporation is one that conducts its business in a state where it is not incorporated.
A)True
B)False
Q3) QT Inc. ,is incorporated in Alabama,has offices in Nebraska,has a manufacturing plant in Delaware,and conducts most of its sales from Virginia.Regulation of its internal affairs will be exercised only by:
A) Alabama.
B) Nebraska.
C) Delaware.
D) Virginia.
Q4) The U.S.Constitution gives the federal government to regulate business activity that occurs across state lines.
A)True
B)False
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Chapter 42: Organization and Financial Structure of Corporations
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Q1) Under the Model Business Corporation Act (MBCA),a prospective shareholder may not revoke a preincorporation subscription for a one-year period,in the absence of a contrary provision in the subscription.
A)True
B)False
Q2) Under the MBCA,which of the following is correct concerning shares repurchased by the corporation?
A) They are no longer issued or outstanding,which means that they may be resold only for par value or more.
B) They may either be restored to unissued status or held as treasury shares,which means they may be sold at any price.
C) They may be canceled,in which case they are no longer authorized and cannot be reissued.
D) They are issued but not outstanding,which means they may be resold at any price.
Q3) Two corporations in a state may have the same names.
A)True
B)False
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Chapter 43: Management of Corporations
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Q1) An officer or director of a corporation may be liable if they acted beyond their scope and corporation property was damaged or wasted.
A)True
B)False
Q2) Most states have enacted _____ statutes,which broaden the legal objectives of corporations.
A) Good Samaritan
B) corporate constituency
C) control share acquisition
D) business combination
Q3) The person who is designated to vote on behalf of the shareholder is called a(n): A) sharebroker.
B) agent.
C) voter.
D) proxy.
Q4) The primary corporate objective is to make money for the shareholders.
A)True
B)False
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Chapter 44: Shareholders Rights and Liabilities
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Q1) Repurchase of _____ shares by a corporation is involuntary on the shareholder's part.
A) split
B) fractional
C) outstanding
D) preferred
Q2) A corporation's sale of substantially all of the assets of the business must be approved by its shareholders.
A)True
B)False
Q3) Under the Model Nonprofit Corporation Act (MNCA),a quorum of 10 percent of the votes entitled to be cast on a matter is required for members to proceed further in a meeting.
A)True
B)False
Q4) Shareholders are owners as well as managers of a corporation.
A)True
B)False
Q5) Atria Corporation wishes to dissolve.How can it do so?
Q6) Under what circumstances can a shareholder have liability for corporate debts?
Page 46
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Chapter 45: Securities Regulation
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Q1) The SEC has defined the intrastate offering exemption more precisely in Rule 147.According to this rule:
A) intrastate resale of such securities is permitted for nine months.
B) interstate resale of such securities is permitted for nine months.
C) intrastate resale of such securities is permitted for twelve months.
D) interstate resale of such securities is permitted for twelve months.
Q2) Securities and Exchange Commission (SEC)has the power to impose civil fines up to $500,000 and issue cease and desist orders.
A)True
B)False
Q3) What section of the 1933 Securities Act provides for criminal liability for securities violations under the act?
A) Section 24
B) Section 5
C) Section 7
D) Section 31
Q4) State securities laws are known as "blue sky laws".
A)True
B)False
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Chapter 46: Legal and Professional Responsibilities of Auditors,
Consultants, and Securities Professionals
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Q1) A client may receive _____ damages for a breach of contract or negligence.
A) only consequential
B) only punitive
C) consequential and punitive
D) only compensatory
Q2) The professional's duty to exercise reasonable care is a subset of the negligence standard of tort law.
A)True
B)False
Q3) Judge Blue is evaluating a case of professional negligence involving a claim against an auditor.Where will Judge Blue look to determine what the ordinary standard of care is for the auditing profession?
A) The auditing industry,in particular the GAAS or Generally Accepted Auditing Standards and any other standards the industry has implemented.
B) The United States Department of Labor.
C) The Secretary of State office in the state where the business is incorporated.
D) The shareholders of the corporation in questioned.
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Page 48
Chapter 47: Administrative Law
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Q1) The executive branch of government exercises significant control over agency action through the Office of Management and Budget (OMB).
A)True
B)False
Q2) When an agency is asked to release documents that are exempted from disclosure under the Freedom of Information Act,the agency:
A) has a statutory obligation to refuse disclosure of the exempted documents.
B) may refuse disclosure but does not have an affirmative duty to do so.
C) can be compelled by individuals named in exempted documents to deny a request of disclosure of those documents.
D) is liable for punitive damages if it discloses the exempted documents.
Q3) An agency rule created through a(n)_____ rulemaking method reduces the chances of voluntary compliance.
A) informal
B) executive
C) democratic
D) hybrid
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Chapter 48: The Federal Trade Commission Act and Consumer Protection Laws
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Q1) Much of the information contained in a typical monthly credit card statement sent to a consumer is compulsorily required by the Truth in Lending Act.
A)True
B)False
Q2) What is the term for the FTC's interpretation of the laws it administers?
A) Industry guides
B) Advisory appeal
C) Executive order
D) Legislative act
Q3) The main federal body concerned with the safety of consumer products is the Consumer Product Safety Commission (CPSC).
A)True
B)False
Q4) Which of the following will lead to a violation of the FTC Act Section 5's prohibition of unfair acts or practices?
A) An advertisement that causes emotional distress.
B) A seller's use of high-pressure sales tactics on vulnerable consumers.
C) An advertisement that is perceived to be offensive in nature.
D) A seller's failure to give a consumer complex technical data about a product.
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Chapter 49: Antitrust: the Sherman Act
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Q1) Overbearing,Inc. ,which manufactures ball bearings,has built up a network of wholesale dealers.Under agreements between Overbearing and various dealers,each dealer has an established geographical territory of operation.These agreements also call for the individual dealers not to compete in another Overbearing dealer's exclusive territory.An appropriate plaintiff has sued Overbearing on the theory that these agreements violate Section 1 of the Sherman Act.What treatment will the court give the agreements? Why? Under that treatment,is it possible for Overbearing to avoid liability even if the existence of the agreements is established by the plaintiff? If so,how?
Q2) Horizontal price-fixing is not covered under antitrust legislation and is lawful.
A)True
B)False
Q3) Tying agreements may be challenged under both:
A) Section 1 of the Robinson-Patman Act and Section 3 of the Sherman Act.
B) Section 1 of the Sherman Act and Section 3 of the Clayton Act.
C) Section 1 of the Robinson-Patman Act and Section 3 of the Clayton Act.
D) Section 1 of the Clayton Act and Section 3 of the Sherman Act.
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Immunities
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Q1) Section 2(b)of the Robinson-Patman Act allows a seller to price discriminate in certain geographic areas if the competition has a lower price.What can the seller lower the price to according to section 2(b)?
A) To the same price as the competitor
B) To intentionally create a price that beats the competitor
C) 10% discount off the list price of the seller
D) 50% discount off the list price of the seller
Q2) The Robinson-Patman Act applies if a Texas manufacturer discriminated in price in sales to two Texas customers.
A)True
B)False
Q3) Huge,Inc.owns an East coast grocery chain.It has recently acquired a West coast grocery chain.This is an example of a:
A) product extension merger.
B) horizontal merger.
C) market extension merger.
D) vertical merger.
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Page 52
Chapter 51: Employment Law
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Q1) Which of the following statements about the Equal Pay Act (EPA)is accurate?
A) An employee may recover liquidated damages under the EPA.
B) The EPA requires that private plaintiffs submit their complaints to the EEOC.
C) Employee suits under the EPA are for unpaid wages or overtime.
D) The EPA is enforced by the Labor Department.
Q2) In which of the following situations is an employer least likely to be able to escape Title VII liability on the basis of a BFOQ defense?
A) Where the alleged BFOQ promotes an accountancy firm's newly adopted goal of fetal protection.
B) Where the alleged BFOQ is needed in an all-male prison which houses sex offenders.
C) Where a man is denied work as an undergarment fitter for female customers at a department store.
D) Where a French restaurant denies a German a job as a "French Chef."
Q3) The Employee Polygraph Protection Act is enforced by the _____.
A) Labor Department
B) state
C) EEOC
D) NLRB
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Chapter 52: Environmental Regulation
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Q1) NEPA is what type of law?
A) Federal law that affects all federal agencies and federal action
B) State law affecting state agencies across all 50 States
C) International law impacting State action
D) Municipal law that impacts federal action
Q2) Violators can only be subjected to civil penalties for failure to fulfill the hazardous waste regulations promulgated under RCRA.
A)True
B)False
Q3) The toxic waste dump cleanups required by CERCLA:
A) are funded entirely by a tax on chemicals and feedstocks.
B) are funded entirely by the state in question.
C) are funded entirely by the responsible party or parties.
D) are funded entirely by the "Superfund."
Q4) The preconstruction review process required under the Clean Air Act applies to new facilities as well as existing facilities that undergo modifications.
A)True
B)False
Q5) How are the cleanups of hazardous waste sites required by CERCLA funded?
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