Legal Aspects of Business Exam Practice Tests
Course Introduction
Legal Aspects of Business introduces students to the fundamental principles and frameworks of law that affect commercial operations and decision-making. The course covers topics such as contract law, company law, intellectual property rights, employment law, and consumer protection, providing a comprehensive understanding of legal obligations and risks in the business environment. Through case studies and practical examples, students learn to identify and analyze legal issues, understand regulatory compliance, and apply legal reasoning to real-world business scenarios, equipping them to navigate the complex legal landscape that businesses operate within.
Recommended Textbook
Business Law 17th Edition by Arlen W Langvardt
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Page 2
Chapter 1: The Nature of Law
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Sample Questions
Q1) Which of the following statements is true of statutes and statutory interpretation?
A)Statutes are easier to interpret than case law.
B)Courts begin their interpretation of statues with legislative history.
C)There is often deliberate ambiguity in the language of statutes.
D)Courts rarely engage in statutory interpretation
Answer: C
Q2) What is a formally negotiated and ratified agreement between countries called?
A)Settlement
B)Convention
C)Treaty
D)Covenant
Answer: C
Q3) Which of the following is not an example of legislative history?
A)Reports of investigative committees
B)Transcripts or summaries of hearings of legislative committees
C)A common law case that interpreted a previous version of the statute
D)Records of legislative debates
Answer: C
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3
Chapter 2: The Resolution of Private Disputes
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Q1) ________ refers to the pretrial jury screening process when biased potential jurors may be removed for cause.
A)Pretrial conference
B)Minitrial
C)Voir dire
D)Summary judgment
Answer: C
Q2) For federal "diversity" jurisdiction to exist:
A)the case must begin in a federal court of appeals.
B)the amount in controversy must exceed $75,000.
C)both the plaintiff and the defendant must be citizens of the same state.
D)the case must pertain to the Constitution,laws,or treaties of the United States.
Answer: B
Q3) Generally,forum selection clauses in form agreements are unenforceable.
A)True
B)False
Answer: False
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Chapter 3: Business and the Constitution
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Q1) Judges sometimes may be reluctant to declare statutes unconstitutional because they are wary of power struggles with a more representative body such as Congress.
A)True
B)False
Answer: True
Q2) ________ sets forth the procedures for amending the Constitution,which has been amended ________ times.
A)Article V;27
B)Article IV;10
C)Article II;27
D)Article III;10
Answer: A
Q3) Which of the following is a broad state power to regulate for the public health,safety,morals,and welfare?
A)Enumerated power
B)Police power
C)Independent checks
D)Taxing power
Answer: B
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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) Profit maximization is a deontological theory.
A)True
B)False
Q2) A(n)________ can be a sounding board for decisions,provide information on those who can help,offer advisement of proper procedures,and provide backup when opposing a boss's decision.
A)liaison
B)mentor
C)peer
D)entrepreneur
Q3) Which of the following ethical theories has been criticized for creating a sense of entitlement reducing innovation,entrepreneurship,and production?
A)Rights theory
B)Teleological theory
C)Utilitarian theory
D)Profit maximization theory
Q4) Explain the difference between shareholder theory and utilitarianism.
Q5) What is confirmation bias and how can it be detrimental? How can it be avoided?
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Chapter 5: Criminal Law and Procedure
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Q1) As demonstrated in Sekhar v.United States,the case in the text,courts carefully scrutinize,and narrowly construe criminal statutes in an effort to:
A)make certain whether a defendant's acts were prohibited by the legislature.
B)understand why the legislature banned certain acts.
C)determine the proper sentence.
D)rewrite the statutes for clarity.
Q2) Which of the following characterizes searches?
A)They are covered by the Fourteenth Amendment.
B)Warrants are not required for a search on private property.
C)Consensual searches without warrants violate the Fourth Amendment.
D)Customs searches are valid without a warrant.
Q3) At a preliminary hearing,the prosecutor must prove his case by the "beyond a reasonable doubt" standard.
A)True
B)False
Q4) Under the USA PATRIOT Act,the Foreign Intelligence Surveillance Act Court (FISA Court)may issue warrants of the "sneak and peek" variety.
A)True
B)False
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Chapter 6: Intentional Torts
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Q1) Generally speaking,statements made during judicial proceedings are absolutely privileged and,therefore,shield the speaker against defamation liability.
A)True
B)False
Q2) In an assault case,it is irrelevant:
A)whether the threatened contact actually occurs.
B)whether there is any intent or not.
C)whether there is an apprehension of harmful contact.
D)whether there is any reasonable apprehension of imminent battery.
Q3) For a battery to exist,the plaintiff must be aware of a harmful or offensive contact at the time that contact occurs.
A)True
B)False
Q4) Which of the following is NOT one of the four distinct torts that make up the invasion of privacy cause of action?
A)Intrusion on Solitude
B)Breach of Contract
C)Public Disclosure of Private Facts
D)False Light Publicity
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Chapter 7: Negligence and Strict Liability
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Q1) Which personal characteristic ordinarily does not relieve a person from the duty to conform to the usual reasonable person standard?
A)Deafness
B)Infancy
C)Blindness
D)Mental deficiency
Q2) Which of the following is not subject to strict liability?
A)Manufacturers of defective and unreasonably dangerous products
B)Construction projects
C)Keepers of naturally dangerous wild animals
D)Owners of trespassing livestock
Q3) Which of the following parties enters the land without its possessor's consent and without any other privilege?
A)Invitees
B)Trespassers
C)Guests
D)Licensees
Q4) What are the strategies followed by the tort reform movement?
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Chapter 8: Intellectual Property and Unfair Competition
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Q1) Which of the following sometimes serves as an alternative to claims of trademark infringement?
A)Trademark abandonment
B)Trademark dilution
C)Trademark protection
D)Trademark disparagement
Q2) According to the Sonny Bono Copyright Term Extension Act (CTEA),the protection period for pre-1978 works is:
A)50 years.
B)65 years.
C)75 years.
D)95 years.
Q3) Which of the following is also termed slander of title or a trade libel?
A)Defamation
B)Injurious falsehood
C)Copyright infringement
D)Plagiarism
Q4) Patent law is always an area of exclusive federal jurisdiction.
A)True
B)False
10
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Chapter 9: Introduction to Contracts
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Q1) Pratt,an owner of an appliance store,has a garage sale at his home where he sells old furniture and books.He sells a set of books to his neighbor,Stacey.Pratt is considered a merchant under Article 2 of the UCC in selling the books to Stacey.
A)True
B)False
Q2) Article 2 of the UCC does NOT apply to a sale of:
A)baseball bats.
B)harvested wheat.
C)corporate stock.
D)a new car.
Q3) The UCC differs from the common law of contracts in that the UCC:
A)is less concerned with technical rules.
B)deals with the sale of intangibles.
C)deals with service contracts.
D)is less concerned with the "good faith" doctrine.
Q4) The essence of a contract is that it is a legally enforceable promise or set of promises.
A)True
B)False
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Chapter 10: The Agreement: Offer
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Q1) The ________ has the power to bind the person who makes an offer simply by accepting the offer.
A)leasor
B)offeree
C)leasee
D)offeror
Q2) Which of the following statements about the objective theory of contracts is false?
A)The objective standard looks to the offeror's words,acts,and the circumstances signifying about his intent.
B)If a reasonable person familiar with the circumstances would be justified in believing that the offeror intended to contract,the intent requirement is satisfied.
C)The objective standard is often unpredictable and creates inconsistent results.
D)A court could find that intent existed even if the offeror says that he did not intend to contract.
Q3) Sellers at auctions are generally treated as makers of an invitation to offer.
A)True
B)False
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Page 12
Chapter 11: The Agreement: Acceptance
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Sample Questions
Q1) Patrick,a farmer,leaves 10 bushels of corn with Jackie,the owner of a grocery store,saying "Look this corn over.If you want it,it's $5 a bushel." Jackie sells the corn.Which of the following statements is true?
A)Jackie is liable for conversion.
B)Jackie expressly accepted Patrick's offer.
C)Jackie impliedly accepted Patrick's offer.
D)Jackie does not owe Patrick any money because he abandoned the corn.
Q2) The United Nations Convention on Contracts for the International Sale of Goods (CISG)generally holds acceptances to be effective when:
A)they are received.
B)they are dispatched.
C)the offeror reasonably learns of the acceptance.
D)the offeree subjectively decides to accept the offer.
Q3) Which of the following is true regarding silence as acceptance?
A)Contract law explicitly recognizes silence as constituting acceptance.
B)An offeree's silence is considered acceptance when he/she indicates so.
C)An offeror can impose on the offeree a duty to respond to the offer.
D)The Code explicitly recognizes silence as constituting acceptance.
Q4) Why is an offeree's silence not considered to be acceptance of an offer?
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Chapter 12: Consideration
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Q1) Sigmund enters into a contract with Carl.The terms are that Sigmund will purchase all the gasoline that he wants to purchase in 2011 at a price of $2.50 per gallon,and Carl agrees to sell on those terms.This is an example of a(n):
A)valid contract.
B)illusory contract.
C)voidable contract.
D)implied contract.
Q2) X and Y have a contract,which obligated X to sell Y 100 boxes of screws for $100.The parties orally modify the contract so that X will sell Y the same 100 boxes of screws for $125.The second agreement is:
A)binding because it is due to unforeseeable situation.
B)binding by virtue of being mutually agreed on.
C)not binding because it is an outputs contract.
D)not binding due to the promise of performing a preexisting legal obligation.
Q3) In determining whether consideration exists,the law is not concerned with any disproportion in value between the things exchanged in a contract.
A)True
B)False
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Chapter 13: Reality of Consent
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Sample Questions
Q1) Duress involves threats and coercion while undue influence involves persuasion to susceptible individuals.
A)True
B)False
Q2) Mutual mistake is more likely to make a contract voidable than a unilateral mistake.
A)True
B)False
Q3) Which of the following is the adoption or affirmance by a person of a prior act that did not bind him or her?
A)Acquiescence
B)Ratification
C)Concealment
D)Assertion
Q4) Business compulsion is another term for:
A)fraud.
B)undue influence.
C)fraudulent misrepresentation.
D)economic duress.
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Page 15
Chapter 14: Capacity to Contract
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Sample Questions
Q1) In almost all states,the age of majority for contracting is ________.
A)18
B)19
C)20
D)21
Q2) At 17 years old,Otto signed a contract to purchase a new Hummer by advancing a payment of $50,000.However,when Otto turned 20,he wished to disaffirm this contract.Does the law permit this?
A)Yes,because he was a minor when he signed the contract.
B)Yes,because he is not yet 21 years of age.
C)No,because a car is a "necessary."
D)No,because Otto implied his ratification.
Q3) Which of the following is an example of a type of transaction that a minor can disaffirm?
A)Automobile loan
B)Marriage
C)Education loan
D)Life insurance contract
Q4) Courts may sometimes be sympathetic to an adult who has suffered losses due to a minor who misrepresented his age.How so?
Page 16
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Chapter 15: Illegality
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Q1) Which of the following is not a factor when a court considers whether an agreement is illegal for public policy reasons?
A)The importance of the public policy involved.
B)Whether both parties knew the agreement was illegal.
C)The seriousness of any wrongdoing involved.
D)If enforcement of the agreement would interfere with the public policy involved.
Q2) A ________ is a contract,usually on a standardized form,offered by a party who is in a superior bargaining position on a "take-it-or-leave-it" basis.
A)quasi-contract
B)contract of adhesion
C)executory contract
D)bilateral contract
Q3) Courts often refer to unfairness in the bargaining process as ________.
A)undue influence
B)lack of power
C)substantive unconscionability
D)procedural unconscionability
Q4) What is an exculpatory clause?
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Chapter 16: Writing
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Q1) Some courts allow promissory estoppel to bind parties to oral contracts that otherwise would be unenforceable under the statute of frauds.
A)True
B)False
Q2) A merger clause is also known as an:
A)interpretation clause.
B)interrogation clause.
C)integration clause.
D)instrumental clause.
Q3) Why is the contract for the insurance of a building not covered within the real estate provision of the statute of frauds?
A)It does not involve the transfer of interests in land.
B)It involves a physical asset.
C)It involves two or more parties.
D)It need not be in writing.
Q4) Mr.Yellow agreed to pay the debt created by Mr.Blue in his contract to Mr.Green.This agreement is called a collateral contract.
A)True
B)False
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Chapter 17: Rights of Third Parties
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Q1) Amelia contracts to have her portrait painted by Hamilton for $10,000.Hamilton assigns the contract to Drew,another artist.Has there been a valid delegation of duties here? Why or why not?
Q2) The Uniform Commercial Code states that a party to a contract may delegate his duty to perform unless the other party has a substantial interest in having the original obligor perform the acts required by the contract.Which of the following is not considered in determining whether there is a substantial interest?
A)The degree to which performance is dependent on the reputation of the person who owes the duty to perform.
B)The degree to which performance is dependent on the individual traits of the person who owes the duty to perform.
C)The degree to which performance is dependent on the skill of the person who owes the duty to perform.
D)The degree to which performance is dependent on the judgment of the person who owes the duty to perform.
Q3) What is the purpose of vesting?
Q4) Why is it important for an assignee to immediately notify the obligor of the assignment?
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Page 19
Chapter 18: Performance and Remedies
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Q1) If Jack promises to unload landscaping rock from Harry's truck,the truck's arrival would be a(n)________ of Jack's duty to unload the rock.
A)express condition
B)implied-in-fact condition
C)corporate condition
D)bilateral condition
Q2) Mr.Green contracts to repair his roof with Mr.Brown.Prior to the work starting a tornado destroys Mr.Green's home.Mr.Brown fails to perform under the contract,but the court will not consider Mr.Brown to be in breach due to impossibility.
A)True
B)False
Q3) What is an injunction?
A)The awarding of compensatory damages
B)A court's order requiring a person to do something or refrain from doing something
C)The cancellation of a contract regarding real estate
D)A lawsuit for damages brought by the nonbreaching party
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Chapter 19: Formation and Terms of Sales Contracts
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Q1) Larry agrees to sell Janet his lawnmower for $70.Janet writes Larry a check for the full amount,which bounces when Larry presents it to his bank for deposit.Which of the following statements is true?
A)Janet has a voidable title in the lawnmower.
B)Janet is a good-faith purchaser.
C)Janet has a void title in the lawnmower.
D)Janet is a buyer in the ordinary course of business.
Q2) Mei issues a purchase order to June for goods that cost $25,000.June agrees to provide the same but she does not sign the purchase order.Mei can file a suit for the breach of contract.
A)True
B)False
Q3) The Benson Bearing Company sells Textron,Inc.a quantity of baseball bats that were stored in an independent warehouse at the time of the sale.The contract says that Textron is to pick up the bats at the warehouse.The risk of loss passes to Textron:
A)at the time of the contract.
B)at the time it receives a negotiable warehouse receipt for the bats.
C)at the time it pays for the bats.
D)at the time it picks up the bats.
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Page 21
Chapter 20: Product Liability
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Q1) Mr.Green purchases a treadmill from Mr.Brown.Mr.Green tells Mr.Brown that he is purchasing the treadmill to jog and sprint.The treadmill that Mr.Green purchases does not allow for speeds faster than walking.Mr.Green should be able to recover his purchase money or receive a different machine based on the UCC warranty of fitness for a particular purpose.
A)True
B)False
Q2) A defective product moves ________ when it affects members of the buyer's family,guests in her home,and even bystanders.If the buyer or one of these parties suffers loss because of the defect in the component parts,she may recover in a negligence case against the manufacturer.
A)parallel
B)horizontally
C)vertical
D)straight
Q3) Which of the following statements characterizes an implied warranty of fitness?
A)It is covered under UCC section 402A.
B)The seller relies on the buyer's skill or judgment in making a purchase.
C)Any seller,merchant or nonmerchant,may make this implied warranty.
D)It has the same tests as those for implied warranty of merchantability.
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Chapter 21: Performance of Sales Contracts
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Q1) A buyer who is not a merchant rejects nonconforming goods.She:
A)must return the goods to the seller.
B)must sell the goods for the seller.
C)must hold the goods for the seller for a reasonable time.
D)may destroy the goods.
Q2) If the seller demands cash,the seller must give the buyer a reasonable amount of time to obtain it.
A)True
B)False
Q3) In the case in the text,Grace Label,Inc.v.Kliff,the court held that:
A)the parties' course of dealing was irrelevant in deciding whether Kliff breached the contract because Barcel was responsible for printing the cards.
B)course of dealing between the parties was admissible to explain or supplement the contract.
C)course of dealing between two parties is irrelevant when a third party that has never been a party to a contract before is part of the agreement at issue.
D)course of dealing between the parties demonstrating that Barcel was reasonable in assuming that the same card material would be acceptable.
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Chapter 22: Remedies for Breach of Sales Contracts
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Q1) If the parties agree on a reasonable amount of damages that will be paid to the injured party,this amount is known as ________.
A)liquidated damages
B)unconscionable damages
C)punitive damages
D)unenforceable damages
Q2) Even if a buyer breaches a contract,the seller is accountable to the buyer for any profit that the seller makes on a resale.
A)True
B)False
Q3) In which of the following transactions is the buyer most likely to be entitled to specific performance of the contract?
A)A contract for the purchase of a tanker of crude oil
B)A contract for the purchase of 1,000 tons of wheat
C)A contract for the purchase of 100,000 light bulbs
D)A contract for the purchase of a Picasso painting
Q4) The buyer cannot recover any incidental damages.
A)True
B)False
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Chapter 23: Personal Property and Bailments
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Q1) Gil has stolen a "Lancer" from Yu and changed the look and interior of the car.Gil is now using it for his personal purposes.After some months,Yu comes to know about his car and demands it back.However,Gil demands for the amount he spent on modifications.Is Yu liable to pay that?
Q2) Which of the following is the most essential requirement while making a valid gift?
A)Intention
B)Delivery
C)Consideration
D)Acceptance
Q3) If the bailee returns the goods in a damaged condition,there is a rebuttable presumption of negligence on the part of the bailee.
A)True
B)False
Q4) If property is controlled by the government,like a park,then it is private property.
A)True
B)False
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Chapter 24: Real Property
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Questions
Q1) Scrooge's property contains a restrictive covenant that allows only residential use of the land to his inheritors.Over the years,all the adjoining areas of land have become industrial areas.Scrooge's great-grandson,the present owner of his land,wants to set up a small manufacturing unit there.Will he be able to do so?
A)Yes,since he is the present owner.
B)Yes,because the circumstances have changed completely.
C)No,the restrictive covenant is completely binding.
D)No,there cannot be a waiver because Scrooge is dead.
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) Which of the following means let the buyer beware?
A)Lex commissoria
B)Caveat emptor
C)Suppressio veri
D)Nemo dat quod non habet
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26
Chapter 25: Landlord and Tenant
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Q1) Which of the following is an accurate statement about limitations on assignment and subleasing in commercial lease agreements?
A)Public policy supports limitations on assignment and subleasing;therefore,such limitations are almost always upheld.
B)Ambiguous contract language limiting assignment of leases is narrowly construed and is usually resolved against the landlord.
C)Provisions requiring a landlord's consent to an assignment are almost never upheld by the courts.
D)Total prohibitions against assignment can be enforced,and are favored under the law.
Q2) Under the doctrine of constructive eviction,a tenant may terminate a lease because the condition of the property is unsuitable for the purposes for which it was leased.
A)True
B)False
Q3) Baker is a lessee of Jones.Due to personal reasons,Baker wants to terminate the lease but the lease is for one year.Both are ready for termination.Can they terminate the tenancy in between?
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Chapter 26: Estates and Trusts
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Q1) A durable power of attorney for healthcare only becomes relevant when:
A)registered with the Secretary of State.
B)filed with the Department of Health.
C)the principal has become incompetent.
D)the hospital has received a $500 fee.
Q2) If an individual dies without a will,then they are said to have died intestate.
A)True
B)False
Q3) Property held in joint tenancy or tenancy by the entirety is not controlled by a will.
A)True
B)False
Q4) An interested party in a will can be a witness to the will.
A)True
B)False
Q5) A(n)________ is a gift of personal property or money.
A)estate
B)bequest
C)will
D)deed
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Chapter 27: Insurance Law
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Q1) The term for the person who receives insurance proceeds paid to them is the beneficiary.
A)True
B)False
Q2) With respect to property insurance,the insurable interest requirement:
A)need only be satisfied at the time the policy is issued.
B)must be satisfied both at the time the policy is issued and at the time of the loss.
C)will be satisfied only if the insured owns the property in fee simple absolute.
D)will be satisfied by an insured who possesses a lienhold interest in the property.
Q3) If the insured misrepresented material facts in the application for insurance,the insurance policy becomes void.
A)True
B)False
Q4) Property insurance policies are indemnity contracts.
A)True
B)False
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Chapter 28: Introduction to Credit and Secured Transactions
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Q1) Marie wants to buy Ted's farm.She agrees to pay Ted a monthly payment towards the farm,to take possession and to insure the property.Ted retains the legal title while Marie is making payments.This arrangement is called a:
A)mortgage
B)land contract
C)strict foreclosure
D)deed of trust
Q2) Jerry wants to purchase a flat.So he borrows $50,000 from XYZ bank.He signs a note for $50,000 and gives the bank a $50,000 mortgage on the flat as security for his repayment of loan.Within a year and a half,Jerry repays the entire loan.After repayment of the loan,which of the following rights does Jerry have against XYZ bank?
A)Right to foreclosure
B)Right to reimbursement
C)Right of subrogation
D)Right of redemption
Q3) An unsecured credit transaction involves the lowest risk to the creditor.
A)True
B)False
Q4) Explain the difference between an accommodation surety and a compensated surety.
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Chapter 29: Security Interests in Personal Property
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Q1) A(n)________ is a lien given by a debtor to his creditor to secure payment or performance of a debt or obligation.
A)fixture
B)security interest
C)attachment
D)future advancement
Q2) Which of the following is the only form of perfection that occurs without the giving of public notice?
A)Perfection by public filing
B)Perfection by attachment
C)Perfection by possession
D)Perfection by control
Q3) According to the Code classifications of collateral,general intangibles include:
A)bills of lading,dock warrants,dock receipts,and warehouse receipts.
B)patents,copyrights,software,and franchises.
C)checks,notes,drafts,and certificates of deposit.
D)stocks,bonds,and commodity contracts.
Q4) Article 2 of the UCC governs security interests in personal property.
A)True
B)False
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Chapter 30: Bankruptcy
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Q1) In a reorganization petition under Chapter 11 of the Bankruptcy Code,if any particular class of creditors rejects the reorganization plan,the court will:
A)disallow the claims of the rejecting creditors.
B)force the trustee to renegotiate with the rejecting creditors so that a compromise may be reached at.
C)order the debtor to file bankruptcy under Chapter 13.
D)force the rejecting creditors to accept the reorganization plan,if the plan is fair and equitable toward the rejecting creditors.
Q2) As demonstrated in the case in the text,In re Bernard Madoff Investment Securities,a trustee:
A)can initiate a criminal action against a fraudulent debtor.
B)can seek to avoid monies paid as part of a fraudulent transfer.
C)can seek to prevent discharge of the debtor's unpaid liabilities.
D)can require the debtor to provide a full accounting under oath after an allegation of fraud.
Q3) Describe the different approaches taken to transnational insolvencies.What is the approach taken currently?
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Chapter 31: Negotiable Instruments
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Q1) For an instrument to be negotiable,it must:
A)contain an undertaking or promise relative to collateral to secure payment.
B)not state any other undertaking or instruction by the person promising or ordering to do any act in addition to the payment of money.
C)contain an authorization for confession of judgment.
D)contain a waiver of benefit of any law intended for the advantage or protection of an obligor.
Q2) Under the Revised Article 3 of the UCC,variable interest rate notes are not negotiable.
A)True
B)False
Q3) What are the conditions necessary for a person to be able to accept a negotiable instrument as a substitute for money?
Q4) Which of the following statements is false about the writing requirement of negotiable instruments?
A)The in writing requirement is waived if the payable amount is under $100.
B)An instrument is considered to be in writing if it is handwritten.
C)An instrument is considered to be in writing if it is typed.
D)An instrument is considered to be in writing if it is printed.
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Page 33
Chapter 32: Negotiation and Holder in Due Course
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Q1) ________ indorsements indicate that they are effective only if the payee satisfies a certain situation.
A)Special
B)Conditional
C)Qualified
D)Blank
Q2) If an individual holds a note that is labeled consumer paper then that individual cannot be a holder in due course.
A)True
B)False
Q3) To be a holder,a person must have a complete chain of ________ indorsements.
A)special
B)restrictive
C)authorized
D)qualified
Q4) An indorsement is a signature of the holder typically on the back of a check.
A)True
B)False
Q5) What is the shelter rule in Article 3?
Q6) 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) A representative is personally liable to a holder in due course that took the instrument without notice that the representative was not intended to be liable if:
A)the instrument identifies the represented person.
B)the form of the signature does not show unambiguously that the signature was made in a representative capacity.
C)the instrument categorically states that the representative would be liable even if the signature has been authorized.
D)it is proved that the original parties did not intend her to be liable on the instrument.
Q2) Presentment warranties are made by any prior transferor of the instrument at the time the person transfers the instrument.
A)True
B)False
Q3) All of the following constitute transfer warranties under Article 3 except:
A)that all signatures on the instrument are authentic or authorized.
B)that the instrument has not been altered.
C)that the instrument is not subject to any defense or claim in recoupment.
D)that the instrument is negotiable.
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Chapter 34: Checks and Electronic Transfers
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Q1) Ben,a Big Bank checking account customer,wrote a check for $1,000 to Mia.At the time that Mia presents the check for payment to Big Bank,Ben has $1,500 in his account.However,the clerk mistakenly refuses to pay the check and stamps it NSF.Mia then goes to the local prosecutor,and Ben is later arrested for writing a bad check.Ben could recover from Big Bank the damages involved in his arrest,such as attorney's fees.
A)True
B)False
Q2) The time period within which a customer must report unauthorized customer signatures to the bank to get his account recredited is:
A)fourteen days.
B)six months.
C)one year.
D)three years.
Q3) "Check 21" is the popular name for a federal law that enables banks to process checks electronically.
A)True
B)False
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Chapter 35: The Agency Relationship
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Q1) Which of the following factors is most likely to distinguish employees from independent contractors?
A)Whether or not consideration is given by the principal for the agent's performance
B)The principal's right to control the manner and means of the agent's performance
C)Whether the agent has authority to bind the principal by his actions
D)The agent's personal liability for illegal actions taken on behalf of the principal
Q2) A gratuitous agent has the same fiduciary duty as a paid agent.
A)True
B)False
Q3) Which of the following must exist in order for a person to possess apparent authority?
A)The principal's payment of consideration to the agent
B)The agent's consent to the agency relationship
C)A third party's belief that agency exists
D)The principal's written authorization to the agent
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Chapter 36: Third-Party Relations of the Principal and the Agent
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Q1) Yvonne authorizes Warren to act as her agent and sell her vehicle.Yvonne tells Warren her vehicle has never been in an accident,and Warren,despite knowing Yvonne had been in an accident a year ago in the car,passes this information on to the buyer.Is Warren liable for the misrepresentation?
A)No because he was acting as Yvonne's agent and followed her instructions.
B)No,because he was entitled to rely on Yvonne's statements.
C)Yes,because agents are always liable for misrepresentations.
D)Yes,because he had reason to know of the falsehood.
Q2) Respondeat superior liability depends on whether the principal himself was at fault.
A)True
B)False
Q3) Kin is an agent for a disclosed principal,Tracy.Kin contracts with Phil on Tracy's behalf.Kin becomes liable to Phil when:
A)he signs the contract "Kin,by Tracy."
B)he signs the contract "Kin,on behalf of Tracy."
C)he signs the contract "Kin,agent."
D)he signs the contract "Kin,for Tracy."
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Page 38
Chapter 37: Introduction to Forms of Business and Formation of Partnerships
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Q1) Mr.Olive and Mrs.Pickle enter into a partnership to provide IT consulting services.The name of the business is IT Doctor.From the partnership account,Mr.Olive purchases a laptop and a tablet for the business's use.Who owns the laptop and tablet?
A)Mr.Olive
B)Mrs.Pickle
C)The business IT Doctor
D)The government
Q2) Which of the following is true about a partnership?
A)It is not a tax-paying entity for federal income tax purposes.
B)Business losses are deductible based on the limit on a partner's individual tax return.
C)It does not have a life apart from its owners.
D)Partners of a partnership do not assume personal liability for obligations of the business.
Q3) A partner's ownership interest is called a ________.
A)partnership interest
B)shareholder interest
C)partnership liability
D)charging order
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Chapter 38: Operation of Partnerships and Related Forms
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Q1) Silent partners have the duty to serve and bear the same liability for partnership debts as any other partner.
A)True
B)False
Q2) The standards and principles of agency law's respondeat superior are applied in determining the liability of the partnership and of the other partners for the torts of a partner and other partnership employees.
A)True
B)False
Q3) Tim is a partner at Starland Properties and gives one of Starland's customer lists to Sun Realty,the firm's leading competitor.In this situation,Tim has violated:
A)the duty to act with apparent authority.
B)the duty to indemnify partners.
C)the duty to account.
D)the duty to maintain confidentiality of partnership information.
Q4) Under the Revised Uniform Partnership Act partners owe each other loyalty.
A)True
B)False
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Chapter 39: Partners Dissociation and Partnerships
Dissolution and Winding up
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Q1) Poxabogue Associates,a partnership,is dissociated by the retirement of a partner.The business is continued by the remaining partners and a new partner,Enrica.What is Enrica's liability to creditors for partnership obligations that arose before she became a partner?
A)Enrica is liable to the extent of partnership assets.
B)Enrica is liable only if she agrees to assume the retired partner's liability.
C)Enrica is fully liable.
D)Enrica has no liability.
Q2) When proceeds from the sale of partnership assets are being distributed during winding up,which of the following is settled first?
A)Payment to partners to the extent of their capital contributions
B)Payment to creditors of the partnership
C)Payment to partners to the extent of their share of profits
D)Payment to creditors after charging the partners' shares of losses
Q3) Karla retires from Orton Associates,a partnership.The business is continued by the remaining partners and Wes,a new partner who has agreed to assume Karla's liability for partnership obligations.Creditors have not been notified of Karla's retirement.What are Karla and Wes's liabilities to the creditors?
Q4) Discuss the rules of dissociation and dissolution for mining partnerships. To view all questions and flashcards with answers, click on the resource link above. Page 41
Chapter 40: Limited Liability Companies, limited
Partnerships, and Limited Liability Limited Partnerships
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Q1) Amanda and Sally are close friends who form a limited partnership to open a salon.They refuse to put a buyout clause for withdrawing partners in the limited partnership agreement,assuming that their friendship and business will last forever.Amanda,as a general partner,contributes $100,000 and Sally,as a limited partner,contributes $125,000.Two years later,Sally accuses Amanda of falsifying data and withdraws from the limited partnership.How much will Sally receive from the limited partnership?
A)$125,000
B)$10,000
C)$100,000
D)$0
Q2) Which of the following would be an improper name for an LLC?
A)The Jones Law Firm,LLC
B)The Jones Law Firm Limited
C)The Jones Law Firm,L.L.C.
D)The Jones Law Firm Limited Company
Q3) Losses of the business allocated to a limited partner in a limited partnership or an LLLP offset his income from any other sources.
A)True
B)False
Page 42
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Chapter 41: History and Nature of Corporations
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Q1) A(n)________ is elected by shareholders to manage a corporation.
A)board of directors
B)CEO
C)trustee
D)officer
Q2) According to the Supreme Court of the United States,a foreign corporation may be brought into a state's court in connection with its activities within the state,provided that the state does not violate the corporation's due process rights under the Fourteenth Amendment of the Constitution and its rights under the:
A)Foreign Business Clause.
B)Domestic Business Clause.
C)Commerce Clause.
D)Doing Business Clause.
Q3) Incorporation of a nonprofit corporation under state law requires delivering its ________ to the secretary of state.
A)articles of incorporation
B)bylaws
C)meeting minutes
D)certificate of nonprofit
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Chapter 42: Organization and Financial Structure of Corporations
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Q1) Promoters are personally liable on a preincorporation contract but are released from liability when the corporation adopts the contract.
A)True
B)False
Q2) Rice is a promoter of a corporation to be known as Dex Corp.On January 1,1985,Rice signed a nine-month contract with Roe,a CPA,which provided that Roe would perform certain accounting services for Dex.Rice did not disclose to Roe that Dex had not been formed.Prior to the incorporation of Dex on February 1,1985,Roe rendered accounting services pursuant to the contract.After rendering accounting services for an additional period of six months pursuant to the contract,Roe was discharged without cause by the board of directors of Dex.In the absence of any agreements to the contrary,who will be liable to Roe for breach of contract?
A)Both Rice and Dex
B)Rice only
C)Dex only
D)Neither Rice nor Dex
Q3) An organizer is the individual that incorporates a business.
A)True
B)False
Page 44
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Chapter 43: Management of Corporations
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Q1) Unless the articles of incorporation provide otherwise,directors cannot be removed with or without cause.
A)True
B)False
Q2) Delta Corporation's board of directors is considering a resolution that may cause severe liability to the directors.Wayne,a board member,disagrees with the decision.Unless he clearly registers his dissent,he may be liable.
A)True
B)False
Q3) Alvin and Billy own 70 percent of Beta Corporation.Claude owns 30 percent of Beta Corporation.Alvin and Billy consistently vote and act in ways that only benefit them and harm Claude.Claude may claim oppression as a minority shareholder.
A)True
B)False
Q4) The primary source of power for a corporation is the GATT (General Agreement on Trade and Tariffs).
A)True
B)False
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Chapter 44: Shareholders Rights and Liabilities
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Q1) If a shareholder receives a dividend with knowledge of it being an illegal distribution,the shareholder is liable to the corporation for the amount of the dividend.
A)True
B)False
Q2) When the board of directors of a parent corporation approves its merger with its subsidiary and sends a copy of the merger plan to the subsidiary's shareholders,such a merger is called a(n):
A)semi-merger.
B)half-merger.
C)incomplete merger.
D)short-form merger.
Q3) If a shareholder's derivative action succeeds and damages are awarded,the damages ordinarily go to the:
A)suing shareholders.
B)board of directors.
C)shareholders.
D)corporate treasury.
Q4) What are the various ways through which a corporation can be dissolved?
Q5) Atria Corporation wishes to dissolve.How can it do so?
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Chapter 45: Securities Regulation
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Q1) Under Section 11 of the Securities Act of 1933,a defendant (other than the issuer)may establish a defense to liability if the defendant can prove that he/she acted:
A)with due diligence.
B)with scienter.
C)without scienter.
D)without due diligence.
Q2) The period of time between the filing date and the effective date of a share offering is called the waiting period.
A)True
B)False
Q3) The Uniform Securities Act permits an issuer to register by coordination,which means the issuer:
A)can file the 1933 Act registration statement with the state securities administrator.
B)becomes exempt from registration under state securities registration law.
C)needs to file under the state securities registration law only and not the 1933 Act.
D)need not register the securities statement once he/she has registered under the 1933 Act.
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Chapter 46: Legal and Professional Responsibilities of
Auditors, Consultants, and Securities Professionals
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Q1) Tuff Ruff LLP,a CPA firm,is engaged to audit the financial statements of Stuvver Company.During the audit,Tuff Ruff discovers that Stuvver has been illegally dumping toxic chemicals on a 40-acre plot of land behind its main manufacturing plant.What is Tuff Ruff's public duty regarding Stuvver's illegal dumping?
Q2) Ritz Co.wished to acquire Smart Inc.In conjunction with its plan of acquisition,Ritz hired Felix,a CPA,to audit the financial statements of Smart.Based on the audited financial statements and Felix's unqualified opinion,Ritz acquired Smart.Within six months,it was discovered that the inventory of Smart had been overstated by $500,000.Ritz commenced an action against Felix.Ritz believes that Felix failed to exercise the knowledge,skill,and judgment commonly possessed by CPAs in the locality,but is unable to prove that Felix either intentionally deceived it or showed a reckless disregard for the truth.Ritz is also unable to prove that Felix had any knowledge that the inventory was overstated.Which of the following would provide Ritz with a proper basis for prevailing in a lawsuit against Felix?
A)Negligence and breach of contract
B)Gross negligence and fraud
C)Negligence and fraud
D)Gross negligence and breach of contract
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Chapter 47: Administrative Law
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Q1) The process by which agency ________ rules are promulgated is highly regulated by the APA and closely scrutinized by the courts.
A)procedural
B)interpretive
C)administrative
D)legislative
Q2) The ________ exercise(s)the greatest control over agency behavior.
A)President
B)states
C)Congress
D)courts
Q3) The courts exercise the greatest control over agency behavior because all agency actions are subject to judicial review.
A)True
B)False
Q4) Administrative action is subject to basic constitutional tests.
A)True
B)False
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Chapter 48: The Federal Trade Commission Act and Consumer Protection Laws
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Q1) In response to the Do-Not-Call Registry,affected commercial telemarketers initiated litigation brought on lack of statutory authority and:
A)First Amendment grounds.
B)Fourth Amendment grounds.
C)Fifth Amendment grounds.
D)Seventh Amendment grounds.
Q2) Which of the following is not considered when the FTC determines whether an advertisement is deceptive?
A)Whether the advertisement involves a material misrepresentation,omission,or practice
B)Whether the advertisement is likely to mislead a consumer
C)Whether the advertisement is often taken seriously by consumers
D)Whether the consumer acted reasonably under the circumstances
Q3) Many alleged violations of statutes or trade regulation rules are never adjudicated by the FTC.Instead,they are settled through a ________.
A)cease-and-desist order
B)standard $16,000 fine per violation
C)consent order
D)standard $26,000 fine per violation
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Chapter 49: Antitrust: the Sherman Act
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Q1) Intent to monopolize is necessary to prove a violation under the Sherman Act.
A)True
B)False
Q2) Which of the following involves a plea where the defendant technically has not admitted guilt,but the sentencing court can still impose the same penalty as if the defendant pleaded guilty or was convicted at trial?
A)Consent decree
B)Nolle prosequi
C)Nolo contendere
D)Corpus delecti
Q3) Before a court can determine a defendant's market share,it must first define the relevant market.One of the components of a relevant market determination is the relevant:
A)resource market.
B)supply market.
C)geographic market.
D)competitive market.
Q4) Sherman Act violations may give rise to civil litigation only.
A)True
B)False
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Chapter 50: The Clayton Act, the Robinsonpatman Act, and Antitrust Exemptions and Immunities
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Q1) There are three major defenses to price discrimination under the Robinson-Patman Act.
A)True
B)False
Q2) ________ determinations under the Clayton Act have traditionally employed functional interchangeability tests similar to those employed in relevant product market determinations under the Sherman Act.
A)Line of commerce
B)International risk
C)Irrelevant geographic means
D)Domestic risk analysis
Q3) Which Section of The Clayton Act originally prohibited local and territorial price discrimination by sellers?
A)Section 2
B)Section 3
C)Section 7
D)Section 8
Q4) The Robinson-Patman Act outlawed secondary and tertiary price discrimination.
A)True
B)False
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Chapter 51: Employment Law
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Q1) The federal and state governments are exempt from which of the following acts?
A)The Family and Medical Leave Act
B)The Fair Labor Standards Act
C)The Equal Pay Act
D)The Occupational Safety and Health Act
Q2) Joe Smith,a police patrolman,joins a new religious sect that renounces any real or threatened use of force against another human being for any reason.Thus,Joe refuses to employ or threaten any kind of physical force against anyone he encounters in his patrolman's job.Instead,he tries to reason with lawbreakers and to instruct them about God's will.For this reason,the city police force reassigns Joe from his patrolman's job to an office job.Joe sues for religious discrimination under Title VII.Can the city successfully argue that it is not discriminating against Joe's religion,just the way he does his job? If not,what else can the city argue? How successful is this argument likely to be?
Q3) ________ prohibited federal court enforcement of yellow-dog contracts.
A)The National Labor Relations Act
B)The Railway Labor Act
C)The Norris-LaGuardia Act
D)The Fair Labor Standards Act
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Chapter 52: Environmental Regulation
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Q1) The ________ is the organization responsible for certifying that an organization meets the requirements of ISO 14001 in the United States.
A)Environmental Protection Agency
B)Environmental Management System
C)American National Standards Institute
D)National Environment Institute
Q2) Companies whose emissions are cleaner than required by law can sell their rights to emit more sulfur oxide to other companies by what is known as ________.
A)tolerances
B)allowances
C)overages
D)surplus
Q3) What is meant by the term "National Priority List"?
Q4) 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
Q5) How are the cleanups of hazardous waste sites required by CERCLA funded?
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