Legal Aspects of Business Test Questions
Course Introduction
Legal Aspects of Business explores the fundamental principles and frameworks of law as they apply to the business environment. This course examines key areas such as contracts, agency, employment law, intellectual property, company law, and consumer protection. Students will gain an understanding of how legal regulations affect business operations, decision making, and risk management. Emphasis is placed on recognizing legal issues in business scenarios, analyzing legislation and case law, and understanding the implications of legal compliance for sustainable business practices.
Recommended Textbook Business Law Text and Cases 14th Edition by
Kenneth W. Clarkson
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Page 2
Chapter 1: Law and Legal Reasoning
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Q1) National Rights Council, a nonprofit organization, files a suit against the U.S. Department of Justice (DOJ), claiming that a certain federal statute the DOJ is empowered to enforce conflicts with the U.S. Constitution and with a state constitution. In each situation, which source of law has priority?
Answer: The U.S. Constitution is the supreme law of the land. A law in violation of the Constitution, no matter what its source, will be declared unconstitutional and will not be enforced. Thus, the federal statute does not have priority over the Constitution. The federal statute would have priority over the state constitution, however, because under the U.S. Constitution, when there is a conflict between a federal law and a state law, the state law is rendered invalid.
Q2) Many different laws may affect a single business transaction.
A)True
B)False
Answer: True
Q3) The U.S. Constitution reserves to the federal government all powers not granted to the states.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Courts and Alternative Dispute Resolution
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Q1) The verdict in a summary jury trial is binding.
A)True
B)False
Answer: False
Q2) Olivia, a citizen of Nebraska, wants to file a suit against Micah, a citizen of Kansas. Their diversity of citizenship may be a basis for
A) no court to exercise jurisdiction.
B) a federal court to exercise original jurisdiction.
C) a state court to exercise appellate jurisdiction.
D) the United States Supreme Court to refuse jurisdiction.
Answer: B
Q3) The United States Supreme Court does not have original jurisdiction in any case.
A)True
B)False
Answer: False
Q4) A court's review of an arbitrator's award may be restricted.
A)True
B)False Answer: True
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Chapter 3: Court Procedures
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Q1) Isabel and Josh engage in a business transaction that leads to a dispute. Isabel initiates a lawsuit against Josh by filing a complaint. The sheriff serves Josh with a summons. If Josh chooses to ignore it,
A) Isabel must file an amended complaint.
B) Isabel will have a judgment entered in her favor.
C) Josh must be served with a second summons.
D) Josh will have a judgment entered in his favor.
Answer: B
Q2) New Cuisine Café files a suit in a state court against Olive Oil Inc., alleging a breach of contract. The case proceeds to trial, after which the court renders a verdict. If New Cuisine decides to appeal to a state appellate court, its attorney must file, with the clerk of the appellate court, within a prescribed period of time
A) a brief including the arguments of both parties.
B) a copy of the record on appeal.
C) an explanation for the verdict.
D) a statement of the grounds for reversal.
Answer: B
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Page 5
Chapter 4: Business and the Constitution
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Q1) Rodrick, the chief executive officer of Social Post Host Inc., claims that certain actions by the state of Texas infringe on rights guaranteed by the Bill of Rights. Most of these guarantees have been held to limit
A) federal actions only.
B) federal and state actions.
C) federal and state actions, and actions by nongovernment entities.
D) actions by nongovernment entities only.
Q2) Brad, a citizen of California, obtains a federal license to operate a commercial fishing boat in a certain area off the coast. The California state legislature enacts a law that bans all commercial fishing in that area. The state law most likely violates A) no provision in the U.S. Constitution.
B) the commerce clause.
C) the due process clause.
D) the supremacy clause.
Q3) Substantive due process limits what the government can do in its legislative and executive capacities.
A)True
B)False
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Chapter 5: Business Ethics
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Q1) In studying the business law, students also review ethics in a business context. Ethics includes the study of what constitutes
A) right or wrong behavior.
B) financially rewarding behavior.
C) legal behavior.
D) religious behavior.
Q2) If an action is legal, it is ethical.
A)True
B)False
Q3) Religious rules generally are absolute with respect to the behavior of their adherents. A)True
B)False
Q4) An action may be legal but not ethical.
A)True
B)False
Q5) Sometimes, there is no "good" answer to the ethical questions that arise.
A)True
B)False
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Chapter 6: Tort Law
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Q1) Fifi, a clerk at a Games n' Gamers store, takes a video game player and a selection of new games from the store without permission. Fifi is liable for
A) appropriation.
B) no tort.
C) conversion.
D) wrongful interference with a business relationship.
Q2) Basil, a clerk at Cycle World, takes a bicycle from the store without the owner's permission. Basil is liable for conversion
A) if he damages the bicycle.
B) if he does not have a good reason for taking the bicycle.
C) if he fails to prevent a theft of the bicycle from his possession.
D) under any circumstances.
Q3) Under the doctrine of comparative negligence, only the plaintiff's negligence is taken into consideration.
A)True
B)False
Q4) Through tort law, society compensates those who inflict injuries on others.
A)True
B)False
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Chapter 7: Strict Liability and Product Liability
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Q1) Global Insulation Company makes and sells fire-retardant building materials. To determine whether the risk of harm from the products as designed outweigh their utility to the users and the public, most courts would engage in
A) a risk-utility analysis.
B) a consumer-expectations test.
C) a critical, statistical analysis.
D) a marketing test.
Q2) Brandname Parts, Inc., makes and sells parts for the repair of major appliances. Clarice suffers a loss when a defective Brandname part in her freezer fails to keep the contents fresh. A statute restricts the time within which Clarice may file a product liability suit once she has discovered or should have discovered the damage. This is a statute of A) limitations.
B) preemption.
C) repose.
D) suspension.
Q3) The extreme risk of an activity is a defense against imposing strict liability.
A)True
B)False
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9
Chapter 8: Intellectual Property Rights
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Q1) Mace copies Nick's book, Off the Road, in its entirety and sells it to Parkland Books, Inc., without Nick's permission. Parkland publishes it under Mace's name. This is
A) copyright infringement.
B) fair use.
C) licensing.
D) protected expression.
Q2) By using another's trademark, a business could lead consumers to believe that its goods were made by the other business.
A)True
B)False
Q3) Garrett makes and distributes copies of Here We Go Again, a movie copyrighted by Indie Motion Pictures, Inc. Garrett does this without Indie's permission. He may be liable for
A) damages, fines, or imprisonment.
B) damages only.
C) fines or imprisonment only.
D) nothing.
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Chapter 9: Internet Law, Social Media, and Privacy
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Q1) Federal wiretapping law covers electronic forms of communication.
A)True
B)False
Q2) "Bad faith intent" is too subjective to be an element of a cause of action under the Anticybersquatting Consumer Protection Act.
A)True
B)False
Q3) Far & Wide Corporation uses the trademark of Google Inc. in a meta tag without Google's permission. This is
A) cybersquatting.
B) typosquatting.
C) trademark infringement.
D) trademark dilution.
Q4) Downloading music into a computer's random access memory, or RAM, is not copyright infringement, even if it is done without authorization.
A)True
B)False
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11
Chapter 10: Criminal Law and Cyber Crime
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Q1) Mae is granted immunity after she agrees to testify about a crime. Mae has an absolute privilege against self-incrimination and can
A) be prosecuted only for a crime about which she agreed to testify.
B) not be prosecuted for any crime.
C) not refuse to testify.
D) refuse to testify.
Q2) Enrico accesses Finance Bank's computer system without authority to obtain protected financial and credit records. Under federal law, this is
A) a felony if it was done for a commercial purpose.
B) a felony if the bank brings a civil suit against Enrico.
C) not a crime.
D) a crime but not a felony.
Q3) Laird is an employee of Motor Parts, an auto parts store. On the orders of his employer, he switches trademarks on parts that come into the store to be sold to consumers. This is most likely
A) forgery.
B) larceny.
C) robbery.
D) obtaining goods by false pretenses.
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Page 12
Chapter 11: Nature and Terminology
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Q1) Rough Water, LLC, and Schafer enter into a contract for the delivery of a used kayak. Until the kayak is delivered and paid for, these parties have
A) an executory contract.
B) no contract.
C) a quasi contract.
D) an executed contract.
Q2) A promise is a declaration that something will or will not happen in the future. A)True
B)False
Q3) A bilateral contract comes into existence at the moment promises are exchanged. A)True B)False
Q4) If a contract term is ambiguous, a court can consider outside evidence. A)True B)False
Q5) If a voidable contract is ratified, the parties must fully perform their respective legal obligations. A)True B)False
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Chapter 12: Agreement in Traditional and E-Contracts
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Q1) Browse-wrap terms are often unenforceable.
A)True
B)False
Q2) An essential element for contract formation is agreement.
A)True
B)False
Q3) Fabien offers to sell his Graphic Signs, LLC, business to Hanna for $100,000. Hanna replies, "The price is too high. I will buy it for $75,000." Hanna has
A) accepted the offer.
B) made a counteroffer without rejecting the offer.
C) rejected the offer and made a counteroffer.
D) rejected the offer without making a counteroffer.
Q4) Revocation is effective on dispatch.
A)True
B)False
Q5) In most cases, an offeror can revoke an offer as long as the revocation is communicated before the offeree accepts.
A)True
B)False
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Chapter 13: Consideration
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Q1) Under a contract with Valley Vineyard, Walsh begins grading a terraced hillside for the planting of grapes. Halfway through the project, Walsh asks for $5,000 over the contract price, claiming an increase in the "cost of doing business." Valley agrees but later refuses to pay. Valley's agreement to pay more is
A) unenforceable because Walsh's performance was a preexisting duty.
B) unenforceable because Valley's promise was illusory.
C) enforceable.
D) unenforceable because Walsh's request modified the contract.
Q2) Rescission is the unmaking of a contract so as to return the parties to the positions they occupied before the contract was made.
A)True
B)False
Q3) Essentially, adequacy of consideration concerns the fairness of the bargain.
A)True
B)False
Q4) A release is an agreement in which one party gives up the right to pursue a legal claim against another party.
A)True
B)False
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Chapter 14: Capacity and Legality
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Q1) Every state has a statute that sets the maximum rate of interest for different types of transactions.
A)True
B)False
Q2) Statutes often specify what is prohibited in contracts.
A)True
B)False
Q3) A covenant not to compete is enforceable only if it is reasonable in duration and geographic area.
A)True
B)False
Q4) Ordinarily, minors can disaffirm contracts even when they have misrepresented their age.
A)True
B)False
Q5) For a minor to disaffirm a contract, he or she must present the contract to a court.
A)True
B)False
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Chapter 15: Mistakes, Fraud, and Voluntary Consent
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Q1) A statement of opinion is generally subject to a claim of fraud.
A)True
B)False
Q2) Dix agrees to sell Eli, for $1,500, a remote parcel of land. They believe the land to be worthless, but beneath it is shale rock containing oil. A court would
A) not rescind the contract.
B) rescind the contract on the basis of fraud.
C) rescind the contract on the basis of mistake.
D) rescind the contract on the basis of undue influence.
Q3) Refer to Fact Pattern 15-3. The contract between Doyle and Ezra that includes the mistake may be rescinded if the mistake concerns
A) a basic assumption on which the contract was made.
B) a term in the contract subject to only one reasonable interpretation.
C) a detail on which the parties had a true "meeting of the minds."
D) a third party, such as County Title.
Q4) Courts may award punitive damages in fraud actions.
A)True
B)False
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Page 17
Chapter 16: The Writing Requirement in Our Digital World
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Q1) A contract must be in writing to be enforceable if the contract makes performance possible within any definite period of time.
A)True
B)False
Q2) An agreement subject to a writing requirement must necessarily be written on paper.
A)True B)False
Q3) An oral contract may be enforceable if the person making the promise could foresee that the promisee would rely on the promise.
A)True
B)False
Q4) A unilateral promise to make a monetary payment in consideration of marriage need not be in writing to be enforceable.
A)True B)False
Q5) An oral contract for a transfer of land is always enforceable. A)True B)False
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Chapter 17: Third Party Rights
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Q1) Bea takes out a life insurance policy with Vida Insurance Corporation that names her spouse Wendell as the beneficiary. This is
A) a delegation.
B) an assignment.
C) a third party incidental beneficiary contract.
D) a third party intended beneficiary contract.
Q2) Rights to receive funds can be assigned.
A)True
B)False
Q3) Rachel and Stuart enter into a contract for the sale of Rachel's textbook at the end of the fall semester for which Stuart agrees to pay $75. Rachel wants to transfer her right to payment for the book to Terry. This transfer is
A) a delegation.
B) an assignment.
C) an alienation.
D) a third-party beneficiary contract.
Q4) An intended beneficiary can sue directly to enforce a promisor's promise.
A)True
B)False
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Chapter 18: Performance and Discharge
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Q1) Refer to Fact Pattern 18-2. If a strike delays delivery of the produce beyond the time for performance, Flora's contract with Harvesters is A) breached.
B) discharged.
C) not affected.
D) suspended.
Q2) Subjective impossibility of performance can discharge a contract.
A)True
B)False
Q3) Juan and Isidro enter into a contract to buy, restore and reopen the Coastal Park Carousel. Before either party begins to perform, they agree to cancel their deal. This is A) specific performance.
B) mutual rescission.
C) accord and satisfaction.
D) novation.
Q4) Anticipatory repudiation discharges the repudiating party's obligations under a contract.
A)True B)False
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Chapter 19: Breach of Contract and Remedies
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Q1) Ridgeview Mining Inc. agrees to deliver a certain quantity of oil to Static Energy Corporation. The agreement states that delivery is to be within "9" days, although the parties intend "90" days. Ridgeview cannot convince Static to amend the contract. Ridgeview should seek A) damages.
B) reformation.
C) rescission.
D) specific performance.
Q2) Sara contracts to work exclusively for Thermal Company during July for $5,000. On June 30, Thermal cancels the contract. Sara finds a similar job for the month of July but earns only $3,000. Sara files a suit against Thermal. As compensatory damages, Sara can recover
A) $3,000.
B) $2,000.
C) $1,000.
D) $0.
Q3) Consequential damages are foreseeable damages that arise from a party's breach of a contract.
A)True
B)False
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Chapter 20: The Formation of Sales and Lease Contracts
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Q1) The United Nations Convention on Contracts for the International Sale of Goods (CISG) is the uniform international sales law of countries that account for more than two-thirds of all global trade.
A)True
B)False
Q2) Under the UCC, an oral contract for a sale of goods is enforceable if goods have been received and accepted.
A)True
B)False
Q3) Containers, Inc., sends its standard order form to Distribution Corporation to evidence a sale of packing materials. Distribution responds with its own standard purchase order form. Additional terms in the purchase order automatically become part of the contract unless
A) the terms materially alter the original contract.
B) the original offer expressly required acceptance of its terms.
C) the offeror objects to the new terms within a reasonable time.
D) any of the choices.
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Chapter 21: Title, Risk, and Insurable Interest
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Q1) Home Appliance Corporation contracts with Instate Trucking Company to take a selection of appliance repair parts to Journey Airlines, Inc., with Journey to transport the goods to a KeepSafe Company warehouse. Instate Trucking, Journey Airlines, and KeepSafe each acknowledge possession of the goods by a document of title. Instate Trucking, Journey Airlines, and KeepSafe are A) bailees.
B) buyers.
C) lessees.
D) none of the choices.
Q2) A receipt issued by a warehouser for goods stored in a warehouse is a bill of lading. A)True
B)False
Q3) Effortless Workouts, Inc., offers to sell a treadmill to Farouk and sends it to him on a trial basis. This is
A) a bailment.
B) a delivery ex-ship.
C) a sale on approval.
D) a sale or return.
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Chapter 22: Performance and Breach of Sales and Lease Contracts
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Q1) Precious Stones, Inc., and Sparkling Jewelry stores enter into a contract for a sale of gemstones. Precious Stones does not deliver. The buyer can normally recover as damages the difference between
A) any loss avoided and any profit gained.
B) the actual price and the hoped-for price.
C) the contract price and the market price.
D) the current prices in the parties' locations.
Q2) Acceptance of goods precludes the buyer or lessee from exercising the right of rejection.
A)True
B)False
Q3) An installment contract is a single contract that requires or authorizes delivery in two or more separate lots to be paid for in one payment.
A)True
B)False
Q4) If a contract specifies a certain carrier, a substitution of a different carrier for any reason breaches the contract.
A)True
B)False
24
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Chapter 23: Warranties
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Q1) Aerospace, Inc., makes and sells flight navigation equipment, through independent salespersons, to retailers for resale to consumers. The Magnuson-Moss Warranty Act covers
A) implied warranties, oral statements, and written promises.
B) only implied warranties that consumers are aware of.
C) only a salesperson's oral statements.
D) only a seller's written promises.
Q2) Global Talk Corporation sells phones and other mobile devices. Under most circumstances, Global Talk will be presumed to have warranted that its title to the goods is
A) the same as each brand's name.
B) none of the choices-a warranty of title is not presumed.
C) good and valid.
D) the best that money can buy.
Q3) An implied warranty or merchantability and an implied warranty of fitness for a particular purpose cannot exist in a single transaction.
A)True
B)False
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25
Chapter 24: International and Space Law
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Q1) Dumping is the exporting of environmentally polluting goods to a foreign market.
A)True
B)False
Q2) The U.S. government does not generally regulate private spaceports and the launch and reentry of private spacecraft.
A)True
B)False
Q3) In a joint venture, the parent company in the United States retains complete ownership and authority over all phases of the operation.
A)True
B)False
Q4) Bango! Business, Inc., a U.S. firm, may have committed, in Chile, acts that would constitute, in the United States, violations of U.S. antitrust laws. These laws apply
A) extraterritorially.
B) only to signatories of the North American Free Trade Agreement.
C) only to members of the World Trade Organization.
D) only within U.S. borders.
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Chapter 25: Negotiable Instruments
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Q1) For an instrument to be negotiable, it must be in writing.
A)True
B)False
Q2) Jacob signs a promissory note payable to Kent "with interest" on which he conspicuously notes that it is "nonnegotiable." This instrument is A) negotiable.
B) nonnegotiable, because it includes the notation "nonnegotiable."
C) nonnegotiable, because it does not specify a rate of interest.
D) nonnegotiable, because the exact amount payable cannot be determined from the face of the instrument.
Q3) On a certificate of deposit, the bank is the maker and the depositor is the payee.
A)True
B)False
Q4) A promissory note must name a specific payee to be negotiable.
A)True
B)False
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Chapter 26: Transferability and Holder in Due Course
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Q1) Doyle gives a check to eMarket Finance to buy 100 shares of stock in FabNu Corporation for Doyle. The price of the shares is constantly fluctuating. eMarket asks Doyle to leave the amount of the check blank and allow it to fill in the price when making the purchase. Doyle agrees. eMarket buys the stock when the price is $4,000, but fills in the check for $5,000. The check is negotiated as payment for a $5,000 debt to Guido & Hollis Accountants (G&H), which takes the check in good faith and without notice of eMarket's act. G&H later learns that eMarket was not authorized to fill in the check for $1,000 over the price. Is G&H an HDC? If so, for how much?
Q2) A holder takes an instrument for value if he or she accepts the instrument in payment of a preexisting obligation.
A)True
B)False
Q3) Allie signs a check payable to Bess, who indorses the back, gives it to County Credit Union (CCU), and receives cash. The transfer of the check from Bess to CCU is
A) an assignment.
B) a negotiation.
C) none of the choices.
D) a sale.
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28
Chapter 27: Liability, Defenses, and Discharge
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Q1) Gulf Bank receives a check drawn by Hayley. The check is received after the established "cutoff" hour. Payment can be postponed without dishonor
A) indefinitely.
B) under no circumstances.
C) for thirty days.
D) until the following business day.
Q2) Failure to present an instrument on time is improper presentment.
A)True
B)False
Q3) Elena, an employee of Builders, Inc., forges the signature of Carly, Builders's president, on a company check and cashes it at Delta Bank. Carly would ratify Elena's actions by
A) asking Delta Bank to prosecute Elena for forgery.
B) discharging Elena from Builders's employment.
C) entering into a repayment agreement with Elena.
D) filing criminal charges against Elena herself.
Q4) Notice of dishonor can be given in any reasonable manner.
A)True
B)False
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Chapter 28: Banking in the Digital Age
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Q1) Franco buys a sound system from Grey at Grey's garage sale. Franco writes Grey a check for $250 to pay for the system. Grey is
A) the drawer.
B) none of the choices.
C) the payee.
D) the drawee.
Q2) Elmore pays First National Bank $1,000 plus a service fee to draw a check on itself made payable to Go Delivery Service. This is
A) a stop-payment order.
B) a cashier's check.
C) a stale check.
D) an overdraft.
Q3) Each bank in a collection chain must pass a check on before midnight of the day of its receipt.
A)True
B)False
Q4) The rights and duties of a bank and its customer are contractual.
A)True
B)False
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Chapter 29: Creditors Rights and Remedies
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Q1) A creditor can demand payment from the surety before the debt is due.
A)True
B)False
Q2) Countryside Bank provides Dhani with a standard mortgage with an unchanging rate of interest to buy a home. Payments on the loan remain the same for the duration of the mortgage. This is
A) a fixed-rate mortgage.
B) an adjustable-rate mortgage.
C) a workout agreement.
D) a violation of the law.
Q3) A guaranty contract must normally be in writing to be enforceable.
A)True
B)False
Q4) Recording a mortgage perfects the lender's security interest in the mortgaged property.
A)True
B)False
Q5) Liquidated debts are debts that are indefinite, or not fixed, in amount.
A)True
B)False
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Chapter 30: Secured Transactions
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Q1) The payment of Linda's debt to Pat is guaranteed by Linda's personal property. Pat is most likely to perfect her interest by
A) insuring Linda's property for the full amount of its value.
B) calculating the precise amount of Linda's debt.
C) correcting grammatical errors in the parties' written agreement.
D) filing a financing statement with the appropriate authority.
Q2) Rural Financial Corporation is a secured party with a security interest in property owned by Strawberry Fields, Inc. Perfection of this security interest may not protect Rural Financial against the claim of
A) a bank.
B) a buyer in the ordinary course of business.
C) a subsequent lien creditor.
D) a trustee in bankruptcy.
Q3) Article 9 of the Uniform Commercial Code governs secured transactions.
A)True
B)False
Q4) A financing statement cannot be the same as the security agreement.
A)True
B)False
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Chapter 31: Bankruptcy Law
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Q1) Matt files a petition for a discharge in bankruptcy. His failure to appear at a meeting of the creditors listed in his schedules may result in him being
A) denied a discharge of bankruptcy.
B) fined.
C) held in contempt.
D) imprisoned.
Q2) On the entry of an order for relief in a reorganization case, the creditors generally take over the operation of the debtor's business.
A)True
B)False
Q3) One goal of bankruptcy law is to ensure equitable treatment of creditors who are competing for a debtor's assets.
A)True
B)False
Q4) A debtor must be insolvent to file for bankruptcy relief.
A)True
B)False
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Chapter 32: Agency Formation and Duties
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Q1) Under the law of agency, notice to the agent is notice to the principal.
A)True
B)False
Q2) Emmett, an agent for Fridley, signs an agreement with Glover on Fridley's behalf but neglects to tell him that the agreement requires the payment of a certain tax. The government prosecutes Fridley for failing to pay the tax. He is
A) liable, because notice to Emmett is notice to Fridley.
B) liable, because notice to Glover is notice to Fridley.
C) not liable, because Emmett did not notify Fridley of the tax.
D) not liable, because Glover did not tell Fridley about the tax.
Q3) Dakota Energy Company employs Evan to negotiate the purchase of mineral rights for future mining projects. Evan secretly buys some of the property and sells it to Dakota at a profit. Evan has breached A) no duty.
B) the agent's duty of accounting.
C) the agent's duty of loyalty.
D) the principal's duty of compensation.
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Page 34
Chapter 33: Agency Liability and Termination
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Q1) A principal is not normally liable for the crime of an agent committed within the scope of the agency or employment.
A)True
B)False
Q2) Based on Esteban's conduct, Floyd reasonably believes that Glynis has the authority to act on Esteban's behalf even though Glynis does not have the actual authority to do so. Floyd makes a payment to Glynis for Esteban. Glynis keeps the money and disappears. Esteban
A) can demand that Floyd make a repayment directly to Esteban.
B) can obtain damages from Floyd for Glynis's misconduct.
C) may be estopped from denying that Glynis had authority.
D) must repudiate Glynis's misconduct to avoid liability.
Q3) An agent's implied authority cannot contradict his or her express authority.
A)True
B)False
Q4) An agency can terminate once its purpose is achieved.
A)True
B)False
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Page 35
Chapter 34: Employment, Immigration, and Labor Law
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Q1) Following leave under the Family and Medical Leave Act, most employees must be restored to their original or a comparable position.
A)True
B)False
Q2) Employees can voluntarily pay overtime wages to otherwise ineligible employees.
A)True
B)False
Q3) The Occupational Safety and Health Act imposes on employers a general duty to keep the workplace safe.
A)True
B)False
Q4) Northwest Energy Company is subject to mandatory workers' compensation laws in the states in which it does business. Odele and Phelps work for Northwest Energy as part of a crew that travels to remote locations to repair broken pumps and other damaged equipment. At a distant site, Odele is injured in an accident that is entirely Phelps's fault. Odele files a claim for workers' compensation. Should the claim be granted? What would be Northwest Energy's best defense against it?
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Chapter 35: Employment Discrimination
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Q1) Holly files an employment discrimination suit against Industrial Corporation under Title VII of the Civil Rights Act on a disparate-impact theory. To succeed, the plaintiff must show that as a member of a protected class, she was adversely affected by any of the following except the employer's
A) practices.
B) procedures.
C) tests.
D) seniority system.
Q2) The Americans with Disabilities Act requires that employees with disabilities who cannot reasonably accommodate the needs of their employers are not qualified for the work.
A)True
B)False
Q3) Refer to Fact Pattern 35-3. To successfully defend against Art's claim, Banquet will have to show that
A) Art consistently failed to meet the essential requirements of his job.
B) Banquet cannot make changes to the doors without undue hardship.
C) the individual who replaced Art is qualified for the position.
D) the doors were not installed as an act of intentional discrimination.
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Page 37
Chapter 36: Small Businesses and Franchises
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Q1) Instead of setting up a business to market her own products, Rita considers entering into a distributorship franchise with Sports Equipment Corporation. This involves the transfer of
A) a license.
B) a trade name.
C) the formula to make a certain product.
D) the ownership of the business.
Q2) Laura owns and operates Meditation Center without creating a separate business organization. She receives all the profits from the fees for the classes and the sales of the center's merchandise. This is most likely
A) a partnership.
B) a franchise.
C) a sole proprietorship.
D) none of the choices.
Q3) The federal government regulates franchising in part through the Franchise Rule. A)True B)False
Q4) A franchisee is not generally legally independent of the franchisor. A)True B)False
Page 38
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Chapter 37: All Forms of Partnerships
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Q1) Brad and Carol are partners in Doctors for Children, a medical clinic. Brad's dissociation from the firm results in
A) the automatic termination of the firm's legal existence.
B) the partnership's buyout of Brad's interest in the firm.
C) the immediate maturity of all partnership debts.
D) the temporary suspension of the partnership's business.
Q2) In a general partnership, the senior partner controls decisions on ordinary matters connected with partnership business.
A)True
B)False
Q3) Colin, Debby, and Erin agree to be partners in Fajita Pizza, splitting the profits equally. Colin contributes 65 percent of the capital. When Fajita Pizza is dissolved, its liabilities are greater than its assets. The losses are paid by
A) all of the partners in proportion to their capital contributions.
B) all of the partners in proportion to their shares of the profits.
C) Colin because he contributed most of the capital.
D) Debby and Erin because they contributed the least of the capital.
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Chapter 38: Limited Liability Companies and Special Business Forms
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Q1) Phone Apps, LLC, is a limited liability company. Among its members, a dispute arises that the operating agreement does not cover. The dispute is governed by A) the applicable state LLC statute.
B) the Uniform Limited Liability Company Act.
C) the principles of partnership law.
D) the federal LLC statutes.
Q2) In many states, an operating agreement is required for a limited liability company to exist.
A)True
B)False
Q3) Farm & Ranch is an unincorporated cooperative. Unincorporated cooperatives are often treated like
A) business trusts.
B) corporations.
C) limited liability companies.
D) partnerships.
Q4) Foreign investors cannot participate in a limited liability company.
A)True
B)False
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Chapter 39: Corporate Formation and Financing
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Q1) In the absence of express constitutional, statutory, or other provisions, the corporation has no implied powers.
A)True
B)False
Q2) PrimarySource.com Corporation is a new online, textbook, and school supply business. How can PrimarySource.com obtain capital to finance its operations?
Q3) To pierce the corporate veil means to reveal the identity of its true owner.
A)True
B)False
Q4) Allen wants Wilderness Outfitters to join with him to form and do business as Canyon River Rafting Corporation. A corporation can be owned by
A) natural persons only.
B) other businesses only.
C) other businesses or natural persons.
D) none of the choices.
Q5) The board of directors makes corporate policy decisions.
A)True
B)False
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Chapter 40: Corporate Directors, Officers, and Shareholders
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Q1) Daryl, Elsa, and Ferris are the directors of Go Apps, Inc. Go also has four officers and fourteen shareholders. Dividends can be ordered by the firm's A) board.
B) minority shareholders.
C) officers.
D) majority shareholders.
Q2) In some situations, a majority shareholder owes a fiduciary duty to minority shareholders.
A)True
B)False
Q3) Corporate officers are selected and removed by shareholders.
A)True
B)False
Q4) With preemptive rights, shareholders can preempt the decisions of directors and officers with respect to corporate policy.
A)True
B)False
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Page 42
Chapter 41: Mergers and Takeovers
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Q1) Refer to Fact Pattern 41-3. The articles of consolidation differ from Fit-Rite's articles of incorporation. The articles
A) are replaced by Evergrip's articles of incorporation.
B) are replaced by the articles of consolidation.
C) effectively prevent the consolidation.
D) prevail.
Q2) Ground-Up Construction Corporation has a right of action against Heav-Equip, Inc. Ground-Up Construction merges with Investors Development, Inc., with Investors absorbing Ground-Up. After the merger, Ground-Up's right of action against Heav-Equip can be exercised by
A) Ground-Up.
B) Investors.
C) Heav-Equip.
D) no one.
Q3) Like other corporations, Cable Media Inc. can extend its operations through A) liquidating and distributing its assets.
B) buying the assets of, or a controlling interest in, another corporation.
C) filing articles of dissolution with the state.
D) appointing a receiver to wind up the corporate affairs.
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Page 43
Chapter 42: Investor Protection, Insider Trading, and Corporate Governance
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Q1) State securities laws apply mainly to intrastate transactions. A)True
B)False
Q2) Global Trade Corporation is a public company that is poised to issue securities that do not qualify for an exemption from registration. This means that Global Trade must A) file a registration statement with the SEC.
B) issue the securities through an online registration site.
C) refrain from issuing the securities to unregistered investors.
D) register the securities with a national stock exchange.
Q3) Beachware, Inc., wants to issue stock of $4 million in a single offering. The corporation must provide disclosure documents that generally are the same as those used in registered offerings to
A) all investors and the Securities and Exchange Commission.
B) the Securities and Exchange Commission.
C) any accredited investors.
D) any unaccredited investors.
Q4) Most securities cannot be resold without registration.
A)True
B)False
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Chapter 43: Administrative Agencies
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Q1) Maya seeks information about well-known businesspersons under the Freedom of Information Act. To obtain the information, Maya must
A) agree not to reveal any trade secrets.
B) reasonably describe the information.
C) get a court order.
D) have the subjects' permission.
Q2) The Food and Drug Administration (FDA) is investigating reports that Caplets Corporation is putting potentially harmful additives in Doze, a new pain-relief medication. The FDA's demands for particular documents from Caplets
A) must be specific and adequately describe the material being sought.
B) must not be specific or an incriminating item might be overlooked.
C) must be general so as to force an uncooperative party's compliance.
D) may, but need not, be specific because this is only an investigation.
Q3) The Fourth Amendment protects against unreasonable searches and seizures by agencies.
A)True
B)False
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Chapter 44: Consumer Law
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Q1) Advertising that contains an endorsement by a celebrity is presumed to be deceptive.
A)True
B)False
Q2) The Fair Debt Collection Practices Act attempts to ensure that creditors are always paid by debtors.
A)True
B)False
Q3) Credit can be denied solely on the basis of marital status.
A)True
B)False
Q4) QT Collection Agency calls Rob several times a day, and sometimes in the middle of the night, about an overdue bill that Standard Credit Company turned over to QT for collection. This is a violation of
A) no federal law.
B) the Fair and Accurate Credit Transactions Act.
C) the Fair Debt Collection Practices Act.
D) the Truth-in-Lending Act.
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Chapter 45: Environmental Protection
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Q1) Glass Company operates a manufacturing plant on Hometown River. Discharging pollutants from the plant into the river can result in
A) civil penalties and criminal penalties.
B) civil penalties only.
C) criminal penalties only.
D) no penalties.
Q2) Under the Clean Water Act, criminal penalties apply whether a violation was intentional or unintentional.
A)True
B)False
Q3) The National Pollutant Discharge Elimination System focuses on industrial wastewater and storm water discharges.
A)True
B)False
Q4) Many point sources emitting pollutants into water do not need a permit.
A)True
B)False
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Chapter 46: Antitrust Law
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Q1) A restraint of trade is an agreement between firms that has the effect of reducing anticompetitive business practices.
A)True
B)False
Q2) Refer to Fact Pattern 46-1. Pharma pays Renew not to sell its product. This is
A) a market division.
B) a refusal to deal.
C) an exclusive-dealing contract.
D) a price-fixing agreement.
Q3) Under what circumstances would Small's Market, a little store in Rustic, an isolated town, be considered a monopoly? If Small's Market is a monopoly, is it in violation of antitrust law?
Q4) A market division by class of customer between rival firms does not violate antitrust law.
A)True B)False
Q5) The Clayton Act prohibits price discrimination.
A)True
B)False
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Chapter 47: Professional Liability and Accountability
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Q1) Beck is an accountant who prepares her clients' tax returns. Cole is not an accountant, but he also prepares tax returns for clients. Under the Internal Revenue Code, liability for preparing a false return may be imposed on
A) Beck and Cole.
B) Beck only.
C) Cole only.
D) none of the choices.
Q2) Reliant Funds, Inc., files a suit against Saul, an accountant, under the antifraud provisions of the Securities Exchange Act of 1934 and Rule 10b-5 of the Securities and Exchange Commission. To succeed, Reliant Funds must show that Saul
A) acted with scienter.
B) bought or sold a security.
C) is incompetent.
D) knows nothing about securities.
Q3) An accountant is required to discover every impropriety, defalcation, and fraud in a client's books.
A)True
B)False
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Chapter 48: Personal Property and Bailments
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Q1) To be effective, a gift causa mortis must meet only two requirements: intent and acceptance.
A)True
B)False
Q2) Accession occurs when someone adds value to an item of personal property by the use of labor or materials.
A)True
B)False
Q3) Oleg takes a PowerMade-brand rototiller to QuikFix Inc. for repairs. Lacking certain parts, QuikFix ships the rototiller to Repair & Parts Company. While in Repair & Parts's possession, the machine is damaged. QuikFix can recover for the damage from A) no one.
B) Oleg.
C) PowerMade.
D) Repair & Parts.
Q4) A gift is effective whether or not it is accepted.
A)True
B)False
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Chapter 49: Real Property and Landlord-Tenant Law
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Q1) For a party to take by adverse possession, the party's possession must be peaceable, and not hostile.
A)True
B)False
Q2) With a tenancy at will, either party can terminate the tenancy without notice.
A)True
B)False
Q3) Lee leases a house from Megan for a two-year term. To ensure the validity of their lease, it should include
A) a provision for the landlord's future interest.
B) a due date for the payment of the property taxes.
C) a requirement that Dora perform structural repairs to the house.
D) a requirement that Evan carry liability insurance.
Q4) A fixed-term tenancy is created when property is leased for a specified period of time.
A)True
B)False
Q5) Personal property may become real property by attaching it to real property.
A)True
B)False
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Chapter 50: Insurance
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Q1) Misstatements or misrepresentations in an application for insurance can void a policy.
A)True
B)False
Q2) When there is an ambiguity in an insurance policy, the provision generally is interpreted against the insurance company.
A)True
B)False
Q3) The existence of an insurable interest is a primary concern when determining liability under an insurance policy.
A)True
B)False
Q4) An arbitration clause requires arbitration of disputes that arise between the insurer and the insured concerning the settlement of claims.
A)True
B)False
Q5) A person can insure anything in which he or she has an insurable interest. A)True
B)False
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Chapter 51: Wills and Trusts
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Q1) A gift of real estate by will is a bequest.
A)True
B)False
Q2) Finnegan dies without a will, with no surviving spouse or child. Finnegan's survivors include his grandson Gallagher, his niece Hailey, and his cousin Innis. In most states, his estate would pass to A) Gallagher.
B) Hailey.
C) Innis.
D) the state.
Q3) Callahan dies without a will, survived by his granddaughter Doreen and her brother Egan. Doreen and Egan are Callahan's
A) collateral heirs.
B) legacy.
C) trustees.
D) lineal heirs.
Q4) A divorce necessarily revokes an entire will.
A)True
B)False
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Chapter 52: The Legal Environment of Business
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Q1) Perry, a process server, cannot locate Quinn, the defendant in Rebecca v. Quinn, to serve him with the summons. Perry's legal and effective options for serving process include delivering the summons
A) as an attachment in an e-mail to Rebecca.
B) through a private message to Quinn's Facebook account.
C) via any means over the internet to Facebook.
D) by posting it on any social media forum that Quinn is known to visit.
Q2) Regional Sales Company expects its sales staff to constantly check their e-mail for work-related messages outside normal working hours. Employees' constant online connectivity with their work raises an issue about
A) the definition of work.
B) work-related stress.
C) the quality of workers' lives.
D) overburdened company servers.
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Chapter 53: Torts and Crimes
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Q1) Jody and Kyle take photos of themselves in intimate moments. When their relationship ends, Kyle posts the photos online without Jody's consent in an attempt to humiliate her. Included with the photos are Jody's name, Facebook page, address, workplace, and phone number. This could be a ground for a civil suit on the basis of A) defamation.
B) false imprisonment.
C) invasion of privacy.
D) no traditional tort theory.
Q2) USA Sales Company publishes a "Privacy Policy" to attract customers, but fails to invest adequate resources in cyber security. A lack of security that allows hackers to steal customers' personal data from a business's computer system can be
A) the hackers' defense to criminal charges.
B) the ground for a suit by the Federal Trade Commission.
C) the basis for USA's recovery under a traditional insurance policy.
D) a source of bad publicity, but there are no other consequences.
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Chapter 54: Contracts and E-Contracts
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Q1) O'Malley contracts to deliver a crop of organic mandarin oranges to Pete's Natural Produce Mart. An unexpected freeze destroys the oranges in O'Malley's orchard. Pete's insists that O'Malley deliver by acquiring the oranges on the open market. O'Malley claims that this is prohibitively expensive. The best argument against enforcing the contract is
A) frustration of purpose.
B) objective impossibility of performance.
C) anticipatory repudiation.
D) commercial impracticability.
Q2) SportsMaster operates a daily fantasy sports Web site. The state of Texas orders SportsMaster to stop accepting "bets" from Texas residents. In the best interest of its owners and its games' participants, SportsMaster may arguably have an ethical duty to A) challenge the order.
B) comply with order.
C) defy the order.
D) any of the choices.
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Chapter 55: Domestic and International Sales and Lease Contracts
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Q1) Home Grown Inc. is a firm based in the United States that does business overseas. When entering into a business contract, when deciding which terms to include, and when choosing a method to resolve a dispute, Home Grown should
A) rely solely on legal principles rather than the business relationship.
B) assume that a party in another country has the same contractual expectations as a party in the United States.
C) be alert to cultural influences.
D) stay inflexible in the face of others' social and cultural practices.
Q2) Web Resource Inc. and World Marketing Ltd., businesses located in different countries, agree to a contract. Like different individuals, Web Resource and World Marketing have different perceptions of what the agreement between them is and what it means to fulfill it. This is because
A) in every country arbitration is the preferred method of dispute resolution.
B) in every country it is acceptable to file an action in a court to resolve a dispute.
C) a business contract is only the expression of the framework of a deal.
D) Web Resource and World Marketing are influenced by different cultures.
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Page 57
Chapter 56: Negotiable Instruments
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Q1) Virtual currency has legitimate uses. Laws that apply to virtual currency include all of the following except
A) federal registration requirements.
B) state licensing requirements.
C) the proposed uniform Regulation of Virtual Currencies Act.
D) the Federal Deposit Insurance Corporation regulations.
Q2) Businesses have been required to switch to digital invoices in A) the European Union.
B) the United States.
C) countries that host the Association of Financial Professionals.
D) the home regions of cloud-based companies.
Q3) Virtual currency is a medium of exchange that operates like a currency in some environments. In other words, more precisely, virtual currency is A) digital money.
B) coins and bills.
C) checks, notes, and other negotiable instruments in paper form.
D) all of the choices.
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58
Chapter 57: Creditors Rights and Bankruptcy
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Q1) Beth borrows $10,000 from the U.S. Department of Education to help pay for her education at Community College. She signs a note payable to DOE for the amount of the loan plus interest. The borrower will be considered in default if she fails to A) any of the choices.
B) repay the loan according to the terms in the note.
C) graduate from Community College within four years of the loan.
D) find employment in her program of study after graduation.
Q2) Ben defaults on his debt to Credit Loan Company. The creditor obtains a judgment against Ben, who immediately moves to another state. Generally, the judgment will be A) honored in other states.
B) enforced only in the state in which it was obtained.
C) appealed.
D) revoked.
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Chapter 58: Agency and Employment
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Q1) Clear Coding Inc. provides its employees personal breaks of up to twenty minutes per break. Under the Fair Labor Standards Act, Clear must
A) compensate its employees during their breaks.
B) not compensate its employees during their breaks.
C) record the breaks for review by the U.S. Department of Labor.
D) record and report the breaks to the U.S. Department of Labor.
Q2) Machine Making Corporation requires its employees to punch out when they leave their workstations for personal breaks and punch in when they return. Under the Fair Labor Standards Act, Machine
A) must compensate its employees during their breaks.
B) need not compensate its employees during their breaks.
C) must record the breaks for review by the U.S. Department of Labor.
D) must record and report the breaks to the U.S. Department of Labor.
Q3) Under the Patient Protection and Affordable Care Act, a health insurance company can increase an employer's premium
A) if an employee files a claim.
B) as an employee gets older.
C) when the employer hires a woman.
D) none of the choices.
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Page 60
Chapter 59: Business Organizations
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Source URL: https://quizplus.com/quiz/22621
Sample Questions
Q1) Like other online businesses, Amazing.com collects and retains its customers' account numbers and other personal information. Keeping this data private will most likely
A) protect against liability for wrongful disclosure or misuse.
B) comply with federal and state laws that also cover offline businesses.
C) meet the standards of foreign countries' privacy laws.
D) all of the choices.
Q2) Trade Secrets Inc. hosts client accounts in servers located in foreign countries. The U.S. government issues a warrant to obtain e-mails related to a possible criminal case from one of those accounts. Before a court, as part of a refusal to comply with the order, Trade Secrets's best arguments include that the warrant
A) threatens the privacy of U.S. citizens.
B) all of the choices.
C) exceeds the power of the government to conduct a reasonable search.
D) will cause the firm to lose business because its clients will no longer trust it to keep their data secret.
To view all questions and flashcards with answers, click on the resource link above.
Chapter 60: Government Regulation
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12 Verified Questions
12 Flashcards
Source URL: https://quizplus.com/quiz/22622
Sample Questions
Q1) A business that acts to take advantage of the economic and political opportunities offered by the climate change is acting
A) legally and ethically.
B) legally, but unethically.
C) illegally, but not unethically.
D) illegally and unethically.
Q2) The effects of climate change can be lessened by a reduction in greenhouse gases (GHGs). With this purpose in mind, GHG emission goals have been set by
A) about half a dozen states.
B) about a dozen states.
C) about half of the states.
D) nearly all of the states.
Q3) The Federal Communications Commission issued proposed rules regulating Internet service providers (ISPs) as "common carriers" under the Communications Act of 1934. Under these rules, ISPs cannot
A) prevent users from accessing "legal content" on the Internet.
B) reduce the speed of data from any particular site or application.
C) charge content providers more for faster service.
D) all of the choices.
To view all questions and flashcards with answers, click on the resource link above.
Page 62
Chapter 61: Property and Its Protection
Available Study Resources on Quizplus for this Chatper
8 Verified Questions
8 Flashcards
Source URL: https://quizplus.com/quiz/22623
Sample Questions
Q1) Kim and Larry own Moe's, a successful restaurant. Kim, who is married, asks Larry, her unmarried partner, to convert Moe's to a limited liability company and agree that each has the right to buy the other's interest to keep control of the business. In terms of Kim's spouse and Larry's future spouse, this agreement is
A) illegal and unethical.
B) illegal, but not unethical.
C) legal, but unethical.
D) legal and ethical.
Q2) Liz starts Modern Roofing, which becomes successful through her efforts. Meanwhile, she marries Nick. To ensure that her business will not break up if her marriage falls apart, Liz should
A) avoid involving Nick in the business.
B) employ Nick in the business in a minor capacity.
C) appoint Nick to be the business's chief executive officer.
D) hire Nick to work for the business on a per-project basis
To view all questions and flashcards with answers, click on the resource link above.