Legal Environment of Business
Chapter Exam Questions
Course Introduction
The Legal Environment of Business introduces students to the fundamental principles of law as they pertain to the business world. This course explores the structure of the American legal system, sources of law, and the roles of courts and regulatory agencies. Key topics include contracts, torts, agency, employment law, business organizations, and government regulation. Emphasis is placed on understanding how legal concepts impact business decision-making and operations, as well as the ethical considerations and social responsibilities faced by businesses in today's global economy.
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The Legal Environment of Business A Managerial Approach Theory 2nd Edition by Sean
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Page 2
P. Melvin
Chapter 1: Legal Foundations
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Q1) Equitable rules used in the context of common law rules that guide courts in deciding cases or controversies are called equitable _______.
Answer: maxims
Q2) Most states have separate courts of law and equity.
A)True
B)False
Answer: False
Q3) Criminal law is designed to compensate parties for money lost as a result of another's unlawful conduct.
A)True
B)False
Answer: False
Q4) Name the three essential functions of the U.S. Constitution.
Answer: The Constitution addresses three broad areas: (1) establishing a state and federal government structure with qualifications for certain offices and positions and rules for amending the Constitution; (2) granting specific powers to the three branches of the federal government; and (3) providing procedural protections for U.S. citizens from wrongful government actions.
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Chapter 2: Business and the Constitution
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Q1) The power to carry out foreign policy is an enumerated power granted to:
A) the executive branch.
B) the legislative branch.
C) the judicial branch.
D) all three branches.
Answer: A
Q2) The legal authority that a court must have to hear a case is called _______.
Answer: jurisdiction
Q3) Strict scrutiny requires that a state prove that it is acting to promote an important government objective and that the proposed act is substantially related to the government's objective.
A)True
B)False
Answer: False
Q4) Congress may tax activities and property that it might not be authorized to regulate under any of the enumerated regulated powers.
A)True
B)False Answer: True
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Chapter 3: The American Judicial System, Jurisdiction, and Venue
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Q1) If a state appellate court renders a decision on a new issue, that state decision will become precedent for any federal court decisions when the federal court is located within the state and the decided issue is one of state law.
A)True
B)False
Answer: True
Q2) Christine is a resident of Delaware and, while shopping in Pennsylvania, is assaulted by Puuki, a New Jersey resident. Ordinarily, venue in this case would originally be in: A) Delaware.
B) Pennsylvania.
C) New Jersey.
D) the state chosen by Christine because multiple states are involved.
Answer: B
Q3) A state family court that hears only divorce and child-related matters would be said to have ________ jurisdiction.
Answer: limited
Q4) The party petitioning or asking for an appeal is called the _______.
Answer: appellant
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Chapter 4: Resolving Disputes: Litigation and Alternative
Dispute Resolution Options
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Q1) The Federal Arbitration Act provides a means for enforcement of arbitration agreements and decisions of arbitrators through the use of the state courts in the state in which the arbitration took place.
A)True
B)False
Q2) When disputing parties submit blind bids to an automated service, stating what they are willing to pay or receive to resolve the dispute, and the software evaluates the bids and produces a fair price based on the parties' input, the form of ODR being utilized is:
A) online negotiation.
B) online mediation.
C) online arbitration.
D) med-arb.
Q3) A motion for a summary judgment may be filed by either the plaintiff or the defendant.
A)True
B)False
Q4) Lawsuits filed for illegitimate reasons such as for harassment, for intimidation, or to cause the other party unnecessary costs are called abusive or ________ lawsuits.
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Chapter 5: Business, Societal, and Ethical Contexts of Law
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Q1) Altering people's values is one of the objectives of an organizational ethics program.
A)True
B)False
Q2) Corporations, as business entities, cannot be charged with a crime; only the individuals who make up the company's officers and board can be charged.
A)True
B)False
Q3) One of the major reasons that Enron failed was that it did not have an articulated code of ethics to guide the company.
A)True
B)False
Q4) Leah has just handed in a major required report to her professor, and after careful scrutiny the professor finds numerous instances of plagiarism. If the school policy and the professor's personal perspective follow a principles-based approach, Leah should be charged and suffer whatever penalty is prescribed by school policy.
A)True
B)False
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Chapter 6: Overview and Language of Contracts
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Q1) Express contracts arise from the parties' conduct.
A)True
B)False
Q2) All of the following are necessary elements of a contract except:
A) mutual assent.
B) capacity.
C) writing.
D) consideration.
Q3) Most contracts require a specific format or ceremony.
A)True
B)False
Q4) Aimee goes online and orders a pair of jeans, three T-shirts, and a pair of boots. This is an example of:
A) a divisible contract.
B) an entire contract.
C) a quasi-contract.
D) a formal contract.
Q5) ___________ is the element of a contract that requires a bargained-for exchange of goods and/or services that are recognized as valuable.
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Chapter 7: Contract Formation
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Q1) Jon works for a major bank. The revised employee handbook that he received 5 years ago says that all employees with 25 years of service will receive a retirement party. He is about to hit 25 years of service and has announced his retirement. His manager tells him that the company, on the basis of his years of service, will throw him a party and present him with a gold watch. Jon retires on his 25th anniversary, and his manager announces that the company will not throw the party or give him the watch.
A) Because of past consideration, no party or watch is owed.
B) The company is required to throw the party, but no watch is owed.
C) The company is required to present him with the watch, but no party is owed.
D) The company is required to present him with the watch and throw him the party.
Q2) When a store places an advertisement in a newspaper or runs an ad for broadcast on the radio, what are the store's obligations if a customer arrives at the store and demands to purchase the item at the advertised price? Be complete.
Q3) Reasonableness of an offer requires that the offeror have an objective intent to contract when making the offer.
A)True
B)False
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Chapter 8: Contract Performance: Conditions, Breach, and Remedies
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Q1) In what way do legal remedies and equitable remedies differ?
Q2) A delegation will be allowed in which of the following situations?
A) a surgeon performing brain surgery
B) an actor hired to perform in a play
C) a sculptor hired to sculpt your bust
D) a painter hired to paint your home
Q3) When an assignment is made, the assignee has the right to reform the contract and change the obligor's rights and duties as the assignee wishes.
A)True
B)False
Q4) When a party successfully sues for an equitable remedy for a breach of contract, that party does not receive a monetary award.
A)True
B)False
Q5) Generally, courts do enforce a strict compliance standard for contract conditions. A)True
B)False
Q6) How do compensatory damages and consequential damages differ?
Page 10
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Chapter 9: Contracts for the Sale of Goods
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Q1) The United Nations Convention on Contracts for the International Sale of Goods does not recognize a formal writing requirement similar to the UCC statute of frauds requirement.
A)True
B)False
Q2) If a seller has delivered nonconforming goods that have been rejected, upon notice of an intent to cure, the seller automatically then has 15 days to deliver conforming goods.
A)True
B)False
Q3) In what ways does the United Nations Convention on Contracts for the International Sale of Goods differ from the UCC in terms of coverage and application?
Q4) The mirror image rule is not enforced under UCC standards.
A)True
B)False
Q5) Wrongfully revoking an acceptance will constitute a breach of contract by the buyer.
A)True
B)False
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Chapter 10: Torts and Products Liability
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Q1) Conversion occurs when a party interferes with the ________ of another's property.
Q2) Jimmy is annoyed because his neighbor's dog is constantly barking. He intentionally walks up to the dog in his neighbor's yard and viciously kicks it. Jimmy has committed battery.
A)True
B)False
Q3) One who commits a tort is called the:
A) tortmaster.
B) tortfeasor.
C) tortdoer.
D) torteffector.
Q4) The Restatement (Third) of Torts is currently the most recent edition.
A)True
B)False
Q5) Disparagement has to do with industries, companies, and corporations but not individuals.
A)True B)False
Q6) Laws that impose liability on liquor stores and bars are called ________ laws.
Page 12
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Chapter 11: Agency
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Q1) An agent is generally prohibited from using his or her own judgment as a substitute for the principal's judgment unless specifically authorized by the principal.
A)True
B)False
Q2) The person from whom an agent has received instruction and authorization and to whose benefit the agent is expected to perform and make decisions pursuant to an agency relationship is called the __________.
Q3) An agent may work for two principals at the same time if the agent deals fairly with both.
A)True
B)False
Q4) A gratuitous agent:
A) has no duty of care owed to the principal.
B) breaches the duty of care when ordinarily negligent.
C) breaches the duty of care when grossly negligent.
D) is held to the same standard of care as any other type of agent except the independent contractor.
Q5) Explain the three-prong test the IRS uses to determine an agent's status.
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Chapter 12: Employment Relationships and Labor Law
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Q1) Which of the following is also called the Taft-Hartley Act?
A) National Labor Relations Act
B) Labor Management Relations Act
C) Labor-Management Reporting and Disclosure Act
D) Fair Labor Practices Act
Q2) One important aspect of a successful workers' compensation claim is that the employer's fault, negligence, or wrongdoing does not have to be evidenced or proved for the injured employee to be compensated.
A)True
B)False
Q3) Morris is a nonexempt employee with a salary of $400 a week based on a 40-hour week. If he works 50 hours in a particular week, his paycheck should be for:
A) $450.
B) $500.
C) $550.
D) $600.
Q4) Expressly firing someone for whistle-blowing constitutes the act of _____.
Q5) Employers are not bound by the FLSA regarding employees classified as ________ employees.
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Chapter 13: Employment Discrimination
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Q1) Disparate treatment is analyzed using the ________ standard.
Q2) Angel is Hispanic and has applied for a job at Buckets Inc. Buckets Inc. has a workforce that is 45 percent Hispanic, 35 percent black, and 20 percent white. This closely approximates the workforce available to Buckets. Angel is turned down for the job and is told that Buckets has too many Hispanics, so he couldn't be hired. He is a victim of:
A) mixed motives discrimination.
B) disparate treatment.
C) affirmative action.
D) disparate impact.
Q3) Under the Age Discrimination in Employment Act, substantially younger is not defined, but many courts follow the general rule that the age difference must be 10 years in order to qualify as substantially younger.
A)True
B)False
Q4) The Americans with Disabilities Act does not require an employer to provide accommodations that constitute a(an) ________ on the employer.
Q5) Disparate impact is analyzed using the ________ standard.
Q6) Mixed motives discrimination is analyzed using the ________ standard.
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Chapter 14:
Choice of Business Entity, Sole Proprietorships, and Partnerships
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Q1) Sole proprietorships may sell equity in the company in order to raise funds.
A)True
B)False
Q2) Limited partnerships are required to file a(an) ________ return with the IRS each year.
Q3) Which of the following is not an option available to a general partnership seeking capitalization?
A) borrowing money from one or more of the partners
B) selling the right to a percentage of the profits to an investor
C) selling ownership rights through the public markets
D) borrowing money from a commercial lender
Q4) A sole proprietorship automatically is dissolved when the owner dies.
A)True B)False
Q5) One disadvantage of a sole proprietorship business entity is that it is restricted to the principal and the principal's immediate family in terms of number of employees who may work for the business.
A)True B)False
Q6) Business entities are sometimes referred to as business _______. Page 16
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Chapter 15: Limited Liability Companies and Limited Liability Partnerships
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Q1) Personal financial contributions may be required by previous agreement with regard to:
A) LLCs.
B) LLPs.
C) business trusts.
D) franchisors.
Q2) The Uniform Limited Liability Company Act preempts all state laws in order to maintain consistency throughout the U.S. business community.
A)True
B)False
Q3) The management structure of a member-managed LLC is similar to that of a general partnership.
A)True
B)False
Q4) LLCs were originally created by the:
A) New York legislature.
B) California legislature.
C) Wyoming legislature.
D) Delaware legislature.
Q5) ________ are those who start up an LLC initially.
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Chapter 16: Corporations
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Q1) Which of the following is not true regarding venture capital firms?
A) They are generally long-term investors.
B) They generally concentrate on one particular industry.
C) They usually insist on substantial control of the corporation being funded through membership on its board or through appointments to certain officer positions.
D) They are generally a source of expertise in operations and expansion of the corporation being funded.
Q2) Burt has come across an excellent recipe for a new beer, and he and 20 college friends decide to go into business. They form a corporation named New Brew Inc., issuing stock only to the 21 of them and not selling any stock outside the group. The beer is a huge success, and they soon have the need to expand. They decide to sell stock to members of the public to raise capital. Aside from stock disclosure requirements, what must they do and how will it affect their corporate status?
Q3) Corporate bylaws are public documents that must be filed with the appropriate state corporation office.
A)True
B)False
Q4) A corporate bond issued in the amount of $500,000 is called a ________ bond.
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Chapter 17: Regulation of Securities, Corporate
Governance, and Financial Markets
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Q1) Wayne is the president and CEO of a corporation. He owns 25 percent or the company's total stock and has been selling large chunks of his holdings over the past three months. If the SEC investigates him for short-swing profits, it would do so under:
A) Regulation D of the 33 Act.
B) Rule 10(b)(5) of the 34 Act.
C) Section 16 of the 34 Act.
D) the Private Securities Litigation Reform Act of 1995.
Q2) The original Howey test required that the investor have no involvement with the generation of profits; however, modern courts have permitted a limited passive involvement on the part of the investor.
A)True
B)False
Q3) The primary market consists of securities sales in public markets, while the secondary market consists of security sales in private placements.
A)True
B)False
Q4) Payments made to common stockholders based on the profitability of the company are called _______.
Page 20
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Chapter 18: Administrative Law
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Q1) Which of the following is not a major source of administrative law?
A) the Constitution
B) enabling statutes
C) the Administrative Procedures Act
D) public opinion
Q2) ________ is a body of law that defines, regulates, and limits the exercise of authority by federal regulatory agencies.
Q3) Under the Administrative Procedures Act, Congress has the authority to cancel an agency's final rule if all of the following conditions are met except:
A) both houses agree.
B) a resolution to overrule is passed within 60 days.
C) there is no judicial challenge from the courts within 60 days.
D) the overruling resolution is presented to the president.
Q4) Agencies tend to employ large numbers of attorneys to make sure that the rulemaking process is legally compliant.
A)True
B)False
Q5) What are the four primary functions of administrative agencies?
Q6) What is the logical-outgrowth test?
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Chapter 19: Environmental Law and Policy
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Q1) The Clean Air Act requires a new permit when minor modifications are made to a plant by a current permit holder.
A)True
B)False
Q2) The EPA may enforce its rules and regulations through criminal prosecutions.
A)True
B)False
Q3) Most states do not have laws that require state and local governments to consider the environmental impacts of their decisions when taking actions that might reasonably affect the environment.
A)True
B)False
Q4) A local real estate developer wants to build a new office park on a piece of forested land that is home to many spotted owls, an endangered species. The office park is expected to bring new companies and jobs to the area. You are particularly fond of the owls and want to see them thrive. Is there anything that you can do to stop construction?
Q5) ________ is the common law doctrine basis for modern environmental protection laws.
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Chapter 20: Antitrust and Regulation of Competition
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Q1) In U.S. v. Microsoft, the appellate court found that:
A) Microsoft's business practices were a per se violation of the Sherman Act.
B) Microsoft illegally attempted to monopolize the browser market.
C) Microsoft did not employ illegal anticompetitive means to maintain and further its monopoly of the operating system market.
D) Microsoft employed illegal anticompetitive means to maintain and further its monopoly of the operating system market.
Q2) Price-fixing is a clear example of a per se violation.
A)True
B)False
Q3) Which president is known for leading the antitrust reform movement?
A) Theodore Roosevelt
B) Harry Truman
C) Woodrow Wilson
D) Franklin Roosevelt
Q4) The Clayton Act was amended by the Robinson-Patman Act.
A)True
B)False
Q5) The Sherman Act prohibits ________ by a business to gain monopoly power.
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Chapter 21: Creditors Rights and Bankruptcy
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Q1) An individual filing for Chapter 7 may always keep his or her car.
A)True
B)False
Q2) A fraudulent transfer occurs when a debtor makes payment on a prebankruptcy debt up to a year before filing for bankruptcy.
A)True
B)False
Q3) Unsecured creditors give loans based on ________ without collateral.
Q4) Secured creditors do not need to perfect their interests to be protected under the UCC.
A)True
B)False
Q5) The main role of the bankruptcy trustee is to protect the assets of the estate.
A)True
B)False
Q6) If a person cosigns a loan as a guarantor, that person becomes primarily liable for the debt.
A)True
B)False
Q7) What is the role of a trustee in bankruptcy?
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Chapter 22: Consumer Protection Law
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Q1) Credit card companies may give out free umbrellas on campus when a student completes an application for a card.
A)True
B)False
Q2) The ________ Act establishes a national fraud alert system so that consumers have a timely way to guard their credit.
Q3) If they do it properly, sellers may limit a buyer's remedies in all situations.
A)True
B)False
Q4) Who is typically empowered by the states to protect consumers from deceptive trade practices?
A) the governor
B) the state bureau of investigation
C) the local police
D) the state attorney general
Q5) The ________ Commission is responsible for preventing unfair and deceptive acts or practices in commercial transactions.
Q6) The Truth in Lending Act applies to creditors that are _______ engaged in extending credit for goods and services.
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Chapter 23: Criminal Law and Procedure in Business
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Q1) Criminal ________ deals with the limits set on the government's authority when applying or enforcing criminal law.
Q2) Although it may vary because of the nature of the case, generally a delay of more than ________ is presumptively an unconstitutional violation of a defendant's right to a speedy trial.
A) four months
B) six months
C) eight months
D) ten months
Q3) Felonies generally are punishable by:
A) three months or more of incarceration.
B) six months or more of incarceration.
C) nine months or more of incarceration.
D) twelve months or more of incarceration.
Q4) There are 51 criminal justice systems in the United States.
A)True
B)False
Q5) The judge determines whether a crime is a misdemeanor or a felony.
A)True
B)False
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Chapter 24: Personal Property, Real Property, and Land Use Law
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Q1) Ownership of personal property is governed by federal law.
A)True
B)False
Q2) In the event that a tenant breaches a duty owed under a lease, what are the possible remedies that may be available to the landlord?
Q3) In Kelo v. City of New London, the court permitted the use of eminent domain to take property that was to be given, in part, to private individuals and companies so that they could develop the land for the benefit of the city and its citizens.
A)True
B)False
Q4) The Takings Clause is found in the Constitution's:
A) First Amendment.
B) Fifth Amendment.
C) Eighth Amendment.
D) Fourteenth Amendment.
Q5) When ownership in land is subject to being canceled it is said to be ______.
Q6) What is the difference between the assignment of a lease and the subletting of a lease? How does each pertain to the rights and duties of the original tenant?
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Chapter 25: Intellectual Property
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Q1) Which of the following is an example of a suggestive trademark?
A) Fruit of the Loom
B) Victoria's Secret
C) eBay
D) IHOP
Q2) When a copyright owner can prove that she or he has legal ownership of the work and that the infringer copied the work without permission, this is called ______ infringement.
Q3) "Computer City" is an example of a ________ trademark.
Q4) Igor is a brilliant chemist and one day decides to try to find out why Whipple Iced Tea tastes so good. Whipple advertises that it blends secret spices into its drink, and those secret spices are a closely guarded secret. The recipe is kept in a safe that is kept in a vault at the home office and is guarded by two former Special Forces soldiers at all times. Igor, after weeks of analysis, has discovered the recipe. Igor is guilty of misappropriation of the Whipple trade secret.
A)True
B)False
Q5) Why are trademarks worthy of protections as valuable business assets?
Q6) Illegal acquisition of a company's trade secret constitutes ______.
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Chapter 26: International Law and Global Commerce
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Q1) When did the U.S. withdraw from compulsory jurisdiction of the International Court of Justice?
A) It withdrew in 1959.
B) It was never under compulsory jurisdiction of the court.
C) It withdrew in 1986.
D) It never withdrew.
Q2) The World Trade Organization (WTO) has certain authority over disputes on trade barriers.
A)True
B)False
Q3) Private international law primarily addresses relationships between countries, business entities, and international organizations.
A)True
B)False
Q4) There are no exemptions to the doctrine of sovereign immunity.
A)True
B)False
Q5) Describe the current state of international protections of trademarks.
Q6) The CISG provisions do not apply to transactions in which one party is a _______.
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