Legal Environment of Business Exam Questions
Course Introduction
The Legal Environment of Business introduces students to the foundational principles and frameworks of law that affect the operation of businesses in the United States. Topics covered include the structure of the court system, sources of law, contracts, torts, agency relationships, employment law, and government regulation of business. The course emphasizes the legal and ethical implications of business decisions, helping students develop an understanding of how laws influence business strategy, risk management, and organizational practices. Real-world cases and contemporary legal issues are used to illustrate the practical impact of law on daily business operations.
Recommended Textbook Business Law 7th Edition by Henry
R. Cheeseman
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Page 2
Chapter 1: Legal Heritage and the Information Age
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Sample Questions
Q1) Which of the following is not a general function of the law?
A) shaping moral standards
B) maintaining the status quo
C) encouraging individual justice
D) facilitating orderly change
Answer: C
Q2) According to Judge Jerome Frank,uncertainty in the law:
A) is an unfortunate accident
B) should be avoided whenever possible
C) is of immense social value
D) does not exist in the U.S. legal system
Answer: C
Q3) The Sociological School of jurisprudence does not emphasize following precedent.
A)True
B)False
Answer: True
Q4) The supreme law of the land in the United States of America is the Constitution.
A)True
B)False
Answer: True
Page 3
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Chapter 2: Court Systems and Jurisdiction
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Q1) In many situations,the parties in a small claims court cannot have a lawyer represent them.
A)True
B)False
Answer: True
Q2) The United States Constitution states that the federal government's judicial power lies with the:
A) state superior court
B) intermediate appellate court
C) small claims court
D) inferior trial court
E) supreme Court
Answer: E
Q3) There is concurrent state and federal jurisdiction for diversity of citizenship cases so long as the minimum amount in controversy is met.
A)True
B)False
Answer: True
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Chapter 3: Judicial, Alternative, and Online Dispute Resolution
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Sample Questions
Q1) The defendant's written response to the plaintiff's complaint that is filed with the court and served on the plaintiff is known as the:
A) a licensee
B) appeal
C) answer
D) judgment
E) prayer for relief
Answer: C
Q2) A default judgment establishes the defendant's:
A) an invitee
B) answer
C) defenses
D) liability
E) All of these are correct.
Answer: D
Q3) The document filed to initiate a lawsuit is known as an allegation.
A)True
B)False
Answer: False
Page 5
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Chapter 4: Constitutional Law for Business and
E-Commerce
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Q1) Which of the following is not correct with regard to commercial speech?
A) The government cannot regulate commercial speech.
B) The government can regulate the time of commercial speech,but cannot prevent it.
C) The government can regulate the place of commercial speech,but cannot prevent it.
D) The government can regulate the manner of commercial speech,but cannot prevent it.
Q2) The first 10 amendments that were added to the U.S.Constitution are known as the Bill of Rights.
A)True
B)False
Q3) The Federal Communications Commission (FCC)can regulate the use of offensive language on television even though the First Amendment applies to such speech.
A)True
B)False
Q4) Our country's form of government is known as federalism.
A)True
B)False
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Chapter 5: Intentional Torts and Negligence
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Q1) Assuming that statutory requirements are met,what is protected under merchant protection statutes?
A) Merchants are protected from the intentional torts of their customers.
B) Merchants are protected from product disparagement claims of their competitors.
C) Merchants are protected from product disparagement claims of their suppliers.
D) Merchants are protected from false imprisonment claims of persons detained on suspicion of shoplifting.
E) Customers are protected from the negligent conduct of merchants.
Q2) The doctrine that shifts the burden of proof from the plaintiff to the defendant is:
A) negligence per se
B) res ipsa loquitur
C) apparent negligence
D) Good Samaritan
Q3) Truth is an absolute defense in a cause of action for defamation.
A)True
B)False
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Chapter 6: Strict Liability and Product Liability
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Q1) Power Tool Company manufactures table saws.These saws have several safety devices including a permanent blade guard.This guard keeps the user's hands from touching the blade while it is moving.Ralph buys a Power table saw,but he takes off the blade guard because it inhibits the type of work he wants to do.Later,Ralph is injured while using the saw.If the blade guard had been left on,Ralph would not have been injured.Ralph sues Power Tool Co.under a strict liability theory.The best defense that Power could raise based on these facts is:
A) supervening event
B) assumption of risk
C) generally known dangers
D) state of the art
E) misuse of the product
Q2) Negligence is a possible theory under which to recover for injuries caused by products.
A)True
B)False
Q3) Damages recoverable in a strict liability action are uniform throughout the United States.
A)True
B)False
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Chapter 7: Intellectual Property and Cyber Piracy
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Q1) The Economic Espionage Act of 1996 provides for criminal penalties for violation of its provisions.
A)True
B)False
Q2) Patents are renewable for an unlimited period of time.
A)True
B)False
Q3) In the State Street case discussed in the text,what change was made to patent law?
A) Copyright protection was extended to previously noncopyrighted works once they are available over the Internet.
B) Computerized online business operating plans and arrangements were determined to be eligible for patent protection.
C) Invention promoters were determined to be liable to inventors for damages caused.
D) Patent protection was determined to apply during the provisional period.
Q4) Life forms may be patented under U.S.patent law.
A)True
B)False
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Chapter 8: Criminal Law and Cyber Crimes
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Sample Questions
Q1) Under common law,the crime of burglary could occur only at night.
A)True
B)False
Q2) Which of the following would constitute the crime of embezzlement?
A) A self-serve gasoline customer drives away without paying for the gas.
B) The cashier at a grocery store takes money from his own cash register.
C) A receptionist who works in a bank lobby distracts a teller and takes money from the teller without the teller's knowledge.
D) A roofing contractor takes a lawn mower from a homeowner while doing a job for the homeowner.
E) An electrician working in a client's home takes $100 from the homeowner's desk drawer.
Q3) Crimes such as illegal parking and jaywalking are normally categorized as:
A) violations
B) misdemeanors
C) felonies
D) none of the above
Q4) The person who initiates a criminal case is known as the plaintiff.
A)True
B)False
Page 10
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Chapter 9: Nature of Traditional and E-Contracts
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Sample Questions
Q1) Jean says to Joan,"If you'll promise to feed my dog each day while I am out of town next week,I'll pay you $100." Joan replies,"I'll absolutely do that.I hope you have a nice trip." Joan then feeds the dog,after which Jean pays her.At what point did a contract come into existence?
A) When Jean made the offer to Joan.
B) When Joan said that she would feed Jean's dog.
C) When Joan started feeding Jean's dog.
D) When Joan completed the final feeding of Jean's dog.
E) When Jean paid the $100 to Joan.
Q2) Which of the following are valid informal contracts?
A) leases
B) sales contracts
C) service contracts
D) All of these are correct.
Q3) A contract remains executory as long as any party to the contract has not fully performed.
A)True
B)False
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11
Chapter 10: Agreement
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Sample Questions
Q1) Advertisements are usually considered to be:
A) offers that can be accepted only by those who have seen the advertisement
B) invitations to deal
C) offers that can be accepted by anyone attempting to purchase the item whether or not that person has seen the actual advertisement
D) counteroffers to any previous advertisements
Q2) Offers made to the public may be revoked by communicating the revocation by the same means used to make the offer.
A)True
B)False
Q3) The communication of an offer can be made by the offeror or the offeror's agent.
A)True
B)False
Q4) Which of the following is correct regarding a "counteroffer?"
A) It is no different from any other offer.
B) It is not really an offer,but operates as the revocation of an offer.
C) It operates as both an offer and an acceptance.
D) It is treated as both a rejection of an offer and a new offer.
E) It is treated as a new offer,but does not terminate the original offer.
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Chapter 11: Consideration and Promissory Estoppel
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Q1) Discuss whether the agreements reached in each of the following situations is enforceable.
a.Mark is the owner of A-1 Construction.He agrees to construct an addition to a client's home for a total contract price of $45,000.When the addition is completed,the homeowner complains about the quality of the workmanship and refuses to pay the full contract price.Mark talks to the homeowner and Mark agrees to accept a payment of $43,000 rather than the $45,000 in the original contract.
b.Mark is the owner of A-1 Construction.He agrees to construct an addition to a client's home for a total contract price of $45,000.When the addition is completed,the homeowner says he is short of money and can only pay Mark $43,000 even though he is satisfied with the work.Mark agrees to accept the payment.
Q2) When a seller promises a buyer to sell to he/she all of an item that it produces,this results in:
A) an unenforceable illusory contract
B) an enforceable requirements contract
C) an enforceable output contract
D) an enforceable accord and satisfaction
E) an enforceable contract with an option to cancel
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Chapter 12: Capacity and Legality
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Questions
Q1) Mary is a bartender at a local pub.The state in which Mary works requires all bartenders to be licensed.No special education or experience is required,but one must pay $25 per year for the license.Mary was not aware of this,so she did not obtain a license.When her boss found out about this,he refused to pay Mary for the two weeks of work that she had done.Mary sues.What results?
A) Because this is an illegal contract,the courts will not enforce it.
B) Because Mary violated a regulatory statute,the contract is illegal.
C) Because this is a revenue raising statute,Mary can collect her wages.
D) Because this is a revenue raising statute,Mary cannot collect her wages.
E) Because this type of licensing is unconstitutional,Mary can collect her wages.
Q2) Generally,which of the following statements relating to contractual capacity is correct?
A) Persons with full competence make enforceable contracts.
B) People with limited competence make void contracts.
C) People with no competence make voidable contracts.
D) Minors make void contracts.
E) People who have been adjudicated insane make voidable contracts.
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Page 14
Chapter 13: Genuineness of Assent and Undue Influence
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Sample Questions
Q1) Mark was shopping for a used car in February.He went to AutoMegaWorld and test drove a used 2000 Tiger XL.While driving the car,he looked at the climate control center and noticed that the temperature lever was marked "cold" at one end in blue and "hot" in red at the other end.Mark assumed that the "cold" marking meant that the car had air conditioning.Mark wanted to finally have an air-conditioned car.He did not discuss air conditioning in any way with the salesperson.Mark bought the car.Later,when Mark was showing his new car to friends,one of them pointed out to him that the car was not air conditioned.In this circumstance,which of the following is true?
A) Mark can avoid the contract on the basis of mutual mistake.
B) Mark can avoid the contract on the basis of unilateral mistake.
C) Mark can avoid the contract on the basis of fraud by concealment.
D) Mark can avoid the contract on the basis of fraud in the inducement.
E) Mark cannot avoid the contract on the basis of his unilateral mistake.
Q2) When only one party to a contract is mistaken about a material fact that is the subject matter of the contract,that party will not be permitted to rescind the contract.
A)True
B)False
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Chapter 14: Statute of Frauds and Equitable Exceptions
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Sample Questions
Q1) Sam and Betty sign a written contract on June 1 in which Sam will sell his 1999 Honda Accord to Betty for $10,000,not including the CD player which is mounted in the trunk.Sam will remove the CD player from the car and keep it.They will exchange the car and money on June 10.On June 8,Betty tells Sam she will pay an extra $100 if he will include the CD player and Sam agrees.Which is true?
A) Sam and Betty cannot enter into the additional agreement regarding the CD player because it violates the parol evidence rule.
B) The additional agreement regarding the CD player is unenforceable because of the parol evidence rule.
C) The parol evidence rule does not apply to the agreement about the CD player because it was made after the original agreement was made.
D) The improper attempt to modify the original agreement renders the original agreement void.
E) The parol evidence rule would apply only if the agreement about the CD player was entered into after June 10.
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Chapter 15: Third-Party Rights and Discharge
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Q1) The City of Monroe enters into an oral contract with Allied Construction Co.to pave a gravel road.The gravel road passes in front of John's home.Once the road is paved,John's home would increase significantly in value.Allied fails to pave the gravel road.If John sued Allied for breach of contract,then which of the following is true?
A) John would prevail,because John is an intended third-party beneficiary.
B) John would not prevail,because John is only an incidental third-party beneficiary.
C) John would prevail,because he is a party to the contract and has privity.
D) John would not prevail,because the Statute of Frauds applies.
Q2) Why should a donee beneficiary be able to sue for the benefit that she was to receive,even though someone to whom a promise of a gift is made directly is not able to sue to enforce the promise of a gift?
Q3) Is it ever wise for persons such as an artist or interior decorator to enter into a contract that depends on the personal satisfaction of the other party? Why would someone enter into such a contract given the considerable risks? How could one of these persons minimize the risk if the other party demands a personal satisfaction clause?
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Chapter 16: Remedies for Breach of Traditional and E-Contracts
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Q1) Reformation permits the court to order the breaching party to perform the acts promised in the contract.
A)True
B)False
Q2) Which of the following is NOT one of the required elements of the tort of intentional interference with contractual relations?
A) a valid,enforceable contract between the contracting parties
B) third-party knowledge of this contract
C) third-party inducement to breach the contract
D) malicious intent in inducing the breach
Q3) What distinguishes an anticipatory breach from other breaches?
A) It involves a breach by each party to the contract.
B) It entitles the nonbreaching party to consequential damages.
C) It occurs in connection with substantial performance.
D) It is a foreseeable breach.
E) It occurs prior to the time that performance is due.
Q4) Liquidated damages will be invalidated if they are unreasonably large or small.
A)True
B)False
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Chapter 17: Internet Law and E-Commerce
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Sample Questions
Q1) Unfortunately,breach of a licensing agreement by one party leaves the aggrieved party without any type of remedy.
A)True
B)False
Q2) One of the uniform laws developed in response to electronic commerce is the Uniform Computer Information Transactions Act.
A)True
B)False
Q3) Which of the following is correct about the Electronic Communications Privacy Act?
A) Law enforcement authorities can access an employee's e-mail stored on the employer's computer system in connection with a criminal investigation only with a search warrant.
B) An employer has the right to view an employee's e-mail regardless of where it is stored if it can be accessed through the employer's e-mail system.
C) The Act contains civil limitations,but no criminal provisions.
D) The act applies to stored e-mail,but not e-mail in the process of transmission.
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19
Chapter 18: Formation of Sales and Lease Contracts
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Q1) The common law of contracts governs if either Article 2 or Article 2A is silent on the issue.
A)True
B)False
Q2) A buyer agrees to purchase "two cars" from an elevator company.All material terms are contained in a written contract,but "two cars" is not further defined.Which of the following evidence can be admitted if there is a dispute over what "two cars" refers to?
A) Oral evidence that before the signing of the contract the parties intended the contract to be for the purchase of three cars.
B) Oral evidence that before the signing of the written agreement the elevator company said it would extend its normal 1-year warranty (which is stated in the written contract) to 2 years.
C) Oral evidence that the word "car" refers to an elevator,since that is normal in the elevator industry,and that it does not refer to any of the company's automobiles.
D) Written evidence from prior to the signing of the written contract that the parties intended the contract to be for the purchase of three cars.
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Page 20
Chapter 19: Title to Goods and Risk of Loss
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Q1) The unborn young of stock animals are considered future goods.
A)True
B)False
Q2) A breach by the buyer will shift the risk of loss to the buyer as soon as the breach occurs if the risk has not already shifted.
A)True
B)False
Q3) In general,what is the effect on risk of loss when a party breaches a contract?
A) The breaching party will bear the risk of loss for some period of time.
B) The breaching party will permanently bear the risk of loss.
C) The breach can speed up shift of the risk of loss to the buyer,or return the risk to the seller.
D) A and C are true.
Q4) In a noncarrier case for the sale of goods,which of the following is most important in determining when risk of loss passes?
A) whether the seller is a merchant
B) whether any warranties have been disclaimed
C) whether the buyer is a merchant
D) when title passes
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Chapter 20: Remedies for Breach of Sales and Lease Contracts
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Q1) A buyer who rightfully rejects goods must notify the seller of the reasons for rejection to preserve the buyer's rights.
A)True
B)False
Q2) A replevin action is available whenever the seller or lessor is wrongfully withholding goods.
A)True
B)False
Q3) If a seller has delivered nonconforming goods that have been rejected by the buyer,the seller has a right to cure:
A) only if the time for performance has not yet expired
B) under some circumstances,even if the original time for performance has passed
C) only if the contract specifically allows for cure
D) only if the buyer agrees
E) only if the seller can do so within 10 days
Q4) If a seller requires cash as payment,the buyer must be allowed an extension of time to be able to procure the cash.
A)True
B)False
22
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Chapter 21: Sales and Lease Warranties
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Q1) Greencutter Lawn Equipment sells lawn mowers and other lawn-care equipment.Greencutter wants to provide a written warranty with its equipment under which it will repair the equipment for 2 years from the date of purchase.Which of the following is true in this circumstance under the Magnuson-Moss Warranty Act?
A) Greencutter should call this a full warranty if the repair obligation covers all parts of the lawn mower.
B) Greencutter is unable to modify or limit the implied warranties on the mower.
C) The Act requires that the length of any express warranty be reasonable considering the type of product.
D) Greencutter must clearly indicate whether any warranty is full or limited.
Q2) The term "basis of the bargain" is a test that is strictly applied by the courts under the UCC.
A)True
B)False
Q3) Under the implied warranty of fitness for human consumption,it is implied that the food served is fit for human consumption.
A)True
B)False
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Chapter 22: Creation of Negotiable Instruments
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Q1) Where must the signature appear on a negotiable instrument in order to meet the signature requirement?
A) anywhere on the face of the instrument
B) anywhere on the face of the instrument or anywhere on the back of the instrument
C) on the face only,and only at the end of the instrument
D) at the end of the instrument on the face next to the maker or drawer's full name.
Q2) What characteristics are necessary for a draft to be a check?
A) It contains an indorsement in blank.
B) It is payable on demand,and the drawee is a bank.
C) It is payable at a specific time and the drawee is a bank.
D) There are no separate requirements; the requirements for a draft and a check are the same.
Q3) The law of negotiable instruments was designed to create a substitute for cash and to facilitate commerce.Has the importance of negotiable instruments in commerce increased or decreased in recent years? How will increased online commerce affect the importance of negotiable instruments?
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Chapter 23: Transferability and Holder In Due Course
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Q1) Why are there so many different kinds of indorsements? Why is a restriction in an indorsement that limits payment to the named payee not effective? Shouldn't the parties be allowed to set these terms between themselves?
Q2) Under what doctrine could a party who is aware that an instrument is overdue take that instrument and acquire the rights of a holder in due course?
A) The shelter principle.
B) The indorsement protection doctrine.
C) The personal defense doctrine.
D) The public policy exception.
E) The taking for value doctrine.
Q3) Because an indorsement is not required on bearer paper to deliver it,the indorsement has no legal effect.
A)True
B)False
Q4) An indorsement is the signature of a signer,who is also the maker,that is placed on the instrument to negotiate it to another person.
A)True
B)False
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Chapter 24: Liability,Defenses and Discharge
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Q1) Of the following roles that persons who sign a negotiable instrument can play,which do not have signature liability on the instrument?
A) accommodation signers and qualified indorsers
B) qualified indorsers and those signing properly as an authorized agent
C) authorized signers,qualified indorsers,and those signing properly as an authorized agent
D) accommodation signers,qualified indorsers,and those signing properly as an authorized agent
E) None of these is correct because anyone who signs an instrument incurs signature liability.
Q2) When does acceptance of a draft occur?
A) Acceptance occurs if an accommodation has occurred.
B) Acceptance occurs if an unqualified indorser is involved.
C) Acceptance of a draft occurs when the drawee writes the word acceptance across the face of the draft.
D) All of these are correct.
Q3) The drawer of a draft has primary liability on the draft when it is issued.
A)True
B)False
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Page 26
Chapter
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Q1) As a holder,the payee of a check can either demand payment or indorse the check to another person.
A)True
B)False
Q2) When a drawee bank is presented with a check drawn on a customer's account in which there are not sufficient funds to pay the check,the bank:
A) must pay the check if the customer is an established customer
B) is not permitted to pay the check
C) must notify the drawer prior to deciding whether or not to pay the check
D) may choose whether to pay the check,but cannot charge interest on the overdraft unless the customer previously agreed to the payment of interest in the event of an overdraft
E) may choose whether to pay the check,and can charge interest on the overdraft in all circumstances
Q3) The legal effect of a stale check is which of the following?
A) The drawee bank cannot pay it.
B) The drawer is no longer liable on it.
C) The bank is not under an obligation to pay it.
D) The payee must get the drawer to redate it.
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Page 27
Chapter 26: Creditor's and Debtor's Rights
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Q1) A deficiency judgment is one for the amount of a debt in excess of the value of any collateral.
A)True
B)False
Q2) A deed of trust is an instrument that evidences the borrower's debt to the lender.
A)True
B)False
Q3) A debtor who is judgment-proof does not have a legal obligation for the payment of debts.
A)True
B)False
Q4) A lien release is a document signed by a contractor,laborer,or material person enforcing his or her statutory lien against the property owner.
A)True
B)False
Q5) Foreclosure is another word for the taking of possession of collateral.
A)True B)False
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Chapter 27: Secured Transactions and Electronic Filing
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Q1) Which of the following is true about when perfection and attachment occur?
A) Either can occur before the other.
B) They always occur simultaneously.
C) Attachment cannot occur until there has been perfection.
D) Attachment must occur before or at the same time as perfection.
E) There can only be one attached and one perfected security interest in a given piece of collateral.
Q2) Which of the following is true?
A) The creditor is generally not entitled to obtain a deficiency judgment where the collateral is goods if the sale of the goods does not cover the amount owed on the underlying debt.
B) The right of redemption for collateral extends until a reasonable time after its disposal.
C) To exercise the right of redemption,the debtor must not only pay the amount owed,but also all related costs of the creditor in connection with the repossession of the collateral.
D) Deficiency judgments are generally against public policy unless reasonable in amount.
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Chapter 28: Bankruptcy and Reorganization
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Q1) One of the goals of federal bankruptcy law is to give debtors a chance at a fresh start financially.
A)True
B)False
Q2) In a Chapter 11 bankruptcy,the creditors committee is usually composed of:
A) all unsecured creditors and the three largest secured creditors
B) the seven largest unsecured creditors
C) the seven largest unsecured creditors and all secured creditors
D) the three largest secured and three largest unsecured creditors
Q3) Which two states were cited in the textbook as having homestead exemptions without an upper dollar limit?
A) Texas and Alaska
B) Texas and California
C) California and Florida
D) New York and California
E) Texas and Florida
Q4) Only individuals may file a petition under Chapter 13 of the Bankruptcy Code.
A)True
B)False
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Chapter 29: Agency Formation and Termination
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Q1) A principal-agent relationship exists when an employer hires an employee to perform some form of physical service.
A)True
B)False
Q2) An attorney is an agent when he represents a client.
A)True
B)False
Q3) What is the significance of an agency coupled with an interest?
A) Only apparent authority can exist.
B) The agency cannot be terminated unilaterally by the principal.
C) The agent must be compensated for the agent's efforts.
D) The agency cannot be terminated by agreement of the principal and agent.
E) Both B and D are true.
Q4) The termination of an agency by the agent is called the revocation of authority.
A)True
B)False
Q5) An agent assumes the financial responsibility for all expenses within the scope of the agency.
A)True
B)False
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Chapter 30: Liability of Principals, Agents, and Independent Contractors
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Q1) An agent has a duty to notify the principal of information he or she learns from a third party if that information is important to the principal.
A)True
B)False
Q2) An undisclosed agency exists where the third party is aware that the party he is dealing with is an agent,but does not know the identity of the principal.
A)True
B)False
Q3) What is the effect on the tort liability of an agent when it is determined that an intentional tort was committed within the scope of the agency?
A) The agent is released from liability.
B) The agent will be 50 percent liable,and the principal will be 50 percent liable.
C) The liability of the agent to the injured party is unaffected.
D) The agent will be liable only if the principal is unable to pay.
E) The principal acquires the opportunity to use the contributory negligence defense.
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Chapter 31: Employment,Worker Protection,and Immigration Laws
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Q1) Under the Social Security program,a worker's social security taxes paid during her working years are accumulated in an account to be used in paying her retirement benefits once she retires.
A)True
B)False
Q2) Surviving family members of deceased workers can receive benefits under the Social Security program.
A)True B)False
Q3) The Employee Retirement Income Security Act requires pension plans to be in writing.
A)True
B)False
Q4) For purposes of overtime pay,weeks may be combined to double the overtime pay due an employee.
A)True B)False
Q5) Unemployment contributions are paid by employees. A)True B)False
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Chapter 32: Labor Law and Collective Bargaining
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Q1) Mebs Motor Company has decided to close down its plant in Sunburn,Michigan.The demand for its cars is falling dramatically,and the plant has been losing money for years.Mebs management has heard of some federal law that requires notice being given to employees about plant closings under certain conditions.Which of the following is not true regarding this law?
A) The act covers employers with 100 or more employees.
B) The act generally requires 60 days notice.
C) The act applies to plant closings and to mass layoffs.
D) There are no exceptions to the notification rules.
Q2) Which is true about employers and solicitations of employees by unions?
A) The employer can prohibit all solicitation by employees on work premises.
B) The employer can require that all solicitations be approved by management.
C) The employer can restrict solicitations to nonworking areas,such as the parking lot,and can limit the solicitations to the employee's free time.
D) The employer can bar solicitations that express unfavorable opinions about the employer.
Q3) A strike action must be ratified by a majority of the union workers.
A)True
B)False
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Page 34
Chapter 33: Equal Opportunity in Employment
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Q1) If a party has presented a complaint to the Equal Employment Opportunity Commission about alleged discrimination in violation of the Civil Rights Act of 1964,and the EEOC decides not to bring a suit on behalf of the employee,the EEOC will issue a(n):
A) order of dismissal of the complaint
B) notice of the complainant's right to appeal to the appropriate court of appeals
C) judgment in the employer's favor
D) injunction to prevent the illegal behavior in the future
E) right to sue letter
Q2) Disparate treatment discrimination refers to the discrimination against a specific individual because of his or her race,color,national origin,sex,or religion.
A)True
B)False
Q3) Some have criticized the widespread filing of sexual harassment claims on the grounds that false claims are too easy to file and allege.Do you agree? How could the number of false accusations be reduced without hindering the ability of victims to file legitimate claims?
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Chapter 34: Small Businesses, Entrepreneurs, and General Partnerships
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Q1) The major advantage of a sole proprietorship is that:
A) it is easy to create
B) it offers limited liability
C) it includes a "need not file under a fictitious name" statute
D) it is easy to raise capital
Q2) Partnerships are considered to be separate legal entities under the UPA.
A)True
B)False
Q3) A large business can be operated as a sole proprietorship.
A)True
B)False
Q4) If a partnership agreement provides for the sharing of losses but is silent as to how profits are to be shared,profits are shared equally.
A)True
B)False
Q5) Partnerships that exist for more than one year must be in writing. A)True
B)False
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Chapter 35: Limited Partnerships and Limited Liability
Limited Partnerships
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Q1) Which of the following is a consequence of a limited partnership failing to obtain a certificate of registration before conducting business in another state?
A) Contracts that it enters into are void.
B) Contracts that it enters into are voidable.
C) The limited partners will lose their limited liability.
D) The limited partnership cannot defend itself in any lawsuits brought against it in the other state.
E) The limited partnership cannot initiate any lawsuits in the other state.
Q2) Where a partner who erroneously believed she was a limited partner dealt with a third party who believed in good faith that she was a general partner,the partner will be treated as a general partner.
A)True
B)False
Q3) A master limited partnership is one that is traded on an organized securities exchange such as the New York Stock Exchange.
A)True
B)False
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Page 37
Chapter 36: Corporate Formation and Financing
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Q1) A corporation formed for scientific purposes would be a profit corporation.
A)True
B)False
Q2) When a promoter enters into a contract on behalf of a corporation that is not yet formed,the corporation will become liable on the contract:
A) at the time the promoter enters into the contract
B) when the corporation comes into existence
C) once the corporation has elected its initial board of directors
D) only if the corporation,once formed,agrees to be liable on the contract
E) only in the case of a novation
Q3) Corporations must be incorporated in the states in which they do most of their business.
A)True
B)False
Q4) Corporations are the most dominant form of business organization in the United States.
A)True
B)False
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Chapter 37: Corporate Governance and the Sarbanes
Oxley Act
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Q1) Mary was just appointed a vice president of LMN Corporation and placed in charge of their Chicago plant.As soon as she takes over,she hires a new employee and signs a contract for the purchase of needed supplies from Joe's Supply.When the payroll arrives at the LMN corporate office for approval,the president refuses to approve payment for the new employee that Mary hired.Similarly,the president refuses to approve payment for the supplies purchased from Joe's.The new employee and Joe sue both LMN and Mary for payment.What is the result?
A) Mary is liable,but LMN is not liable for both contracts.
B) Mary is not liable,but LMN is liable for both contracts.
C) Both LMN and Mary are liable for both contracts.
D) Neither LMN nor Mary is liable for either of the contracts.
E) LMN only is liable for the employment contract,but Mary alone is liable for the supplies contract.
Q2) Shareholders may not inspect the minutes of shareholders' meetings.
A)True
B)False
Q3) A proxy is valid for an indefinite period of time.
A)True
B)False
Page 39
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Chapter 38: Corporate Acquisitions and Multinational Corporations
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Q1) If a dissenting shareholder who has exercised his appraisal right is dissatisfied with the corporation's determination of the fair market value of the shares,then:
A) The shareholder has no further recourse.
B) The shareholder must choose to receive the appraisal amount or cancel the exercise of the appraisal right and accept the terms of the merger or other transaction.
C) The shareholder must pay for a new appraisal of the shares and seek that amount in court.
D) The corporation must petition the court to determine the fair value of the shares.
Q2) In order to exercise the appraisal right where a shareholder is opposed to a merger,the shareholder must:
A) give the corporation notice of demanding cash payment for the shares,with the notice given prior to the vote on the matter
B) notify the corporation of the amount that the shareholder is demanding as cash payment for the shares
C) not vote in favor of the proposed merger
D) A and C only
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Chapter 39: Limited Liability Companies and Limited Liability Partnerships
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Q1) Based on duration,all LLCs can be classified as either:
A) short-term or long-term
B) fixed-length or variable-length
C) term or at-will
D) determined-length or undetermined-length
E) self-determined or statute-determined
Q2) Two CPA firms,one having 70 partners,and one having 40 partners,are planning to form a new CPA firm.They want to use a form of business organization that will give each of the 110 owners of the new firm limited liability.What are the available options to meet this goal?
A) a limited liability partnership or a limited liability company
B) a limited liability partnership,a limited liability company,or an S corporation
C) a limited liability partnership,a limited liability company,or a limited partnership
D) a limited liability partnership,a limited partnership,or an S corporation
Q3) A party may usurp an LLC's business opportunity,as this will not breach the duty of loyalty owed to the LLC.
A)True
B)False
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Chapter 40: Franchises and Special Forms of Business
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Q1) Mike is considering opening a barbecue restaurant.He can either design his own,or obtain a franchise for a "Bubba's Roadkill Barbecue House," which does not actually serve roadkill.What factors should Mike consider in deciding which course of action to take?
Q2) A soft drink company would franchise its bottling plants under which form of franchise?
A) distributorship franchise
B) processing plant franchise
C) chain-style franchise
D) area franchise
E) agency franchise
Q3) The most important assets of a franchisor are its:
A) physical plant and property
B) right to receive franchise fees
C) right to terminate franchises at will
D) business name and reputation
E) right to set and maintain retail prices
Q4) Why has the federal government chosen to regulate the activities of franchisors?
Why are parties to franchise agreements not given the same flexibility and freedoms as in most other contracts?
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Chapter 41: Investor Protection and Online Securities Transactions
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Q1) Negligence causing a material misstatement will subject a party to liability under Rule 10b-5 of the Securities Exchange Act of 1934.
A)True
B)False
Q2) What is the general reason for restrictions against insider trading under the Securities Exchange Act of 1934?
A) Corporate insiders should not own stock in the corporation because it is a conflict of interest.
B) Use of inside information is unfair to the other party to the transaction and goes against the philosophy of allowing all participants in the market having the same information.
C) Insider trading generally leads to lower stock prices.
D) Insider trading results in an imbalance of buyers and sellers in the market.
E) The value of a prospectus is compromised when insider trading is conducted.
Q3) A tippee is liable for acting on information that he or she should have known was not public.
A)True
B)False
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Chapter 42: Ethics and Social Responsibility of Business
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Q1) The most favorable aspect of applying utilitarianism is that it is easy to estimate the good that results from different actions.
A)True
B)False
Q2) Under Rawls's social justice theory,the least advantaged in society must receive special assistance to allow them to realize their potential.
A)True
B)False
Q3) Which of the theories of the social responsibility of business includes obligations of a business to parties other than shareholders?
A) corporate citizenship only
B) stakeholder interest only
C) stakeholder interest and corporate citizenship
D) moral minimum and stakeholder interest
E) moral minimum,stakeholder interest,and maximizing profits
Q4) Social audits have recently become mandatory for publicly traded corporations.
A)True
B)False
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Chapter 43: Administrative Law and Regulatory Agencies
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Q1) Which of the following statutes gives the public access to most documents in the possession of federal agencies?
A) the Freedom of Information Act
B) the Government in the Sunshine Act
C) the Administrative Procedure Act
D) the Equal Access to Justice
E) the Privacy Act
Q2) Administrative agencies may not issue subpoenas.
A)True
B)False
Q3) With respect to administrative agencies,the delegation doctrine provides that:
A) agencies have the power to delegate their powers to their employees
B) agencies have the power to delegate their powers to those parties that they regulate
C) agencies have only the powers given to them by the enabling action that created them
D) agencies have all powers necessary for them to carry out their functions
E) agencies have all powers not reserved to the federal government in the U.S. Constitution
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Chapter 44: Consumer Protection and Product Safety
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Q1) Unfair and deceptive trade practices are generally regulated by the:
A) Federal Trade Commission
B) Food and Drug Administration
C) Securities and Exchange Commission
D) Consumer Product Safety Commission
Q2) Which of the following products would be covered by the Consumer Product Safety Act?
A) toys
B) automobiles
C) aircraft
D) firearms
Q3) Over which of the following products does the FDA not have jurisdiction to regulate?
A) prescription drugs
B) aspartame,the sweetening agent in Nutra-Sweet
C) cigarettes
D) artificial hearts
E) lipstick
Q4) Why was consumer protection not part of the law of the United States until relatively recently? Have consumer protection laws become too strong?
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Chapter 45: Environmental Protection and Global Warming
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Q1) Under the Clean Air Act,areas that are classified as nonattainment areas are further classified based on the degree to which they exceed the ozone standard.
A)True
B)False
Q2) The Environmental Protection Agency has which of the following powers?
A) adopt regulations
B) initiate judicial proceedings
C) adopt regulations and hold hearings
D) adopt regulations and initiate judicial proceedings
E) adopt regulations,hold hearings,and initiate judicial proceedings
Q3) The Environmental Protection Agency may establish water pollution control standards for places like mines,paper mills,and other stationary sources of water pollution.
A)True
B)False
Q4) Most states are lax about requiring that private industry prepare an environmental impact statement for proposed developments.
A)True
B)False
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Chapter 46: Antitrust Law and Unfair Trade Practices
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Q1) Price discrimination is lawful if it is in response to "changing conditions in the market or the marketability of the goods."
A)True
B)False
Q2) A clothing maker requires the retailers it deals with to sell all the clothing at a fixed price.In examining a retailer's challenge to this practice,a court would:
A) examine this arrangement on a rule of reason basis
B) invalidate the arrangement in its entirety
C) certainly allow the retailer to sell the clothes for less than the stated price,but examine whether or not the retailer could sell at higher than the stated price using a rule of reason analysis
D) allow the arrangement only if neither party possessed monopoly power
Q3) The primary source of the antitrust laws is:
A) the United States Constitution
B) the Uniform Commercial Code
C) the Federal Trade Commission
D) Federal Statutes
E) common law
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Chapter 47: Personal Property and Bailment
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Q1) A stock certificate is an example of:
A) tangible,personal,private property
B) intangible,personal,private property
C) intangible,real,private property
D) intangible,personal,public property
E) tangible,real,public property
Q2) Animals such as pets are not considered to be tangible personal property. A)True B)False
Q3) Accession refers to an increase in the market value of a piece of property. A)True B)False
Q4) A gift inter vivos is a gift made in contemplation of death. A)True B)False
Q5) The acquisition of personal property requires that a number of formalities be met before a transfer of ownership can take place. A)True B)False
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Chapter 48: Real Property
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Q1) Which of the following elements is not required for adverse possession?
A) possession for the statutory period of time
B) open,visible,and notorious possession
C) hostile and adverse possession
D) consent by the owner
Q2) The holder of a life estate can do all of the following with her life estate except:
A) sell it
B) give it away
C) leave it to someone in her will
D) mortgage it
E) lease it to another
Q3) An easement in gross occurs where the servient and dominant estates are adjacent.
A)True
B)False
Q4) An estate is a large dwelling on land.
A)True
B)False
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Chapter 49: Landlord Tenant Law and Land Use Regulation
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Q1) A tenant at sufferance may exist if a tenant retains possession of property after the expiration of a life estate.
A)True
B)False
Q2) Which of the following describes the interest of the tenant in a landlord-tenant relationship?
A) non-freehold estate
B) life estate
C) leasehold estate
D) both A and B
E) both A and C
Q3) At common law,how much notice was necessary to terminate a periodic tenancy?
A) 1 month
B) 1 year
C) one period,the length of the period being the period of the payment period
D) A periodic tenancy can be terminated without notice.
E) A periodic tenancy is automatically terminated at the end of the period.
Q4) A tenant's interest in the property is a non-freehold estate.
A)True
B)False
Page 51
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Chapter 50: Insurance
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Sample Questions
Q1) Which of the following is not one of the parties to a standard life insurance contract?
A) owner
B) insurance company
C) insurance broker
D) insured
E) beneficiary
Q2) The type of auto insurance coverage that pays for the damage caused by the insured to the car of the other driver in an accident is:
A) collision
B) comprehensive
C) liability
D) medical payments
E) no fault
Q3) The primary coverage of renters insurance is for the possessions of the insured.
A)True
B)False
Q4) An insurance agent is the agent of the insurance company.
A)True
B)False
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Chapter 51: Accountants' Liability
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Q1) Which of the following is not one of the requirements for an accountant to become a certified public accountant?
A) educational requirements
B) size of firm requirements
C) passage of the CPA exam
D) minimum period of audit experience
Q2) Under the Restatement (Second)of Torts standard,an accountant is liable to which third parties for negligence?
A) Only parties in privity with the accountant.
B) Only parties in privity with the accountant or parties in a privity-like relationship with the accountant.
C) All parties in a limited class whose identities are known by the accountant.
D) All parties in a limited class whether or not the accountant knows the identity of the party.
E) All foreseeable users of the financial statements.
Q3) The term privity refers to parties being in a contractual relationship with one another.
A)True
B)False
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Chapter 52: Wills, Trusts, and Elder Law
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Sample Questions
Q1) Jan has two daughters,Ann and Betty.Each of these daughters has two sons.While all of these persons are living,Jan writes a will leaving her entire estate to her "lineal descendants,per stirpes." After Jan writes this will,the older daughter,Ann,dies.Jan dies next.If the value of Jan's estate is $120,000,how much does Ann's older son receive?
A) $20,000
B) $24,000
C) $30,000
D) $36,000
E) $40,000
Q2) A bequest is a gift of personal property in a will.
A)True
B)False
Q3) An heir is someone who receives property under an intestacy statute.
A)True
B)False
Q4) A general gift is one that is a specifically identified piece of property.
A)True
B)False
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54
Chapter 53: Family Law
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Sample Questions
Q1) John and Jennifer are engaged to be married.Shortly before the wedding,John gets cold feet and calls the whole thing off.What happens to the ring?
A) Jennifer gets to keep the ring under both the fault rule and objective rule.
B) Jennifer must return the ring under the fault rule,but would get to keep the ring under the objective rule.
C) Jennifer gets to keep the ring under the fault rule,but must return the rule under the objective rule.
D) Jennifer must return the ring under both the fault rule and the objective rule.
Q2) All states have now recognized same-sex marriages.
A)True
B)False
Q3) The modern rule with respect to broken marriages and who gets to keep an engagement ring is the fault rule.
A)True
B)False
Q4) Separate property loses its status by virtue of the marriage itself.
A)True
B)False
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55
Chapter 54: International and World Trade Law
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Q1) The North American Free Trade Agreement was formed in 1992 with only three nations.
A)True
B)False
Q2) Treaties address such issues as human rights and foreign aid.
A)True
B)False
Q3) The North American Free Trade Agreement forbids a country from placing tariffs if an import surge from one of the other nations hurts its economy or workers.
A)True
B)False
Q4) Which of the following is not true regarding international law?
A) Enforcement is a problem because there is no "executive branch" to enforce it.
B) The United Nations is the body that has the power to enforce most court decisions involving international law disputes.
C) International law comes from multiple sources.
D) There is no single court system for dealing with all international disputes.
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