Legal Environment of Business Exam Review
Course Introduction
This course provides an overview of the legal framework within which businesses operate, introducing students to the fundamental principles of business law and the regulatory environment affecting organizations. It covers topics such as contracts, torts, agency, employment law, intellectual property, business ethics, dispute resolution, and the role of government in commerce. Emphasis is placed on understanding how the law impacts business decision-making and the ways in which businesses can navigate legal challenges while maintaining ethical standards. By exploring real-world cases and legal scenarios, students gain critical insight into the importance of legal compliance for successful business operations.
Recommended Textbook
The Legal Environment of Business A Managerial Approach Theory 2nd Edition by Sean P. Melvin
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26 Chapters
2078 Verified Questions
2078 Flashcards
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Chapter 1: Legal Foundations
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Sample Questions
Q1) Secondary sources of law:
A) are looked to when there is no primary source of law that applies to the facts of a case.
B) are considered a valid independent authority.
C) apply to both federal and state legal issues.
D) have no legally binding effect.
Answer: D
Q2) The power of courts to establish law in matters not specifically addressed by statutes is very limited in common law countries.
A)True
B)False
Answer: False
Q3) A collection of uniform legal principles focused on a particular area of traditional state law is called ________ of the Law.
Answer: Restatements
Q4) When the United States Supreme Court formally recognized its role in achieving equality for all Americans during the civil rights movement, it was following a ________ philosophy.
Answer: legal realism
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Chapter 2: Business and the Constitution
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Sample Questions
Q1) Both commercial speech and corporate political speech are subject to intermediate scrutiny.
A)True
B)False
Answer: False
Q2) Protections for the citizenry from unlawful or reprehensive acts by the government are contained primarily in:
A) the Preamble to the Constitution.
B) Article I of the Constitution.
C) Article V of the Constitution.
D) the Bill of Rights.
Answer: D
Q3) The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act is commonly called the ________ Act.
Answer: USA Patriot
Q4) Powers granted in the Constitution to the three branches of the federal government are known as ________ powers.
Answer: enumerated
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Chapter 3: The American Judicial System, Jurisdiction, and Venue
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Q1) In Estate of Weingeroff v. Pilatus Aircraft, the fact that Pilatus had purchased over $1 million in products and services from Pennsylvania suppliers was not sufficient to establish minimum contacts or show purposeful availment in Pennsylvania sufficient to establish personal jurisdiction.
A)True
B)False
Answer: True
Q2) Because it is not a state, cases arising in Washington,D.C., are heard by:
A) a specially appointed court that reports directly to the U.S. Supreme Court.
B) courts from the Virginia state system because Virginia is the closest state.
C) the Federal Circuit Court of Appeals.
D) the Court of Appeals for the District of Columbia.
Answer: D
Q3) The majority of cases filed in the U.S. are filed in state courts.
A)True
B)False
Answer: True
Q4) Delaware's court, which exclusively hears commercial matters, is called the Delaware ________ Court.
Answer: Chancery
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Chapter 4: Resolving Disputes: Litigation and Alternative
Dispute Resolution Options
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Sample Questions
Q1) In American Express v. Italian Colors Restaurant, American Express entered into agreements with Italian Colors Restaurant and other merchants that accept American Express credit cards. The agreement required that all disputes be settled through arbitration and prohibits class actions. The merchants filed a class action antitrust claim against Amex, arguing that they should be allowed to bring the claim as a class because the cost of expert analysis to prove the case exceeded the maximum recovery available to an individual merchant plaintiff. How did the U.S. Supreme Court decide?
A) The Court ruled for the merchants because not allowing the case would frustrate the purpose of having antitrust laws.
B) The Court ruled in favor of Amex, holding that the Federal Arbitration Act (FAA) does not permit courts to invalidate a contract based solely on the grounds that a plaintiff's dispute resolution costs exceed any potential amounts to be recovered. The Court concluded that the FAA reflects the overarching principle that arbitration is a matter of contract and that courts had a responsibility to rigorously enforce arbitration agreements according to their terms.
C) The Court ruled for the merchants because the waiver of class arbitration was not voluntary.
D) The Court ruled for Amex, holding that it did not violate antitrust laws.
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Page 6
Chapter 5: Business, Societal, and Ethical Contexts of Law
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Sample Questions
Q1) Enron profits showed that first-quarter revenues rose from $12 billion in 2000 to $84 billion in 2001.
A)True
B)False
Q2) A particular act can be deemed unethical yet still be legal.
A)True
B)False
Q3) Faber College, founded in 1904, is an integral part of its surrounding community. Which of the following is a primary stakeholder in Faber College?
A) the students
B) the authors of the textbooks sold to the bookstore for student purchase
C) the local bar that students frequent when they are not studying
D) the community newspaper that runs a weekly column discussing the events at Faber
Q4) Business ethics is a recent phenomenon not recognized or considered prior to the mid- to late 1900s.
A)True
B)False
Q5) ________ refers to having a conscious system in use for deciding moral dilemmas.
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Chapter 6: Overview and Language of Contracts
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Sample Questions
Q1) When an offer and agreement exist between parties, this is called:
A) capacity.
B) legal purpose.
C) consideration.
D) mutual assent.
Q2) An investigation period during which a party can examine the suitability of a transaction is called _____________.
Q3) A contract that meets one or more specific requirements of construction is considered:
A) a formal contract.
B) an informal contract.
C) a hybrid contract.
D) a unilateral contract.
Q4) The terms agreement and contract have the same meaning.
A)True
B)False
Q5) Legal purpose means the contract itself does not violate the law.
A)True
B)False
Q6) The reason and outcome of the contract must be a ___________ purpose.
Page 8
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Chapter 7: Contract Formation
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Sample Questions
Q1) A minor's contract for actual necessities does not require that the minor be mentally competent for the contract to be valid.
A)True
B)False
Q2) Most advertisements in the mass media are not offers because they:
A) do not contain a specific commitment to sell.
B) are specific enough to constitute a unilateral contract. C) require that the consumer accept the offer in a specific manner. D) contain a specific commitment to sell.
Q3) Maria has just sat down and is ready to take her last final exam before graduating. Just before the tests are distributed, she discovers that all three pens that she brought are out of ink. She turns to Mike, a classmate, and asks to borrow a pen. Recognizing her predicament, he says, "No, I won't lend you a pen, but I'll sell you this Bic ballpoint pen for $100." Recognizing that she has no alternative, she gives him the money. A Bic pen is worth about 10 cents. Afterward she demands a return of her cash and offers to return the pen. Mike laughs and says, "No, a deal's a deal." How would the courts look at this "deal"?
Q4) A basic fact or assumption in a contract is said to be ________ to the contract.
Q5) Use of unfair coercion to force a party into a contract constitutes _______.
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Chapter 8: Contract Performance: Conditions, Breach, and Remedies
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Sample Questions
Q1) 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
Q2) A party to a contract may be discharged from performance due to operation of law if the other party unilaterally alters the contract.
A)True
B)False
Q3) Beth has a contract with Annie in which Annie is to deliver 1,000 hand-decorated beverage holders in 60 days. When Beth calls the Psychic Hotline for her weekly reading, the psychic informs her that she has entered into a contract and the other party will not perform all the conditions and specifications in accordance with the agreement. Beth may sue for an anticipatory repudiation.
A)True
B)False
Q4) Damages agreed to when the contract is written and prior to any actual breach are called ________ damages.
Q5) In what way do legal remedies and equitable remedies differ?
Page 10
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Chapter 9: Contracts for the Sale of Goods
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Q1) Mackey Pharmacy Corp. orders 5,000 cases of regular-strength aspirin from MAK Pharmaceuticals. When they are delivered, an inspection shows that while the delivery is conforming to the contract with regard to the quantity and quality of the aspirin, none of the aspirin are in childproof bottles. The contract was silent regarding the issue of childproof bottles. Mackey rejects the delivery, and MAK sues for breach of contract. How should the courts analyze and resolve this matter?
Q2) UCC gap fillers will not be used and are not applicable to contracts when the contract clearly specifies a contract term or condition.
A)True
B)False
Q3) The UCC was written, published, and enacted by Congress.
A)True
B)False
Q4) Some courts have determined that the inclusion of an arbitration clause in an acceptance as a means of dispute resolution constitutes a material alteration of the offer in a merchant transaction.
A)True
B)False
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Chapter 10: Torts and Products Liability
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Sample Questions
Q1) Physical harm or injury is required to prove a case of intentional infliction of emotional distress.
A)True
B)False
Q2) Delta Tau Chi is a college fraternity and is recruiting new members. Although hazing is banned, the members nevertheless take the pledges to the local zoo, where they hand them bows and ribbons and order them to break into the monkey house exhibit and decorate the inhabitants. The monkey house has a distinct sign stating, "DANGEROUS ANIMALS, DO NOT APPROACH OR ENTER THE PREMISES!" The pledges go in anyway, and two of the pledges are severely injured and sue the zoo for their injuries. Discuss the liability of the zoo and the pledges.
Q3) A person cannot be guilty of negligence if he or she has no duty owed to the plaintiff.
A)True
B)False
Q4) Regarding defamation, a qualified privilege exists in courtrooms and legislative hearings.
A)True
B)False
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Page 12
Chapter 11: Agency
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Q1) To develop your understanding of agency law, you need to be aware of the legal requirements for creating an agency, the liability of a principal for an agent's conduct, and the remedies available to the parties.
A)True
B)False
Q2) One significant benefit of an employer's completing an IRS Form SS-8 is that even if the employer does, in fact, misclassify a worker, the proper completion of the form may evidence a good faith effort by the employer, reducing or even eliminating IRS penalties for misclassification.
A)True
B)False
Q3) Explain the three-prong test the IRS uses to determine an agent's status.
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.
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Page 13
Chapter 12: Employment Relationships and Labor Law
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Q1) Generally, regarding employment-at-will, employees may be fired just because the boss doesn't like them.
A)True
B)False
Q2) Employees who are classified as key employees and take leave are not automatically entitled to Family and Medical Leave Act reinstatement protections and guarantees.
A)True
B)False
Q3) Once the union organizers obtain authorization cards from at least ________ of the members of a bargaining unit, an election will be scheduled by the NLRB.
A) 20 percent
B) 25 percent
C) 30 percent
D) 35 percent
Q4) Expressly firing someone for whistle-blowing constitutes the act of _____.
Q5) Employers are increasingly employing elaborate employee-monitoring measures primarily to limit their risk of ________ liability in areas such as defamation and employment discrimination.
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Chapter 13: Employment Discrimination
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Sample Questions
Q1) The EEOC is a ____-member commission.
A) 5
B) 10
C) 15
D) 20
Q2) Which of the following would be valid grounds to recognize and apply a bona fide occupational qualification?
A) A survey of customers at a restaurant shows a preference for female servers, so males are not hired.
B) A survey of customers at a health spa indicates that same-sex attendants are wanted in locker rooms for privacy reasons.
C) A factory is in a bad part of town, so it refuses to allow women to work the night shift for safety reasons.
D) A church has always had a white pastor, so other races who apply are automatically excluded.
Q3) The most common form of sexual harassment is quid pro quo harassment.
A)True
B)False
Q4) 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) Capitalization refers to how the business will fund its operations.
A)True
B)False
Q2) Chris and Paul operate a business in which both have contributed $50,000 to the business's capitalization. Chris makes all business decisions, and Paul made Chris sign a partnership agreement saying that Paul is liable only for partnership debts up to $50,000.
A) Both are general partners.
B) Chris is a general partner, and Paul is a limited partner.
C) Paul is a general partner, and Chris is a limited partner.
D) Both are limited partners.
Q3) Name and discuss the fiduciary duties owed by general partners to the partnership as set out in the Revised Uniform Partnership Act.
Q4) Wayne Lewis wants to start a sole proprietorship named Lewis Plumbing Services. Because it will be a sole proprietorship, Wayne has no filing requirements other than obtaining the appropriate business license from the local and state government where the business will be located.
A)True
B)False
Page 16
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Chapter 15: Limited Liability Companies and Limited Liability Partnerships
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Q1) Corporate tax structures result in ________ taxation.
Q2) LLCs were originally created by the:
A) New York legislature.
B) California legislature.
C) Wyoming legislature.
D) Delaware legislature.
Q3) Formation of an LLC requires the filing of:
A) a statement of qualification.
B) a certificate of formation.
C) a record of business creation.
D) articles of organization.
Q4) All income and losses of an LLP are reported:
A) on the entity's return.
B) to the IRS and state and local tax authorities.
C) on the partners' individual returns.
D) annually.
Q5) The operating agreement of the LLC often controls the amount and methods of capitalizing the business.
A)True
B)False
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Chapter 16: Corporations
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Q1) A corporation is considered formed the moment the articles of incorporation are filed by the principals.
A)True
B)False
Q2) Happy Hops Brewery Inc., has found that its business is expanding very quickly. The decision to fire three new delivery drivers would be made by:
A) the shareholders.
B) the officers.
C) the board of directors.
D) the board of directors with the consent of the officers.
Q3) A corporation formed for the purpose of maintaining a charitable operation is called a:
A) nonprofit corporation.
B) Subchapter S corporation.
C) public corporation.
D) closely held corporation.
Q4) An insurance company cannot qualify for Subchapter S corporate status.
A)True
B)False
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Chapter 17: Regulation of Securities, Corporate
Governance, and Financial Markets
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Q1) The Restoring American Financial Stability Act of 2010 established the Consumer Financial Protection Bureau. What is the authority of this agency?
Q2) In what two ways do federal securities statutes define a security?
Q3) Most common stock enjoys voting rights; however, common stock may be sold without voting rights.
A)True
B)False
Q4) The SEC has the power to initiate criminal actions against individuals or companies that violate security laws.
A)True
B)False
Q5) Which of the following is not a component in the definition of a security?
A) an investment
B) an expectation of profit
C) tangible collateral to secure the instrument
D) efforts of a third party to create expected profit
Q6) On a bond, the face amount is also called the _______.
Page 19
Q7) Any officer, director, or shareholder who owns 10 percent or more of a company's stock is considered an _______.
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Chapter 18: Administrative Law
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Q1) When is formal agency rulemaking used?
A) only when the enabling statute requires it
B) when the agency believes that a proposed rule will be controversial
C) when it is required by the Administrative Procedures Act
D) any time an agency makes a new rule
Q2) Once public debate and comment are concluded, an agency will publish the final rule and its effective date in the:
A) Federal Register.
B) U.S. book of statutes.
C) Code Administrative Rules.
D) Code of Federal Regulations.
Q3) The Supreme Court has held that agencies have very narrow discretion regarding when and whom to regulate.
A)True
B)False
Q4) Courts apply the logical-outgrowth standard when reviewing a challenge of a rule from an adversely affected party.
A)True
B)False
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Chapter 19: Environmental Law and Policy
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Q1) Fixed-site emitters of air pollutants are known as ________ sources of air pollution.
Q2) An oil tanker crashes off the coast of California. It dumps millions of gallons of oil into the ocean. During the investigation of the crash, it is suspected that there might be gross negligence on the part of the ship's captain. Is the ship owner liable for the damages? Why or why not?
Q3) If a shipwreck causes an oil spill, the legislation that regulates it is known as the ________ Act.
Q4) The Clean Air Act (CAA) is an uncontroversial statute.
A)True
B)False
Q5) ________ is the common law doctrine basis for modern environmental protection laws.
Q6) What legislation amended the Comprehensive Environmental Response Compensation and Liability Act (CERCLA)?
A) Revised Environmental Response Compensation and Liability Act (RERCLA)
B) National Environmental Policy Act (NEPA)
C) Superfund Amendments and Reauthorization Act (SARA)
D) Resource Conservation and Recovery Act (RCRA)
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Chapter 20: Antitrust and Regulation of Competition
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Q1) Circumstantial evidence is not enough to show a meeting of the minds.
A)True
B)False
Q2) The U.S. Major League Soccer league wants to have more similarity in its licensed goods, so the league decides to contract with a single company to produce all of the licensed goods for every team. Will MLS be able to do so?
Q3) U.S. v. Microsoft held that the appropriate standard for analyzing Microsoft's actions in the browser market was the rule of reason.
A)True
B)False
Q4) Modern antitrust law's focus is on:
A) protecting individual companies.
B) protecting the competitive process.
C) protecting individual companies and the competitive process.
D) protecting neither individual companies nor the competitive process.
Q5) The Clayton Act was enacted to limit the provisions of the Sherman Act.
A)True
B)False
Q6) The Sherman Act prohibits ________ by a business to gain monopoly power.
Page 22
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Chapter 21: Creditors Rights and Bankruptcy
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Q1) Even if a debtor's salary is more than the median income for his or her state, the debtor is still eligible for Chapter 7.
A)True
B)False
Q2) How does a secured creditor establish his or her rights to the collateral securing a first-priority position?
Q3) A petition for bankruptcy that is filed by creditors against a debtor is known as:
A) a recovery action.
B) an involuntary bankruptcy.
C) a voluntary bankruptcy.
D) an order for relief.
Q4) The bankruptcy trustee is a representative of:
A) the debtor.
B) the creditors.
C) the court.
D) the state.
Q5) A ________ has the legal power to void some transfers made before filing for bankruptcy.
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Page 23
Chapter 22: Consumer Protection Law
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Q1) Which of the following must be approved by the FDA before it can be sold to the general public?
A) eggs
B) food ingredients
C) produce
D) all products made from animals
Q2) The Magnuson-Moss Act requires a label with warranty conditions regarding all products that cost $10 or more.
A)True
B)False
Q3) Historically, the only legal protection a consumer had against a seller that engaged in deceit during a sale was a common law suit for fraud.
A)True
B)False
Q4) The Fair Debt Collection Practices Act requires that a collection agency make known certain rights of the debtor in a _____.
Q5) Advertising coffee as "the best in the world" is prohibited by UCC rules.
A)True
B)False
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Chapter 23: Criminal Law and Procedure in Business
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Q1) Courts have been very reluctant to extend reasonable expectations of privacy rights to the workplace.
A)True
B)False
Q2) If business records can be proved to be private papers, the records may be protected from seizure under the Fifth Amendment right against self-incrimination by sole proprietors.
A)True
B)False
Q3) There are 51 criminal justice systems in the United States.
A)True
B)False
Q4) There are no federal common law crimes.
A)True
B)False
Q5) The illegal act that constitutes the crime and results in criminal liability is called the _____.
Q6) What effect have mandatory sentencing guidelines had on the judiciary and criminal punishment in general?
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Q7) Evidence that stems from the original evidence is called ________ evidence.
Chapter 24: Personal Property, Real Property, and Land Use Law
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Q1) X-mart has just purchased 100 acres of land in Happyville. The town, fearful of a huge chain store ruining the economy and putting local businesses out of business, quickly passes an ordinance restricting the size of any new buildings to no more than 5,000 square feet. The typical X-mart store averages approximately 100,000 square feet. Does the town of Happyville have the right to enact a zoning restriction of this nature?
Q2) Each of the following is personal property except:
A) a car.
B) a house.
C) a computer.
D) business inventory.
Q3) The act of taking away private property by the government is called:
A) police powers.
B) condemnation.
C) eminent domain.
D) easement.
Q4) Zoning is generally done at the state level through statutes passed by the state legislature.
A)True
B)False
26
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Chapter 25: Intellectual Property
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Q1) Misappropriation is a civil offense punishable by compensatory and punitive damages but is not a criminal offense in any state.
A)True
B)False
Q2) Allen calls PepsiCo, the makers of Pepsi Cola, saying that he's an employee of Coca-Cola and he has the Coca-Cola secret recipe. The recipe is legendary as a closely guarded secret supposedly known to only a handful of people in the world. They arrange a meeting. Allen begins the meeting by stating that he acquired the recipe legally, and the PepsiCo representative says that she believes him and PepsiCo will buy it. Allen in fact stole the recipe. Since PepsiCo does not know specifically that the recipe was acquired improperly by Allen, the company cannot be guilty of misappropriation.
A)True
B)False
Q3) Why are trademarks worthy of protections as valuable business assets?
Q4) Since a trademark can gain protection by being used in commerce, what would the advantages be of registering the trademark with the U.S. Patent and Trademark Office?
Q5) A patent pertaining to an invention is called a ________ patent.
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Page 27
Chapter 26: International Law and Global Commerce
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Q1) Mediation is an involuntary process that involves a third-party decision maker.
A)True
B)False
Q2) Private international law primarily addresses relationships between countries, business entities, and international organizations.
A)True
B)False
Q3) The common law system is based on the legal concepts and organization of:
A) the United States.
B) ancient Rome.
C) England.
D) France.
Q4) The CISG has a writing requirement that is similar to that of the statute of frauds.
A)True
B)False
Q5) What does the Paris Convention address? What is the major enforcement problem with it?
Q6) The CISG provisions do not apply to transactions in which one party is a _______.
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