Legal Environment of Business Exam Review
Course Introduction
The Legal Environment of Business explores the foundational concepts, principles, and regulations that shape the interaction between business entities and the legal system. This course provides an overview of the American legal system, sources of law, and the roles of courts and administrative agencies. Key topics include contracts, torts, property, agency, intellectual property, employment law, business organization structures, and government regulation. Emphasis is placed on understanding how legal issues impact business decision-making, daily operations, and strategy, as well as on the ethical considerations and social responsibilities of business professionals operating within a dynamic legal framework.
Recommended Textbook
Dynamic Business Law The Essentials 4th Edition by Nancy Kubasek
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2450 Verified Questions
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Chapter 1: An Introduction to the Fundamentals of Dynamic Business Law
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83 Verified Questions
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Sample Questions
Q1) The term ________ involves the use of past decisions to guide future decisions.
A)res ipsa loquitur
B)precedent
C)restatement
D)respondeat superior
E)certiorari
Answer: B
Q2) Legislative acts passed by state legislatures can be found in ________.
A)the United States Code
B)state codes
C)the Uniform Register
D)the State Reporter
E)the State Reference Manual
Answer: B
Q3) The U.S.Constitution is the foundation for approximately one-half of all laws in the United States.
A)True
B)False
Answer: False
Page 3
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Chapter 2: Business Ethics and Social Responsibility
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Sample Questions
Q1) Which of the following is an example of the primary value of freedom?
A)To be safe from those wishing to interfere with your property rights
B)To possess the capacity or resources to act as one wishes
C)To provide resources in proportion to need
D)To maximize the amount of wealth in society
E)To get the most from a particular output
Answer: B
Q2) The "W" in the WH process of ethical decision making stands for:
A)Why
B)When
C)Where
D)Wherewithal
E)Who
Answer: E
Q3) Ethical standards are uniform globally.
A)True
B)False
Answer: False
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Chapter 3: The Uslegal System and Alternative Dispute Resolution
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Sample Questions
Q1) A federal district court established a "sliding-scale" standard for determining whether a business with Internet connections satisfies the minimum-contacts standard.
A)True
B)False
Answer: True
Q2) In Batson v.Kentucky,the United States Supreme Court ruled that gender-based peremptory challenges in civil cases violate the due process clause of the Fourteenth Amendment to the U.S.Constitution.
A)True
B)False
Answer: False
Q3) Quasi in rem jurisdiction is also known as attachment jurisdiction.
A)True
B)False
Answer: True
Q4) Either party may appeal a judge's final judgment.
A)True
B)False
Answer: True
Page 5
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Chapter 4: Administrative Law
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Sample Questions
Q1) The first step in formal rule making is publication in the Federal Register of a notice of proposed rule making by the agency.
A)True
B)False
Q2) The Environmental Protection Agency (EPA)is an example of a hybrid administrative agency.
A)True
B)False
Q3) When may an agency claim an exemption from rule making requirements on the basis that public notice and comment procedures are "impracticable,unnecessary,or contrary to the public interest," and what steps must be taken to exercise the exemption?
Q4) The Administrative Agency Recorder is the official daily publication for administrative agencies.
A)True
B)False
Q5) Administrative agencies have legislative and judicial,but not executive,powers.
A)True
B)False
Q6) List and describe the steps involved in formal rule making.
Page 6
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Chapter 5: Constitutional Law
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Sample Questions
Q1) The United States Congress has the power to enact legislation,but the president can veto a law that Congress passes.
A)True
B)False
Q2) What does the Fifth Amendment's Takings Clause reference?
A)The right of the government to take private property for public use without paying compensation to the owner.
B)The requirement that the government pay the owner just compensation if the government wants to take private property for public use.
C)The right of the government to put individuals in jail for up to ten days without a hearing.
D)The right of the government to put individuals in jail for up to five days without a hearing.
E)The requirement that the government compensate an owner for anything destroyed during a search.
Q3) The Supremacy Clause is located in Article VI of the U.S.Constitution.
A)True
B)False
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Chapter 6: Criminal Law and Business
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Sample Questions
Q1) Cosmetic Profits.Sally is the executive vice president of Big Name Cosmetics Company.Through important and material,nonpublic information,she learns that the company is soon going to purchase a smaller chain of stores.It is expected that stock in Big Name Cosmetics will rise dramatically at that point.Sally immediately buys a number of shares of her company's stock.She also tells her friend Alice about the expected purchase of stores.Alice wanted to purchase stock in the company but lacked the funds with which to do so.Although she did not have the funds in Bank A,Alice decided to draw a check on Bank A and deposit the check in Bank B and then proceed to write a check on Bank B to cover the purchase of the stock.She hoped that she would have sufficient funds to deposit before the check was presented for payment.Of which of the following,if any,is Sally guilty of by providing information to Alice regarding the purchase?
A)She is guilty of an insider trading violation by tipping the information.
B)She is guilty of an insider trading violation by being tipped.
C)She is guilty of an insider trading violation by both tipping and being tipped.
D)She is guilty of criminal extortion.
E)She is not guilty of any offense.
Q2) Define the term "criminal fraud" and discuss the three elements required to prove criminal fraud.
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Page 8
Chapter 7: Tort Law
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Sample Questions
Q1) Which of the following is an incorrect statement regarding the doctrine of res ipsa loquitur?
A)To establish res ipsa loquitur in most states,the plaintiff must demonstrate that the event was a kind that ordinarily does not occur in the absence of negligence.
B)To establish res ipsa loquitur in most states,the plaintiff must demonstrate that other responsible causes,including the conduct of third parties and the plaintiff,have been sufficiently eliminated.
C)To establish res ipsa loquitur in most states,the plaintiff must demonstrate that the indicated negligence is within the scope of the defendant's duty to the plaintiff.
D)The plaintiff's proof of all the elements of res ipsa loquitur requires a finding of negligence.
E)Once the plaintiff has demonstrated all of the elements of res ipsa loquitur,the burden of proof shifts to the defendant.
Q2) Most states have replaced comparative negligence with contributory negligence.
A)True
B)False
Q3) Identify the elements of negligence.
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Page 9
Chapter 8: Real, Personal, and Intellectual Property
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Sample Questions
Q1) What is the term for a gift that is made in contemplation of one's immediate death?
A)A testate distribution
B)An intestate distribution
C)A will codicil
D)A gift causa mortis
E)An inter vivos gift
Q2) Which of the following is a correct statement regarding whether the shape of a product or package may be a trademark?
A)The shape of a product may be a trademark if it is nonfunctional,but the shape of a package may not be the subject of a trademark.
B)The shape of a product may be a trademark if it is functional,but the shape of a package may not be the subject of a trademark.
C)The shape of a product or package may be a trademark if it is functional.
D)The shape of a product or package may be a trademark if it is nonfunctional.
E)The shape of a package may be a trademark if it is nonfunctional,but the shape of a product may not be the subject of a trademark.
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Chapter 9: Introduction to Contracts and Agreement
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Sample Questions
Q1) If a(n)________ contract exists,the administrator of an offeror's estate must hold the offer open until it expires in accordance with the contract.
A)bilateral
B)unilateral
C)executed
D)option
E)implied-in-law
Q2) If a person wishes to ensure that an offer will in fact be held open for a set period of time,the person may do so by entering into a(n)________ contract with the offeror.
A)quasi-
B)implied
C)voidable
D)option
E)implied-in-law
Q3) In 1952,the United States Congress enacted as federal law the Uniform Commercial Code (UCC).
A)True
B)False
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11
Chapter 10: Consideration
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Sample Questions
Q1) Promissory estoppel is the legal enforcement of an otherwise unenforceable contract due to a party's detrimental reliance on the contract.
A)True
B)False
Q2) Which of the following is a valid accord and satisfaction?
A)A dispute over an unliquidated debt is settled and paid for less than the full amount.
B)A dispute over a liquidated debt is settled and paid for less than the full amount.
C)A dispute over an unliquidated debt is settled and paid for the full amount.
D)A dispute over a liquidated debt is settled and paid for the full amount.
E)A dispute over either an unliquidated or liquidated debt is settled and paid for less than the full amount.
Q3) Consideration is what a person will receive in return for ________.
A)performing a contact obligation
B)promising to make a gift
C)performing an ethical obligation
D)promising to perform an ethical obligation
E)making a firm offer
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Page 12
Chapter 11: Capacity and Legality
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Q1) Cheap Motorcycle.Tony,a hateful,disgruntled business law professor,notices that Peter,a student who is past the age of majority,has bought a new motorcycle.Peter has struggled through school,is in his last semester,and needs to pass business law in order to graduate.Tony tells Peter that he would like to see Peter pass,and in the next sentence,Tony says that he wants to buy the motorcycle for $100,a price far below the value of the motorcycle.Peter asks if Tony is serious about the price,and Tony replies,"I have the power here!" Tony proceeds to draw up a contract for the sale of the motorcycle for $100 with lots of fine print by which he can sue Peter and recover any maintenance costs for the next five years.Seeing that he is at an advantage,Tony also throws into the deal that Peter will mow Tony's one-acre yard for $5 all summer long.After Tony tells Peter to either take the contract or leave it,Tony reluctantly signs.Which of the following is an appropriate term for the contract drawn up by Tony?
A)Adhesion
B)Implied-in-law
C)Illusory
D)In pari delicto
E)Exculpatory
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Page 13
Chapter 12: Reality of Assent
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Sample Questions
Q1) Fraudulent misrepresentation is intentional misrepresentation.
A)True
B)False
Q2) Maurice contracted with Suzanne to feed and walk her Corgi mix dog,Baby,for $100 while Suzanne was on vacation for one week.One day before Suzanne was to leave,Maurice came over and said that Baby would be a significant amount of trouble and that he would have to receive $150 in order to walk and feed Baby.Suzanne reluctantly agreed.When she returned from vacation,she handed Maurice $100 and refused to pay more.Maurice threatens to take her to small claims court.What would be the likely result?
A)Maurice will lose due to economic duress.
B)Maurice will lose due to undue influence.
C)Maurice will lose because of fraud.
D)Suzanne will lose because she breached the amended contract with Maurice.
E)Suzanne will lose because she breached the amended contract with Maurice,unless she can establish that the prevailing rate for walking and feeding a dog for one week is no more than $100.
Q3) What is the result of a contract being voidable?
Q4) What must a plaintiff prove in order to establish fraudulent misrepresentation and recover damages as a result?
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Chapter 13: Contracts in Writing and Third-Party Contracts
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Sample Questions
Q1) Which of the following sections of the Uniform Commercial Code addresses the requirement of a writing when the total price for a sale of goods is $500 or more?
A)2-201
B)1-101
C)3-102
D)2-305
E)4-203
Q2) A donee beneficiary is a third party who benefits from a contract in which the promisor agrees to pay the promisee's debt.
A)True
B)False
Q3) A party to a contract who transfers her duty to perform to a third party who is not part of the original contract is called a(n)________.
A)delegatee
B)delegator
C)assignor
D)assignee
E)agent
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Chapter 14: Discharge and Remedies
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Sample Questions
Q1) Specific performance is also referred to as reformation.
A)True
B)False
Q2) ________ is used as a basis for discharge by operation of law when performance is still objectively possible but would be extraordinarily injurious or expensive to one party.
A)Frustration of purpose
B)Commercial impracticability
C)Subjective impossibility
D)Anticipatory repudiation
E)Substantial performance
Q3) If the parties to a contract put a new agreement in place of their original agreement,it is called a(n)________.
A)accord and satisfaction
B)novation
C)substituted contract
D)mutual rescission
E)subrogation
Q4) List the ways by which a party's contractual obligations can be terminated.
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Chapter 15: Formation and Performance of Sales and Lease Contracts
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Q1) Which of the following are types of common-carrier delivery contracts?
A)Original and intermediary contracts
B)Destination and transfer contracts
C)Transfer and intermediary contracts
D)Original,intermediary,and destination contracts
E)Origin and destination contracts
Q2) A sales contract that combines goods with services is a(n)________.
A)severable sale
B)mixed sale
C)implied-in-law sale
D)contract for the sale of goods
E)service contract
Q3) The UCC states that a sale consists of the passing of title from the seller to the buyer,with or without consideration.
A)True
B)False
Q4) Under the mirror-image rule,the terms of an acceptance must be on the exact same terms as the offer.
A)True
B)False
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Chapter 16: Sales and Lease Contracts: Performance, Warranties,
and Remedies
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Q1) Under the Magnuson-Moss Act,what is the effect of a full warranty?
A)It means that if the good fails or is defective,the good or its defective part will be replaced; and that if replacement cannot be timely effected,the buyer has the right to a refund or a full replacement.
B)It means only that the good or its defective part will be repaired.The buyer has no other remedy.
C)It means that if the good fails or is defective,the good or its defective part will be replaced; that if replacement cannot be timely effected,the buyer has the right to a refund or a full replacement; and that the buyer will receive additional funds to account for expenses incurred in seeking warranty recognition and enforcement.
D)It means that the seller must immediately refund the buyer the full purchase price.
E)It means that the buyer has the option of either an immediate refund of the full purchase price or repair of the good.
Q2) Liquidated damages are identified before a breach of contract occurs.
A)True
B)False
Q3) List the exceptions to title warranties.
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Page 18
Chapter 17: Negotiable Instruments: Negotiability and Transferability
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Q1) List the requirements generally required for a check to be considered properly payable.
Q2) An accord is an additional piece of paper with endorsements that is firmly attached to the negotiable instrument.
A)True
B)False
Q3) When a specific payee is named in an instrument,this is known as a(n)________ instrument.
A)demand
B)order
C)conditional
D)bearer
E)qualified
Q4) A customer issues a stop-payment order when she has issued a check that has not yet been accepted and she wants the check to be accepted.
A)True
B)False
Q5) What is the difference between a demand negotiable instrument and a time negotiable instrument?
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Chapter 18: Holder in Due Course, Liability, and Defenses
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Q1) Hot Dress.Doreen writes a check for a dress to Hot Dresses,Inc.,a small specialty shop owned primarily by Betty.Betty was getting ready to go on an extended European vacation and temporarily closed the shop the day after the dress sale to Doreen.When Betty returned,she had a number of other things to do and did not take Doreen's check and some other checks to the bank for three months.Betty was independently wealthy and only ran the shop as a hobby,so she had not been in need of funds.When Betty finally took Doreen's check to the bank,Betty requested that her bank,ABC Bank,deposit the check into her account.However,when ABC Bank requested payment from Doreen's bank,XYZ Bank,the check was dishonored because of insufficient funds in Doreen's account.Although Betty did not particularly need the funds,she did not like to feel as if she had been cheated; therefore,she demanded that Doreen make the check good.Which of the following parties would be considered the drawer of the check Doreen presented to Betty at Hot Dresses,Inc.?
A)Doreen
B)Hot Dresses,Inc.
C)Betty,because she owns Hot Dresses,Inc.
D)Doreen's bank
E)Betty's bank
Q2) What are the conditions for a drawer or endorser to become liable?
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Chapter 19: Secured Transactions and Bankruptcy
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Q1) If a party completes a Chapter 7 bankruptcy,the party is not permitted to seek a Chapter 7 bankruptcy again for three years.
A)True
B)False
Q2) Which title of the United States Code contains the Bankruptcy Code?
A)Title 9
B)Title 11
C)Title 13
D)Title 15
E)Title 23
Q3) Which of the following parties cannot be forced into involuntary bankruptcy under Chapter 7?
A)Farmers
B)Ranchers
C)Nonprofit organizations
D)Farmers,ranchers,and nonprofit organizations
E)Farmers and ranchers,but nonprofit organizations can be forced into involuntary bankruptcy
Q4) What must a creditor do to become a secured party?
Q5) What are the two general goals of bankruptcy laws?
Page 21
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Chapter 20: Agency and Liability to Third Parties
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Q1) Cheap Principal.Jason,who is very knowledgeable regarding computers,agrees to purchase computers for Nick's business.Jason is retained for that purpose only,he is paid a set rate for the job,and Nick exercised no control over the manner in which Jason did his work.Jason purchased computers on credit from ABC Computers without any mention of Nick.The computers worked well and were not defective in any way.Unfortunately,Nick did not pay ABC Computers on a timely basis.Jason,therefore,paid ABC Computers out of his own pocket because he wanted to be able to do business with ABC in the future and because his name was on the invoice.Jason asked Nick for reimbursement,but Nick refused.Nick claimed that if Jason had only waited,ABC Computers might have agreed to take less.Did Jason have any legal liability to ABC Computers?
A)Yes,because he purchased the computers.
B)Yes,but only because office equipment is involved.
C)No,because his status was as an agent regardless of whether ABC Computers was aware of that fact.
D)No,because he was an independent contractor.
E)No,because he was an employee.
Q2) Describe the two key exceptions to the equal dignity rule.
Q3) Discuss why agency is especially important for modern firms doing business in foreign countries.
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Chapter 21: Forms of Business Organization
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Q1) Tutoring Concerns.Wally and Sally want to go into business together and plan on offering a tutoring service to high school and college students.Wally proposes that they share control of the business and split profits equally and not bother with a written agreement.Sally,however,is concerned about being able to pay their debts because they will have to rent tutoring space and purchase computers and supplies.She is also concerned about parents and students who may sue if the students' test scores do not improve.She tells Wally that she just bought a new boat and car,and that she does not want her assets to be in jeopardy.She tells Wally that they should form a corporation to shield their personal assets.Wally,however,says their personal assets are not in danger with his proposal because they are a business and that,furthermore,forming a corporation would likely result in double taxation.What type of arrangement did Wally propose with his suggestion that they share control of the business and split profits equally?
A)A joint sole proprietorship
B)A partnership
C)A corporation
D)An S corporation
E)A limited partnership
Q2) Set forth the advantages and disadvantages of forming a corporation.
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Page 23
Chapter 22: Corporations: Formation
and Organization
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Q1) Which of the following is false regarding officers of a corporation?
A)Officers are executive managers.
B)Officers run the day-to-day business of the corporation.
C)In most cases an individual may serve as both a director and an officer.
D)The rules of agency do not apply to the work of officers.
E)Qualifications required of officers are set forth in the corporate articles and bylaws.
Q2) Directors and officers are self-dealing when they make decisions that violate their corporate duty of loyalty.
A)True
B)False
Q3) When the directors or shareholders of a corporation initiate dissolution procedures,it is a(n)________.
A)consolidation
B)voluntary dissolution
C)involuntary dissolution
D)hostile takeover
E)leveraged buyout
Q4) What are the requirements for being a director? Must a director own stock in the corporation?
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Chapter 23: Securities Regulation
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Q1) The Securities Act of 1933 oversees the purchase and sale of corporate securities,while the Securities Exchange Act of 1934 regulates how companies issue securities.
A)True
B)False
Q2) Accredited investors include:
A)Colleges and universities
B)Corporations or partnerships with total assets in excess of $5 million
C)Insiders of the issuers (such as executive officers or directors)
D)Colleges and universities and insiders of the issuers (such as executive officers or directors),but not corporations or partnerships with total assets in excess of $5 million
E)Colleges and universities,corporations or partnerships with total assets in excess of $5 million,and insiders of the issuers (such as executive officers or directors)
Q3) Describe the four major responsibilities of the Securities and Exchange Commission.
Q4) The Securities Act of 1933 offers a simplistic definition of a security.
A)True
B)False
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Chapter 24: Employment and Discrimination Law
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Q1) The purpose of the ________ Act is to prevent employers from discriminating against employees and applicants with disabilities.
A)Americans with Disabilities
B)Disabled Americans Rehabilitation
C)Handicapped Americans Rehabilitation and Employment
D)Disabled Americans Support
E)Access to Employment for Otherwise Qualified Workers
Q2) The Taft-Hartley Act was designed to expand some of the powers unions had acquired under the Wagner Act.
A)True
B)False
Q3) ________ protects employees against discrimination and harassment based upon race,color,religion,national origin,and sex.
A)Title VII of the Civil Rights Act of 1964
B)Title IX of the Civil Rights Act of 1981
C)The Age Discrimination in Employment Act of 1967
D)The American with Disabilities Act of 1990
E)The Equal Pay Act of 1963
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Chapter 25: Consumer Law
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Q1) Which of the following is a false statement regarding the Telephone Consumer Protection Act of 1991?
A)It forbids telephone solicitation using an automatic telephone dialing system.
B)It forbids telephone solicitation using a prerecorded voice.
C)It makes it illegal to transmit advertisements via fax unless the recipient agrees to the fax transmission.
D)Only the Federal Communications Commission can take action to enforce the act.
E)If a telemarketer willfully violates the act,the court can decide to triple the amount owed to the consumer.
Q2) If an advertisement is a half-truth,the advertiser is deceiving the consumer.
A)True
B)False
Q3) Used-car sales laws are uniform in every state. A)True
B)False
Q4) Ad substantiation requires advertisers to have a reasonable basis for the claims made in their advertisements.
A)True
B)False
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