Legal Environment of Business Exam Solutions
Course Introduction
The Legal Environment of Business explores the complex array of laws, regulations, and ethical considerations that affect business operations in todays global economy. This course examines the structure of the legal system, the sources of law, and key topics such as contracts, agency, commercial transactions, employment law, intellectual property, and dispute resolution. Emphasis is placed on understanding how legal principles inform managerial decision-making and the ways in which businesses comply with legal and regulatory standards to mitigate risk and promote ethical practices.
Recommended Textbook
Legal Environment 4th edition by J. F. Beatty
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Page 2
Chapter 1: Introduction to Law
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Q1) Which of the following played a role in the creation of the U.S.government by solving the problem of federalism?
A) The Visigoths.
B) The Iroquois Native Americans.
C) Confucius.
D) Alexis de Tocqueville.
Answer: B
Q2) A rule that establishes who may testify on your behalf in court is an example of a substantive rule of law.
A)True
B)False
Answer: False
Q3) The principle that precedent is binding on later cases is stare decisis.
A)True
B)False
Answer: True
Q4) Common law is a body of cases decided by legislatures.
A)True
B)False
Answer: False
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Chapter 2: Business Ethics and Social Responsibility
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Q1) Because of the increased medical concern over obesity in the United States,federal regulation of advertising has effectively reduced to one-tenth of all advertising during children's television programming,advertisements for foods high in fat,sugar,and salt and low in nutrition.
A)True
B)False
Answer: False
Q2) Why should ethics be a concern to business?
A) Society as a whole benefits from ethical behavior.
B) People feel better when they behave ethically.
C) Unethical behavior can be very costly.
D) All of the above.
Answer: D
Q3) An investor who wants to comply with her ethical choice to follow Islamic law could invest in the Amana Fund,which will not invest in holdings that earn interest.
A)True
B)False
Answer: True
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4
Chapter 3: Dispute Resolution
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Q1) In order for a federal court to have jurisdiction,there must be a federal question involved and at least $75,000 in dispute.
A)True
B)False
Answer: False
Q2) A civil case generally proceeds as follows:
A) answer, complaint, discovery, trial, verdict.
B) complaint, answer, trial, discovery, verdict.
C) complaint, answer, discovery, trial, verdict.
D) discovery, complaint, answer, trial, verdict.
Answer: C
Q3) Randi,a resident of Oregon,was involved in an auto accident while in Idaho.The other party lives in Wyoming.Randi wishes to recover the $28,000 cost of repairing her car.The most appropriate court in which she could file her lawsuit is a:
A) federal court in Idaho.
B) state court in Idaho.
C) federal court in Wyoming.
D) federal court in Oregon.
Answer: B
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Page 5
Chapter 4: Common Law, statutory Law, and Administrative Law
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Q1) A subpoena duces tecum is different from an ordinary subpoena in that a subpoena duces tecum:
A) can only be given to an expert to require a personal appearance before a court or administrative hearing.
B) is binding on a person even if it is mailed to the person rather than handed to her by a process server.
C) allows for privileged or confidential information to be turned over the a court or administrative agency.
D) requires the person to bring specified documents to the court or administrative hearing.
Q2) On the federal level,bills must be originated in the House of Representatives and then must be voted on and approved by both the House and the Senate.
A)True
B)False
Q3) Define the common law.Discuss its conflicting goals and the doctrine created to serve one of these goals.
Q4) Discuss the four most important limitations on the power of federal administrative agencies.
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Chapter 5: Constitutional Law
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Q1) The states have a severely restricted power to enact laws that affect interstate commerce.This concept is called:
A) federalism.
B) the undue burden concept.
C) constitutional hierarchy.
D) the dormant aspect of the Commerce Clause.
Q2) Identify the basic job of a President of the United States,the source of executive power,and three key powers associated with the position of President.
Q3) If Oregon passed a statute that prohibited liquor stores from engaging in any kind of advertising,that statute would be:
A) valid as an exercise of police power.
B) valid, as alcohol is illegal for minors.
C) invalid as a violation of the Commerce Clause.
D) invalid as an unreasonable restriction of free speech.
Q4) The doctrine of preemption is based on the Constitution's:
A) Commerce Clause.
B) Due Process Clause.
C) Equal Protection Clause.
D) Supremacy Clause.
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Chapter 6: Torts
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Q1) Res ipsa loquitur shifts the burden of proof from the defendant to the plaintiff to prove factual cause and foreseeable type of harm in order to establish negligence.
A)True
B)False
Q2) Mavrex,Inc.received an application from Larry and,since his written qualifications seemed to meet a pressing current need,they hired him without checking his references or prior records.Actually,Larry had been in prison for murder several years earlier.Tom,a long-time Mavrex employee,angered Larry when Tom tried to tell Larry how to do his job.Larry attacked and injured Tom.If Tom sues Mavrex,what would his cause of action be,and what elements would Tom need to prove to win his case?
Q3) Written defamation is called "libel."
A)True
B)False
Q4) Identify and discuss two specific causes of action a plaintiff can allege that deal specifically with privacy rights.
Q5) A tort is a violation of a duty imposed by the criminal law.
A)True
B)False
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Chapter 7: Crime
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Q1) A misdemeanor is distinguished from a felony based upon:
A) the rules of evidence.
B) the length and place of possible imprisonment.
C) the burden of proof.
D) the type of intent.
Q2) Every criminal defendant has a right to a jury trial.
A)True
B)False
Q3) The burden of proof required in a criminal case is:
A) clear and convincing.
B) a preponderance.
C) beyond a reasonable doubt.
D) highest degree of honesty.
Q4) Which of the following is not a reason for punishing a guilty criminal?
A) Restraint.
B) Specific or general deterrence.
C) Retribution.
D) The M'Naghten Rule.
E) Rehabilitation.
Q5) Briefly explain the exclusionary rule and two important exceptions to it.
Page 9
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Chapter 8: International Law
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Q1) Tariffs are primarily used to protect a country's domestic industries.
A)True
B)False
Q2) To advance foreign policy goals,the United States has threatened or imposed economic sanctions against:
A) Colombia for permitting drug trafficking.
B) the Netherlands and Switzerland for trading with Cuba.
C) Taiwan for environmental violations.
D) All of the above.
E) None of the above; economic sanctions cannot be used to advance foreign policy goals.
Q3) Although the United States government officially signed the GATT treaty,the United States Congress has refused to ratify the agreement.
A)True
B)False
Q4) Yount,Inc.is interested in expanding its business to include exporting its products to several other countries.Discuss two federal statutes that should be considered before making the decision to export.
Q5) Explain the origin and purpose of the World Trade Organization.
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Chapter 9: Introduction to Contracts
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Q1) Software clickwrap and shrinkwrap agreements limiting the manufacturer's maximum responsibility to a refund of the purchase price even if the software destroys your hard drive have generally been found to be binding against consumers.
A)True
B)False
Q2) Larry goes to his barber who has cut his hair for the past several years.The barber proceeds to cut his hair as they talk about the most recent snow storm to hit the area.This is an example of a:
A) unilateral, implied contract.
B) bilateral, implied contract.
C) unilateral, express contract.
D) bilateral, express contract.
Q3) Valerie promises Teresa that she will pay Teresa $75 if Teresa will clean Valerie's house by noon on Saturday.If Teresa cleans the house by noon on Saturday and Valerie pays the $75,then this is an implied,bilateral,executory contract.
A)True
B)False
Q4) List and briefly describe the basic elements of a contract.
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Chapter 10: Legality, consent, and Writing
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Q1) Discuss the concept of a "material fact" in fraud situations.
Q2) To be valid,a noncompete clause must be:
A) ancillary to a legitimate bargain.
B) reasonable in time, geographical area, and scope of activity when ancillary to the sale of a business.
C) necessary to protect trade secrets, confidential information, or customer lists developed over an extended time when ancillary to an employment contract.
D) All of the above.
Q3) Roger parked his car at a garage that has a large sign at the entrance saying,"This garage is not liable for items stolen from a car." This type of notice is referred to as an exculpatory clause.
A)True
B)False
Q4) Which of the following is an example of an exculpatory clause?
A) Seller reserves the right to cancel the contract at any time.
B) Seller is not responsible for property damage regardless of the cause of the injury.
C) Buyer agrees to pay any costs of litigation.
D) Buyer agrees to notify seller of any change in address.
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Page 12
Chapter 11: Conclusion to Contracts
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Q1) A statute of limitations begins to run at the time of the injury,and failure to file suit within the time limit set by state statute acts as a discharge for the breaching party.
A)True
B)False
Q2) Courts typically divide the expectation damages into:
A) four parts, which are direct damages, special damages, incidental damages, and liquidated damages.
B) four parts, which are compensatory damages, incidental damages, nominal damages, and consequential damages.
C) three parts, which are compensatory damages, consequential damages, and incidental damages.
D) only two parts, which are incidental damages and consequential damages.
Q3) Most contracts are discharged by full performance.
A)True
B)False
Q4) Identify and describe the four principal contract interests a court may seek to protect.
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Chapter 12: Sales and Product Liability
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Q1) Master Glue Hairspray,Inc.contracts to purchase 100 umbrellas with its logo and slogan,"A spray a day keeps the rain and wind away!" specially printed on the umbrellas and its 1-800 telephone number on the umbrella handle.After the seller completes the order,Master Glue refuses to accept or pay for the umbrellas.Because of the special logo and telephone number,the seller has been unable to find a new buyer.If the seller sues Master Glue,what is the proper measure of the seller's damages?
A) Contract price minus market value of the goods at the time of delivery.
B) Contract price.
C) Lost profits.
D) Cover price minus contract price.
Q2) Which of the following contracts requires a writing under the UCC,Article 2?
A) Jeremy, a full-time student, sold his snow blower to a friend for $450.
B) Jeremy, a full-time student, purchased a used computer from Office Plus for $300.
C) A toy manufacturer contracted to sell dolls valued at $10,000 to a department store.
D) Tobias Department Store contracted to sell Jenny a $400 doll.
Q3) Identify and explain the two tests courts have adopted for design and warning cases under strict liability.
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Chapter 13: Negotiable Instruments and Banks
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Q1) Which of the following would prevent Marcel from being a holder in due course?
A) A check written on April 14 is indorsed to Marcel on August 1.
B) A check written on April 14 is indorsed to Marcel on June 2.
C) Marcel knows there is a dispute between the original parties to the instrument.
D) All of the above.
E) Only (a) and (c).
Q2) On February 23,Ginny wrote a check for $436 to Framer Home Improvement as a deposit on some windows.When will the check be overdue? What is the effect of the check's being overdue? What is the effect if the check is stamped "Insufficient Funds" by Ginny's bank?
Q3) To be negotiable an instrument need not be in writing,but must contain a conditional promise or order to pay.
A)True
B)False
Q4) There are two types of commercial paper: express and implied.
A)True
B)False
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15
Chapter 14: Secured Transactions and Bankruptcy
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Q1) The correct order of payment of claims from the debtor's estate would be:
A) secured claims, priority claims, unsecured claims.
B) secured claims, unsecured claims, priority claims.
C) priority claims, secured claims, unsecured claims.
D) priority claims, unsecured claims, secured claims.
Q2) Iris received a discharge under a Chapter 7 bankruptcy.She cannot receive another discharge under Chapter 7:
A) for at least six years after the prior filing.
B) for at least eight years after the prior filing.
C) for at least ten years after the prior discharge.
D) ever, but she could file a Chapter 11 or 13 bankruptcy after ten years.
Q3) To perfect a security interest in a negotiable instrument,Second State Savings and Loan should:
A) file a financing statement.
B) take possession of the instrument.
C) do nothing. Perfection is automatic.
D) secure a court order.
Q4) Explain the difference between attachment and perfection.
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Page 16
Chapter 15: Agency
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Q1) Ron is the business agent for Kansas Sunshine,a rock band.He is also the agent for another popular Midwestern rock group,City Sand.Ron negotiates a deal with a Kansas City promoter to have City Sand play after a professional football game.The promoter was willing to pay $250,000 for both groups to play after the game;however,Ron talked her into booking just City Sand for $175,000.Given his contract with City Sand,Ron made more money under this arrangement.Has Ron violated his fiduciary duty to Kansas Sunshine?
A) Yes. It appears that Ron put his own interests ahead of his principal's interests.
B) Yes. Ron cannot, under any circumstances, act as an agent for both groups.
C) Both (a) and (b) are correct.
D) Neither (a) nor (b) is correct since it is very common for rock band agents to represent several groups at the same time.
Q2) As a good neighbor,Lou gratuitously agreed to try to sell Haley's aquarium while she was on vacation.Since there is no consideration for this agreement,there can be no agency relationship between Lou and Haley.
A)True
B)False
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Page 17
Chapter 16: Employment Law
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Q1) Roxanne was fired from her job when her employer instituted a new policy that prohibited employees from smoking cigarettes.This requirement applied to off-duty time as well as job-related time.Roxanne claimed that she could not quit smoking and that she was wrongfully fired since she did not smoke in the workplace -- only when she was outside the building and during off-duty time.The company:
A) has wrongfully fired Roxanne and is liable to her for damages.
B) would be liable to Roxanne only if there is a state statute prohibiting employers from passing such job-related requirements.
C) is not liable to Roxanne since the nonsmoking requirement is reasonable given the high cost of treating smoking-related illness.
D) is not liable to Roxanne since the United States Supreme Court has expressly ruled such a company policy does not violate the worker's right to privacy.
Q2) Does the Family and Medical Leave Act apply to professionals like CPAs?
A) Yes, if they work for a company with at least 50 workers.
B) Yes, but only if they are paid on an hourly basis.
C) No.
D) No, unless the employer specifically provides coverage.
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Page 18
Chapter 17: Labor Law
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Q1) Mega Corp.hired permanent replacement workers when its union went out on strike seeking better medical and retirement benefits.After the strike is over,Mega Corp.:
A) must give the striking employees their jobs back since this was an economic strike.
B) must give the striking employees their jobs back since this was an unfair labor practices strike.
C) may hire additional workers without considering the striking employees who want their jobs back.
D) does not have to give the striking employees their jobs back since this was an economic strike.
Q2) The Labor-Management Relations Act amended Section 8 of the NLRA to make certain practices by unions illegal unfair labor practices.
A)True
B)False
Q3) Rick and Allan want to start a union in the small factory where they work.Outline the basic procedures they will need to follow to get a union recognized as the exclusive bargaining unit for the company employees.
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19
Chapter 18: Starting a Business: Llcs and Other Options
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Q1) An S Corporation cannot have more than ____ shareholders.
A) 25
B) 50
C) 75
D) 100
Q2) Dr.Wong,a dentist,and his wife,an attorney,can protect their personal assets with limited liability from their business dealings by creating and operating a professional corporation together.
A)True
B)False
Q3) Which of the following is considered by the IRS to be a sale of assets,subject to a tax on the value of the assets?
A) Change from the corporate form to an LLC.
B) Change from an LLC to a corporation.
C) Change from a partnership to an LLC.
D) All of the above.
E) None of the above.
Q4) A partnership is not a separate,taxable entity.
A)True
B)False
Page 20
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Chapter 19: Corporations
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Q1) Sara decided to incorporate her business under the name Loro,Inc.Before Loro was incorporated,Sara signed a contract in the name of Loro,Inc.to lease a storefront.Sara did not tell the other party that Loro was not yet formed.Sara is personally liable on the lease.
A)True
B)False
Q2) A business corporation can only be incorporated under state law.
A)True
B)False
Q3) To be successful in a court challenge regarding an executive's compensation,shareholders must prove that:
A) the board was grossly uninformed before it set the compensation amount.
B) the executive's performance caused the business to become unprofitable.
C) the amount of the executive's compensation was too high in relation to the compensation of the typical employee within the company.
D) the compensation level is not in the company's best interests.
Q4) Discuss how the Sarbanes-Oxley Act affects Haletronne Co.,a publicly traded corporation.
Q5) Discuss how a corporation is terminated.
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Chapter 20: Securities Regulation
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Q1) Under what type of securities offering must the issuer determine if the investor is an accredited,sophisticated,or unaccredited investor?
A) Regulation A offering.
B) Regulation D offering.
C) Public offering.
D) An interstate offering.
Q2) Countywide Metals is a small company that incorporates in the state in which it is doing business and plans to offer and sell $100,000 worth of stock only to residents of the county in which it is doing business.Discuss the requirements Countywide must meet for registering its securities.
Q3) Identify and explain three options that ease the process of complying with state securities requirements.
Q4) The 1934 Act requires companies with a class of stock that is publicly traded to make regular filings with the SEC.
A)True
B)False
Q5) What is the purpose of a registration statement and what information must be contained in it?
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Chapter 21: Antitrust
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Q1) A vertical allocation of customers or territory:
A) has the same legal effect as a horizontal agreement by competitors to allocate customers and territories.
B) is a per se violation of Section 1 of the Sherman Act.
C) is a rule of reason violation of Section 1 of the Sherman Act.
D) Both (a) and (b).
E) is no violation of the Sherman Act.
Q2) What is the Justice Department's current position relative to reciprocal dealing agreements?
A) The Justice Department actively enforces this illegal activity.
B) The Justice Department is only concerned about these agreements if a large, national company is involved.
C) The Justice Department only gets involved if such an agreement will foreclose a significant share of the market and if the participants agreed not to buy from other competitors.
D) None of the above is correct.
Q3) Explain horizontal price-fixing and vertical minimum and maximum price-fixing.Discuss their status under antitrust laws.
Q4) Discuss when monopoly power is not a violation of Section 2 of the Sherman Act.
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Chapter 22: Cyberlaw
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Q1) The U.S.Department of Commerce reached agreement with the European Union on "safe harbor" principles with which most U.S.companies have complied.
A)True
B)False
Q2) The Gramm-Leach-Bliley Privacy Act of 1999 requires pretexting to find out private financial information.
A)True
B)False
Q3) Tom receives an e-mail from someone alleging to be a Nigerian government official who has stolen money from the government.He needs a safe place to keep the money for a short time.The official promises that,if Tom lets his bank account be used for this purpose,Tom will be allowed to keep a percentage of the stolen money.Tom gives in to the temptation and provides his account information.Instead of receiving money,Tom loses everything he had in the account to the scammer.In this situation:
A) prosecution can be under state law.
B) prosecution can be under the Computer Fraud and Abuse Act.
C) a civil action can be brought under Section 5 of the FTC Act.
D) All of the above.
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Chapter 23: Intellectual Property
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Q1) Unlike patents,the ideas underlying copyrighted material need not be novel.
A)True
B)False
Q2) A color cannot be trademarked since it cannot be kept from use by other businesses.
A)True
B)False
Q3) AVCO used a famous registered trademark of BNC,Inc.in a manner that reduced its value.This is a violation of the:
A) Federal Fair Use Act.
B) Federal Trademark Dilution Act.
C) Federal Trade Protection Act.
D) Cleveland/Myer Act.
Q4) Rick wrote a song entitled "Wonderful." At the bottom of the first page of music he wrote "©2008 by Rick Reed." Four months later a local band was playing his song at a bar.Rick felt that the bar was an inappropriate setting for his music.What is his remedy?
Q5) Briefly discuss a patent,copyright,and trademark.
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Chapter 24: Property
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Q1) Marvin conveys his estate,Wildwood,to his friend,Larry,a good faith purchaser,on Monday.Larry records the deed on Tuesday.On Friday Marvin executes a deed conveying the identical property,Wildwood,to Paula who knows nothing of the prior conveyance to Larry.Who owns Wildwood? What are the purposes of recording statutes and how do they work?
Q2) Amber purchased a fee simple absolute in a unit in a multi-unit apartment building.She belongs to an association which manages the common areas.Amber's interest is:
A) ownership in a condominium.
B) ownership of a share in a cooperative.
C) community property with the other apartment owners.
D) a tenancy by the entirety with the other apartment owners.
Q3) The difference between an inter vivos gift and a gift causa mortis is that the inter vivos gift is made during the donor's lifetime and a gift causa mortis is a gift is made after the donor's lifetime by the donor's estate.
A)True
B)False
Q4) Discuss the tenant's and the landlord's basic duties under a landlord-tenant relationship.
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Chapter 25: Consumer Law
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Q1) The Fair Debt Collection Practices Act prohibits which of the following practices?
A) A debt collector falsely representing himself as a lawyer.
B) A debt collector telephoning the debtor at 8:00 a. m.
C) Visiting a debtor at work if the employer permits personal visits.
D) Using neighbors to locate the debtor.
Q2) Consumers have a right to:
A) exclude as obsolete information about a bankruptcy discharge within seven years.
B) know the name of anyone to whom credit information has been supplied by a consumer reporting agency within the last three years.
C) have their own version of a disputed credit situation included in their credit file.
D) have their credit rating reviewed at least once a year.
Q3) Monty applies for a $32,000 loan to purchase a truck for his family's use.This loan is subject to TILA disclosure requirements.
A)True
B)False
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Chapter 26: Environmental Law
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Q1) Beecher,Inc.is building a $20 million dollar addition onto its distribution facility.To build the facility,Beecher must add fill material to two acres of wetlands.Under the Clean Water Act,Beecher needs a permit to fill in the wetlands.
A)True
B)False
Q2) Ogle,Inc.has decided to sell a new chemical.Before selling the chemical,Ogle must register it with the EPA.
A)True
B)False
Q3) Acid rain is caused primarily by:
A) sulfur emissions from coal-burning utility plants.
B) automobile emissions, especially from large cities.
C) pesticides.
D) large-scale farming operations that raise livestock.
Q4) If the United States had ratified the Kyoto Protocol,it would have been placed on an equal economic footing with its competitors China and India,which were bound by the treaty.
A)True
B)False
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