Legal Environment of Business
Midterm Exam
Course Introduction
The Legal Environment of Business explores the framework of laws and regulations that shape the operations and decision-making processes of businesses. This course examines key legal concepts including contracts, torts, agency, business organizations, and government regulation. Students will analyze the impact of the legal system on business activities, ethical considerations, and global legal issues, gaining practical insights into compliance, risk management, and dispute resolution. By understanding how the law influences business environments, students will be better equipped to navigate legal challenges and make informed managerial decisions.
Recommended Textbook
Legal Environment of Business Online Commerce Ethics 8th Edition by Henry R. Cheeseman
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27 Chapters
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Page 2
Chapter 1: Legal Heritage and the Digital Age
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Sample Questions
Q1) By allowing the U.S.citizens to practice any religion of their choice,what essential function of the law does the U.S.Constitution serve?
A)facilitating orderly change
B)maintaining the status quo
C)maximizing individual freedom
D)facilitating planning
Answer: C
Q2) What led to the creation of the Chancery Courts?
A)the insistence for a court system that emphasized legal procedure rather than the merits of a case
B)the law courts' inability to hear all the cases presented to them
C)the increase in overseas trade and proliferation of piracy
D)the unfair results and limited remedies provided by the law courts
Answer: D
Q3) Federal statutes take precedence over treaties.
A)True
B)False
Answer: False
Q4) The ________ School of jurisprudence maintains that the law is shaped by logic.
Answer: Analytical
3
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Chapter 2: Ethics and Social Responsibility of Business
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Sample Questions
Q1) What does "corporate citizenship" as a social responsibility theory in business imply?
A)Businesses are responsible for helping to solve social problems that they did little,if anything,to cause.
B)Businesses owe a duty to take actions that increase profits for shareholders.
C)Businesses have a responsibility solely to their stakeholders and strive to maximize their well-being.
D)Businesses are obliged to consider the effects of their actions on persons other than their shareholders.
Answer: A
Q2) Which of the following is an apparent disadvantage of utilitarianism?
A)It does not allow people to have subjective notions of right and wrong.
B)It is based on moral duties derived from universal rules.
C)It overemphasizes one book or theory.
D)It treats morality as if it were an impersonal mathematical calculation.
Answer: D
Q3) Kantian ethics is also referred to as ________ ethics.
Answer: duty
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Chapter 3: Courts, Jurisdiction, and Administrative Agencies
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Sample Questions
Q1) The geographical area served by each U.S.court of appeals is referred to as a
A)district
B)county
C)range
D)circuit
Answer: D
Q2) In the U.S.Supreme Court,if all the justices voting agree as to the outcome and reasoning used to decide a case,it is a ________ decision.
A)tie
B)plurality
C)majority
D)unanimous
Answer: D
Q3) The ________ refers to a federal statute that establishes procedures for federal administrative agencies to follow while conducting their affairs.
Answer: Administrative Procedure Act
Q4) ________ refers to a court's jurisdiction over the parties to a lawsuit.
Answer: In personam jurisdiction
Page 5
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Chapter 4: Alternative, Judicial, and E-Dispute Resolution
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Sample Questions
Q1) Which of the following statements is true about the Federal Arbitration Act (FAA)of 1925?
A)The FAA restricts parties from obtaining a court order to compel arbitration with an arbitration agreement.
B)The FAA restricts federal courts from hearing issues of law that have been decided by an arbitrator.
C)The FAA provides that arbitration agreements involving commerce are revocable contracts under ordinary circumstances.
D)Breach of contract cases and tort claims are not candidates for arbitration as per the FAA.
Q2) A(n)________ alleges that if all the facts presented in the pleadings are taken as correct, the party making the motion would win the lawsuit when the proper law is applied to these asserted facts
Q3) The paperwork that is filed with the court to initiate and respond to a lawsuit is referred to as the pleadings.
A)True
B)False
Q4) A(n)________ is oral testimony given by a party or witness prior to trial.
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Page 6
Chapter 5: Constitutional Law for Business and
E-Commerce
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Q1) Which of the following statements is true of the Supremacy Clause of the U.S.Constitution?
A)A particular federal statute cannot exclusively regulate a specific area or activity.
B)Any state or local law that "directly and substantially" conflicts with valid federal law is preempted.
C)A particular federal statute can expressly provide for exclusive jurisdiction.
D)Any state or local law that "directly and substantially" conflicts with valid federal law is held valid if held in harmony with the cultural diversity in the state.
Q2) A certain state in the United States declares that its citizens should only wear "modest" clothing.Which of the following conclusions is made when this law is tested for substantive due process?
A)unconstitutional for compulsion
B)invalid for violation of the Equal Protection Clause
C)void for vagueness
D)invalid for violating freedom of expression
Q3) ________ are powers delegated to the federal government by the states.
Q4) How is power divided between the federal government and the state governments?
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Chapter 6: Torts and Strict Liability
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Sample Questions
Q1) Throwing a lit match on the ground in the forest and causing a fire is a breach of
A)appropriation
B)Good Samaritan law
C)the duty of care
D)res ipsa loquitur
Q2) ________ is the making of false statements about a competitor's products,services,property,or business reputation.
Q3) In a lawsuit for malicious prosecution,the original defendant sues the original plaintiff.
A)True
B)False
Q4) The obligation people owe each other not to cause any unreasonable harm or risk of harm is termed ________.
A)libel
B)res ipsa loquitur
C)Good Samaritan law
D)the duty of care
Q5) Explain the doctrine of strict liability with examples.
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Chapter 7: Cyber Law and Cyber Crimes
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Sample Questions
Q1) Which of the following is a difference between indictments and information statements?
A)Indictments are issued before a trial,while an information statement is issued after a trial.
B)Indictments are issued by a grand jury,while an information statement is issued by a magistrate.
C)Information statements are issued to dismiss a case before it goes to trial,while an indictment is issued to bring a case to trial.
D)Information statements are issued without determining guilt,while an indictment is issued where guilt is evident.
Q2) ________ is defined as the taking of personal property from another person by the use of fear or force.
Q3) Describe the Racketeer Influenced and Corrupt Organizations Act (RICO).
Q4) The offeror cannot be found liable for the crime of bribery if the person to whom the bribe is offered rejects the bribe.
A)True
B)False
Q5) In legal terminology,evil intent is also known as ________.
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Chapter 8: Intellectual Property and Cyber Piracy
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Sample Questions
Q1) The trademark symbol SM is used to indicate a mark associated with a product.
A)True
B)False
Q2) Which of the following statements is true of the patent period in the United States?
A)It follows the first-to-file rule.
B)The patent term begins to run from the date the patent application is filed.
C)The patent term begins to run from the date the patent is issued.
D)The patent period for an invention is 17 years.
Q3) According to the Economic Espionage Act,________.
A)persons who have reverse-engineered a trade secret can use that trade secret and the related trademark
B)it is a federal crime to steal another's trade secret
C)the rights to a trade secret must be renewed after a specified period of time
D)trade secrets can be shared for a limited amount of time
Q4) If an invention is obvious,then it does not qualify for a patent.
A)True
B)False
Q5) A(n)________ is a patent that protects the functionality of an invention.
Q6) Give an account of trademark dilution.
Page 10
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Chapter 9: Formation and Requirements of Contracts
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Sample Questions
Q1) Past consideration is sufficient consideration to support a new contract.
A)True
B)False
Q2) Which of the following is true of a contract with an adjudged insane person?
A)The adjudged insane person is bound by the terms of the contract.
B)The contract is void.
C)Only the competent party can enforce the contract.
D)The competent party is legally obligated to uphold the contract.
Q3) A preexisting duty is sufficient consideration to support a new contract.
A)True
B)False
Q4) A counteroffer is considered a rejection of the original offer.
A)True
B)False
Q5) A contract need not arise from a bargained-for exchange.
A)True
B)False
Q6) A(n)________ is a response by an offeree that contains terms and conditions different from or in addition to those of the offer.
Q7) Under the mailbox rule,an acceptance is effective when ________.
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Chapter 10: Performance and Breach of Contracts
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Sample Questions
Q1) Duress occurs when one person takes advantage of another person's mental,emotional,or physical weakness and unduly persuades that person to enter into a contract.
A)True
B)False
Q2) ________ refers to a condition whose occurrence or nonoccurrence of a specific event automatically excuses the performance of an existing contractual duty to perform.
A)Condition precedent
B)Condition subsequent
C)Concurrent condition
D)Implied condition
Q3) ________ refers to the knowledge that a representation is false.
Q4) A contract cannot be rescinded if there has been a mutual mistake.
A)True
B)False
Q5) A(n)________ exists if both parties know the object of the contract but are mistaken as to its value.
Q6) Distinguish between conditions and covenants.
Q7) Distinguish between minor breach and material breach.
Page 12
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Chapter 11: Digital Law and E-Commerce
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Sample Questions
Q1) Jessica wants to buy a laptop from the website of CloudFive Computers.Before confirming the purchase,the website asks her to provide biometric identification using an electronic scanner.This is an example of a(n)________.
A)e-license
B)e-signature
C)exclusive license
D)conditional license
Q2) Which of the following is the first step in registering a domain name?
A)determining whether any other party already owns the name
B)determining if the name does justice to the image of the company or individual
C)finding an extension that attracts maximum web traffic
D)enrolling with a service provider to host the website
Q3) What measures has Congress taken to regulate spam e-mail?
Q4) A(n)________ uniquely identifies an individual's or company's website.
A)e-signature
B)digital footprint
C)e-mail address
D)domain name
Q5) The ________ gives an e-signature the same force and effect as a pen-inscribed signature on paper.
Page 13
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Chapter 12: UCC Sales Contracts, Leases, and Warranties
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Q1) The ________ rule permits certain open terms to be "read into" a sales or lease contract.
Q2) If the parties to a sales contract do not agree to the time,place,and manner of delivery of the goods,the place for delivery is ________.
Q3) Pollard enters into a sales contract to purchase a specific Picasso painting from Jenson for $15 million.When Pollard tenders payment,Jenson refuses to sell the painting.Which of the following remedy can Pollard exercise to retrieve the painting from Jenson?
A)remedy to cover
B)remedy to recover damages for nondelivery
C)remedy to obtain specific performance
D)remedy to cancel the contract
Q4) Sales that contain provisions of services and goods in the same transaction are not covered by Article 2 of the UCC.
A)True
B)False
Q5) The term ________ refers to a situation in which a thief acquires no title to goods he or she steals.
Q6) What are the provisions for contracts with services under Article 2 of the UCC?
Page 14
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Chapter 13: Credit, Secured Transactions, and Bankruptcy
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Q1) If a worker in the ordinary course of business furnishes services or materials to someone with respect to goods and receives a lien on the goods by statute,this is known as a(n)________ lien.
A)subordinate
B)floating
C)artisan's
D)judgment
Q2) To which of the following type of mortgages does the antideficiency statute apply?
A)foreign currency mortgages
B)home improvement mortgages
C)first purchase money mortgages
D)second purchase money mortgages
Q3) A(n)________ refers to a security interest in property that was not in the possession of the debtor when the security agreement was executed.
A)floating lien
B)after-acquired property
C)attachment
D)future advance
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15
Chapter 14: Small Business, General Partnerships, and Limited Partnerships
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Q1) Where a partnership agreement provides for the sharing of profits but is silent as to how losses are to be shared,________.
A)losses are shared in the same proportion as profits
B)losses are shared in greater proportion than profits
C)profits are shared in greater proportion than losses
D)losses are absorbed by the partnership entity rather than borne by the individual partners
Q2) Explain the formation of a general partnership.
Q3) The process of liquidating a partnership's assets and distributing the proceeds to satisfy claims against the partnership is known as winding up.
A)True
B)False
Q4) Which of the following must be in writing under the Statute of Frauds?
A)a business that has more than one commercial venture
B)a partnership that is authorized to deal in real estate
C)a business that is authorized to lend money
D)an enterprise that deals in health and medicine
Q5) A(n)________ is a document that is filed with the secretary of state upon the dissolution of a limited partnership.
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Chapter 15: Limited Liability Companies, Limited Liability
Partnerships, and Special Forms of Business
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Q1) The creation of an LLC is pursuant to laws stated by the ________ government.
Q2) A member's ownership interest in an LLC is called a ________.
A)certificate of interest
B)distributional interest
C)collateral interest
D)creditor's interest
Q3) In a(n)________ franchise,the franchisor licenses the franchisee to make and sell its products or services to the public from a retail outlet serving an exclusive geographical territory.
A)chain-style
B)area
C)distributorship
D)processing plant
Q4) In a(n)________ LLC,the managers have authority to bind the LLC to contracts,but nonmanager members cannot bind the LLC to contracts.
Q5) Agents of an LLC are not permitted to enter into contracts on behalf of the LLC.
A)True
B)False
Q7) Explain the four basic types of franchises. Page 17
Q6) What is a distributional interest? Explain the terms of its transfer.
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Page 18
Chapter 16: Corporations and Corporate Governance
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Q1) A corporation is a foreign corporation in states other than the one in which it is incorporated.
A)True
B)False
Q2) A person or corporation that is empowered to accept service of process on behalf of a corporation is referred to as a(n)________.
A)promoter
B)shareholder
C)registered agent
D)incorporator
Q3) According to the Revised Model Business Corporation Act (RMBCA),what establishes a quorum to hold a meeting of the shareholders?
A)a majority of the outstanding shares
B)a majority of the unissued shares
C)a majority of the treasury shares
D)a majority of the liquidated shares
Q4) Once declared,a cash or property dividend cannot be revoked.
A)True
B)False
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Chapter 17: Investor Protection, E-Securities, and Wall Street Reform
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Sample Questions
Q1) Interests in oil,gas,and mineral rights are classified as ________.
A)statutorily defined securities
B)implicit securities
C)investment contracts
D)common securities
Q2) Utilities Inc.decided to go public by an initial public offering.It sold securities,some of which were bought by James Jefferson.Six months later,Mr.Jefferson sold the Utilities shares he had purchased to Martha Graham and Mark Franco.Two years later,Mr.Jefferson bought back the Utilities shares from Ms.Graham and Mr.Franco and made a profit out of both transactions.Identify the issuer in this scenario.
A)Utilities Inc.
B)James Jefferson
C)Martha Graham
D)Mark Franco
Q3) Debentures are an example of ________ securities.
Q4) ________ occurs when a company employee or company advisor uses material nonpublic information to make a profit by trading in the securities of the company.
Q5) The issuance of securities by an issuer to the public is known as a(n)________.
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Chapter 18: Agency Law
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Q1) An employee,motivated by jealousy,intentionally injures someone on the work premises and during work hours who dated her boyfriend.Based on the ________ test,the principal is liable for the injury.
Q2) Only a lawyer can become an attorney-in-fact.
A)True
B)False
Q3) A car salesperson is employed to sell the principal's car,and the principal tells the agent that the car was repaired after it was involved in a major accident.If the agent intentionally tells the buyer that the car was never involved in an accident,the agent has committed the tort of ________.
Q4) If an agency is not an exclusive agency,the principal can employ more than one agent to try to accomplish a stated purpose. A)True
B)False
Q5) Sometimes,principals request that agents run errands or conduct other acts on their behalf while the agent or employee is on personal business.This is an instance of ________ for the agent.
Q6) Explain in brief the liability for an independent contractor's torts.
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Chapter 19: Equal Opportunity in Employment
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Q1) Which of the following is true of the right to sue letter issued by the EEOC?
A)It is issued when the EEOC chooses to bring suit.
B)It is issued when the EEOC does not find a violation.
C)It is issued when the complainant is found guilty.
D)It is issued only when the discrimination is racial in nature.
Q2) Title VII of the Civil Rights Act of 1964 does not apply to labor unions.
A)True
B)False
Q3) The ________ is a federal statute enacted after the Civil War that prohibits racial and national origin employment discrimination.
Q4) ________ is the federal statute that prohibits job discrimination based on the race,color,religion,sex,or national origin of the job applicant.
Q5) The ________ is an amendment to Title VII of the Civil Rights Act of 1964 that forbids employment discrimination because of pregnancy,childbirth,or related medical conditions.
Q6) Distinguish between disparate-treatment and disparate-impact discrimination.
Q7) The ________ protects both sexes from pay discrimination based on sex.
Q8) Explain the scope and provisions of Title VII of the Civil Rights Act of 1964.
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Q9) Distinguish between sex-plus discrimination and gender identity discrimination.
Chapter 20: Employment Law and Worker Protection
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Q1) Self-employed individuals are required to pay Social Security contributions under the ________ Act.
Q2) Under common law,employees who were injured on the job could not sue their employers for negligence.
A)True
B)False
Q3) How is Social Security awarded in the United States?
Q4) Who among the following is not exempt from the federal minimum wage requirement?
A)Kelly,a district sales executive
B)Angelica,a waitress
C)Tsun,a software engineer
D)Orlando,a college professor
Q5) OSHA standards establish safety requirements for safety guards on saws.This is an example of a(n)________ standard.
Q6) Describe the measures taken by the U.S.Department of Labor against oppressive child labor.
Q7) Overtime pay must always be set at twice the regular pay of an employee.
A)True B)False
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Chapter 21: Labor Law and Immigration Law
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Q1) Which of the following is a compulsory subject during collective bargaining?
A)health benefits
B)closed shop recognition
C)corporate reorganization
D)workplace location
Q2) The group that a union is seeking to represent is called the ________ unit,and it must be defined before the union can petition for an election.
Q3) A group of employees that a union is seeking to represent is known as a(n)________ unit.
A)combined conciliation
B)appropriate mediation
C)collective negotiation
D)appropriate bargaining
Q4) The ________ is required to supervise all contested union elections.
A)Congress of Industrial Organizations (CIO)
B)American Federation of Labor (AFL)
C)National Labor Relations Board (NLRB)
D)Election Assistance Commission (EAC)
Q5) Outline the act of collective bargaining.
Q6) The right to picket is implied from the ________ Act.
Page 24
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Chapter 22: Antitrust Law and Unfair Trade Practices
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Q1) Which of the following businesses or activities enjoy a statutory exemption from antitrust laws?
A)airlines
B)professional baseball
C)agricultural cooperatives
D)all professional sports and games
Q2) A per se violation of Section 1 of the Sherman Act that occurs when a party at one level of distribution enters into an agreement with a party at another level to adhere to a price schedule that either sets or stabilizes prices is referred to as ________.
A)group boycotts
B)horizontal price fixing
C)resale price maintenance
D)nonprice vertical restraints
Q3) Section 2 of the Sherman Act prohibits the act of monopolization.
A)True
B)False
Q4) What is a premerger notification? Explain the process outlined by the Hart-Scott-Rodino Antitrust Improvement Act to execute a merger.
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Chapter 23: Consumer Protection
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Q1) Which of the following is true of seeking injunctions on consumer products that violate the Consumer Product Safety Act (CPSA)or Consumer Product Safety Commission (CPSC)rules?
A)Only the CPSC can seek an injunction once a private party has lodged a complaint with it.
B)Only the CPSC can sue for an injunction when CPSC rules are violated.
C)A private party can sue for an injunction to prevent violations of the act or of CPSC rules and regulations.
D)Injunctions cannot be pursued on products that have not yet been sold or marketed.
Q2) The Nutrition Labeling and Education Act (NLEA)applies to packaged foods and other foods regulated by the Food and Drug Administration.
A)True
B)False
Q3) The FDA cannot recall any cosmetics that contain unsubstantiated claims of preserving youth or increasing virility from the market.
A)True
B)False
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Chapter 24: Environmental Protection
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Q1) Which of the following is a document required by the National Environmental Policy Act (NEPA)that must be prepared for any proposed legislation or major federal action that significantly affects the quality of the human environment?
A)environmental influence abstract (EIA)
B)environmental impact statement (EIS)
C)environmental imprimatur declaration (EID)
D)strategic environmental assessment (SEA)
Q2) Oil refineries are an example of stationary sources of air pollution.
A)True
B)False
Q3) The ________ administers the NEPA and has the authority to adopt regulations for the enforcement of the act.
A)Environmental Protection Agency (EPA)
B)Environmental Investigation Agency (EIA)
C)Ministry of Environmental Protection (MEP)
D)Association of Environmental Professionals (AEP)
Q4) Give an account of state environmental protection laws.
Q5) How are endangered species protected in the United States? Name three laws that protect wildlife species.
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Chapter 25: Real Property and Land Use Regulation
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Q1) A tenancy created when a lease specifies intervals at which payments are due but does not specify the duration of the lease is known as a ________.
A)tenancy at sufferance
B)life tenancy
C)periodic tenancy
D)tenancy at will
Q2) Which of the following is true of a tenancy by the entirety?
A)It can only be formed by and between corporations.
B)It does not include the right of survivorship.
C)It cannot be created by express words alone.
D)It cannot be transferred by one of the tenants without the consent of the other.
Q3) A(n)________ estate is an estate in which the owner has a present possessory interest in the real property.
Q4) The compensation provided by the government for its exercise of the power of eminent domain is final and cannot be disputed further.
A)True
B)False
Q5) What is an easement and how is it created?
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Chapter 26: International and World Trade Law
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Q1) The United Nations (UN)does not allow permanent membership of the Security Council to any member nation.
A)True
B)False
Q2) In 1995,the ________ was created as a successor to the General Agreement on Tariffs and Trade (GATT).
Q3) ________ are treaties that are sponsored by international organizations,such as the United Nations (UN).
Q4) The ________ Act exclusively governs suits against foreign nations that are brought in federal or state courts in the United States.
Q5) The ________ is an international organization created by a multilateral treaty in 1945 to promote social and economic cooperation among nations and to protect human rights.
A)United Nations (UN)
B)League of Nations
C)General Agreement on Tariffs and Trade (GATT)
D)World Trade Organization (WTO)
Q6) What does the act of state doctrine assert?
Q7) The judicial branch of the United Nations (UN)is known as the ________.
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Chapter 27: Accountants' Duties and Liability
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Sample Questions
Q1) ________ is defined as the intentional misrepresentation or omission of a material fact that is relied on by the client and causes the client damage.
A)An unqualified opinion
B)Actual fraud
C)A disclaimer of opinion
D)Constructive fraud
Q2) What is the accountant-client privilege?
Q3) A formal entrance into a contract between a client and an accountant is called an abatement.
A)True
B)False
Q4) Accountants can be held liable for negligence in preparing unaudited financial statements.
A)True
B)False
Q5) Give an account of the Private Securities Litigation Reform Act of 1995.
Q6) Explain Section 552 of the Restatement (Second)of Torts.
Q7) When does an auditor submit a disclaimer of opinion? What is the significance of an auditor's opinion?
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