Legal Environment of Business Review
Questions
Course Introduction
The Legal Environment of Business introduces students to the fundamental principles and frameworks that govern business activities within the broader context of the legal system. This course covers topics such as the structure of the court system, sources and types of law, contracts, torts, intellectual property, agency relationships, and the regulatory environment affecting businesses. Emphasis is placed on understanding how legal considerations shape business decision-making and how organizations can navigate legal challenges ethically and effectively. By exploring real-world cases and contemporary legal issues, students develop an appreciation for the critical role that law plays in business operations and management.
Recommended Textbook
The Legal Ethical and Regulatory Environment of Business in a Diverse Society 1st Edition by Dawn
Available Study Resources on Quizplus
17 Chapters
1270 Verified Questions
1270 Flashcards
Source URL: https://quizplus.com/study-set/2460 Page 2
Chapter 1: Introduction to the Business and Ethics
Environment in a Diverse Society
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/48882
Sample Questions
Q1) Compare civil law and criminal law.
Answer: 11ea679f_0dd2_535f_8b3b_0d7c251affec_TB1590_00
Q2) According to the _____ theory of jurisprudence, actual experience is the key to determining what law should be.
A) legal realism
B) natural law
C) sociological theory
D) legal positivism
Answer: A
Q3) According to the _____ ethical theory, in the event of an ethical dilemma, the ends justify the means and the choice should be made to do what is the "greatest good" for the most people.
A) utilitarian
B) deontological
C) categorical imperative
D) consequentialism
Answer: A
Q4) Distinguish between public law and private law.
Answer: 11ea679f_0dd2_053d_8b3b_61dcbbe77c39_TB1590_00
Page 3
To view all questions and flashcards with answers, click on the resource link above.
Chapter 2: Alternative Dispute Resolution
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/48881
Sample Questions
Q1) Under the statutory scheme of Title VII of the Civil Rights Act of 1964 and its administrative regulations, by law the parties must first attempt to _____ claims of employment discrimination before proceeding further.
A) mediate
B) conciliate
C) arbitrate
D) use minitrials for
Answer: B
Q2) If two parties involved in a dispute, decide to take help of The American Arbitration Association then the matters of scheduling the arbitration and hearing and paying for the arbitrator's services are arranged with the arbitrator by the _____.
A) Arbitration and Mediation Center
B) federal government
C) American Arbitration Association
D) parties involved in the dispute
Answer: D
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: The Court System and Legal Process
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/48880
Sample Questions
Q1) Justices of the Supreme Court are appointed by the President of the United States with the advice and consent of the Senate.
A)True
B)False
Answer: True
Q2) Statutes of limitation govern the:
A) time frame for filing lawsuits.
B) cases of first impression only.
C) fee arrangements between an attorney and his/her clients.
D) use of electronically stored information in a lawsuit.
Answer: A
Q3) Judicial reasoning that is unnecessary to a decision, called _____ has no binding effect on later courts.
A) obiter dictum
B) onus probandi
C) stare decisis
D) writs of certiorari
Answer: A
To view all questions and flashcards with answers, click on the resource link above. Page 5
Chapter 4: Administrative Law
Available Study Resources on Quizplus for this Chatper
70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/48879
Sample Questions
Q1) The Congressional directory is the official daily publication for rules, proposed rules, and notices of Federal agencies and organizations, as well as executive orders and other presidential documents.
A)True
B)False
Q2) Which of the following agencies enforces minimum wage, overtime and child labor laws?
A) Wage & Hour Division
B) National Labor Relations Board
C) Occupational Safety & Health Administration
D) Federal Trade Commission
Q3) Administrative agencies are generally created by way passing executive orders.
A)True
B)False
Q4) The causes leading to creation of administrative agencies often arise from some sort of agitation by the public. Discuss with examples.
Q5) Why is the knowledge of administrative law important?
Q6) Describe briefly, Congressional oversight hearings.
Q7) Discuss judicial review.
Page 6
To view all questions and flashcards with answers, click on the resource link above.
Chapter 5: Contracts and Sales
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/48878
Sample Questions
Q1) Which of the following requirements of a valid contract best represents the agreement between the parties as to the contract's terms and their intent to actually enter into a contract rather than just inquiring or joking with each other?
A) Consideration
B) Capacity to enter into a contract
C) Legality
D) Mutual assent
Q2) Which of the following statements best describes the mailbox rule?
A) Unless otherwise agreed, an acceptance is effective when it is sent if it is sent correctly.
B) If no time is specified in the offer, then the law will impose a reasonable time based on the circumstances.
C) A change in the offer by offeree will only be considered a counteroffer if the offeree intends it to be so.
D) If an offer is made but before it can be accepted the subject matter of the offer becomes illegal, the offer is terminated.
Q3) What are the two sets of laws that govern contracts?
Q4) Discuss inadequate considerations.
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Torts
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/48877
Sample Questions
Q1) The law imposes a general duty on each of us toward others.
A)True
B)False
Q2) In order for negligence liability to attach to the tortfeasor, plaintiffs must prove all of the following requirements EXCEPT:
A) damages.
B) actual and proximate cause.
C) breach of duty.
D) intent to harm.
Q3) Which of the following is an example of an intentional tort against business?
A) Defamation
B) Battery
C) Assault
D) Passing off
Q4) Which of the following torts is often committed in conjunction with trademark infringement?
A) Assault
B) Defamation
C) Battery
D) Palming off
Page 8
To view all questions and flashcards with answers, click on the resource link above.
Chapter 7: Property, Real and Personal
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/48876
Sample Questions
Q1) The one who gifts his personal property to someone is called a _____.
A) testator
B) tenant
C) donor
D) grantor
Q2) Discuss sole ownership.
Q3) What is a 'gifts causa mortis'?
A) A gift that is sold by the donee to someone else
B) A completed gift which is taken back by the donor
C) A conditional gift where the donor gives a gift to the donee because the donor is contemplating the possibility of death
D) A gift given by a donor with an expectation of receiving some consideration in return
Q4) Trees are most likely to be an example of _____ property.
A) tangible personal
B) real
C) intangible personal
D) intellectual
Q5) What is a mislaid property? Who can claim it?
Q6) Describe a will.
To view all questions and flashcards with answers, click on the resource link above. Page 9
Chapter 8: Business Crimes
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/48875
Sample Questions
Q1) _____ are often called "blue sky" laws.
A) Securities laws
B) Laws related to piracy
C) The Internet related laws
D) The laws related to blue collar crime
Q2) If a business chooses to dump toxic waste into a city's storm drains, it is an example of _____.
A) crime of apartheid
B) white collar crime
C) blue collar crime
D) piracy
Q3) Conspiracy is the willful and corrupt false swearing or affirming, under oath, as to a material matter in question.
A)True
B)False
Q4) While defendants have a right to bail, that right is not absolute.
A)True
B)False
Q5) Discuss the Sarbanes-Oxley Act.
Q6) What is bid rigging?
Page 10
To view all questions and flashcards with answers, click on the resource link above.
Chapter 9: Secured Transactions and Bankruptcy
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/48874
Sample Questions
Q1) What are the two most common types of guarantees?
Q2) Patents and trademarks fall under the chattel paper category of collaterals.
A)True
B)False
Q3) For attachment, the creditor can enforce the security interest against third parties.
A)True
B)False
Q4) A debtor usually meets with his or her creditors in a " _____ " meeting, so named because of the section of the bankruptcy code which requires such a meeting.
A) 108
B) 189
C) 218
D) 341
Q5) In the context of defining collateral, goods is used as a catchall phase for interests not otherwise covered unless they are specifically excluded.
A)True
B)False
Q6) Discuss Chapter 11 bankruptcy.
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: Agency and Business Organizations
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/48873
Sample Questions
Q1) Before the business is incorporated, someone is working behind the scenes to ensure that the corporation, once formed, has the capital and means to begin operations. This person is called the ___.
A) creditor
B) facilitator
C) creator
D) promoter
Q2) If a limited liability company elects to be member-managed:
A) the governance in the company is like a general partnership.
B) the power to bind the LLC attaches to the managers.
C) the governance in the company is more like a corporation.
D) the owners will elect officers to run the company. If the owners of the LLC decide to function more like a partnership, then they elect to be member-managed, which means that the owners themselves will manage the day-to-day operation of the LLC. If the owners decide to function more like a corporation, then they elect to be manager-managed, which means that the owners will elect officers to run the LLC.
Q3) Discuss the following statement, 'An agency results in a fiduciary relationship between an agent and a principal.'
Q4) Discuss the Foreign Corrupt Practices Act.
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 11: The Employment Relationship and Equal Employment Opportunity
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/48872
Sample Questions
Q1) If it can be shown that the employer attempted an accommodation and the employee refused to cooperate, there is no liability for the employer.
A)True
B)False
Q2) Race and color can be the subject of a bona fide occupational qualification (BFOQ).
A)True
B)False
Q3) Discrimination on the basis of religion is prohibited by Title VII provided the religion is a legitimate one.
A)True
B)False
Q4) Under what circumstances are affirmative action plans implemented?
Q5) The concept of _____ permits jobs that are not the same, but are of comparable worth to the employer, to be examined for wage disparities.
A) disparate impact
B) equitable value
C) disparate treatment
D) comparable worth
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 12: Labor and Management Relations
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/48871
Sample Questions
Q1) Under a no-strike, no-lockout clause:
A) a grievance procedure can be used to handle labor disputes.
B) management can engage in locking employees out of the workplace.
C) unions can engage in locking employees out of the workplace.
D) matters can be resolved through arbitration.
Q2) To prevent unions from discriminating against minorities and women, the NLRA imposes the duty of _____ on unions.
A) fair representation
B) good faith bargaining
C) collective bargaining
D) permissive bargaining
Q3) Unfair labor practices by unions include:
A) refusal to bargain.
B) bargaining in good faith.
C) charging pay hikes from employers.
D) holding strikes to make a statement.
Q4) What are yellow dog contracts?
Q5) The Taft-Hartley Act of 1947 was an attempt to curb union abuses and excesses.
A)True
B)False
14
To view all questions and flashcards with answers, click on the resource link above.
Chapter 13: Securities Regulation and Compliance
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/48870
Sample Questions
Q1) Which of the following acts represents the federal government's first involvement in the sale of stocks and other securities?
A) Revenue Act of 1932
B) Securities Act of 1933
C) Budget and Accounting Procedures Act of 1950
D) Freedom of Information Act
Q2) Which of the following best represents a writing signed by a shareholder of a corporation authorizing a named person to vote his or her shares of stock at a specified meeting of the shareholders?
A) Red herring prospectus
B) Registration statement
C) Proxy statement
D) Proxy solicitation
Q3) Which of the following statements is true regarding Rule 10b-5?
A) Any suit alleging a Rule 10b-5 violation arises in state court.
B) It is not applicable to those corporations whose shares are traded on the stock market.
C) It is not applicable to privately held corporations.
D) Rule 10b-5 requires intent to deceive.
To view all questions and flashcards with answers, click on the resource link above.
Page 15
Chapter 14: Antitrust and Trade Regulation
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/48869
Sample Questions
Q1) Which of the following statements is true for cartels?
A) Their purpose is to try to control prices through control of the output.
B) They are prohibited under §2 of the Sherman Act.
C) They are most successful when they have a large number of members.
D) They are a way to attain vertical price fixing.
Q2) The EC Treaty:
A) governs anticompetitive measures between the member states.
B) does not have any jurisdiction over mergers in the European Union.
C) permits the EC to take private causes of action in antitrust cases.
D) does not allow members to bring an action against violators.
Q3) An oligopoly:
A) includes only one company that exerts control over most of the market.
B) comprises of a large number of competitors who own the market.
C) includes only one large buyer dominating a particular market.
D) comes under Section 1 of the Sherman Act.
Q4) The Federal Trade Commission has both criminal and civil jurisdiction.
A)True
B)False
Q5) What is meant by oligopoly?
Q6) Explain the Hart-Scott-Rodino Act of 1976.
Page 16
To view all questions and flashcards with answers, click on the resource link above.
Chapter 15: Intellectual Property
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/48868
Sample Questions
Q1) What is a trademark?
Q2) A copyright protects an idea itself and not the manifestation of the idea.
A)True
B)False
Q3) Which of the following is the most common type of patent?
A) Design patent
B) Utility patent
C) Plant patent
D) Prototype patent
Q4) MGM uses the sound of a lion's roar for its motion pictures. This sound is most likely to be protected by a _____.
A) collective mark
B) patent
C) trade name
D) service mark
Q5) Bootleg copying involves unauthorized copying of _____.
A) photographs
B) books
C) live musical performances
D) paintings
Page 17
To view all questions and flashcards with answers, click on the resource link above.
Chapter 16: Environmental Law and Business
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/48867
Sample Questions
Q1) Which of the following is true regarding an Environmental Assessment (EA)?
A) If an EA is required, the responsible agency must publish a notice of intent in the Federal Register, indicating intent to prepare a draft environmental impact statement.
B) A scoping meeting is mandatory before issuing an EA.
C) The public gets 45 days to comment on an EA after it is reported.
D) It is a public document that serves to provide sufficient evidence and analysis for determining whether to prepare an Environmental Impact Statement.
Q2) A sustainable business refers to any business that participates in environmentally friendly processes, products, or activities that address environmental concerns while maintaining a profit.
A)True
B)False
Q3) A(n) _____ is one that is in danger of extinction throughout all or a significant portion of its range.
A) exploited species
B) jeopardized species
C) endangered species
D) threatened species
To view all questions and flashcards with answers, click on the resource link above.
18
Chapter 17: International Law and Business
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/48866
Sample Questions
Q1) Which of the following types of legal systems exists in most of the Oceania?
A) Customary law
B) Common law
C) Civil law
D) Muslim law
Q2) In the context of international trade, GATT stands for Geographical Association on Tariff and Trade.
A)True
B)False
Q3) Before imposing a countervailing duty, which of the following organizations determines whether a domestic company is suffering because of the subsidized product?
A) The Office of U.S. Trade Representative
B) International Trade Administration (ITA)
C) Bureau of Industry and Security
D) International Trade Commission (ITC)
Q4) The Uruguay round is the current trade-negotiation round of the World Trade Organization (WTO) which commenced in 2001.
A)True
B)False
Page 19
To view all questions and flashcards with answers, click on the resource link above.