Legal Environment of Business
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Course Introduction
The Legal Environment of Business explores the fundamental legal principles and frameworks that shape the conduct of businesses in a dynamic economic environment. This course examines topics such as contract law, torts, agency relationships, business organizations, employment law, intellectual property, and governmental regulation. Students will gain an understanding of how legal and ethical considerations impact business operations and decision-making. Through case studies and real-world examples, the course also highlights the importance of legal compliance, risk management, and the evolving role of law in fostering responsible business practices.
Recommended Textbook
Legal Environment of Business Online Commerce Ethics 8th Edition by Henry R. Cheeseman
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Page 2
Chapter 1: Legal Heritage and the Digital Age
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Q1) A(n)________ is a compact made between two or more nations.
A)amendment
B)treaty
C)charter
D)statute
Answer: B
Q2) Law is described as ________.
A)a body of rules of action or conduct prescribed by controlling authority and having binding legal force
B)a study of fundamental problems,such as those connected with existence like knowledge and language
C)a legal system that builds and organizes knowledge in the form of testable explanations and predictions
D)a group of legal hypotheses employed to explain a legal phenomenon
Answer: A
Q3) Treaties are considered to be part of the supreme law of the United States of America.
A)True
B)False Answer: True
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Chapter 2: Ethics and Social Responsibility of Business
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Q1) Which of the following moral theories represents the dictum "I will keep the rules if everyone else does"?
A)perspectivism
B)social contract
C)ethical fundamentalism
D)utilitarianism
Answer: B
Q2) From which of the following theories of morality is Rawls's social justice theory fundamentally derived?
A)the utilitarianism theory
B)the ethical fundamentalism theory
C)the social contract theory
D)the moral relativism theory
Answer: C
Q3) ________ is a moral theory with origins in the works of Jeremy Bentham and John Stuart.
Answer: Utilitarianism
Q4) Under the moral theory of ________,a person looks to an outside source for ethical rules or commands.
Answer: ethical fundamentalism
Page 4
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Chapter 3: Courts, Jurisdiction,
and Administrative Agencies
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Q1) ________ are created by the government to enforce regulatory statutes. Answer: Administrative agencies
Q2) Which of the following courts are the federal court system's trial courts of general jurisdiction?
A)U.S.district courts
B)U.S.Tax Courts
C)U.S.courts of appeals
D)U.S.courts of federal claims
Answer: A
Q3) Which of the following courts was created by Article III of the U.S.Constitution?
A)U.S.Supreme Court
B)U.S.Tax Court
C)U.S.Court of Appeals
D)U.S.Court of Federal Claims
Answer: A
Q4) ________ refers to the law that governments enact to regulate industries,businesses,and professionals.
Answer: Administrative law
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Chapter 4: Alternative, Judicial, and E-Dispute Resolution
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Q1) Interventions are written questions submitted by one party to a lawsuit to the other party.
A)True
B)False
Q2) A defendant who believes that he or she has been injured by the plaintiff can file a(n)________ against the plaintiff.
A)injunction
B)cross-complaint
C)rejoinder
D)rebuttal
Q3) Which of the following is a form of alternative dispute resolution?
A)pretrial hearing
B)settlement conference
C)appeal
D)mediation
Q4) In a litigation process,the party who files a complaint is called the ________.
A)bailiff
B)plaintiff
C)prosecutor
D)defendant
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Chapter 5: Constitutional Law for Business and E-Commerce
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Q1) The power to regulate interstate commerce lies exclusively with the federal government.
A)True
B)False
Q2) The ________ Clause prevents the government from promoting one religion over the other.
Q3) The primary purpose of the Constitutional Convention of 1787 was to limit the power of the federal government and restrict it from levying or collecting taxes.
A)True
B)False
Q4) The legislative branch of the U.S.federal government is ________.
A)monocameral
B)bicameral
C)tricameral
D)polycameral
Q5) ________ is speech that the government cannot prohibit or regulate.
Q6) The ________ Act sets the terms of casino gambling and other gaming activities on tribal land.
Page 7
Q7) The president is selected by the ________.
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Chapter 6: Torts and Strict Liability
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Q1) The violation of a statute that proximately causes an injury is termed as negligence per se.
A)True
B)False
Q2) Actual physical contact is not necessary for a tort to be considered an assault.
A)True
B)False
Q3) Direct physical contact,such as intentionally hitting someone with a fist,is considered battery.
A)True
B)False
Q4) Sending an objectionable telegram to a third party and signing another's name constitutes the tort of ________.
A)invasion of the right to privacy
B)defamation of character
C)battery
D)intentional misrepresentation
Q5) When the containers of a product are not tamperproof,this is a(n)________.
Q6) A failure to exercise care or to act as a reasonable person would act is a breach of the ________.
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Chapter 7: Cyber Law and Cyber Crimes
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Q1) Frank Carpenter,who runs a charity organization,has been faking his father's signature on his father's personal checks and writing them in favor of the charity as donations.He gets hold of the checks from his father's personal assistant,Rhonda Mason,who is also Frank's friend and the charity's trustee.After faking the signature,Frank gives the checks to Rhonda to deposit in the bank.But unbeknownst to Frank,Rhonda routes some of the check money into her own savings account.Frank's father,Dawson,realizes that money is being withdrawn from his account without his consent.He suspects his estranged son,Frank,and in order to find out if Frank is involved,Dawson secretly offers money to the financial accountant of the charity to divulge the charity organization's financial dealings.The accountant accepts the money and gives access to the account books.After scrutinizing the financial records,Dawson realizes that Frank has been swindling him of his money,and the charity itself was being swindled by somebody from within.With this information,Dawson proceeds to file a suit against his son.In the above scenario,of which illegal activity are Rhonda and Frank guilty when it came to using Dawson's money for the charity?
A)bribery
B)criminal conspiracy
C)extortion
D)forgery
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Chapter 8: Intellectual Property and Cyber Piracy
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Sample Questions
Q1) The U.S.Patent and Trademark Office (PTO)grants approximately how many patents each year?
A)250,000
B)500,000
C)675,000
D)775,000
Q2) Congress enacted the federal ________,which makes it a federal crime to steal another's trade secrets.
Q3) What is a patent number?
A)a number assigned to a patent when it comes under investigation
B)a number assigned to a patent when the patent is pending
C)a number assigned to a patent during application
D)a number assigned to a patent once the patent is granted
Q4) Copyright registration permits a holder to obtain statutory damages for copyright infringement,which may be greater than actual damages,and attorney's fees.
A)True
B)False
Q5) Give an account of the Economic Espionage Act (EEA)and its importance in combating cyber piracy.
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Chapter 9: Formation and Requirements of Contracts
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Q1) Consideration is defined as something of legal value given in exchange for termination of an offer.
A)True
B)False
Q2) A(n)________ is a contractual provision that relieves one or both of the parties to a contract from tort liability.
A)contract of adhesion
B)exculpatory clause
C)duty of restitution
D)fundamental breach
Q3) A contract that has been fully performed by one party but not by the other party is a(n)________ contract.
A)void
B)voidable
C)executory
D)executed
Q4) Explain the basic requirements that must be met for a contract to be enforceable.
Q5) A(n)________ contract is only valid once the offeree performs the requested act.
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Chapter 10: Performance and Breach of Contracts
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Q1) A unilateral mistake is a mistake in which only one party is mistaken about a material fact regarding the subject matter of a contract.
A)True
B)False
Q2) A(n)________ breach of a contract occurs when a party renders inferior performance of his or her contractual obligations.
A)material
B)minor
C)anticipatory
D)defensive
Q3) The parol evidence rule stipulates that the contract is a complete integration and the exclusive expression of the parties' agreement.
A)True
B)False
Q4) A party who owes a duty of performance under a contract is called the ________.
A)obligor
B)assignor
C)assignee
D)obligee
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Chapter 11: Digital Law and E-Commerce
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Q1) The term ________ refers to a party who is granted limited rights in or access to intellectual property or information rights owned by a licensor.
Q2) The .biz extension is used for large-business and corporate websites.
A)True
B)False
Q3) A ________ refers to a contract that transfers limited rights in intellectual property and information rights.
A)contract
B)tender
C)license
D)domain name
Q4) The term ________ refers to an owner of intellectual property or informational rights who transfers rights in the property or information to another party.
Q5) An exclusive license grants the licensee exclusive rights to use information rights for a specified duration.
A)True
B)False
Q6) What measures has Congress taken to regulate spam e-mail?
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Chapter 12: UCC Sales Contracts, Leases, and Warranties
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Q1) According to the Statute of Frauds,all contracts for the sale of goods costing $500 or more must be in writing.
A)True
B)False
Q2) Which of the following sales is covered by Article 2 of the UCC?
A)the sale of intangible goods
B)the sale of tangible goods
C)the sale of real estate
D)the sale of stocks
Q3) An electronic agent allows for the contracting for the sale and lease of goods over the Internet,using websites to order or lease goods.
A)True
B)False
Q4) What are the provisions for contracts with services under Article 2 of the UCC?
Q5) The ________ is a federal statute that regulates written warranties on consumer products.
Q6) Only written express warranties are valid.
A)True
B)False
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Chapter 13: Credit, Secured Transactions, and Bankruptcy
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Q1) Which of the following has the highest priority claim?
A)the first party to secure the interest
B)the first party to attach the interest
C)the first party to possess the interest
D)the first party to file a financing statement
Q2) A voluntary petition is a petition filed by a creditor that states that the debtor has debts.
A)True
B)False
Q3) ________ is a rehabilitation form of bankruptcy that permits a bankruptcy court to supervise the debtor's plan for the payment of unpaid debts in installments over the plan period.
A)Chapter 7
B)Chapter 9
C)Chapter 12
D)Chapter 13
Q4) Distinguish between two-party and three-party secured transactions with examples.
Q5) Distinguish between secured and unsecured credit.
Q6) Chapter 11 of the Bankruptcy Code deals with the ________ form of bankruptcy.
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Chapter 14: Small Business, General Partnerships, and Limited Partnerships
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Q1) A sole proprietorship does not pay taxes at the business level.
A)True
B)False
Q2) ________ occurs when (1)a certificate of limited partnership is not properly filed, (2)there are errors in a certificate that is filed,or (3)some other statutory requirement for the creation of a limited partnership is not met.
Q3) A sole proprietor is legally responsible for the business's contracts.
A)True
B)False
Q4) Which of the following information should a certificate of limited partnership contain?
A)the latest date of dissolution of the partnership
B)a clause to not accept new general partners
C)the name of the party who becomes a general partner in the event of transfer
D)the scope of potential business opportunities and related investment
Q5) A(n)________ is a partnership created for a fixed duration.
Q6) The ________ Act is a uniform act that regulates the formation,operation,and termination of limited partnerships.
Page 16
Q7) The ________ Act is a model act that codifies general partnership law.
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Chapter 15: Limited Liability Companies, Limited Liability
Partnerships, and Special Forms of Business
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Q1) An LLC organized in the United States is considered a domestic LLC throughout the United States.
A)True
B)False
Q2) Distinguish between a member-managed and a manager-managed LLC.Mention the exceptional actions that cannot be delegated to managers.
Q3) If a joint venture is operated as a partnership,then each joint venturer is considered a partner of the joint venture.
A)True
B)False
Q4) The ________ codifies LLC laws and tries to establish comprehensive LLC law that is uniform throughout the United States.
Q5) A distributional interest refers to a member's ownership interest in an LLC.
A)True
B)False
Q6) An LLC is formed by delivering ________ to the office of the secretary of state of the state of organization for filing.
Q7) What is a distributional interest? Explain the terms of its transfer.
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Chapter 16: Corporations and Corporate Governance
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Q1) Once declared,a cash or property dividend cannot be revoked.
A)True
B)False
Q2) Which of the following is true of a corporation's incorporation in a state?
A)Domestic corporations can incorporate in only one state.
B)Domestic corporations can incorporate in all states in which they conduct business.
C)Alien corporations can only incorporate in one state.
D)Foreign corporations can incorporate in more than one state.
Q3) A(n)________ is a member of a board of directors who is not an officer of the corporation.
Q4) A requirement that a greater than majority of shares constitutes a quorum of the vote of the shareholders is known as the ________ requirement.
Q5) The bylaws of a corporation must be filed with a government official.
A)True
B)False
Q6) What is common stock? What are its features?
Q7) A(n)________ is a long-term unsecured debt instrument that is based on a corporation's general credit standing.
Page 18
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Chapter 17: Investor Protection, E-Securities, and Wall Street Reform
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Q1) The SEC is concerned with regulating issues and trading of securities alone and cannot regulate the activities of securities brokers and advisors.
A)True
B)False
Q2) Courts apply the ________ in determining whether an arrangement is an investment contract.
A)Howey test
B)misappropriation theory
C)strict scrutiny test
D)intermediate scrutiny test
Q3) Which of the following is true of Section 24 of the Securities Act of 1933?
A)It imposes civil liability on any person who violates Section 5 of the act.
B)It imposes criminal liability on any person who willfully violates either the act or the rules and regulations adopted thereunder.
C)It imposes civil liability on a person who intentionally defrauds investors by making a misrepresentation of a material fact in a registration statement.
D)It exclusively regulates the sale of securities online.
Q4) What is insider trading? How is it regulated in the United States?
Page 19
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Chapter 18: Agency Law
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Q1) Minksine Corporation employs Sandy as its marketing manager.Sandy is driving her automobile to attend a meeting with a client on behalf of her employer.On her way,Sandy is involved in an automobile accident that is caused by her negligence.Several people are seriously injured.Which of the following is true of this case?
A)Sandy is solely liable for damages caused by the accident.
B)The injured parties cannot recover damages from Sandy.
C)Minksine Corporation is liable for the injuries caused by Sandy.
D)The injured parties can only claim medical reimbursement from Minksine Corporation.
Q2) A partially disclosed agency can be created by mistake.
A)True
B)False
Q3) A principal is liable for an agent's tortious conduct during a substantial frolic and detour.
A)True
B)False
Q4) An orally agreed upon power of attorney is acceptable in court.
A)True
B)False
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Chapter 19: Equal Opportunity in Employment
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Q1) The ________,as amended by the Veterans' Benefits Act of 2010,is a federal statute that applies to all civilian and government employers in the United States and U.S.employers operating in foreign countries.
A)EEOC
B)FEPA
C)USERRA
D)OWBPA
Q2) Discrimination because of pregnancy,childbirth,or related medical conditions violates the Civil Rights Act of 1866.
A)True
B)False
Q3) An affirmative-action plan provides that certain job preferences will be given to members of minority racial and ethnic groups,females,and other protected-class applicants when making employment decisions.
A)True
B)False
Q4) Title VII of the Civil Rights Act of 1964 does not apply to labor unions.
A)True
B)False
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Chapter 20: Employment Law and Worker Protection
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Q1) The ________ guarantees workers unpaid time off from work for family and medical emergencies.
A)FLSA
B)OSHA
C)FMLA
D)ERISA
Q2) Outline the minimum wage requirement established by the Fair Labor Standards Act.How are wages paid to a tipped employee?
Q3) Only private employers,and not governmental bodies,come under the purview of the FLSA.
A)True
B)False
Q4) ________ occurs when an employee has a nonforfeitable right to receive pension benefits.
A)Vesting
B)Easement
C)Anti-lapse
D)Reconciliation
Q5) How is Social Security awarded in the United States?
Q6) The Fair Labor Standards Act (FLSA)is enforced by the ________.
Page 22
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Chapter 21: Labor Law and Immigration Law
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Q1) The Labor Management Relations Act of 1947 is also known as the ________ Act.
A)Landrum-Griffin
B)Gompers-Lewis
C)Taft-Hartley
D)Wagner
Q2) Secondary boycott picketing is lawful only if it is directed at ________.
A)the primary employer's product
B)the neutral employer
C)customers who purchase the product
D)employees not part of the union
Q3) Wages,hours,and other terms and conditions of employment are ________ of collective bargaining.
Q4) List and explain the types of strikes that are considered unlawful under federal labor law.
Q5) An employer threatening to close an organization because employees of an organization formed a union is considered an unfair labor practice.
A)True
B)False
Q6) Outline the act of collective bargaining.
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Chapter 22: Antitrust Law and Unfair Trade Practices
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Q1) Federal ________ law comprises several major statutes that prohibit certain anticompetitive and monopolistic practices.
Q2) Which of the following is true of antitrust laws?
A)Antitrust laws are fixed and unchangeable.
B)Private parties cannot intervene in public antitrust actions brought by the government.
C)Federal antitrust laws provide for government lawsuits and exclude private lawsuits from their purview.
D)Treble damages cannot be sought in antitrust lawsuits.
Q3) Under ________ of the Clayton Act,any person who suffers antitrust injury in his or her business or property can bring a private civil action against the offenders.
Q4) The Clayton Act,enacted in 1914,regulates mergers and prohibits certain exclusive dealing arrangements.
A)True B)False
Q5) The Federal Trade Commission (FTC)Act can be used to recover treble damages. A)True B)False
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Chapter 23: Consumer Protection
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Q1) Which of the following consumer products comes under the purview of the Consumer Product Safety Commission (CPSC)?
A)aircrafts
B)motor vehicles
C)firearms
D)children's toys
Q2) A person of a specific religion is protected from credit extension discrimination by the ________ Act.
Q3) Which of the following federal statutes requires creditors to disclose finance charges,including interest,points,and other fees paid for the extension of credit to debtors?
A)Fair Debt Collection Practices Act
B)Consumer Financial Protection Act of 2010
C)Mortgage Reform and Anti-Predatory Lending Act of 2010
D)Truth-in-Lending Act
Q4) Give an account of the Consumer Financial Protection Act of 2010.
Q5) ________ is an administrative agency regulation that sets forth detailed rules for compliance with the Truth-in-Lending Act (TILA).
Q6) The ________ is the federal administrative agency empowered to enforce the FDCA.
Page 25
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Chapter 24: Environmental Protection
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Q1) Point source dischargers of pollutants are required to maintain monitoring equipment,keep samples of discharges,and keep records.
A)True
B)False
Q2) 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)
Q3) The ________ Act provides for the creation of a government fund to finance the cleanup of hazardous waste sites.
A)Resource Conservation and Recovery
B)Toxic Substances Control
C)Comprehensive Environmental Response,Compensation,and Liability
D)National Environmental Policy
Q4) Describe the purpose and requirements of an environmental impact statement (EIS).
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Chapter 25: Real Property and Land Use Regulation
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Q1) A rental agreement between a landlord and a tenant is called a lease.
A)True
B)False
Q2) Which of the following is true of subsurface rights in real property?
A)Subsurface rights cannot be used to mine exhaustible natural resources.
B)Subsurface rights can be sold separately from surface rights.
C)Subsurface rights are not provided for the discovery of malleable metals like gold and iron.
D)Subsurface rights can only be invoked to dig oil wells.
Q3) Under a special warranty deed,the seller is liable for defects in title that existed before the seller obtained the property.
A)True
B)False
Q4) Land as well as buildings,trees,soil,minerals,timber,plants,and other things permanently affixed to the land are known as ________ property.
A)intellectual
B)intangible
C)personal
D)real
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Chapter 26: International and World Trade Law
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Q1) Many international contracts contain a(n)________ clause that designates which nation's court has jurisdiction to hear a case arising out of a dispute.
Q2) The Dominican Republic-Central America Free Trade Agreement (DR-CAFTA)prohibits its member nations from entering into treaties with countries in Central America that are not part of the DR-CAFTA.
A)True
B)False
Q3) The Islamic law system is derived from the Qur'an,the ________ (decisions and sayings of the prophet Muhammad),and reasonings by Islamic scholars.
Q4) The euro can be used in all countries of the eurozone.
A)True
B)False
Q5) The United Nations (UN)________,composed of 15 member nations,is primarily responsible for maintaining international peace and security and has authority to use armed force.
Q6) How are disputes settled in the World Trade Organization (WTO)? What are the different WTO bodies that handle disputes?
Q7) The ________ administers the day-to-day operations of the United Nations (UN).
Page 28
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Chapter 27: Accountants' Duties and Liability
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Q1) Which of the following legislation makes it a criminal offense to willfully make any untrue statement of material fact in a registration statement filed with the SEC?
A)Section 24 of the Securities Act of 1933
B)the Tax Reform Act of 1976
C)the Private Securities Litigation Reform Act of 1995
D)Section 10(b)of the Securities Exchange Act of 1934
Q2) ________ specify the methods and procedures that are to be used by public accountants when conducting external audits of company financial statements.
A)Generally accepted accounting principles
B)Generally accepted auditing standards
C)Auditors' expert opinions
D)General engagements and agreements
Q3) Pursuant to federal securities laws,an audit must be performed by a CPA who works as the chief executive officer (CEO)or chief financial officer (CFO)of the company being audited.
A)True
B)False
Q4) Explain Section 552 of the Restatement (Second)of Torts.
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