Legal Environment of Business
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Course Introduction
The Legal Environment of Business provides an overview of the foundational legal principles that affect commercial activities and managerial decision-making. This course explores the structure and function of the American legal system, including sources of law, dispute resolution, and the roles of courts and regulatory agencies. It covers key topics such as contracts, torts, agency, intellectual property, employment law, and government regulation. Students gain insight into the legal risks and ethical considerations faced by businesses, learning to identify and analyze legal issues, minimize liability, and appreciate the dynamic relationship between law, business, and society.
Recommended Textbook
Business law 9th Edition by Henry Cheeseman
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Chapter 1: Legal Environment of Business and Online Commerce
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Sample Questions
Q1) Which of the following legal documents establishes the U.S.federal government and specifies its powers?
A)federal statutes
B)the U.S. Constitution
C)the combined list of state statutes
D)the set of codified laws called ordinances
Answer: B
Q2) Ordinances are not codified into code books.
A)True
B)False
Answer: False
Q3) Statutes are written laws that establish certain courses of conduct that covered parties can use as a form of guidance.
A)True
B)False
Answer: False
Q4) Within a state,the state constitution precedes the U.S.Constitution.
A)True
B)False Answer: False
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Chapter 2: Courts and Jurisdiction
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Q1) In which of the following cases do federal courts have exclusive jurisdiction?
A)cases involving sales and lease contracts
B)federal question cases
C)suits against the United States
D)diversity of citizenship cases
Answer: C
Q2) The decisions of the U.S.Supreme Court can be appealed to higher courts.
A)True
B)False
Answer: False
Q3) ________ are courts that hear cases of a general nature that are not within the jurisdiction of limited-jurisdiction trial courts.
A)Courts of record
B)Intermediate appellate courts
C)Inferior trial courts
D)State supreme courts
Answer: A
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Chapter 3: Judicial, alternative, and Online Dispute Resolution
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Sample Questions
Q1) In which of the following cases is a default judgment entered?
A)A defendant admits all the allegations in the complaint.
B)There is insufficient evidence to resolve the dispute.
C)The court believes that the lawsuit can be settled before/without trial.
D)A defendant does not file a written response to a plaintiff's complaint.
Answer: D
Q2) Interventions are written questions submitted by one party to a lawsuit to the other party.
A)True
B)False
Answer: False
Q3) A pretrial motion is made to try and dispose of all or part of a lawsuit prior to trial.
A)True
B)False
Answer: True
Q4) The complaint and summons are served on the plaintiff.
A)True
B)False
Answer: False
Page 5
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Chapter 4: 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) Indian Gaming Regulatory Act establishes the requirements for conducting casino gambling and other gaming activities on tribal land.
A)True
B)False
Q3) Which of the following statements is true about states' police power?
A)Police power restricts states from regulating inter-state commerce, although it happens within their borders.
B)The states are allowed to regulate army activities within their borders.
C)The states are given the authority to enact laws that regulate the conduct of business.
D)The police force of a state is controlled by the federal police department.
Q4) Speech that is offensive to many members of the society but is not obscene or violent is held unprotected by the U.S.Supreme Court.
A)True
B)False
Page 6
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Chapter 5: Intentional Torts and Negligence
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Q1) A participant in an activity covered by strict liability laws will be held liable for any injuries caused by the activity,even if he or she was not negligent.
A)True
B)False
Q2) A doctor driving on the wrong side of the road crashes into an eight-year-old boy riding a bicycle.Fearing the consequences,the doctor flees without reporting the accident or giving first-aid to the boy.The doctor is liable for professional malpractice.
A)True
B)False
Q3) Malicious prosecution is a tort that permits a person to recover for emotional distress caused by the defendant's negligent conduct.
A)True
B)False
Q4) Monica told a prospective patient that a certain cosmetic surgeon had been banned from practicing by the American Medical Council.But this is untrue.Is Monica liable for prosecution? Why?
Q5) Explain the doctrine of strict liability with examples.
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Chapter 6: Product and Strict Liability
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Q1) Betty buys a lawnmower manufactured by FlatPlanes Inc.from Harvey's department store.A defect in the design of the blades causes the lawnmower to kick back on operation,injuring Betty.Which of the following remedial actions is Betty entitled to?
A)Betty can sue Harvey's department store for negligence.
B)Betty can sue either Harvey's department store or FlatPlanes for strict liability.
C)Betty can only sue FlatPlanes for strict liability as it manufactured the defective lawnmower.
D)Betty can only sue Harvey's department store for strict liability as it sold her the defective lawnmower.
Q2) Negligence requires a defendant to be at fault for causing the plaintiff's injuries.
A)True
B)False
Q3) Under the defense of contributory negligence,if Mary is partially responsible for her injuries,then she can recover partial damages from the defendant.
A)True
B)False
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Chapter 7: Intellectual Property and Cyber Piracy
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Q1) Apart from recovering damages,and recovering profits made by the offender,successful plaintiffs in a misappropriation of a trade secret case can also
A)obtain the offender's trademarks or brand name as payoff
B)ask for transfer of any of the offender's patents to the plaintiff
C)ask to acquire the offender's trade secrets as payoff
D)obtain an injunction prohibiting the offender from divulging the trade secret
Q2) Give an account of trademark dilution.
Q3) Which of the following intellectual properties is protected by the Lanham Act?
A)trademark
B)trade secret
C)copyright
D)patent
Q4) Trademarks that have become generic names are protected under federal trademark law.
A)True
B)False
Q5) Explain the process of copyright registration.
Q6) Give an account of the Economic Espionage Act and its importance in combating cyber piracy.
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Chapter 8: Criminal Law and Cyber Crime
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Q1) A(n)________ is considered a less serious crime than a felony and is not inherently evil but prohibited by society.
A)indictable offence
B)violation
C)felony
D)misdemeanor
Q2) The exclusionary rule allows for evidence obtained from an unreasonable search and seizure to be introduced in trial.
A)True
B)False
Q3) Which of the following crimes is an example of a white-collar crime?
A)larceny
B)arson
C)forgery
D)battery
Q4) A confession of a person who has not been read the Miranda rights is not admissible in court.
A)True
B)False
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Chapter 9: Nature of Traditional and E-Contracts
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Q1) Contracts that have been fully performed by one side but not by the other are classified as ________ contracts.
A)executory
B)executed
C)void
D)voidable
Q2) Which of the following is true of the UCC (Uniform Commercial Code)?
A)The UCC aims to create a uniform system of accounting among the 50 states.
B)The common law of contracts normally takes precedence over the provisions of the UCC.
C)Article 2 of the UCC prescribes a set of uniform rules for the creation and enforcement of rules of taxation.
D)Article 2A of the UCC prescribes a set of uniform rules for the creation and enforcement of contracts for the lease of goods.
Q3) Which of the following is an acceptable consideration for a contract?
A)arrest
B)penalty
C)money
D)sentence
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Page 11
Chapter 10: Agreement
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Sample Questions
Q1) A contract requires an offer and an acceptance.
A)True
B)False
Q2) In an auction without reserve,the seller is the offeree.
A)True
B)False
Q3) A(n)________ is a voluntary exchange of promises between two or more legally competent persons to do,or refrain from doing,an act.
A)offer
B)advertisement
C)agreement
D)proposal
Q4) The offeree must be objectively intended to be bound by the offer for the offer to be effective.
A)True
B)False
Q5) In an auction with reserve,the bidder is the offeror.
A)True
B)False
Q6) Explain the importance of "time of acceptance" of contracts.
Page 12
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Chapter 11: Consideration and Promissory Estoppel
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Q1) A promise based on past consideration is not enforceable.
A)True
B)False
Q2) In an output contract,the buyer agrees to make all of its purchases from one buyer.
A)True
B)False
Q3) Promissory estoppel is an equity doctrine that permits parties to enforce a contract that includes consideration.
A)True
B)False
Q4) Imposition of the best-efforts duty provides sufficient consideration to make a contract enforceable.
A)True
B)False
Q5) A consideration need not be of legal value to be enforceable.
A)True
B)False
Q6) Give an account of the doctrine of promissory estoppel.
Q7) What is accord and satisfaction in contractual terms?
Page 13
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Chapter 12: Capacity and Legality
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Q1) Unlicensed persons cannot recover payment for services where they do not have the required license.
A)True
B)False
Q2) ________ is a licensing statute with the primary purpose of increasing earnings for the government.
A)Usury statute
B)Ratification statute
C)Regulatory licensing statute
D)Revenue raising statute
Q3) A person who has alternative periods of sanity and insanity can enter into contracts
A)when he or she is in a state of sanity
B)when there is a legal guardian appointed by the court for that person
C)once he or she has been adjudged to be insane
D)only once he or she has been adjudged to be legally insane
Q4) A minor may not affirm one part of a contract and disaffirm another part.
A)True
B)False
Q5) What is legal insanity?
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Chapter 13: Genuineness of Assent and Undue Influence
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Q1) To prove fraud,which of the following elements must be shown?
A)The innocent party knew the wrongdoer.
B)The innocent party was the one who detected fraud.
C)The wrongdoer assumed a false identity.
D)The wrongdoer intended to deceive the innocent party.
Q2) When one party takes specific action to cover a material fact from another party,fraud by enticement occurs.
A)True
B)False
Q3) Melissa Harrison,a realtor,sells a house to the Smiths.Before the sale is finalized,Mr.Smith asks Melissa for details of repairs the house has undergone over the years.Melissa gives him details of minor repairs but hides all documents regarding a major plumbing defect that was repaired last year.Three months after the Smiths moved in,the defect reappeared flooding the first floor,damaging their expensive carpet and furniture.Melissa is liable for which of the following frauds?
A)fraud in the inception
B)fraud in the inducement
C)fraud by concealment
D)fraud in the factum
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Chapter 14: Statute of Frauds and Equitable Exceptions
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Q1) The main purpose exception to the Statute of Frauds allows oral collateral contracts to be enforced if there is a monetary benefit to the guarantor.
A)True
B)False
Q2) Which of the following does the one-year rule state?
A)Every contract in writing is subject to yearly renewal.
B)The terms of a written contract can be modified within a year of its formation.
C)A contract that cannot be performed on its own terms within a year should be in writing.
D)Valid contracts cannot be rescinded by either party until a year after their formation.
Q3) The ________ states that if the main purpose of a transaction and an oral collateral contract is to provide pecuniary benefit to the guarantor,the collateral contract does not have to be in writing to be enforced.
A)merger clause
B)leading object exception
C)collateral contract rule
D)parol evidence rule
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Chapter 15: Third-Party Rights and Discharge
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Q1) Kimlon Informatics has to recover $5000 from a client for its services.The recovery period is 100 days but Kimlon needs the money immediately.It sells the right of collecting money from its client to Quikcollect,a collection agency.Here,Kimlon Informatics is the
A)obligor
B)assignor
C)subassignee
D)assignee
Q2) Which of the following is true in the event an assignee does not provide a notice of assignment to the obligor?
A)The assignee's only course of action is to sue the obligee for damages.
B)The assignee cannot sue the assignor for damages.
C)The obligor's only recourse is to sue the assignee for damages.
D)The assignee cannot sue the obligor to recover payment.
Q3) A statute of limitations establishes the time period during which a lawsuit must be brought.
A)True
B)False
Q4) When is nonperformance by a contractual party excusable?
Q5) Explain assignment of rights.
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Chapter 16: Remedies for Breach of Traditional and E-Contracts
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Q1) An award of ________ orders the breaching party to perform the acts promised in a contract.
A)reformation
B)injunction
C)restitution
D)specific performance
Q2) Consequential damages are unforeseeable damages.
A)True
B)False
Q3) Nett Labs orders 30 desktop computers from iDeal,a local computer dealer.Nett Labs requires that each computer has a 2.6 GHz processor,500 GB hard disk,and Windows operating system.iDeal supplies 30 desktop computers,each with a 2 GHz processor,500 GB hard disk,and Windows operating system.Which of the following terms hold true for iDeal's performance?
A)complete performance
B)material breach
C)substantial performance
D)anticipatory breach
Q4) How are compensatory damages awarded for construction contracts?
Q5) How are liquidated damages awarded?
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Chapter 17: Digital Law and E-Commerce
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Q1) An exclusive license is defined as ________.
A)a license that grants access to exclusive information for a limited period
B)a license that restricts the licensee to some information only
C)a license that grants rights to only one party for a specific period
D)a license that grants licensees only a few rights in intellectual property
Q2) Counteroffers are not effective against electronic agents.
A)True
B)False
Q3) ISPs are not liable for the content transmitted over their networks by e-mail users and websites.
A)True
B)False
Q4) The UCITA provides rules for contracts involving computer information transactions and software and information licenses.
A)True
B)False
Q5) The CAN-SPAM Act does not regulate spam sent to Americans from other countries.
A)True
B)False
Q6) What measures has Congress taken to regulate spam e-mail?
Page 19
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Chapter 18: Formation of Sales and Lease Contracts
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Q1) If a person buys a computer,the sales contract for it would be subject to Article 2 of the UCC.
A)True
B)False
Q2) In a finance lease,the lessor manufactures and supplies the goods of the contract.
A)True
B)False
Q3) 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
Q4) The ________ is a model act passed in 1949 that includes comprehensive laws that cover most aspects of commercial transactions.
A)Gramm-Leach Bliley Act
B)Social Security Amendment
C)Uniform Sales Act
D)Uniform Commercial Code
Q5) How does the Uniform Commercial Code (UCC)define a merchant?
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Chapter 19: Title to Goods and Risk of Loss
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Q1) A shipment contract requires the seller to ship the goods to the buyer via a common carrier.
A)True
B)False
Q2) Kenneth purchased a car from his local dealership,Quartent Cars.However,since the car was not available in the color that Kenneth favored,the sales contract stipulated that Kenneth could immediately pick up the car of his preferred color from a nearby warehouse.The warehouse was owned by Mr.Henderson.Kenneth received the document of title for the car upon payment and presented it to Mr.Henderson a week later.But Mr.Henderson informed Kenneth that the car was damaged during a fire at the warehouse.If Mr.Henderson had refused the document of title provided by Kenneth,who would have borne the risk of loss to the car?
A)The risk would have to be borne jointly by Quartent Cars and Kenneth.
B)The risk would have to be borne by Kenneth.
C)The risk would have to be borne by Quartent Cars.
D)The risk would have to be borne by Mr. Henderson.
Q3) The real owner cannot reclaim goods from a good faith purchaser.
A)True
B)False
Q4) Explain in detail the risk of loss in lease contracts.
Page 21
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Chapter 20: Remedies for Breach of Sales and Lease Contracts
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Q1) Which of the following is true of a buyer's right of inspection?
A)Cost of inspection is shared by the seller and buyer if goods are conforming.
B)Cost of inspection can be recovered from the seller if goods are nonconforming.
C)Goods can only be inspected before shipment is made by the seller.
D)Inspection has to be performed after the goods in the contract have been accepted.
Q2) Which of the following is true for the perfect tender rule under installment contracts?
A)The buyer cannot seek remedies against the seller for accepting noncorforming goods.
B)The seller cannot invoke the right to cure rule.
C)The buyer can reject a shipment only if it impairs the value of the entire contract.
D)The buyer can reject replacements or cured goods.
Q3) The right to cure rule can be invoked by the seller.
A)True
B)False
Q4) How does the UCC deal with issues that are not present in the express terms of a contract?
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Page 22
Chapter 21: Warranties
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Q1) A full warranty is an example of a(n)________.
A)express warranty
B)disclaimer warranty
C)implied warranty of fitness for a particular purpose
D)implied warranty of fitness for human consumption
Q2) StoryBoard Creatives approached Logos Studios with a script for a movie.Logos Studios liked the script,and bought the rights for the script from StoryBoard.Subsequently,Mr.Simpson,a former employee of StoryBoard claimed that he had the copyright to that script.Mr.Simpson proved his copyright in court.He then notified Logos Studios that they could not start production on the script without his permission,and adequate payment of fees.Logos Studios then rescinded the contract with StoryBoard based on the breach of ________.
A)warranty of no security interests
B)warranty against infringements
C)warranty of no interference
D)warranty of good title
Q3) The implied warranty of fitness for a particular purpose applies only to merchants.
A)True
B)False
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Page 23
Chapter 22: Creation of Negotiable Instruments
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Q1) An extension clause allows the date of maturity of an instrument to be extended into the future.
A)True
B)False
Q2) In a certificate of deposit,the depositor is the payee.
A)True
B)False
Q3) A clause in an instrument that allows the date of maturity of the instrument to be prolonged to sometime in the future is referred to as the ________.
A)forestallment clause
B)acceleration clause
C)prepayment clause
D)extension clause
Q4) A(n)________ is a clause in an instrument that permits the maker to pay the amount due prior to the date of the instrument.
A)prepayment clause
B)acceleration clause
C)extension clause
D)forestallment clause
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Chapter 23: Holder in Due Course and Transferability
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Q1) Indorsements are required to negotiate bearer papers.
A)True
B)False
Q2) A special indorsement is negotiable by indorsement and delivery.
A)True
B)False
Q3) A(n)________ is an indorsement that states that it is for the benefit or use of the indorser or another person.
A)indorsement in trust
B)indorsement for deposit
C)indorsement prohibiting further indorsement
D)indorsement for collection
Q4) Explain,in as much detail as possible,how an indorsement is made.
Q5) A holder in due course is subject to all the claims and defenses that can be asserted against the transferor.
A)True
B)False
Q6) Negotiable instruments are used as a substitute for money.
A)True
B)False
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Chapter 24: Liability, defenses, and Discharge
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Q1) A purported principal is liable for an unauthorized signature by a purported agent.
A)True
B)False
Q2) The FTC rules apply to consumer credit transactions in which the buyer signs a sales contract that includes an order to pay.
A)True
B)False
Q3) ________ refers to a situation in which certain parties are discharged from liability on an instrument by the action of the holder.
A)Impairment of the right of recourse
B)Fraud in the inception
C)Fraud in the inducement
D)Discharge in bankruptcy
Q4) List the presentment warranties related to negotiable instruments.
Q5) Transfer warranties cannot be disclaimed with respect to checks.
A)True
B)False
Q6) What is the defense of fraud in the inducement?
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Chapter 25: Banking System and Electronic Financial Transactions
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Q1) Jill Scott is an accountant with Cameron and Associates,a law firm in downtown Seattle.The firm maintains a checking account with Southern Rock Bank for its operating expenses.On the 10th of every month,Jill gets an inventory report from the office manager listing the office supplies that are needed.Jill places the appropriate orders with Office Depot and writes them a check against the office's checking account. Who is the drawee in this banking transaction?
A)Jill Scott
B)Office Depot
C)Cameron and Associates
D)Southern Rock Bank
Q2) In banking terminology,a creditor-debtor relationship is created when a customer ________.
A)fails to maintain adequate funds in his bank checking account
B)makes a deposit into a bank
C)writes a check against his account
D)writes a postdated check drawn on his bank
Q3) Certified checks become stale after two years from the date of their issue.
A)True
B)False
Q4) Briefly explain certified checks.
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Chapter 26: Credit, mortgages, and Debtors Rights
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Q1) Which of the following real property transactions places legal title in real property with a trustee?
A)land sales contract
B)garnishment
C)deed of trust
D)mortgage
Q2) Gunther wins a $25,000 judgment against Krissa,and Krissa refuses to pay.Krissa works for Iniversal Electronics.Gunther obtains a postjudgment writ of garnishment from the court ordering Iniversal Electronics to pay 25 percent of Krissa's weekly disposable earnings directly to Gunther.However,Gunther is not satisfied with this,and he asks the court to increase Krissa's pay deduction to 50 percent,which the court refuses to do.Which federal Act allows Krissa to retain 75 percent or more of her earnings in a writ of garnishment?
A)Fair Credit Reporting Act
B)Fair Credit Billing Act
C)Title III of the Consumer Credit Protection Act
D)Fair Debt Collection Practices Act
Q3) A deed of trust is a two-party instrument.
A)True
B)False
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Chapter 27: Secured Transactions
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Q1) A ________ is an interest a creditor automatically obtains when he or she extends credit to a consumer to purchase consumer goods.
A)purchase money security interest
B)cumulative security interest
C)future advance monetary interest
D)default interest
Q2) For an artisan's lien to be effective,the artisan must be in possession of the property.
A)True
B)False
Q3) Retention of collateral refers to a debtor's repossession of the collateral after paying the debt.
A)True
B)False
Q4) In secured credit,the creditor cannot recover the collateral despite the debtor's defaults on the loan.
A)True
B)False
Q5) Explain the priority of claims for secured and unsecured transactions.
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Chapter 28: Bankruptcy and Reorganization
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Q1) Sam wants to file a petition for bankruptcy.Which of the following is true in this context?
A)Sam need not submit a list of creditors; it is obtained by the court upon investigation.
B)Sam's bankruptcy petition cannot be filed electronically.
C)Only Sam's attorney can file his bankruptcy petition.
D)Sam's attorney is liable for perjury if information filed by Sam is incorrect.
Q2) The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 makes it more difficult for debtors to file for bankruptcy and have their unpaid debts discharged. A)True
B)False
Q3) Gifts that a debtor is entitled to receive within 180 days after a bankruptcy petition is filed are part of the debtor's bankruptcy estate.
A)True
B)False
Q4) What is liquidation? How does the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 affect the process of liquidation?
Q5) Describe the procedure for filing a bankruptcy petition.
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Chapter 29: Agency Formation and Termination
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Q1) Marcus employs a real estate broker,Dean,to sell his house.Dean's express powers are to advertise and market the house for sale,show the house to prospective buyers,and accept offers from them.He is not allowed to seal a deal without Marcus' consent.Marcus goes away on a month-long trip where he cannot be contacted.During this time,a short circuit in the house causes a power outage.Dean uses his authority to hire an electrician to repair the circuits and restore electricity in the house.Marcus then comes back and pays Dean for the repairs.What is the nature of the agency that Dean used to fix the problem in the house?
A)implied agency
B)agency by ratification
C)power of attorney
D)express agency
Q2) An agent is not liable to the principal for any injuries resulting from a breach of duty to notify.
A)True
B)False
Q3) Minors can appoint an agent without court approval.
A)True
B)False
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Chapter 30: Liability of Principals, agents, and Independent Contractors
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Q1) Jamie is a lawyer who runs her own law firm practicing in the area of real estate law.Raymond,a real estate developer,hires Jamie to represent him in the purchase of land.Jamie is a(n)________.
A)principal
B)agent
C)third-party
D)independent contractor
Q2) Dan asks his agent Jude to drop off some medicines at his mother's house.On his way back,Jude decides to have lunch at a diner two blocks from his workplace.While walking back to work,he jaywalks at a green signal on the road,causing a motorcyclist to hit the curb and injure himself while attempting to avoid hitting Jude.Under the concept of ________,Dan is liable for the injuries caused to the motorcyclist.
A)coming and going
B)intentional tort
C)frolic and detour
D)dual-purpose mission
Q3) Briefly explain an undisclosed agency.What are the liabilities involved in such an agency?
Q4) Briefly explain the liability for an independent contractor's torts.
Page 32
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Chapter 31: Employment, worker Protection, and Immigration Law
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Q1) The Occupational Safety and Health Act serves only as a model act and employers who violate its rules are not liable for penalties.
A)True
B)False
Q2) Which of the following was a disadvantage of suing employers for negligence under common law?
A)Employees never won such cases.
B)It was a time-consuming process that strained the employment relationship. C)Employees always won such cases as the common law was biased against employers.
D)Heirs of deceased workers could not sue the employers.
Q3) According to the Fair Labor Standards Act,children under the age of 14 are forbidden from working,including as newspaper deliverers.
A)True
B)False
Q4) Under common law,employees who were injured on the job could not sue their employers for negligence.
A)True
B)False
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Chapter 32: Labor 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) Which of the following is true of a union shop agreement while hiring an employee?
A)The employee must join the union within a certain time after employment.
B)The employee does not join the union but pays an agency fee.
C)The employee must be a skilled worker represented by more than one union.
D)The employee must be represented by more than one union.
Q3) A decertification election is held when an employer does not want the presence of multiple unions in the organization.
A)True
B)False
Q4) Most union elections are contested by the employer.
A)True
B)False
Q5) Briefly outline and explain the process of collective bargaining.
Q6) List and explain the strikes that are illegal under federal law.
Page 34
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Chapter 33: Equal Opportunity in Employment
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Q1) Which of the following is considered a major physiological impairment by the Americans with Disabilities Act Amendments Act (ADAAA)?
A)undergoing mental stress
B)a history of surgery
C)nursing a temporary but contagious ailment
D)having cancer
Q2) If an employer refuses to hire individuals belonging to a particular community,that would violate ________.
A)Title I of the Americans with Disabilities Act
B)Title II of the Genetic Information Nondiscrimination Act
C)Title VII of the Civil Rights Act of 1964
D)Title IV of the Genetic Information Nondiscrimination Act
Q3) Disparate-impact discrimination occurs when an employer adopts a work rule that is neutral on its face but is shown to cause an adverse impact on a protected class.
A)True
B)False
Q4) Explain the concept of reasonable accommodation of disabled employees.When is an employer not obligated to provide such accommodation?
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Chapter 34: Small Business, entrepreneurship, and General Partnerships
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Q1) Inference of the existence of a general partnership is drawn only if profits are received as ________.
A)share in a partnership
B)payment of wages
C)interest owed on a loan
D)a debt owed to a creditor
Q2) 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
Q3) The designation of ________ is used for businesses that are operating under a trade name.
A)w.e.f.
B)p.f.a.
C)d.b.a.
D)l.o.p.
Q4) Self-dealing-although fully disclosed-is not permitted in a general partnership.
A)True
B)False
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Chapter 35: Limited Partnerships and Special Partnerships
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Q1) A(n)________ is a document that sets forth the rights and duties of general and limited partners.
A)limited trade affidavit
B)limited partnership agreement
C)certificate of registration
D)certificate of limited partnership
Q2) Explain,with an example,the sharing of profits and losses in a limited partnership.
Q3) The ULPA supersedes the RULPA in the states that have adopted it.
A)True
B)False
Q4) Which of the following is true of a limited partnership?
A)Other limited partnerships cannot become limited partners in an existing limited partnership.
B)A limited partner is personally liable for the debts of the partnership.
C)Corporations are allowed to become partners in a limited partnership.
D)A limited partnership can have only one general partner but multiple limited partners.
Q5) Briefly explain the events that cause the dissolution of a limited partnership under RULPA.
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Chapter 36: Corporate Formation and Financing
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Q1) Issued shares that have been repurchased by the corporation are referred to as
A)outstanding shares
B)liquidated shares
C)unissued shares
D)treasury shares
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)authorized shareholder
C)registered agent
D)incorporator
Q3) Convertible preferred stock permits the preferred stockholders to convert their shares into common stock.
A)True
B)False
Q4) Shares that are repurchased by a corporation are called unissued shares.
A)True
B)False
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Chapter 37: Corporate Governance and the Sarbanes-Oxley Act
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Q1) Explain the term of office for members of a corporate board of directors.
Q2) What is the CEO and CFO provision laid out by the Sarbanes-Oxley Act of 2002?
Q3) A ________ is an agreement that requires a selling shareholder to offer his or her shares for sale to the other parties to the agreement before selling them to anyone else.
A)shareholder voting agreement
B)preemptive sale
C)buy-and-sell agreement
D)right of first refusal
Q4) A member of the board of directors who is also an officer of the corporation is known as a(n)________.
A)inside director
B)ombudsman
C)registered agent
D)shareholder
Q5) According to the Sarbanes-Oxley Act,members of the audit committee must be members of the board of directors.
A)True
B)False
Q6) Describe the doctrine of piercing the corporate veil.
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Chapter 38: Corporate Acquisitions and Multinational Corporations
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Q1) The corporation that owns the shares of the subsidiary corporation in a share exchange is known as the ________.
A)surviving corporation
B)parent corporation
C)sole proprietor
D)primary partner
Q2) Incumbent directors are the former directors of a corporation.
A)True
B)False
Q3) ________ are the rights of shareholders who object to a proposed merger to have their shares valued by the court and receive cash payment of this value from the corporation.
A)Appraisal rights
B)Liquidation rights
C)Anti-acquisition rights
D)Anti-merger rights
Q4) A proxy statement only requires the name of the proxy holder and the proxy.
A)True
B)False
Q5) What is a proxy? State the federal rules that govern a proxy statement.
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Chapter 39: Limited Liability Companies and Limited Liability Partnerships
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Q1) A Limited liability company (LLC)is taxed at the entity level.
A)True
B)False
Q2) Agents of an LLC (limited liability company)are not permitted to enter into contracts on behalf of the LLC.
A)True
B)False
Q3) A(n)________ LLC (limited liability company)has a specified term of duration.
A)short-form
B)general
C)term
D)at-will
Q4) An operating agreement can be amended orally.
A)True
B)False
Q5) A(n)________ LLC (limited liability company)has no specified term of duration. A)short-form
B)general
C)term
D)at-will
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Chapter 40: Franchises and Special Forms of Businesses
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Q1) Rio-Werner Corporation owns Rio's Sandwiches,a fast-food restaurant in New Jersey.It wants to operate in five cities on the west coast by means of franchisees which make and sell all menu items from Rio's Sandwiches.Which of the following would best suit Rio-Werner Corporation's franchise plan?
A)processing plant
B)area
C)distributorship
D)chain-style
Q2) Which of the following is true of a strategic alliance?
A)Strategic alliances cannot have more than two entities.
B)Strategic alliances cannot be formed between fellow competitors.
C)Strategic alliances are usually formed to accomplish multiple business ventures.
D)Strategic alliances do not provide the same protection and stability as mergers.
Q3) A single failure by a franchisee to meet a quality-control standard is sufficient cause for termination.
A)True
B)False
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42
Chapter 41: Investor Protection, e-Securities, and Wall Street Reform
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Q1) Which of the following best defines short-swing profits?
A)profits that are made by an insider by selling shares of the corporation prior to the public disclosure of unfavorable information
B)profits that are made by an insider by personally purchasing shares of the corporation prior to public release of favorable information
C)profits that are made by a statutory insider on trades involving equity securities of their corporation that occur within six months of each other D)profits that are made by a tippee by personally purchasing shares of the corporation prior to or post public release of favorable information
Q2) A(n)________ is a flexible standard for defining a security.
A)red herring prospectus
B)investment contract
C)certificate of interest
D)debenture
Q3) A tipper cannot be held liable for the profits made by the tippee.
A)True
B)False
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Chapter 42: Ethics and Social Responsibility of Business
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Q1) According to the theory of ________,if a business corrects the social injury it causes,it has met its duty of social responsibility.
A)moral minimum
B)maximizing profits
C)corporate citizenship
D)stakeholder interest
Q2) One of the advantages of utilitarianism is that it is easy to apply in most real-life situations.
A)True
B)False
Q3) Consistency and ________ are the two principles of Kantian ethics that state that a person must abide by the rule he or she uses to judge the morality of someone else's conduct.
A)reversibility
B)relativity
C)perspectivism
D)utilitarianism
Q4) Give an account of the relationship between ethics and law.
Q5) Explain the two principles used to derive the universal rules of Kantian ethics?
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Chapter 43: Administrative Law and Regulatory Agencies
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Q1) When are searches by administrative agencies considered reasonable?
Q2) A(n)________ refers to permission that an administrative agency grants to persons or businesses to conduct certain types of commerce or professions.
A)easement
B)license
C)letter of credit
D)arraignment
Q3) Documents classified by the president to be in the interests of national security cannot be accessed under the Freedom of Information Act.
A)True
B)False
Q4) A(n)________ refers to an order that directs the subject who has been summoned to disclose the requested information.
A)administrative subpoena
B)substantive due process
C)procedural due process
D)statement of policy
Q5) Explain,in brief,the types of federal administrative agencies with examples.
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Chapter 44: Consumer Protection and Product Safety
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Q1) What are the powers of the Consumer Product Safety Commission? Name some consumer products excluded from the purview of the CPSC.
Q2) The Federal Trade Commission (FT
C)can sue in either the state or federal courts to obtain compensation on behalf of consumers.
A)True
B)False
Q3) Under the Consumer Product Safety Act,a private party can sue for an injunction to prevent violations of the act or of CPSC rules and regulations.
A)True
B)False
Q4) Which of the following is true of the Federal Trade Commission (FTC)?
A)The FTC can only sue in state courts.
B)The FTC's decision can be appealed in a state court.
C)The FTC can sue to obtain compensation on behalf of the consumer.
D)The FTC is not allowed to directly disclose its findings to the public.
Q5) Describe the Food,Drug,and Cosmetic Act.
Q6) List the new protections that are available under the Health Care Reform Act of 2010.
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Chapter 45: Environmental Protection
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Q1) How are endangered species protected in the United States? Name three laws that protect wildlife species.
Q2) According to officials at the Environmental Protection Agency (EPA),the air inside buildings is typically the safest as it is free from pollution.
A)True
B)False
Q3) The ________ administers the National Environmental Policy Act (NEPA)and has the authority to adopt regulations for the enforcement of the act.
A)Environmental Protection Agency
B)Environmental Investigation Agency
C)Ministry of Environmental Protection
D)Association of Environmental Professionals
Q4) The Superfund is financed through taxes on products that contain hazardous substances.
A)True B)False
Q5) Describe the purpose and requirements of an environmental impact statement (EIS).
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Chapter 46: Antitrust Law and Unfair Trade Practices
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Q1) What is a backward vertical merger?
A)a vertical merger between two or more companies that compete in the same business and geographical market
B)a vertical merger between two companies in similar fields whose sales do not overlap
C)a vertical merger in which a supplier acquires a customer
D)a vertical merger in which a customer acquires a supplier
Q2) Three of the largest petroleum refineries in the country have come to an agreement about what price they would pay to purchase crude oil from sellers.This is an example of
A)sellers' illegal per se price fixing
B)sellers' illegal group boycott
C)buyers' illegal per se price fixing
D)buyers' illegal market sharing
Q3) Natural monopolies are found to violate Section 2 of the Sherman Act.
A)True
B)False
Q4) Give an account of state antitrust laws.
Q5) What are the three statutory defenses under the Robinson-Patman Act for price discrimination?
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Chapter 47: Personal Property, real Property, and Insurance
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Q1) Under the Statute of Frauds,a bailment agreement must be in writing if it is for more than one year.
A)True
B)False
Q2) Title to goods cannot be acquired by confusion.
A)True
B)False
Q3) For a gift to be considered valid,the donor must be shown to have a donative intent.
A)True
B)False
Q4) Personal property includes land and property that is permanently attached to it.
A)True
B)False
Q5) A building attached to a piece of land would be considered a ________ property.
A)personal
B)movable
C)chattel
D)real
Q6) Give an account of the duration and termination of bailments.
Page 49
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Chapter 48: Real Property
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Q1) What is a quiet title action?
A)a lawsuit to determine the rightful owner of a disputed property
B)a lawsuit to enforce the right to survivorship to the holder of the title deed
C)a lawsuit asking for the release of the details of a separate property from a couple
D)a lawsuit to obtain reimbursement for losses caused by undiscovered defects in title
Q2) What are fixtures?
A)goods closely associated with a piece of real property
B)intangible properties created inside the premises of a real property
C)parts of a real property that are easily transferrable without substantial damage to the property
D)goods that cannot be classified as personal property or real property
Q3) ________ is an interest in real property that lasts for a specified person's lifetime.
A)Life estate
B)Fee simple absolute
C)Servient estate
D)Fee simple defeasible
Q4) Give an account of concurrent ownerships in a multiple-dwelling building.
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Chapter 49: Landlord-Tenant Law and Land Use Regulation
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Q1) An arrangement in which a tenant transfers some of his or her rights under a lease to another party is known as a ________.
A)gross lease
B)net lease
C)sublease
D)triple lease
Q2) Most Statutes of Frauds permit lease contracts that last for less than five years to be orally contracted.
A)True
B)False
Q3) Explain a landlord's right to transfer leased property.
Q4) The transfer by a tenant of all of his or her rights under a lease to another party is known as an ________.
A)assignment
B)easement
C)accommodation
D)arraignment
Q5) What is meant by the tenant's duty not to use leased premises for illegal or nonstipulated purposes?
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Chapter 50: Insurance
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Q1) The ________ is a duty of the insurer to protect the insured against lawsuits or legal proceedings that involve a claim within the coverage of the insurance policy.
A)duty of strict liability
B)duty to pay
C)duty of reasonable care
D)duty to defend
Q2) Which of the following insurances covers the death of the co-owner's loss to the business?
A)directors' and officers' insurance
B)key-person life insurance
C)business interruption insurance
D)workers' compensation insurance
Q3) If an insured does not have an insurable interest in the property being insured,the contract is treated as a wager.
A)True
B)False
Q4) For a life insurance,insurable interest is necessary at the time of loss.
A)True
B)False
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Chapter 51: Accountants Duties and Liability
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Q1) Which of the following legislations can a state adopt in determining whether an accountant is liable in negligence to third parties?
A)Section 2(b)of the Robinson-Patman Act
B)Section 5 of the Federal Trade Commission
C)Section 552 of the Restatement (Second)of Torts
D)Section 16 of the Clayton Act
Q2) The Securities Act of 1933 requires that before a corporation or another business sells securities to the public,the issuer must file a registration statement with the Securities and Exchange Commission (SEC).
A)True
B)False
Q3) The Securities Exchange Commission (SEC)has oversight and enforcement authority over the Public Company Accounting Oversight Board (PCAOB).
A)True
B)False
Q4) Explain Section 552 of the Restatement (Second)of Torts.
Q5) What prohibition does the Sarbanes-Oxley Act impose on an accounting firm providing audit and nonaudit services to the same company?
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Chapter 52: Wills, trusts, and Estates
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Q1) A gift of $100,000 to a named beneficiary is an example of a general gift.
A)True
B)False
Q2) Which of the following is a benefit of a living trust?
A)It helps reduce estate taxes more than a will does.
B)It helps avoid probate associated with the property.
C)It is not subject to property division on divorce.
D)It does not allow creditors to obtain liens against the property.
Q3) A(n)________ is a legal arrangement established when one person transfers title to property to another person to be held and used for the benefit of a third person.
A)will
B)trust
C)escheatment
D)abatement
Q4) The state of having died without leaving a will is known as ________.
A)testate
B)intestate
C)bistate
D)intrastate
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Chapter 53: Family Law
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Q1) In which of the following cases is separate property considered marital property?
A)if the separate property was owned by the spouse prior to the terminated marriage
B)if the separate property was an inheritance
C)if the owner transferred title to the separate property to the spouse's name
D)if the separate property was a gift received during marriage
Q2) Which of the following is a legal requirement of marriage?
A)Neither party can be currently married to someone else.
B)Neither party can be eligible to marry if they are emancipated from their parents.
C)Both parties have to be above 18 years to marry even if they are emancipated from their parents.
D)The marrying couple must be closely related by blood.
Q3) A court decree of divorce need not be obtained to end a common law marriage.
A)True
B)False
Q4) What are the parent's rights and duties towards their children? What is child neglect?
Q5) How is the division of debts conducted after a divorce?
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Chapter 54: International and World Trade Law
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Q1) ________ is a clause in an international contract that designates which nation's laws will be applied in deciding a dispute arising out of the contract.
A)The Equal Protection Clause
B)The Supremacy Clause
C)A forum-selection clause
D)A choice of law clause
Q2) What is the role of the WTO dispute settlement body?
A)to hear appeals on decisions made on a dispute
B)to create panel reports on the findings of the dispute
C)to hear the dispute from the plaintiff
D)to review panel reports and adopt them if necessary
Q3) Which of the following statements is true of the North American Free Trade Agreement (NAFTA)?
A)It allows a member country to reimpose tariffs if imports are hurting that country's economy or its workers.
B)It disallows any special protection being extended to specific industries.
C)It disallows NAFTA members from trading with other countries unless a unanimous vote is obtained.
D)It has been hailed by economists to be a perfect example of a free trade pact.
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